Press Release: Sanofi Q2 - strong performance with 10% sales growth; 2024 guidance upgraded
July 25 2024 - 1:30AM
Sanofi Q2: strong performance with 10% sales growth; 2024
guidance upgraded
Paris, July 25, 2024
Q2 sales growth of 10.2%
at CER and business EPS(1)
of €1.73
- Dupixent sales up
29.2% to €3,303 million; target of ~€13 billion in 2024
unchanged
- Pharma launches up
80.4% to €689 million, led by ALTUVIIIO, Nexviazyme, Rezurock, and
Sarclisa
- Vaccines sales
-4.8% due to COVID-19 sales in 2023
- Opella (former
Sanofi Consumer Healthcare) up 9.6%, driven by the Qunol
acquisition
- Research and
Development expenses grew 5.5%
- Selling, general
and administrative expenses grew 4.9%, substantially less than
sales growth
- Business EPS(1) of
€1.73, down 0.6% reported and up 4.0% at CER
- IFRS EPS of €0.89,
down 22.6% reported
Q2 pipeline progress
- Three regulatory
approvals; Dupixent COPD (EU, July), Kevzara pJIA (US), Altuvoct
hemophilia A (EU)
- Four regulatory
submissions, including fitusiran in hemophilia A/B and Sarclisa in
multiple myeloma
- Increasing pipeline
news flow over 2024-2025, including 12 phase 3 data readouts
Other key updates
- Sanofi ranked
world’s 7th most sustainable company by TIME Magazine
- Opella (Consumer
Healthcare) intended separation on track with previously
communicated timelines*
2024 business EPS guidance
upgraded
-
2024 business EPS(1) to be stable at CER(2), an upgrade from a low
single-digit percentage decrease previously, underpinned by
accelerated delivery of Sanofi’s pipeline-driven transformation.
Applying the average July 2024 exchange rates, the currency impact
on 2024 business EPS is c.-5.5% to -6.5%.
Paul Hudson, Chief Executive Officer,
commented:
“We are continuing our strong performance in
2024 and delivered broad-based, double-digit sales growth in the
second quarter. We also made important progress in our pipeline of
new medicines, including approvals for Dupixent in COPD, Kevzara in
pediatric arthritis and ALTUVIIIO (EU) in hemophilia A. With the EU
approval in COPD, Dupixent is the first-ever biologic medicine
approved in this debilitating disease impacting hundreds of
thousands of patients globally. As we accelerate our focused mid-
and late-stage pipeline, we started a number of new phase 2 and
phase 3 studies that will benefit patients in the future. We are
well on track, delivering on our strategic priorities for Sanofi to
become a development-driven, tech-powered biopharma company
committed to serving patients and accelerating growth. Underpinned
by accelerated delivery of Sanofi’s transformation, we upgrade our
earnings per share guidance for 2024.”
| |
Q2 2024 |
Change |
Change at CER |
H1 2024 |
Change |
Change at CER |
| IFRS net sales
reported |
€ 10,745 m |
+7.8% |
+10.2% |
€ 21,209 m |
+5.1% |
+8.4% |
| IFRS net income
reported |
€ 1,113 m |
-22.4% |
— |
€ 2,246 m |
-34.5% |
— |
|
IFRS EPS reported |
€ 0.89 |
-22.6% |
— |
€ 1.80 |
-34.3% |
— |
|
Free cash flow(3) |
€ 854 m |
-46.4% |
— |
€ 545 m |
-82.6% |
— |
| Business
operating income |
€ 2,813 m |
+3.2% |
+8.3 % |
€ 5,656 m |
-6.7% |
+1.4% |
| Business net
income(1) |
€ 2,161 m |
-0.7% |
+4.0 % |
€ 4,380 m |
-10.2% |
-2.3% |
|
Business EPS(1) |
€ 1.73 |
-0.6% |
+4.0% |
€ 3.51 |
-10.0% |
-2.3% |
Changes in net sales are expressed at constant
exchange rates (CER) unless stated otherwise (definition in
Appendix 9). (1) In order to facilitate an understanding of
operational performance, Sanofi comments on the business net income
statement. Business net income is a non-IFRS financial measure
(definition in Appendix 9). The consolidated income statement for
Q2 and H1 2024 is provided in Appendix 3 and a reconciliation of
reported IFRS net income to business net income is set forth in
Appendix 4; (2) 2023 business EPS was €8.11; (3) Free cash flow is
a non-IFRS financial measure (definition in Appendix 9).
*Separation subject to market conditions and consultations of
social partners and work councils.
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