Sanofi: stock up, with FX gains in Q3
(CercleFinance.com) - Sanofi said on Wednesday it expects to book a positive currency effect in its Q3 results following the recent depreciation of the euro.
Up about 1.5%, the stock was the biggest (and almost the only) winner in the pan-European Euro STOXX 50 index today.
In a morning statement, the French biopharmaceutical group said it expected a favourable impact of around 10% to 11% on its quarterly sales and 12% to 13% on its EPS.
The company points out that the European currency was worth $1.01 last week, compared with $1.18 in September 2021, a decline of over 14%.
The euro's slide towards the symbolic threshold of parity with the dollar should provide a big boost to European exporting companies, which invoice a large part of their sales in dollars but whose costs are denominated in euros.
Sanofi is set to publish its Q3 results on 28 October.
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