(Bloomberg) -- Sanofi’s profit rose in the first quarter, exceeding estimates as the French drugmaker’s blockbuster therapy Dupixent gained market share.

Earnings per share reached €2.16 ($2.39) excluding some items, Sanofi said Thursday. That topped analysts’ €2 estimate. The shares rose as much as 2.3% in early Paris trading.

The company is working to expand sales of Dupixent, a versatile antibody treatment for ailments ranging from asthma to severe eczema, while spending more to propel new medicines like Altuviiio for hemophilia and Beyfortus for respiratory syncytial virus in young children.  

Dupixent, already Sanofi’s best-seller with revenue expected to reach €10 billion this year, could get another boost if its use is expanded once more to include a chronic lung disorder. 

“We have good discussions with the regulator,” Chief Financial Officer Jean-Baptiste de Chatillon said in an interview with Bloomberg TV. Because chronic obstructive pulmonary disease is “a major unmet need and there’s no available drug to really address this issue, we have great hopes that it will be a quick resolution to go-to-market with this indication.” 

The company may revise its peak sales forecast for Dupixent later this year, the CFO said. 

Sanofi is also hunting for new treatments as it contends with falling sales for the aging multiple sclerosis drug Aubagio, which began facing cheaper competition in recent weeks. Last month, it agreed to buy Provention Bio for about $2.9 billion to gain a diabetes therapy recently approved in the US. 

The drugmaker on Thursday reiterated its guidance for 2023. Sales rose 5.7% to €10.2 billion last quarter, falling short of estimates. Revenue from Aubagio dropped 15%. 

What Bloomberg Intelligence Says:

Sanofi’s 1Q 8% adjusted EPS beat and reiterated full-year guidance reflects a mixed underlying performance, with the company’s ability to raise guidance later in 2023 likely dependent upon investment plans for SG&A. A decision not to raise peak sales estimates for Dupixent may also disappoint some given the market’s view is now well ahead of management’s €13 billion target. 

— John Murphy, BI pharma analyst

Altuviiio, the new hemophilia medicine, won US regulatory approval in February. 

--With assistance from Dani Burger.

(Updates with CFO comment in fifth parapraph)

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