Sanofi raises outlook, shares rally
The French drugmaker is now eyeing earnings per share growth of around 5% compared to an earlier target range of 3-5%.
The company raised its 2019 outlook on the back of strong second-quarter results
Stocks impacted: Sanofi SA (SASY)
Second-quarter business net income rose 4.9% to 1.64 billion euros while sales were up 3.9% to 8.63 billion euros. Sanofi booked a 1.8 billion euros impairment charge of intangible assets in the quarter related to haemophilia product Eloctate. Eloctate's revenue fell 11% amid a direct competition from a newcomer - Roche's Hemlibra. In its outlook, Sanofi is betting on strong uptake of its drug Dupixent, which was approved for asthma and chronic rhinosinusitis. Sales of Dupixent rose 168% to 496 million euros in the second quarter. The positive numbers sent the company’s shares by over 2.5% during the European session.
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