Sanofi (SNY) Q2 2024 Earnings Name Transcript

Sanofi (SNY 3.71%)
Q2 2024 Earnings Name
Jul 25, 2024, 8:30 a.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Individuals

Ready Remarks:

Thomas Kudsk Larsen — Head of Investor Relations

Whats up, everybody. That is Thomas Kudsk Larsen from Sanofi IR staff. Welcome to the Q2 2024 convention name for traders and analysts. As traditional, you could find the slides on sanofi.com. Please flip to Slide 3.

Right here now we have the standard forward-looking statements. We wish to remind you that data introduced on this name accommodates forward-looking statements, that are topic to substantial danger and uncertainties that will trigger precise outcomes to vary materially. We encourage you to learn the disclaimer in our slide presentation. As well as, we refer you to the Type 20-F on file with the U.S.

SEC and our French registration doc for an outline of those danger elements. As traditional, we will likely be making feedback on our efficiency utilizing fixed trade charges and different non-IFRS measures. Numbers used are in million euros and for Q2 2024 until said in any other case. Please flip to Slide 4.

First, now we have a presentation, then we take your questions. Now we have stored the presentation quick as different firms report immediately, and we goal at preserving the decision to most of 1 hour. For Q&A, now we have Brian, Olivier, Thomas, and Julie to cowl the worldwide enterprise unit and Roy, our common counsel. [Operator instructions] And with this, I am going to hand you over to Paul.

Paul Hudson — Chief Govt Officer

Properly, Thanks Thomas, so a lot better whenever you do the intro. Thanks, and whats up to everybody on the decision. Our sturdy enterprise momentum continued within the second quarter. We delivered double-digit gross sales progress at CER.

We proceed to execute on our pharma launches, and we hold advancing our pipeline of latest medicines. Our progress was pushed by a powerful quarter for Dupixent, seven years into its launch and the broad-based efficiency of our new medicines. Our vaccine gross sales have been secure when excluding the impact of final 12 months’s COVID gross sales. The gross sales of Opella, the brand new title of our client healthcare enterprise grew by 10%, with the U.S.

wellness model Qunol is the principle driver in america. Based mostly on the strong progress we have seen within the first half, we’re assured concerning the stronger outlook for the rest of the 12 months, and that is why we’re upgrading our earnings per share steerage for 2024, and Francois will present extra particulars in a second. Turning to Slide 6. Dupixent reached a major new milestone for the primary time.

Gross sales exceeded the three billion euros mark in a single quarter. This new quarterly gross sales document highlights continued sturdy quantity progress throughout authorized indications, age teams, and, after all, geographies. Dupixent’s progress of 29% within the quarter was fueled by its constant and strong U.S. efficiency.

Given the timing of July 4 Holy Week, we noticed a barely stronger quantity development on the finish of June. The rocket enlargement in key markets exterior the U.S., resembling Japan, China, and Europe additional boosted Q2 efficiency, rising at virtually double the tempo because the U.S. Trying forward, we stay excited by the close to to midterm progress outlook to Dupixent, which bolstered by a collection of upcoming regulatory catalysts inside and out of doors the U.S. We lately obtained the EU approval for COPD, and we’re trying ahead to the U.S.

PDUFA determination on the finish of September, which is predicted to be a major driver for Dupixent’s continued enlargement. Total, we stay on monitor for our goal of round 13 billion euro in 2024, in step with our low-double digit compound annual progress price objective set from 2023 to 2030. Now on Slide 7, turning to our launches and the way we carry innovation to sufferers. Quarter after quarter, the expansion of those new medicines more and more contributes to our prime line progress.

Francois will clarify the important thing contribution of those profitable launches to the accelerated enterprise dynamics in a minute. Development of Nexviazyme as a result of sufferers changing from legacy remedies in Pompe franchise stays a key driver. Most eligible sufferers within the U.S. at the moment are on the brand new customary of care with Nexviazyme and sufferers proceed to transform exterior the U.S.

ALTUVIIIO annualized is launch to the top of March. Development charges stay very sturdy with increased gross sales predominantly within the U.S., the place it was pushed by affected person switches, of which an rising majority got here from medicines apart from Eloctate. Different medicines have executed effectively in progress in absolute phrases together with Sarclisa’s quick enlargement in Europe and Japan. As anticipated, Beyfortus gross sales in Q2 have been low as a result of vaccine seasonality.

Waiting for the upcoming RSV season within the Northern Hemisphere, we stay excited by the chance for Beyfortus to advance towards all toddler safety and reached blockbuster standing globally in 2024. Because the world chief in flu vaccine, Sanofi has a pivotal function to play in bringing ahead modern options towards this illness by addressing present challenges and constructing strategic partnerships. In Might, we introduced a brand new partnership to mix Novavax’s COVID-19 vaccine with our differentiated flu vaccines with the objective to create a best-in-class mixture. This new mixture will embrace our flu vaccines which have confirmed efficacy in stopping flu infections and its extreme penalties resembling pneumonia and hospitalizations and naturally, has acquired an ACIP referential suggestion.

We imagine our actually differentiated combo vaccine will reveal favorable tolerability in comparison with present COVID-19 mRNA-based mixture vaccine candidates, finally driving increased vaccine charges. To make clear, we imagine that mixture vaccines developed by opponents that will compromise tolerability or confirmed stage of efficacy with broken vaccine confidence and additional influence vaccination charges negatively. As well as, Sanofi will commercialize Novavax’s COVID-19 vaccine from subsequent 12 months and ebook the gross sales. Because of our main business capabilities, we hope to have the ability to additional drive broader acceptance of COVID-19 immunization.

Contemplating the current public concern about H5N1 avian influenza, we take accountability in pandemic preparedness with two pivotal applications. Our egg-based protein adjuvanted vaccine is about to start a research in Q3 in collaboration with BARDA, and our mRNA pandemic flu program will enter medical research within the coming months. In abstract, our dedication to innovation continues to drive our management within the flu vaccine market, making certain we’re ready to fulfill present and future challenges. Properly, let me conclude by highlighting a separate constructive be aware referring to our ESG dedication.

TIME Journal lately ranked Sanofi because the world’s seventh most sustainable firm throughout industries and first in pharma. This rating displays the progress of our built-in ESG technique. And due to our complete carbon transition plan, we at the moment are on monitor to fulfill carbon neutrality in 2030, in step with our science-based goal initiative dedication. To attain this goal, we deal with key decarbonization ranges introduced on the slide.

