Sanofi : Q3 2017 Business EPS up 1.1% at CER FY 2017 Guidance Confirmed
Paris, November 2, 2017
Q3 2017 Business EPS (1) up 1.1% at CER (2)
FY 2017 Guidance Confirmed
Q3 2017 | Change |
Change
at CER |
Change
at CER/CS (3) | 9M 2017 | Change |
Change
at CER |
Change
at CER/CS (3) | |
IFRS net sales reported | €9,053m | +0.3% | +4.7% | -0.2% | €26,364m | +5.7% | +6.2% | +1.2% |
IFRS net income reported | €1,567m | -6.4% | - | - | €8,305m | +111.9% | - | - |
IFRS EPS reported | €1.25 | -3.8% | - | - | €6.60 | +117.1% | - | - |
Business net income (1) | €2,141m | -6.9% | -1.1% | - | €5,632m | -1.2% | -0.3% | - |
Business EPS (1) | €1.71 | -4.5% | +1.1% | - | €4.48 | +1.1% | +2.0% | - |
Third-quarter and first nine months 2017 accounts reflect the acquisition of the former Boehringer Ingelheim Consumer Healthcare (CHC) business and the disposal of the Animal Health business (completed on January 1, 2017 (4) ). In accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations), Animal Health results in 2016 and gain on disposal in 2017 are reported separately. Third-quarter and first nine months 2017 income statements also reflect the consolidation of European operations related to Sanofi vaccine portfolio, following the termination of the Sanofi Pasteur MSD joint venture (SPMSD JV) with Merck at the end of 2016.
Q3 2017 sales performance supported by Sanofi Genzyme, Sanofi Pasteur and Emerging Markets
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Sanofi Chief Executive Officer, Olivier Brandicourt, commented:
"The strong launch of Dupixent ® in the U.S., the continued double-digit growth of our Multiple Sclerosis franchise and the performance of our pediatric vaccines were important drivers in the quarter. These positive dynamics, accompanied by robust growth in Emerging Markets and disciplined expense management, offset the decline of our Diabetes franchise. We are pleased by the progress in R&D demonstrated by the positive phase 3 topline results in asthma for Dupixent ® and the recent advances of cemiplimab, our anti PD-1, in oncology." |
(1) In order to facilitate an understanding of operational performance, Sanofi comments on the business net income statement. Business net income is a non-GAAP financial measure (see Appendix 8 for definitions). The consolidated income statement for Q3 2017 and 9M 2017 is provided in Appendix 3 and a reconciliation of IFRS net income reported to business net income is set forth in Appendix 4; (2) changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (see Appendix 8); (3) CS: constant structure: adjusted for BI CHC business, termination of SPMSD and others; (4) The closing of the disposal of Merial in Mexico is expected in 2017; (5) See definition page 8; (6) 2016 Business EPS was €5.68; (7) Collaboration with Regeneron.
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2017 third-quarter and nine-months Sanofi sales
Unless otherwise indicated, all percentage changes in sales in this press release are stated at CER (8) . |
In the third quarter of 2017, Company sales were €9,053 million, up 0.3% on a reported basis. Exchange rate movements had a negative effect of 4.4 percentage points mainly reflecting the movement of the U.S. Dollar, Japanese Yen, Egyptian Pound, Chinese Yuan and Turkish Lira. Company sales benefited from the acquisition of Boehringer Ingelheim's CHC business and full consolidation of Sanofi's European vaccines operations leading to an increase of 4.7% at CER. At CER and constant structure, Company sales were down 0.2%.
First nine months Company sales reached €26,364 million, up 5.7% on a reported basis. Exchange rate movements had a negative effect of 0.5 percentage points. At CER and constant structure, Company sales were up 1.2%.
Global Business Units
The table below presents sales by Global Business Unit (GBU) and reflects the organization of Sanofi. This structure drives deeper specialization, simplifies reporting and provides a clear focus on growth drivers. Please note that Emerging Markets sales for Specialty Care and Diabetes and Cardiovascular are included in the General Medicines and Emerging Markets GBU.
