Sanofi’s profit rose more than expected in the first quarter as the French drugmaker’s blockbuster therapy Dupixent gained market share.
Earnings per share were €2.16 ($2.39) excluding some items, the company said Thursday. That exceeded analysts’ €2 estimate.
The French drugmaker is working to expand sales of Dupixent, a versatile antibody treatment for ailments ranging from asthma to severe eczema, while spending more to propel new medicines like Altuviiio for hemophilia and Beyfortus for respiratory syncytial virus in young children.
Sanofi is also hunting for new treatments as it anticipates falling sales for the aging multiple sclerosis drug Aubagio, which began facing cheaper competition in recent weeks. Last month, it agreed to buy Provention Bio for about $2.9 billion to gain a diabetes therapy recently approved in the US.
Dupixent, already Sanofi’s best-seller with revenue expected to reach €10 billion this year, could get another boost if its use is expanded once more to include a chronic lung disorder.
Altuviiio won US regulatory approval in February.
Sanofi reiterated its guidance for 2023. Sales rose 5.7% to €10.2 billion last quarter. The stock has gained up about 14% this year, outperforming the Bloomberg index that tracks European drugmakers.
