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Product / Company Performance

Sanofi Reports 3Q18 Orthobiologic Revenue of €72MM, -24.2% vs. 3Q17 -

By Mike Evers, ORTHOWORLD

 

Sanofi’s Synvisc and Synvisc-One products, injections that replace hyaluronic acid in knee joints affected by osteoarthritis, continued their challenging year by posting 3Q18 revenue of $88.7MM, a year-over-year decline of 24.2%. Sales in the U.S., by far the largest market for Synvisc products, were especially hard hit, posting a 30.1% decline vs. 3Q17. In December 2017, Sanofi underwent a voluntary recall of one lot (approximately 18,000 syringes) of Synvisc-One units that had been distributed in the United States, citing the presence of microbial contaminants.

The company did not provide any Synvisc-specific commentary on their 3Q18 earnings call.

  3Q18 3Q17 $ Change % Change
Orthobiologics $88.7 $117.0 -$28.3 -24.2%

 

  YTD18 YTD17 $ Change % Change
Orthobiologics $285.8 $370.9 -$85.0 -22.9%

 

Geographic Region 3Q18 3Q17 $ Change % Change
US $62.8 $89.9 -$27.1 -30.1%
Ex-US $25.9 $27.1 -$1.2 -4.5%
   Europe $6.2 $7.4 -$1.2 -16.7%
   Emerging Markets $16.0 $17.2 -$1.2 -7.1%
   Rest of World $3.7 $2.5 $1.2 50.0%
Total  $88.7 $117.0 -$28.3 -24.2%

 

ORTHOWORLD projects Sanofi’s 2018 orthobiologic revenue at $379.1MM, -20% vs 2017. This is the second straight year of revenue loss for the Synvisc product line. Sanofi reported 2017 orthobiologic revenue of $476.8MM, -5.1% vs. 2016.

 

Sources: Sanofi; ORTHOWORLD estimates. All revenue figures presented in USD $MM using constant currency.

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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