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2020-10-29

Sanofi Q3 2020 business EPS(1) growth of 8.8% at CER

Q3 2020 sales growth(2) driven by strong Dupixent® and flu vaccines demand.

  • Net sales were €9,479 million, up 5.7%(2) at CER and down 0.2% on a reported basis.
  • Specialty Care sales grew 23.8%, driven by strong Dupixent® performance (+68.6% to €918 million) and growth in all franchises.
  • Vaccines sales up 13.6%, driven by record flu sales partly offset by decline in boosters, travel and Menactra® due to COVID-19.
  • General Medicines sales single-digit decline (-6.4%), reflecting China VBP program and U.S. Diabetes.
  • CHC sales down 1.1% due to Zantac® voluntary recall in October 2019 and lower in-person pharmacy traffic in Rest of the World.

Q3 2020 business EPS(1) growth at CER driven mainly by strong sales performance and efficiencies. 

  • Q3 2020 business net income was up 1.0% on a reported basis to €2,299 million and increased 9.4% at CER.
  • Q3 2020 business EPS(1) was €1.83, up 0.5% on a reported basis and 8.8% at CER.
  • Q3 2020 IFRS EPS was €1.55.

Delivering on R&D

  • Adding seven new Phase 3 programs to our oncology and immunology pipelines.
  • COVID-19 adjuvanted recombinant protein-based vaccine Phase 1/2 trial fully enrolled.
  • Principia acquisition brings full ownership of brain-penetrant BTKi tolebrutinib and innovative BTKi platform.

2020 business EPS(1) guidance revised upward

•     Sanofi now expects 2020 business EPS(1) to grow between 7% and 8%(3) at CER, barring unforeseen major adverse events. Applying average October 2020 exchange rates, the currency impact on 2020 business EPS is estimated to be between -6% to -7%.

Sanofi Chief Executive Officer, Paul Hudson, commented:

“We achieved a strong quarter supported by solid sales from both Dupixent® and Vaccines which allows us to upgrade our full year guidance. We remain focused on executing on our strategic priorities that will deliver promising medicines to address significant patient needs. To this end, we strengthened our R&D pipeline with the successful completion of the Principia acquisition, adding multiple BTK inhibitors to address a variety of serious illnesses. Our COVID-19 vaccines development efforts continue on a fast track along with ensuring global access with pre-orders signed with major countries, regions, and non-profit organizations who will work to distribute the vaccine to those who most need it.”
.

  Q3 2020 Change Change
at CER
9M 2020 Change Change
at CER
IFRS net sales reported €9,479m -0.2% +5.7% €26,659m +0.5% +3.0%
IFRS net income reported €1,952m +10.5% €11,233m +298.9%
IFRS EPS reported €1.55 +9.9% €8.96 +298.2%
Free cash flow(4) €1,884m +4.7% €5,452m +39.7%
Business operating income €3,027m +1.0% +9.2% €7,710m +5.6% +9.6%
Business net income(1) €2,299m +1.0% +9.4% €5,820m +5.5% +9.6%
Business EPS(1) €1.83 +0.5% +8.8% €4.64 +5.0% +9.3%

(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 7). The consolidated income statement for Q3 2020 is provided in Appendix 3 and a reconciliation of reported IFRS net income to business net income is set forth in Appendix 4; (2) Changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (definition in Appendix 7); (3) 2019 restated business EPS was €5.64, reflecting the discontinuation of equity method accounting for Regeneron investment; (4) Free cash flow is a non-GAAP financial measure (definition in Appendix 7).

2020 third-quarter and first nine months Sanofi sales

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Unless otherwise indicated, all percentage changes in sales in this press release are stated at CER1

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In the third quarter of 2020, Sanofi sales were €9,479 million, down 0.2% on a reported basis. Exchange rate movements had a negative effect of 5.9 percentage points, mainly driven by the decrease of the U.S. dollar, Brazilian real, Turkish lira, Argentine and Mexican pesos, Russian ruble and Chinese yuan. At CER, Sanofi sales increased 5.7%.

In the first nine months of 2020, Sanofi sales reached €26,659 million, up 0.5% on a reported basis. Exchange rate movements had a negative effect of 2.5 percentage points. At CER, Sanofi sales were up 3.0%.

1 See Appendix 7 for definitions of financial indicators.

Global Business Units

2020 third-quarter and first nine months business operating income

Third-quarter business operating income (BOI) increased 1.0% to €3,027 million. At CER, BOI increased 9.2%. The ratio of BOI to net sales increased 0.3 percentage points to 31.9% versus the prior year. In the first nine months, BOI increased 5.6% to €7,710 million. At CER, BOI increased 9.6%. The ratio of business operating income to net sales increased 1.4 percentage points to 28.9%.

Pharmaceuticals

Third-quarter 2020 Pharmaceutical sales increased 4.5% to €6,361 million, with double-digit growth of the Specialty Care portfolio mainly driven by the strong performance of Dupixent® which largely offset lower sales in General Medicines due to pricing pressures from the VBP (volume-based procurement) program in China and the Diabetes franchise in the U.S. First nine months Pharmaceuticals sales increased 3.3% to €19,381 million driven by the strong performance of Specialty Care.

Specialty Care

Dupixent

Net sales (€ million) Q3 2020 Change
at CER
Författare Sanofi

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