Sanofi Misses Estimates Amid Currency Hit, Weak Flu Shot Demand

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Sanofi Misses Estimates Amid Currency Hit, Weak Flu Shot Demand

Bloomberg02-01

French drugmaker appoints Nestle’s Roger as new CFO from AprilCompany benefited from strong uptake of its RSV therapySanofi posted fourth-quarter profit that was just shy of estimates on unfavorable ...

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Analysts expected €1.71.Chief Executive Officer Paul Hudson has braced investors for a couple of years of slower growth as Sanofi pours resources into its drug-development program. The company reiterated its expectation that earnings this year will decrease by a low single-digit percentage at constant exchange rates.Sanofi also announced that François-Xavier Roger will assume the role of chief financial officer starting in April, joining from Nestle SA. Roger will replace Jean-Baptiste Chasseloup de Chatillon, who is stepping down to head a charitable foundation.Sanofi is emulating the approach of rivals including Novartis AG in focusing on cutting-edge therapies while divesting older medicines and its consumer health division. The idea is to sacrifice some earnings now for even faster growth later this decade.In the fourth quarter, Sanofi’s revenue also missed estimates, hurt in part by exchange rate movements that had a negative effect of 7.5 percentage points on sales, it said.Drug PipelineStill, Hudson pointed to a pipeline of experimental medicines that includes a dozen that could become blockbusters, as well as the fact that world-beating asthma and skin drug Dupixent, which reached €10.7 billion ($11.6 billion) in 2023 sales, is set to keep growing as Sanofi seeks regulatory clearance for a chronic lung condition.“We’re on our way to becoming an immunology powerhouse,” Hudson told reporters Thursday. The current moment, he added, is the “most exciting in Sanofi’s history.”So far, Hudson has struggled to convince investors to share his optimism. In October, Sanofi shares plummeted on his surprise announcement of higher spending on developing drugs, which required abandoning some profit targets. The rout wiped out about $25 billion in market value in a day. Sanofi has since pared more than half of those losses.Sales from flu shots were €741 million in the quarter, missing the €834 million average estimate. Sanofi partially made up for that shortfall with Beyfortus, its new RSV drug, which surpassed expectations with €410 million in sales for the quarter.Sanofi has said it expects a 50% increase in the number of late-stage clinical trials in 2024 and 2025. The development push should enable it to generate about €10 billion in annual sales from recent launches and future medicines by 2030, Hudson told investors in December. That’s about twice the level that analysts had previously expected.The drugmaker has also engaged in a string of small and mid-sized deals to bolster its pipeline of innovative medicines, and approach that should reduce its reliance on Dupixent.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}