Financial Data and Key Metrics Changes - The company reported a 9.7% increase in net sales at constant exchange rates, reaching EUR 9.9 billion, primarily driven by Dupixent, new product launches, and favorable phasing in vaccines [19][20]. - Gross margin improved significantly to 78%, up 2.3 percentage points from the previous year, attributed to an improved product mix and efficiencies [20]. - Business EPS was EUR 1.79, reflecting a 15.7% increase, confirming expectations for a strong EPS rebound in 2025 [21]. Business Line Data and Key Metrics Changes - New product launches generated EUR 1.1 billion in sales, contributing 11% to total sales, driven by the phasing and expansion of Befortis [7]. - Dupixent sales grew by 20% in Q1, reaching EUR 3.5 billion, with U.S. sales at EUR 2.5 billion, up 18% [8][9]. - The vaccine business delivered double-digit growth in Q1, supported by favorable phasing and new country launches [14]. Market Data and Key Metrics Changes - Outside the U.S., Dupixent sales exceeded EUR 1 billion for the first time, with significant contributions from Japan, China, and Germany [9]. - The company is focused on improving immunization rates in the U.S. for infants, with a vaccination coverage rate of approximately 55% to 60% during the 2024-2025 season [78]. Company Strategy and Development Direction - The company aims to invest in R&D, sales and marketing, industrial assets, AI, and talent to drive organic growth [22]. - A progressive dividend policy is maintained, marking the 30th consecutive year of dividend increases [24]. - The company is executing a EUR 5 billion share buyback program in 2025, with 76% already completed [24]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Dupixent's growth across markets and all approved indications, highlighting low bio penetration [10]. - The company anticipates stable sales for launches in 2025, despite a higher baseline due to competitor product unavailability [25]. - Management acknowledged foreign exchange impacts estimated at around -1.5% on sales and -2% on EPS for the full year 2025 [26]. Other Important Information - The company obtained FDA approval for QFIPIA in hemophilia, one of three potential launches this year [8]. - The company is exploring external growth opportunities through bolt-on acquisitions, including the acquisition of a promising molecule from Dren Bio [22][23]. - The company is committed to aligning health outcomes with environmental and social responsibility through its updated sustainability strategy [16][17]. Q&A Session Summary Question: Can you provide insights on the efficacy of amlitelimab compared to Dupixent? - Management emphasized their commitment to Dupixent and noted that while amlitelimab missed its primary endpoint, compelling data in multiple subgroups supports its development [53][54]. Question: What is the strategy regarding the combination of balantinofib with other therapies? - Management confirmed plans for combination therapies, highlighting the potential for synergistic effects with existing treatments [56][57]. Question: How is the company addressing the immunization rates for RSV in the U.S.? - Management noted that the vaccination coverage rate is around 55% to 60% and emphasized the need to increase this rate to protect infants [78][79]. Question: What are the expectations regarding the impact of U.S. tariffs on the company? - Management stated that there are no specifics to share regarding U.S. tariffs but confirmed readiness to address any developments [93]. Question: How does the company view the competitive positioning of its pipeline? - Management expressed confidence in the competitive positioning of their pipeline, particularly with the potential of new therapies like Bribekamig [111][112].

Business Finance Pipeline Appendices Results Q1 2025 April 24, 2025 Business Finance Pipeline Appendices Forward-looking statements This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with respect to future ...

Core Insights - Sanofi reported first-quarter 2025 adjusted earnings of 94 cents per American depositary share, exceeding the Zacks Consensus Estimate of 90 cents per share, with earnings of €1.79 per share rising 17.0% on a reported basis and 15.7% on a constant currency rate [1][20] - Net sales increased by 10.8% on a reported basis to $10.42 billion (€9.9 billion), but fell short of the Zacks Consensus Estimate of $10.63 billion, with a 9.7% rise on a constant currency basis [2][19] Financial Performance - Dupixent sales reached €3.48 billion, up 20.3% year over year, driven by strong prescription trends across all geographies, surpassing model estimates [4] - Sales of Altuviiio, a new rare blood disorder drug, were €251 million, showing growth from €230 million in the previous quarter, with over 87% of sales in the U.S. [8] - Total vaccine sales increased by 11.4% to €1.33 billion, driven by favorable sales of Beyfortus [15] Product Performance - Dupixent sales in the U.S. rose 18.4%, with significant growth in Europe (23.5%) and the Rest of the World (26.5%) [5][6] - Sales of Nexviazyme/Nexviadzyme were €195 million, up 26.3% year over year, while Myozyme sales declined 29.8% to €135 million due to patient switches [9][10] - In neurology, Aubagio sales fell 37.3% to €65 million due to generic competition, while Sarclisa sales rose 26.4% to €136 million [13] Future Outlook - Sanofi maintained its 2025 guidance, expecting sales to rise by a mid-to-high single-digit percentage at constant currency and earnings to rebound strongly with low double-digit percentage growth [18] - The company anticipates three potential new drug launches this year, including Qfitlia/fitusiran, which was approved for treating hemophilia A and B [21] - Sanofi is on track to separate its Consumer Healthcare unit, creating a publicly listed entity called Opella [22]

