Shares of Sanofi rose on Friday after the French pharma giant raised its 2022 revenue outlook for eczema drug Dupixent following the quarter.
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For the year, the company now expects adjusted earnings to rise 16%. Three months ago Sanofi ( SNY ) had forecast 15% revenue growth for the year.
Dupixent helped drive growth in the quarter. Sales are up nearly 45 percent and forecasts are at their peak. Sanofi shared. Regeneron Pharmaceuticals (REGN) on medication, to treat eczema, asthma and nasal conditions.
“As noted in Sanofi’s press release, the strength was primarily driven by increased demand and growth in existing and newly approved indications, including increased Dupixent-eligible patients,” said RBC Capital Markets analyst Brian Abrahams. Report it.
In morning trading on the stock market today, Sanofi shares rose 3 percent to close at 42.81.
Sanofi stock: Big disability payout
Overall, third-quarter sales rose 20 percent to 12.48 billion euros. But adjusted earnings per share fell 10% to 1.66 euros. Based on today’s exchange rates, sales were $12.42 billion and earnings were $1.65 per share. Both exceeded FactSet estimates.
Less for Sanofi stock, the company took a $1.58 billion charge after halting a study of its cancer drug SAR444245. The drug targets a cytokine known as interleukin-2. But recent efforts to target interleukin-2 have been fraught with safety concerns.
Sanofi now plans to start phase 1 and phase 2 studies to pinpoint the best dosing schedule for the drug. It closes the screening volume of the mid-term study that is being conducted every three weeks.
Follow Alison Gatlin on Twitter @IBD_AGAtlin.
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