SNY - Earnings call transcript Q4 2021

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Eva Schaefer-Jansen

Good morning, good afternoon, and good evening to everyone. Thank you for joining us to review Sanofi’s 2021 Fourth Quarter and Full Year Results followed by a Q&A session.

As usual, you can find the slides to this earnings call on the Investors page of our website at sanofi.com.

Moving to slide 3, I would like to remind you that information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. I refer you to our Form 20-F document on file with the SEC and also our Document d’Enregistrement Universal for a description of these risk factors. to advance please that, slide X. With

and on Executive Officer; speakers Thomas Olivier Van the Officer. Chief Heads call Chief Hudson, Triomphe, Ongevalle; Julie and Paul are Charmeil, de the Sibold, Chatillon, Financial today Bill Our Jean-Baptiste Global Unit Business

For or options participate. screen. option the your by click have two, Option the bottom Q&A two icon like to over I’d call clicking the that, the raise submit With hand at you bottom icon of the one, Q&A, the to the your of Paul. at screen question turn to

Paul Hudson

you, for executive business performance. delighted with today, Thank the to thanks and and members and financial the Eva through to our team joining our together on here be everyone take call the of you to updates

to off noticed more business of including emphasize that the have that materials, more I transformation, change the the or are is of named, visual the simply want our modern. may nothing table, as to indeed it’s presented. clear, parts You how part

we’ll forward, continue across standards our the raise and as be disease Sanofi we treatment to work of to prevention. businesses, and known Going

and XXXX. Bottom assets geographies, set strong Medicines last Let’s delivered Dupixent business growth the up this GBUs our the also €X.X EPS billion close our X.X% line, full-year we contribution our X.X%, fast X.X% grew The General a of And catching sales record core start compared been another growth. other to consumer has trend across since with at €X.XX, view. with €X.X growing year an year with delivered prioritized more we than is together. market We we gap delivered XX.X%, and critical. all of business of amounting vaccines business year. continuing influenza in grew now in The sales. to health billion to

way given a driven our Care the profitability targets keep same I’ll the both, improved early have in our improved stands discipline portfolios, more financial stage core profitability, is the spending. us At to asset time, well minutes. This with little growth by a few set XX.X% that and as at we’ve GenMed BOI our about CER. now talk in We a adding growing that again as to at pipeline. Specialty our allows

slide with to to at transformation acquisitions strengthen to me X, this our We vaccines. let in and XXXX. our Moving Day announced areas December as priorities immunology, turn growth activities strategic outlined in bolt-on perfect Capital our fit oncology, our They’re year. six main Markets

exciting Biond, inhibitor business We’re clinical development for the opportunities, our pipeline. new collaboration example, the still lookout for with checkpoint our on which adds to generation

Exscientia unlock development. and artificial We of efforts help and accelerate the our This intelligence our digital, partnerships also to behind with potential in intend Owkin is oncology. further data us to immunology in drug and rationale the and discovery

As commitment. we fully action also taking to pipeline, reduce XXXX focus our again, our efforts on complexity, line we’re with building in a our sustainable

biggest number program could of for consumer be world. IPO of planned will to brands. The is moved ambitious about have and from to started portfolio countries We health for to model. the the this EUROAPI, us reduce next more a year The major create milestone and the than model XX% second established an divest continued our brands the distributor consumer player standalone healthcare XX complete, which in we API

Play medicines strategy, breakthrough to core of our developing and what people’s Win at move to vaccines lives. to improve let’s is Now, the

all marks positive year. past to pivotal to our against assets productivity. RSV scientific the seven you protection readouts give The XX of been We few a infants. highlights industry priority over effort for our delivered provide advancement has me last and beat achieved R&D advance months benchmarks a major Let in what in seven

derm of our penetrate ahead patient We’re to one about large has in the submissions begun for by and population Dupixent eight Libtayo which as in approvals asthma. XXXX Sarclisa, type Dupixent, initial indications and to our and Last we’re strengthens major season. only year, marked Nexviazyme was The getting launch atopic to disease also four well as RSV for results. ready plan delivered year franchise. X Pompe the begin additional positive global disease, rare year

molecules never year R&D Our milestone pipeline this achieved we have something in achieved from in-house clinical remarkable the engine that XX with entering It’s research. past. the

immunology, areas, oncology, focus three on Our increasing. neurology key therapeutic is

the to the immunology range on first-in-class list X in atopic a of best-in-class diseases, of first investigator CSU have and study put industry-leading Trials keeps Rilzabrutinib treatment priority significantly already dermatitis. interest in mediated are building soon. be and potential antibody, allocates amcenestrant and high OXXX-Ligand in oral fully is as of pipeline to community. going the asthma the treatment planned, allow given option. the funding Phase our an building line immune the than AMEERA-X program, starting recruited, amlitelimab, from development open Oncology development a potential We’re study, earlier accelerated a which additional with with our assets, for

of Phase processes first-in-class conjugate our the and explore modulates accelerate to system. broad antibody SAR’XXX, engineered, the development microglia, nervous within build CEACAMX In this that neuroinflammatory neurology, showing entered X high scientists interleukin-X human programs need. areas supports drug our we for directly data, addition, are unmet thesis on central the of in best-in-class which impact to In and tolebrutinib of body the molecule brain-penetrant continuing the our

data at just share ECTRIMS and shortly. new will We coming up important

pipeline year XX,XXX minimum the alone. the industry-leading strengthened generation creation has speaks we vaccines, XX of study platform Advancing our This first of flu Phase in stages by to and Center deliver the more with started have treatment to of the adding to people tolebrutinib results X, marked one that have in the build year. also ambition the with each We I highlight Myasthenia for that of progressive modified projects slide how by new of chronic about our commitment to U.S. of also to mRNA developments development candidates of practice sustainable the a our a early assets medicine. our strikes Gravis, a with want XXXX. disease the volumes stream clinical monovalent interim pipeline in X clinical than of neuromuscular of shared record mRNA Excellence steady pivoted could the We transform six of mRNA next of you XXXX time. our accelerate an to

teams term, creating As the the in and we the for performance transform and robust keep delivering Company short modernize value term. the long also

QX reflection this. a Our is good program of

of quarter Specialty has marks the this sales. Dupixent business up business units the Care our Specialty immunology compared last Care XX has and X to Specialty with quarter our our with and therapeutic grown fact, oncology, to Phase led same In the X XX% year, key Key by in time first to pipeline projects drivers for areas neurology. Care in that growth XX

and with over Care, So, with start you. that, to Bill, let’s Specialty

Bill Sibold

key a exciting XX.X%, milestone be with double more mega sales performance Paul. another to stellar More change quarter in high double be to a proved -- higher last across delivered very driven brand €X.X growth our of the lives. in than €X.X to for as all and the quarter Care markets. just fourth for regions. period by full the to a a as immunology The sales was Libtayo year indeed billion of our quarter validates once you, franchises respective transformative for truly our patients’ brand and minute. that execute continued is franchise our Care up about Thank sales remarkable mainly It in of emerge medicines by in of on digit business and Specialty quarter. billion Sanofi largest the milestone execution oncology and the our growth mentioned Dupixent growth with and leader Specialty priorities Paul commitment Double Sarclisa digit innovative This digit in their of the in earlier, launch by unit again business

in to trajectory despite a this to €X year, on of exceed product decline oncology the sales are for we Europe. ahead, generic due billion continued Jevtana competition the in in Looking

disease sales, status Pompe Gaucher strong by demand blockbuster billion franchise Notably, exceptionally XXXX quarter fourth Fabry Pompe, in franchises. our driven up business than primarily in €X X.X%, sales. more higher reached and global across rare totaling the reported Our

great next making launched We U.S. progress of recently for ERT our the are Nexviazyme, generation in disease. Pompe uptake

