Sanofi (SAN) Morgan Stanley 23rd Annual Global Healthcare Conference summary

U.S. policy and regulatory environment

• Tariffs are expected to be around 15% in 2025, with scenario planning ongoing for future years.

• Ongoing engagement with U.S. administration and industry groups to shape policy outcomes, including MFN and drug pricing.

• European drug pricing remains a challenge, with limited reimbursement for innovative medicines and ongoing discussions with European governments.

• Policy changes are complex and require coordinated solutions rather than piecemeal fixes.

Investment, pipeline, and R&D outlook

• $20 billion investment in the U.S. is planned over four to five years, contingent on continued market attractiveness.

• Confidence in the pipeline remains, with notable progress in ALTUVIIIO, Beyfortus, and Dupixent, though some setbacks like Itepekimab.

• Amlitelimab and Lunsekimig are highlighted as key assets for future growth, with Amlitelimab showing promising data and differentiation through long dosing intervals.

• Strategies are in place to manage Dupixent patent expiry, aiming for €10-11 billion in new product revenue.

• Inorganic growth through acquisitions like Blueprint complements internal R&D, with a focus on early-stage assets moving forward.

Commercial strategy and collaborations

• Collaboration with Regeneron on Dupixent is strong, but new assets like Amlitelimab will be commercialized independently.

• Market expansion in immunology is expected, with biologic penetration in AD still low and room for multiple blockbusters.

• Differentiation for Amlitelimab includes 12-week dosing and potential for disease modification, aiming for a unique market position.