In Q4 2023, Sanofi experienced a robust sales growth of 9.3% at Constant Exchange Rates (CER) and an 8.2% increase in business EPS. Notable achievements include Specialty Care’s 13.7% growth fueled by the success of Dupixent and ALTUVIIIO launches, which effectively countered generic competition for Aubagio in key markets. Vaccines sales surged by 21.1%, primarily driven by the exceptional uptake of Beyfortus, reaching €410 million within the second quarter of its launch.
Despite a moderated decline of 2.4% in General Medicines, accelerated growth of core assets at 6.3% offset lower sales of Lantus and non-core asset divestments. Consumer Healthcare (CHC) rose by 8.5%, attributed to Digestive Wellness and Physical and Mental Wellness, bolstered by the Qunol acquisition.
The full-year 2023 results showcased a 5.3% growth in sales and a 5.4% increase in business EPS at CER, with total sales reaching €43,070 million. Key contributors were Dupixent (€10,715 million, +34.0%), Vaccines (up 8.3%), benefiting from Beyfortus (€547 million), and CHC (+6.3%).
Business EPS for 2023 stood at €8.11, reflecting a 1.8% decrease on a reported basis but a 5.4% increase at CER. IFRS EPS of €4.31 (down 35.6%) primarily reflected an impairment loss of technology assets and a charge related to the liability remeasurement of expected future royalty payments on U.S. Beyfortus sales, predominantly occurring in Q4.
The Board proposed an annual dividend of €3.76, marking a 5.6% increase. In terms of Research and Development (R&D), the company highlighted a strong pipeline with 12 blockbuster opportunities under clinical evaluation and specific milestones achieved in Q4. Notable achievements include Dupixent’s submission for Chronic Obstructive Pulmonary Disease (COPD) in the U.S., EU, and China, and positive phase 3 results for Sarclisa in 1L transplant-ineligible Multiple Myeloma (IMROZ).
In Corporate Social Responsibility during Q4, Sanofi’s Global Health Unit announced three new investments through its Impact Fund to support healthcare start-ups in Sub-Saharan Africa. Additionally, the company supported the decarbonization of healthcare systems at COP28.
Looking ahead to full-year 2024, Sanofi expects business EPS to remain roughly stable, excluding the impact of an expected effective tax rate increase to 21%, and to decrease low single-digit at CER, considering the higher expected tax rate. The estimated currency impact on 2024 business EPS is between -3.5% to -4.5%. CEO Paul Hudson emphasized the company’s commitment to becoming a development-driven, tech-powered biopharma company, focusing on innovative launches and continued R&D investment.
