Sanofi reported second-quarter earnings that beat analysts’ estimates, buoyed by demand for two multiple sclerosis medicines.
Earnings excluding some costs and currency movements, which Sanofi calls business net income, climbed to 1.84 billion euros ($2.02 billion), or 1.41 euros a share, from 1.54 billion euros, or 1.17 a share, Paris-based Sanofi said in a statement Thursday. That exceeded the 1.32 euro-a-share average of 12 analyst estimates compiled by Bloomberg.
France’s biggest company by market value is banking on recent drugs such as Aubagio for multiple sclerosis and Praluent, a powerful cholesterol-lowering medicine that won regulatory clearance last week, to make up for declining sales of its best-sellers. Revenue of the diabetes treatment Lantus, which lost patent protection earlier this year, fell 5.8 percent at constant exchange rates in the quarter.
Sanofi repeated that earnings per share will be stable to slightly growing this year, excluding currency fluctuations. Foreign-exchange movements, led by the euro’s weakness against the U.S. dollar, may add 10 percent to earnings per share, Sanofi said, below a previous estimate of 12 percent.