Sanofi ($SNY) announced its fourth quarter net income at $852.2 million. Its net income, adjusted for non-recurring costs, stood at $0.67 per share. The drugmaker posted revenue of $9.56 billion for the same period. For the full financial year, the company’s reported profit stood at $5.21 billion, or $2.03 per share. Its revenue was reported as $37.43 billion.
The company also recently announced that its French site, Le Trait plant, won the tentative backing of U.S. regulators, alleviating concern about two new medicines key to growth. However, this is not official clearance. A formal inspection is scheduled for this quarter.
Sanofi has two new experimental therapies lined up for U.S. regulatory approval this year. These drug candidates are sarilumab for rheumatoid arthritis and dupilumab for a severe form of eczema.
However, the company also faced issues for its insulin price increase. The company was hit by a lawsuit filed in a federal court in Massachusetts in late January. It accused the company along with other pharma companies such as Novo Nordisk ($NVO) and Eli Lilly and Co ($LLY) for exorbitant increase in their drug prices.
Sanofi issued a statement saying, “We strongly believe these allegations have no merit, and will defend against these claims.” The company stock has gained over 5 percent this year so far.