Sanofi Backs Guidance After Earnings, Sales Miss Views

By Adria Calatayud

Sanofi confirmed its 2023 guidance after it reported business earnings and sales that came in slightly below consensus forecasts, with currency headwinds offsetting a strong launch of its Beyfortus vaccine.

Net sales for the third quarter fell to 11.96 billion euros ($12.63 billion) from EUR12.48 billion in the same period last year, the French pharmaceutical giant said Friday.

On a constant-exchange basis, quarterly net sales rose 3.2%, helped by strong launch uptake of Sanofi's Beyfortus drug for prevention of respiratory syncytial virus, or RSV, and continued strength from anti-inflamatory medicine Dupixent, it said.

Net profit rose to EUR2.525 billion from EUR2.08 billion. Excluding exceptional items, business net profit fell 11% to EUR3.20 billion, which the company attributed to the loss of exclusivity of its Aubagio drug for relapsing multiple sclerosis.

Analysts had expected Sanofi to report quarterly net sales of EUR12.06 billion and business net profit of EUR3.27 billion, according to consensus estimates provided by the company.

For 2023 as a whole, Sanofi continues to expect business earnings per share to grow at a mid single digit at constant exchange rates.

The company separately said it expects business EPS for next year to be roughly flat as it plans to increase its investment in its pipeline.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

October 27, 2023 02:39 ET (06:39 GMT)

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