Sanofi forecasts lower earnings growth in 2023

French pharmaceutical giant Sanofi forecast slower earnings growth for 2023 on Friday after profits jumped in 2022 on the back of popular eczema and asthma drug Dupixent.

The company’s net profit rose by eight percent to 6.7 billion euros ($7.3 billion) last year. Its earnings per share, or profits divided by outstanding shares, rose by 17.1 percent to 8.26 euros, but Sanofi forecast “low single-digit” growth this year. Sanofi shares fell following the announcement.

The company’s Dupixent treatment has been a huge success for Sanofi, raking in 8.3 billion euros in sales last year.

“Dupixent and Vaccines continue to be our leading growth drivers,” Sanofi chief executive Paul Hudson said in a statement.

Sanofi is aiming for 10 billion euros in sales of Dupixent this year.