Core Insights - Dupixent (dupilumab) has shown positive results in a pivotal phase 2/3 study for treating moderate-to-severe bullous pemphigoid (BP), a chronic skin disease characterized by intense itch and blisters [2][3][6] - The study demonstrated that Dupixent significantly improved disease remission rates and reduced disease severity compared to placebo [6][7] Study Details - The ADEPT study enrolled 106 adults with moderate-to-severe BP, randomized to receive Dupixent 300 mg every two weeks or placebo, alongside standard-of-care oral corticosteroids [3][9] - Sustained disease remission was defined as complete clinical remission with no relapse and no rescue therapy use during the 36-week treatment period [10] Efficacy Results - 20% of Dupixent-treated patients achieved sustained disease remission at 36 weeks compared to 4% in the placebo group (p=0.0114) [7] - 40% of patients on Dupixent experienced a ≥90% reduction in disease severity compared to 10% for placebo (p=0.0003) [7] - Dupixent also led to a significant reduction in oral corticosteroid use, with an average reduction of 1678 mg in cumulative exposure (p=0.0220) [7] Safety Profile - Adverse event rates were similar between Dupixent (96%) and placebo (96%) groups, with no deaths reported in the Dupixent group [4] - Common adverse events associated with Dupixent included peripheral edema, arthralgia, and blurred vision [4] Regulatory Status - The FDA has accepted a supplemental biologics license application for Dupixent to treat BP, with a decision expected by June 20, 2025 [4][6] - Dupixent has received orphan drug designation for BP, indicating its potential as a treatment for a rare disease affecting fewer than 200,000 people in the US [4] Background on Bullous Pemphigoid - BP is a chronic, debilitating skin disease primarily affecting the elderly, characterized by intense itch and painful lesions [8] - Approximately 27,000 adults in the US suffer from uncontrolled BP despite systemic corticosteroid treatment [8] About Dupixent - Dupixent is a fully human monoclonal antibody that inhibits interleukin-4 and interleukin-13 signaling pathways, targeting type 2 inflammation [11] - It has received regulatory approvals in over 60 countries for various indications, with more than one million patients treated globally [12]

Sanofi successfully prices EUR 1.5 billion of bond issue Paris, March 5, 2025. Sanofi announces that it has successfully priced its offering of EUR 1.5 billion of notes across 2 tranches: €850 million floating rate notes, due March 2027, bearing interest at 3-month Euribor plus 0.300%€650 million fixed rate notes, due March 2031, bearing interest at an annual rate of 2.750%. The notes are being issued off the company's Euro Medium Term Note Program. Sanofi intends to use the net proceeds of the offering f ...

Group 1 - Banco Santander (Brasil) S.A. filed its Annual Report on Form 20-F for the year 2024 with the U.S. SEC and the Brazilian CVM on February 28, 2025 [1] - The 20-F report includes certifications under the U.S. Sarbanes-Oxley Act, confirming the effectiveness of Santander Brasil's internal controls and procedures [2] - Independent auditors PricewaterhouseCoopers Auditores Independentes Ltda. provided an audit opinion on the financial statements and internal controls as of December 31, 2024 [2] Group 2 - Shareholders of Santander Brasil can request a hard copy of the 20-F document, which includes complete audited financial statements, free of charge [3]

Core Viewpoint - Banco Santander (NYSE: SAN) has shown strong performance with a ~26% total return for its American Depositary Shares (ADSs) since the last update in October, driven by robust fourth quarter results and optimistic guidance for FY2025 [1] Group 1 - The fourth quarter results of Banco Santander were robust, contributing to the strong performance of its shares [1] - The company provided bullish guidance for FY2025, indicating positive future expectations [1]

Core Insights - New data from the RELIEVE UCCD phase 2b study indicates that duvakitug shows significant potential as a treatment for ulcerative colitis (UC) and Crohn's disease (CD), with promising clinical remission and endoscopic response rates compared to placebo [1][6][9] Ulcerative Colitis (UC) Findings - In the UC cohort, 36% of patients on the 450 mg dose and 48% on the 900 mg dose achieved clinical remission at week 14, compared to 20% on placebo, with placebo-adjusted rates of 16% and 27% respectively [2][4] - Higher clinical remission rates were observed in both advanced therapy (AT)-experienced and AT-naïve subgroups [3][7] Crohn's Disease (CD) Findings - In the CD cohort, 26% of patients on the 450 mg dose and 48% on the 900 mg dose achieved endoscopic response at week 14, compared to 13% on placebo, with placebo-adjusted rates of 13% and 35% respectively [5][8] - Similar to UC, higher endoscopic response rates were noted in both AT-experienced and AT-naïve subgroups [5][8] Safety Profile - Duvakitug was generally well tolerated in both UC and CD cohorts, with no emergent safety signals or dose-dependent adverse events reported [9][10] Study Design and Objectives - The RELIEVE UCCD study was a 14-week, randomized, double-blinded, dose-ranging trial aimed at assessing the efficacy, safety, pharmacokinetics, and tolerability of duvakitug in adults with moderate-to-severe UC or CD [11][12] - The study included a diverse patient population across multiple regions, including the US, Europe, Israel, and Asia [13] Future Development - The findings from the RELIEVE UCCD study will inform a phase 3 program anticipated to start in the second half of 2025, indicating a commitment to further investigate the efficacy and safety of duvakitug [6][16]

