Sanofi Q1 Profit Drops, Sales Rise; Confirms FY24 Outlook

(RTTNews) - French drug major Sanofi (SNYNF, SNY) reported Thursday that its first-quarter net income attributable to equity holders, on IFRS basis, was 1.13 billion euros, down 43.2 percent from last year's 2 billion euros.

Earnings per share declined 43.1 percent to 0.91 euro from 1.60 euros a year ago.

Business net income was 2.22 billion euros, compared 2.70 billion euros last year. Business earnings per share were 1.78 euros, compared to 2.16 euros last year.

IFRS net sales grew 2.4 percent to 10.46 billion euros from last year's 10.22 billion euros. Sales growth was 6.7 percent at constant exchange rates, driven by launches.

Looking ahead for fiscal 2024, Sanofi continues to expect business earnings per share to remain roughly stable excluding the impact of an expected effective tax rate increase to 21 percent, and decrease low single-digit at CER including the higher expected tax rate.

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