Press Release: Strong execution in Q2 drives full-year 2022 guidance upgrade and delivers rich R&D news flow in Immunology and Rare Disease
28 Juli 2022 - 7:30AM
Strong execution in Q2 drives full-year 2022
guidance upgrade and delivers rich R&D news flow in Immunology
and Rare Disease
Paris, July 28,
2022. Read the full
press release
Q2 2022 sales growth of 8.1% at CER driven by
Dupixent®, Rare Disease, Vaccines and
CHC
- Specialty Care grew 21.6% driven by
Dupixent® (€1,963 million, +43.4%), and double-digit growth in Rare
Disease
- Vaccines up 8.7% due to strong
rebound of Travel and Booster vaccines as well as continued PPH
franchise growth
- General Medicines achieved 6.0%
growth in core assets despite lower COVID-19 related demand for
Lovenox®
- CHC delivered
5th consecutive quarter of growth (+9.1%) driven by Cough &
Cold, Allergy and Digestive Wellness
Q2 2022 business EPS(1)
up 16.7% at CER driven by higher sales and improving
margins
- BOI margin up 1.3 ppt to 27.2% due
to margin improvement from efficiency gains and EUROAPI
deconsolidation
- €2.6bn savings achieved at the end
of Q2, with the majority reinvested in growth drivers and
R&D
- Business EPS(1) of €1.73, up 25.4%
on a reported basis and 16.7% at CER
- IFRS EPS of €0.94 (down 2.1%)
Progress on Corporate Social Responsibility
strategy
- Sanofi’s Global Health Unit
launches a fund for healthcare solutions in underserved regions and
Impact®, a new brand dedicated for non-profit distribution of 30
Sanofi products to at-risk populations in 40 lower-income
countries
- Valyou program continues to improve
access through lower out-of-pocket cost of insulins for uninsured
patients in the U.S.
- Sanofi upgraded its scope 3 GHG
emission reductions ambition to -30% by 2030, unveiling low energy
intensity vaccines facility
Key milestone and regulatory achievements on R&D
transformation
- Efanesoctocog alfa, the first
factor VIII therapy to be granted FDA Breakthrough Therapy
Designation for hemophilia A
- Dupixent® approved in the U.S as
first treatment for adults and children aged 12 and older with
eosinophilic esophagitis and as first biologic medicine for
children aged 6 months to 5 years with moderate-to-severe atopic
dermatitis
- FDA accepted Dupixent® for priority
review in adults with prurigo nodularis
- Nexviadyme® and XenpozymeTM
approved in EU
- Next-generation COVID-19 booster
demonstrated strong results against variants of concern, including
Omicron
Full-year 2022 business EPS guidance revised
upward
- Sanofi now
expects 2022 business EPS(1) to grow approximately 15%(2) at CER,
barring unforeseen major adverse events. Applying average July 2022
exchange rates, the positive currency impact on 2022 business EPS
is estimated between +7.5% to +8.5%
Sanofi Chief Executive Officer, Paul Hudson,
commented:
“Our performance in the second quarter was again
marked by higher sales across our key growth drivers and
outstanding financial results leading us to upgrade our business
EPS guidance for the full-year. Notably, we saw significant growth
momentum from our Specialty Care business, mainly driven by
Dupixent®. While we continue to increase our investment in R&D,
we delivered important pipeline milestones such as the approval of
Dupixent® in its fourth disease indication, Eosinophilic
Esophagitis. Earlier this month, we had the opportunity to showcase
at ISTH the transformative potential of efanesoctocog alfa, the
first factor replacement therapy for hemophilia A to receive FDA
Breakthrough Therapy Designation. We are also making great progress
in advancing our fully integrated social impact strategy, notably
in Affordable Access with the launch of Impact®, a dedicated brand
for non-profit distribution to enable the secure distribution of 30
Sanofi medicines in 40 lower-income countries. As we continue to
deliver ahead of schedule on our Play to Win strategy, we are
confident in our business outlook for the second half and as a
result, we are reiterating our commitment to achieving the BOI
margin target of 30% in 2022.”
|
Q2 2022 |
Change |
Change at CER |
H1 2022 |
Change |
Change at CER |
IFRS net sales
reported |
€10,116m |
+15.7% |
+8.1% |
€19,790m |
+14.2% |
+8.4% |
IFRS net income
reported |
€1,175m |
-1.9% |
_ |
€3,184m |
+15.2% |
— |
IFRS EPS reported |
€0.94 |
-2.1% |
_ |
€2.55 |
+15.4% |
— |
Free cash flow(3) |
€1,535m |
+7.5% |
_ |
€3,242m |
-3.3% |
— |
Business
operating income |
€2,753m |
+21.5% |
+13.2% |
€5,818m |
+18.7% |
+12.7% |
Business net
income(1) |
€2,170m |
+25.4% |
+16.6% |
€4,594m |
+22.6% |
+16.3% |
Business EPS(1) |
€1.73 |
+25.4% |
+16.7% |
€3.68 |
+22.7% |
+16.3% |
Changes in net sales are expressed at constant
exchange rates (CER) unless otherwise indicated (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-GAAP financial measure
(definition in Appendix 9). The consolidated income statement for
Q2 2022 is provided in Appendix 3 and a reconciliation of reported
IFRS net income to business net income is set forth in Appendix 4;
(2) 2021 business EPS was €6.56; (3) Free cash flow is a non-GAAP
financial measure (definition in Appendix 9).
Read the full press release
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