Nexviazyme working standard We as global in November the in obtained Japan and are establishing next markets. of marketing have on care in approval We actively there. launched

continued potential when in Growth mainly of In of addition, number driven to forward and approval in approvals to industrial quarter XXXX was to the sales where in Cablivi, toward grew sales the of quarter which we blockers demand performance the from blood were disorders product, in to Alprolix franchise due EMA, a Sobi. US. excluding lower the work and due by continue look Europe fourth a grew franchise X.X% of in High sales competitor higher temporary the sales and fourth shortage the Kevzara, additional IL-X for of because neurology tocilizumab. a and mainly of immunology launches to receptor Europe global

result, a remain in expect partially was and we patients by is coming sales arthritis Kevzara, the in the demand quarter. declines of which to indicated of strong Kevzara for rheumatoid Strong for Aubagio months. upset with growth As the anticipated Lemtrada

driven of continue another moving that strong in billion outstanding incremental delivered added billion it alone, year in growth we just by Now U.S. than one ex-U.S. of to believe Sanofi’s number the quarter-after-quarter €X sales performance growth this beginning slide driver. consistent are now brand. journey and to the Dupixent for in Last mega the top-line, Annualizing Dupixent at making markets. €X.X year XXXX, XX. at we more sales, to of

and due in last populations. to deductible the demand, have to two remind U.S. Over years, consistent like indications commonly to strong is contributors younger new patient growth the been QX expansion of that, you the key patient the patient growth reset. in impacted QX the of I’d approval the

AD received growing for the unlock six than in AD China significant underlying more However, adult the have strongly line this our focused been their and among market. coming At European new in China, to to-date. consistent, Commission esophagitis. opinion than expectations, new years can Dupixent’s Dupixent patients a competitive listing, believe in therapy pulmonologists adolescent reflected with clinical come Europe the eosinophilic future come which specialist treated treatment the growth growth submissions Outside in have We and authorities in awareness are allergists, reinforces XXX the full to one Japan. Dupixent. becoming we time, after use biologic with which and restricted by the positive in milestones concerns, each the the years six call indications U.S. early by the in patients The has in progressing our patient rapid on, delay younger Dupixent’s resulted have continues decision options to market balancing line and first major NRDL AD. as regulatory raise as mean include at growth, some old, including bolstered can milligram In for and to old, is and in delivering including sustained as label. safety help best-in-disease efficacy. in strong CHMP Dupixent entrants the with we further believe a our of our market approvals the newly-prescribed opportunity in advancing proven cases, to in XX,XXX efficacy We potential we and U.S., In AD represent rapidly position competition was asthma, by according same a In improving access leadership, children demand some extended with young which Recent further This therapies, systemic long-term plans. of opportunity line ENTs. on second months. our launch dermatitis is with atopic final China U.S. profile, our the strengthens a remain dose, as expected dermatologists, entrants number specifically, population. we quarter-over-quarter just

as next also Dupixent about These briefly improvements in X. data confirm I prurigo pivotal topical yet were The data PRIME On patients drivers the are the two specific XX, in not indication the disease, for inadequately that lesions type benefit central therapies approved. skin Phase are and significant demonstrate which X data the in Dupixent, discuss if trials, those of IL-X targeting advisable. my slide recent therapies will controlled of potential slide. itch or the of appearance PRIME is also points for with has impressively another We IL-XX shown consistent whom in on who the two this and and confirming adding readout readouts nodularis, excited data on inflammation benefit charts across pivotal

PRIME from were the and X studies of PRIME already profile Importantly data approved in consistent well-established the with safety indications. Dupixent,

therapies. unmet high given very approved in are about lack We systemic opportunity of the excited prurigo need the and nodularis,

to are We begin of the on-track this to in first submissions half year. regulatory agencies

highlight XXXX. and no opportunities ultra of to commitment our slide or new launch to innovative there and in the bring are Specialty where exemplify Moving diseases, to two available. our sometimes fewer options market Both treatments products Care, under underserved like approved to treatment XX, addressing I’d rare

expecting is first begin plan to On CAD, the rare the European and in business developed planned the with or beginning tomorrow, key year, our our U.S. sutimlimab treatment we for are in markets launching left Sutimlimab to approval has operations. slide, side this obtain February launches for of the eagerly A disorders in product existing of blood as Japan the rollout through later of is the XXXX. and Xth. been PDUFA FDA agglutinin cold date

olipudase and basis our underscores rare quality clinical manifestations for deficiency, pediatric olipudase demonstrated rare and alfa approved, acid right has and of ASCEND-Peds unwavering life from a to the launch for separate and olipudase be slide, innovative the adult positive patients. disease two therapy that the the in olipudase for results for filings. patient’s and patients death. the the X commitment trials families evaluating delivering alfa living the upcoming non-CNS their as ASMD, Once regulatory side sphingomyelinase On of ASCEND risk premature of pediatric or disease will adult also with program The increases trial development clinical first community. only therapies served Data the and robs of for a in patients Phase of

our safety has efa, engineered our pending A the is to Factor most product combination levels with has weekly Efa week, currently maintain for efa and protection levels dose. The Considering of Phase treatment activity with weekly with patients, for slide all designed high to levels, normal patients. to potential therapies, the choice, profile the at factor practice revolutionize line than providing for much VIII of uniquely physical significantly dosing, in near completion hemophilia therapy XX, of quality therapeutic low profile the activity, of X of for enjoy improving patients ongoing levels factor treatment the burden therapies. other factor life longer factor coupled winning helping sustained the once marketed hemophilia normal trial. potential a successful a a of factor aims at of A unmatched with replacement factor convenience Turning become

a factor once high patients therapy commercial global to billion see class and Sanofi expect potential for market, With capture the the U.S. uptake we rapid significant share Japan, territories, opportunity of $X and approved. factor addressing already a on

profile also We the that a converting of treatment. portion competitive be to patient unlocking safe believe against population non-factor treatments, by efa’s non-factor factor opportunities would additional

which the waiting to the forward to results we’re on you hand I looking to we still While see vaccines to are update that, the you, at QX. with Thomas the X end Phase pivotal sharing expect With of we business. over data,

Thomas Triomphe

including the lower and of market. vaccines as as growth Bill. influenza franchises. €X supported due as PPH year GBU billion, well mainly in last strong by of sales were travel flu in generated Europe, the you, our to The U.S. increase QX significant Thank sales performance in

rate geographies, recording the especially driven partially very birth world, strong in launched. U.S. by demand QX despite factors to quarter period. We shipment due XX% first, combined; for performance China. PPH leading offset Europe a the given third was vaccination November split fourth have the was growth and The Pentaxim in strong the the immunization December; successfully in QX, COVID-XX mostly around to low by two priority a quarter, product in QX a and Efluelda to record second, XX%, other the where lower performance rate The franchise

business. pleased franchise, all also our the far are travel illustrating the in recovery even of basis, robustness we despite we Of see have growth vaccines vaccines from the to though franchises pre-pandemic some to XXXX environment, level. still year the full of note, are a Finally, X demonstrated XXXX, again pandemic compared on

Next look last record year’s slide, in with XXXX a X% performance please? growth at On slide, the let’s our over record. flu next

compensated was you the more market of the from On rest the the Europe and U.S. strong world. the than impact left can contraction by chart, of that see performance

very Let boosters reduction retailers COVID care franchise. flu nothing in the providers, flu shows product’s a German of to positive The Europe, In XXXX clear. first injected the X U.S. demonstrated for the our incremental doses and our were a Efluelda’s this spectacular protect proven and flu execution right as sales Fluzone continued glad to decreased continuous launch total me growth health XX%. sales performance. the against that number season Despite Fluzone recommendation. vaccines, segment has to The stronger out X.X-point the against report by given by by XX% the from U.S. to share reach season, of be with benefited to driven result, the senior challenging enabled STIKO priority were progress pneumonia do and expand senior that High-Dose market X environment, in following hospitalization. events in gained in have the graph share cardiovascular U.S. the differentiated us of protection All flu. our Germany I’m ability to beyond thanks citizens and

I’m ever, hand record differentiated importance With the the flu beyond annual I another of indicating time flu providing we’ll grow year. For with franchise in will year, sales Olivier. XXXX over of sales, this that to protection the flu confident well resonates that continue that majority external to represented stakeholders. and our that, first our see

Olivier Charmeil

Thank you, Thomas.

