French pharmaceutical giant Sanofi (NASDAQ: SNY) reported a strong fourth-quarter performance with 10.3% year-on-year (YOY) growth in net sales in constant currency terms, reaching EUR 10.564 billion ($11 billion). The growth was driven by a 56.5% increase in new pharma launches, a 16% rise in sales of Dupixent (dupilumab), and an 8% expansion in vaccines. These gains helped offset a 10.4% drop in the China market, attributed to inventory shifts related to National Reimbursement Drug List (NRDL) listings and volume-based procurement (VBP).
Full-Year Performance and Market Contributions
Over the full year, Sanofi recorded net sales of EUR 41.081 billion ($42.8 billion), up 11.3% YOY. The US market was the strongest contributor with a 16.2% YOY expansion, while China remained “broadly stable” with a -0.5% growth YOY.
Product Performance Highlights
- Dupixent: The allergy and asthma blockbuster enjoyed a 23.1% YOY sales growth over the full year, reaching EUR 13.072 billion ($13.6 billion). The drug launched for treating chronic obstructive pulmonary disorder (COPD) in the US and EU markets, with initial sales in Germany and multiple EU reimbursement decisions awaited in 2025.
- Insulin Glargine Products: Lantus and Toujeo benefited from competitor supply disruptions, with Lantus growing 20.8% to EUR 1.63 billion ($1.7 billion) and Toujeo up 13.4% to EUR 1.23 billion ($1.28 billion) over the year. These windfall sales began to fade in Q4 and are expected to normalize in 2025.
Vaccines Portfolio: Expanded by 13.5% to EUR 8.3 billion ($8.7 billion) in 2024, driven by the roll-out of the respiratory syncytial virus (RSV) vaccine Beyfortus, with sales up 214.4% YOY to EUR 1.69 billion ($1.76 billion). - New Product Launches: Eight new drugs contributed EUR 2.85 billion ($2.97 billion) over the year, up 71.4% YOY. Leading new products include hemophilia drug ALTUVIIIO (antihemophilic factor (recombinant), Fc-VWF-XTEN fusion protein), with 330% growth to EUR 682 million in annual sales, and Pompe’s disease therapy Nexviazyme/Nexviadyme (avalglucosidase alfa), up 61.2% YOY to EUR 667 million ($695 million).
Pipeline and Future Outlook
During the earnings conference call, Sanofi’s R&D head Houman Ashrafian highlighted the firm’s progress in transitioning into a pure-play biopharma company with increased focus on science and internal R&D. The firm achieved eight positive Phase III readouts in 2024 and initiated 18 mid- to late-stage studies. For 2025, Sanofi is preparing for three new launches: the Bruton’s tyrosine kinase (BTK) inhibitor tolebrutinib in secondary progressive multiple sclerosis (SPMS), rilzabrutinib for immune thrombocytopenia (ITP), and the small interfering RNA therapeutic fitusiran for hemophilia. Ongoing growth for Dupixent is assured with new indication approvals, including eosinophilic esophagitis (EoE) in the EU and supplemental filings to the US FDA for chronic spontaneous urticaria (CSU) and bullous pemphigoid (BP).
Financial Forecast and Share Buyback Program
For the fiscal year 2025, Sanofi issued a positive forecast, expecting sales to grow in “mid-to-high single-digit” percentages and earnings per share (EPS) to grow at low double-digit percentages, boosted by the firm’s recent cost-cutting program. Sanofi also plans to initiate an EUR 5 billion share buyback program in 2025.
Pipeline Discontinuations
Sanofi’s results presentation revealed several pipeline discontinuations during Q4. Notably, tolebrutinib failed to achieve efficacy for relapsing MS, ending Phase III development in that indication. Additionally, the IL-2 inhibitor pegenzileukin (SAR444245) for solid tumors, acquired in Sanofi’s $2.5 billion takeover of Synthorx Inc. in 2019, was discontinued at the Phase I stage. Two nanobody drugs acquired via the $4.6 billion purchase of Ablynx N.V. in 2018 were also cancelled at the Phase I stage: the anti-CX3CR1 nanobody SAR445611 for inflammatory diseases and the GPC3-based nanobody T-cell engager SAR444200 for oncology.-Fineline Info & Tech
