Sanofi (SNY: NSD) surged in pre-market trading on Thursday after the French pharmaceutical company reported a 1QCY24, fueled by a significant increase in sales of its key eczema and asthma drug Dupixent.
Key Insights from Sanofi’s Q1 Earnings:
Sanofi’s total revenue for Q1 climbed 6.7% year-over-year to €10.46 billion. This growth can be largely attributed to Dupixent, a medication for atopic dermatitis (eczema) and certain types of asthma. Dupixent sales surged by 24.9% to €2.83 billion, putting Sanofi on track to reach €13 billion in sales for the drug by year-end.
Beyond Dupixent, Sanofi saw significant growth in revenue from newly launched pharmaceuticals. Sales of these drugs skyrocketed by 90.5% to €606 million, fueled by the strong performances of Nexviazyme and Altuviio. Additionally, the company’s Consumer Healthcare (CHC) segment also delivered positive results, with revenue increasing by 9%.
Market Reaction and Positive Outlook:
Sanofi’s stock price climbed over 3% in pre-market trading. The company’s continued growth in Dupixent sales and the success of new drug launches position it for continued financial success. With a robust first quarter and an optimistic outlook, Sanofi appears to be well-positioned for continued growth in 2024.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
