The “Delivers Solid Sales” headline that accompanied Sanofi’s fourth-quarter and full-year 2023 results announcement was open to interpretation. Investors duly obliged and Sanofi’s stock price opened down by 2%, finishing the day down by nearly 3% in contrast with a rise of more than 1% by the NYSE Arca Pharmaceutical Index (DRG). Sanofi’s fourth-quarter 2023 revenues rose by under 2% on the same quarter of 2022, putting it behind Johnson & Johnson and GSK plc* in the early part of reporting season, but way ahead of Pfizer Inc.*, which was still suffering unfavorable comparisons with its peak pandemic sales. I always ignore the sugar coating of constant exchange rates (CERs) and focus on reported numbers because neither stocks nor dividends are priced in CERs. Sanofi’s investors also appeared to ignore its “Q4 2023 sales growth of 9.3% at CER” and were in lock step with its analysts as Sanofi’s fourth-quarter sales missed their consensus estimates by nearly 2%.
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