Sanofi (SNY 47.99, +0.44) has climbed 0.9% in pre-market after beating earnings expectations and raising its guidance for the full year.
The French drug maker reported above-consensus second quarter earnings of EUR1.35 per share on a 2.3% year-over-year decline in revenue to EUR8.66 billion, which was a bit below estimates.
Sales growth during the second quarter was fueled by Specialty Care, Vaccines, and sales to Emerging Markets.
Sanofi Genzyme sales jumped 14.4% year-over-year to EUR1.44 billion while Vaccine sales spiked 19.2% year-over-year to EUR1.02 billion. This growth was partially offset by an anticipated 15.0% year-over-year decline in Diabetes & Cardiovascular to EUR1.39 billion. General Medicines & Emerging Markets revenue fell 1.3% to EUR3.66 billion while Consumer Healthcare revenue dipped 0.1% to EUR1.16 billion.
The sharp growth in vaccine sales was driven by a 31.0% increase in Pediatric combo franchise sales.
The decline in U.S. Diabetes sales totaled 19.0% through the first half of 2017, but the company expects an improvement in the second half of the year.
The company ended the quarter with 47 pharmaceutical new molecular entity and vaccine candidates in clinical development. Sanofi had 13 new molecular entity and vaccine candidates in Phase III trials.
Looking ahead, the company expects that earnings for the full year will increase about 1.0% year-over-year to EUR5.74 per share. Sanofi's previous guidance called for earnings to decline up to 3.0% year-over-year to EUR5.51 per share.