Sanofi 1Q Sales Fell But Earnings Beat Expectations -- Earnings Review
By Cecilia Butini
Sanofi SA reported earnings on Wednesday. Here is what you need
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
Write to Cecilia Butini at firstname.lastname@example.org
(END) Dow Jones Newswires
April 28, 2021 09:49 ET (13:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.