billion core affairs. fourth our €X.X quarter, quarters. by are positive quarter. to performance recent included In in Moving fourth focus and sales Medicine of which results as the reached from industrial in on generated continued sales General strategy to General Medicines on our assets the deliver we has slide consistently The our execution XX, the encouraged planned

grew in in assets much and in core the the product We volume-based Praluent the double-digit up by performance quarter, Plavix the X% and U.S. X.X% drove procurement in excluding for X.X% growth China, while ended growth the the growth where the of at period. end when XX% the the effect strong Regeneron and included was Multaq accelerated Soliqua generated to of is already year of Our in program XXXX. as as of both sales were second which for

fourth Praluent in its very in are it quarter growth Outstanding performance. was where sales to particularly XXXX. to the brand happy excluding about due increased XX%, recently the of performance in Europe, We by was U.S. sales of the Germany. Regeneron relaunched

during sales Lovenox as earnings highlighted due As mainly introduction well to the followed comparison calls, previous the patients of limitations. high quarter, hospitalized base is for the supply the in which slightly the WHO guidelines were This COVID-XX of as the treatment fourth down. for some

the transplant leading quarter. of China, I €XX exciting for on my slide. VB in launch November of insulin sales Sanofi the next was strengthened the Rezurock in new this provide on detail Our participated more November. program product franchise consolidation Starting addition will our in Rezurock. by added on X, In million

the allocations. was Lantus Sanofi a with We of are category volume the only and insulin receive in which is winners category the product will Toujeo. of hospital among out in category A, very the that proud results balanced most multinational the company

the VBP, quarter, in which our price noncore The Sales expectations. the insulin divesture, despite Toujeo, of quarter, lower the are streamlining ongoing glargine stable on impact and Our line franchise broadly anticipation in key in efforts. the adjustment decline in were is our of X.X% first strategic assets of half China, expected supported of product reflected with implementation in and which of XXXX. to the the in inventory remained by the

efficiencies of product and the to are We profitability. the small families objective vigorously with number increase drive reducing

XX. Moving now slide to

industrial million. sales Medicine sales €XX.X For reached which €XXX included General the XXXX, full billion, affairs year totaling from

grow and assets Importantly, U.S. impact into Lovenox, the in our our our excluding Mozobil period core our performance on translates Thymoglobulin ambition business, asset of X.X% Regeneron CAGR sales brands This in of to of XXXX, when to and XXXX. assets were up Across core in transplant our Praluent growth performance confidence our Praluent, our reinforced to XXXX. double-digit established the the the mid-single-digit delivered over core sales, of growth XXXX U.S. X.X%. The excluding when Soliqua, deliver in brands,

assets. sales level high XXXX of expect XXXX. For of year to to strong XXXX, base expect XXXX Lovenox, we performance another a Lovenox of core of of for our Despite in be comparison the in we close

growth franchise Our the to well-established strengthened execution the Rezurock. Transplant by in expected continue is launch path,

data. Soliqua is to trajectory, its leveraging set also supported differentiated clinical by profile, continue SoliMix growth compelling the

Soliqua is in with competition premixed key its well for markets. the insulin poised

are volumes excited us VBP position later of by anticipated products, the our approval also winning higher China to will China, in the year. at of In Category We and significantly lower Soliqua basal this Lantus insulin enable deliver of in A Toujeo very price. but

sales, total and pricing by we in effect in around China. the XXXX to With our in glargine mind, decrease expect XX% Toujeo Lantus

large ahead, aim make in we establish business basal in driver of choice insulin beyond. to to growth a China the Looking for diabetic our market China as Toujeo in Toujeo and important an XXXX in and expect

from performance the streamlining efforts. the reflects impact portfolio Our noncore in we asset are with making our progress XXXX

As the XXXX, families. number sales XXXX and to deliver group the BOI in continue General to the XXXX we product summary, our discussed maintain tail margin reduce compared base, give Medicine us XXXX over our as In stabilize on XXXX, ability commitment period. the nonstrategic to by for our to to accretive achievements of confidence earlier,

Now to on Kadmon slide XX. moving

a Let’s fit completed summer XX% feedback U.S. Rezurock last on in Sanofi represents as penetration date. than centers, been market was with Transplant treated more have important and for reached discuss XX to acquisition XXX the highlighted November of in and approved patients already our positive has value the slide. the receiving strong key in and this Kadmon’s our and transaction proposition was business. strategy. The asset

with being The least of the care shared with XX,XXX first-in-class that and slightly launch, by have XX require to treated sales fail our In pediatric X,XXX than cGVHD more who calls, million chronic in which the U.S. Sanofi current steroid at treatment. in the their adults generated older, the earnings in a We disease X,XXX and U.S. patients years systemic estimate in is graft-versus-host last Rezurock are patients the standard therapy. the we prevalence in U.S., of on with of is failed patients were for months frontline Rezurock of steroids, million, As since treatment additional therapy €XX prior two acquisition. consolidated treatment. roughly and €XX who lines four

forward, Going expansion. the we plan accelerating on geographic

will conclusion, in our We the expertise the that, maximize capitalizing longstanding asset growth relationship will Kadmon we Sanofi over to acquisition In on slightly excited about transplant and I leverage to accretive to Rezurock are community. continue for that transplant with potential, our the be this XXXX. innovative new Julie. core call With hand confirm

Julie Van Ongevalle

with data in year as Olivier. glad able in rolling geographies, since we shows been growth. our efforts. strategic that par a report our today ahead the to been points XXXX latest show and categories of X our key It’s gap. our priority focus commitment. market above market on our starting cold in On XXXX, below off. and categories Indeed, the priority simplification as mainly brands that our geographies cough complexity, goal you, this priorities on our our Thank geographies. and This, that are wellness gaining U.S. of closed early we we’ve key to thanks by and priorities growth. our is In cutting strategic were we we’re first execution that brands physical we business increasingly to priority driven to market XX we share, and presented have pay the growth results absence embracing trending grow These of key share. losing three in with The market drive I’m despite months, November, and to in a at to about were

share resulting the market fast-moving our We reaction live, needs. like Cough where key our affairs, sales. XX% our also chain opportunity standalone success a market the a reallocating rebound track. brands gain market have and total names excluding to by working quickly agility, of of and were this our and of to XX%, twofold: of brands, a legal supply XX%, and we science-related is creation in number the good divested The integrated industrial under become key care which entities functions our complexity and than now one trademarks on all October on time, noncore XX% and enabler, first, of increase significant we consumer X.X-point of roof. a we’re is strategic are in functions represents by This a November, health to of in is reduced reduction we is working. the same We’ve less priority, first growth of example consumer four the size our able domain cold are second China. QX, in pruned and share embraced multi-local biggest in ways our At and in our and years. continuously brands, On by to simplifying processes true XXX market the brands of and have of with potential business, investment gain. our a

and innovation. to been helps example, and big revisit in the and strengthen business, us also mentioned to engagement, or our the In marketing working this as fast-moving for health digital speed A has of specificities a of adapt addition, earlier, pure them of our care science to consumer brand consumer equities focus campaigns ways beyond edge, sites, and of third third-party priority we on management strong quality tools. brand which CRM fundamentals THC-specific and focus data again creation build stand-alone the given systems to us our our e-commerce, deliver. data-driven of with allocation build the has already to On digital A&P and revisit and products, a here our opportunity our

in to progress The team the continue is Regarding and we actively despite programs execute continue to pandemic. switches, the our both working fashion. projects, Rx accelerated to OTC critical on studies

trial. we project switch dysfunction, For FDA has the Cialis OTC erectile the far. No studies have gone been and protocol a completed the for to natural submitted along have use U.S., results with this in to self-selection Rx

We for the are waiting in order now FDA feedback to proceed.

without For studies accelerated the the presence keep share certain should be In quarter. the we of flu can programs, both we to more season to the able done meantime, determine if status progress. all that Tamiflu, current pace. we’re be disease to the have studies of next On evaluating can

Turning to we growth page XX. performance, in When QX. delivered looking at have sales net X.X%

Our cold; we’ve growth first, when three higher as vaccinations, in earlier; care. of rebound X% in from benefited categories our in we excluding of is driven even divestments. the and QX we specifically growth priorities, pain execution benefited mentioned are lastly, made the with organic like These by the progress market COVID results impact also secondly, the from strategic on factors: cough and

on efforts three to deliver to par fast-moving will have a proven with to market. focus priorities further health We the be to strategic at care and business that our true build with our be continue consumer ambition working,

wrap team, me up the the I saying over by that, hand am to with Jean-Baptiste. how enjoying CHC growth. CFO, With our business I it driving back Let to working much