Market Overview - US stock index futures are all down, with Dow futures down 0.47%, S&P 500 futures down 0.31%, and Nasdaq futures down 0.26% [1] - European indices also show declines, with Germany's DAX down 0.07%, UK's FTSE 100 down 0.04%, France's CAC40 down 0.14%, and the Euro Stoxx 50 down 0.18% [2] - WTI crude oil increased by 1.25% to $63.05 per barrel, while Brent crude rose by 1.03% to $66.80 per barrel [2] US Stock Market Insights - Jefferies highlights a critical point for the S&P 500 index at 5500, which needs to be breached to recover from a 19% drop since February's historical high [3] - Christopher Wood from Jefferies suggests that the golden era for US stocks is over, predicting further declines in US equities, bonds, and the dollar [5] Automotive Industry - Japanese automakers saw a surge in US sales in March, with Toyota's sales up 8% to 231,336 units, Honda's up 13%, and Nissan's up 10% [4] Company Earnings Reports - Merck's Q1 earnings exceeded expectations with sales of $15.5 billion, although they anticipate a $200 million loss due to tariffs by 2025 [9] - American Airlines withdrew its 2025 profit guidance, reporting a Q1 net loss of $473 million, worsened by tariff pressures and government spending uncertainties [9] - Procter & Gamble lowered its annual organic sales growth forecast from 3%-5% to 2% due to tariff pressures and fluctuating consumer demand [10] - Sanofi's Q1 earnings surpassed expectations, driven by strong demand for its Dupixent drug, with sales of €9.89 billion [10] - IBM reported Q1 sales of $14.5 billion, exceeding expectations, but concerns remain regarding the impact of tariffs and government spending cuts on business [11] - Texas Instruments provided a positive Q2 earnings outlook, with expected revenue between $4.17 billion and $4.53 billion, driven by improved demand in industrial and automotive sectors [12] Technology Sector - Google Chrome's potential market value is estimated at over $50 billion, according to competitors, amid ongoing antitrust scrutiny [13] - TSMC plans to begin production using A14 chip technology in 2028, aiming to maintain its leadership in the semiconductor industry [13]

赛诺菲(SNY.US)第一季度利润超预期，其重磅皮肤科和哮喘药物Dupixent的强劲需求功不可没。财报显 示，赛诺菲一季度营收为98.9亿欧元，同比下降5.4%，超出预期1.2亿欧元；经项目调整后的每股收益 为1.79欧元(合2.03美元)，高于分析师预估的1.67欧元。 首席财务官弗朗索瓦-格扎维埃.罗杰在电话会议上表示，赛诺菲正考虑加大美国药品产能投资，以满足 未来生产需求和客户需求。他补充说，近年来公司已持续提高在美国本土的制药份额。 包括罗氏控股和诺华制药在内的欧洲竞争对手，近期已承诺在特朗普总统可能对医药进口产品加征新关 税前，向美国投资数百亿美元。 赛诺菲当季99亿欧元销售额中有近半数来自美国市场，凸显其对全球最大医药市场的依赖。得益于 Dupixent销售额增长20%至35亿欧元(略超分析师预期)，公司季度总营收超出市场预估。 制药企业正严阵以待美国破坏性关税，这可能迫使企业承担进口成本上升压力或选择提高药品价格。美 国政府已启动对医药进口产品的调查，将决定对该行业加征关税的幅度。 这家法国制药商重申了全年业绩指引，称已考虑美国关税和全球经济不确定性的潜在影响。2025年，赛 诺菲预计销售额将 ...

Market Overview - Major U.S. stock index futures are down, with Dow futures falling by 0.75%, S&P 500 futures down by 0.64%, and Nasdaq futures decreasing by 0.89% [1] - Technology stocks are experiencing a broad decline, with Apple down by 1.31%, Nvidia down by 1.68%, and Amazon down by 1.08% [1] Company-Specific News - Tesla's stock price target has been lowered by HSBC from $125 to $120, maintaining a "reduce" rating. The analyst cites aging product lineup, increased competition in China, the U.S., and Europe, and brand image issues as negative factors affecting Tesla's performance and future outlook. Tesla's stock is down by 1.71% [1] - Eli Lilly has filed lawsuits against four generic drug manufacturers for allegedly producing and selling unapproved generic versions of its weight loss and diabetes medications. A U.S. judge previously prohibited these manufacturers from producing such generics. Eli Lilly's stock is down by 0.64% [1] - Southwest Airlines announced plans to cut flights in the second half of the year due to declining domestic booking trends and will not reaffirm its profit guidance for 2025 and 2026. The stock is down by 2.82% [2] - IBM's stock fell by over 8% after the cancellation of 15 government contracts due to cost-cutting measures by the Department of Government Efficiency (DOGE), despite reporting better-than-expected earnings and revenue for Q1 2025 [2] - Morgan Stanley raised the stock price target for AT&T from $28 to $31, maintaining an "overweight" rating, following AT&T's Q1 2025 earnings report that exceeded expectations and the announcement of a $10 billion stock buyback plan [2] - Sanofi's Q1 revenue of $9.89 billion fell short of the expected $10.99 billion, leading to a decline in its stock by 1.04% [3] - Texas Instruments reported Q1 earnings per share of $1.28, surpassing the expected $1.06, with revenue of $4.1 billion exceeding the anticipated $3.91 billion. The stock rose by 4.04% [3]