For Scopes 1 and a couple of, 43% discount of our actions was already achieved, and we’re concentrating on 55% discount by 2030. The Scope 3, 10% discount was to date. We’re aiming for 30% throughout the worth chain. With that, I hand over to Francois, our CFO.

Francois Roger — Chief Monetary Officer

Thanks, Paul. Good morning, and good afternoon to all. Let me begin with our gross sales growth on Slide 11. Now we have delivered strong leads to the second quarter with 8% reported progress and even 10% at fixed trade charges.

Our progress is broad-based throughout companies and geographies and hyperinflationary international locations had solely a restricted contribution to our progress. We’re delivering high quality progress as you possibly can see on the right-hand aspect. Our continued portfolio transformation is a key progress driver with sturdy efficiency from Dupixent and the ramp-up of our newly launched medicines. Different merchandise additionally had a major contribution.

Please flip to Slide 12. Gross revenue confirmed double-digit progress in step with our gross sales efficiency. Gross margin was barely down as a result of unfavorable forex influence or dangerous [Inaudible] and COVID-19 income final 12 months. At fixed trade charges, our gross margin has barely elevated, primarily pushed by improved product combine.

Whole working bills have been up by 5.2% as we put money into advertising and gross sales to assist launches and in R&D. R&D bills grew double digit when excluding the onetime 200 million euro reimbursement from Sobi associated to ALTUVIIIO. We’re totally on monitor with the step-up of our R&D spend by roughly 700 million euros this 12 months, 2024 round 7.4 billion euros. SG&A bills grew considerably lower than gross sales progress, producing a constructive gross leverage influence on margin.

Enterprise working earnings grew 8.3% and enterprise EPS progress was up by 4%, pushed by increased BOI, partially offset by the upper tax price of 21% in addition to elevated finance prices from increased internet debt. Please flip to Slide 13. Based mostly on our present efficiency within the first half of the 12 months on a powerful enterprise outlook for the rest of the 12 months. We upgraded our earnings per share steerage for 2024 to secure at fixed trade charges.

Let me now provide you with somewhat extra shade on some key concerns for the stability of the 12 months. On [Inaudible], we anticipate the primary shipments within the Northern Hemisphere that would happen in Q3. Concerning phasing, This autumn gross sales are more likely to be increased than Q3 ones based mostly on regulatory approval of the 2 further filling traces anticipated in September. On flu, we anticipate the phasing with roughly 70% of gross sales in Q3 and 30% in This autumn.

Whole gross sales for flu are anticipated to say no low-single digits versus final 12 months as a result of an anticipated softer vaccination charges. Different objects are much like what we shared with you final quarter. So total, we’re happy with our Q2 business and monetary efficiency, with gross sales progress of 10%, underlying enchancment in gross margin, additional value self-discipline, and the continued modernization throughout the corporate. This constructive momentum in Q2 and the constructive outlook for the stability of the 12 months leads us to improve our steerage.

With that, I hand over to Houman for additional constructive information on the pipeline.

Houman Ashrafian — International Head of Analysis and Improvement

Thanks, Francois. Slide 15, we have achieved a number of milestones this quarter, displaying our steady pipeline progress. Dupixent for the therapy of COPD, was authorized final month within the EU, and that is the primary time Dupixent has been authorized within the EU forward of the U.S. Additional, it’s the solely biologic drugs authorized to deal with COPD wherever.

Now ALTUVIIIO can be authorized within the EU below the title Altuvoct. We have acquired a number of accepted regulatory submissions, together with precedence opinions of Dupixent and CRS with MP and adolescents and Sarclisa in newly recognized transplant ineligible a number of myeloma with U.S. PDUFA dates in H2. Moreover, fitusiran, our RNA interfering antithrombin for sufferers affected by hemophilia A and B, has been submitted within the U.S.

with a probable regulatory determination early subsequent 12 months. In assist of our drive to change into a tech-powered biopharma firm, we shaped a current collaboration with Formation Bio and open AI to speed up drug growth, additionally supported by the collaboration with Belharra to advance the invention and drug in immunology targets becoming completely with our Nurix analysis program STAT6, a key goal in immunology. Finishing our deal with uncommon ailments, we have lately introduced a growth and commercialization settlement exterior the U.S. with Fulcrum for losmapimod, a MAPK — a MAP kinase inhibitor and in facioscapulohumeral muscular dystrophy, a genetic neuromuscular illness characterised by progressive muscle weak spot.

This drugs is in part 3 with an anticipated knowledge readout by the associate on the finish of the 12 months. Shifting ahead with neurology, now we have two lately introduced — now we have additionally lately introduced our unique license price with with Vigil with one small molecular part 1, specializing in an space of big unmet medical want, Alzheimer’s illness. These regional actions are serving to us to replenish our early stage tasks to make sure the sustainability of our line. Subsequent slide, please.

The ATS assembly in Might, we introduced high-dose part 2 knowledge from the proof-of-concept withdrawal design research of rilzabrutinib, our superior oral concentrating on each kind 2 and non-type 2 irritation in moderate-to-severe bronchial asthma. In week 12, therapy with high-dose rilzabrutinib resulted in a 36% relative danger discount within the lack of bronchial asthma management occasions in comparison with placebo. This prolonged a 25% discount noticed within the low-dose cohort. Moreover, we noticed a fast usually important and clinically significant enchancment bronchial asthma signs and high quality of life with a well-tolerated security profile.

These constructive outcomes reveal the potential of rilzabrutinib as an add-on for uncontrolled bronchial asthma sufferers and are a part of a broader set of research to construct on the constructive part 3 knowledge in ITP for the regulatory submission anticipated later this 12 months. Slide 17. Turning to oncology and the current ASCO assembly, we introduced our necessary part 3 knowledge from the IMROZ research within the newly recognized myeloma transplant ineligible sufferers. The first endpoint is met with a statistically important discount of 40% in illness development or dying for sufferers handled with Sarclisa-VRd versus VRd Lite.

Estimated 63.2% of sufferers had no PFS occasion of 60 months versus 45.2% for sufferers handled with VRd Lite. This frontline use and transplant ineligible sufferers have been shaped probably a 3rd indication of Sarclisa with anticipated regulatory determination by September ’27 within the U.S. A number of further research are at present ongoing to additional prolong indications to Sarclisa, together with the subcutaneous formulation. Slide 18.

On my final slide, I wish to spotlight the thrilling upcoming information circulate for the following 18 months in assist of elevated R&D productiveness. We plan 12 part 3 readouts, 13 submissions, 9 regulatory selections, and we sit up for preserving you up to date on the progress. Earlier than handing again to Paul, I would like to increase my honest thanks to each colleague within the R&D staff for the work they do for sufferers. We have undergone modifications over the previous month.

