Sanofi Q1 sales climb on the back of Dupixent, consumer healthcare show; maintains outlook
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Sanofi (NASDAQ:SNY) saw a rise in its Q1 revenue driven by sales of its blockbuster drug Dupixent and performance from its Consumer Healthcare business.
Q1 Business EPS rose +20.5% Y/Y to â¬1.94, while sales grew +8.6% Y/Y (at Constant exchange rates, or CER) to â¬9.67B.
"We are off to a strong start to 2022 propelled by the continued outstanding performance of Dupixent, double-digit growth of our CHC business and improved margins in the first quarter," said Sanofi CEO Paul Hudson.
The company said Pharmaceutical segment sales increased 7.5% to ~â¬7.33B, mainly driven by the Specialty Care portfolio with continued strong performance of eczema/asthma therapy Dupixent, while sales in General Medicines declined -0.7% Y/Y to â¬3.76B.
Sales of Dupixent, which is developed in collaboration with Regeneron (REGN), increased +45.7% Y/Y to â¬1.61B.
The company said Q1 Vaccines segment sales grew +6.8% to â¬1.02B driven by double-digit growth of Polio/Pertussis/Hib vaccines sales and partial recovery of Travel vaccines.
Consumer Healthcare segment sales increased +17% to ~â¬1.33B mainly driven by strong demand for Cough & Cold products, and performance of Pain Care and Digestive Wellness categories.
Under Pharma segment: Neurology and Immunology sales grew +0.3% to â¬611M. Sales of multiple sclerosis drug Aubagio declined -6.6% Y/Y to â¬491M.
Rheumatoid arthritis therapy Kevzara's sales grew +61.4% to â¬95M. The company said the grwoth was due to a COVID-19 related increase in global demand for IL-6 receptor blockers and the temporary tocilizumab shortage.
Rare Disease sales increased +1.9% to â¬804M.
Meanwhile, oncology segment sales increased +6.8% to â¬244M, driven by multiple myeloma drug Sarclisa (+85.3% to â¬65M) launch, which the company said will more than offset the impact of prostate cancer drug Jevtana's generic competition in Europe. Jevtana' sales declined -25.4% Y/Y to â¬98M.
The French drugmaker said insulin Lantus sales declined -1.5% to â¬671M.
COVID-19 vaccine: Sanofi and GSK have applied for regulatory authorization of their first-generation COVID-19 vaccine in Europe with data supporting its use as a universal booster. The companies added they are developing a next-generation booster vaccine aimed to provide broad protection against all variants of concern, from the original strain to Omicron BA.2 and the data (VAT02 Cohort 2) is expected to be reported in Q2.
Other Metrics: Q1 gross profit increased +11.1% to ~â¬7.16B. Research and Development expenses increased +14% to ~â¬1.49B.
Spin-off: "Also in the quarter, we continued to execute well against our strategic priorities with our decision for the proposed EUROAPI shares listing and spin-off through an extraordinary dividend," added Hudson.
Sanofi is expected to list its API spin-off EUROAPI on Euronext Paris on May 6.
Outlook:
"Based on the strong first quarter, we are on track to deliver on our 2022 financial guidance, despite the challenging business environment," commented Hudson.
Sanofi expects 2022 business EPS to grow low double-digit at CER. The company noted that, applying average April exchange rates, the positive currency impact on 2022 business EPS is estimated to be between +4% and +5%.