Note: All changes are versus the prior-year period unless otherwise stated
Sanofi indicated that it expects additional cost savings of €500 million ($601 million) by 2022, raising its target set in 2019 to €2.5 billion ($3 billion). The company noted that the savings, which will be "derived from continued operational excellence," will be fully reinvested to further drive top line growth and fund its pipeline. Sanofi said that it achieved around €1.7 billion ($2 billion) of savings in 2020.
"We are tracking ahead of schedule on our plans for growth, efficiencies and cutting edge science in our pipeline," remarked CEO Paul Hudson, adding that "the reshaping of our general medicines and consumer healthcare business units will enable both to become even more significant contributors to Sanofi's growth and profitability."
Sanofi expects business earnings per share to grow in the high-single digits this year on a CER basis. Meanwhile, chief financial officer Jean-Baptiste de Chatillon suggested that Dupixent "will become accretive to business operating margin by the end of 2022," with the company noting that the drug is on a "clear path" to reaching more than €10 billion ($12 billion) in annual sales.
Sanofi disclosed a number of changes in its mid-stage pipeline, including that development of the anti-IL4/IL13 bispecific monoclonal antibody romilkimab in systemic scleroderma will not be pursued. In addition, the anti-IL-33 therapy itepekimab will not be pursued in asthma, while isatuximab in combination with cemiplimab for lymphoma was discontinued. Further, the company said that a Phase II study of venglustat in Parkinson's disease with GBA mutations failed to meet its primary endpoint and the indication was halted.
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