Rewrites throughout with CFO comments, shares in paragraph 3

By Bhanvi Satija

July 31 (Reuters) - Drugmaker Sanofi SASY.PA said on Thursday it believes the impact from U.S. tariffs to be manageable as it raised its sales growth expectations for the year, banking on expanded demand for its anti-inflammatory drug Dupixent to treat more conditions.

The French firm now expects annual sales growth in the high single-digits at constant currency rates, compared to a previous forecast of mid- to high-single-digit growth.

Sanofi's shares fell nearly 4%, however, as it reported lower than expected earnings for the quarter on higher research costs, though it maintained its earnings growth expectations for the year.

European drugmakers are currently weighing their future prospects in the United States, the world's biggest pharmaceuticals market, in light of the trade deal struck between Brussels and Washington this week.

"Under the scenarios being discussed ... including the possibility of a 15% rate on imports from the European Union, we currently view the potential impact on Sanofi as manageable," said Chief Financial Officer François-Xavier Roger.

The U.S. has also been conducting a national security investigation into the pharmaceutical sector that could result in separate sectoral tariffs.

"It's still too early to draw firm conclusions," Roger said on a call with journalists.

Sanofi was also in discussions with the U.S. government about drug pricing, he said, after President Donald Trump issued an executive order in May directing drugmakers to lower U.S. prices to align with what other countries pay.

Selling medicines directly to patients, for example, could reduce U.S. prices, Roger said, as it would cut out pharmacy benefit managers that act as middlemen between drugmakers and consumers.

"Direct sales to patients ... That's something that we may consider," he said.

Swiss firm Roche ROG.S said last week it was considering selling its prescription medicines directly to U.S. patients as part of talks with Washington.

DUPIXENT HOPES

Sanofi has significantly ramped up investments in research and development, and plans to be more active with acquisitions as it looks to build its next wave of products.

Investor hopes, meanwhile, remain high for Dupixent - the company's main growth driver used to treat conditions including asthma and eczema - particularly since it gained U.S. approval last year to treat chronic obstructive pulmonary disease, a common lung condition.

Sales of Dupixent, which Sanofi makes with partner Regeneron REGN.O, rose 21.1% to 3.83 billion euros ($4.38 billion), compared to 3.74 billion euros expected on average by analysts in a company-provided poll.

Roger said that outside of the United States, Dupixent sales exceeded 1 billion euros, despite some price decreases in China.

The drugmaker confirmed that it expects earnings to grow by a low double-digit percentage this year, but said the forecast now includes all expenses from its newly acquired businesses.

Quarterly business operating income came in at 2.46 billion euros, below the average analyst estimate of 2.57 billion euros. Sanofi said greater profit sharing with Regeneron also weighed on its earnings.

($1 = 0.8740 euros)

(Reporting by Bhanvi Satija in Bengaluru; Editing by Mrigank Dhaniwala and Joe Bavier)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))