Sanofi Raised 2019 Outlook on the Back of Solid Growth in Q2

| By | Financial Results, Sanofi
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Sanofi raised its 2019 outlook on the back of second-quarter results lifted by double-digit growth at its vaccines and rare diseases businesses.

Sanofi Chief Executive Officer, Olivier Brandicourt, commented:

“Sanofi continued its growth phase with solid business performance in the second quarter, led by the strong launch of Dupixent® driven by the accelerated uptake in atopic dermatitis and asthma in the U.S. Specialty Care and Vaccines were significant contributors across all geographies. Our increased focus in R&D delivered important results with several positive data read-outs and the achievement of regulatory milestones. We are confident in the growth outlook for the year. Consequently, we have revised upward our guidance for full-year business EPS growth to approximately 5%.”

The French drugmaker said on Monday it was now eyeing earnings per share growth of around 5% compared to an earlier target range of 3-5%.

The group is betting on the strong uptake of its drug Dupixent, initially prescribed for atopic dermatitis and later approved for asthma and chronic rhinosinusitis, as it continues marketing and launches of the product.

Sales of Dupixent, developed with U.S firm Regeneron rose 168% in the second quarter to 496 million euros ($551.80 million).

Second-quarter business net income rose 4.9% at constant exchange rates to 1.64 billion euros while sales were up 3.9% to 8.63 billion euros.

Sanofi booked a 1.8 billion euros impairment charge of intangible assets in the quarter related to hemophilia product Eloctate, after lower sales in the U.S. and a revision of sales projections.

Eloctate’s revenue fell 11%, a result of direct competition from Roche’s Hemlibra, a newcomer in the market.

Eloctate was developed by U.S. hemophilia specialist Bioverativ which Sanofi agreed to buy last year for $11.6 billion.

SOURCE: cnbc.com
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