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Product / Company Performance

Sanofi Reports 4Q18 Orthobiologic Revenue of €81MM, -5.8% vs. 4Q17 -


Sanofi’s hyaluronic acid product lines, Synvisc and Synvisc-One, posted revenue of USD $93.1MM in 4Q18, -5.8% vs. 4Q17. For full year 2018, sales of those products totaled $359.6MM, -19.1% vs. 2017. Sales in the U.S., the primary market for Synvisc, declined 9.8%. This was somewhat offset by performance in emerging markets, where sales increased 14.3%. Fourth quarter performance, while negative, is a marked improvement over last quarter, where total sales and U.S. sales were both in the -30% range.

By our estimates, Sanofi comprises around 7% of the total orthobiologics market, which faced headwinds like stiffer reimbursement requirements in 2018. But Synvisc’s rate of decline, an average of -24% in the last two years, seems to go far beyond what can be accounted for by a challenging market segment.

The company did not provide any Synvisc-specific commentary on their 4Q18 earnings call.

Synvisc and Synvisc-One sales on an as-reported basis are as follows.

  4Q18 4Q17 $ Change % Change
Orthobiologics $93.1 $98.8 -$5.7 -5.8%
  FY18 FY17 $ Change % Change
Orthobiologics $359.6 $444.6 -$85.0 -19.1%

Synvisc and Synvisc-One sales by geographic region are as follows.

Geographic Region 4Q18 4Q17 $ Change % Change
US $63.2 $70.1 -$6.9 -9.8%
Ex-US $29.9 $28.7 $1.1 4.0%
   Europe $8.0 $8.0 $0.0 0.0%
   Emerging Markets $18.4 $16.1 $2.3 14.3%
   Rest of World $3.4 $4.6 -$1.1 -25.0%
Total  $93.1 $98.8 -$5.7 -5.8%


Sources: Sanofi; ORTHOWORLD estimates

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

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