By Adria Calatayud

Sanofi on Friday raised its 2023 guidance and reported second-quarter adjusted earnings that beat analysts' expectations despite sales that fell short of estimates.

The French pharmaceutical company said it now expects business earnings per share--one of the company's preferred earnings metrics--to grow in a range of mid single percentage digits at constant exchange rates, barring unforeseen major adverse events. It previously expected growth of low single digits.

Net profit for the second quarter was 1.435 billion euros ($1.58 billion) compared with EUR1.175 billion in the same period last year. Business net profit grew 8% at constant currency to EUR2.18 billion, or EUR1.74 a share.

Sales for the second quarter fell to EUR9.965 billion from EUR10.12 billion for the same period last year, dragged down by a decline in general medicines. Sanofi's best-selling drug alone, anti-inflammatory treatment Dupixent, contributed EUR2.56 billion to the top line.

At constant exchange rates, Sanofi's quarterly sales grew 3.3%.

Analysts expected quarterly business net profit to be EUR2.09 billion on sales of EUR10.04 billion, according to consensus estimates compiled by Vara Research.

"Our strong results in the first six months make us confident in our outlook for the remainder of the year and as a consequence we are raising our full-year 2023 EPS guidance to mid single-digit growth," Sanofi Chief Executive Paul Hudson said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 28, 2023 02:06 ET (06:06 GMT)

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