By Ed Frankl

Sanofi said Friday that it would restate its net profit for the fourth quarter of 2022 at more than double the initial amount after the FDA approved its hemophilia treatment Altuviiio, which resulted in an impairment reversal.

The approval from the U.S. Food and Drug Administration confirmed the increased value of the Altuviiio asset, Sanofi said.

It now would report 3.11 billion euros ($3.30 billion) in net profit in the three months to the end of December, on an IFRS basis, well above EUR1.46 billion it reported at full-year earnings on Feb. 3.

For the full year, net income was EUR8.37 billion, compared with EUR6.72 billion as per the initial results release.

The update came following the reversal of EUR2.15 billion in impairment losses, it said.

Business net income--a key metric that excludes some items--remains at EUR2.14 billion for the fourth quarter, the same as communicated in the original results announcement.

The FDA approval for Altuviiio, a once-weekly treatment for hemophilia A, was the first for the drug, and regulatory submission in the European Union is expected in the second half of this year, Sanofi said.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

February 24, 2023 12:15 ET (17:15 GMT)

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