Sanofi Taps Nestle's Roger as CFO After Swing to Net Loss

By Adria Calatayud

Sanofi named Nestle's Francois-Xavier Roger as its new chief financial officer and reported a swing to a net loss for the fourth quarter despite strong sales of its blockbuster drug Dupixent.

The French pharmaceutical company said Thursday that Roger, who has been CFO at Nestle for more than eight years, will replace Jean-Baptiste Chasseloup de Chatillon, who is stepping down. The change will be effective from April 1.

Net loss for the fourth quarter was 555 million euros ($600.5 million) compared with a profit of EUR3.11 billion for the same period of 2022, Sanofi said. Higher costs and exceptional items hit the company's profitability.

Business operating profit--one of the company's preferred metrics, which strips out exceptional items--fell 5.2% to EUR2.58 billion.

Net sales rose 1.8% to EUR10.92 billion. At constant currency, sales were up 9.3%, with growth in its specialty-care unit driven by continued strength in anti-inflammatory drug Dupixent--jointly developed with Regeneron Pharmaceuticals--and in vaccines.

Analysts expected business operating profit of EUR2.77 billion on sales of EUR11.04 billion, according to estimates provided by the company.

Sanofi reiterated its outlook for 2024.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

February 01, 2024 02:01 ET (07:01 GMT)

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