2012 - Deutsche Bank Annual HC Conference
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2012 - Deutsche Bank Annual HC Conference

2012 - Deutsche Bank Annual HC Conference

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2012 - Deutsche Bank Annual HC Conference Presentation Transcript

  • 1. Deutsche Bank Healthcare Conference Jérôme Contamine Executive VP, Chief Financial Officer May 8, 2012
  • 2. 2012 - A Good Start to the Year Total Sales (€m) Business EPS (€) €8,511m €1.85 +7.0% +7.2% at CER at CER 2
  • 3. 2012 - Entering Final Phase of the Patent Cliff(1) Key Genericized Products(1) - Quarterly Sales (€m) €2,207m €813m (1) The patent cliff is the effect of the loss of exclusivity of key genericized products. Key genericized products include Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien® family U.S., Allegra® U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. and BMS Alliance (active ingredients of Plavix® and Avapro® sold to BMS) 3
  • 4. The Most Significant Headwind from the Patent Cliffin 2012 Will Impact Earnings but Not Sales Loss of Exclusivity of Plavix® and Avapro® in the U.S.(1) Evolution of Group Evolution of Group "Other Revenues" “Income from Associates" €1,669m €1,102m Expected Impact on - 54% - 62% 2012 Business Net Income ~ €1.4bn 2011 2012e 2011 2012e (1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012 4
  • 5. Growth Platforms Accounted for 63.2% of Sales in Q1 2012 Growth at CER Emerging Markets €2,624m +9.9%(1) Diabetes Solutions €1,311m +14.4% Consumer Health Care €805m +11.4% Vaccines €617m -0.2% Animal Health €578m -5.4% New Genzyme(2) €400m +13.7%(3) Innovative Products(4) €139m +6.3%(3) Growth is at CER (Constant Exchange Rates) (1) With Genzyme pro forma in Q1 2011, Emerging Market sales grew by 5,6%, and by 7,9% excluding vaccines (2) New Genzyme perimeter include Rare Diseases and Multiple Sclerosis franchises (3) Change on a constant structure basis and at constant exchange rates (4) Multaq®, Jevtana®, and Mozobil® 5
  • 6. Double Digit Growth in Key Emerging Markets in Q1 2012 ● Q1 2012 Emerging Markets(1) sales of €2,624m, up +9.9% at CER ● Strong sales in BRIC of €917m, +16.5% at CER Emerging Markets Q1 2012 Sales Split (Growth at CER) +16.0% +11.7% +2.1% +8.1% (1) World excluding North America (USA, Canada), Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxembourg, Portugal, Holland, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan, Australia and New Zealand 6
  • 7. Impressive Double Digit Growth in Diabetes Sustainedfor Five Consecutive Quarters ● Q1 2012 Diabetes sales of €1,311m, Quarterly Sales (€m) +17.8% or +14.4% at CER €1,118m ● Strong performance of Lantus®, up +17.2% at CER ● SoloSTAR® accounted for 51.1% of quarterly sales in the U.S. ● Solid performance in Western Europe of +8.0% at CER ● Strong growth in Emerging Markets with sales up +32.4% at CER ● Results of ORIGIN outcome study and two retrospective cohort studies to be presented at ADA in June 7
  • 8. Record Consumer Health Care Sales in Q1 2012 ● Strong Q1 2012 sales of €805m, Quarterly Sales (€m) +13.1% or +11.4 % at CER ® €805m ● Good start of 2nd year for Allegra +1.8% Others OTC in the U.S. with sales of €87m, +5.0% at CER Emerging +21.9% Markets ● Strong performance in Emerging Markets, up +21.9% at CER ● Double digit growth of Dorflex®, +3.6% USA Lactacyd®, Maalox®, NoSpa® and Enterogermina® Western +4.3% Europe ● Contribution of BMP Sunstone in China and Universal Medicare in India(1) (1) CHC Sales from BMP Sunstone in China and Universal Medicare in India were €22m in Q1 2012 8
  • 9. Sanofi Pasteur Growth in Q1 2012 Impacted by Timingof Seasonal Flu Campaign in Emerging Markets ● Q1 2012 sales of €617m, +2.5% or -0.2% at CER Quarterly Sales (€m) €371m ● Strong sales in mature markets +11.2% ● Solid performance of Pentacel® and at CER Menactra® in the U.S. €246m ● Emerging markets impacted by -13.1% supply phasing issues at CER ● Seasonal flu sales down -15.6% at CER due to timing of Southern Hemisphere (SH) campaign ● Strong flu season expected in H1 2012 in Southern Hemisphere Q1 2011 Q1 2012 Q1 2011 Q1 2012 Mature Markets Emerging Markets ● Good performance of SPMSD JV(1) (1) Sales from SPMSD, the JV with Merck & Co in Europe, are not consolidated by Sanofi Pasteur 9