Core Insights - The company reported a Q1 sales growth of 9.7% at constant exchange rates (CER) and a business EPS of €1.79, indicating a strong start to 2025 [1][3][8] Sales Performance - Pharma launches generated sales of €0.8 billion, reflecting a 43.8% increase, primarily driven by ALTUVIIIO [6] - Dupixent sales reached €3.5 billion, up 20.3%, while vaccine sales amounted to €1.3 billion, up 11.4% due to favorable phasing of Beyfortus [6] - Total IFRS net sales were reported at €9,895 million, representing a 10.8% increase [8] Financial Metrics - Business EPS increased by 17.0% reported and 15.7% at CER, reaching €1.79 [6][8] - IFRS net income rose by 65.2% to €1,872 million, with IFRS EPS reported at €1.52, up 67.0% [8] - Free cash flow was reported at €1,029 million [8] Pipeline and Approvals - The company achieved six regulatory approvals across various therapeutic areas, including immunology, rare diseases, and oncology [6][5] - Significant progress was noted in the pipeline, with new data from mid-stage studies unlocking late-stage studies in asthma and skin diseases [6][5] Capital Allocation and Strategy - The company confirmed its capital allocation strategy, including a share buyback program of €5 billion, with 72% already repurchased [7][4] - The anticipated closing of the sale of a controlling stake in Opella is expected in Q2 [7] Future Outlook - Sales are projected to grow by a mid-to-high single-digit percentage at CER in 2025, with business EPS expected to increase at a low double-digit percentage at CER before share buyback [7]

Group 1 - Novartis and Sanofi are urging the European Union to increase drug prices [1] - The call for higher prices is aimed at addressing the financial challenges faced by pharmaceutical companies [1] - The request highlights the ongoing debate regarding drug pricing and access to medications in Europe [1]

诺华、赛诺菲呼吁欧盟提高药品价格。 ...

Core Insights - The Medical sector's first-quarter 2025 earnings season is gaining momentum, with strong initial results from Johnson & Johnson, which exceeded earnings and sales estimates and raised its sales guidance for the year [1] - As of April 16, 3.3% of Medical sector companies reported earnings, with 100% surpassing earnings estimates and 50% exceeding revenue estimates, indicating a positive trend for the sector [1] - Overall, first-quarter earnings for the Medical sector are projected to increase by 34.7%, while sales are expected to rise by 7.5% compared to the previous year [1] Gilead Sciences - Gilead Sciences has a strong earnings track record, beating estimates in the last four quarters with an average surprise of 19.47% [3] - For Q1 2025, Gilead has an Earnings ESP of +3.07% and a Zacks Rank of 3, with consensus earnings estimated at $1.73 per share [5] - The company's revenue is expected to be supported by its HIV therapies, although it may face challenges due to the new Medicare Part D model affecting discounts [6][7] Bristol Myers - Bristol Myers has also shown a solid earnings performance, beating estimates in the last four quarters with an average surprise of 16.18% [8] - For the upcoming quarter, Bristol Myers has an Earnings ESP of -0.51% and a Zacks Rank of 3, with consensus earnings estimated at $1.54 per share [8] - Revenue is anticipated to be impacted by declining sales from legacy drugs, but this may be offset by growth in newer products [9] Merck - Merck has a favorable earnings history, beating estimates in the last four quarters with an average surprise of 4.68% [11] - For Q1 2025, Merck has an Earnings ESP of -2.04% and a Zacks Rank of 3, with consensus earnings estimated at $2.16 per share [11] - Revenue growth is expected to be driven by the strong performance of its cancer drug Keytruda, although international sales of the HPV vaccine Gardasil may be negatively affected [12] AbbVie - AbbVie has consistently beaten earnings estimates, with an average surprise of 2.37% over the last four quarters [13] - For the upcoming quarter, AbbVie has an Earnings ESP of -3.61% and a Zacks Rank of 3, with consensus earnings estimated at $2.47 per share [13] - The company's revenue is likely to be bolstered by strong sales of key drugs and contributions from newer products [14] Sanofi - Sanofi has a mixed earnings record, beating estimates in two of the last four quarters, with an average surprise of 5.14% [15] - For Q1 2025, Sanofi has an Earnings ESP of +1.62% and a Zacks Rank of 3, with consensus earnings estimated at 90 cents per share [15] - Revenue is expected to benefit from higher sales of Dupixent and new products, although lower flu vaccine sales and generic competition may pose challenges [16]