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.
