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Sanofi (SNY) posts first-quarter 2024 results and maintains the earnings growth guidance for the year.
Sanofi's first-quarter operating income fell 14.7% as currency effects and cheap competition to its multiple sclerosis drug Aubagio outweighed rising sales of anti-inflammatory drug Dupixent, the French drugmaker said on Thursday. Operating income adjusted for one-offs slipped to 2.84 billion euros ($3.04 billion), a touch above the 2.79 billion euros expected by analysts in a poll on Sanofi's website. The company reiterated that it expects 2024 adjusted earnings per share (EPS) to slip by a low single-digit percentage, excluding currency swings, citing higher taxes and an increase in development expenditure.