Sanofi lifts earnings view, GSK holds forecast
Sanofi raised its earnings forecast for 2020 on Wednesday (July 29).
It comes after second-quarter results were boosted by cost cuts that saved more $1 billion in the first half, and the near $12 billion sale of most of its stake in U.S. firm Regeneron.
That has given the French drugmaker enough optimism to raise its earnings per share growth target.
The results come after Sanofi said last year it aimed to be a leaner business centred around vaccines, rare diseases and oncology.
Q2 net income was up 5.6%, though revenue for the quarter actually dipped.
Sales of vaccines dropped close to 7% as coronavirus lockdowns hit international travel.
The results were released on the same day Sanofi announced a deal to supply up to 60 million doses of a coronavirus vaccine to Britain.
The firm is working with GlaxoSmithKline on the drug.
The UK company's results were also announced Wednesday.
Like Sanofi, it saw a fall in vaccine sales.
Revenues fell 3% in the second quarter to just under $10 billion.
Despite this year's ongoing uncertainty, the pharma giant said it would keep its forecast for the year unchanged.
