PARIS (AP) — French drug maker Sanofi says its bottom line was roughly stable last year as it advanced efforts to reshape its drug portfolio and pursue research and development tie-ups in oncology and diabetes.

Sanofi made 4.29 billion euros ($4.8 billion) last year, compared to 4.39 billion in 2014. In a statement, Sanofi said it "made meaningful progress with key launches, multiple business development activities and our efforts to simplify the organization."

In December Sanofi and German pharmaceutical company Boehringer Ingelheim said they are pursuing an asset swap that would see the German firm take over Sanofi's Merial animal health unit, which is valued at 11.4 billion euros. Sanofi is to acquire a large part of Boehringer's consumer health care business.