Sanofi's Q4 2024: Unpacking Contradictions on Dupixent, Beyfortus Growth, and Spin-off Strategy

These are the key contradictions discussed in Sanofi's latest 2024 Q4 earnings call, specifically including: Dupixent's gross to net adjustments, Beyfortus' competitive advantages and market penetration, and the strategy for the Consumer Health spin-off:



Sales and Market Performance:
- Sanofi reported double-digits sales growth for a third consecutive quarter, supported by key drivers such as vaccines and new product launches, with vaccines reaching €8 billion, up by 13.5%.
- The growth was driven by the success of RSV vaccine Beyfortus and the resilience of the flu franchise.

Dupixent Leadership:
- Dupixent exceeded €13 billion in sales, achieving 16% growth in Q4, driven by strong prescription trends across all indications globally.
- The expansion of Dupixent's benefits to more patients and new indications contributed to its growth.

R&D Activity and Pipeline Progress:
- Sanofi's R&D expenses increased by 14.6%, aligning with the focus on investing in the pipeline, with significant clinical trial results from fitusiran, rilzabrutinib, and tolebrutinib.
- The positive Phase 3 results and regulatory approvals for these molecules support their potential market launches.

Vaccine Pipeline Expansion:
- The company started a Phase 3 program for PCV-21, a pediatric vaccine against pneumococcal disease, with plans to pursue a broader vaccine portfolio.
- This expansion complements the extensive pediatric and elderly segments, representing a significant market opportunity.