UPDATE 1-Sanofi to stick to bolt-on deals amid pharma M&A buzz
* Q1 sales fall 2.7 pct to 7.84 bln eur, EPS 1.17 eur
* Forex cut 6.2 points off Q1 sales growth
* CEO still eyes bolt-on acquisitions amid M&A frenzy (Adds CEO comments on M&A)
By Natalie Huet
PARIS, April 29 (Reuters) - French drugmaker Sanofi reported lower-than-expected first-quarter earnings on Tuesday and said it would not let an M&A buzz in the sector distract it from its strategy of targeted, reasonably priced acquisitions.
The company posted quarterly results weighed down by adverse exchange rates and a drop in sales of vaccines and animal health products it said was in part attributable to seasonal effects.
But it posted double-digit growth in sales of its diabetes, consumer healthcare and rare diseases drugs and confirmed its full-year guidance for earnings growth of 4 to 7 percent at constant exchange rates.
Chief Executive Chris Viehbacher told reporters he would continue to look at bolt-on acquisitions in emerging markets, consumer healthcare and animal health - but not at any cost.
"If we can continue to bolt onto our growth platforms we'll continue to do so. That supposes we can find acquisitions at a price that delivers value to Sanofi shareholders," he said. "Quite honestly, when I look at the prices paid that's not always possible to do." Continuación...