Q2 2024 Sanofi SA Earnings Call Transcript
Key Points
- Sanofi SA (SNY) delivered double-digit sales growth at constant exchange rates (CER) in Q2 2024.
- Dupixent reached a significant milestone with sales exceeding EUR 3 billion in a single quarter, driven by strong US performance and rapid expansion in key markets outside the US.
- The company upgraded its earnings per share guidance for 2024 based on robust growth seen in the first half of the year.
- Sanofi SA (SNY) continues to advance its pipeline of new medicines, with several regulatory approvals and submissions, including Dupixent for COPD in the EU.
- Sanofi SA (SNY) remains committed to innovation, highlighted by a new partnership with Novavax to create a best-in-class combination vaccine for COVID-19 and flu.
- Gross margin was slightly down due to unfavorable currency impact and lower COVID-19 revenue compared to last year.
- Total operating expenses increased by 5.2%, driven by investments in marketing, sales, and R&D.
- The tax rate increased to 21%, partially offsetting higher business operating income.
- Flu vaccine sales are expected to decline by low single digits due to softer vaccination rates.
- There are uncertainties around the approval and capacity expansion for Beyfortus, which could impact sales phasing between Q3 and Q4.
(audio in progress) usual forward-looking statements. We'd like to remind you that the information presented in this call contains forward-looking statements, which is 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 the Form 20-F file with the US SEC on d'Enregistrement document for a description of these risk factors.
As usual, we'll be making comments on our performance using constant statements and other non-IFRS measures. Numbers used are in million euros and for Q2 2024 unless stated otherwise.
Please turn to slide 4. First, we have a presentation then we take your questions. We have kept the presentation short as other companies report today and we aim at keeping the call to maximum one hour.
For Q&A, we have Brian, Olivier, Thomas, and Julie to cover the global business units and Roy, our General Counsel.
For the Q&A, you have two options in Zoom, raise your hand
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