We’re effectively on monitor with the pipeline of latest alternatives as we chase the miracles of science to enhance individuals’s lives. With this, I hand again over to Paul for Q&A.

Paul Hudson — Chief Govt Officer

Properly, thanks Houman and Francois. We’ll now the decision to questions. [Operator instructions] Bear in mind, we’re seeing a lot of you once more early subsequent week. [Operator instructions] The query will likely be prepared and skim by our panelists.

Now I am going to take the primary query, Thomas?

Questions & Solutions:

Operator

Your first query will come from the road of Graham Parry, Financial institution of America.

Graham Parry — Analyst

Hey, thanks for taking the questions. So firstly, on Beyfortus, might you simply affirm present steerage nonetheless solely assumes the present capability and 1 billion euros of gross sales with approval of expanded provide being upside to that? After which are you able to make clear the size of the expanded capability. So I feel you talked about two traces including to 1. So can we simply assume that is type of tripling? And might we learn your part and touch upon Beyfortus extra in fourth quarter and third quarter to imply that you just won’t have the manufacturing authorized by the start of the season in September? After which secondly, on Opella, simply puzzled if you happen to might replace us to the time traces through which you count on to have the ability to make clear to the market the foundation of separation so sale versus spin and maybe simply assist us perceive the elements that go into the choice between the 2 at this stage.

Thanks.

Paul Hudson — Chief Govt Officer

Thanks. I feel there was 5 questions there, Graham, thanks. I do not know what I have to do. However anyway, Thomas, over to you.

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

Thanks for the query, Graham. So just a few parts to reply your questions. Initially, we’re assured Beyfortus will likely be a blockbuster in 2024. That is the steerage that now we have supplied, and we’re totally aligned with that.

You keep in mind the totally different messages we had supplied beforehand, the truth that with a purpose to improve provide we want, as you identified, now we have two filling traces. We wished to make it possible for we’ll carry manufacturing in danger with our associate, AstraZeneca. After which we’re submitting, after all, the regulatory functions for the regulatory our bodies to approve these traces in due time. So we’re precisely on monitor with this plan, i.e., now we have executed manufacturing in danger as anticipated.

Now we have executed PPQ batches and serverization batches, and now we have submitted to the totally different regulatory physique, all of the totally different regulatory functions for these traces. Now it is in the long run of the regulatory our bodies for the precise timing of the approval, which can allow the general cargo of the season. However we imagine that there is all the explanations to be assured concerning the accelerating evaluate means of these traces and about the truth that we’ll be capable to transfer ahead for the provision for the 2024 season. Now when it comes to the indication we have supplied on the break up in quarters between Q3 and This autumn, now we have identified to the truth that we count on, once more, inside what we all know immediately to have This autumn gross sales above Q3 gross sales.

That is as a result of right here, whereas it is a seasonal product, there are some variations with flu, for instance, the place you will have in flu vaccinations earlier of the season and that is it. Right here for RSV, there’s all of the in-season born infants which might be born within the month of October, November, December, January, February, and March. And that additionally accounts for a major [Inaudible]. Subsequently, with data now we have immediately, we imagine it is affordable we count on This autumn gross sales to be above Q3 gross sales.

Total, confidently transferring towards the approaching our determination and once more confirming the steerage, however will probably be not less than blockbuster gross sales for us in 2024.

Paul Hudson — Chief Govt Officer

Thanks. Francois on Opella.

Francois Roger — Chief Monetary Officer

Sure, Graham. On Opella, so far as the timing is anxious, we affirm what now we have stated earlier than, which implies we count on that transaction to happen on the earliest within the fourth quarter of ’24 could possibly be probably within the first quarter of 2025. However I feel it will make an enormous distinction. I do affirm as effectively that we’re nonetheless in a really aggressive course of with mainly three choices.

Two of them are public, both an IPO or a spin, and certainly one of them is extra despatched to a non-public get together. So the sport continues to be completely open as we communicate with one goal, which is worth creation for shareholders. Possibly that will help you somewhat bit, the 2 primary objects that we’re taking a look at is clearly the valuation the worth as of immediately or no matter we might extract us worth sooner or later as effectively below totally different configuration, but it surely’s very basically worth story. We’re considering, clearly, the execution danger, certainty of transaction versus uncertainty.

That is a part of what we’re taking a look at. The excellent news I can share with you is one is that the method is any means between the totally different choices very aggressive. So which signifies that normally when you will have a aggressive course of, you are in a greater place to extract worth. So we’re very constructive for what’s the high quality property.

Paul Hudson — Chief Govt Officer

OK. Thanks. Subsequent query.

Operator

Subsequent query comes from the road of Shirley [Inaudible] from Barclays. Shirley?

Paul Hudson — Chief Govt Officer

Shirley, you may wish to —

Unknown speaker — — Analyst

Are you able to hear me OK?

Paul Hudson — Chief Govt Officer

Sure. We acquired you.

Unknown speaker — — Analyst

Thanks. Shirley [Inaudible] from Barclays, asking questions for Emily Area. Now we have one query for flu vaccine. Are you able to please share with us the time line for the COVID-19 and plus flu vaccine on the preparation with Novavax.

As well as, how would you touch upon the attitude of flu vaccine over solo flu vaccine? Additionally seen you will have an mRNA flu vaccine in part 1. How would this candidate present potential synergy or different impacts in your present product launch? Thanks.

Paul Hudson — Chief Govt Officer

Thanks. Thomas?

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

Thanks very a lot, Shirley, just a few parts in your query. First level, I understood you bought questioning on the partnership with Novavax and extra particularly concerning the mixture vaccines the place now we have you understood very effectively, we actually wish to make it possible for there isn’t any compromise both on security or efficacy. And we imagine that the mixture is barely price if you happen to not less than nearly as good or higher than one of the best stand-alone merchandise individually. That is precisely what we wish to do with the vaccine.

It is a bit too early to speak to you about particular time traces. That is why now we have not shared something about this, but it surely’s in all probability not loopy to assume, however following this partnership, we wish to go quick, and we intend to start out medical operations this 12 months in 2024 on this mixture vaccine. That is for the mixture vaccine. Now you — I pointed to a few parts that are essential.

