Sanofi Raises Full-Year Business EPS Guidance as Net Income Grows
29 Juillet 2020 - 8:44AM
Dow Jones News
By Cecilia Butini
Sanofi SA said Wednesday that net profit rose in the second
quarter due in part to an exceptional gain and that it has raised
its guidance for business earnings per share for the year.
The French pharmaceutical company said net profit in the quarter
jumped to 7.6 billion euros ($8.9 billion) from a loss of EUR87
million in the same period a year prior. It booked a EUR7.3 billion
gain on a share repurchase transaction completed in May with
Regeneron Pharmaceuticals Inc.
Net sales declined to EUR8.2 billion from EUR8.63 billion,
mainly due to decreased vaccine sales, which were affected by
confinements during the coronavirus pandemic.
Analysts polled by FactSet gave a consensus estimate for sales
of EUR8.55 billion. Sanofi previously said it expected the
favorable impact of the coronavirus pandemic on sales in the first
quarter to be offset in the second and forecast a single-digit sale
decline in the second quarter compared with the same period in
2019.
Business net income, a figure used to indicate income excluding
the impact of acquisitions and divestments, was EUR1.6 billion in
the second quarter compared with EUR1.54 billion a year earlier,
the company said.
It now expects business EPS to grow between 6% and 7% at
constant exchange rates for 2020, up from a previous forecast for a
5% rise.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 29, 2020 02:29 ET (06:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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