PARIS (AP) — 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.
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.