Initially, you had the questions on our mRNA flu undertaking. And also you had a query about is it synergistic or not? Just a few good factors there. On mRNA flu, you’ve got seen within the pipe and appendix, however we’re transferring our part 1 mRNA flu from one product to a different product, very merely totally in step with what we have been mentioned on the investor occasion final 12 months the place mainly we have been displaying that the primary era of mRNA flu are usually not transferring the needle. Mainly, first era mRNA flu are producing flu titers, flu antibodies, however the efficacy will not be identified, and the extent of security is unquestionably not at stage of security and tolerability of the present customary of care.

In order that’s why we claimed at the moment, however we wish to go to the following era of concord. And that is precisely why we’re doing with this new contract, wished to go to the following stage of mRNA flu as a result of if you happen to’re not enhancing customary of care, there is not any level of transferring additional develop. And that is why we imagine our method mRNA flu and our method on mixture vaccine is the fitting one. In fact, you’ve got seen the distinction with some others, however there’s a huge compromise on tolerability and perhaps on efficacy.

We do not assume it is a profitable recipe. Final however not least, you perceive that placing all this collectively, we see a synergistic impact and never a cannibalization impact. We’re leaders in immediately. We will likely be once more chief tomorrow.

Paul Hudson — Chief Govt Officer

Thanks, Thomas. Subsequent query.

Operator

So your subsequent query comes from the road of Seamus Fernandez, Guggenheim.

Seamus Fernandez — Analyst

Thanks very a lot for the query. So I wished to only drill into expectations for the COPD launch hoping you can simply present us with somewhat little bit of shade on the trajectory of progress. We noticed very sturdy progress from Dupixent in so many different launch classes, however this can be a uniquely massive one. And I simply wished to get some shade there.

After which simply as a separate query, are you able to give us your ideas on the — the place you assume the CD40 ligand asset has essentially the most acceptable alternative exterior of a number of sclerosis. Thanks a lot.

Paul Hudson — Chief Govt Officer

OK. Brian, COPD.

Brian Foard — International Enterprise Unit Head, Specialty Care

Properly, thanks a lot for the query, Seamus. We’re actually excited concerning the COPD line. Clearly, we simply remind everyone that we simply acquired approval in Europe, first ever superior remedy to be authorized in COPD. Third main explanation for useless worldwide.

Actually necessary second for us within the firm and positively for sufferers. Because it pertains to the replace, the excellent news is we’re already on this specific doctor inhabitants each day foundation with bronchial asthma. The excellent news can be this illness state, as we have highlighted, is pushed by underlying Sort 2 irritation, and that’s additionally similar to bronchial asthma. So the storyline continues to be very sturdy.

The chance will likely be for us to search out these sufferers and make it possible for we get them into the therapy facilities to make it possible for we’re capable of get them launched to remedy quickly. As we stated, we predict that many of the progress will hit us in 2025 and we’ll start the launch this 12 months, and likely in 2025.

Paul Hudson — Chief Govt Officer

Thanks. Houman, CD40 ligand?

Houman Ashrafian — International Head of Analysis and Improvement

Sure, thanks for the query. Exterior the a number of types of a number of sclerosis, the place this can be related confidence round using this node, each in Sort 1 diabetes and in stroke transplant rejection is the obvious place the place the biology direct us.

Paul Hudson — Chief Govt Officer

Thanks. Subsequent query.

Operator

The following questions come from the road of Jo Walton with UBS.

Jo Walton — UBS — Analyst

Thanks. If I can return briefly to Beyfortus. I feel we are able to work out for ourselves the extent of demand within the U.S., and assuming that you’ve got capability, the way you may take care of that. However are you able to give us a way of the place demand is constructing exterior of the U.S.

Will there be important new international locations which you can provide this 12 months? Or will different main markets actually are available subsequent 12 months? So it is actually attempting to get a way of the U.S. ex U.S. break up. And on fitusiran, which is now a filed asset, might you remind us the place you assume that is going to slot in the hemophilia house, please?

Paul Hudson — Chief Govt Officer

[Inaudible] loud and clear. Thomas, over to you on Beyfortus.

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

On the geographies, thanks for the query, Jo. You do not forget that final 12 months, we have been already specializing in three massive international locations, specifically the U.S., Spain, and France. So these, after all, will stay in stability and actually transferring ahead. Along with this, we will likely be opening this 12 months just a few international locations.

I am not going to call them additionally. So I hope no person will likely be greatest if I neglect a few them. However to inform you the important thing ones, we count on just a few provinces in Italy to launch. We count on Germany, you’ve got seen the sticker suggestion to maneuver ahead on vaccination.

We count on different European international locations resembling Eire, Belgium, and Portugal, which have additionally supplied some suggestion. So that provides you a bit an instance of how we’ll develop this 12 months on.

Paul Hudson — Chief Govt Officer

And perhaps I am going to simply add that effort will not be the rationale for the improve in steerage immediately. In order that’s a constructive total. I apologize for anyone offended by Thomas’ language. Houman, on fitusiran.

Houman Ashrafian — International Head of Analysis and Improvement

Hello, Jo. Thanks for the touch upon fitusiran. Based mostly on the mechanism of motion, we imagine that fitusiran is relevant to all sufferers with hemophilia and can possible be used broadly. I am going to come again to it in a nanosecond.

The true challenge is the most important unmet medical want immediately in hemophilia B, particularly with inhibitors. And I think that the rapid use of this medicine will likely be in that group, however will definitely prolong extra broadly. It is necessary to remind everyone — this can be a extremely differentiated remedy however very clear knowledge. The elements that make this an necessary a part of the panorama of the hemophilia therapy is that it is a low-volume therapy with actually tolerable profiles of injection six to 12 instances a 12 months in comparison with the manifold variety of remedies for additional therapy classes.

And importantly, there is not any chilly chain. And like antibodies, that is very simple to offer worldwide. So in some ways, this can be a extremely differentiated remedy, and we’re optimistic about it out.

Paul Hudson — Chief Govt Officer

Sure. Thanks. It does have a terrific profile. We settle for that there will be some tailoring to titrating, not unusual with this affected person inhabitants, but it surely has a very nice and compelling profile.

Subsequent query.

Operator

The following query comes from Tim Anderson with Wolfe.

Tim Anderson — Analyst

Thanks. Simply on tolebrutinib, simply replace on timing after which actually what the almost certainly base case expectations ought to be? I suppose, I would prefer to distill it right down to a single query, do you assume tolebrutinib will likely be approval in some kind or one other based mostly on the upcoming readouts? Or might or not it’s a complete zero? Thanks.

