Sanofi Sa · EURONEXT:SAN
Sanofi Sa — Q1 2021 Earnings Presentation
32 slides from Sanofi Sa's earnings presentation, Apr 28, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results Play to Win April 28, 2021
Slide 2: Forward looking statements
Forward looking statements This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlyin
Slide 3: Agenda
Agenda Introduction Paul Hudson Chief Executive Officer Bill Sibold Specialty Care Thomas Triomphe Vaccines Business update Olivier Charmeil General Medicines Julie Van Ongevalle Consumer Healthcare Financial results Jean-Baptiste de Chatillon Chief Financial Officer Q&A session 3
Slide 4: Q1 financial performance fueled by growth drivers
Q1 financial performance fueled by growth drivers Sales and EPS growth Dupixent® sales strong Vaccines delivered Resilient PPH growth Company Sales +2.4% €1,047m Q1 2021 €8,591m €909m €915m +5.3% Q1 2020 €8,973m €776m +46% PPH +15% Business EPS +15% Q1 2021(1) €1.61 Q1 2020 €1.53 Q1 2020 Q1 2021 Q1
Slide 5: Expanding affordable access to those most in need
Expanding affordable access to those most in need Recognized for making medicines Creation of more easily available in low- and SANOFI GLOBAL HEALTH middle-income countries(1) Sanofi rankings in 1st global initiative to provide #5 #7 30 40 essential to of the world’s medicines poorest countries 2018
Slide 6: Nirsevimab – all infant protection against RSV
Nirsevimab – all infant protection against RSV Development program seeks to confirm • RSV leading cause of hospitalization in infants protection of all infants • 16x more than influenza in infant <1 year(1) Full term Full term • First-in-class single-dose immunization born before born Preterm the se
Slide 7: Building our oncology franchise – proof points in H1 2021
Building our oncology franchise – proof points in H1 2021 SAR444245(4) Sanofi Oncology ASCO Event Feb 9 Feb 22 Mar 31 Apr 9 Apr 19 June 4, 2021 FDA approval FDA approval as FDA approval in Late-breaking EC approval in as first PD-L1 monotherapy for combination with interim clinical data combination
Slide 8: Execution of capital allocation to drive R&D transformation
Execution of capital allocation to drive R&D transformation Sanofi 2021 YTD transactions focused on priority areas of immunology and oncology M&A Adds proprietary next Offers access to KY1005, a Adds novel mRNA-based human mAb targeting key generation of cell-based cancer research platform to reprog
Slide 9: Sanofi well positioned for growth in the two largest markets
Sanofi well positioned for growth in the two largest markets U.S. business mix set to drive growth China positive growth outlook • Increasing sales shift to Specialty Care, • Dupixent®, Praluent® and Toujeo® launches +15% growth in Q1 to drive 2021 growth, including potential • ~60% of Specialty Car
Slide 10: Dupixent – building a worldwide megabrand
Dupixent® – building a worldwide megabrand Global Dupixent® quarterly sales (€m) • First quarter reaching the €1bn mark • Worldwide growth of +46% vs. Q1 2020 Ex-U.S. U.S. • Ex-U.S. contributed 24% of sales and annualizing €1bn 1,047 982 • In-office patient visits below pre-COVID levels 858 918 254
Slide 11: Dupixent – executing on worldwide expansion
Dupixent® – executing on worldwide expansion European launches RoW – driving growth in China adult AD set to deliver attractive markets launch accelerated • Adult AD reimbursed across EU5 • Japan AD (15 years and older), • Encouraging start following NRDL asthma and CRSwNP launches inclusion on Marc
Slide 12: Dupixent leading U.S. respiratory biologic by NBRx
