Sanofi raises outlook as specialty care, vaccines lift sales

The French drugmaker said it now expected earnings per share to increase 7%-8% this year, up from 6%-7% previously.

PARIS: Sanofi raised its 2020 earnings guidance for the second time this year after posting slightly stronger-than-expected third-quarter results, helped by growth at its specialty care and vaccines units.

The French drugmaker said it now expected earnings per share to increase 7%-8% this year, up from 6%-7% previously.

Revenue in Sanofi’s vaccine arm was up 13.6% at constant exchange rates to 2 billion euros (US$2.36bil) in the third quarter, which it said was due to record flu vaccine sales.

Governments across the world have been calling for increased influenza vaccination, especially among at-risk populations, to avoid additional pressure on healthcare and hospital systems already strained by the coronavirus crisis.

Sanofi said earlier this year it would increase flu vaccines production by 20% to meet a surge in demand, but shortages are still being experienced in several European regions.

The company also confirmed it was on track with its two vaccines projects to tackle 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.

Interim phase I/II results of a protein-based vaccine candidate in collaboration with Britain’s GlaxoSmithKline are expected by the end of November or early December.

If successful, late-stage trials are expected to start soon after.

The two companies struck a deal earlier this week to supply 200 million doses of the vaccine to a global inoculation scheme backed by the World Health Organisation. — Reuters

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