Eurofins actions in France rally as they target more coronavirus products


PARIS (Reuters) – French society for laboratories and diagnostics Eurofins (EUFI.PA) said he hoped to launch more products aimed at detecting the presence of the coronavirus as it was posting increased profits in the first half of the year, boosting its shares to record highs.Net profits increased 60.9% from the previous year to 95 million euros (85.92 million pounds).

Turnover increased 7.2% to 2.323 billion euros and Eurofins expressed confidence in meeting its 2020 financial targets, which include reaching 5 billion euros in revenue.

Eurofins has launched a range of products to detect the presence of the SARS-CoV-2 virus responsible for the COVID-19 disease, thereby strengthening its overall performance.

Eurofins shares rose around 10% early in the session, to all-time highs. The stock has grown by around 30% since the start of 2020, giving Eurofins a market capitalization of around € 12 billion.

“Good performance across the board,” brokerage firm Jefferies wrote, maintaining a “buy” rating on Eurofins shares.

Reporting by Sudip Kar-Gupta; Edited by Shri Navaratnam and Edmund Blair

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