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Strong Q2 growth for Sanofi raises 2017 sales outlook

Published on 31/07/17 at 09:57am

Sanofi exuded renewed confidence in its updated forecast for 2017 on the back of a Q2 report which illustrated strong growth for the French company, particularly in its vaccines and consumer health divisions, as well as Genzyme, its speciality care global business.

Net sales for the period hit €8.66 billion, an increase of 5.5% year-on-year, landing very closely to analyst estimates which were notched at around €8.7 billion, while net profits dropped 0.5%, rather squarely meeting the anticipated figure of €1.7 billion. Earnings per share (EPS) also increased by 1.5% at constant exchange rates to €1.35, setting the expectation of “broadly stable” growth in this area and raising projected annual EPS for 2017 above previous estimates.

A key driver of this success has been Dupixient, its biologic atopic dermatitis treatment developed in partnership with Regeneron. Approved by the FDA in March with a list price of $37,000, the drug has gone on to sell €26 million in its first quarter on the market and be prescribed to over 13,000 patients; it is also being developed for severe asthma.

Sanofi plans to further its investment in biologics medicines moving forward, as announced by the firm in June this year.

The successes have managed to offset the ground lost by Sanofi’s diabetes efforts, which experienced a 15% drop in sales, citing US pricing pressures driven by generics and biosimilars in the market.

“Sanofi Genzyme, Sanofi Pasteur and emerging markets were once again major contributors to our performance in the quarter,” explained Chief Executive Officer Olivier Brandicourt. “The continued growth of these businesses, together with disciplined expense management, enabled us to more than offset the headwinds in our diabetes franchise.”

Matt Fellows

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