Houman Ashrafian — International Head of Analysis and Improvement

Thanks for the query. No replace on the timing as we mentioned late August, early September this 12 months, per what we have stated I am aware, after all, of our reporting obligations, and we will likely be deeply aware of how we offer a knowledge circulate on the prime of thoughts, simply when it comes to speculating on the outcomes of the trials, after all, I am unable to try this. However I’ve to say we’re optimistic concerning the path for these medicine. And I might actually level out merely that at present in a number of sclerosis, there’s an enormous unmet medical want and secondary progressive illness and a part 2, we had actually fascinating outcomes.

So going ahead, we’ll see the outcomes very quickly.

Paul Hudson — Chief Govt Officer

Sure. And I feel we all know that, the truth that we crossed some blood kindly significant means. We’ll discover out once we get the outcomes, whether or not that’s relevant to the readouts within the research, and we’ll see when that differentiation holds. So we are saying on leverage all time traces, subsequent query.

Operator

The following questions come from the road of Luisa Hector, Berenberg.

Luisa Hector — Berenberg Capital Markets — Analyst

Hello there. Thanks for taking my query. So for Dupixent enlargement into extra indications. So to begin with, with CSU and medical doctors we communicate to, firstly, completely love Dupixent.

However they’re additionally assured there’s an impact in CSU. So I am simply questioning, how we should always take into consideration Research C? Will or not it’s adequate for approval? What is the profile you are aiming for and the way you set that within the context of the broader pipeline, rilzabrutinib, and so on.? After which maybe only a touch upon the UC part 2 when ought to you will have the induction knowledge in-house?

Paul Hudson — Chief Govt Officer

OK. Thanks, Louisa. Brian, Dupi indication enlargement Research C.

Brian Foard — International Enterprise Unit Head, Specialty Care

OK. I feel goes to speak somewhat bit concerning the profile probably. However simply as you stated, and I like — I really like what you stated, whenever you discuss to sufferers, how a lot they love Dupixent and physicians how a lot they love Dupixent. You are completely dermatologists are excited concerning the potential enlargement into CSU.

We’d like a trial to learn out constructive, after which we’ll file for this. We, by the best way, simply to let you understand, our first launch in CSU is definitely in Japan somewhat bit earlier this 12 months, and it is gone exceptionally effectively, nonetheless early days. However once more, I feel it additional reinforces the profile that we carry to the dermatologist neighborhood who’re treating a number of of those illness states that now we have immediately. So once more, we glance ahead for the info readout and bringing this to sufferers all around the globe.

Houman Ashrafian — International Head of Analysis and Improvement

Sure. Luisa, good to listen to your voice and thanks for calling. Research C, like Research A, now we have excessive hopes for efficacy in sufferers.

Paul Hudson — Chief Govt Officer

OK. Good. TL1A.

Houman Ashrafian — International Head of Analysis and Improvement

TL1A. Thanks for the query for that. As you’ll have seen, for instance of the efficiency of the collaboration and what we carry to the desk in collaborations when Sanofi involves the desk in immunology, now we have accelerated the research by three months. We completed early, we overperformed.

We’re optimistic about each this illness class and the differentiation of this TL1A, notably based mostly on its uncooked horsepower and efficiency, but additionally its potential to differentiate between DR3 and the Decoy 3 receptor, which make this a extremely distinctive model of the TL1A molecule4. We anticipate outcomes, I feel, has been described in This autumn of this 12 months. And we’re utilizing this trial to each information dosing but additionally indication. And simply to name it out, we have loved the connection with our associate Teva.

And from this level on the top of this outcome, we’ll decide up the baton on the part 3.

Paul Hudson — Chief Govt Officer

Proper. Thanks. Subsequent query.

Operator

The following query comes from the road of Florent Cespedes of Bernstein [Inaudible].

Florent Cespedes — Analyst

Good afternoon. Florent Cespedes of Bernstein. Two fast questions. First, a follow-up on Beyfortus.

You probably have the approval of the 2 manufacturing traces later this 12 months, might you inform us how do you see the capability for 2025 will likely be twice the present stage you will have immediately? So some shade on this entrance can be nice. Second query for Houman. That are in your most necessary part 2 tasks that can learn out till the top of subsequent 12 months in your portfolio? It could be nice to have this remark.

Paul Hudson — Chief Govt Officer

Thomas, on Beyfortus.

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

So on Beyfortus, we did not give any particular quantity on capability. But when now we have the in traces authorized, which we’ll. I feel we will likely be in a scenario in 2025 to correspond to the demand. So I do not see any sub-issues there.

In fact, I perceive the short-term deal with provide of very clearly. However after all, you perceive additionally that we have to construct the demand over time. The registration is to be adopted after by a suggestion physique. So in each nation, new recommending our bodies will have a look at the file one after one other.

And I feel we’ll see a ramp up from there on. However capability, we ought to be good.

Paul Hudson — Chief Govt Officer

Thanks. And Houman, the query about which is your favourite trial?

Houman Ashrafian — International Head of Analysis and Improvement

Sure. Thanks. Thanks for the query. I will not pick my favourite.

I am going to try to be transient and considerate about this reply, which is, firstly, we have quite a lot of vaccine trials studying out. I do not need as we undergo this to neglect these glorious vaccine trials to learn out to the the top of subsequent 12 months. When it comes to lessons, you may know that we have got a superb accompaniment to our ITP franchise with [Inaudible] autoimmune hemolytic anemia with rilzabrutinib, that is an especially thrilling outcome. Luisa kindly referred to our TL1A product.

I feel that’s going to be thrilling for us, each now and with Teva. After which going into subsequent 12 months, the IRAK4 that we have gone in partnership, the oral small molecule TNFR1 signaling inhibitor, which could possibly be transformative. We’ll wait with nice curiosity, each security and efficacy. And eventually, and never least, not forgetting our vitality franchise, our alpha antitrypsin fusion protein goes to be an influence.

It will have an necessary milestone subsequent 12 months. I have never missed any out on objective. I simply wish to name out that each one of our franchises immunology, neuro, uncommon, and vaccine are firing on full thrust.

Paul Hudson — Chief Govt Officer

Thanks. Subsequent query.

Operator

Subsequent query. The following query comes from David Risinger, Leerink.

David Risinger — Analyst

Sure. Thanks very, and congrats on the sturdy second quarter execution. So I’ve two questions, please. First, assuming itepekimab generates compelling leads to part 3 subsequent 12 months, might you please characterize the magnitude or a number of of its gross sales potential in COPD relative to Dupi in COPD? And second, might you additionally remark, Paul, on China’s curiosity in Beyfortus and whether or not there is a potential path to launch in China late decade? Thanks.

Paul Hudson — Chief Govt Officer

OK. Brian?

