Sanofi reported top-line and bottom-line numbers ahead of our expectations, although the top-line lagged the street’s expectations. The sales growth of 4.2% at CER to €8.4bn was characterised by solid sales in speciality pharma and vaccines, while consumer healthcare (CHC) came in flat and primary pharma deteriorated. Emerging markets delivered a robust performance, followed by the US, while Europe entered into the year with a whimper. Management maintained its FY19 business-EPS gr
30 Apr 2019
China, Dupixent and vaccines shine amid primary care struggles
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China, Dupixent and vaccines shine amid primary care struggles
Sanofi reported top-line and bottom-line numbers ahead of our expectations, although the top-line lagged the street’s expectations. The sales growth of 4.2% at CER to €8.4bn was characterised by solid sales in speciality pharma and vaccines, while consumer healthcare (CHC) came in flat and primary pharma deteriorated. Emerging markets delivered a robust performance, followed by the US, while Europe entered into the year with a whimper. Management maintained its FY19 business-EPS gr