Press Release: Q4 sales growth of 10.3%, 2024 business EPS guidance exceeded, and strong business EPS rebound expected in 2025

Sanofi: Q4 sales growth of 10.3%, 2024 business EPS guidance exceeded, and strong business EPS rebound expected in 2025

Paris, January 30, 2025

Q4: sales growth of 10.3% at CER¹ and business EPS² of €1.31

Pharma launches up 56.5%, reaching sales of €0.8 billion, 8% of total sales, led by ALTUVIIIO
Dupixent sales up 16.0% to €3.5 billion
Vaccines sales up 10.8% to €2.2 billion, driven by Beyfortus sales in Europe
Business EPS of €1.31, -11.0% at CER and -14.9% reported; IFRS EPS of €0.54

FY: double-digit sales growth and business EPS guidance exceeded

Sales totaled €41.1 billion, an increase of 11.3% at CER
Sales targets exceeded: Dupixent >€13 billion and Beyfortus blockbuster status (€1.7 billion) in its first full year
Research and Development expenses reached €7.4 billion, up 14.6%, in line with commitments
Business EPS of €7.12, +4.1% at CER, above guidance, and -1.8% reported; IFRS EPS of €4.59
The Board of Directors met on January 29, 2025; proposes a dividend of €3.92 for 2024, 30th year of consecutive increases

Pipeline: increased investment and progress

Q4: four regulatory approvals: Dupixent EoE (children) (EU), Kevzara PMR (EU), Cerdelga GD1 (children) (EU), Efluelda flu (JP)³
FY: 14 regulatory approvals of medicines and vaccines, 21 regulatory submission acceptances, and eight positive phase 3 readouts emphasize a positive and improving pipeline momentum

Further progress towards a focused biopharma business

Intention to sell a controlling stake in Opella consumer health at an attractive valuation; closing in Q2 2025 at the earliest⁴

Guidance

In 2025, sales are anticipated to grow by a mid-to-high single-digit percentage at CER⁵. Sanofi confirms the expectation of a strong rebound in business EPS with growth at a low double-digit percentage at CER (before share buyback).⁶
Sanofi intends to execute a share buyback program in 2025 of €5 billion. Shares will be purchased preferably through block trades and in the open market with the purpose of cancellation.

Paul Hudson, Chief Executive Officer: “We achieved double-digit sales growth in 2024 while pursuing the transformation of the company. Innovation was a key driver of our growth as launches already contributed 11 percent of sales, with Beyfortus becoming a blockbuster in its first full year of sales. We exceeded our business EPS guidance. In 2024, we announced an intention to sell a controlling stake in Opella consumer health, which will make Sanofi a focused, science-driven biopharma company. We increased R&D investments and achieved significant progress with our pipeline in 2024, including positive phase 3 study results for new medicines such as rilzabrutinib in rare diseases and tolebrutinib in multiple sclerosis. As we enter 2025, we expect continued, solid growth in sales and a strong rebound in earnings. We are also confident in the mid to long-term growth prospects of Sanofi, supported by ongoing launches, Dupixent (currently expected to reach sales of around €22 billion in 2030⁷, in line with the current ambition), and expected future launches from our pipeline.”

	Q4 2024	Change	Change at CER	FY 2024	Change	Change at CER
IFRS net sales reported	€10,564m	+9.1%	+10.3%	€41,081m	+8.6%	+11.3%
IFRS net income reported	€683m	—	—	€5,744m	+6.4%	—
IFRS EPS reported	€0.54	—	—	€4.59	+6.5%	—
Free cash flow⁸	€2,340m	-25.5%	—	€5,955m	-19.6%	—
Business operating income	€2,078m	-11.8%	-7.7 %	€11,343m	+1.5%	+7.6%
Business net income	€1,642m	-15.1%	-11.2 %	€8,912m	-1.8%	+4.1%
Business EPS	€1.31	-14.9%	-11.0%	€7.12	-1.8%	+4.1%

1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9).
2 To facilitate an understanding of operational performance, Sanofi comments on the business net income statement which is a non-IFRS financial
measure (definition in Appendix 9). The income statement is in Appendix 3 and a reconciliation of reported IFRS to business net income is in Appendix 4.
3 For the definition of medical and scientific terms, please see the first use of the word in the Pipeline update section.
4 Subject to finalization of definitive agreements and subject to obtaining regulatory approvals from the competent authorities.
5 In 2025, sales growth will exclude any impact from hyperinflation. In 2024, it is estimated that sales growth benefited by 1.8 percentage points.
6 Applying average January 2025 exchange rates, the currency impacts are estimated between +2% and +3% on sales and +2% and +3% on business EPS.
7 At CER.
8 Free cash flow is a non-IFRS financial measure (definition in Appendix 9).