What Happened to Sanofi’s Valuation after 4Q16?
On February 16, 2017, Sanofi was trading at a forward PE multiple of ~13.9x, as compared to the industry average of 15.7x.
Sanofi Pasteur, Sanofi’s human vaccines business, reported a 3.7% sequential rise in revenues at constant exchange rates in 4Q16.
Sanofi’s (SNY) consumer healthcare franchise reported a 2.7% YoY growth in revenues at constant exchange rates.
Sanofi’s (SNY) established prescription products contributed nearly 28.9% of the company’s total 4Q16 revenues.
Sanofi has reorganized its diabetes and cardiovascular franchise, making it one of the largest revenue contributors to the pharmaceutical business.
Sanofi’s (SNY) 4Q16 revenues were mainly driven by Genzyme and Sanofi Pasteur.
Sanofi reported a sequential revenue growth of ~3.4% at constant exchange rates for 4Q16.
In 2016, Kyprolis’s sales totaled ~$692 million, which is a year-over-year rise of ~35.2%.
Despite Amgen’s efforts to improve access for Repatha, the drug has seen high rejection rates in the US due to stringent preauthorization requirements.
In 2016, Neulasta’s sales totaled ~$4.6 billion, which is a YoY drop of ~1.4%, mainly due to reduced usage of myelosuppressive chemotherapy agents by cancer patients.
In 2016, Enbrel’s sales totaled ~$5.5 billion, which is a year-over-year rise of around 3.2%.
In 2016, Epogen had sales of approximately $1.3 billion, which is a year-over-year drop of ~30.9%.
Amgen’s (AMGN) Prolia is currently the market leader in the underserved osteoporosis segment.
Amgen (AMGN) has filed an application with the FDA seeking approval for its oral calcimimetic, Sensipar, as a therapy for pediatric patients with secondary hyperparathyroidism.
In 2016, Amgen (AMGN) reached a non-GAAP operating margin of 52.3%.
In 2017, Amgen (AMGN) expects to earn revenues ranging from $22.3 billion–$23.1 billion. Amgen projects non-GAAP earnings per share of $11.80–$12.60.
As of February 13, 2017, GlaxoSmithKline is trading at a forward PE multiple of 14.2x. That’s slightly lower than the industry average of 15.3x.
With improvements in the supply chain and the successful launch of new products, GlaxoSmithKline (GSK) is optimistic about its Consumer Healthcare segment.
Global Pharmaceuticals is GlaxoSmithKline’s (GSK) largest revenue contributor. It reported revenues of 3.6 billion pounds in 4Q16.
GSK’s Vaccines segment reported a rise of 18.0% to 1.1 billion pounds in 4Q16. The Novartis acquisition has improved sales for the segment.