Sanofi Q1 FY2025 earnings call

• Innovation Focus: Strategic focus on innovation with pharma launches like Dupixent and Befortis in vaccines. Obtained FDA approval for QFIPIA in hemophilia. - Dupixent Performance: Grew 20% in Q1, reached EUR 3.5B in sales, leads prescription share across approved indications. Launched in 8 countries for COPD. - Vaccine Business: Double-digit growth, manufacturing progress for flu, Fast Track designation for chlamydia vaccine. - Sustainability: New air strategy focusing on access to healthcare, environmental impact, and resilience of healthcare systems. - Pipeline Updates: 6 approvals, acquisition of DR 0201, progress in respiratory pipeline with amlitelimab, bravecamig, etc.

Pharma Segment: Dupixent delivered strong growth of 20% in Q1, with sales reaching EUR 3.5 billion. In the US, sales were EUR 2.5 billion, up 18%. Outside the US, sales exceeded EUR 1 billion for the first time. New launches contributed EUR 1.1 billion in sales, accounting for 11% of the total. Vaccine Segment: The vaccine business saw double-digit growth in Q1, driven by favorable Fortis phasing and new country launches.

• Net sales increased by 9.7% at constant exchange rates to EUR 9.9 billion. - Full year effective tax rate expected to be around 20%. - EUR 5 billion share buyback program, 76% completed. - Q2 Lantus US sales higher due to competitor product unavailability, but stable launches expected. - Foreign exchange impact estimated at -1.5% on sales and -2% on EPS.

• Forward-looking statements subject to substantial risks and uncertainties. - Potential tariff exposure and impact on transfer prices. - Small study sizes in Phase II trials and potential for not meeting endpoints.

Q: On amlutelimab-asthma data, how does efficacy compare to Dupixent?

A: We're excited about amlutelimab results, it missed primary endpoint but has compelling data in subgroups.

Q: On U.S. flu vaccine dynamics?

A: Too early to be definitive, pre-booking period ongoing, stay tuned for Q2 earnings.

Q: On trispecifics in AD?

A: Our Nanobody platform allows trispecifics, but focus on adding biology, remain committed to Dupixent.