Sanofi raises FY22 outlook while Q2 sales boosted by blockbuster Dupixent
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Sanofi (NASDAQ:SNY) Q2 sales grew on the back of blockbuster drug Dupixent and Rare Disease business, while the company also raised its FY22 business EPS outlook.
Q2 Business EPS rose +16.7% Y/Y (at Constant exchange rates, or CER) to â¬1.73, while sales grew +8.1% Y/Y to â¬10.17B. The company said sales were driven by driven by Dupixent, Rare Disease, Vaccines and Consumer Healthcare (CHC) business.
"Our performance in the second quarter was again marked by higher sales across our key growth drivers and outstanding financial results leading us to upgrade our business EPS guidance for the full-year. Notably, we saw significant growth momentum from our Specialty Care business, mainly driven by Dupixent," said said Sanofi CEO Paul Hudson.
The French drugmaker said Pharmaceutical segment sales increased 7.9% to ~â¬7.67B, mainly driven by the Specialty Care portfolio (up +21.6%) with continued strong performance of eczema/asthma therapy Dupixent, while sales in General Medicines declined -4.1% Y/Y to â¬3.60B.
Sales of Dupixent, which is developed in collaboration with Regeneron (REGN), increased +43.4% Y/Y to â¬1.96B.
Under Pharma segment: Neurology and Immunology sales were largely flat, growing +1.1% to â¬623M. Sales of multiple sclerosis drug Aubagio declined -2.2% Y/Y to â¬526M.
Rheumatoid arthritis therapy Kevzara's sales grew +30.4% to â¬77M due to temporary increased global demand for IL-6 receptor blockers, according to Sanofi.
Rare Disease sales increased +11.6% to â¬891M.
Meanwhile, Oncology segment sales increased +8% to â¬263M, driven by multiple myeloma drug Sarclisa (+52.5% to â¬64M) which offset the impact of prostate cancer drug Jevtana's generic competition in Europe. Jevtana' sales declined -15.8% Y/Y to â¬105M.
Sanofi noted that insulin Lantus sales declined -12.1% to â¬600M.
Q2 Vaccines segment sales grew 8.7% Y/Y to â¬1.18B driven by driven by Polio/Pertussis/Hib vaccines sales and progressive recovery of Travel and Booster vaccines.
Consumer Healthcare segment sales increased +9.1% to ~â¬1.27B. The company said the performance was due to by the strong demand for Cough & Cold products driven by a strong season, including COVID-19, and growth of the Digestive Wellness, Allergy and Pain Care categories.
Other Metrics: Q1 gross profit increased +12.2% to ~â¬7.49B. Research and Development expenses increased +12.8% to ~â¬1.66B.
Outlook:
Sanofi said it now expects full year 2022 business EPS to grow ~15%at CER, barring unforeseen major adverse events. Applying average July 2022 exchange rates, the positive currency impact on 2022 business EPS is estimated between +7.5% to +8.5%.