Sanofi reported a solid Q3 performance with strong sales growth across its main segments, driven by successful product launches and robust pipeline developments. Financial metrics improved significantly, with an increase in gross margin and business EPS. However, challenges such as the loss of exclusivity for Aubagio and the potential impacts of the Inflation Reduction Act present headwinds. Overall, the positive aspects and growth outlook outweigh the challenges.

Company Guidance

In the third quarter of 2024, Sanofi reported a strong sales performance, with total Q3 sales reaching EUR 13.4 billion, marking a 16% increase at constant exchange rates (CER) and an estimated 11% growth excluding the impact of phasing. Key highlights include Dupixent's sales nearing EUR 3.5 billion, driven by global volume growth, and the vaccines business growing 26% due to phasing benefits in flu and Beyfortus sales. Newly launched pharma products saw a 67% increase in sales, contributing significantly to Sanofi's top-line growth. The company has raised its business EPS guidance for 2024, reflecting continued momentum and commitment to stakeholder value. Sanofi's Dupixent achieved a milestone of over 1 million patients on treatment globally and is expected to reach EUR 13 billion in sales for the full year 2024, with a low double-digit CAGR targeted between 2023 and 2030. Additionally, the company announced a strategic step to become a pure-play biopharma leader by entering exclusive negotiations to sell a controlling stake in Opella. Expected proceeds from this transaction will be redeployed in line with Sanofi's capital allocation policy, ensuring continued investment in growth assets.

Strong Sales Performance

Q3 2024 sales reached EUR 13.4 billion, marking a 16% increase at constant exchange rates and 11% excluding phasing impacts. This growth was driven by robust performance across the portfolio, including Dupixent and the vaccines business.

Dupixent's Continued Success

Dupixent achieved close to EUR 3.5 billion in sales for the quarter, driven by global volume growth across all indications. It holds the #1 new-to-brand prescription market share across all approved indications in the U.S.

Pharma Launches Performance

Recent pharma launches saw a 67% increase in sales, contributing significantly to Sanofi's growth. Beyfortus and Altuviiio exemplified strong market uptake with sales of EUR 645 million and EUR 172 million, respectively.

Improved Financial Metrics

Gross margin improved by a full percentage point, and business operating income increased by 19.9%. Business EPS rose by 17.6% in Q3.

Positive Pipeline Developments

Successful milestones in the pipeline, including Dupixent's approval for COPD in over 30 countries and positive Phase III readouts for tolebrutinib.

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Sanofi (GB:0A2V) Earnings, Revenues Date & History

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GB:0A2V Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2024 (Q4)	0.78 / -	0.899	―	―	―
Oct 25, 2024	2024 (Q3)	1.35 / 1.55	1.349	14.83% (+0.20)
Jul 25, 2024	2024 (Q2)	0.89 / 0.94	0.96	-2.19% (-0.02)
Apr 25, 2024	2024 (Q1)	0.93 / 0.95	1.189	-19.85% (-0.24)
Feb 01, 2024	2023 (Q4)	0.94 / 0.90	0.928	-3.13% (-0.03)
Oct 27, 2023	2023 (Q3)	1.37 / 1.35	1.433	-5.86% (-0.08)
Jul 28, 2023	2023 (Q2)	0.93 / 0.96	0.878	9.34% (+0.08)
Apr 27, 2023	2023 (Q1)	1.10 / 1.19	1.015	17.14% (+0.17)
Feb 03, 2023	2022 (Q4)	0.92 / 0.93	0.785	18.22% (+0.14)
Oct 28, 2022	2022 (Q3)	1.31 / 1.43	1.266	13.19% (+0.17)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0A2V Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 25, 2024	$52.69	$54.20	+2.87%
Jul 25, 2024	$50.78	$52.91	+4.20%
Apr 25, 2024	$45.48	$47.63	+4.71%
Feb 01, 2024	$49.21	$47.04	-4.40%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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