By Adria Calatayud

Sanofi expects currency movements to hurt its third-quarter sales and business earnings per share, according to preliminary estimates released by the company on Friday.

The French pharmaceutical company said the estimated currency hit on third-quarter business earnings per share--one of the company's preferred earnings metrics--ranges from 8.5% to 9.5%, based on foreign-exchange movements until Sept. 15. Currency fluctuations are expected to reduce quarterly sales by between 7.5% and 8.5%, Sanofi said.

For the second quarter, Sanofi posted business EPS growth of 0.6% on a reported basis and of 8.1% at constant exchange rates.

In July, the company guided for a full-year currency impact that would reduce its business EPS by between 6.5% to 7.5%.

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

(END) Dow Jones Newswires

September 22, 2023 02:30 ET (06:30 GMT)

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