Brian Foard — International Enterprise Unit Head, Specialty Care

OK. So first, thanks a lot for the query. In reference to COPD. As now we have framed COPD earlier than, there’s about 2 million sufferers throughout the G7, actually to undergo as we speak about this sort of that prime unmet want go, if you’ll.

This specific affected person inhabitants, we will be bringing two therapies, not less than to this specific affected person inhabitants. Dupixent, as we stated, which may be very quickly, itepekimab is subsequent. Itepekimab, as we shared with you earlier than, is basically non-Sort 2 will play in Sort 2 as effectively, however all earlier people who smoke. So these two medicine are actually going to properly sit collectively.

And I feel as we have contextualized this earlier than, roughly round 5 billion euro in peak gross sales throughout the 2 property.

Paul Hudson — Chief Govt Officer

Thanks very a lot. Thomas, China Beyfortus.

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

China Beyfortus, certainly, there’s curiosity in China for Beyfortus. However let me perhaps present some gentle on this as many MNC vaccines right here on this particular case of an immunization, we count on Beyfortus will likely be non-public out-of-pocket market, that is essential to take into account, which implies progressive ramp-up. We’re ranging from a base in China the place the illness consciousness is near zero. Will want the following couple of years to construct that up.

As you understand very effectively, Beyfortus has been registered in China. So now we’re within the part of truly participating with medical professionals, defining the pathway transferring ahead illness consciousness after which activating dad and mom for out-of-pocket market.

Paul Hudson — Chief Govt Officer

Thanks. And we have been in China lately with some senior officers, you possibly can see the curiosity constructing considerably. So we sit up for opening that chance when it presents itself. Subsequent query.

Operator

The following query comes from Gary Steventon with BNP Paribas Exane. Gary?

Gary Steventon — BNP Paribas Exane — Analyst

Hello. Are you able to hear me now?

Paul Hudson — Chief Govt Officer

Sure. We acquired you.

Gary Steventon — BNP Paribas Exane — Analyst

Excellent. Thanks. First query is simply on vaccines. You are reiterating the mid-single-digit progress goal and in addition the Beyfortus blockbuster addition, however there’s a extra refined low single-digit decline for flu, which might be a bit weaker.

So the query is on type of the place the opposite transferring elements in vaccines are which nonetheless assist the mid-single-digit outlook? Is that purely simply better confidence in passing the Beyfortus blockbuster goal or setting flu? Or is there one thing else within the wider portfolio to consider? After which secondly, simply on Dupixent. Might you simply discuss to how the efficiency of the authorized indications is trending and that relative contribution to the unchanged these goal for this 12 months and simply whether or not there’s any specific pockets of power or weak spot by indication relative to your expectations in that Dupixent quantity? Thanks.

Paul Hudson — Chief Govt Officer

Thanks, Gary. I feel we have type of touched on the relative transferring elements from flu and Beyfortus and and so on. However Tom, any further shade so as to add?

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

Sure. So Gary, I do not assume there’s any magic recipient there. So blockbuster standing for Beyfortus low single-digit decline on flu, not pushed to our personal efficiency, which we count on will likely be sturdy, however not pushed by the general, I might say, market efficiency when it comes to flu vaccination price. We’re on the finish getting quickly on the finish of the prebooking season in North America, and we see a bit in plan with final 12 months, however the vaccination price might be on the gentle aspect of issues, which is why we have made that perspective.

On the opposite elements of vaccines, it is effectively in step with what we stated earlier than, some slight progress in our, I might say, classical endemic merchandise or boosters and alternatively, Dupixent, you understand very effectively that whereas within the BOA perspective, we’re doing effectively. Vaxelis within the U.S. will not be booked in our gross sales efficiency. So when the product is doing effectively within the U.S., it doesn’t come within the aspect, however extra comes within the time line.

I might say, anticipated for the opposite elements of the enterprise.

Paul Hudson — Chief Govt Officer

Thanks. And also you noticed, however we’ll possible achieve share within the flu market, even on the vaccine protection price is low. So the expectation operationally, we’re in good condition. Brian, efficiency of Dupixent in at present authorized indication.

Brian Foard — International Enterprise Unit Head, Specialty Care

Sure. Thanks a lot for the query, Gary. At the beginning, I would say it is closely demand-driven proper now from a affected person standpoint. We’re in a terrific place the place we’re seeing enlargement not solely in our core indications that we have been launched in but additionally in these core indications throughout geographies in all places as we have launched into these new events around the globe.

So I would say we’re actually benefiting once more, as Paul outlined on the very first slide that it’s TRx demand. It’s all about new sufferers on remedy or sufferers staying on remedy throughout all of our indications and throughout all of the geographies. And that places us actually in a superb place, once more, to reconfirm, as Paul stated earlier, our steerage on Dupixent of round 13 billion euros for this 12 months and which units us up properly for the steerage that we have given of double-digit CAGR — low double-digit CAGR price by way of 2030.

Paul Hudson — Chief Govt Officer

Thanks. Subsequent query, please.

Operator

The following query is from Simon Baker with Redburn.

Unknown speaker — — Analyst

Whats up, that is Shirley talking on behalf of Simon Baker. Simply two questions from myself. One was about your urge for food for Radiopharma? And if you happen to had any modifications in your method, I might clarify the higher efficiency within the older broader portfolio? Thanks.

Paul Hudson — Chief Govt Officer

OK. I missed the second query.

Unknown speaker — — Analyst

Sorry, if you happen to had any — have there been any modifications in your method that will clarify the higher efficiency in your barely older portfolio?

Paul Hudson — Chief Govt Officer

OK. Thanks. On radioligand remedy, Houman, if you wish to make a fast remark?

Houman Ashrafian — International Head of Analysis and Improvement

Thanks for the query. The rationale this, after all, is radioligand a remedy is had a recruit essence of curiosity. We stay watchful on this house and are considerate about making into actually differentiated therapies however there’s nothing that we at present have happening in our portfolio.

Paul Hudson — Chief Govt Officer

Thanks very a lot. And simply so as to add to that, that we stay very dedicated to the core therapeutic areas. We have made trade-offs to remain very centered. So a broad reply to a really particular query, we must really feel there was one thing including to make us wish to go exterior of what we do as a result of we’re actually centered on the areas that we wish to win and play.

I feel, Olivier, I do not know what prompts the query, however I do know that you’ve got been in a radical modernization of the Gen Med enterprise and has seen the the advantages from that. Possibly I wish to share a little bit of your secret sauce?

