Paris : Sanofi says drugs sales in emerging markets helped keep its profits stable in the first quarter despite losses caused by Venezuela's collapsing currency.

With early efforts for a Zika vaccine and several other drugs in the pipeline, Sanofi is trying to expand its cancer treatments with a $9.3-billion bid for San Francisco's Medivation Inc. CEO Olivier Brandicourt said Friday he hoped for a positive response to the unsolicited bid for the maker of Xtandi.

Sanofi reported 1.11 billion euros in net profit for the first quarter, slightly up from 1.05 billion euros in the same period of 2015 but below analyst forecasts. Sales fell to 8.54 billion euros from 8.8 billion euros last year.

Sanofi's cancer drug sales grew in the quarter and it is forecasting overall growth in 2016.