Eczema treatment and vaccines lift Sanofi first quarter results

Sanofi (NASDAQ:SNY) UP 1.51% AT 83.88

Sanofi (NASDAQ:SNY) confirmed its 2021 targets after it posted stronger-than-expected first quarter results as sales of its star eczema treatment as well as flu and polio vaccines helped offset a dip in cough and cold treatments dented by lockdowns.

The French drug maker, which stunned investors last year with a delay to its COVID-19 vaccine candidate it is developing with Britain’s GlaxoSmithKline (NYSE:GSK), said on Wednesday it expected results next months from a phase II study evaluating the shot.

Sanofi has since tried to appease critics with deals to fill and pack millions of doses of vaccines made by Pfizer/BioNTech, Johnson and Johnson and Moderna (NASDAQ:MRNA).

It is also teaming up with U.S. company Translate Bio (NASDAQ:TBIO) to bring a second COVID-19 vaccine of its own to the market that it hopes will be ready next year.

Sanofi’s first-quarter net income was up 14.7% at 2.017 billion euros ($2.43 billion) at constant exchange rates. Revenue rose 2.4% to 8.6 billion euros.

On technical fronts Sanofi (NASDAQ:SNY) RSI stood at 68.98 and currently stock is trading Above All Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: Sanofi (NASDAQ:SNY) – BUY: 87.56, TARGET: 89.13, STOP LOSS: 86.17

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