Sanofi India Limited (NASDAQ:SNY) Q2 2019 Earnings Conference Call - Final Transcript
Jul 29, 2019 • 08:30 am ET
Good afternoon, ladies and gentlemen, thank you for standing by and welcome to the Sanofi Second Quarter 2019 Earnings Conference Call. I would now like to turn the conference over to George Grofik, Vice President, Head of Investor Relations at Sanofi. Please go ahead, sir.
Good morning, and good afternoon to everyone on the call. Thank you for joining us to review Sanofi's second quarter results. As usual, you can find the slides for this call on the Investors page of our website at sanofi.com.
Moving to Slide 2. I would like to remind you that information presented in this call contain forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. I refer you to our Form 20-F document on file with the SEC also our Document de Reference for a description of these risk factors.
With that, please advance to Slide 3, and let me introduce our speakers today. With me are Olivier Brandicourt, Chief Executive Officer; Jean-Baptiste de Chatillon, Executive Vice President and Chief Financial Officer; and John Reed, Executive Vice President, Global R&D. Olivier will discuss key highlights, after which Jean-Baptiste will review the financials. John will then provide an update on R&D and we will close with a Q&A session.
Joining us for Q&A will be Olivier Charmeil, Executive Vice President, General Medicines and Emerging Markets; Karen Linehan, Executive Vice President, Legal Affairs and General Counsel; David Loew, our Executive Vice President, Sanofi Pasteur; Alan Main, Executive Vice President, Consumer Healthcare; Bill Sibold, Executive Vice President, Sanofi Genzyme; and Dieter Weinand, our Executive Vice President, Primary Care.
With that I'd like to turn the call over to Olivier.
Thank you, George. Good morning, good afternoon to everyone, and welcome to our second quarter earnings conference call. On Slide 5, we delivered continued sales and EPS growth in the second quarter, the results allow us to raise our guidance and we now expect to grow approximately 5%, which is a high-end of our previous full year guidance.
Our second quarter sales were EUR8.6 billion, up 3.9% at CER and our business EPS increased by 4.8% to EUR1.31. If we adjust for constant structure, our sales grew an impressive 5.8% on an organic basis.
Slide 6 breaks down our second quarter sales performance to shows the drivers of our organic growth. You can see that as in the past three quarters, underlying dynamics of our business are more than offsetting the impact of LoEs.
On Slide 7, you can see the sales picture across our five GBUs on a constant structure basis. The highlight was the sustained rapid growth in our Specialty Care business, Sanofi Genzyme. However, we also benefited from very strong growth in our Vaccines business Sanofi Pasteur and from a good performance in China and emerging markets.
On Slide 8, as in previous quarters, our diversified business structure clearly benefited us as we manage the impact of LoE headwinds in mature markets. In particular, Specialty