Press Release: Sanofi Q3: 15.7% sales growth boosted by earlier-than-anticipated vaccine sales; 2024 business EPS guidance raised due to strong business performance
25 Octobre 2024 - 7:30AM
Sanofi Q3: 15.7% sales growth boosted by
earlier-than-anticipated vaccine sales; 2024 business EPS guidance
raised due to strong business performance
Paris, October 25, 2024
Q3 sales growth of 15.7% at CER and business
EPS(1) of €2.86
- Dupixent sales
up 23.8% to €3,476 million; full-year 2024 target of ~€13 billion
confirmed
- Pharma launches
up 67.1% to €727 million, led by ALTUVIIIO, Nexviazyme and
Rezurock
- Vaccines sales
up 25.5%, boosted by phasing of flu sales, and by Beyfortus due to
approved extra capacity
- Opella up 7.9%,
driven by the Qunol acquisition
- Research and
Development expenses grew 12.7%
- Selling, general
and administrative expenses grew 6.4%, substantially below sales
growth, having a positive impact on profitability
- Business EPS(1)
of €2.86, +12.2% reported and +17.6% at CER and IFRS EPS of €2.25,
+11.9% reported
Q3 pipeline progress
- Four regulatory
approvals: Dupixent COPD (US, CN), Dupixent CRSwNP adolescents
(US), and Sarclisa NDMM, TI (US)
- Four positive
phase 3 data readouts: Dupixent BP, Dupixent CSU, tolebrutinib
nrSPMS, and Sarclisa NDMM, TE
Opella (consumer healthcare)
- On October 21,
Sanofi and CD&R entered exclusive negotiations to transfer a
controlling stake of Opella.*
2024 business EPS(1)
guidance
- On October 21,
2024, the 2024 business EPS(1) guidance was upgraded to growth of
at least a low single-digit percentage at CER(2) supported by the
underlying strong business performance. This reflects the new scope
of guidance excluding Opella detailed in the October 21, 2024 press
release. Applying the average October 2024 exchange rates, the
currency impact on 2024 business EPS(1) is estimated to be -5.5% to
-6.5%.
Paul Hudson, Chief Executive Officer: “We
reached almost 16% sales growth in the third quarter, illustrating
the underlying strength of our portfolio. Our performance was
boosted by the phasing of flu and Beyfortus, while we saw steady
growth of 67% for our launch medicines as well as volume-driven
growth by Dupixent. Dupixent is now approved as the first-ever
biologic medicine to treat COPD across the EU, China, and the US
allowing us to bring this innovative new treatment to hundreds of
thousands of patients. Our pipeline-driven transformation continued
to progress with the delivery of four new approvals and four
positive phase 3 data readouts, including for tolebrutinib in
secondary progressive multiple sclerosis, a disease with
significant unmet medical need. We entered exclusive negotiations
with CD&R on a controlling stake in Opella, allowing Sanofi to
focus on innovative medicines and vaccines. Based on the strong
business performance in the quarter, we recently upgraded our
business EPS guidance. This momentum is already paving the way for
the strong rebound we said we expected in 2025 business EPS.”
|
Q3 2024 |
Change |
Change at CER |
YTD 2024 |
Change |
Change at CER |
IFRS net sales
reported |
€ 13,438 m |
+12.3% |
+15.7% |
€ 34,647 m |
+7.8% |
+11.1% |
IFRS net income
reported |
€ 2,815 m |
+11.5% |
— |
€ 5,061 m |
-15.0% |
— |
IFRS EPS reported |
€ 2.25 |
+11.9% |
— |
€ 4.05 |
-14.9% |
— |
Free cash flow(3) |
€ 3,327 m |
+79.5% |
— |
€ 3,872 m |
-22.3% |
— |
Business
operating income |
€ 4,607 m |
+14.4% |
+19.9 % |
€ 10,263 m |
+1.7% |
+8.8% |
Business net
income(1) |
€ 3,585 m |
+12.2% |
+17.5 % |
€ 7,965 m |
-1.3% |
+5.5% |
Business EPS(1) |
€ 2.86 |
+12.2% |
+17.6% |
€ 6.37 |
-1.2% |
+5.6% |
Changes in net sales are expressed at constant
exchange rates (CER) unless stated otherwise (definition in
Appendix 7). (1) In order to facilitate an understanding
ofoperational performance, Sanofi comments on the business net
income statement. Business net income is a non-IFRS financial
measure (definition in Appendix 7). Theconsolidated income
statement for Q3 and YTD 2024 is provided in Appendix 3 and a
reconciliation of reported IFRS net income to business net income
is set forth inAppendix 4. (2) Based on 2023 preliminary business
EPS of €7.25 excluding Opella. (3) Free cash flow is a non-IFRS
financial measure (definition in Appendix 7). *Theproposed
transaction is subject to finalization of definitive agreements,
completion of the appropriate social processes and subject to
customary closing conditions.
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