Sanofi(SNY)2025-02-13 18:41Acquisitions and Divestments - Sanofi entered into a definitive agreement with Recordati for the sale of its global rights to Enjaymo, receiving an upfront payment of 250 million based on sales[654]. - In 2023, there were no material divestments reported by Sanofi[655]. - Sanofi completed the acquisition of Inhibrx for 1,885 million allocated to in-process development for SAR447537[658][659]. - The acquisition of QRIB Intermediate Holdings, LLC was completed for 1,410 million[662]. - Sanofi acquired Provention Bio, Inc. for approximately 2,722 million[663]. - The acquisition of Amunix Pharmaceuticals, Inc. involved a fixed payment of €970 million and contingent consideration of up to $225 million, with a net cash outflow of €852 million[665]. Financial Performance - Consolidated net sales for the year ended December 31, 2024, amounted to €41,081 million, an increase of 8.6% compared to 2023[692]. - At constant exchange rates, net sales rose by 11.3%, driven mainly by strong performances for Dupixent, Beyfortus, and ALTUVIIIO[692]. - Gross profit for 2024 was €31,081 million, representing 75.7% of net sales, compared to 76.7% in 2023[691]. - Research and development expenses increased to €7,394 million, accounting for 18.0% of net sales, up from 17.2% in 2023[691]. - Operating income for 2024 was €7,252 million, or 17.7% of net sales, compared to 18.4% in 2023[691]. - Net income attributable to equity holders of Sanofi was €5,560 million, representing 13.5% of net sales, compared to 14.3% in 2023[691]. - Basic earnings per share for 2024 was €4.44, an increase from €4.31 in 2023[691]. - Financial expenses decreased to €1,073 million in 2024, down from €1,293 million in 2023[691]. Sales Performance - Dupixent sales reached €13,072 million, with a reported increase of 22.0% and a constant exchange rate increase of 23.1%[697]. - Biopharma segment net sales reached €41,081 million in 2024, up 8.6% on a reported basis and 11.3% at constant exchange rates (CER)[698]. - ALTUVIIIO sales amounted to €682 million, with 90% generated in the United States, driven by patient switches from older treatments[700]. - Nexviazyme/Nexviadyme sales were €667 million, up 61.2% year-on-year, now accounting for 50% of total Pompe franchise sales[701]. - Sarclisa reported sales of €471 million, up 29.7% at CER, with strong growth across all regions[702]. - Rezurock sales reached €470 million, an increase of 51.6% at CER, driven by strong uptake in the US and launch countries[703]. - Cablivi sales were €249 million, up 9.7% at CER, with significant growth in the United States[704]. - Lantus sales increased to €1,628 million, up 20.8% at CER, primarily due to the withdrawal of a competing medicine[707]. - Toujeo sales rose to €1,227 million, reflecting a 13.4% increase at CER, driven by growth in China[708]. - Total hemophilia A franchise sales (ALTUVIIIO + Eloctate) amounted to €1,050 million, representing a 67.8% increase at CER[700]. Tax and Revenue Recognition - Sanofi's revenue recognition policies ensure that revenue from sales is recognized when control over the product is transferred to the customer, in accordance with IFRS 15[668]. - The company recognizes deferred income taxes on tax loss carry-forwards and temporary differences, with deferred tax assets not recognized if it is more likely than not that they will not be realized[684]. Cash Flow and Impact - Sanofi's cash impact from the deconsolidation of EUROAPI was a net cash inflow of €101 million[656]. - The acquisition-related costs for Inhibrx were included in the total acquisition price, reflecting the company's strategy to enhance its rare disease pipeline[659].