Sanofi SA (NASDAQ:SNY) stock fell 0.73% (As on July 26, 11:12:08 AM UTC-4, Source: Google Finance) though the company’s second-quarter profit rose on strong demand for its blockbuster asthma drug Dupixent and better-than-expected sales of new launches, adding that it no longer expects a fall in full-year profit. Operating income, excluding one-off items, rose 3.2% to 2.81 billion euros ($3.05 billion), above the 2.08 billion euros expected on average by analysts in a company provided poll. Sales of Dupixent, which is approved to treat conditions such as asthma and eczema, rose 29.2% to 3.30 billion euros, above analyst consensus estimates of 3.18 billion euros. The anti-inflammatory drug, on which Sanofi partners with Regeneron, has long been a growth driver, and the company has been seeking to expand its use for other conditions. Still, Sanofi has faced shareholder concerns that it is overly reliant on Dupixent. Quarterly sales of Beyfortus, which it sells with AstraZeneca, totalled 18 million euros, versus expectations of 15 million euros. The company expects sales of the drug to exceed $1 billion this year as it ramps up supply. Sales of another new medicine, Altuviiio for treating haemophilia, were 158 million euros, above estimates of 139 million.

Further, the rocket expansion in key markets outside the U.S., such as Japan, China, and Europe further boosted Q2 performance, growing at almost double the pace as the U.S. The company has recently obtained the EU approval for COPD, and is looking forward to the U.S. PDUFA decision at the end of September, which is expected to be a significant driver for Dupixent’s continued expansion.

SNY in the second quarter of FY 24 has reported the adjusted earnings per share of 0.89 euros ($0.97), missing the analysts’ estimates for the adjusted earnings per share of 1.22 euros. The company had reported the adjusted revenue of 10.75 billion euros in the second quarter of FY 24, beating the analysts’ estimates for revenue of 10.38 billion euros.

It forecast that 2024 earnings per share would be in line with 2023’s, from its previous expectation of a low single-digit percentage fall, at constant currency exchange rates. The company anticipate the first shipments in the Northern Hemisphere that could take place in Q3. Regarding phasing, Q4 sales are likely to be higher than Q3 ones based on regulatory approval of the two additional filling lines expected in September. On flu, the company anticipates the phasing with approximately 70% of sales in Q3 and 30% in Q4. Total sales for flu are expected to decline low-single digits versus last year due to an expected softer vaccination rates.