Sanofi: Q4 sales growth of 10.3%, 2024 business EPS guidance exceeded, and strong business EPS rebound expected in 2025

Paris, January 30, 2025

Q4: sales growth of 10.3% at CER1 and business EPS2 of €1.31

  • Pharma launches up 56.5%, reaching sales of €0.8 billion, 8% of total sales, led by ALTUVIIIO
  • Dupixent sales up 16.0% to €3.5 billion
  • Vaccines sales up 10.8% to €2.2 billion, driven by Beyfortus sales in Europe
  • Business EPS of €1.31, -11.0% at CER and -14.9% reported; IFRS EPS of €0.54

FY: double-digit sales growth and business EPS guidance exceeded

  • Sales totaled €41.1 billion, an increase of 11.3% at CER
  • Sales targets exceeded: Dupixent >€13 billion and Beyfortus blockbuster status (€1.7 billion) in its first full year
  • Research and Development expenses reached €7.4 billion, up 14.6%, in line with commitments
  • Business EPS of €7.12, +4.1% at CER, above guidance, and -1.8% reported; IFRS EPS of €4.59
  • The Board of Directors met on January 29, 2025; proposes a dividend of €3.92 for 2024, 30th year of consecutive increases

Pipeline: increased investment and progress

  • Q4: four regulatory approvals: Dupixent EoE (children) (EU), Kevzara PMR (EU), Cerdelga GD1 (children) (EU), Efluelda flu (JP)3
  • FY: 14 regulatory approvals of medicines and vaccines, 21 regulatory submission acceptances, and eight positive phase 3 readouts emphasize a positive and improving pipeline momentum

Further progress towards a focused biopharma business

  • Intention to sell a controlling stake in Opella consumer health at an attractive valuation; closing in Q2 2025 at the earliest4

Guidance

  • In 2025, sales are anticipated to grow by a mid-to-high single-digit percentage at CER5. Sanofi confirms the expectation of a strong rebound in business EPS with growth at a low double-digit percentage at CER (before share buyback).6
  • Sanofi intends to execute a share buyback program in 2025 of €5 billion. Shares will be purchased preferably through block trades and in the open market with the purpose of cancellation.

Paul Hudson, Chief Executive Officer: “We achieved double-digit sales growth in 2024 while pursuing the transformation of the company. Innovation was a key driver of our growth as launches already contributed 11 percent of sales, with Beyfortus becoming a blockbuster in its first full year of sales. We exceeded our business EPS guidance. In 2024, we announced an intention to sell a controlling stake in Opella consumer health, which will make Sanofi a focused, science-driven biopharma company. We increased R&D investments and achieved significant progress with our pipeline in 2024, including positive phase 3 study results for new medicines such as rilzabrutinib in rare diseases and tolebrutinib in multiple sclerosis. As we enter 2025, we expect continued, solid growth in sales and a strong rebound in earnings. We are also confident in the mid to long-term growth prospects of Sanofi, supported by ongoing launches, Dupixent (currently expected to reach sales of around €22 billion in 20307, in line with the current ambition), and expected future launches from our pipeline.”

  Q4 2024 Change Change at CER FY 2024 Change Change at CER
IFRS net sales reported         €10,564m                 +9.1%         +10.3%         €41,081m                 +8.6%         +11.3%
IFRS net income reported         €683m                 —                 —                 €5,744m                 +6.4%         —        
IFRS EPS reported         €0.54                 —                 —                 €4.59                 +6.5%         —        
Free cash flow8         €2,340m                 -25.5%         —                 €5,955m                 -19.6%         —        
Business operating income         €2,078m                 -11.8%         -7.7        %         €11,343m                 +1.5%         +7.6%
Business net income         €1,642m                 -15.1%         -11.2        %         €8,912m                 -1.8%         +4.1%
Business EPS         €1.31                 -14.9%         -11.0%         €7.12                 -1.8%         +4.1%

1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9).2 To facilitate an understanding of operational performance, Sanofi comments on the business net income statement which is a non-IFRS financial measure (definition in Appendix 9). The income statement is in Appendix 3 and a reconciliation of reported IFRS to business net income is in Appendix 4.3 For the definition of medical and scientific terms, please see the first use of the word in the Pipeline update section.4 Subject to finalization of definitive agreements and subject to obtaining regulatory approvals from the competent authorities.5 In 2025, sales growth will exclude any impact from hyperinflation. In 2024, it is estimated that sales growth benefited by 1.8 percentage points.6 Applying average January 2025 exchange rates, the currency impacts are estimated between +2% and +3% on sales and +2% and +3% on business EPS.7 At CER.8 Free cash flow is a non-IFRS financial measure (definition in Appendix 9).

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