On July 28, French pharmaceutical giant Sanofi (SASY.PA) announced a bullish outlook for its full-year earnings, attributing the surge to the impressive sales of its anti-inflammatory drug Dupixent and successful recent drug launches.
Anticipating a “mid single-digit” percentage rise in adjusted earnings per share for 2023, the company excluded the impact of currency fluctuations. The expected negative currency effect on earnings for 2023 is projected to be between 6.5% and 7.5%.
Previously, Sanofi had only foreseen a “low single-digit” percentage growth in adjusted earnings per share for 2023, with an additional negative currency impact ranging from 5.5% to 6.5%.
Sanofi also acknowledged the positive contribution from the newly launched haemophilia A treatment Altuviiio, offering reduced monthly injections compared to standard therapy. Additionally, the acquisition of a type 1 diabetes treatment as part of the $2.9 billion takeover of Provention Bio has contributed to the company’s optimistic forecast.
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The enhanced outlook also takes into account an estimated 400 million euros ($439 million) in one-off revenues from COVID-19 vaccine sales expected in the second half of the year, with no further vaccine sales anticipated thereafter.
Sanofi reported a marginal 1% decline in quarterly business operating income or adjusted earnings before interest and tax, amounting to 2.73 billion euros, slightly surpassing the average analyst estimate of 2.62 billion euros, as listed on the company’s website.
Sanofi’s strategic focus on Dupixent and its successful new drug launches is driving growth, allowing the company to navigate challenging market conditions effectively. With its earnings forecast upgraded and promising developments on the horizon, Sanofi remains poised for continued success in the pharmaceutical industry.
