Sanofi Q2 Profit Down, Sales Rise; Lifts FY24 Business EPS View

(RTTNews) - French drug major Sanofi (SNYNF, SNY) reported Thursday that its second quarter net income attributable to shareholders, on IFRS basis, was 1.11 billion euros, down 22.4 percent from prior year's 1.44 b illion euros.

Earnings per share declined 22.6 percent to 0.89 euro from 1.15 euros last year.

Business net income was 2.16 billion euros or 1.73 euros per share, down 0.7 percent from last year's 2.18 billion euros or 1.74 euros per share.

Net sales, however, grew 7.8 percent to 10.75 billion euros from last year's 9.97 billion euros, and the growth was 10.2 percent at constant currency rates.

Looking ahead, for fiscal 2024, the company upgraded its outlook, now expecting business earnings per share to be stable at constant currency rates. The company previously expected a low single-digit percentage decrease. The outlook reflects accelerated delivery of Sanofi's pipeline-driven transformation.

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