Sanofi, the French pharmaceutical giant, announced its financial results for the third quarter and reconfirmed its guidance for 2023. Although the earnings and sales came in slightly below consensus forecasts, the company saw a strong launch of its Beyfortus vaccine.
Sales Performance
Sanofi’s net sales for Q3 decreased to 11.96 billion euros ($12.63 billion) compared to EUR12.48 billion in the same period last year. However, on a constant-exchange basis, quarterly net sales rose by 3.2%. This growth was driven by the successful launch of Beyfortus, a drug designed to prevent respiratory syncytial virus (RSV), as well as the continued strength of anti-inflammatory medicine Dupixent.
Profitability
Net profit increased to EUR2.525 billion from EUR2.08 billion. However, excluding exceptional items, business net profit declined by 11% to EUR3.20 billion. This decrease was attributed to the loss of exclusivity of Sanofi’s Aubagio drug for relapsing multiple sclerosis.
Analyst Expectations
According to consensus estimates provided by the company, analysts had anticipated quarterly net sales of EUR12.06 billion and business net profit of EUR3.27 billion.
2023 Guidance
Sanofi maintains its outlook for 2023, expecting business earnings per share to grow at a mid single-digit rate at constant exchange rates.
Focus on the Future
Looking ahead to the next year, Sanofi predicts that business EPS will remain roughly flat as the company plans to increase its investment in its pipeline.
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