Monday, July 15, 2024

Strong Q3 Performance Driven by Specialty Care Growth and Successful Launch of Beyfortus® and ALTUVIIIO®by Sanofi

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Sanofi, the global pharmaceutical company, has reported strong Q3 results for 2023. These results are driven by the growth in Specialty Care, successful launches of Beyfortus® and ALTUVIIIO®, and key R&D milestones and regulatory achievements.

Key Highlights:

  1. Specialty Care Growth: Specialty Care experienced a substantial growth of 13.5%, primarily attributed to Dupixent® (€2,847 million, +32.8%) and the successful launch of ALTUVIIIO®. This growth offset the impact of generic competition for Aubagio® in the U.S.
  2. Vaccine Sales: Despite stable vaccine sales (-0.6%), the strong launch of Beyfortus® helped to offset lower sales of influenza vaccines.
  3. General Medicines: Core assets in General Medicines grew by 3.1%. However, non-core assets declined mainly due to Lantus® (€343 million, -32.9%).
  4. Consumer Healthcare (CHC): CHC sales experienced robust growth of 4.6%, driven by the Digestive Wellness and Allergy categories.
  5. Earnings: Business EPS(1) stood at €2.55, reflecting an 11.5% decrease on a reported basis, but only a 2.1% decrease at constant exchange rates (CER). The decline was primarily attributed to the Loss of Exclusivity (LOE) for Aubagio®.
  6. IFRS EPS: The IFRS EPS was €2.01, marking an increase of 21.1%.
  7. R&D Milestones and Achievements: Q3 also saw significant R&D milestones, including the U.S. approval of Beyfortus® for the prevention of RSV lower respiratory tract disease in infants, ALTUVIIIO® approval for hemophilia A in Japan, and Nexviazyme® approval for the treatment of Pompe disease in China.
  8. Corporate Social Responsibility: Sanofi made progress on its Corporate Social Responsibility strategy, delivering cardio-metabolic products under the Impact brand to the Republic of Djibouti and global non-governmental organizations.
  9. Full-Year 2023 Guidance: Sanofi has reiterated its full-year 2023 business EPS guidance, expecting it to grow mid-single-digit at CER. The guidance also includes an estimated currency impact between -6.0% to -7.0%. This outlook incorporates approximately €400 million in expected one-off COVID vaccine revenues in the fourth quarter.

Paul Hudson, CEO of Sanofi, highlighted the outstanding performance of Dupixent®, the successful launch of Beyfortus®, and the strong uptake of ALTUVIIIO® in hemophilia as key drivers for the quarter. He reaffirmed the company’s confidence in the last quarter’s outlook and its unchanged full-year earnings guidance. Hudson also emphasized the company’s focus on strengthening its pipeline and driving innovation.

Sanofi is entering the next chapter of its Play to Win strategy, increasing investments in its pipeline, launching strategic cost initiatives, and announcing its intention to separate the Consumer Healthcare Business in Q4 2024, creating a publicly listed entity headquartered in France.

In conclusion, Sanofi’s Q3 results demonstrate its commitment to innovation and sustainable growth, positioning the company for future success in the pharmaceutical industry.

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