赛诺菲2020年业绩会PPT及纪要

赛诺菲中国区在集采影响下，连续4个季度下滑后，也因为2019年4季度首轮集采扩展到全国造成的低基数（-21%），2020年4季度终于恢复正增长到9.9%至4.9亿欧元~38亿人民币。

2020年全年24.5亿欧元~191亿人民币下滑7.7%，占全球6.8%。

中国区波利维2020年下滑52%至26.5亿人民币、安博维下降33%至14.8亿。

中国区相关内容纪要

Fabrazyme® was launched in China in May and is the first treatment for Fabry diseaseapproved in China.

Dupixent® was approved in China for the treatment of adults withmoderate-to-severe AD in June and will be listed on the NRDL (National Reimbursement Drug List) as of March 2021.

Full-year 2020Lantus® sales decreased 8.5%, mainly due to lower sales in the U.S. and to a lesser extent in Europe, despite doubledigit growth in China.

Toujeo® was launched in China in the fourth quarter.

Fourth-quarter and full-year Amaryl® sales decreased 7.6% (€68 million) and 15.9%, respectively, due to lower sales inChina reflecting the second wave of the VBP program which includes glimepiride (compound name of Amaryl®). Aspreviously disclosed, Sanofi opted not to participate in the bidding for Amaryl®.

Plavix® sales were down 1.4% in the fourth quarter to €202 million. In China, fourth-quarter Plavix® sales were €64million, up 18.2%. Full-year 2020 Plavix® sales decreased 30.1%, mainly reflecting lower sales in China (down 52.5% to€341 million) due to net price adjustments following the implementation of the VBP program partially offset by strongvolume gains

Fourth-quarter Aprovel®/Avapro® sales were down 9.2% to €115 million, primarily reflecting lower sales in Europe. InChina, fourth-quarter Aprovel®/Avapro® sales were €37 million, down 7.5%. Full-year 2020 Aprovel®/Avapro® salesdecreased 15.9%, mainly reflecting lower sales in China (down 33.4% to €190 million) due to net price adjustmentsfollowing the implementation of the VBP program partially offset by strong volume gains.

Full-year 2020 volume growth of Plavix® and CoAprovel® increased by 78% in China, achieving the more than 60%target.

Other highlights in the quarter included Dupixent's listing on the China NRDL, just 5 months after launch, 1 year earlier than the initial best case scenario, enlarging the accessible adult population with atopic dermatitis to at least 150,000 as of March, a number almost as large as the roughly 230,000 patients treated with Dupixent worldwide today. The opportunity in China may grow to around 900,000 patients over time for adult AD alone.

Olivier Charmeil

Thank you, Thomas. As expected, our General Medicine China business returned to growth in the fourth quarter, growing at 4%, with strong volume gains from Plavix and CoAprovel, up 78% for the year. This strong trend confirm our successful VBP building strategy, which delivered as planned.

While the usual year-end true-up took place in the U.S. in Q4, we know that globally, the decline in the Diabetes business, so significant moderation compared to previous year. This positive trend that we are seeing in our Diabetes business is mainly driven by the growth of Toujeo in Europe and the rest of the world as well as Soliqua uptake in all geographies. With the launch of Toujeo in China in Q4, we are confident in the outlook of the Diabetes business in our key markets.

Richard Vosser

First question, just on China and the recovery there. Just your thoughts on the sustainability of recovery in China for your products and future price pressure. And then aligned to that, just, JB, you highlighted the increasing confidence in the growing top line. And I note that you're sort of saying General Medicine should be flat out to 25%. So do you feel confident enough to give a target like you give for vaccines and consumer in terms of growth now. It looks like it's all growth going forward, but just your thoughts there?

Paul Hudson

Okay. Thanks, Richard. Jo, we've tried a couple of times, so maybe if you want to submit a question online, if you can, I would try again a little bit later, sorry, in case it's our responsibility.

Let's go to China. Olivier Charmeil, maybe you have some views on the outlook.

Olivier Charmeil

Yes. Thank you. The market has suffered, of course, in 2020, mainly due to COVID and the definite number is not yet known for the decrease of the market, but probably in the range of 10% to 11%. The market is going to bounce back, and we are expecting for 2021 growth that is going to be significant, 6%, 7%, 8%, not to say more.

Of course, there has been price pressure with the implementation of VBP in the last 2 years. We see now that, of course, the volume growth continues to be very strong. And on the other hand, we are very happy with our performance, both on Plavix and Aprovel projected implementation of the VBP.

So the China market remains a volume market on General Medicine and on Specialty, of course. We continue to see with the registration of Dupixent and the start that chorus in the future, a significant portion of our growth will come from Specialty.

We will particularly focus on China where we launched PRALUENT in April and have already more than 5,000 patients treated. 

So general medicine is, of course, completely instrumental to the success of the Play to Win strategy, in funding the Sanofi specialty pipeline. We are, at the beginning, mostly in the emerging market of the story of Toujeo, that has not been launched in China, for example, or to be more precise was launched only mid-November, we are also at the beginning of our story with Soliqua. So we have really a significant runway. Soliqua has only been launched in a small number of countries in the emerging markets. Soliqua will be launched in 2022 -- end of 2022, '23 in China. And we all know that a significant portion of the market in China in insulin remains a premix market. So still a long runway with our assets that have not been fully deployed especially in emerging markets. We are, of course, looking to what the competition is also doing.

Tim Anderson

And then second question on Dupixent in asthma. In China, if I understood it right, those trials are still ongoing. What would be the timing of getting approval in China and potential NRDL?

Brian Foard

Yes. Absolutely. Thanks so much, John. And obviously, we've got the ongoing program with readout in late '22, early '23. So we're looking at potential approval into '23 or early '24. And typically, we assume an NRDL approval about a year later.

Now as witnessed by our record time for Dupixent and really the local recognition of innovation, I think, by the China authorities, getting a record time for atopic dermatitis in adults, so 5 months, it could potentially be shorter than that. So we would be optimistic, but that's the current time frame we have for China.

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