Deals
Sanofi Overcomes Diabetes Crunch, Surges After Boosting Forecast
- Drugmaker to divest EU generics business within 12-24 months
- Lantus successor won’t fully replace old best-seller’s sales
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Sanofi raised its earnings forecast after soaring sales for flu vaccines and a multiple-sclerosis pill helped offset price pressures at the French drugmaker’s diabetes business in the U.S. The shares rose the most in more than seven years.
Earnings per share, excluding some items, will probably increase between 3 percent and 5 percent at constant exchange rates, the Paris-based company said in a statement on Friday. Sanofi had previously said earnings by that measure would be broadly stable. It’s starting a 3.5 billion-euro ($3.8 billion) share buyback program.