Sanofi Experiences Pandemic Vaccine Boost, But For Flu Shot
As Sanofi toils away to develop a vaccine for Covid-19, flu shots are flying off the shelves.
Sales of Fluzone, Flublok and Vaxigrip surged by 53% in the third quarter, one factor that led the French drugmaker to raise its profit outlook for the year.
As public health officials push the message of protection against the older respiratory virus, Sanofi is expanding manufacturing capacity to keep up with demand. About 250 million doses will be shipped this year, about 50 million more than last year, it said.
The heightened awareness of the need to vaccinate amid the pandemic prompted Sanofi to start shipping flu shots to the U.S. early in the season. Sales there made up almost 80% of the total last quarter.
Earnings per share are likely to rise as much as 8% this year at constant currencies, Sanofi said Thursday. That’s up from a previous target that saw earnings rising as much as 7%.
Sanofi isn’t the only company benefiting from vaccine demand. GlaxoSmithKline Plc, its partner on a coronavirus shot, reported earnings earlier this week that were helped by a rebound in vaccination rates.
Sanofi shares were little changed in Paris trading.
©2020 Bloomberg L.P.