Group 1 - Sanofi has filed its 2024 U.S. Form 20-F and French "Document d'Enregistrement Universel" containing the Annual Financial Report [1] - These documents are accessible on Sanofi's website and the websites of the SEC and AMF [1] - A hard copy of the financial statements can be requested free of charge [1] Group 2 - Sanofi is an innovative global healthcare company focused on improving lives through scientific advancements [2] - The company operates in approximately 100 countries and aims to transform medical practices [2] - Sanofi provides life-changing treatments and vaccines while prioritizing sustainability and social responsibility [2]

Core Insights - Banco Santander achieved record results in 2024, driven by its technology platforms [1][2] - The bank reported record levels in net interest income, net fee income, total income, and profit [2] - The bank added 8 million new customers, bringing its total to 173 million across 10 core markets [3] Technology and Strategy - Santander's scale allows it to build its own technology platforms, enhancing customer service while reducing costs [2] - The launch of Openbank in the U.S. and partnerships with Amazon and Apple reflect the bank's strategy to improve customer solutions and transform its operating model [3][4] - Zinia, Santander's consumer finance platform, partnered with Amazon to launch a new Amazon Visa card in Germany [4] Future Outlook - Santander aims to have a full-service digital bank in the U.S. by the end of 2025 [4] - The bank's global platforms are enhancing its wealth business and payments connectivity [5] - The Executive Chair expressed confidence in the bank's potential for increased profitability in 2025, citing a new era of value creation [5]

Financial Data and Key Metrics Changes - The company achieved a record profit of €12.6 billion, supported by strong revenue growth and an increase of 8 million customers [9][11] - Revenue growth was reported at 10% in constant euros, with fee income up 11% [12][10] - The return on tangible equity (RoTE) increased to 16.3%, and the capital ratio reached an all-time high of 12.8% [10][11][26] Business Line Data and Key Metrics Changes - Retail and Consumer businesses showed double-digit growth, contributing significantly to net interest income (NII) [41][50] - Corporate and Investment Banking (CIB) revenues grew by 14%, while Wealth revenues increased by 15% [41][24] - Payments volume rose by 11%, with a target EBITDA margin close to 30% for 2025 [25][26] Market Data and Key Metrics Changes - The U.S. market is expected to be a major contributor to earnings growth in 2025, with corporate banking fees increasing by 21% [24][100] - The company noted that higher interest rates benefit the retail franchise in Europe, while other markets may perform better with lower rates [16][41] Company Strategy and Development Direction - The company is focused on becoming the best open financial services platform, leveraging its global scale and local leadership [29][30] - The ONE Transformation initiative aims to simplify operations and improve efficiency, with expectations of continued cost reductions and revenue growth [10][46] - The company plans to distribute €10 billion in share buybacks to shareholders for 2025 and 2026, reflecting strong capital generation [64][66] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging macro environment in 2025, including lower euro rates and potential volatility [61][62] - The outlook for 2025 includes stable revenue expectations around €62 billion, with a focus on reducing costs in absolute terms [62][63] - The company remains confident in achieving or exceeding its financial targets set in 2023 [59][60] Other Important Information - The cost-to-income ratio improved to 41.8%, the best in 15 years, with expectations for further improvements [48][49] - The non-performing loan (NPL) ratio improved to 3.05%, reflecting stable credit quality across the footprint [50][51] Q&A Session Summary Question: Trade-offs between organic and inorganic growth - Management prioritizes profitable organic growth, followed by ordinary dividends and share buybacks, with inorganic growth being complementary to strategic aims [71][75] Question: Cost-to-income improvement potential - The ONE Transformation initiative has significant upside potential, especially in retail and consumer areas, which represent 70% of costs [77][78] Question: UK market sustainability - The UK retail business is expected to perform well, with asset quality remaining resilient and improvements from the ONE Transformation [94][96] Question: U.S. market contribution to earnings growth - The U.S. is expected to be a significant contributor to earnings growth, with a focus on consumer banking and corporate investment banking [100][102] Question: Capital distribution and CET1 target - The CET1 target for 2025 is set at 13%, with excess capital being returned to shareholders through buybacks and dividends [113][117]

5 February 2025 FY'24 Important information Non-IFRS and alternative performance measures This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IF ...

Core Viewpoint - Banco Santander reported record profits for the fourth quarter and announced a share buyback plan of 10 billion euros ($10.4 billion) for 2025 and 2026, reflecting strong financial performance and anticipated excess capital [1]. Financial Performance - The bank's net profit increased by 11% year-on-year to 3.265 billion euros in Q4 and by 14% annually to 12.574 billion euros for the full year, driven by increased customer activity and robust margin management [2]. - The return on tangible equity (RoTE) rose to 16.3% in 2024 from 15.1% the previous year, indicating improved profitability [3]. Customer Growth and Market Position - Santander added eight million new customers in 2024, bringing the total to 173 million, showcasing its growth in the core retail business [2]. - The bank has benefited from the high interest rate environment post-Covid-19, although it may face challenges as the European Central Bank eases monetary policy [4]. Future Guidance - For 2025, Santander targets approximately 62 billion euros in revenue, mid-high single-digit growth in net income, a RoTE above 17%, and a CET1 ratio of 13%, up from 12.8% in 2024 [4]. - The Executive Chair emphasized the bank's ability to grow revenue, profitability, and returns, highlighting its technological capabilities to reduce costs and improve operating leverage [5][6].