Sanofi Reports Profit Slump Despite Dupixent Sales Success

Sanofi, the French pharmaceutical giant, did not achieve revenue growth last year, despite outstanding sales results for its flagship drug Dupixent and strong demand for vaccines. The annual report, presented on Thursday in Paris, showed a stagnant revenue volume of around 43 billion euros. The results were impacted by negative currency effects, which led to a significant decrease in profits: net income fell by over a third to 5.4 billion euros. In addition to currency effects, a series of write-downs, which were made as part of the realignment of research programs, had a significant influence on the profit decline. In this process, Sanofi is placing an increased emphasis on cancer research and is prepared to invest substantial capital in it. Despite the optimistic outlook in this area of research, the company reported a slight reduction in the closely watched adjusted operating result, which also fell short of analysts’ expectations. In announcing the annual figures, Sanofi focused on its change in financial strategy: starting in April, Francois-Xavier Roger will take over the position of Chief Financial Officer from Jean-Baptiste Chasseloup. Additionally, CEO Paul Hudson provided insight into future perspectives and forecasted a decline in adjusted earnings per share in the low single-digit percentage range for 2024 – this, however, is subject to unfettered currency effects and a rising tax rate.