Annual Report 2015 Contents
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ANNUAL REPORT 2015 CONTENTS VISION AND MISSION -------------------------------------------------------------------------------------------------- 2 GROUP HISTORY ------------------------------------------------------------------------------------------------------- 3 GROUP PROFILE -------------------------------------------------------------------------------------------------------- 4 STRATEGIC OBJECTIVES ---------------------------------------------------------------------------------------------- 5 OUR VALUES ------------------------------------------------------------------------------------------------------------ 6 SANOFI PAKISTAN CORPORATE PROFILE -------------------------------------------------------------------------- 7 NEW CEO OF SANOFI IN PAKISTAN ---------------------------------------------------------------------------------- 8 COMPANY INFORMATION --------------------------------------------------------------------------------------------- 9 DIRECTORS’ PROFILE -------------------------------------------------------------------------------------------------10 CORPORATE STRUCTURE -------------------------------------------------------------------------------------------12 MANAGEMENT COMMITTEE -----------------------------------------------------------------------------------------13 CORPORATE GOVERNANCE -----------------------------------------------------------------------------------------14 PRODUCTS -------------------------------------------------------------------------------------------------------------16 MEDICAL ----------------------------------------------------------------------------------------------------------------23 QUALITY MATTERS ----------------------------------------------------------------------------------------------------25 INDUSTRIAL AFFAIRS --------------------------------------------------------------------------------------------------26 HUMAN RESOURCES -------------------------------------------------------------------------------------------------28 TRAINING & DEVELOPMENT -----------------------------------------------------------------------------------------29 CORPORATE SOCIAL RESPONSIBILITY ----------------------------------------------------------------------------30 ETHICS & COMPLIANCE ----------------------------------------------------------------------------------------------32 REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE ----------------------------------------------------------------33 STATEMENT OF COMPLIANCE ---------------------------------------------------------------------------------------34 DIRECTORS’ REPORT -------------------------------------------------------------------------------------------------36 AUDITORS’ REPORT TO THE MEMBERS ---------------------------------------------------------------------------44 FINANCIAL STATEMENTS ---------------------------------------------------------------------------------------------45 BALANCE SHEET ------------------------------------------------------------------------------------------------------46 PROFIT AND LOSS ACCOUNT ---------------------------------------------------------------------------------------47 STATEMENT OF COMPREHENSIVE INCOME -----------------------------------------------------------------------48 CASH FLOW STATEMENT ---------------------------------------------------------------------------------------------49 STATEMENT OF CHANGES IN EQUITY ------------------------------------------------------------------------------50 NOTES TO THE FINANCIAL STATEMENTS--------------------------------------------------------------------------51 PATTERN OF SHAREHOLDING ---------------------------------------------------------------------------------------88 ANALYTICAL REVIEW --------------------------------------------------------------------------------------------------90 STATEMENT OF VALUE ADDED --------------------------------------------------------------------------------------92 OPERATING & FINANCIAL HIGHLIGHTS ----------------------------------------------------------------------------93 HORIZONTAL ANALYSIS ----------------------------------------------------------------------------------------------98 VERTICAL ANALYSIS --------------------------------------------------------------------------------------------------99 NOTICE OF MEETING ------------------------------------------------------------------------------------------------ 100 GLOSSARY ------------------------------------------------------------------------------------------------------------ 102 PROXY FORM VISION To be a diversified healthcare leader, focused on patients’ needs. MISSION To enhance the quality of life of the greatest number through providing a continuum of care by answering unmet medical needs of the community and promoting access to quality healthcare. 2 Annual Report 2015 GROUP HISTORY BMP Sunstone, Medley, Genzyme Merial, Nepentes, Zentiva, 2011 Kendricks, Oenobiol, Chattem, Acambis, Symbion, Shantha Sanofi-aventis Biotechnics, Fovea, Bipar 2004 Sciences, Targegen, Genfar, Globalpharma 2008-2015 Aventis Sanofi Pasteur Sanofi-Synthélabo 1999 2004 1999 Hoechst Rhône- Marion Marion Rorer Synthélabo Sanofi Poulenc Rorer 1950 Roussel 1910 1970 1973 1990 1997 Delagrange Delalande Sterling Chinoin Clin Midy 1931 1924 1901 1919 1971 Roussel ConnaughtRorer Institut 1911 19101922 Mérieux 1897 Robert & Dausse Midy Carriére 1834 1718 Wittman & 1901 Hoechst Poulenc 1863 1860 3 GROUPPRODUCTS PROFILE Committed to 7 billion people Over the years, Sanofi has evolved to meet the new challenges of healthcare worldwide. Today, Sanofi is a global healthcare leader focused on one ultimate goal: to improve the lives of patients around the world. Patients are at the heart of our approach. We listen to their needs, support them in their disease and treat them. We have reinvented our research & development approach to accelerate both the pace of innovation and the development of breakthrough health solutions for patients. Through our diversified portfolio of medicines, vaccines and innovative therapeutic solutions, we strive to protect the health and meet the needs and hopes of the world’s 7 billion people. A global healthcare leader A diversified offering of medicines, consumer healthcare products, generics and animal health 2015 Total aggregate Group sales: A world leader in human vaccines A broad and balanced presence on both traditional and emerging markets €37,057 million More than 110,000 employees in 100 countries New CEO of the Group Olivier Brandicourt joined the Sanofi Group as Chief Executive Officer in April 2015. A physician by training, Olivier Brandicourt has 28 years of global experience in the pharmaceutical industry. He joined Sanofi in April 2015 after serving as Chief Executive Officer of Bayer Healthcare AG since 2013. In this role, he was responsible for leading the company’s global portfolio across the pharmaceuticals, consumer care, animal health, and medical care businesses. Prior to Bayer Healthcare, Olivier worked at Pfizer for 13 years. He is a member of the Board of Management of the Pharmaceutical Research and Manufacturers of America (PhRMA), as well as a member of the Council of the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). He is also an Honorary Member of the Royal College of Physicians in London and a board member of the Children’s Aid Society in New York. Olivier Brandicourt studied medicine in Paris where he specialized in Infectious Diseases and Tropical Medicine (University of Paris V) and holds an Advanced Degree in Cellular and Immunological Pathophysiology from the Paris Descartes University. He also holds a Master’s Degree in Biology (University of Paris XII). 4 Annual Report 2015 STRATEGIC OBJECTIVES At the heart of everything we do are people. Through 3. Seizing value-enhancing growth our vaccines and medicines, we help prevent and opportunities where needed, treat those in need. As economies and societies evolve, we need healthy populations The changing face of the industry, healthcare to meet future challenges. Healthcare needs have needs and scientific discovery led us to the changed and will continue to do so and as an realization that we need to diversify to grow the industry we have to adapt to meet these needs. business. We need to look outside at partnerships and acquisitions to succeed in delivering future To have a real impact, we have to build a sustainable innovative solutions. We have been successful business to invest in delivering innovative solutions. in searching out the best science and the best At the same time we need to improve access to companies to acquire and partner with. We have medicines and improved healthcare. In order to strongly reinforced our business in particular move along in this ambition, we continue to push areas such as diabetes, oncology, rare diseases forward with our key strategic priorities: and consumer healthcare. We will continue to look for opportunities and partner with the best, 1. Be a global healthcare leader with whomever and wherever they may be. synergistic platforms 4. Adapt structure for future challenges We have significantly transformed the Group to be and opportunities focused on the seven strategic growth platforms of diabetes, vaccines, consumer healthcare, rare The successful companies of tomorrow are those diseases & multiple sclerosis, other innovative that go beyond delivering products to delivering products, animal health and emerging markets. real solutions