European pharma giant Roche beat first-quarter sales expectations on Thursday, while drug brethren Sanofi came in with a mixed sales report. But shares of both remained muted.
Roche's total sales grew 6%, excluding the impact of exchange rates, to about $18.64 billion, based on today's exchange rates. That topped projections for $18.34 billion, according to FactSet. The best growth came from the pharmaceuticals division, advanced 8%. Diagnostic sales were flat, however.
French drug company Sanofi reported about $11.23 billion in sales, missing views for $11.29 billion. But the company's biggest moneymaker, Dupixent, generated a Street-topping $3.95 billion in sales. Analysts projected $3.79 billion. Dupixent treats inflammatory conditions like eczema and asthma.
Both companies reiterated their guidance for the year.
Roche expects sales to grow in the mid-single-digit range. Core earnings are expected to rise by a high-single-digit percentage. Sanofi calls for its sales to grow by a mid- to high-single-digit percentage, excluding the impact of exchange rates. The company also projects double-digit earnings growth.
Roche stock closed up 1.7%, while Sanofi stock rose 1%, closing at 53.54.
Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
