Houman Ashrafian: Thank you, Paul. I’m thrilled to join Sanofi, and I’m looking forward to working closely with our teams, building on the significant progress that’s been made over the last four years and actively we’re shaping the discovery and development portfolio. It’s been just over four weeks that I’ve been working at Sanofi. I’d like to use this opportunity to share some of my early observations on both the organization and the rich and diverse pipeline using Anetumab recent differentiating data presented at EADV, a couple of weeks ago as an illustration of how we are poised to embrace the next chapter of our accelerating growth journey. My focus as the new Head of R&D, is to ensure that we continue developing breakthrough medicines and vaccines to improve people’s lives, while sustaining growth in our key therapeutic areas driving shareholder value.
I also want to continue to position the Company and further focus it as a scientific and innovation leader, offering meaningful therapeutic and innovative options to patients globally, adding value to society. Our pipeline today is centered around six major therapeutic areas, benefiting from a broad range of proven mechanism of action and technology platforms. We are building on an industry-leading immunology pipeline with the ambition to be the leader for the next 25 years, but I’m equally excited about our presence in neurology, rare diseases and vaccines. This commitment is rich, thanks to our talented and dedicated international team, many of whom I’ve had the pleasure of meeting our various R&D sites and town-halls globally during my first few weeks on the job.
Sanofi is strongly deploying AI, data science and computational expertise throughout the R&D engine to further accelerate our efforts and deliver better and faster options to the future. As part of these efforts, leveraging my recent background, tapping external innovation, especially for the early to mid-stage assets will be thoughtfully considered while ensuring strategic scientific and financial rationale remains stacked up. As you’ll see on Slide 19, as we transform and modernize the Company for the long term, the teams also keep delivering clinical performance and creating value in the short term. We are extremely proud of the progress we made in immunology with the success of Dupixent and the leadership we’ve built in Type-2 inflammatory disease.
We are determined to expand our immunology portfolio beyond Type-2 and to drive the innovation by deploying disruptive technologies for the development of first and best-in-class medicines. We continue to reinforce our development organization to drive these programs relentlessly through executional efficiency. And as you can see on Slide 20, I’m happy to share with you some of the recent positive data that were delivered at the time that I just arrived. Amlilatilumab’s positive Phase 2b data recently presented at the EADV Congress where the scientific community has been impressed by both a strong efficacy and safety data Amlilatilumab has a unique non-depleting mechanism of action targeting OX40 ligand with the potential to restore immune homeostasis with a sustained effect and with infrequent dosing.
In this Phase 2b study, Amlilatilumab showed statistically significant improvement in the primary endpoint a percentage change in Eczema Area and Severity Index, otherwise known as EASI, score at week 16 and 24 as well as clinically meaningful, a nominally significant improvement across all key secondary endpoints at week 16 and notably maintained at 24. As indicated in this slide, 45% of patients treated with Amlilatilumab, 250 milligrams with a loading dose achieved IGA 0/1 at 24 weeks. These strong — results, combined with reassuring safety profile improve our confidence in Amlilatilumab’s potentially best-in-class profile for the treatment of AD, providing a signal to pursue a differentiated dosing regimen that could be very meaningful to patients with moderate to severe atopic dermatitis.
These data from the — form the basis for our advancement into Phase III clinical development, which we expect to begin in the first half of 2024. Slide 21, as you can see, the Company has made tremendous progress with its R&D transformation over the past two years, over the past few years. Clearly, we — around at the point where our innovative pipeline requires increased funding to fully exploit the potential of these transformative assets and to make them available to patients as soon as possible. We look forward to sharing more of our excellent by the recent flow of positive pipeline environment at the upcoming R&D Day on December 7. And with that, back to you, Paul.
Paul Hudson: Thank you, Houman. As I mentioned earlier, I want to say a bit more about our intention to separate our Consumer Healthcare business. So you see, we’re set up as a business unit in 2014, followed by the integration of the Boehringer Ingelheim brands, until 2019 remain fully integrated into the pharma organization. You could say like prioritization, consumer centricity and kept performing below the market. Our decision to create a stand-alone unit four years ago enabled CC to set the right priorities, accelerate growth. Today, we’ve completed the stand-alone set up around a highly competitive portfolio and built a future-ready organization, consumer-focused and brand let. As a logical next step to fully unlock the value of the CHC business, we believe that the intended separation would equip it best to pursue its own business strategy, resourcing and capital allocation for sustainable growth.
We are reviewing potential separation scenarios and believe that the path most likely to maximize shareholder value will be through a capital markets transaction. To create a publicly listed Company and headquartered in Paris, subject to market conditions, the separation could be achieved at the earliest in quarter four 2024. We’re very excited about this announcement and the future prospects of both Sanofi and CHC. With this, I hand the call over to Julie to add her perspective.
Julie Van Ongevalle: Thank you, Paul. I am very proud of what the team has achieved since we embarked on our stand-alone journey, creating and embracing our complexity, elevating our consumer centricity and building our data in digital edge, all while creating our stand-alone. And today, we are ready for the next chapter. We are a global leading player with a strong focus on our 15 priority brands, all with global or local top three positions, of which most are holding number one positions in their respective markets. These 15 priority brands now represents 2/3 of our business and have generated 85% of our growth in the past three years. Important to note is that we’re successfully operating in the attractive EUR 200 billion OTC and VMS market market, growing both in value and in volume year after year.
Compared to other consumer markets, the VMS and OTC market enjoys attractive margins and rather high predictability. We have built a pure play leader with over 80% of our revenues from OTC and VMS, fully leveraging our diversified footprint across categories and geographies. With our clear strategy and consumer-focused brand-led organization in place, we believe the intended separation comes at the right time to further increase our focus, agility and speed and effectively leverage our industry trends. With that, I hand the call over to Jean-Baptiste for the financial update.
Jean-Baptiste de Chatillon: Thank you, Julie. On Slide 26, let me remind you of our success in delivering on our financial objectives during the first chapter of Plato Wind, 10 consecutive quarters of growth, 540 bps BOI margin improvement on EUR 2.7 billion of cost efficiencies, which we reinvested behind growth drivers on our pipeline. We also deployed cash in more than 25 value-creating transactions, securing access to external innovation in R&D. The digital transformation is a key area to enable further productivity, and we are today, employee insights from AI and predictive analytics across the organization. Today, Sanofi also benefits from a greatly improved cash flow generation. In December 2019, we outlined our capital allocation policy and have demonstrated discipline in executing on those priorities, investment into organic growth through our pipeline, our growth drivers remains our number one priority, followed by M&A and business development, focusing on bolt-on value-enhancing opportunities to drive leadership in core therapeutic areas.
