Sanofi (NASDAQ:SNY) Q4 2022 Earnings Call Transcript

Page 5 of 12

So that’s pretty fantastic. We mentioned, I think, in what we circulated right at the end of the year that with the 27 early- to mid-stage readouts, there’s a lot there. To go all the back to 2019, we picked that list in 2019, and I think we fared pretty well, I have to be honest, both — in hemophilia, I think we’ve really exceeded our expectations for to come. I think we’ve done very well with nirsevimab. I think we have really made progress on the Dupixent LCM, of course. And so, I feel like the last three years as well, we’ve been upping our game in improving our probability of success just by much more methodical, much more rigorous work, not it wasn’t being done before, really upping our game. So, as we pass through the sort of inherited readouts, let’s say, kindly, we start to believe our probability of success just improves because we’re getting better at it.

And in particular, in immunology, I think we really will surprise everybody in immunology. My belief with Dupixent beyond — we either win or we win depending on the mechanisms that we bring alongside. So, it’s starting to get really exciting. Okay. Next question?

Operator: Next question, Luisa Hector from Berenberg.

Luisa Hector: A question on Altuviiio with the launch coming up. Just how quickly you anticipate that patients could be switching here, certainly looks like good reception in the journal, et cetera, great data. So the pace of that launch and who the kind of early target patients might be? And the second question, just on business development. So just to check up on the Horizon situation with the press release naming Sanofi as being involved in preliminary discussions on an acquisition, how active were you and why? And should we expect more attempts at deals in this kind of price range? Thank you.

Paul Hudson: Okay. Thank you. Bill, Altuviiio, Luisa shares her excitement. And what about the ramp-up? And then J-B, do you want to comment on BD and in particular, Horizon?

Bill Sibold: Yes. Thanks for the question. Look, we are really, really excited about Altuviiio. It’s not too often that you get to set a whole new standard of care of efficacy in a very well-established category. Usually, you’re talking about incremental gains here and there, maybe some convenience gains. But with Altuviiio, you’re allowing patients to be at near normal factor levels for the majority of the week. That’s the first time that’s been offered to patients. And we’re going to be spending a lot of time and are spending a lot of time in the community, educating what is possible now. Possible to return somebody from experienced bleeds or at a high risk for bleeds to bringing them to an almost near-normal state. So, I think what we’re excited about, in particular, is to see what does that mean to the mobility, to the lifestyle to just total quality of life for hemophilia A patients just around the corner from now.

So, PDUFA, end of the month, we’re excited. We are going to be out there with product in a few weeks after the launch. When you talk to the KOLs, as I’m sure you have, there are some that have their patients lined up ready to go. There’s others that are saying, my patients — they do for their regular appointments over the next months, and that’s when we’ll have the discussion about switching. So look, we’re really optimistic that this is going to be a great launch. It’s going to be a matter of getting our message out to everyone about now what’s possible versus what you’ve settled for, for all these years.

Paul Hudson: Thanks, Bill, and that’s what’s possible thing gets interesting because perhaps as we get a little bit further into the launch and physicians get the real experience of what it’s like to give patients that near normal life, then the weekly nonfactors start to become a major consideration. And we might see some real opportunity for us there. J-B, BD, M&A, Horizon?

Page 5 of 12