格隆汇8月1日｜美国总统特朗普周四致函欧洲制药公司，要求其将美国消费者的药品价格降至其他发达 国家的最低水平，导致欧洲制药公司股价早盘下跌。葛兰素史克、阿斯利康、诺和诺德和赛诺菲的股价 分别下跌1.7%、2.8%、4.2%和1.2%，诺和诺德股价跌至四年低点。斯托克欧洲600医疗保健指数下跌 1.8%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].

来源：格隆汇APP 格隆汇8月1日｜美国总统特朗普周四致函欧洲制药公司，要求其将美国消费者的药品价格降至其他发达 国家的最低水平，导致欧洲制药公司股价早盘下跌。葛兰素史克、阿斯利康、诺和诺德和赛诺菲的股价 分别下跌1.7%、2.8%、4.2%和1.2%，诺和诺德股价跌至四年低点。斯托克欧洲600医疗保健指数下跌 1.8%。 ...

特朗普要求降低药品价格后，欧洲制药股下跌 金十数据8月1日讯，美国总统特朗普周四致函欧洲制药公司，要求其将美国消费者的药品价格降至其他 发达国家的最低水平，导致欧洲制药公司股价早盘下跌。葛兰素史克、阿斯利康、诺和诺德和赛诺菲的 股价分别下跌1.7%、2.8%、4.2%和1.2%，诺和诺德股价跌至四年低点。斯托克欧洲600医疗保健指数下 跌1.8%。 ...

Group 1 - President Trump has sent letters to 17 major pharmaceutical companies, demanding specific actions to lower drug prices in the U.S. within 60 days, or he will use "all available means" to protect American families from "price gouging" [1][2] - The companies that received the letters include Pfizer, Novo Nordisk, Johnson & Johnson, and others, with a focus on commitments such as providing "most favored nation" pricing for Medicaid patients and direct sales to consumers [1][2] - Trump highlighted that U.S. drug prices are significantly higher than those in other developed countries, with average prescription drug prices being 2 to 3 times higher, and some drugs up to 10 times more expensive [2] Group 2 - Following the announcement, stock prices of several pharmaceutical companies dropped, with Sanofi falling over 8%, and others like Bristol-Myers Squibb and Novo Nordisk declining nearly 5% [2] - The Pharmaceutical Research and Manufacturers of America criticized the introduction of "foreign price controls," arguing it would undermine U.S. innovation and harm patients and workers [3] - Companies like Pfizer and Novartis stated they are working on solutions to make medications more affordable for American patients, with AstraZeneca considering price reductions and direct sales models [3]

Core Viewpoint - Sanofi has made its half-year financial report for 2025 available, which has been filed with the French market regulator and submitted to the U.S. SEC [1][2]. Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives and delivering growth through innovative medicines and vaccines [3]. - The company leverages its understanding of the immune system to create treatments that benefit millions globally, with a commitment to addressing urgent healthcare, environmental, and societal challenges [3]. - Sanofi is publicly listed on EURONEXT and NASDAQ [3].

Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving people's lives and delivering growth [3] - The company utilizes its deep understanding of the immune system to develop medicines and vaccines that benefit millions globally [3] - Sanofi is committed to addressing urgent healthcare, environmental, and societal challenges [3] Financial Reporting - Sanofi's half-year financial report for the period ending June 30, 2025, is now available [1] - The report has been filed with the French market regulator Autorité des marchés financiers (AMF) and submitted to the U.S. Securities and Exchange Commission (SEC) under form 6-K [1] Accessibility - The financial report can be found on Sanofi's corporate website and downloaded from the "Investors" page under "Regulated Information" [2]

Core Insights - Sanofi reported second-quarter 2025 adjusted earnings of $0.90 per share, missing the Zacks Consensus Estimate of $0.96 per share, while net sales rose 6% to $11.33 billion, also below the estimate of $11.53 billion [1][11] Financial Performance - Adjusted earnings per share were €1.59, reflecting a 1.9% increase on a reported basis and an 8.3% increase on a constant currency rate (CER) basis [1] - Net sales increased by 10.1% on a CER basis, with significant growth in the United States at 17.3%, 4.4% in the Rest of the World, and 3.0% in Europe [2] Product Performance - Dupixent sales reached €3.83 billion, up 21.1% year over year, driven by strong demand across all approved indications [3][5] - Altuviiio, a new treatment for hemophilia A, generated sales of €291 million, marking a significant increase from €251 million in the previous quarter [7] - Nexviazyme/Nexviadzyme sales were €192 million, up 17.3% year over year, while Myozyme sales declined by 19.4% to €140 million [9] Vaccine Sales - Total vaccine sales increased by 10.3% to €1.21 billion, driven by the rollout of Beyfortus [15] - Sales of flu vaccines rose 26.1% to €141 million, attributed to late-season immunizations [16] Guidance and Future Outlook - Sanofi raised its 2025 sales growth guidance to high single-digit growth at CER, up from mid-to-high single-digit expectations [18] - The company anticipates a low double-digit percentage growth in earnings at CER for 2025, including expenses from newly acquired businesses [19] Strategic Initiatives - Sanofi has been active in M&A, completing the acquisition of Blueprint Medicines and proposing to acquire Vigil Neuroscience and Vicebio Ltd to enhance its pipeline [26] - The company has a strong pipeline in immunology, rare diseases, and oncology, with three potential new drug launches expected this year [25][24]

