Pandemic bites but Sanofi stays buoyant in second quarter
Despite second quarter 2020 sales being undercut by the coronavirus pandemic, French drugs and vaccines specialist Sanofi (Euronext: SAN) has raised its projection for the year, spurred by cost cutting measures and the sale of its stake in Regeneron Pharmaceuticals (Nasdaq: REGN).
Exchange rate movements in the firm’s South American operations also knocked the wind out of sales, which were down 4.9% at 8.2 billion euros ($9.6 billion) for the quarter.
Business earnings per share (EPS), a non-Generally Accepted Accounting Principles (GAAP) measure, hit 1.28 euros, an increase of 3.2%.
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