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Sanofi cuts its profit by 7% in the first quarter of 2021 to €1.56 billion

The cost of products sold by Sanofi was $3.25 billion (€2.68 billion) in the first quarter of 2021, down 6.3%. Selling and general expenses also fell by 6.3% to $2.65 billion (€2.19 billion), while research and development (R&D) accounted for an item of $1.53 billion (€1.26 billion), down 5.5%. Sanofi will also support the manufacture of Janssen’s Covid-19 vaccine through its vaccine manufacturing facility in Marcy l’Etoile (France).

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Sanofi cuts first-quarter 2021 profit by 7% to $1.9 billion (€1.56 billion). The French drugmaker posted net sales of $10.4 billion (€8.6 billion) between January and March, down 4.3% compared with the same period in 2020.

The French drugmaker posted a net profit of $1.9 billion (€1.56 billion) in the first quarter of 2021, down 7% from the first quarter of 2020, according to quarterly accounts released by the company. The group achieved net sales of $10.4 billion (€8.6 billion) between January and March, down 4.3% compared to the same period in 2020.

By business segment, the generics division fell by 9.8% to (€3.67 billion). The Specialty Medicines division, on the other hand, increased by 7.3% to $3.5 billion (€2.89 billion). Net sales in the Consumer Products business contracted by 14.4% to $1.37 billion (€1.13 billion), while the Vaccines segment grew by 0.7% to $1.1 billion (€915 million).

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Sanofi increased net sales of specialty drugs by 7.3% to $3.5 billion (€2.89 billion)

The cost of products sold was $3.25 billion (€2.68 billion) in the first quarter of 2021, down 6.3%. Selling and general expenses also fell by 6.3% to $2.65 billion (€2.19 billion), while research and development (R&D) accounted for an item of $1.53 billion (€1.26 billion), down 5.5%.

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The United States accounted for 33.7% of Sanofi’s net sales, with $3.5 billion (€2.89 billion). Europe, with a decline of 5.6%, was in second place, with $2.7 billion (€2.23 billion). Finally, Sanofi’s net sales in the rest of the world rose 4.3% between January and March to $4.2 billion (€3.47 billion).

“Our strong first-quarter performance is the result of the continued execution of our strategy to achieve growth and bring innovative medicines to patients,” said Paul Hudson, CEO of Sanofi.

Sanofi expects to have Phase II trial results for its Covid-19 vaccine candidate “in the next month”

Hudson said that after initiating and completing enrollment of its Phase II trial for its recombinant Covid-19 vaccine candidate in the first quarter and “we expect results in the next month”.

Regarding partnerships for the production of Covid-19 vaccines, Sanofi announced that it will support BioNTech and Pfizer’s manufacturing and supply of the product by providing filling and finishing of more than 125 million doses at the Frankfurt (Germany) facility.

Moreover, Sanofi will also support the manufacture of Janssen’s Covid-19 vaccine through its vaccine manufacturing facility in Marcy l’Etoile (France). At this site, it will formulate and fill vials at a rate of twelve million doses per month.

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(Featured image by Jernej Furman CC BY 2.0 via Flickr)

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.