Dividend Increase 046 :Sanofi

Sanofi Delivers 2016 Sales and Business EPS(1)Growth at CER(2)

Q4 2016 Change Change (CER) 2016 Change Change (CER)
IFRS net sales reported €8,867m +3.3% +3.4% €33,821m -0.7% +1.2%
IFRS net income reported €790m +136.5% €4,709m +9.8%
IFRS EPS reported €0.62 +138.5% €3.66 +11.6%
Business net income(1) €1,606m -6.0% -2.9% €7,308m -0.9% +2.5%
Business EPS(1) €1.25 -4.6% -1.5% €5.68 +0.7% +4.1%

Following the announcement of exclusive negotiations with Boehringer Ingelheim and as per the IFRS 5 presentation requirement for discontinued operations, net income for Sanofi’s Animal Health business (Merial) was reported on a separate line (“Net income from the held for exchange Animal Health Business”) in the Consolidated Income Statement for 2016 and the prior year. In the first three quarters of 2016, Sanofi comments included Merial for every income statement line using the term “Aggregate”. Sanofi neither presents “Aggregate” figures nor reports Animal Health business as an operating segment in Q4 2016 and in 2016 as a result of the closing early in 2017 of the swap of the Animal Health/CHC business with Boehringer Ingelheim. 2016 net sales including Animal Health(3) were €36,529 million of which €9,466 million in the fourth quarter of 2016.


All Global Business Units delivered positive sales performance in the fourth quarter of 2016

  • Net sales were €8,867 million, up 3.3% on a reported basis (up 3.4% at CER).
  • Sanofi Genzyme (Specialty Care) GBU increased 12.6% driven by multiple sclerosis products.
  • Sanofi Pasteur GBU grew 3.7% due to strong pediatric combination franchise sales.
  • Diabetes and Cardiovascular GBU sales were up 3.8%. Global diabetes franchise sales increased 1.9%.

2016 sales supported by Specialty care and Vaccines

  • Net sales in 2016 were €33,821 million, down 0.7% on a reported basis and up 1.2% at CER.
  • Sanofi Genzyme GBU sales reached €5,019 million, up 17.3% while Sanofi Pasteur sales grew 8.8% to €4,577 million.
  • Emerging Markets(4) sales increased 2.4% to €9,593 million (up 7.0% excluding Venezuela).

Solid financial results in 2016 despite launch investments, supported by cost savings

  • 2016 Business EPS(1) of €5.68 (+4.1% at CER) and IFRS EPS of €3.66 (+11.6% on a reported basis).
  • Q4 2016 Business EPS was €1.25, down -1.5% at CER impacted by an unfavorable tax rate comparison.
  • Q4 2016  Business operating income grew 3.7% at CER
  • Board proposes dividend of €2.96, the 23rd consecutive annual increase.

Sanofi progresses on its strategic priorities

  • Closing of the Boehringer Ingelheim (BI) business swap elevates Sanofi into a global leadership position in CHC.
  • Sanofi Pasteur and MSD end joint vaccines business to pursue their European vaccine strategies independently.
  • Soliqua™ 100/33 launched in the U.S. and Suliqua™ approved in EU for type-2 diabetic patients.
  • Kevzara™ (sarilumab) in rheumatoid arthritis approved in Canada and U.S. resubmission planned in Q1 2017.
  • 5 NMEs started registrational studies in 2016: isatuximab, PD-1, sotagliflozin, olipudase alfa and NeoGAA.

2017 financial guidance

  • Sanofi expects 2017 Business EPS(1) to be stable to -3%(5) at constant exchange rates, barring unforeseen major adverse events, consistent with its previously announced Strategic Roadmap guidance for the 2016-17 period. Applying the average December 2016 exchange rates, the currency impact on 2017 Business EPS is estimated to be +3% to +4%.

Sanofi fa parte del gruppo “Healthcare” all’interno del portafoglio Black Dog.

Ad oggi l’investimento in Sanofi ha restituito 6.1 euro che corrispondono ad un tasso di payback del 1.91%.

Il nuovo dividend yeld netto “on cost” si attesta al 2.05% e al 2.12% considerando i dividendi già incassati.

Ad oggi l’investimento in Sanofi corrisponde allo 0.6% dell’intero portafoglio.




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