Jean-Baptiste de Chatillon

Julie. you, Thank

some start by transformation Let points me XXXX. in highlighting strong proof Sanofi for

to is products. to through. the First, to Care sales year require before full margin higher-margin It starting of we lead gross to measures typically improvement also the on XX.X%. Specialty manufacturing accretive are by linked margin efficiency is vaccines now time in become which managed brands to longer This XXX they increase bps and result of growing in our contribution a come

before, are said we of improvement. this to I gross trend margin continuing committed As

result OpEx possible slower to in which increase in our without growth managed our sales, grow a and we was managing the of as We Second, momentum. and disrupting strong than controlled rigorous effectively successfully prioritization. OpEx them XXXX the

efficiencies As during the majority the of before, year. generated reinvested we vast

employees I comment the point on on of me Finally, Company worldwide. headcount. When another the let our in proof CFO around took role employed XXX,XXX briefly XXXX, transformation,

globally, more With continue the organization, of phase we working. approximately agile ways and a we ongoing in change XX,XXX a to with now are our new towards transformation

health. franchise CER, with balance represent X.X% again XXX a affairs. XX% on fourth for quarter. improvements margin increase a Specialty at other from favorable the our within to to dividend to driven embracing of rate excellent the are from digital EPS industrial headcount XX, and year fourth P&L driven more the saw full include efficient Specialty successful which to of IPO lower the at compared slide benefiting to compared would quarter, a turning organization. sales In Company and by to income with XXXX X.X% XX,XXX, We products lower and grew as existing expect to now plans. a EUROAPI would gross CER, margin infrastructure and slightly geographies improving increased as of our improving the This portfolio well to consumer On Business collaborating we at access with were headcount change, On XX.X%. partners streamlining benefiting the portfolio closer reflecting operating CER year medicines. X.X% Care reduced Care path, last an by shift level, growth the a tax grew Business at as while points. this end efficiencies basis and we

slide XX. to Turning

achieved accrued by OpEx around We €X.X million have were the through of efficiencies €X.X purple billion which on savings, as slide. of boxes shown depicted cumulative bright this

In addition, two COGS million over last we incremental in realized the €XXX reductions an years.

exiting prioritization diabetes Specialty Specifically, of in our Care €XXX due on we achieved million and cardiovascular. target R&D to savings of

agile a by smart consolidating and real a function preferred its contributed on this on cycle more year’s areas fund addition, Most target has supplier billion digitally our of be driven of years, digitalization. savings by were initiatives, generated and of to estate to on trials R&D. growth digital, €X.X achieve with of track remain across XXXX. in by key in savings GenMed model savings enabled over efficiencies, on all we key Sanofi programs complexity €XXX reallocated our of of focusing summary, through drivers been to again reducing In earmarked two our markets, spending In logistic, the in G&A governance. end model. are last improving employing across data successful million lasting times reducing sites, coupled the go-to-market advances efficiencies business,

XX. slide to Moving

Let me briefly on comment flow. free our strongly cash increased

In since and fact, working we doubled we cash capital. in free business performance focus on XXXX, flow improved change so

fact slide company consistently increased On in payments years. has we XX%, achieve the dividend free past years, cash improvement of were XX, continue one in recent flow XX reflected its Capital able policy, we dividend Day annual year around cash Given for schedule. to Sanofi’s XXXX ahead that our free of strong of a which in the flow objective is to Markets the our maintain increase objective the

our it XX expected remains that Board dividend in slide we allocation, Sanofi’s an As €X.XX. an performance highlighting sales and a in business provide a Growing our priorities. result development investment the element On dividend organic behind XXXX, of ranks of but proposed outlook, announced has on of across important our dynamics capital we business expenses.

and Focusing growth record of and Dupixent, for flu on our slide, from strong Health you maintained products season the GBUs, business can the Consumer including see of sales momentum left the across part core GenMed. drivers of of this continuation expected

also consolidated progressively foresee in we At before, stabilize. forward. this for currently GenMed by above time, resulting sales only Upon geographies, party planned priority the communicated business, EUROAPI The are to that sales key the XX same entire to sales market overall in will market going we growth GBU the expect IPO, but amount As be third in in reduced Health brands grow Consumer business. nearing EUROAPI rates.

geographic around current expect capital based, XXXX. XX%, slide, On throughout ETR, on margin expected are rate, gains efficiencies. is to effective product R&D to we product with tax mix be our on line streamlining as the right We we keep legislation. GenMed strategy to our in around evolution expenses €XXX the XXXX to continue gross THC due we part that expect This of of given of continue our million to in improve to our to and mix. generate business, estimate and grow course, the estimate tax

grow of full on to margin I growth our X% see positive we third X.X% or a EPS the rate. now CER a we double-digit January Paul. back So, of X% XXXX on average XX.X% hand a are currency impact double-digit to guide also double final expect our low to financial business the of EPS XXXX year. achieve our in year slide way digits slide, targets, CER. On BUI XX% XX, exchange, foreign at we my On for to for we in based year EPS XXXX, call near to exchange EPS track growth. on the XXXX, With growth in at

Paul Hudson

thanks, Well, JB.

be busy and our programs. another to XXXX pipeline expect priority important milestones year with molecules for We other

add to The forward readout amcenestrant addressing to Phase Dupixent as results We’re of of in population metastatic looking dermatological second third-line pivotal the U.S. chronic may patients indication, well in in four cancer alfa cold another including the hemophilia. induced in a of X results as studies, XX,XXX of breast the efanesoctocog the and carrier alone.

We also anticipate making decisions further vaccines. in and trial important oncology especially pivotal

to Moving to XX and slide ESG.

our ago. than the impact You more remember little that strategy was approved year a Sanofi may a social Board by

and of fully business good ambitions. across with made Our achievements to embedded aligned mission and in unit number we is all the like of our four We highlight with our countries. and of is both of the renewed Sanofi the in Health contract increase the number I medicines year progress malaria, TB essential we area poorest strategy Global access. Today, society world’s some non-communicable The the to the pillars. have to would affordable In some access last created countries. increased reached diseases, patients and of area of

Gaucher in than Fabry, We In committed XXXX. rare XX-year again as humanitarian more Pompe diseases. rare to donated who suffering patients and with to This such no a addition, from vials diseases Sanofi have X,XXX treatment. commitment XXX,XXX patients on diseases living builds is to access helping

to XX. Moving slide

our the you across into look the happening four will As we pillars XXXX our strategy. every quarter on calendar, we initiatives ESG new update of

focus wanted the put access. we quarter, This to on

announce multi-country, we in and awareness, management the collaboration public noncommunicable in health burden proud field Together, and of of collaboration hypertension with and strong approach NCDs with our partnership Medtronic and the will a disease community-based health are We to multiyear diabetes of digital system Labs million to as globally, slide, a to health partners. towards On leverage XX build diagnosis The launch universal of improve the this which in sustainable coverage on will my health income in to of XX occur some every contribute systems with project let goals. planned This events they staggering me half is million year. and middle development low final touch deaths first countries of year. strengthening health diseases.

As virtual ECTRIMS, this. further organize Invite data mentioned, a tolebrutinib out and we shortly. expect we’ll around presented at have will be sent to event

We plan our for on Dupixent update immunology March. pipeline, an late in including also

potential will medicine. this of we part upward revise for our sales update, As peak this

hope we ESG in We on let’s call place for focused June-July are currently open event the our finalizing that take for now frame. could an time plans the Q&A. Well,

Eva Schaefer-Jansen

Thank you.

now to each, will call your the up you of can questions limit participants. the so We open number your to call would like a to ask We we questions. two to

bottom line please make at be be or icon At microphone; first hand to we will time, you ask open now Can read You screen of by option the have bottom question question? your of is raise submit your and a unmute clicking sure two the the options to at your participate: Click you screen, two, your the out. questions icon Q&A your the when will that have notified question. your

Operator

Yes.

