Sanofi: Tough quarter for Sanofi Pasteur, but the recovery should progressively materialize now
Sanofi: (BUY-Top Picks, Fair Value EUR83 (+12%))Tough quarter for Sanofi Pasteur, but the recovery should progressively materialize now
Second-quarter 2018 was expected to be a tough one for Sanofi which warned at the beginning of the year that H1 and H2 would be very differently balanced. And indeed it was, with net sales flat despite full consolidation of Bioverativ and good performance of Dupixent but as expected offset by the decline in US diabetes sales but also by stronger-than-expected slowdown in Aubagio and significant drop in quarterly sales at Sanofi Pasteur. All in all, there is a slight miss at the top-line level whereas R&D expenses grew a touch faster than anticipated. If core EPS is in line this is because Sanofi booked EUR123m of capital gains on disposals of small products in Q2. This quarterly release is therefore not very good but it was not expected to be. Now the sequence should progressively improve.
Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.
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