PARIS (dpa-AFX) - Sanofi S.A. (SNYNF, SNY), a French pharmaceutical and healthcare firm, on Thursday posted a decline in profit for the first-quarter, reflecting higher expenses. However, the firm posted an increase in sales.
In addition, the company has confirmed its full year outlook.
For the three-month period, the Parish-headquartered drug maker recorded a net income of 1.995 billion euros or 1.60 euros per share, lesser than 2.009 billion euros or 1.61 euro per share of the same quarter of 2022.
Research and development expenses were at 1.563 billion euros, versus previous year's 1.489 billion euros. Selling and general expenses were at 2.607 billion euros as against last year's 2.379 billion euros.
Restructuring costs and similar items stood at 240 million euros, compared with 175 million euros of 2022.
Costs of sales moved up to 3.079 billion euros, compared with 2.880 billion euros of previous year period.
Income before tax and associates and joint ventures was at 2.456 billion euros as against 2.319 billion euros of last year.
Operating income moved up to 2.463 billion euros, from 2.397 billion euros of previous year period.
Net sales for the period, however, improved to 10.222 billion euros from 9.674 billion euros of last year.
Looking ahead, the company said: 'Sanofi expects 2023 business EPS to grow low single digit at CER, barring unforeseen major adverse events. Applying average April 2023 exchange rates, the currency impact on 2023 business EPS is estimated between -5.5% to -6.5%.'
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