[1. Condensed Half-Year Consolidated Financial Statements](index=2&type=section&id=1.%20Condensed%20half-year%20consolidated%20financial%20statements) Sanofi's condensed half-year consolidated financial statements for H1 2025 provide an overview of the company's financial position and performance [Consolidated Balance Sheets - Assets](index=2&type=section&id=Consolidated%20balance%20sheets%20-%20assets) Sanofi's consolidated assets decreased by June 30, 2025, driven by Opella asset reclassification, with a notable increase in cash and cash equivalents Consolidated Balance Sheet - Assets (June 30, 2025 vs. December 31, 2024) | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment owned | 9,574 | 10,091 | | Goodwill | 40,283 | 43,384 | | Other intangible assets | 20,431 | 22,629 | | Non-current assets | 87,942 | 90,210 | | Inventories | 9,618 | 9,431 | | Accounts receivable | 7,810 | 7,677 | | Cash and cash equivalents | 15,359 | 7,441 | | Assets held for sale | 238 | 13,489 | | Current assets | 37,017 | 42,588 | | **Total assets** | **124,959** | **132,798** | - Total assets decreased by **€7,839 million**, from **€132,798 million** at December 31, 2024, to **€124,959 million** at June 30, 2025[2](index=2&type=chunk) - Assets held for sale significantly decreased from **€13,489 million** to **€238 million**, reflecting the Opella transaction[2](index=2&type=chunk) [Consolidated Balance Sheets - Equity and Liabilities](index=3&type=section&id=Consolidated%20balance%20sheets%20-%20equity%20and%20liabilities) Sanofi's consolidated equity and liabilities decreased by June 30, 2025, consistent with asset reduction, influenced by Opella divestment and share repurchases Consolidated Balance Sheet - Equity and Liabilities (June 30, 2025 vs. December 31, 2024) | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity attributable to equity holders of Sanofi | 70,008 | 77,507 | | Total equity | 70,279 | 77,857 | | Long-term debt | 13,200 | 11,791 | | Non-current liabilities | 25,621 | 25,779 | | Accounts payable | 7,075 | 7,551 | | Short-term debt and current portion of long-term debt | 7,309 | 4,209 | | Liabilities related to assets held for sale | 2 | 2,131 | | Current liabilities | 29,059 | 29,162 | | **Total equity and liabilities** | **124,959** | **132,798** | - Total equity decreased by **€7,578 million**, from **€77,857 million** at December 31, 2024, to **€70,279 million** at June 30, 2025[4](index=4&type=chunk) - Liabilities related to assets held for sale decreased significantly from **€2,131 million** to **€2 million**[4](index=4&type=chunk) [Consolidated Income Statements](index=4&type=section&id=Consolidated%20income%20statements) Sanofi's H1 2025 net income surged, primarily from a significant gain on discontinued operations (Opella), complemented by growth in net sales and operating income Consolidated Income Statement (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Net sales | 19,889 | 18,360 | | Gross profit | 15,460 | 13,923 | | Operating income | 3,759 | 2,768 | | Income before tax and investments accounted for using the equity method | 3,582 | 2,462 | | Net income from continuing operations | 2,956 | 2,061 | | Net income from discontinued operations | 2,881 | 202 | | **Net income** | **5,837** | **2,263** | | Net income attributable to equity holders of Sanofi | 5,812 | 2,246 | | Basic earnings per share (€) | 4.74 | 1.80 | | Diluted earnings per share (€) | 4.72 | 1.79 | - Net income attributable to equity holders of Sanofi increased by **158.8%** from **€2,246 million** in H1 2024 to **€5,812 million** in H1 2025[6](index=6&type=chunk) - Net income from discontinued operations surged from **€202 million** in H1 2024 to **€2,881 million** in H1 2025[6](index=6&type=chunk) [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20statements%20of%20comprehensive%20income) Sanofi's H1 2025 total comprehensive income decreased despite higher net income, primarily due to significant negative currency translation differences Consolidated Statements of Comprehensive Income (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Net income | 5,837 | 2,263 | | Subtotal: items not subsequently reclassifiable to profit or loss from continuing operations (A) | 241 | 166 | | Subtotal: items subsequently reclassifiable to profit or loss from continuing operations (B) | (5,318) | 1,067 | | Other comprehensive income/(loss) from continuing operations for the period, net of taxes (A+B) | (5,077) | 1,233 | | Other comprehensive income/(loss) for the period from discontinued operations, net of taxes (C) | 303 | (23) | | **Comprehensive income** | **1,063** | **3,496** | - Comprehensive income decreased by **69.6%** from **€3,496 million** in H1 2024 to **€1,063 million** in H1 2025[8](index=8&type=chunk) - Change in currency translation differences shifted from a gain of **€1,040 million** in H1 2024 to a loss of **€(5,203) million** in H1 2025[8](index=8&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20statements%20of%20changes%20in%20equity) Total equity decreased from January 1 to June 30, 2025, driven by dividend payments and share repurchases, partially offset by net income Consolidated Statements of Changes in Equity (January 1, 2025 to June 30, 2025) | (€ million) | Balance at January 1, 2025 | Comprehensive income for the period | Dividend paid out of 2024 earnings | Share repurchase program | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to equity holders of Sanofi | 77,507 | 1,076 | (4,772) | (3,988) | 70,008 | | Equity attributable to non-controlling interests | 350 | (13) | (32) | — | 271 | | **Total equity** | **77,857** | **1,063** | **(4,772)** | **(3,988)** | **70,279** | - Total equity decreased from **€77,857 million** at January 1, 2025, to **€70,279 million** at June 30, 2025[11](index=11&type=chunk) - A dividend of **€4,772 million** (**€3.92 per share**) was paid out of 2024 earnings[11](index=11&type=chunk) [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20statement%20of%20cash%20flows) Sanofi's H1 2025 cash and cash equivalents surged, driven by a substantial net cash inflow from the Opella divestment, despite increased financing cash usage Consolidated Statement of Cash Flows (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | 3,555 | 1,422 | | Net cash provided by/(used in) investing activities | 8,727 | (3,413) | | Net cash inflow from the Opella transaction | 10,742 | — | | Net cash provided by/(used in) financing activities | (4,489) | 89 | | Net change in cash and cash equivalents | 7,918 | (1,915) | | Cash and cash equivalents, end of period | 15,359 | 6,795 | - Net cash provided by operating activities increased by **150%** from **€1,422 million** in H1 2024 to **€3,555 million** in H1 2025[16](index=16&type=chunk) - Net cash provided by investing activities significantly improved from a net outflow of **€3,413 million** in H1 2024 to a net inflow of **€8,727 million** in H1 2025, largely due to the **€10,742 million** cash inflow from the Opella transaction[16](index=16&type=chunk) [Notes to the Condensed Half-Year Consolidated Financial Statements as of June 30, 2025](index=10&type=section&id=Notes%20to%20the%20condensed%20half-year%20consolidated%20financial%20statements%20as%20of%20June%2030%2C%202025) This section provides detailed notes to Sanofi's H1 2025 consolidated financial statements, including accounting policies, significant transactions, and other relevant information [Introduction](index=10&type=section&id=Introduction) Sanofi, a global healthcare leader, had its H1 2025 condensed consolidated financial statements reviewed by the Board on July 30, 2025 - Sanofi is a global healthcare leader engaged in the research, development, and marketing of therapeutic solutions[22](index=22&type=chunk) - The company is listed in Paris (Euronext: SAN) and New York (Nasdaq: SNY)[22](index=22&type=chunk) - The condensed consolidated financial statements for the six months ended June 30, 2025, were reviewed by the Sanofi Board of Directors on July 30, 2025[23](index=23&type=chunk) [A/ Basis of Preparation of the Half-Year Financial Statements and Accounting Policies](index=10&type=section&id=A%2F%20Basis%20of%20preparation%20of%20the%20half-year%20financial%20statements%20and%20accounting%20policies) This section details the basis for Sanofi's half-year financial statements, covering IAS 34, IFRS, estimates, hyperinflationary economies, fair value, and new IASB pronouncements [A.1. International Financial Reporting Standards (IFRS)](index=10&type=section&id=A.1.%20International%20financial%20reporting%20standards%20(IFRS)) This section details Sanofi's adherence to IFRS for its half-year consolidated financial statements, noting compliance with IAS 34 and IASB pronouncements - The half-year consolidated financial statements are prepared in condensed format in accordance with IAS 34 (Interim Financial Reporting)[24](index=24&type=chunk) - Accounting policies comply with IFRS as endorsed by the European Union and issued by the IASB, and are identical to those applied as of December 31, 2024[25](index=25&type=chunk) - The IASB amendment 'Lack of Exchangeability' (IAS 21), applicable from January 1, 2025, does not have a material impact on Sanofi's financial statements[26](index=26&type=chunk) [A.2. Use of Estimates and Judgments](index=10&type=section&id=A.2.%20Use%20of%20estimates%20and%20judgments) Financial statement preparation requires management estimates and assumptions, which may differ from actual results, particularly for income tax expense - The preparation of financial statements requires management to make reasonable estimates and assumptions, which may affect reported amounts and disclosures[28](index=28&type=chunk) - Actual results could differ from these estimates[29](index=29&type=chunk) - Income tax expense is determined based on an estimate of the effective tax rate for the full financial year, applied to business operating income[30](index=30&type=chunk) [A.3. Seasonal Trends](index=12&type=section&id=A.3.%20Seasonal%20trends) Sanofi's business activities are not subject to significant seasonal fluctuations - Sanofi's activities are not subject to significant seasonal fluctuations[32](index=32&type=chunk) [A.4. Consolidation and Foreign Currency Translation of Subsidiaries in Hyperinflationary Economies](index=12&type=section&id=A.4.