Dupixent® leading U.S. respiratory biologic by NBRx • Type 2 inflammation drives >80% of uncontrolled U.S. monthly respiratory NBRx (3) persistent asthma(1) • Dupixent® inhibits signaling of IL-4 and IL-13 targeting Type 2 inflammation(2) • Significantly decreases exacerbation rate IgE • Rapid and s
Slide 13: Commercial execution continued to deliver across Specialty Care franchises
Commercial execution continued to deliver across Specialty Care franchises Q1 2021 sales growth by franchise ex-Dupixent • Rare Disease franchises grew across geographies €770m • Neurology & Rheumatology sales supported by Rare Disease +4% resilient Aubagio® performance Neurology & €581m • Lemtrada®
Slide 14: Making progress in bringing innovation to patients in RBD
Making progress in bringing innovation to patients in RBD Asset Key progress in Rare Blood Disorders (RBD) Phase Sutimlimab NEJM publication of Phase 3 CARDINAL study results in April; Registration CAD Planning for H2 2021 resubmission with FDA Fitusiran Favorable discussions with FDA in Q1 supporti
Slide 15: Vaccines – momentum continued in core segments in Q1
Vaccines – momentum continued in core segments in Q1 Vaccines growth by key franchise • PPH franchise up double-digits reflecting phasing • U.S. up 40% driven by favorable timing of CDC shipment +24% +4% +15% +€14m • Strong polio sales in Rest of the World -€3m -€54m • Flu up due to strong southern
Slide 16: Update on COVID-19 vaccine development programs
Update on COVID-19 vaccine development programs Platform 2021 Expected timeline Q1 Q2 Q3 Q4 May Phase 2 data 1 Recombinant February Phase 3 results Protein Phase 2 start and submission June approach(1) Phase 3 start 2 mRNA March Phase 1/2 data Phase 1/2 start approach(2) Preclinical work on variants
Slide 17: General Medicines – core brands grew 4% in Q1
General Medicines – core brands grew 4% in Q1 Q1 2021 General Medicines Sales • Performance of core brands driven by demand • Lovenox® grew 30%(1) benefited from COVID guidelines €4,069m • Toujeo® sales +5% supported by launch in China €3,672m -3.8% • Plavix® grew in China due to VBP volume growth o
Slide 18: Consumer Healthcare – focused on growth franchises
Consumer Healthcare – focused on growth franchises Pandemic reflected in category growth in Q1 • CHC Q1 sales of €1.1bn, down 7% +19% • Cough & Cold in Europe -68% due to social distancing +15% • High base for comparison due to Q1 2020 pantry loading • Wellness brands favored during pandemic -59% -1
Slide 19: Q1 double-digit EPS growth driven by leveraged P&L
Q1 double-digit EPS growth driven by leveraged P&L €m Q1 2021 Q1 2020(1) % Change (CER) Net Sales 8,591 8,973 +2.4% Q1 earnings drivers Other revenues 295 343 -6.4% Gross Profit 6,202 6,469 +2.6% • Top-line growth contributed to BOI margin Gross margin % 72.2% 72.1% • Portfolio shift and industrial
Slide 20: Sanofi on growth trajectory to meet financial targets
Sanofi on growth trajectory to meet financial targets BOI margin Business EPS growth High 30% single-digit 28.3% 29.3%(1) 9.8%(1) growth 26.6% 9.2% 7.2%(2) Q1 2019 Q1 2020 Q1 2021 2022e FY 2019 FY 2020 Q1 2021 2021e BOI margin target EPS guidance • Dupixent® momentum expected to continue • Higher sp
Slide 21: FY 2021 business EPS guidance affirmed
FY 2021 business EPS guidance affirmed High Business EPS single-digit at CER(1,2) growth FX impact Approximately -4% to -5%(3) on business EPS based on April 2021 average exchange rates (1) Compared to FY2020 and barring major unforeseen adverse events (2) Base for FY 2020 Business EPS growth is €5.
