Drug maker Sanofi ups earnings guidance as 2nd quarter profit surges

MarketsAssociated Press

French drug maker Sanofi said Thursday its earnings soared in the second quarter thanks to lower accounting charges than a year earlier, and the company lifted it full-year profit forecast.

Sanofi reported net profit of 777 million euros ($1.04 billion) in the second quarter, up from 448 million euros a year earlier, when earnings were hit with a 430 million euro accounting charge related to terminating the iniparib cancer treatment program.

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Sanofi Chief Executive Chris Viehbacher said the group's late-stage drug pipeline displayed "strong momentum" and that Sanofi is preparing "for a wave of new product launches".''

Sanofi forecast growth in what it calls "Business EPS" of between 6 and 8 percent this year. In February it said growth by this measure would be 4 to 7 percent.