%20Consolidation%20and%20foreign%20currency%20translation%20of%20the%20financial%20statements%20of%20subsidiaries%20in%20hyperinflationary%20economies) This section details consolidation and foreign currency translation for subsidiaries in hyperinflationary economies, including Venezuela, Argentina, and Turkey - Sanofi continues to use the full consolidation method for Venezuelan subsidiaries, with an immaterial contribution to consolidated financial statements[33](index=33&type=chunk) - Argentina has been treated as a hyperinflationary economy since July 1, 2018, and Turkey since January 1, 2022, with IAS 29 applied, and the impact of restatements is immaterial at the group level[34](index=34&type=chunk)[35](index=35&type=chunk) [A.5. Fair Value of Financial Instruments](index=12&type=section&id=A.5.%20Fair%20value%20of%20financial%20instruments) This section describes fair value measurement of financial instruments using a three-level hierarchy based on input observability, per IFRS 13 and IFRS 7 - Fair value measurements are classified using a three-level hierarchy based on input observability, as per IFRS 13 and IFRS 7[36](index=36&type=chunk) - Level 1 includes quoted prices in active markets for identical assets or liabilities[36](index=36&type=chunk) - Level 3 involves valuation techniques where not all important inputs are derived from observable market data, such as for unquoted equity instruments and contingent consideration receivable[36](index=36&type=chunk)[38](index=38&type=chunk) [A.6. New Pronouncements Issued by the IASB and Applicable from 2026](index=14&type=section&id=A.6.%20New%20pronouncements%20issued%20by%20the%20IASB%20and%20applicable%20from%202026) This section outlines new IASB pronouncements applicable from 2026, including IFRS 18 and amendments to IFRS 9 and IFRS 7, with no material impact expected - Sanofi will not early adopt IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from January 1, 2027, and an impact assessment is underway[39](index=39&type=chunk) - Amendments to IFRS 9 and IFRS 7 (classification and measurement of financial instruments), applicable no earlier than January 1, 2026, are not expected to have a material impact, and Sanofi will not early adopt them[40](index=40&type=chunk) - Sanofi does not expect any material impact from 'Annual Improvements to IFRS' (Volume 11) or 'Contracts referencing nature-dependent electricity' amendments to IFRS 9 and IFRS 7, both applicable from January 1, 2026, and will not early adopt them[41](index=41&type=chunk)[42](index=42&type=chunk) [B/ Significant Information for the First Half of 2025](index=14&type=section&id=B%2F%20Significant%20information%20for%20the%20first%20half%20of%202025) This section details significant financial and operational events in H1 2025, covering major transactions, asset changes, equity, debt, litigation, revenue, and segment results [B.1. Significant Transactions for the First Half of 2025](index=14&type=section&id=B.1.%20Significant%20transactions%20for%20the%20first%20half%20of%202025) This section highlights Sanofi's significant H1 2025 transactions, including the Opella divestment, Dren-0201 acquisition, and agreements for Vigil Neuroscience and Blueprint Medicines - Sanofi lost control of Opella on April 30, 2025, retaining a **48.2%** equity interest in OPAL JV Co, resulting in a net gain of **€2.7 billion** and a net cash inflow of **€10.7 billion**[43](index=43&type=chunk)[44](index=44&type=chunk)[47](index=47&type=chunk) - Acquired **100%** of Dren-0201, Inc. on May 27, 2025, for **$600 million** (plus **$1.3 billion** in potential future payments), adding SAR448501 to its immunology pipeline[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - Agreed to acquire Vigil Neuroscience, Inc. for approximately **$470 million** equity value (plus CVRs) and Blueprint Medicines Corporation for approximately **$9.1 billion** equity value (plus CVRs), with both expected to close in H2 2025[54](index=54&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) [B.2. Property, Plant and Equipment](index=16&type=section&id=B.2.%20Property%2C%20plant%20and%20equipment) This section details Sanofi's property, plant, and equipment, showing increased acquisitions in H1 2025 and firm orders as of June 30, 2025 Acquisitions of Property, Plant and Equipment by Operating Segment | (€ million) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Acquisitions | 702 | 591 | | Biopharma | 663 | 535 | | Opella (discontinued operation) | 39 | 56 | - Acquisitions of property, plant and equipment increased by **€111 million** in H1 2025 compared to H1 2024[62](index=62&type=chunk) - Firm orders for property, plant and equipment stood at **€732 million** as of June 30, 2025[62](index=62&type=chunk) [B.3. Goodwill and Other Intangible Assets](index=16&type=section&id=B.3.%20Goodwill%20and%20other%20intangible%20assets) This section details movements in goodwill and other intangible assets, noting a decrease in goodwill due to exchange rates and changes in consolidation scope - Goodwill decreased from **€43,384 million** at December 31, 2024, to **€40,283 million** at June 30, 2025, mainly due to the impact of changes in exchange rates[63](index=63&type=chunk) Movements in Other Intangible Assets (H1 2025) | (€ million) | Acquired R&D | Products, trademarks and other rights | Software | Total other intangible assets | | :--- | :--- | :--- | :--- | :--- | | Carrying amount at January 1, 2025 | 8,369 | 13,841 | 419 | 22,629 | | Changes in scope of consolidation | 500 | — | — | 500 | | Acquisitions and other increases | 332 | 302 | 42 | 676 | | Currency translation differences | (1,339) | (5,159) | (49) | (6,547) | | Carrying amount at June 30, 2025 | 8,048 | 11,984 | 399 | 20,431 | - The 'Changes in scope of consolidation' line mainly comprises the intangible asset recognized as part of the Dren-0201, Inc. acquisition[64](index=64&type=chunk) [B.4. Impairment of Intangible Assets](index=16&type=section&id=B.4.