PARIS: Sanofi raised its 2020 outlook for the second time this year after posting slightly stronger-than-expected third- quarter results on Thursday, helped by growth at its specialty care and vaccines units.
The French drugmaker said its expected earnings per share in 2020 to increase by 7-8% up from 6-7%.
Revenue in Sanofi’s vaccine arm was up 13.6% at constant exchange rates to 2 billion euros ($2.36 billion) in the third quarter, which it said was due to record flu sales.
Governments across the world have been calling for increased influenza vaccination, especially among most at risk populations, to avoid additional pressure on healthcare and hospital systems already strained by the coronavirus crisis.
Sanofi had said earlier this year it would increase influenza vaccines production by 20% to meet a surge in demand even though shortages are already being felt in several European regions.
The company also confirmed it was on track with its two vaccines projects to prevent COVID-19, the illness caused by the new coronavirus which has killed more than 1.16 million, caused chaos in the world economy and disrupted the life of billions of people.
Sanofi’s net income in the third quarter was up 9.4% at 2.3 billion euros ($2.72 billion) while revenue rose 5.7% to 9.48 billion.
Analysts polled by Refinitiv had expected on average net income of 2.27 billion euros and sales of 9.75 billion.
In a separate announcement, Sanofi said it would sponsor a clinical trial to assess the efficacy of one of its immunotherapy potential treatments with U.S. firm Merck’s Keytruda in patients with various cancers.
($1 = 0.8461 euros)
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