Sanofi Q1 Profit Slips on Generic Competition, Forex Effects

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Sanofi Q1 Profit Slips on Generic Competition, Forex Effects

Reuters04-25

April 25 (Reuters) - Sanofi's said on Thursday first-quarter operating income declined 14.7% as unfavourable currency effects and cheap competition to multiple sclerosis drug Aubagio outweighed rising sales of anti-inflammatory drug Dupixent.

The French drugmaker said in a statement that operating income, adjusted for one-offs, slipped 14.7% to 2.84 billion euros ($3.04 billion), a touch above the 2.79 billion euros expected on average by analysts in a poll on the company's website.

The company reiterated it expects 2024 adjusted earnings per share $(EPS)$ to slip by a "low single-digit" percentage, excluding currency swings, citing higher taxes and an increase in development expenditure.

Currency changes would drag 2024 earnings lower by between 5.5% and 6.5% at current rates, it added.

($1 = 0.9338 euros)

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