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01/08/2021 15:24
(€ million) Note June 30, 2021 December 31, 2020
Property, plant and equipment owned B.2.1. 9,503 9,365
Property, plant and equipment leased - right-of-use assets B.2.2. 1,473 1,198
Goodwill B.3. 44,979 44,364
Other intangible assets B.3. 19,466 18,421
Investments accounted for using the equity method B.5. 214 201
Other non-current assets B.6. 2,699 2,734
Non-current income tax assets 152 248
Deferred tax assets 4,240 4,212
Non-current assets 82,726 80,743
Inventories 9,261 8,352
Accounts receivable B.7. 6,802 7,491
Other current assets 3,094 2,737
Current income tax assets 623 1,208
Cash and cash equivalents B.9. 9,722 13,915
Current assets 29,502 33,703
Assets held for sale or exchange 93 83
TOTAL ASSETS 112,321 114,529

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Sales growth accelerated - Full-year guidance raised

Q2 2021 sales grew double digit to €8.7 billion (up 12.4% at CER) mainly driven by Dupixent® and Vaccines

Specialty Care sales increased 22.0%, due to strong Dupixent® (+56.6%) and new oncology
Vaccines up 16.2%, driven by meningitis and boosters franchise recovery; accelerating the mRNA pipeline
General Medicines sales increased 4.2% supported by core assets (up 11.8%) including COVID related demand for Lovenox®
CHC increased 11.9% due to growth of Digestive Wellness category largely offsetting low demand for cough and cold brands
Q2 2021 business EPS(1) growth of 16.4% at CER driven by sales performance and efficiencies

Business EPS(1) was €1.38, up 7.8% on a reported basis
In H1 2021, cost savings of €450 million were realized of which the vast majority was reinvested
IFRS EPS was €0.97 (down 84.0%), reflecting capital gain from sales of Regeneron shares in Q2 2020

Progress on implementation of the Corporate Social Responsibility strategy

Increased representation of women in senior leadership positions to 40% (36% in Q2 2019) with an ambition of 50% by 2025
A €3 million Planet Mobilization fund launched to support employee projects to improve our environmental impact
Key milestone and regulatory achievements on R&D transformation

Global Phase 3 study of adjuvanted recombinant-protein COVID-19 vaccine candidate (collaboration with GSK) started
All pivotal studies of nirsevimab read out successfully, global submissions to start in H1 2022, one year earlier than expected
Formation of Vaccines mRNA center-of-excellence; flu vaccine candidate entered phase 1
Additional regulatory approvals for Libtayo® and Sarclisa® in Europe
Three acquisitions completed: Tidal Therapeutics, Kiadis and Kymab
Full-year 2021 business EPS guidance revised upward

Sanofi now expects 2021 business EPS(1) to grow around 12% at CER(2), barring unforeseen major adverse events. Applying average July 2021 exchange rates, the currency impact on 2021 business EPS is estimated to be between -4% to -5%
Sanofi Chief Executive Officer, Paul Hudson, commented:

“The Sanofi business momentum has accelerated in the second quarter, delivering strong financial results driven by our core growth drivers Dupixent and Vaccines. We continue to deliver on our Play to Win strategy, and our second quarter performance gives us confidence in Sanofi’s growth trajectory for this year. Consequently, we are raising our full-year EPS guidance to around 12%. Significant progress was made across several clinical and regulatory milestones and in June, we formed the Sanofi mRNA vaccines Center of Excellence with the aim to lead the field in this next chapter of vaccine innovation. We are well on our way making Sanofi more representative of communities we serve, executing on our Diversity and Inclusion strategy and creating a work environment where our people can bring their best selves to transform the practice of medicine.”

Q2 2021 Change Change
at CER H1 2021 Change Change
at CER
IFRS net sales reported €8,744m +6.5% +12.4% €17,335m +0.9% +7.2%
IFRS net income reported €1,210m -84.1% _ €2,776m -70.1% —
IFRS EPS reported €0.97 -84.0% _ €2.22 -70.0% —
Free cash flow(3) €1,428m -29.0% _ €3,353m -6.0% —
Business operating income €2,265m +5.5% +13.8% €4,903m +4.7% +13.6%
Business net income(1) €1,731m +8.1% +16.8% €3,748m +6.4% +15.6%
Business EPS(1) €1.38 +7.8% +16.4% €3.00 +6.8% +16.0%
Changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (definition in Appendix 9)
(1) In order to facilitate an understanding of operational performance, Sanofi comments on the business net income statement. Business net income is a non-GAAP financial measure (definition in Appendix 9). The consolidated income statement for Q2 2021 is provided in Appendix 3 and a reconciliation of reported IFRS net income to business net income is set forth in Appendix 4; (2) 2020 restated business EPS was €5.86; (3) Free cash flow is a non-GAAP financial measure (definition in Appendix 9).

2021 second-quarter and first-half Sanofi sales


Unless otherwise indicated, all percentage changes in sales in this press release are stated at CER1


In the second quarter of 2021, Sanofi sales were €8,744 million, up 6.5% on a reported basis. Exchange rate movements had a negative effect of 5.9 percentage points, mainly driven by the decrease of the U.S. dollar, Japanese yen, Turkish lira, and Argentine peso. At CER, Sanofi sales increased 12.4%.

First-half Sanofi sales reached €17,335 million, up 0.9% on a reported basis. Exchange rate movements had a negative effect of 6.3 percentage points. At CER, Company sales were up 7.2%.

Global Business Units

Second-quarter 2021 net sales by Global Business Unit (variation at CER; € million; % of total sales)
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