  • 10. Merial Sales In-Line with Expected Quarterly Phasingin Q1 2012 ● Solid Q1 2012 sales of €578m, but Quarterly Sales (€m) performance impacted by tough comparable (-2.7% or -5.4% at CER) ● Return to growth expected for the remainder of 2012 ● Companion Animals sales of €398m (-6.1% at CER) ● Strong Frontline® buying pattern in U.S. veterinary channels in Q1 2011 ● Production Animals sales of €180m -3.7% at CER or +5,4% at CER excluding FMD and BTV vaccines sales(1) ● Newport acquisition to enlarge presence in Swine market(2) (1) Q1 2011 benefited from one-off sales of Foot-and-mouth and Bluetongue vaccines sales (2) Newport sales were not consolidated by Merial in Q1 2012 10
  • 11. Genzyme Rare Diseases On Track ● Q1 2012 Genzyme rare diseases Quarterly Sales(1) (€m) sales reached €400m, +13.7%(1,2) Q1 2012 ● Framingham plant granted EMA and Q1 2011 FDA approvals in January 2012 ● U.S. patients and most severely affected EU patients moved to full Q1 2012 Fabrazyme® dose starting March 2012 & Q1 2011 Other s ● Complete return to normal supply levels of Fabrazyme® starting this Q1 2012 quarter Q1 2011 ● Phase 3 studies of eliglustat in Gaucher disease fully enrolled Other Rare Q1 2012 Diseases products Q1 2011 (1) Genzyme sales are consolidated since April 1, 2011 (2) Change on a constant structure basis and at constant exchange rates 11
  • 12. Significant Pipeline Progress over Last 9 Months Five new molecular entities submitted in last 9 months: Kynamro™ (mipomersen) – hoFH and severe heFH in Jul 2011 in EU and hoFH in Mar 2012 in the U.S. Aubagio™ (teriflunomide) – RMS in Aug 2011 in the U.S. and Feb 2012 in EU Mulsevo® (semuloparin) – VTE prevention in chemo-treated patients in Sep 2011 in the U.S. and EU ® Lyxumia (lixisenatide) – Type 2 diabetes in Oct 2011 in EU ® Zaltrap (aflibercept) – 2L-mCRC in Dec 2011 in EU and Feb 2012 in the U.S. Kynamro™, Aubagio™, Visamerin® / Mulsevo®, Lyxumia® and Zaltrap® are registered trade names submitted to health authorities for investigational agents hoFH: Homozygous Familial Hypercholesterolemia heFH: Heterozygous Familial Hypercholesterolemia RMS: Relapsing Forms of Multiple Sclerosis VTE: Venous Thrombo Embolism mCRC: Metastatic Colorectal Cancer 12
  • 13. New Data on Exciting R&D Assets in Q1 2012 Anti-PCSK9 mAb(1)Zaltrap® aflibercept ● First in class agent addressing unmet ● Significant efficacy in RMS(2) needs in hypercholesterolemia with convenient annual dosing, and favorable benefit/risk balance ● Very encouraging Phase II data in clinical studies  Phase III program targeted to start  FDA & EMA submissions expected in Q2 2012 in Q2 2012 (1) Partnership with Regeneron (2) RMS: Relapsing Forms of Multiple Sclerosis Lemtrada is a trade name submitted to health authorities for the investigational agent alemtuzumab in Multiple Sclerosis 13
  • 14. BOI Double Digit Growth in Q1 2012 Reflects GenzymeConsolidation and Cost Savings€m Q1 2012 Q1 2011 % Change % Change (reported €) (CER)Net sales 8,511 7,779 +9.4% +7.0%Other revenues 426 413 +3.1% -0.5%Cost of sales (2,613) (2,362) +10.6% +9.5%Gross profit 6,324 5,830 +8.5% +5.5%R&D (1,176) (1,100) +6.9% +5.2%SG&A (2,121) (1,933) +9.7% +7.4%Other current operating income & expenses 147 16 - -Share of Profit/Loss of associates 297 292 - -Non controlling interests (54) (78) - -Business operating income 3,417 3,027 +12.9% +8.9%Business operating margin 40.1% 38.9% - - CER: Constant Exchange Rates 14
  • 15. Business Net Income up 12.5% in Q1 2012€m Q1 2012 Q1 2011 % Change % Change (reported €) (CER)Business operating income 3,417 3,027 +12.9% +8.9%Net financial expenses (119) (78) - -Income tax expense (856) (779) - -Effective tax rate -28.0% -28.5% - -Business net income 2,442 2,170 +12.5% +8.4%Net margin 28.7% 27.9% - -Business EPS € 1.85 € 1.66 +11.4% +7.2%Average number of shares outstanding (in million) 1,321.2 1,305.2 - - CER: Constant Exchange Rates 15
  • 16. Strong Free Cash Flow Generated in Q1 2012 ● Strong Free Cash Flow of €2,467m, up +23.0% in Q1 2012+ €2,016m ● €404m of opportunistic share repurchases in Q1 2012(1) ● Net debt reduced by €2,254m in Q1 2012 ● Gearing of 14.9% by end of March 2012 (1) Represents 7,137,719 shares at an average price of €56.67 (2) Excluding Restructuring Costs (3) Including derivatives related to the financial debt: €456m at Dec 31, 2011 and €503m at Mar 31, 2012 16
  • 17. Continued Strong Execution of Strategy in Q1 2012 1 Good performance from growth platforms 2 Positive contribution from Genzyme integration 3 Significant progress on late stage pipeline 4 Sustained cost control 5 Guidance for FY 2012 reaffirmed 17