Q2 2025 Sanofi SA Earnings Call Transcript
Key Points
- Sanofi SA (SNY) reported double-digit sales growth in Q2 2025, driven by strong performance in new launches, vaccines, and Dupixent.
- The company refined its 2025 sales guidance to high single-digit percentage growth at constant exchange rates, reflecting confidence in its business outlook.
- Dupixent sales reached EUR3.8 billion, up 21% in Q2, with strong demand across geographies and new indications, including COPD.
- Sanofi SA (SNY) completed the acquisition of Blueprint Medicines, enhancing its position in rare immunology diseases and adding promising assets like Ayvakit.
- The company is recognized for its sustainability efforts, ranked as the world's tenth most sustainable company and number one in pharma and biotech.
- R&D expenses increased by 17.7% due to a lower base of comparison last year, impacting overall financials.
- Sanofi SA (SNY) anticipates a mid-teens percentage decrease in flu vaccine sales due to competitive pressures, particularly in the US and Germany.
- The company faces potential negative impacts from US tariffs and new export regulations, though details remain uncertain.
- Despite strong sales growth, the share price is lagging, with investors awaiting further pipeline progress and successful Phase III trials.
- Sanofi SA (SNY) must absorb a significant BOI impact due to the end of Regeneron R&D reimbursement, affecting future financial performance.
Hello, everyone. This is Thomas Kudsk Larsen from the Sanofi IR team. Welcome to the Q2 2025 conference call for investors and analysts. As usual, you can find the slides on sanofi.com. Please turn to slide number 3. Here, we have the usual forward-looking statements. We would like to remind you that information presented in this call contains forward-looking statements, which are subject to substantial risks and uncertainties that may cause actual results to differ materially.
We encourage you to read the disclaimer in our slide presentation. In addition, we refer you to our Form 20-F on file with the US SEC and our French universal registration document for a description of these risk factors. As usual, we'll be making comments on our performance using constant exchange rates and other non-IFRS measures. Numbers used by millions of euros and for Q2 2025, unless stated otherwise.
Please turn to slide number 4. First, we have a presentation, then we'll take your questions. We have kept the presentation as showed -- as in the past,
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