医药：海外MNC动态跟踪系列（三）-赛诺菲：自免之王适应症拓展，RSV疫苗快速放量

Investment Rating - The industry investment rating is "Outperform the Market" [4][35]. Core Insights - Sanofi's revenue for 2024 reached €41.081 billion (approximately $42.313 billion), representing a year-on-year growth of 11.3%, primarily driven by the strong sales of Dupixent and new product launches [4][10]. - The company expects product sales to achieve mid-to-high single-digit percentage growth in 2025, with earnings per share projected to grow in the low double digits [28][31]. Summary by Sections Part 1: 2024 Financial Overview and Key Events - Sanofi's gross profit margin for 2024 was 75.7%, a decrease of 1.0 percentage points compared to the previous year, mainly due to the absence of COVID-related revenue [13]. - The company reported a total business net income of €8.912 billion, with an earnings per share (EPS) of €7.12, reflecting a 4.1% increase year-on-year [10][13]. Part 2: Core Product Sales Analysis - Dupixent (dupilumab) generated sales of €13.072 billion (approximately $13.464 billion) in 2024, marking a 23.1% increase and accounting for 32% of Sanofi's total revenue [20][21]. - The vaccine segment achieved revenue of €8.298 billion (approximately $8.547 billion), with a growth rate of 13.5%, significantly boosted by the sales of the RSV vaccine, which reached €1.686 billion (approximately $1.748 billion) in its first full year [21][22]. Part 3: 2025 Pipeline Milestones - Key regulatory submissions expected in the first half of 2025 include Rilzabrutinib for immune thrombocytopenia in Japan and Dupixent for chronic spontaneous urticaria in the US and EU [25][26]. - The company plans to initiate several clinical trials, including Duvakitug for inflammatory bowel disease and SP0202 for pneumococcal disease [26]. Part 4: 2025 Outlook - Sanofi anticipates a mid-to-high single-digit percentage growth in product sales for 2025, with a stock buyback plan of €5 billion aimed at enhancing shareholder value [28][31].