Sanofi SA at JPMorgan Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : But maybe on Opella, we can start there on the sale that you mentioned, Paul and Frantois. Maybe just give us an update where you are with the sale process, to start with.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And how should we think about those proceeds? What's the balance between shareholder returns and an allocation to opportunistic business development?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Excellent. And focus areas maybe more broadly on business development. Any focus areas we should think about?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And Paul, you touched on very strong growth in the nine months from the top line. And I think you've highlighted a strong rebound in business EPS growth in '25 already. Maybe you can contextualize that and give us an idea of how to, you or Frantois, to think about how we think about the different elements, in terms of growth leading to that business EPS?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And you mentioned slightly higher R&D. And that is maybe a context of Houman saying there's lots of pipeline readouts. So how do we think -- there's lots of Phase 2 transitions potentially, et cetera, in '25. How do we think about R&D going forward as well?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Before we move and talk about some of the growth drivers, I'd like to just -- there's a bit of healthcare reform that has to be digested this year with the IRA, new administration. Just any thoughts on the impacts of Sanofi, how you're seeing the business outlook in the US? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:45PM, SASY.PA - Sanofi SA at JPMorgan Healthcare Conference

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Touching on immunization because it's not really a vaccine. You mentioned the Beyfortus launch thus far, I think, in your opening remarks. I mean, maybe you could give us an update, how that has evolved? How supply has evolved throughout the year? How is it going? And how you see sort of the outlook into '25 for that? I mean, clearly, the uptake has been very good.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Yeah. The vaccine markets have entered in periods of oversupply and undersupply, and tenders have become -- in certain areas. Flu was many years ago like that, and you repriced the flu market. But do you see that as a risk with the competition with Beyfortus or --?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And another, you mentioned it just now, ALTUVIIIO has been a very fast launch into what was hemophilia, people stay on the drugs for many years. Maybe you could give us an update, how that's going, how you're seeing it develop post Q3?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : You shouldn't listen to what I say.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And Dupixent, which is a huge -- still a huge growth driver for Sanofi. And you've mentioned the EUR13 billion you've seen on track to exceed that, and you're going to be launching in new indications next year, COPD, you're launching already. How should we think about the development there? What's going on in the market?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : In competition, I mean, it's always talked about, Paul. And there's Lilly's product, there's is even Galderma's product. Are you seeing any -- in the core indication of atopic dermatitis, are you seeing anything there? Or are they broadening the market with you?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Perhaps we could pivot to the pipeline and maybe we'd start with tolebrutinib. Obviously, we had great data in SPMS. Maybe you could give us an update where we are on the filing and how we should think about the SPMS opportunity and coming to market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:45PM, SASY.PA - Sanofi SA at JPMorgan Healthcare Conference

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : You can tell us here. We're amongst friends.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And on that PPMS, I mean, you've shown good disability data actually across all the trials. So does that increase your confidence in terms of PPMS? How should we think about that?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And there's no competition in SPMS, but PPMS has a drug approved. But I mean, how do you see the unmet need even in the face of having competition there? Is it still large?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Makes sense. You mentioned COPD in the context of Dupixent. But there's a readout this year, itepekimab, the IL-33. I suppose two questions, really. First question. There are actually three readouts from your competition as well. How do you see your asset placed versus the competition? And secondly, Dupixent had a very broad label, or broader than what we thought and everyone thought, I think. How much room is there for itepekimab as well?

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Makes sense. I do want to talk about amlitelimab. But are there any questions from the audience? I do see one question. We'll take that one question. Then I'm desperate to get amlitelimab in.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Yes.

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : And amlitelimab to close, I think -- I mean, a very exciting asset. But we've seen with some competition where the data was maybe a touch disappointing based on the Phase 2. What are your thoughts as we -- I mean, it's next year maybe for amlitelimab. But what are your thoughts in the atopic derm space for the product? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 5:45PM, SASY.PA - Sanofi SA at JPMorgan Healthcare Conference

Question: Richard Vosser - JPMorgan Chase & Co - Analyst : Fantastic. Thank you very much, all. Thanks, Paul. Thanks, Frantois. Thanks, Houman. Thanks, everyone.