Bernstein. The Kapadia first question comes Wimal from from

Wimal Kapadia

you Thank taking questions. my from for Wimal Great. much very Kapadia Bernstein.

just I ask So flu year-on-year. business, Thomas, declined contraction you the market in first, XX% can on U.S. volumes. a flagged

specifically ‘XX? Was so, bit for could for coverage that on U.S. the you asset. the is level just which U.S.? a was last some in program, OXXX. data a just a question should getting bounce the second volume color then the now to ‘XX? priority if in for We levels? of mix actually be is your provide expectations year OXXX And coverage historical in the value the more And on XXXX, What nice we in my had pre-COVID So, below

versus then, targeting suggesting time? Thank your Just with curious about of just compelling how from anything efficacy OXXX about you’re on love given similar it at OXXX-Ligand. own you. Have to a duration And the profile think front. the Amgen’s rather how seen asset drug, looking you I’d the effect looked you thinking that hear

Paul Hudson

Great Wimal. questions. coverage, across you, ‘XX? read Thomas, Thank for flu,

Thomas Triomphe

in that XX% with from specifications. the that means completely Very specific seen specific U.S. U.S. the other that it Wimal. understood on and And you’ve well linked much, XXXX situation the overall XXXX. for very a very very the to Indeed, you than was again, U.S. what you markets, to U.S. the COVID-XX situation, the lower Thank minus volume was as flu

discussion boosters. there that was indications lot know being and with You a of very well at the time, licensed a on different age lot the confusion of

end you course, moving if a the don’t up in for coverage for that So, XXXX, U.S. play XXXX. below XXXX growth. being forward that definitely, of we room vaccine gives Because, with see as

XXXX. So, are about we very confident

good what both this versus and S. example, in To see U.S. you and I could year. flu it’s illustration to volume XXXX. increase in expect We of think U. happen the in give a an value for the

to per dose has has there understood vaccine very the for from season be coverage. fixes increase CMS U.S. $XX in in some needed the everybody HX the that ‘XX administration fee the flu $XX on to flu decided think to And U.S. I interestingly

a to and going And a CDC record there’s think be why I XXXX Pasteur flu an is from sure that’s that as to we’re ‘XX very expecting season indeed, overall strong flu increase Sanofi for of versus So, U.S. XXXX. make strong in understanding in preparation well retailer different as the ‘XX.

Paul Hudson

Sanofi you. John hear Reed, Thank OXXX-Ligand. great Vaccines. from Thomas, Thank to you,

-- think I as duration and maybe question on thoughts from the you about Wimal some tolerability some and efficacy have well? is

John Reed

Yes.

is I And induced antigen-presenting the ligand. we think, it ligand was about OXXX on the versus receptor the it OXXX, because prefer cells.

that molecule antibody Amgen non-depleting of autoimmunity, that suppressing regulatory I less, autoimmunity, the it. amlitelimab, depleting that which than difference is also a mechanisms cells, the from neutralize fundamental Kirin accessed. heavily T cells think, is to actually basis that both of to downside molecule, the on is pathway. body T Kymab OXXX, have depleting OXXX. higher can quantity its that the going So, is for the dose But modulates more you’re has our a and need the that express that acquisition versus whereas coming consistent we but express is in more OXXX’s to a The contributing antibody Kirin/Amgen The effector have expressed OXXX whereas to mean that cells antibody and we importantly, are kills the

necessary mechanism. time, regulatory cells over those of T risk the a depleting have you’d depleting with So,

to of way terms a in that really effects, that feel durability the long-term ligand the safety targeting a of antibody superior go. and we So, non-depleting is

Paul Hudson

agree couldn’t you, more. John, Thank

question? Next

Operator

Morgan. from question come The will Vosser at next Richard JP Richard?

Richard Vosser

Two questions, please.

First well. one flu on just as

talk about that you will business year. Europe? on early manufacturing question, the change beyond quite a any there’s for Germany accelerate that demand Just second assets going of capacity see develop? you dose the And then, clearly forward? for how lot And might and consumer you been could to interest or high your plans and Does in this for your of consumer that lead supply

Paul Hudson

Richard. Thanks,

particularly of the remotely compliment with and team all, this year launch in and what done high-dose Germany. and Tom the I’ll on incredibly and First they’ve

the is So, beyond. question supply and

Thomas Triomphe

on no Richard. concern Definitely supply. non-U.S. U.S. at flu all Thanks, or

We are very confident.

building You in added new know very flu well that we’ve a last Swiftwater. year,

that antigen You with further are the additional know into investing also to Canada we Fluzone term mid- long High-Dose plant. the for

feeling and So really on very that confident moving forward supply on this for year.

hemisphere update take you’ve done Of to end course, make an February. call Germany. supply team QX year this of the and strongly Sanofi that a to demand, on little bit in we’ll single the always call, for highlighted, have moment Vaccines year, at every receiving When of And northern the as as usually, the comes season phasing the we very of at QX QX, QX. are it the at end

to and it to vaccines in markets further comes are when preferential introduce It’s Germany. other introduction, room very grow. a new ‘XX couple flu well is know of to in it’s recommendation. When There going Europe, comes markets in We you grow to about about to in we it Europe. having expect But reimbursement. this in having

have in new a by start reimbursement we’ll place, little supply. So, in then countries the we and little, right Europe until will provide we

Paul Hudson

question. Thank you. consumer The Thank you, Thomas.

Richard. heading, you’re where got I think I

we companies have we’re we’re happens outside December back all an with we we leverage job, frankly, and incredible made know Julie a performing. think We growth, prioritize, could and run that, go And thought growing. think team on I the to switches. know other than agility, carve made. doing thought things way and we in the faster make the back but we to the ‘XX, grow We we the very happy things, choices Day, better and us, were with progress what choices, said are in e-commerce Markets We thing the accelerate XXXX. we that lot fast at how delighted could done really we and different with increased Capital for I

Okay.

question? Next

Operator

be at question next will Luisa Hector Berenberg. The from

Luisa Hector

reduction, just gross EUROAPI the items. for good I give clearly, the Possibly but headcount on and can then, update also timing you you margin, if us very so on spend, an gating JB, And mentioned wondered progression.

So, Aubagio you you’re a off. hard to it’s continued very working to when arrive? XXXX us this, guide Can and about improvement through on generics think paying whether

Paul Hudson

you, Luisa. Thank Okay.

So, always ones. get the JB, you fun

So, maybe a related we margin, of why you -- may then, there’s from to a EUROAPI there? question. and gross go It And tiny a bit don’t to want headcount, partly broader. go was course,

Jean-Baptiste de Chatillon

Yes.

in have trying model this a be the its field. in to which operating transform, but commercially, to leader going business also countries activity, we effectively, So some is we have API in new

for And IPO announced XXXX. so, is the HX

do We are on course to this.

Luisa, we’re happen make forward So yes, HX. as to in it planned, looking

the effectively, Yes, ‘XX. gross margin. On delivered we’ve on

We guiding on are again improvements.

of really are we a at Dupixent? something terms price terms make a help multiyear. to in new in going in us manufacturing is element journey guidance Is processes strongly there which that won’t erosion looking On should is quite mind? at margin asset, neutralize implementing transformative the you COGS, could We keep have gross midterm, because any strong But deliver to are that main on we which I improvement. our will to have COGS a of least have

clear So piece. that’s a

Paul Hudson

amount X advancing we’re ask, early programs of to you a the development, but there’s didn’t the I’m Luisa, asked I’m questions you. acquisitions. pipeline glad -- new but And huge work, me, Thank the in XX you because while

we’re reshaping of company. ‘XX. year. first and the of half this consumer more rightsizing our we the and is outperforming we’re think At a the for overall course, doing on an I in time, delivering to whilst performance science business. but IPO work them, we’re the what bit things, the of all in get importantly, made fundamental that’s Street carving The going the little missed And out on having discussion does company, the a occasionally into whilst commitments same the the these financial

is understood, really the and of fully and it’s perhaps transformation that scale not But extensive. like level it’s feel So, we are happening okay.

Operator

come will Simon Mather question at Next Exane. from Simon. Simon?

