Sanofi stock dips as Q4 revenue grows but vaccine sales fall; Dupixent drives moderate profit outlook
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Sanofi (NASDAQ:SNY) stock fell premarket on Friday after Q4 sales saw a growth on the back of blockbuster drug Dupixent but the famous Vaccines business saw a decline.
The French pharma giant also provided FY23 outlook driven by Dupixent demand.
Q4 Business EPS rose +23.9% Y/Y (reported basis) (+17.4% at constant exchange rates, or CER) to â¬1.71.
Q4 sales grew +7.3% Y/Y (+2.6% CER) to ~â¬10.73B. The company said exchange rate movements had a positive effect of 4.7 percentage points, mainly due to the U.S. dollar.
Full year 2022 sale increased +13.9% Y/Y (+7% CER) to ~â¬43B.
"Specialty Care delivered the highest sales among our businesses. Dupixent and Vaccines continue to be our leading growth drivers. We are particularly proud of the progress we made in R&D transformation with multiple approvals of transformative medicines and new product launches across Specialty Care," said Sanofi CEO Paul Hudson.
Pharmaceutical segment sales increased +12.6 % (+7.3% CER) to â¬7.79B, mainly driven by the Specialty Care portfolio (+18.1%) with strong performance of Dupixent while sales in General Medicines decreased -1.5% (-3.7% CER) to ~â¬3.38B, according to Sanofi.
Total Specialty Care segment sales grew +26.6 % (+18.1% CER) to â¬4.41B in Q4.
Sales of Dupixent, which is developed in collaboration with Regeneron (NASDAQ:REGN), grew +55.1% Y/Y (+42.1% at CER) to â¬2.4B. For full year 2022 Dupixent sales grew +58% Y/Y to (+43.8% CER) to â¬8.29B.
Neurology and Immunology sales were largely flat on reported basis +0.2% Y/Y (but fell -7% at CER) to â¬589M.
Sales of multiple sclerosis drug Aubagio declined -4.6% Y/Y at CER (+3.1% reported basis) to â¬493M, mainly due to lower sales in the Rest of the World region as a result of generic competition in Canada, Sanofi noted.
Rheumatoid arthritis therapy Kevzara's (collaboration with Regeneron) sales decreased -17.6% at CER to â¬79M due to lower sales in Europe and the Rest of the World region.
Rare Disease sales increased +3.9% (+1.8% at CER) to â¬850M.
Sanofi said Q4 Oncology sales declined -7.9% (-11.7% CER) to â¬221M, reflecting the end of consolidation of Libatyo sales from the beginning of July. Regeneron has obtained worldwide exclusive license rights to Libtayo.
Excluding Libtayo, Oncology sales were up 3.4% at CER with Sarclisa being the main driver. Multiple myeloma drug Sarclisa sales grew +59.3%Y/Y (+55.6% CER) to â¬79M.
Prostate cancer drug Jevtana sales decreased -20.9% Y/Y to (-24.5% CER) to â¬87M due to the entry of generic competition in Europe at the end of March 2021 and lower sales in the U.S., reflecting increased competition.
Insulin Lantus sales fell -26.4% (-27.6% CER) to â¬429M.
Sanofi noted Q4 Vaccines segment sales declined -12.6 (-16.3% CER) to ~â¬1.72B mainly reflecting accelerated supply phasing of influenza vaccines between Q3 and Q4 2022. Full year 2022, Vaccines sales were up +14.3% Y/Y (+6.3% CER) to ~â¬7.23B, reflecting recovery of Travel and Booster vaccines.
Influenza vaccines sales fell -26.6% Y/Y (-32% CER) to â¬802M in Q4. Polio/Pertussis/Hib (PPH) vaccines sales fell -18.4% Y/Y (-9.1% CER) to â¬640M.
Consumer Healthcare (CHC) sales increased +9.5 % (+6.6% CER) to â¬1.22B driven by growth in all regions.
Dividend: Sanofi said board held on Feb. 2, proposed an annual dividend of â¬3.56, an increase of 6.9%.
Outlook:
With the view on the expected entrants of generic competition for Aubagio in the coming months, we remain confident in our outstanding commercial capabilities, including the ambition to reach sales of 10 billion euros for Dupixent in 2023, enabling us to guide to low single-digit EPS growth for the year," added Hudson.
Sanofi expects 2023 business EPS to grow low single digit at CER, barring unforeseen major adverse events. Using average January 2023 exchange rates, the currency impact on 2023 business EPS is estimated between -3.5% to -4.5%.
SNY -3.56% to $45.56 premarket Feb. 3