French drugmaker Sanofi expects positive boost from currency markets in Q3
PARIS, Sept 28 (Reuters) - French drugmaker Sanofi SASY.PA said it expected a positive boost to its third-quarter business results from movements on the currency markets, helped by the strength of the U.S. dollar since Sanofi does much of its business in the United States.
Sanofi said its preliminary estimate of currency impacts on its third-quarter 2022 sales was for a boost of approximately 10% to 11%, and for a lift of around 12% and 13% on its business earnings per share (EPS).
Sanofi will report third-quarter results on Oct. 28. The company reports results denominated in the euro currency, and would therefore benefit from an increase in the value of the U.S dollar against the euro, on sales it makes in the United States.
The U.S. dollar - seen as a safe haven currency in times of economic uncertainty - has hit highs in recent weeks. It has also risen on expectations that the U.S. Federal Reserve will raise interest rates.
In July, Sanofi also lifted its full-year earnings outlook on the back of continued forecast-beating sales growth for its bestselling drug Dupixent.
Reporting by Sudip Kar-Gupta; Editing by Benoit Van Overstraeten and Louise Heavens
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