Sanofi 1Q Sales Fell But Earnings Beat Expectations -- Earnings Review

By Cecilia Butini

Sanofi SA reported earnings on Wednesday. Here is what you need to know.

SALES: Sales fell to 8.59 billion euros ($10.39 billion) for the first quarter, just shy of a consensus estimate provided by FactSet which saw the metric at EUR8.63 billion.

NET PROFIT: Net profit also fell but beat expectations. It came in at EUR1.57 billion, compared with a consensus provided by FactSet which had it at EUR1.26 billion.

WHAT WE WATCHED:

-DUPIXENT AND VACCINES: As expected, eczema drug Dupixent drew growth during the quarter, with sales increasing by 45.6% to EUR1.05 billion, while vaccines and general medicines also had a strong performance. Vaccines were a "good surprise" in 1Q, according to Bryan Garnier analysts, who say that the business was 5% ahead of expectations.

-COVID-19 VACCINE: Phase 2 results for the Covid-19 vaccine which the company is developing together with GlaxoSmithKline PLC are expected next month. Development of the shot had suffered a setback in December, and it isn't expected to be available before the final quarter of the year. Trial results of a phase-3 study to address emerging coronavirus variants are also expected in 2Q.

-GUIDANCE: The outlook for 2021 was reiterated as expected, with Sanofi foreseeing business earnings per share to grow in the high-single digit range at constant exchange rates, barring unforeseen events.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

April 28, 2021 09:49 ET (13:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.