Olivier Antoine M. Charmeil — International Enterprise Unit Head, Common Medicines

Sure. So we’re pleased with the efficiency of the previous portfolio even when through the quarter, we had some constructive momentum on, which is a windfall, which displays the truth that we had a really low base in 2023 and naturally, additionally to the supply of certainly one of our opponents. However stepping again, I feel we pay we profit from the efforts that now we have been doing in bringing extra focus. And you understand that the main target now we have introduced it when it comes to simplification of our portfolio again 4 years in the past, we had near 400 product households.

Now we’re 100. We’re benefiting additionally from that we’re simplifying our geographic footprint and deciding to go to a distributor mannequin. And the final level is basically about useful resource allocation. Now we have redirected our sources and we take out some sources on the portfolio that may drive progress.

On the — so sturdy momentum. We transfer an increasing number of in digital with a purpose to make it possible for we proceed to take out some sources and to maximise the worth of this enterprise. So total, an excellent development, very particular scenario within the U.S., however we’re total very pleased with the efficiency.

Paul Hudson — Chief Govt Officer

Sure, I’ve acquired to go with Olivier and the staff on this as a result of this reinvention and this modernization, the novel transformation is fairly extraordinary, and we did maintain a capital markets just a few years in the past and talked about our ambition and we declared that we wished to try to backside the enterprise out in inventory, we’re turning to progress in a extra environment friendly means. We’re not declaring victory removed from it. There’s a number of places and takes. However I might say the indications, early indications are nice, so thanks for the query.

OK. Subsequent query.

Operator

The following query comes from Ben Jackson with Jefferies.

Ben Jackson — Jefferies — Analyst

Hello. Thanks for the query. So firstly, on contracting for Dupixent for 2025, can you give us any shade on how the discussions of have been going contemplating the Half D redesign, but additionally the potential COPD indication by then? After which does the September approval versus the prior June expectation, have any implications for inclusion and formularies for subsequent 12 months? After which secondly, if I’ll, we have clearly seen a qualitative readout for a competitor to Beyfortus within the current days. What provides you retained confidence within the differentiation of the asset and its business alternative past maybe the — simply the compelling real-world knowledge that we have already seen? Thanks.

Paul Hudson — Chief Govt Officer

OK. Nice. Thanks, Ben. Dupi, Brian?

Brian Foard — International Enterprise Unit Head, Specialty Care

Thanks a lot for the query. So sure, clearly, we do not remark an excessive amount of on how the negotiations are going with the payers, however we all the time type of remind everyone that we have been on this place for fairly a while. We have labored very intently with the exterior stakeholders to share our ambition is to take this into an entire host of ailments pushed by underlying Sort 2 irritation. And you’ll see, clearly, from the outcomes we have generated a really sturdy monitor document of the 12 months.

So we discover ourselves in an excellent place, I feel, as we proceed the negotiations for subsequent 12 months, and we do it every year. The second half to your query is, I feel one of the best reply to that’s, once more, we reconfirmed our sturdy dedication to round 13 billion euro for the 12 months. So once more, we’re dedicated to have a powerful COPD launch at any time when it does come. However agnostic of that, we’re dedicated to 13 billion euro for this 12 months.

Ben Jackson — Jefferies — Analyst

And do you select a solution, however the pay negotiations round COPD for 25 based mostly on a PDUFA in September spherical than June?

Brian Foard — International Enterprise Unit Head, Specialty Care

Sure, it does not actually essentially have an effect on it. So long as it is authorized inside this 12 months, you are already negotiating for these indications inside the subsequent 12 months.

Paul Hudson — Chief Govt Officer

Thanks. Thomas, RSV.

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

Sure, Ben, certainly, there was some current communication from aggressive monoclonal antibody towards RSV. A few factors I would prefer to say about this. Initially, as you famous out, there was completely no knowledge, neither security, no efficacy. So there’s not a lot to say in particulars.

What I can inform you although is I can speak about our product and what it is doing effectively. You’ve got seen that now we have a really sturdy pristine security profile. And you have seen that we have demonstrated efficacy, not in a single trial, not in two trials, however trials after trials in medical research and in proof research. And I invite you to return to the final SCIP publication in June, the place they have been displaying that truly the 2 effectiveness level towards hospitalization have been 91% and 98% as measured by the community.

So I feel that the general knowledge set that we’ll have may be very important. Now after all, transferring ahead with if and when we will see some knowledge coming down the highway from opponents. I feel it will be fascinating to take a look at what’s the actual security profile as a result of we’re speaking about essentially the most fragile inhabitants of the universe, perhaps additionally very fascinating to see what’s the actual efficacy knowledge, particularly with regards to specialization. And naturally, we wish to have a look at the length of safety on these phrases, length of safety, we’re very assured concerning the Beyfortus profile.

Why? As a result of now we have seen from the earlier research from our opponents that the half-life of Beyfortus is considerably increased and longer than the half-life of the approaching competitor. So delighted to have some competitors if it helps to carry an increasing number of consciousness concerning the significance of toddler safety. Nevertheless, I feel that there will likely be some distinction between the merchandise. And I do imagine that the truth that now we have executed the formulation and the design of a product that provides the precise quantity of amount or the precise equipment to get one of the best safety is paramount to the success of Beyfortus.

Paul Hudson — Chief Govt Officer

Thanks. Subsequent query. Possibly the final query. Two extra.

OK.

Operator

The following query comes from Eric Le Berrigaud with Stifel.

Eric Le Berrigaud — Stifel Monetary Corp. — Analyst

Sure. Thanks. Two quick questions. First, on the opposite income line into the P&L.

We have seen much less dynamic this quarter, however I do not wish to learn an excessive amount of into 1 / 4. Is there any probability you possibly can information us towards how we should always see different revenues transferring towards the top of the 12 months and perhaps for the next years? After which second query on Sarclisa. As you are transferring nearer to the launch of a really important indication. To this point, the drug is barely 0.5 billion euros in gross sales if we analyze the place it’s, however the MROs indication might be not less than a few billion in potential.

Might you perhaps share the type of value and sources you are placing behind that of the upcoming launch and the way you see competitors versus knowledge that you’ve got CFIUS knowledge coming later subcu could also be prepared, however you having one 12 months launch forward of competitors. And so how huge could possibly be that chance for the drug?

Paul Hudson — Chief Govt Officer

Thanks for 2 little questions. Most of it for Francois?

