Q3 2024 Sanofi SA Earnings Call Transcript
Key Points
- Sanofi SA (SNY) reported a strong sales performance with Q3 sales reaching EUR13.4 billion, marking a 16% increase in constant exchange rates.
- Dupixent achieved significant growth, reaching close to EUR3.5 billion in the quarter, driven by global volume growth across all indications and geographies.
- The vaccines business grew by 26%, benefiting from phasing in flu and bake order sales, with the global rollout of Bayport contributing strongly.
- Sanofi SA (SNY) raised its business EPS guidance for 2024, reflecting continued momentum and commitment to delivering value to stakeholders.
- The company achieved positive Phase 3 readouts in Bullous pemphigoid and chronic spontaneous urticaria, creating additional near-term growth opportunities.
- Sanofi SA (SNY) faces substantial risks and uncertainties with forward-looking statements that may cause actual results to differ materially.
- The company anticipates a decline in gross margin in Q4 and for the full year due to one-offs last year such as COVID revenues and Aubagio sales.
- There is a projected decline in flu sales by a low-single digit percentage due to a soft vaccination rate, despite gaining market share.
- Sanofi SA (SNY) expects divestments to reduce sales by about EUR300 million in 2024.
- The company is facing increased tax rates in France, which may impact overall tax expenses despite efforts to mitigate it globally.
Hello everyone, this is Thomas Kudsk Larsen from the Sanofi IR team. Welcome to the Q3 2024 conference call for investor and analysts. As usual, you can find the slides on sanofi.com. Please turn to slide number 3. Here we have the usual forward-looking statement.
We would like to remind you that information presented in this call contains forward-looking statements, which are subject to substantial risks and uncertainties that may cause actual results to differ materially. We encourage you to read the disclaimer in our slide presentation. In addition, we refer you to our Form 20-F on file with the USA SEC on d'Enregistrement document for a description of these risk factors.
As usual, we'll be making comments on our performance using constant exchange rates and other non-IFRS measures. Numbers used are in million euro and for Q3, 2024 unless stated otherwise. Please turn to slide number 4.
First, we have a presentation, then we'll take your questions. As last time we kept the presentation on the shorter side to allow
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