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    Florent Cespedes • Bernstein

    Florent Cespedes's questions to Sanofi SA (SNY) leadership

    Florent Cespedes's questions to Sanofi SA (SNY) leadership • Q2 2025

    Question

    Florent Cespedes from Bernstein asked for details on the Dupixent launch ramp-up in COPD and questioned if Sanofi's M&A strategy would return to smaller, early-stage assets following the larger Blueprint acquisition.

    Answer

    EVP & Head of Specialty Care Brian Foard described the COPD launch as positive, with strong uptake from pulmonologists familiar with Dupixent. CEO Paul Hudson confirmed that while Blueprint was a unique opportunity, the company's M&A focus remains on early-stage assets in the €2-5 billion range to build the future pipeline and maintain its credit rating.

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    Florent Cespedes's questions to Sanofi SA (SNY) leadership • Q1 2025

    Question

    Florent Cespedes of AllianceBernstein asked for the estimated percentage of the severe asthma population most responsive to amlitelimab and for color on the financial impact of the Medicare Part D redesign in Q1.

    Answer

    CEO Paul Hudson declined to specify the asthma subpopulation size, stating more detail would come with Phase III. Brian Foard (EVP, Head of Global Hub, US General Medicines) discussed the Medicare Part D redesign, noting an anticipated impact from covering the coverage gap but also seeing early positive signs from the new $2,000 out-of-pocket cap, which could increase patient access.

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    Florent Cespedes's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Florent Cespedes of Societe Generale inquired about how the R&D budget will be managed with a growing list of Phase II products and asked for more details on the RSV vaccine for toddlers.

    Answer

    CFO François-Xavier Roger stated that R&D spending will see a moderate increase in 2025, following a significant EUR 900 million increase in 2024, and that the budget is comfortable. Executive Thomas Triomphe explained the RSV toddler vaccine is a key part of building an RSV franchise, complementing Beyfortus by providing second-season protection with an intranasal product targeting mucosal immunity.

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    Florent Cespedes's questions to Sanofi SA (SNY) leadership • Q2 2024

    Question

    Florent Cespedes inquired about the Beyfortus manufacturing capacity for 2025, assuming the two new lines are approved. He also asked which Phase II projects with readouts by the end of next year are considered the most important.

    Answer

    Thomas Triomphe, EVP of Vaccines, stated that with the new lines, they should be in a position to meet demand for Beyfortus in 2025, though demand will need to be built over time. Houman Ashrafian, EVP and Head of R&D, declined to pick a favorite Phase II asset but highlighted a broad range of exciting readouts, including rilzabrutinib in wAHA, the TL1A product, the IRAK4 inhibitor, and an alpha-1 antitrypsin fusion protein, demonstrating activity across all core franchises.

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    Florent Cespedes's questions to Novartis AG (NVS) leadership

    Florent Cespedes's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Florent Cespedes of Bernstein asked for an update on the US litigation for Entresto, including timelines for court decisions, upcoming patent expirations, and the company's view on the IRA impact.

    Answer

    CEO Vasant Narasimhan outlined the three ongoing legal cases against a single generic filer but declined to speculate on timelines. He reiterated that Entresto is expected to face IRA price negotiation in 2026, but the anticipated price is in line with current net pricing, meaning any delay in generic entry continues to represent a financial upside.

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    Florent Cespedes's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Florent Cespedes followed up on Pluvicto, asking about the main pushbacks from centers not using the drug at its target rate. He also asked a broader question about the Inflation Reduction Act (IRA), specifically the outlook for changing the exclusivity period for small molecules from 9 to 13 years.

    Answer

    CEO Vasant Narasimhan identified key challenges for Pluvicto adoption as reimbursement processes, staffing needs, and referral network operations, which he described as surmountable. Regarding the IRA, he expressed cautious optimism, noting bipartisan support and the President's backing for extending small molecule exclusivity to 13 years, calling it a top industry priority.

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    Florent Cespedes's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Florent Cespedes asked about the 2025 guidance, specifically how Novartis will offset margin pressure from the Entresto LOE, and later inquired which 2025 pivotal Phase III readouts are most meaningful now that pelacarsen is delayed.

    Answer

    CFO Harry Kirsch addressed the guidance, explaining that strong top-line growth and SG&A leverage would offset margin pressure. Later, CEO Vasant Narasimhan highlighted key 2025 readouts, including Ianalumab (Sjogren's, ITP), Pluvicto (hormone-sensitive prostate cancer), and Remibrutinib (food allergy), as critical catalysts for future growth.

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    Florent Cespedes's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Florent Cespedes from Bernstein asked for more color on the market opportunity for Cosentyx in hidradenitis suppurativa (HS), considering its potential to attract new patients and the impact of future competition.

    Answer

    CEO Vasant Narasimhan stated that the HS market has significant room for expansion as new, effective treatments like Cosentyx become available, increasing diagnosis and treatment rates. He reiterated the company's belief that Cosentyx in HS will become a $1 billion medicine, expressing optimism even with future competitors due to the large unmet need. He also noted a pipeline of future agents for HS is in development.

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