%20Impairment%20of%20intangible%20assets) This section reports impairment losses recognized in H1 2025, primarily linked to research and development projects - Impairment losses of **€210 million** were recognized in the first half of 2025, linked to research and development projects[65](index=65&type=chunk) [B.5. Investments Accounted for Using the Equity Method](index=17&type=section&id=B.5.%20Investments%20accounted%20for%20using%20the%20equity%20method) This section details Sanofi's equity method investments, showing a significant increase primarily due to the OPAL JV Co investment Investments Accounted for Using the Equity Method | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | OPAL JV Co (48.2% interest) | 3,239 | — | | EUROAPI (29.6% interest) | 82 | 82 | | Infraserv GmbH & Co. Höchst KG (31.2% interest) | 93 | 102 | | MSP Vaccine Company (50.0% interest) | 79 | 81 | | Other investments | 70 | 51 | | **Total** | **3,563** | **316** | - Total investments accounted for using the equity method significantly increased from **€316 million** at December 31, 2024, to **€3,563 million** at June 30, 2025, primarily due to the **€3,239 million** investment in OPAL JV Co[67](index=67&type=chunk) - Share of profit from investments accounted for using the equity method was **€85 million** in H1 2025, compared to a net loss of **€22 million** in H1 2024, including **€11 million** from OPAL JV Co[69](index=69&type=chunk) [B.6. Other Non-Current Assets](index=18&type=section&id=B.6.%20Other%20non-current%20assets) This section details other non-current assets, showing an increase driven by equity instruments at fair value through other comprehensive income Other Non-Current Assets | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity instruments at fair value through other comprehensive income | 2,105 | 1,559 | | Debt instruments at fair value through other comprehensive income | 362 | 357 | | Other financial assets at fair value through profit or loss | 965 | 1,027 | | Pre-funded pension obligations | 146 | 156 | | Long-term prepaid expenses | 143 | 152 | | Long-term loans and advances and other non-current receivables | 382 | 502 | | Derivative financial instruments | 6 | — | | **Total** | **4,109** | **3,753** | - Total other non-current assets increased by **€356 million** from **€3,753 million** at December 31, 2024, to **€4,109 million** at June 30, 2025[74](index=74&type=chunk) - Equity instruments at fair value through other comprehensive income increased by **€546 million**[74](index=74&type=chunk) [B.7. Accounts Receivable](index=18&type=section&id=B.7.%20Accounts%20receivable) This section details accounts receivable, showing a decrease in overdue amounts from December 31, 2024, to June 30, 2025 Accounts Receivable | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gross value | 7,896 | 7,777 | | Allowances | (86) | (100) | | **Carrying amount** | **7,810** | **7,677** | Ageing Profile of Overdue Accounts Receivable (Gross Value) | (€ million) | <1 month | 1-3 months | 3-6 months | 6-12 months | > 12 months | | :--- | :--- | :--- | :--- | :--- | :--- | | As of June 30, 2025 | 122 | 103 | 73 | 48 | 40 | | As of December 31, 2024 | 316 | 194 | 87 | 9 | 44 | - Overdue accounts receivable (gross value) decreased from **€650 million** at December 31, 2024, to **€386 million** at June 30, 2025[75](index=75&type=chunk) [B.8. Consolidated Shareholders' Equity](index=19&type=section&id=B.8.%20Consolidated%20shareholders'%20equity) This section details consolidated shareholders' equity movements, including significant share repurchases, treasury share cancellations, and restricted share plan expenses - Sanofi repurchased **39,344,633** of its own shares for **€3,988 million** in H1 2025 under a share repurchase program[80](index=80&type=chunk) - Treasury shares amounting to **€3,868 million** were cancelled in H1 2025[83](index=83&type=chunk) - The total expense recognized for restricted share plans was **€146 million** in H1 2025, with **11,550,347** shares not yet fully vested[86](index=86&type=chunk) [B.9. Debt, Cash and Cash Equivalents](index=21&type=section&id=B.9.%20Debt%2C%20cash%20and%20cash%20equivalents) This section details Sanofi's debt, cash, and cash equivalents, showing a decrease in net debt due to bond issuances and redemptions Debt, Cash and Cash Equivalents | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Long-term debt | 13,200 | 11,791 | | Short-term debt and current portion of long-term debt | 7,309 | 4,209 | | Total debt | 20,519 | 16,137 | | Cash and cash equivalents | (15,359) | (7,441) | | **Net debt** | **5,102** | **8,772** | - Net debt decreased by **€3,670 million** from **€8,772 million** at December 31, 2024, to **€5,102 million** at June 30, 2025[94](index=94&type=chunk) - Sanofi issued **€3 billion** in bonds and redeemed **€1.85 billion** in bonds during H1 2025[99](index=99&type=chunk) [B.10. Derivative Financial Instruments](index=24&type=section&id=B.10.