Sanofi says Altuviiio approval by FDA triggers impairment reversal

Sanofi announces the filing of its Form 20-F with the U.S. Securities and Exchange Commission and its "Document d’Enregistrement Universel" containing its Annual Financial Report with the French market regulator Autorite des marches financiers, or AMF. Sanofi said: "On February 22, 2023, the US Food and Drug Administration approved Altuviiio. This confirms the significant increase of value of the asset. That decision, which occurred prior to the filing of the French Document d’enregistrement universel and of the Annual Report on Form 20-F, resulted in an adjustment to IFRS net income for the year ended December 31, 2022 as presented in the Sanofi press release issued on February 3, 2023. The adjustment consisted of the reversal of EUR 2,154 million of impairment losses against the intangible assets associated with the Eloctate franchise, in accordance with IAS 36; the assets had been partially written down in 2019. The adjustment is presented within the line item Impairment of intangible assets in the consolidated income statement; the net impact after tax is a gain of EUR 1,651 million. Cash flows are not impacted by the adjustment. Following the adjustment, for the year ended December 31, 2022, IFRS net income amounts to EUR 8,371 million, versus EUR 6,720 million as per the press release of February 3, 2023; earnings per share amounts to EUR 6.69, versus EUR 5.37 as per the press release of February 3, 2023; and total equity amounts to EUR 75,152 million, versus EUR 73,512 million as per the press release of February 3, 2023."