Sanofi confirms full-year guidance despite slip in Q3 sales

27 Oct 2023
firstwordpharma.com
Phase 2VaccineFinancial StatementClinical Result
Headline results for the third quarter:
Biopharma sales: €10.7 billion, down 4.1%
Overall revenue: €12 billion, down 4.1%
Profit: €2.5 billion, up 21.6%
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
CEO Paul Hudson noted that Dupixent, the launch of Beyfortus and “strong uptake” of Altuviio “were key drivers in the quarter,” which more than offset generic competition to Aubagio in the US.
The executive added “we enter a compelling next chapter,” with the company announcing Friday that it split off its consumer healthcare division into a separate unit as part of plans to increase R&D investment in its biopharma business. While exact details are still under review, the most likely path is the creation of a listed entity headquartered in France, at the earliest in the fourth quarter of 2024.
Other results:
Specialty care unit: €4.6 billion, up 5.3%
Dupixent: €2.8 billion, up 23%
Aubagio: €199 million, down 61.8%
Fabrazyme: €253 million, up 5.4%
Alprolix: €138 million, 9.5%
Eloctate: €120 million, down 20.5%
Sarclisa: €97 million, up 22.8%
Altuviiio:  €46 million
General medicines unit: €3 billion, down 13.8%
Lantus: €343 million, down 38.6%
Toujeo: €265 million, down 12.8%
Plavix: €218 million, down 5.2%
Vaccines division: €3.1 billion, down 6.5%
Beyfortus: €137 million
Consumer healthcare: €1.2 billion, down 4.2%
Sales in China: €728 million, down 2.5% on a constant exchange rate (CER) basis
Looking ahead:
Sanofi confirmed that it expects earnings per share for the full year to grow at a mid-single digit percentage on a CER basis, including approximately €400 million in expected one-off COVID-19 vaccine revenues in the fourth quarter. Management also estimates that the negative currency impact on 2023 earnings will be between 6% and 7%, versus prior guidance of 6.5% to 7.5%.
Pipeline updates:
Sanofi disclosed that it discontinued development of the RIPK1 inhibitorRIPK1 inhibitor eclitasertib in cutaneous lupus erythematosus, based on efficacy seen in a Phase II study. Meanwhile, a mid-stage trial of the drug, which is partnered with Denali Therapeutics, is ongoing in ulcerative.
The company also revealed mixed Phase II data for the oral BTK inhibitor rilzabrutinib. While a study in adults with moderate-to-severe chronic spontaneous urticaria met its primary endpoint, another trial for the treatment of atopic dermatitis failed to hit its main goal. A mid-stage study evaluating rilzabrutinib in patients with moderate-to-severe asthma is ongoing.
Sanofi added that enrolment in a Phase II study of the anti-ICOS mAb alomfilimab for patients with solid tumours was discontinued, although the decision “was not based on any observed safety signal.”
($1 = €0.946784)
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