Slide 22: Q&A session
Q&A session Paul Hudson Jean-Baptiste de Chatillon CEO CFO Olivier Charmeil Karen Linehan General Medicines Legal Affairs and General Counsel Julie van Ongevalle John Reed Consumer Healthcare R&D Bill Sibold Thomas Triomphe Specialty Care Vaccines 22
Slide 23: Financial appendices
Financial appendices Q1 2021 results April 28, 2021
Slide 24: Q1 sales and EPS impacted by continued weakening of U.S. dollar and Emerging Markets currencies
Q1 sales and EPS impacted by continued weakening of U.S. dollar and Emerging Markets currencies Currency impact Company sales(1) Business EPS -€595m -€0.15 -6.7% -9.8% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2021 2020 2021 (1) Main currency impact on Company Sales in Q1 2021: US Dollar (-€277m), Brazilia
Slide 25: Net debt evolution in Q1 2021
Net debt evolution in Q1 2021(1) -€1,925m €21m -€62m €8,789m €6,823m Net Debt Free Cash Flow(4) Acquisitions Other(5) Net Debt December 31, & Licences March 31, 2020(2,3) 2021(2) (1) Credit ratings reaffirmed: Moody’s A1/stable, S&P AA/stable, Scope AA/stable as of March 31, 2021 (2) Including deriv
Slide 26: 2021 currency sensitivity and Q1 2021 currency exposure
2021 currency sensitivity and Q1 2021 currency exposure 2021 Business EPS Currency Sensitivity Currency Variation Business EPS Sensitivity U.S. Dollar + 0.05 USD/EUR - EUR 0.13 Japanese Yen + 5 JPY/EUR - EUR 0.02 Chinese Yuan + 0.2 CNY/EUR - EUR 0.02 Brazilian Real + 0.4 BRL/EUR - EUR 0.01 Russian R
Slide 27: Vaxelis – Sanofi and Merck JV background
Vaxelis™ – Sanofi and Merck JV background 1st U.S. pediatric hexavalent combination vaccine United States +€14m • First pediatric hexavalent vaccine in the U.S. with launch expected in Q2 2021 • ACIP approval for routine recommendation and inclusion in the VFC program -€20m • Co-promotion by both Sa
Slide 28: R&D appendices
R&D appendices Q1 2021 results April 28, 2021
Slide 29: Expected 2021 R&D key timelines
Expected 2021 R&D key timelines Achieved / Product Milestones Comment Missed(1) avalglucosidase alfa U.S. regulatory decision, PDUFA May 18 (Pompe disease) Fast track designation, BTD, Priority review × H2 2021 (4) Libtayo®(2) U.S. regulatory decision, PDUFA Feb 28 (1L NSCLC PD-L1 >50%) Priority rev
Slide 30: R&D Pipeline – Phase III & Registration
R&D Pipeline – Phase III & Registration Registration Phase III Name Description Indication Name Description Indication amcenestrant(7) SERD + palbociclib 1L Metastatic Breast Cancer Dupixent®(1) Anti-IL4/IL13 mAb Asthma 6-11 years old Libtayo®(1) Anti-PD-1 mAb + chemotherapy 1L NSCLC sutimlimab Anti
Slide 31: R&D Pipeline – Phase I & II
R&D Pipeline – Phase I & II Phase I Phase II Name Description Indication Name Description Indication SAR439459 Anti-TGFb mAb Advanced Solid Tumors R amcenestrant(1) SERD Metastatic Breast Cancer 2/3L SAR441000(4) Cytokine mRNA Solid tumors amcenestrant(1) SERD Early Breast Cancer SAR442085 Anti CD38
Slide 32: Expected submission timelines / Additional Indications
Expected submission timelines(1) mRNA vaccine(6) venglustat COVID-19 ADPKD amcenestrant(4) rilzabrutinib fitusiran NMEs 2/3L mBC Pemphigus Hemophilia A/B olipudase alfa SP0253(5) tusamitamab ravtansine(11) efanesoctocog alfa(7) nirsevimab(9) tolebrutinib(8) itepekimab(3) ASMD ad+ped COVID-19 2-3L NS