Sanofi raises full-year earnings forecast after strong second quarter
Pharmaceutical company Sanofi on Tuesday raised its full-year earnings forecast as sales growth accelerated in the second quarter. The company's performance was driven by strong sales from Dupixent and vaccines.
Paris – Pharmaceutical company Sanofi on Tuesday raised its full-year earnings forecast after reporting accelerated sales growth in the second quarter. The company now expects business earnings per share (EPS) to grow by approximately 12% year-on-year on a constant exchange rate basis, following a 16.4% increase in Q2.
Overall, Sanofi's sales increased by 12.4% to €8.7 billion in the second quarter compared to the same period last year. A significant portion of this growth came from strong performance by its Dupixent drug and its vaccine portfolio. Dupixent sales rose 56.6%, while vaccine sales climbed 16.2%, partly due to recovery in previously constrained demand.
Sanofi CEO Paul Hudson expressed satisfaction with the results. "Sanofi's business momentum has accelerated in the second quarter, delivering strong financial results driven by our core growth drivers Dupixent and Vaccines," Hudson stated. He added that the company continues to execute its strategy and is confident in its growth trajectory for the year.
The company also reported significant progress in research and development. Phase 3 studies for nirsevimab, a key respiratory illness treatment, yielded successful outcomes, with global submissions set to begin earlier than anticipated. Additionally, Sanofi, in collaboration with GSK, initiated Phase 1 trials for a COVID-19 vaccine candidate and bolstered its position in the vaccine sector by establishing a new mRNA center of excellence.