%20Derivative%20financial%20instruments) This section details Sanofi's derivative financial instruments for operating and financial currency hedging, and interest rate management Operating Currency Hedging Instruments (June 30, 2025) | (€ million) | Notional amount | Fair value | | :--- | :--- | :--- | | Forward currency sales | 6,619 | 133 | | Forward currency purchases | 4,418 | (84) | | **Total** | **11,037** | **49** | Financial Currency Hedging Instruments (June 30, 2025) | (€ million) | Notional amount | Fair value | | :--- | :--- | :--- | | Cross currency seller swaps | 1,476 | 5 | | Forward currency sales | 7,723 | 176 | | Forward currency purchases | 3,609 | (44) | | **Total** | **12,808** | **137** | - Sanofi uses interest rate swaps with a total notional amount of **€2,348 million** and a fair value of **€(88) million** to manage financial exposure[108](index=108&type=chunk) [B.11. Liabilities Related to Business Combinations and Non-Controlling Interests](index=25&type=section&id=B.11.%20Liabilities%20related%20to%20business%20combinations%20and%20to%20non-controlling%20interests) This section details liabilities related to business combinations and non-controlling interests, showing a decrease due to payments and currency translation Movements in Liabilities Related to Business Combinations and Non-Controlling Interests (H1 2025) | (€ million) | Balance at January 1, 2025 | Payments made | Fair value remeasurements through profit or loss | Currency translation differences | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 641 | (72) | 72 | (77) | 564 | | Of which: Non-current portion | 569 | — | — | — | 564 | | Of which: Current portion | 72 | (72) | — | — | — | - Liabilities related to business combinations and non-controlling interests decreased from **€641 million** at January 1, 2025, to **€564 million** at June 30, 2025[110](index=110&type=chunk) - The main component is the contingent consideration liability towards Shire (Translate Bio acquisition), measured at **€563 million** as of June 30, 2025[112](index=112&type=chunk) [B.12. Non-Current Provisions and Other Non-Current Liabilities](index=26&type=section&id=B.12.%20Non-current%20provisions%20and%20other%20non-current%20liabilities) This section details non-current provisions and other non-current liabilities, showing a decrease due to changes in provisions and other liabilities Non-Current Provisions and Other Non-Current Liabilities | (€ million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Provisions | 5,003 | 5,762 | | Other non-current liabilities | 2,113 | 2,334 | | **Total** | **7,116** | **8,096** | - Total non-current provisions and other non-current liabilities decreased by **€980 million** from **€8,096 million** at December 31, 2024, to **€7,116 million** at June 30, 2025[115](index=115&type=chunk) - Other non-current liabilities include **€1,756 million** relating to royalties payable to Sobi on net sales of Beyfortus in the United States[115](index=115&type=chunk) [B.13. Off Balance Sheet Commitments](index=27&type=section&id=B.13.%20Of%20balance%20sheet%20commitments) This section outlines Sanofi's off-balance sheet commitments, including a significant license and collaboration agreement with Earendil Labs - Sanofi entered into a license and collaboration agreement with Earendil Labs for two bispecific antibodies, involving an upfront payment of **$125 million** and potential milestone payments up to **$1.7 billion**[123](index=123&type=chunk) [B.14. Litigation and Arbitration Proceedings](index=27&type=section&id=B.14.%20Litigation%20and%20arbitration%20proceedings) This section details Sanofi's litigation and arbitration proceedings, including Zantac product litigation settlements and the Plavix Attorney General action - Sanofi reached several settlement deals in April 2025, resolving a majority of the Zantac product litigation in the Delaware State Court consolidated litigation[127](index=127&type=chunk) - The Delaware Supreme Court reversed the Superior Court's denial of Defendants' Daubert motion regarding Zantac, remanding findings for consistency[128](index=128&type=chunk) - Sanofi settled the Plavix (clopidogrel) Attorney General action in Hawaii, with Sanofi US paying **$350 million**[132](index=132&type=chunk) [B.15. Other Operating Income and Expenses](index=28&type=section&id=B.15.%20Other%20operating%20income%20and%20expenses) This section details other operating income and expenses, noting increased expenses primarily related to Regeneron and gains on asset disposals Other Operating Income and Expenses (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Other operating income | 533 | 563 | | Other operating expenses | (2,476) | (1,977) | | Other operating income/(expenses), net related to Regeneron | (2,261) | (1,745) | - Other operating expenses increased by **€499 million**, primarily due to **€2,331 million** in expenses related to Regeneron in H1 2025[139](index=139&type=chunk)[141](index=141&type=chunk) - Gains on disposals of assets and operations, primarily non-strategic products, amounted to **€344 million** in H1 2025[140](index=140&type=chunk) [B.16. Restructuring Costs and Similar Items](index=29&type=section&id=B.16.