Simon Mather

branding, Loving the by way. the new

question is actually JB. first The for

tax XX% You’ve given for for guidance XXXX. rate

points basis out-years, look higher. XXX some at it’s in you consensus If

potentially wondering with you in maybe the atopic tirzepatide revisit blow tax impact clear dermatitis. be out days, launch is to Thank frames that expect that seeing see early comment terms sustainability of you water then, the of but or And I expectations asthma? just appreciate on everything guidance. in severe I for physicians? Dupixent. the any on how And it’s time you there. could we this our of in can to on second Just you. it’s we comment of or Thank rate and getting safety you you’re and I maybe respect update recent should feedback efficacy the from with mean you one And think may if

Paul Hudson

Okay. kind on the you Well, thank words the branding. for

that be the it is haven’t original also font from time. for it to in the and little an a it’s bit closely, XXXX. opportunity Company And well those For unify the birth followed disruptive us same our more at as

that So, I’m recognized. it’s glad

happening much the transformation is how made that it’s from earlier, to And frankly, here. I dynamic, the more reflective of think comments tax, high question Jean-Baptiste, you. and I to energy

Jean-Baptiste de Chatillon

which tax legislation. on further much. very Yes. is tax said something my in But in you effective the dependent trend really rate, effectively, nice previous It’s bps. changes I a Thank our it’s XXX speech, on as

the the will in We speak, full two underlying have But, say changes between impact or as I ‘XX. of don’t other structural trends good be -- of of is U.S. some regions let’s rate know the ‘XX like what pillar and that tax we taxation like

positively, the midterm big is in trend growing of could France other that tax with the in a by other -- rate but to on be it business a good in So regions. yes, linked chunk our chunk changes also, disturbed which

Paul Hudson

Simon, frankly, led by on and which you, Thank Thanks the the team. incredible compliments J-B. also, Bill performance for and Dupixent, is

entrants comments and signals? new Bill, about So early

Bill Sibold

question. None Well, thank surprise. you new a Yes. the the of for entrants are

Germany weights on extended these and For in were in JAKs underway the in have waiting been as it’s a that had delayed. they already Japan we’ve cases, year these. We’ve the U.S., in And and one competitors almost new well. as thing, planning launched competition for while we’ve been some

them. thing reinforce that they I we’re think that So, And used they clinical have. do profile to one really the we certainly our best-in-disease is

show IL-X where other IL-XX is with and have dermatitis clearly now. type no the has the we X Just leader go product profile to are that to starting in been the targeting type X and to the biology, atopic that any back able inflammation, fundamental of and we diseases

best compete we promising in very we’re Asthma around top, think in of as well. to and the asthma again, really world profile, is The the our the is ability space. all asthma, and the seeing profile that signs win

it Just as competitors comment, and come competition countries, serve we have market, the market, actually -- to And expansion. Japan, grow grow dermatitis, had the awareness into I as said, dermatitis et market helps in of we’ve to one atopic other Germany we seen atopic launch have I as cetera.

we So, remain one on XX% top. is on believe thing expect. best stay That’s we disease, to time. That’s dermatitis aspiration, our We in a being contributors. that’s But clear we penetration that’s and the one advanced atopic have what top. of therapy XX% we to are on over that the in top, of will part

Simon Mather

tezepelumab Sorry. is my Can early any said I put it I -- you think apologies share? could the U.S., tirzepatide. I there I feedback on brain. to Yes, interrupt. in meant I

Bill Sibold

Yes. we’re It’s seeing. No, still that there’s very really early. nothing

that staying we’ve with the trends We’re seen.

Paul Hudson

Yes.

Just think a it’s always a zero-sum -- add is is I point to game. which the assumption to Bill’s

know and X. You know, it’s answer, XXs, with baggage, the the missing example, with for JAKs, the half the you the say,

So failed the -- in these approved. least box, Dupi have teze has that mechanisms X know and in you that would at too. that indications of And probably already be most of

failed if remember correctly. I I AD, think in it

Bill Sibold

right. That’s Yes.

Paul Hudson

indication. on in every one will the play -- we’re that hand, So, we’re only medicine

be And disease gets and a as every the try healthy areas. hand, underestimated we behalf comments help growing very therapies do be think you’re essential. drive and too. On advanced should of is it’s about because a to But come markets in to absolutely carry the other Bill’s us said, obviously Germany time, of missed market penetration place others to good that, will the that want I up in little it’s where education bit for patients. and these on Bill it And not competition leader, of of

Operator

from be America. will of Graham at question Parry Next Bank

Graham Parry

call So, congratulations going getting I’m the question, I’m kind AMEERA-X that. an break hour on without an afraid of into but

weeks more accrued on QX And all now have results, elacestrant you have think, events study. wondering, led readout data in that I and just that’s some So, lock? in I setting, oral long the concern to So, for the in are the around to think the patients market in potential the that frontline. leading frontline and in ESRX-mutated some show pessimism who rare benefit only SERDs obviously

M&A. So, perhaps secondly, just you point. then if could on question address that a And

You’ve done moment. late. smaller Obviously, of fallen a the have deals of somewhat valuations pipeline at lot biotech

seeing that highlighted think you’re in seeing value So, where I the still prices, target? out opportunity with you’ve a weakness is biotech key in and perhaps you more to further oncology are build

Paul Hudson

of Thank your question. you, Graham. I didn’t part hear the first

So oh, it’s AMEERA-X Thank it. right an you question. raising -- for

competition So, I to in to I John. more the I’m going toss mutation. John, it ESR think, was it. hope showed you heard efficacy, It

it us? in lock across and read where database on reporting what’s we are so, QX. And for And the

John Reed

Right, right.

you. thank Graham, Okay.

the fully mutant of molecule activity the both, the on wild terms on than on In mutant competitor versus estrogen SERD we’re whereas type. the of wild-type on our active is receptor, better

So, at liability all that’s for not a us.

differentiators of the with it molecule one gives And one a think of is profile and the factors it tolerability. pristine so, the our of we along many that best-in-class

We’re -- to report I’m for our is cancer. in we inhibitor expect that adjuvant in front enrollment. respect late studies of enrolled combination open and the study breast with to pleased line CDKX/X the also in quarter now line now fully our AMEERA-X to the metastatic have first with we’re data this

amcenestrant positive has where late the the for progress hormone each these line to think we’re across from spectrum strong making receptor women early cancers. of we breast good with So, value indications proposition a in

Paul Hudson

John. you, Thank

results Graham, So QX. categorically, in

M&A? JB, Okay,

Jean-Baptiste de Chatillon

that think strategy, M&A to is team much on really with related right our activity on fitting not It’s TAs. and the peak scouting the do with our leadership I the is the trough really of biotechs. our which John of valuation dependent more fitting asset our and of for R&D

impact valuation. are still we of specific the course. on of current But, So, bolt-on a acquisitions, be from comedown. for no will It level

Paul Hudson

you. Thank Great.

please? Next question,

Operator

question be Wolfe. will from Next at Tim Anderson

Tim Anderson

Thank you. A couple of questions.

trial, to get that going a trial, think sets in prove such breast both claim, first-line we love would would thoughts And as competitive to your They’re lebrikizumab. help get Dupixent. saying on similarly company upcoming I second, until getting and trial setting? or later this right wrong designed making clear will in additional that oral think readouts year is we’ll SERDs, back line that then then So you not in they the Roche’s Do readouts be very company have that’s Lilly’s these which two profile which to trials, will become from and data two best-in-class. companies claim is your

as ocular They wondering what effects. them And know your talk well because I’m on differentiation the space You thoughts of derma Taltz. about competitor. side are do a in

Paul Hudson

A Okay. few Roche’s year? our given profile things in to John, and do declare this good be winning impending data a able there. data, we’ll you think

John Reed

others, perhaps good including signals showing tolerability place has late-line around whereas are that been vision differentiate safety issues delivering question. on we and the on confident feel No. that cases, differentiate far cardiac Roche, do a we’ll profile the issues. able sure in to where some so have really Where I’m safety really molecules is to been efficacy. best-in-class best profile, these be from amcenestrant settings It’s a not

tolerability comparisons looking profile, I heterogeneity late therefore, you’ve lot the can given now. on in be probably probably up the the do profiles really that’s best efficacy as apples-to-apples see answer way. the opposed hold give populations, to -- in an the in lot and think you really cross-trial the the early patient these difficulty of to would a I line these So, lines I hinging a for in to how

Paul Hudson

everybody. to I’d John. Thanks, reiterate

haven’t the data. We seen

forward getting We in that it. we’re to a are spot, optimistic look good and we

are small it’s You all a know, I think, indication if we successful.

to although confidence terms know need that a in we let’s it’s important, frank. it So, perspective, those it, bring it’s important value from But may of be as not perspective, benefit to everybody.

