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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