%20Restructuring%20costs%20and%20similar%20items) This section details restructuring costs and similar items, showing a decrease in H1 2025 due to reduced employee-related expenses and R&D reorganization impacts Restructuring Costs and Similar Items (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Employee-related expenses | 201 | 810 | | Charges, gains or losses on assets | 109 | (27) | | Costs of transformation programs | 80 | 114 | | Other restructuring costs | 40 | 163 | | **Total** | **430** | **1,060** | - Restructuring and similar costs decreased by **€630 million** in H1 2025 compared to H1 2024[145](index=145&type=chunk) - The decrease is mainly because H1 2024 included significant impacts from the Job Management and Career Paths (GEPP) program and R&D reorganization[145](index=145&type=chunk) [B.17. Other Gains and Losses, and Litigation](index=29&type=section&id=B.17.%20Other%20gains%20and%20losses%2C%20and%20litigation) This section details other gains and losses, and litigation, noting a reduced charge in H1 2025 compared to H1 2024's significant Plavix provision - Other gains and losses, and litigation resulted in a charge of **€57 million** in H1 2025, mainly related to major litigation[146](index=146&type=chunk) - This compares to a charge of **€450 million** in H1 2024, which mainly comprised a provision for Plavix litigation in Hawaii[146](index=146&type=chunk) [B.18. Financial Expenses and Income](index=29&type=section&id=B.18.%20Financial%20expenses%20and%20income) This section details financial expenses and income, showing a decrease in net financial expenses in H1 2025, including a Beyfortus royalties expense Financial Expenses and Income (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Financial expenses | (361) | (583) | | Financial income | 184 | 277 | | **Net financial income/(expenses)** | **(177)** | **(306)** | | Cost of debt | (219) | (306) | | Interest income | 162 | 239 | - Net financial expenses decreased from **€(306) million** in H1 2024 to **€(177) million** in H1 2025[148](index=148&type=chunk) - A financial expense of **€50 million** was recorded in H1 2025 for the remeasurement of the liability for estimated future royalties on Beyfortus sales in the US[150](index=150&type=chunk) [B.19. Income Tax Expense](index=30&type=section&id=B.19.%20Income%20tax%20expense) This section details income tax expense and the effective tax rate, noting an increase in H1 2025, including the impact of Pillar Two Income Tax Expense (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Current taxes | (1,202) | (1,108) | | Deferred taxes | 491 | 729 | | **Total** | **(711)** | **(379)** | | Income before tax and investments accounted for using the equity method | 3,582 | 2,462 | Effective Tax Rate Reconciliation (H1 2025 vs. H1 2024) | (as a percentage) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | | :--- | :--- | :--- | | Standard tax rate applicable in France | 25.8 | 25.8 | | Difference between the standard French tax rate and the rates applicable to Sanofi | (7.3) | (15.5) | | Revisions to tax exposures and settlements of tax disputes | 2.3 | 2.3 | | Other | (1.0) | 2.8 | | **Effective tax rate** | **19.8** | **15.4** | - The effective tax rate increased from **15.4%** in H1 2024 to **19.8%** in H1 2025, including a **€17 million** tax expense for the estimated impact of Pillar Two in H1 2025[153](index=153&type=chunk)[155](index=155&type=chunk) [B.20. Revenue from Contracts with Customers](index=31&type=section&id=B.20.%20Revenue%20from%20contracts%20with%20customers) This section details revenue from contracts with customers, showing increased total net sales in H1 2025, driven by strong Dupixent and Beyfortus growth Net Sales by Product (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Group Net sales | 19,889 | 18,360 | | Dupixent | 7,312 | 6,138 | | ALTUVIIIO | 542 | 280 | | Nexviazyme/Nexviadyme | 387 | 320 | | RSV vaccine (Beyfortus) | 356 | 200 | - Total net sales increased by **8.3%** from **€18,360 million** in H1 2024 to **€19,889 million** in H1 2025[157](index=157&type=chunk) - Dupixent sales grew by **19.1%** to **€7,312 million**, and RSV vaccine (Beyfortus) sales increased by **78%** to **€356 million**[157](index=157&type=chunk) [B.21. Segment Information](index=32&type=section&id=B.21.%20Segment%20information) This section provides segment information, identifying Biopharma as Sanofi's single operating segment and detailing its net sales and business operating income - Sanofi operates as a single operating segment: Biopharma, which includes commercial operations, R&D, production, and support functions[161](index=161&type=chunk)[162](index=162&type=chunk) - 'Business operating income' is the key internal performance indicator used by Sanofi's chief operating decision maker[164](index=164&type=chunk) Biopharma Segment Results (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net sales | 19,889 | 18,360 | | Business operating income | 5,347 | 4,916 | | Net sales (United States) | 9,535 | 8,292 | | Net sales (Europe) | 4,144 | 4,072 | [B.22. Information Related to Opella, Presented Within Assets Held for Sale and Discontinued Operations](index=35&type=section&id=B.22.