Sanofi Q1 profit climbs on Dupixent as drug on track for €10B this year
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Sanofi (NASDAQ:SNY) Q1 profit rose beating estimates as blockbuster drug Dupixent performed well again.
Business EPS rose +11.3% Y/Y on a reported basis (+11.9% at constant exchange rates, or CER) to â¬2.16.
Q1 sales grew +5.7% Y/Y (+5.5% CER) to ~â¬â¬10.22B.
"We have started 2023 with strong results, delivering double-digit sales growth across our Specialty Care, Vaccines and Consumer Healthcare businesses. Dupixent continues its compelling performance and is on track to achieve its â¬10 billion sales objective for this year," said Sanofi CEO Paul Hudson.
Biopharma, which include Specialty Care, General Medicine and Vaccines, saw sale increase +4.9% Y/Y ( +4.6% CER) to â¬8.73B.
Specialty Care segment sales grew +20.2% Y/Y ( +18.3 % CER) to â¬429B.
Sales of Dupixent, which is developed in collaboration with Regeneron (NASDAQ:REGN), grew +43.5% Y/Y (+39.7% at CER) to ~â¬2.32B.
Sales of multiple sclerosis drug Aubagio declined -14.7% Y/Y (-16.9% CER) to â¬419M, due to expected entry of generics in the U.S. from mid-March.
Rheumatoid arthritis therapy Kevzara's (collaboration with Regeneron) sales fell -23.2% Y/Y (-23.2% CER) to â¬73M.
Fabry disease medicine Fabrazyme revenue grew +11.8% (+11.8% CER) to â¬246M. Cerezyme sales rose +18.8% (+26.7% CER) to â¬196M.
Multiple myeloma drug Sarclisa sales were up +33.8%Y/Y (+33.8% CER) to â¬87M.
Prostate cancer drug Jevtana sales fell -19.4% (-21.4% CER) to â¬79M due to the entry of generics in Europe at the end of March 2021 and lower sales in the U.S., reflecting increased competition.
Insulin Lantus revenue fell -33.4% (-32.6% CER) to â¬447M.
Vaccines segment sales increased +14.4% (+15.2% CER) to â¬1.17B, notably reflecting contractual sales of COVID-19 vaccine VidPrevtyn Beta (â¬167M), Sanofi noted.
Meningitis, Travel and endemic vaccine sales soared +18.6% Y/Y to (+16.7% CER) to â¬249M.
Influenza vaccines sales fell -4.5% Y/Y ( but rose +6.1% CER) to â¬63M in Q1. Polio/Pertussis/Hib (PPH) vaccines sales fell -12.4% Y/Y (-11.3% CER) to â¬537M.
Consumer Healthcare (CHC) sales increased +10.4% (+11.2% CER) to ~â¬1.50B, due to growth in all regions and includes about â¬40M of positive phasing effect of inventory in trade.
Outlook:
"For the remainder of the year, we are confident in our business outlook, while navigating the impact from generic versions of Aubagio, our last meaningful patent expiry this decade, with generics entering the U.S. market at the end of Q1. With the U.S. launch of ALTUVIIIO now underway and the anticipated roll-out of Beyfortus in time for the RSV season later this year, we keep executing on our Play to Win growth strategy," commented Hudson.
Sanofi confirmed its FY23 outlook and noted that it expects 2023 business EPS to grow low single digit at CER.