Sanofi SA (NASDAQ:SNY) Q4 2019 Earnings Conference Call - Final Transcript

Feb 06, 2020 • 09:00 am ET


Sanofi SA (NASDAQ:SNY) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the Sanofi Fourth Quarter and Full Year 2019 Earnings Conference Call.

I would now like to turn the call over to Felix Lauscher, Investor Relations at Sanofi. Please go ahead, sir.

Felix Lauscher

Good morning, and good afternoon to everyone on the call. Thank you for joining us to review Sanofi's fourth quarter and full year results. As usually you can find the slides for this call on the Investor page of our website

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 filed with the SEC, and also our document to refer on our description of these risk factors.

With that, please advance to Slide 3, and let me introduce our speakers today. With me are Paul Hudson, Chief Executive Officer; John Reed, Executive Vice President, Global Head of R&D and Jean Baptiste de Chatillon, Executive Vice President and Chief Financial Officer. Paul will update you on the business performance, after which John will provide an update on R&D. Jean Baptiste will then review the financials. After concluding remarks, we will close with a Q&A session, during which we will be joined by members of the Executive Committee.

With that I'd like to turn the call over to Paul.

Paul Hudson

Well, thank you. Thank you Felix, beautifully done. Welcome to the call Q4 and full year. We've got quite a bit to get through I think news flow is particularly good and we want to go into a bit of detail I am, as Felix said joined by wider members of the executive committee. So, Olivier Charmeil which if we can need to focus on China. We have Bill Sibold for Dupixent immunology and the specialty business.

Alan Main is consumer health. David Loew in Vaccines. So I think - and Dieter Weinand for primary care and diabetes. So, we are well represented. We look forward to getting to a good conversation.

So let's hit the key achievements. 3% on the top line, 7% on EPS. I think, strong performance. A lot of good discipline from the organization to deliver those numbers. Our pipeline innovation continues some pace. So there's a little bit of interest in the BTKI. John, will go into some detail in his session. But I think as you'll appreciate, we want to save the full data set for the presentation at an up and coming, Congress. On accelerating efficiency we were almost a point - 4 point down on operating expense and that is the discipline that I referred to, and it's going to be essential that we continue with this level of a reallocation of resources and discipline to deliver on our short, medium and long-term objective. That long-term objective in terms of BOI margin were 120 basis points for