%20Information%20related%20to%20Opella%2C%20presented%20within%20assets%20held%20for%20sale%20and%20discontinued%20operations) This section provides information on Opella, presented as assets held for sale and discontinued operations, following its April 30, 2025 divestment - The Opella transaction closed on April 30, 2025, leading to the derecognition of all assets and liabilities of Opella subsidiaries[178](index=178&type=chunk) Opella Assets and Liabilities Held for Sale (December 31, 2024) | (€ million) | December 31, 2024 | | :--- | :--- | | Total assets held for sale | 13,489 | | Total liabilities related to assets held for sale | 2,131 | Net Income from Discontinued Operations (Opella) (H1 2025 vs. H1 2024) | (€ million) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net sales and other revenues | 1,736 | 2,645 | | Operating income | 266 | 277 | | Gain on disposal of Opella before tax | 2,781 | — | | Net income from discontinued operations (Opella) | 2,881 | 202 | | Basic earnings per share (in euros) | 2.34 | 0.16 | [C/ Events Subsequent to June 30, 2025](index=35&type=section&id=C%2F%20Events%20subsequent%20to%20June%2030%2C%202025) Subsequent to June 30, 2025, Sanofi agreed to acquire Vicebio Ltd for **$1.15 billion** upfront, expanding its vaccine pipeline with an RSV and hMPV candidate - On July 22, 2025, Sanofi agreed to acquire Vicebio Ltd for a total upfront payment of **$1.15 billion**, with potential milestone payments of up to **$450 million**[181](index=181&type=chunk) - The acquisition brings an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV)[181](index=181&type=chunk) - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions[181](index=181&type=chunk)

Financial Data and Key Metrics Changes - Net sales increased by 10.1% at constant exchange rates in Q2, primarily driven by immunology, biopharma launches, and Befortus [16][26] - Business EPS was €1.59, up 8.3%, reflecting strong sales performance and improved gross margin [18][26] - Gross margin improved by 1.5 percentage points, largely due to an improved product mix and efficiencies [16][18] Business Line Data and Key Metrics Changes - New launches generated close to €1,000,000,000 in sales, representing 10% of total sales [7][10] - Dupixent sales reached €3,800,000,000, up 21% in Q2, driven by strong demand across geographies [10][11] - Vaccine business sales increased by 10.3%, benefiting from the late flu season in the Northern Hemisphere [11][12] Market Data and Key Metrics Changes - Dupixent sales in the U.S. reached €2,800,000,000, up 22.7%, leading in new to brand prescriptions [10] - Outside the U.S., sales exceeded $1,000,000,000, driven by volume growth in key markets [10] - Anticipated sales split for flu vaccines is about 75% in Q3 and 25% in Q4, with total sales expected to decrease by a mid-teens percentage due to competitive pressures [25][26] Company Strategy and Development Direction - The company refined its 2025 sales guidance to high single-digit percentage growth at constant exchange rates, reflecting confidence in growth drivers [6][26] - The completion of the Blueprint Medicines acquisition strengthens the company's position in rare immunology diseases [13][14] - The company is committed to sustainability, aiming for all new medicines and vaccines to incorporate eco-design principles by 2025 [15][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year business outlook, supported by strong performance from growth drivers [6][26] - The company is navigating uncertainties from potential U.S. tariffs and EU exports, with updates to be provided as more information becomes available [27][28] - Management remains optimistic about the pipeline and the potential for new product launches to drive future growth [41][45] Other Important Information - R&D expenses increased by 17.7% due to a lower base of comparison last year, with underlying R&D expenses up around 7% [17][18] - The company is executing a €5,000,000,000 share buyback program in 2025, with over 80% already completed [21][22] Q&A Session Summary Question: R&D transformation and pipeline progress - Management acknowledged the progress in R&D but noted that the share price is lagging, awaiting further pipeline developments [41][42] - Confidence remains in the Phase III trials and the potential for achieving €10 billion in sales by 2030 [42][43] Question: Development spend and margin outlook - R&D expenses are expected to be slightly up in H2, with SG&A increasing at half the rate of sales growth [50][52] - Management anticipates BOI margin growth alongside absolute growth in the coming years [54][56] Question: Dupixent performance in China - Dupixent has seen over 30% volume growth in China, despite pricing pressures [58][59] Question: Expectations for amlitilumab and tariffs - The company has not factored potential tariff impacts into its 2025 guidance, expecting limited effects due to existing inventory [63][64] - Amlitilumab is expected to provide comparable efficacy to existing treatments with a longer dosing interval [66][67]