Sanofi Posts Upbeat Q1 Earnings, Sales Buoyed By Blockbuster Dupixent Sales

French drugmaker Sanofi SA SNY reported an 8.7% Y/Y (+9.3% on constant currency) rise in Q1 FY23 business operating income to €3.33 billion.

Revenues increased 5.7% to €10.22 billion (+5.5% on constant currency).

Revenue from eczema and asthma drug Dupixent, jointly developed with Regeneron Pharmaceutical Inc REGN, jumped 43.5% to €2.32 billion.

Also Read: Sanofi's $3B Acquisition Of Provention Bio Hits Regulatory Roadblock: FTC Requests More Information.

"We have started 2023 with strong results, delivering double-digit sales growth across our Specialty Care, Vaccines, and Consumer Healthcare businesses. Dupixent continues its compelling performance and is on track to achieve its €10 billion sales objective for this year," commented CEO Paul Hudson.

Q1 Vaccines sales increased 15.2% (to €1.17 billion), notably reflecting contractual sales of VidPrevtyn Beta (€167 million), a recombinant COVID-19 booster vaccine in Europe, recorded in "others." 

In addition, Booster and Travel vaccines product sales continued to recover following the COVID-19-related slowdown in 2020 and 2021.

The company still expected 2023 adjusted earnings per share to grow by a "low single-digit" percentage, not considering an expected negative currency impact of between 5.5% and 6.5%.

It had previously flagged a negative currency impact of between 3.5% and 4.5%.

Price Action: SNY shares are down 0.16% at $56.15 on the lat check Thursday.