July 25 (Reuters) - Sanofi's second-quarter
profit rose on strong demand for its blockbuster asthma drug
Dupixent and better-than-expected sales of new launches, it said
on Thursday, adding that it no longer expects a fall in
full-year profit.
It forecast that 2024 earnings per share would be in line
with 2023's, from its previous expectation of a low single-digit
percentage fall, at constant currency exchange rates.
CFO Francois-Xavier Roger said the improved forecast
reflected strength across the board, not just Dupixent but also
new products such its Beyfortus shot to protect infants from a
common respiratory virus.
Investors have been closely watching the new launches, after
the French drugmaker unexpectedly abandoned its 2025 margin
targets in October to account for an expected increase in
research and development spending, sparking a selloff in its
stock
"We have not seen this level of top-line growth for quite
some time," Roger told reporters, pointing to a 10.2% rise in
overall sales in the second quarter.
"This is the evidence of the fact that significant
transformation of the company is working."
Operating income, excluding one-off items, rose 3.2% to 2.81
billion euros ($3.05 billion), above the 2.08 billion euros
expected on average by analysts in a company provided poll.
Sales of Dupixent, which is approved to treat conditions
such as asthma and eczema, rose 29.2% to 3.30 billion euros,
above analyst consensus estimates of 3.18 billion euros.
The anti-inflammatory drug, on which Sanofi partners with
Regeneron, has long been a growth driver, and the
company has been seeking to expand its use for other conditions.
Still, Sanofi has faced shareholder concerns that it is overly
reliant on Dupixent.
Quarterly sales of Beyfortus, which it sells with
AstraZeneca ( AZN ), totalled 18 million euros, versus
expectations of 15 million euros.
The company expects sales of the drug to exceed $1 billion
this year as it ramps up supply.
Sales of another new medicine, Altuviiio for treating
haemophilia, were 158 million euros, above estimates of 139
million.
($1 = 0.9226 euros)
(Reporting by Manas Mishra in Bengaluru; Editing by Janane
Venkatramanm, Kirsten Donovan
)