Sanofi Q1 Profit Down

Sanofi (SNYNF, SNY) reported that its first-quarter net income attributable to equity holders of the company declined to 1.57 billion euros or 1.25 euros per share from 1.68 billion euros or 1.35 euros per share in the same quarter last year.

But, quarterly business net income increased 5.1% year-over-year to 2.02 billion euros and increased 14.7% at CER.

Business earnings per share was 1.61 euros, up 5.2% on a reported basis and up 15.0% at CER, driven by efficiency and sales performance, supported by a one-time payment. Business earnings per share included an incremental 8 cents due to a payment related to the termination of a collaboration in Japan.

 

Quarterly sales were 8.59 billion euros, down 4.3% from last year. At constant exchange rates, sales increased 2.4%, driven by growth drivers Dupixent and vaccines. Specialty Care sales grew 15.3% at CER, due to strong Dupixent performance and oncology launches.

In the first quarter, Dupixent (collaboration with Regeneron) sales were strong despite the COVID-19 environment and increased 45.6% to 1.05 billion euros at CER.

The company affirmed its full-year 2021 business earnings per share guidance.

Sanofi expects 2021 business earnings per share to grow high single digit at CER, barring unforeseen major adverse events. Applying average April 2021 exchange rates, the currency impact on 2021 business earnings per share is estimated to be between -4% to -5.

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