Drugmaker Sanofi raises outlook after strong Q2 numbers

Madiha Shakeel July 29, 2019

PARIS: Sanofi raised its 2019 outlook on the back of second-quarter results lifted by double digit growth at its vaccines and rare diseases businesses.

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

Second quarter business net income rose 4.9% at constant exchange rates to 1.64 billion euros ($1.82 billion) while sales were up 3.9% to 8.63 billion euros.

The company said it had booked an 1.8 billion euros impairment charge of intangible assets in the quarter related to haemophilia product Eloctate, after lower sales in the U.S. and a revision of sales projections.

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

Copyright Reuters, 2019

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