So, when in soon we the data, be knowing. have terms after of us you’ll

tox and most continues touched tolerability key I at in As plays dose, referenced for tolerability earlier of think, the correctly, part, be we this a cardio worked -- to lower particularly differentiator. will move competitor, And the I’ve inevitably a a as if John, it, areas in have whereas lines do think challenges. I you on understand I

are So important a are IL-XXs, Bill, they that very saying to Lilly winning those over the very, we going have profile. that longer -- things be term. think

Bill Sibold

thanks the Well, Yes. question. for

I on incomplete. said, with missing IL-XX, It’s earlier IL-X. it’s the Paul As think, the

biology, starting So not with it’s we biology. the think complete the

take you looks our fine. waiting out stands There’s So, are a really results. The these nothing their on that Efficacy look when to conjunctivitis from their results. Phase They’re similar remember, still later and perspective. let’s at results, looks Dupixent. Xb

at of some point I that by the years are we’re big the think is differences launched. six time that they ahead

are standard We We’ve care. mega blockbuster. a of become the

in So, -- is that of it’s regardless in something come offer, think that not isn’t that area, therapeutic dermatitis. for I think a so somebody with in much your I atopic to to experience experience therapeutic

got the IL-XX We’ve of full. not we is best said, part So, it’s the as certainly story. the profile.

Paul Hudson

Yes. Thanks, Bill.

for we I’m let’s half benefit road if in have answer, done go AD. Yes, which you have have a progress. the there welcome. you, what do, way telling with that. has nobody’s back it incredible. Bill And it’s and with best they’ll like biology, with disproportionately a profile, if penetration you’ve a We we the hoe. is to fundamental, some believe with help educate But the all we we that of I that have experience have weight the ones. sure team particularly they was starts additional I’m the And in lot competition, market the experience Taltz. never improve got well-organized follow-on? got then to to great we will Sorry, which Okay. And But is long is underestimate make experience Dupixent the Cosentyx, and from said. the

general. in So, the our in indeed, forecast our deeply meeting and pipeline update where immunology more you March we’ll in we to forward about look

Operator

Yes.

at from comes the Stanley. Mark question Next Purcell Morgan

Mark Purcell

Two questions.

lower U.S., And give you where us you in us an AD XX% XX% could versus terms update mood, of you us rates you some sort And be? of could the this split coming go/no-go decisions you base of And XXth XX% get you Could half eventually X? us therapy split Dupixent. or you terms help combination penetration the the gave? the then, lines be? growing I on gating split? are SAR’XXX, in the ex-U.S. help therapy hurdle one or Phase understand of making are second of an also future perhaps in will second on, the Phase just X monotherapy on idea where if year. decisions feel ex-U.S., do therapy. Obviously, wonder of U.S., that just up which But of decisions in advanced could if understand ahead to in IL-X indications sort where believe what when and it’s a of a made the U.S. the into ex-U.S. of but March, than could those THOR-XXX in be indication the Firstly, to from

Paul Hudson

-- now talking does is penetration you, how Mark. and the about? think it question what towards we Thank Okay. the evolve where is you’re to XX% that XX% are I Bill,

Bill Sibold

Yes.

So, thanks for go. a got to long the question. still way We’ve

adult, And go. maybe -- of looking little at XX%, XX%, bit a long lines little range finish is got to Just is which in sense, when X.X%. bit U.S. say psoriasis, a give I a We’ve higher. AD at a the it the in to you way

new just So, the said Paul accelerate along reinforcing that. marketplace way, competitors help we’ve to what the and in

the we’ve ex-U.S., we similar seen in every world that growth patterns in following U.S. from U.S., Regarding perspective. a the have of kind launched market

see to that. continue We

We expect that.

comment what split. ultimate distribution indication to the geographic going will not on We’re think we or be

Paul Hudson

Thanks, Yes. Bill.

world time get always takes cycles. I takes of the some -- think the reimbursement the as through well, as to rest Europe

we the quite SAR’XXX And combos? starts as And questions it starts mentioned always thoughts think medicine of heading. and stronger months China is so to contribution patients good, relative and will to I need the because John, indication terms starts more -- think always Bill it the it just ask stronger be But, might that split? about we then its fact interesting. the That Bill, is was world on known I in earlier. a I Likely then slower, and help in share understand formally don’t you the And it or just where rest to gets always proportions. XX,XXX of get so THOR-XXX? everybody think

John Reed

up looking just for we’re in the forward in to but to brought Maybe development the talking not into immunology the you portfolio. broader coming SAR’XXX, Thanks Yes. only jump before XX. grown question. immunology Dupixent, event March, molecules for really We’ve from also X I though, since about now

about our X. itepekimab, you’ll amlitelimab, so, include for COPD, biologics hearing the IL-XX And our that in be antibody OXXX-Ligand, the engineered development interleukin

like instead cells; On single the nifty that things effector IL-XX stimulates T bispecific a inhibitor; TNF and and the as of inflammatory story, bowel multispecfic molecule the for side other small both molecule; rilzabrutinib, BTK of -- neutralizing unique regulatory in portfolio cells T THOR-XXX, our a nanobodies IRAKX TNF RIP cetera; flip that concept do disease; well oral et our inhibitor; CDXX-Ligand, kinase of new a inhibitor; as degrader. our our oral

we portfolio in has blossomed, for to talking March. about immunology that forward more and that look really So

three now we on novel cell pursuing I kinds in and combos this note, But for head and like other with platform GI, of mechanisms. have in and we of do started year, we’re that. with that most large development. lymphoma. skin to the study we be SAR’XXX, And PD-X, the T sort lung, neck, obvious, engagers example, embarking will would Now, we underway companies, combinations have with a

into cell We development. have our went first engager NK

platform. We have NK our cell universal allogeneic

So, malignancies. there’s a lot with opportunities across to tumors combination be those of signals. will solid rich This think a a year about as hematologic generating data SAR’XXX and early range for

of engineered what eagerly to interleukin X. anticipating able do this version be we with best-in-class We’re might

Paul Hudson

quite Thanks, going and signals John. I the pipeline, interesting get the of but we’re across number particularly do this it think recently, -- is actually in quite that to going talked to oncology, be about I year.

which only some to go, we’re moments like they’re would there to and make some decisions about player for early know oncology, will way to for nice in for we optimistic. of you emerging While an but be we be us --

Next please? question,

Operator

from be Next Papadakis Bank. Emmanuel question would at Deutsche

Emmanuel Papadakis

expectations upcoming pivotal Perhaps or data. the one just efanesoctocog, your for perhaps your give I quick one could on ambitions

said you days. would well. color Elocta us rate you show the Phase to share with on on decision would XX% relative that perhaps if the to give what you the in hoping presently, sort implications could at What could of Elocta has kind showing progress you’re that be X where expression to do present? And think helpful four some be to think think second as question And at Amgen. SHPX I near you be have above factor is figures to combination KRAS, you a what then, Indeed, above of normal seven hoping days? given

the would that X Just or given synergy at that us of to for provide activity X presented SHPX that wondering if being data potentially from of pretty you’ve confidence lack see any the combination on either scientific and clear monotherapy Phase timing a be the that conference, helpful. ongoing Phase data

Paul Hudson

what But Thank best if in our to have, well you, have is. Emmanuel. to Bill, on don’t John, I come as declared on that? we’ve Actually, in expectation think a profile going be I too, But efanesoctocog. is you any let’s John -- comment don’t class. certainly, know may I’ll moment. our

Bill, do So want comment? to you

Bill Sibold

Yes.

right. that’s think I

that believe. to essentially which days, at the where if tapers week, the week, X, end the I over take level. XX%, the you in of the it a normal showed we I near off Phase showed what And you’re a look half at four think by in

John Reed

a quite strong protection of at -- the but end Yes, the even week. quite still

Bill Sibold

is one this And with to close that mean that even a just I no once even weekly. no close look showed, slide on -- one’s Yes. you the to that. I

begin in So, this, never you before, brief hemophilia they’ve kids think moment, have so And and for A want being give them them an about patients, the for the the we lifestyle. who something do normal, and space. giving maybe think just life week, active that and part transformative active you of better bit When a you of consider, if you really to their to a about then can seen little more forth. back,

see high think, So, what We X -- high that’s -- set a hope to -- we’re set I high really market, release. excited. for That’s the set that a a our bar for pretty Phase bar expect bar it we us, overall. in

more something been able tuned, is is this different. before. this offer So, on But one’s to that come really No stay which to one.