Net Sales by GBU
(€ million) | Q3 2017 |
Change
(CER) |
Change
CER/CS* | 9M 2017 |
Change
(CER) |
Change
CER/CS* | ||
Sanofi Genzyme (Specialty Care) (a) | 1,390 | +13.9% | +13.9% | 4,208 | +14.5% | +14.6% | ||
Diabetes and Cardiovascular (a) | 1,298 | -14.8% | -14.8% | 4,103 | -12.6% | -12.6% | ||
General Medicines & Emerging Markets (b) | 3,317 | -2.7% | -3.1% | 10,701 | -0.6% | -0.8% | ||
Consumer Healthcare (CHC) | 1,132 | +48.5% | +1.0% | 3,636 | +44.5% | +2.0% | ||
Total Pharmaceuticals | 7,137 | +3.2% | -2.1% | 22,648 | +4.6% | -0.3% | ||
Sanofi Pasteur (Vaccines) | 1,916 | +11.0% | +7.2% | 3,716 | +17.0% | +11.4% | ||
Total net sales | 9,053 | +4.7% | -0.2% | 26,364 | +6.2% | +1.2% |
(a) Does not include Emerging Markets sales- see definition page 7; (b) Includes Emerging Markets sales for Diabetes & Cardiovascular and Specialty Care
*CS: constant structure
Global Franchises
The tables below present third-quarter and first nine months of 2017 sales by global franchise, including Emerging Markets sales, to facilitate comparisons. Appendix 1 provides a reconciliation of sales by GBU and franchise.
Net sales by Franchise
(€ million) | Q3 2017 |
Change
(CER) |
Change
at CER/CS* |
Developed
Markets |
Change
at CER/CS* |
Emerging
Markets |
Change
at CER/CS* |
Specialty Care | 1,633 | +12.5% | +12.5% | 1,390 | +13.9% | 243 | +5.3% |
Diabetes and Cardiovascular | 1,675 | -9.1% | -9.1% | 1,298 | -14.8% | 377 | +17.2% |
Established Rx Products | 2,264 | -6.5% | -7.1% | 1,338 | -13.8% | 926 | +4.3% |
Consumer Healthcare (CHC) | 1,132 | +48.5% | +1.0% | 721 | -2.0% | 411 | +6.7% |
Generics | 433 | -0.9% | -0.9% | 247 | -1.9% | 186 | +0.5% |
Vaccines | 1,916 | +11.0% | +7.2% | 1,542 | +6.2% | 374 | +11.6% |
Total net sales | 9,053 | +4.7% | -0.2% | 6,536 | -2.9% | 2,517 | +7.3% |
*CS: constant structure
(8) See Appendix 8 for definitions of financial indicators.
Net sales by Franchise
(€ million) | 9M 2017 |
Change
(CER) |
Change
at CER/CS* |
Developed
Markets |
Change
at CER/CS* |
Emerging
Markets |
Change
at CER/CS* |
Specialty Care | 4,964 | +13.8% | +13.9% | 4,208 | +14.6% | 756 | +10.0% |
Diabetes and Cardiovascular | 5,242 | -8.0% | -8.0% | 4,103 | -12.6% | 1,139 | +12.6% |
Established Rx Products | 7,463 | -2.7% | -3.1% | 4,564 | -7.9% | 2,899 | +5.4% |
Consumer Healthcare (CHC) | 3,636 | +44,5% | +2.0% | 2,420 | +0.8% | 1,216 | +4.3% |
Generics | 1,343 | -3.7% | -3.5% | 768 | -4.6% | 575 | -1.9% |
Vaccines | 3,716 | +17.0% | +11.4% | 2,612 | +9.9% | 1,104 | +15.1% |
Total net sales | 26,364 | +6.2% | +1.2% | 18,675 | -1.2% | 7,689 | +7.4% |
*CS: constant structure
Pharmaceuticals
Third-quarter Pharmaceuticals sales were up 3.2% to €7,137 million. At constant structure, Pharmaceuticals sales were down 2.1% primarily due to Diabetes and Established Rx Products. First nine months sales for Pharmaceuticals increased 4.6% to €22,648 million (down 0.3% at constant structure).
