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    Eric Le Berrigaud • Stifel

    Eric Le Berrigaud's questions to AstraZeneca PLC (AZN) leadership

    Eric Le Berrigaud's questions to AstraZeneca PLC (AZN) leadership • Q4 2024

    Question

    Eric Le Berrigaud from Stifel questioned the path to achieving a mid-30s operating margin by 2026, given the seemingly minimal leverage in 2025. He also asked about the soft launch of Airsupra and whether access and uptake are expected to improve significantly.

    Answer

    CFO Aradhana Sarin affirmed the commitment to a mid-30s (34-36%) operating margin by 2026, noting that margin expansion is expected in 2025 and is supported by numerous company-wide productivity initiatives. Ruud Dobber, EVP of BioPharmaceuticals, acknowledged Airsupra's access challenges in a genericized market but highlighted strong physician prescribing volume and improving commercial coverage, with expectations for long-term growth.

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    Eric Le Berrigaud's questions to Novartis AG (NVS) leadership

    Eric Le Berrigaud's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Eric Le Berrigaud questioned why Novartis's midterm sales guidance of 5%+ through 2029 isn't higher, given the company has systematically beaten expectations and the 2025 guidance is also above that level despite significant LOEs.

    Answer

    CEO Vasant Narasimhan stated it is not a policy of underpromising, but rather giving a best estimate. He acknowledged strong operational performance has led to beats. He noted that the full-year impact of 2025's generic entries will be felt in 2026 before growth reaccelerates. While not changing the guidance now, he conceded that if they consistently perform at a higher level, they would have to reconsider it.

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    Eric Le Berrigaud's questions to Sanofi SA (SNY) leadership

    Eric Le Berrigaud's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Eric Le Berrigaud of Stifel asked about the company's ambition for Sarclisa, including its commercial investment and multi-blockbuster potential, and sought confirmation that ALTUVIIIO would become a blockbuster in the current year.

    Answer

    Executive Brian Foard stated that Sanofi believes it is not too late for Sarclisa, citing a large market, favorable data, and a significant advantage with its subcutaneous on-body device, confirming investment behind the asset to achieve multi-blockbuster status. CEO Paul Hudson confirmed that ALTUVIIIO will be a blockbuster this year.

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    Eric Le Berrigaud's questions to Sanofi SA (SNY) leadership • Q2 2024

    Question

    Eric Le Berrigaud asked for guidance on the 'other revenue' line in the P&L for the rest of the year and beyond. He also inquired about the resources and competitive strategy for the upcoming launch of Sarclisa in the significant first-line transplant-ineligible myeloma indication.

    Answer

    CFO François-Xavier Roger stated that for the full year 2024, profit from disposals in 'other revenue' is expected to be around EUR 0.5 billion, similar to prior years. On Sarclisa, Houman Ashrafian, EVP and Head of R&D, noted its potential will be broadened by upcoming data and a subcutaneous formulation. Brian Foard, EVP and Head of Global Hub, Specialty Care GBU, added that the launch is being resourced appropriately to take share and drive growth.

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