(News Bulletin 247) – The pharmaceutical group delivered results clearly above expectations in the third quarter and confirmed its recently raised net profit target.

In the news in recent days with the political-economic saga of the sale of Opella, its consumer health division known for Doliprane, Sanofi published results better than expectations this Friday morning.

The pharmaceutical group delivered a turnover of 13.44 billion euros, up 12.3% in published data and up 15.7% excluding currency effects. Analysts only expected, on average, revenues of 12.9 billion euros, according to a consensus cited by Stifel.

“This performance was supported by a favorable sequence of sales of flu vaccines and Beyfortus, the 67% growth of our new medicines as well as an increase in Dupixent driven by volumes,” declared CEO Paul Hudson, quoted in a press release.

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Dupixent does not disappoint

Revenues from vaccines increased by 25.5% excluding currency effects, supported by early sales of influenza vaccines as well as those of Beyfortus, a vaccine to protect infants from infections caused by respiratory syncytial virus.

In pharmacy, Sanofi was driven by a 33.8% increase in sales of Lantus, a long-acting insulin, which benefited from the absence of a competing drug and a lenient basis of comparison. .

The performance of the pharmaceutical group is therefore partly explained by exceptional elements. Stifel nevertheless judges that around a third of the outperformance compared to expectations is due to the good dynamics of the underlying business.

The group’s blockbuster, Dupixent, which benefits from numerous indications, such as atopic dermatitis or “smoker’s bronchitis”, has exceeded expectations. Its sales jumped 23.8% excluding currencies to 3.48 billion euros, against 3.43 billion euros expected by analysts.

On the other lines of accounts, the operating income of activities increased by 19.9% ​​excluding currency effects to 4.61 billion euros while the net income of activities per share, the main indicator of profitability of the company, s is established at 2.86 euros, up 17.6% over one year excluding currency effects. Sanofi largely beat the consensus, coming in at 4 billion euros for operating profit and 2.49 euros for net operating profit per share.

Objective confirmed

The group confirmed its outlook which had recently been raised, at the start of the week, to exclude Opella which will therefore be sold (transfer of a majority stake) to the CD&R fund on the basis of an enterprise value of 16 billion euros.

Sanofi expects growth in its net operating profit per share “at least in the low single digit range” (i.e. between 1% and 4%) for 2024. “This dynamic is already paving the way for a strong rebound of the EPS of the activities that we anticipate for 2025″, added Paul Hudson, CEO of Sanofi.

On the Paris Stock Exchange, the action is progressing following this publication, but timidly. Sanofi rose 1.7% around 3:50 p.m., which still constitutes the second largest increase in the CAC 40 behind Renault (+3%).

Oddo BHF appreciates a “generally very solid publication despite the beneficial phasing (the favorable sequence, Editor’s note)” on vaccines.

“We can underline the good dynamics of Dupixent which should actually exceed 13 billion euros in sales this year as well as the group’s latest launches,” develops the broker. Oddo BHF remains at “outperform” on the stock, citing its 17% valuation discount compared to its listed rivals.