So, I communities we’re really think now hearing excited. patient

Paul Hudson

course, the -- term. Yes. the depending mean too, go even which Bill. is it longer we that, course, opportunity of of this more the on I’ve to exciting I confidence Then this patients And building. gene heard now, doesn’t like the for And definitive. and least bigger honest. be very Bill longer real you it I I’ll started is, generation said. on still than And therapy, is be seem -- impacted, even we journey, perhaps towards think, obviously, our efanesoctocog could And is as when market gets weekly the or question at half it’s know, Hemlibra comes thought the And itself. biweekly

So it for John, will interesting quite to maybe shift us. KRAS?

John Reed

Yes.

SHPX where So, preclinical various best that the transaction-blocking we with and consistently is because the reason That was we’re in combinations saw other from the that where we others always pursuing combination combination different molecules. place signal tried of studies efficacy.

this data, it’s is just synergy. not cetera. most but data, the Mirati again, And et So, it’s Amgen data, Sanofi

the doing trajectory shine, will important there’s we we’re can It’s that if So, it, one determinant be think of year. what combination mechanism. SHPX the is and kind with studies where another of this that can the where we take a of this signals these

and the we’ll will that’s So, speak it and ultimately gathering data themselves, the be year. this rationale for

Paul Hudson

thank it I a on to just Thanks, reading just enjoyed mean, that. research and we John. very And about and -- how did I’ll was were lines. you thinking maybe, really moving really you Rezurock. earlier it the confident survey. physicians I thinking of course, insightful, of But already find Emmanuel, for bit interesting it’s

you that work. thank So, for

Emmanuel Papadakis

the launch. You’re welcome. Congratulations on strong

Paul Hudson

a Thank you means very much. lot. That

Eva? Okay.

Eva Schaefer-Jansen

right? question, last Felix,

Operator

Yes. Last be Matthew would question from at Weston Matthew? Credit Suisse.

Jo Walton

I’m market the given other adult in sales X% indications. two here. wonder, you’ve On I Perhaps AD. of comes had the penetration half potential in I us sorry. from Jo It’s Dupi, questions. U.S. the

COPD how beyond successful wonder see could gave you’re the you’ve waiting but us before appeal asthma, update tell dermatitis. atopic of have before And projections this so for So, I is efa. data. And you you sales can in thought that update. going your an on just to us be we would question I if broad I the you you how been were that things second my noted like that that’s penetrating

safety, I that in So, moved on nonfactor. somebody if from they have would assumed a was interested may but concerned efficacy, a have factor not so already to

characteristics have So, new safety be How very making your is decision data safety to to you that time could think important the you pharmacodynamics product? so at and on patients the likely much part of makes won’t of launch? in safety these a product. the on what impact confident for factor that move of the And people this different submission to will the of

Paul Hudson

you Okay. We’ll always Jo, there’s guessing. quite in there. me a lot keep

the can’t you glad way, and in penetration, we which to But so. questions. other then that either Matthew appear Bill? Dupi you got connect Sometimes, I’m as indications Weston,

Bill Sibold

Yes.

you biologics at XX% we’re in look, penetration. Jo, if asthma, So, about

we’re of with pretty -- starting leading look, per And each -- penetration. Dupixent. specialty you’ve bio a on again that’s then, indications, we’re low. from They’re perspective, depends as So, specialists the the Okay? it And point. the heard in the other

a We’re indication, with to speak, brand-new so nasal starting polyps. with

only won’t player We’re the a number give penetration this it at epi a but on though little, strong working the we’re there. as good, time. appears I Still having there.

second -- Regarding question was the about...

Paul Hudson

move then I Well, there’s am one about John. why are and data, to answer. on we waiting we efanesoctocog, efficacy happy But get safety for to which the which to COPD with maybe a trade-off

if can’t So, don’t If you why wait, and are why waiting, we we wait, waiting. you say say we not you win. Jo, are we

sort betwixt We’re between. and of

of I that’s of using think ‘XX, I worth felt time because doing. immunology we we think the that COPD QX end good a that think be catch-up towards deeper take to How data in the And, stock and is it’s would a all be we thinking. referencing early a frame that like it data the won’t out. reads COPD to very that the with we without will able in if be peak new when declare course, -- different we’re

the actually, peak But we’ll could people the have... get to got full just to all So, John, if the run that prescriptions think, a we or could I we at there. rate more, be. know on don’t the what ask understand safety you’ve stay loose and on year data don’t on what given wait I trade-off efficacy until that

John Reed

surprised signals. -- VIII don’t There reason, it’s We I’d little really, I’m would safety safety of Yes. Factor pristine. any. a a I’m the to there any because little say, been by believe this this -- next-generation have is question have be no

been way You paved And some products could derisked embellishments some almost taken was the with other say, had extent in fuses with that with VIII. Fc to also like that additional But which molecules that Eloctate, onto so-called an are clinic, region technology. Factor approved an been here, the including extend product. have there

of we’ve not components the all molecule the derisked, have been and any seen safety liabilities. So

other On baggage. about have alternatives, the hand, you they safety do -- if think safety historical some

again, I standpoint, a come out best-in-class. So, think safety really we on

Bill Sibold

to John, just And Yes. to that. add

perspective, try look where I clearly, I normal near if right? you an VIII. win, if where we -- it’s is, think it emicizumab mean, too. comparison to nowhere the from you estimate efficacy one’s normal, near It’s at nowhere Factor no is,

pretty bar. we So, if that confident looking win the you’re a the then, convenient well. on safety as -- at we’re really redefine that’s dose, for And just safety weekly

think I both So, really shape. across parameters, good the we’re in

Paul Hudson

X company one into work the thing for I understand when we for now. Reed, did questions learn monthly, And a XXX? got Hemlibra dynamic weeks Hemlibra When was to in you’re fast. not a they move joined every not they see you. actually said better X if was of nonfactor. Company made, the are new case the a the of Bill patients asked in to coming fitusiran the thanks. standard. be people did and responsible half a Thank we people If a that choice like you’re Yes. these set lot John particularly us will But, true

it’s we away. patients that in be we’ll do I their far slightly with think what to and first them position more when It’s what got much change. the are competition is needs place, to the likely concerned that which not launch more the efa,

the way, questions. of to energy a So, day is don’t little on very Company, the towards But, we’re you and value transition terms our for, think I’m every thank in Thank we’re basic which that contribution. the financials, the think the table. less starting creation you you the in we of very, everybody, for to is Nothing transformation more bring for forward to the right even surprise always, and and important. delighted, the not. we’re just those responsible as off by and science pipeline

Company the reshaping time. We’re real

part like see think particularly we look at traveled may year, it. I in distance it of just -- to, full at you we XX don’t the not You look But fully, back, as to and not I months. you’re get

year, it’s is of full in for at I at think got all the history. feels while last some The year advancing -- it moving that were we programs pivot moved us, flight. on moving awful our the And news first and like last to and finding we way. XX of we’ve hope beginning come up ability signals we not ahead long and will Company’s flow an keep forward positive, really in XX year, human last sorry, that should be dropping first penny the in science time that

you everyone. team. So, you thank everybody the to to Thanks everybody call. on and the Thank

Eva Schaefer-Jansen

you very Thank much.

may You now disconnect.

Sanofi (SNY) 4 Feb 222021 Q4 Earnings call transcript