Francois Roger — Chief Monetary Officer

Sure. Eric, thanks for asking the query on different revenues, certainly, you are completely proper, tough to learn it by the quarter. And we had a weak income quantity within the second quarter, but it surely doesn’t suggest a lot on the finish. I can affirm that we count on for the complete 12 months 2024 to be across the identical stage as what now we have skilled, not less than so far as disposal is anxious than we had within the earlier years, which is about 0.5 billion euro revenue as a consequence of disposal.

So some expectation this 12 months in ’24 than what now we have seen previously.

Paul Hudson — Chief Govt Officer

And Houman, perhaps you can sustain, please, on Brian end.

Houman Ashrafian — International Head of Analysis and Improvement

Sure. Thanks for the query. We’re stay bullish on Sarclisa. Clearly, it is confirmed at skate in transplant ineligible sufferers.

However we’re trying ahead to seeing within the very quick time period, the result and transplant eligible sufferers, which can give Sarclisa the broadest potential indication profile. The second level I would like to speak about is the truth that the subcutaneous formulation research will come subsequent 12 months, which can present rather more alternative and potential gross sales as Sarclisa in a number of mixture indications going ahead.

Paul Hudson — Chief Govt Officer

Thanks. Brian, do you wish to add to the [Inaudible]?

Brian Foard — International Enterprise Unit Head, Specialty Care

Sure, I feel effectively, first, I am going to begin with the efficiency. As you noticed within the quarter, we noticed a very sturdy efficiency once more. And once more, that is actually necessary that units ourselves up properly as we develop our indication it units ourselves up properly since you talked about there, however truly, the category of CD38 is basically the strongest class there. And that class continues to develop, and that is nice.

We discuss concerning the pie rising greater. However then what we have seen is our sturdy progress is as a result of we proceed to do very effectively and proceed to take share within the areas the place we have been authorized. In order we glance to this subsequent enlargement to first-line remedy very quickly, we’re actually enthusiastic about that, and we’re resourcing it appropriately to have the ability to take share and to have the ability to proceed to develop this nice asset for these sufferers in a number of myeloma. So we’re excited.

Paul Hudson — Chief Govt Officer

All proper. Nice. Thanks.

Operator

The final query comes from the road of Pete Verdult with Citi.

Pete Verdult — Citi — Analyst

Sorry, leaping from one convention name to the opposite. Are you able to hear me?

Paul Hudson — Chief Govt Officer

Sure.

Pete Verdult — Citi — Analyst

Great things. One for Houman and one for Paul, please, simply finish the decision. Only a follow-up on tolebrutinib, simply given the absence of randomized part 2 knowledge or SPMS, are you able to remind us why you’re optimistic on this setting? Or is it simply that it crosses the blood mind barrier very effectively and is once more the placebo? After which, Paul, for you, perhaps I can tempt you to not less than swing the bat somewhat. Consensus had about 865 million euros of earnings in for subsequent 12 months factors to a really good double-digit rebounding progress for inventory buying and selling on simply 11 instances.

Now I notice this isn’t a steerage name for ’25, however hopefully, I can inform you what you possibly can’t resist saying one thing or giving us a way stage of consolation the place consensus is. I do know huge swing elements COPD with Beyfortus, however simply wished to maintain a tie view on the place expectations sit for subsequent 12 months and the journey of progress for the rest of the last decade? Thanks.

Paul Hudson — Chief Govt Officer

OK. Properly, I do not wish to disappoint you as you bounce between calls, considering you can get them to disclose one thing about ’25. So Francois, do you wish to begin there?

Francois Roger — Chief Monetary Officer

Sure, I can. Pete, as we stated, it is not the time to speak about 20 to 25, let’s lean 2024 to start out with. However as you possibly can see, we’re very constructive about it. However no, I am ready to totally affirm the truth that now we have a really constructive — the identical constructive outlook for ’25 that we had earlier than.

And even — I imply, it provides us the nice efficiency that we had in H1 provides us additional consolation on our expectation for 2025. What you possibly can see as effectively is 2024 is definitely the proof that the rebound is occurring sooner than we thought. And simply that will help you a bit as effectively when it comes to constructing blocks for 2025, we do count on to have a strong prime line progress once more. We can have some constructive growth when it comes to gross margin as a consequence of a constructive combine we do count on to be round flat when it comes to R&D spend and with the tight management of SG&A.

So all of it’s actually giving us consolation on the outlook that we had supplied earlier than for 2025.

Paul Hudson — Chief Govt Officer

Thanks, Francois. Houman, we’ll go away it to you to carry us house on tolebrutinib.

Houman Ashrafian — International Head of Analysis and Improvement

Sure. Pete, thanks for the query. The reply is fairly simple. I will likely be somewhat extra nuanced in as far as the pathophysiology of [Inaudible] progressive illness is clearly immunological in neurogen present therapies, albeit not effectively used, are very centered on the immune response.

And keep in mind, we imagine tolebrutinib differentiated not solely by way of blood-brain barrier permeability, however its impact on the profile of kinase because it hits and importantly, the efficiency on the [Inaudible]. So backside line is, we imagine it is a terrific drug working on course in an acceptable indication.

Paul Hudson — Chief Govt Officer

OK. Properly, we’ll get the info quickly sufficient, and we’ll discover out. OK. Properly, thanks for that.

Final query, Pete. Our sturdy enterprise momentum continued within the second quarter. We delivered double-digit gross sales progress at CR. We proceed to execute on our pharma launches.

We stored advancing our pipeline of latest medicines. We upgraded our 2024 EPS steerage. Thanks for connecting. We all know it is a busy day for you.

We have tried to maintain it quick out of respect. We sit up for connecting with a lot of you on Monday and Tuesday of subsequent week. OK. Thanks.

Length: 0 minutes

Name individuals:

Thomas Kudsk Larsen — Head of Investor Relations

Paul Hudson — Chief Govt Officer

Francois Roger — Chief Monetary Officer

Houman Ashrafian — International Head of Analysis and Improvement

Graham Parry — Analyst

Thomas Triomphe — Govt Vice President, Sanofi Pasteur

Unknown speaker — — Analyst

Seamus Fernandez — Analyst

Brian Foard — International Enterprise Unit Head, Specialty Care

Jo Walton — UBS — Analyst

Tim Anderson — Analyst

Luisa Hector — Berenberg Capital Markets — Analyst

Florent Cespedes — Analyst

David Risinger — Analyst

Gary Steventon — BNP Paribas Exane — Analyst

Olivier Antoine M. Charmeil — International Enterprise Unit Head, Common Medicines

Ben Jackson — Jefferies — Analyst

Eric Le Berrigaud — Stifel Monetary Corp. — Analyst

Pete Verdult — Citi — Analyst

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