Rare Disease franchise
Net sales (€ million) | Q3 2017 |
Change
(CER) | 9M 2017 |
Change
(CER) |
Myozyme ® / Lumizyme ® | 191 | +5.9% | 584 | +9.6% |
Cerezyme ® | 178 | +1.6% | 547 | -1.8% |
Fabrazyme ® | 175 | +4.5% | 542 | +10.4% |
Aldurazyme ® | 50 | -1.9% | 159 | +6.0% |
Cerdelga ® | 31 | +14.3% | 93 | +20.8% |
Others Rare Diseases | 73 | -7.2% | 237 | -2.9% |
Total Rare Diseases | 698 | +2.7% | 2,162 | +5.3% |
In the third quarter, Rare Disease sales increased 2.7% to €698 million. Rare Disease sales grew 1.9% in the U.S., 1.5% in Emerging Markets and 1.7% in Europe. Year-to-date Rare Disease sales increased 5.3% to €2,162 million.
Gaucher (Cerezyme ® and Cerdelga ® ) sales were up 3.3% at €209 million in the third quarter. Cerezyme ® sales were up 1.6% to €178 million and Cerdelga ® sales increased 14.3% to €31 million of which €23 million were generated in the U.S. (up 4.3%) in the third quarter. Year-to-date Gaucher sales increased 0.9% to €640 million.
Third-quarter Fabrazyme ® sales were up 4.5% to €175 million. Year-to-date Fabrazyme ® sales were up 10.4% to €542 million.
Third-quarter Myozyme ® /Lumizyme ® sales grew 5.9% to €191 million, mainly due to new patient accruals. Year-to-date Myozyme ® /Lumizyme ® sales increased 9.6% to €584 million.
Multiple Sclerosis franchise
Net sales (€ million) | Q3 2017 |
Change
(CER) | 9M 2017 |
Change
(CER) |
Aubagio ® | 382 | +19.2% | 1,178 | +26.9% |
Lemtrada ® | 113 | +5.4% | 362 | +18.5% |
Total Multiple Sclerosis | 495 | +15.7% | 1,540 | +24.8% |
Third-quarter Multiple Sclerosis (MS) sales grew 15.7% to €495 million, driven by Aubagio ® performance in the U.S. and Europe. Year-to-date MS sales increased 24.8% to €1,540 million.
Third-quarter Aubagio ® sales increased 19.2% to €382 million driven by the U.S. (up 20.9% to €274 million). In Europe sales of Aubagio were up 16.0% to €86 million. Year-to-date Aubagio ® sales increased 26.9% to €1,178 million.
In the third quarter Lemtrada ® sales were up 5.4% to €113 million, including €60 million in the U.S. (stable) and €40 million in Europe (up 10.8%). Year-to-date Lemtrada ® sales increased 18.5% to €362 million.
Immunology franchise
Net sales (€ million) | Q3 2017 |
Change
(CER) | 9M 2017 |
Change
(CER) |
Dupixent ® | 75 | - | 101 | - |
Kevzara ® | 2 | - | 3 | - |
Total Immunology | 77 | - | 104 | - |
Dupixent ® (collaboration with Regeneron) which was launched in the U.S. in March for the treatment of moderate to severe adult atopic dermatitis (AD) generated sales of €75 million in the third quarter. Since launch, over 7,100 physicians in the U.S. have prescribed Dupixent ® and cumulatively over 23,000 patients have been prescribed Dupixent ® . In Europe, Dupixent ® was approved at the end of September 2017 for use in adults with moderate-to-severe AD who are candidates for systemic therapy. Launch of the product is planned by end 2017 in Germany.
Kevzara ® (collaboration with Regeneron) was launched for rheumatoid arthritis in June in the U.S. and in Europe in Germany and the Netherlands during the third quarter. Year-to-date Kevzara ® sales were €3 million.
Oncology franchise
Net sales (€ million) | Q3 2017 |
Change
(CER) | 9M 2017 |
Change
(CER) |
Jevtana ® | 90 | +6.8% | 287 | +8.3% |
Thymoglobulin ® | 71 | +5.7% | 219 | +7.4% |
Taxotere ® | 42 | +2.2% | 133 | -0.7% |
By: Nasdaq / GlobeNewswire
- 02 Nov 2017
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