Sanofi (SAN) Earnings Call Transcript & Summary

Good morning, good afternoon, and good evening to everyone. Thank you for joining Sanofi's first ESG event, either here in Paris or online. As always, I would like to remind you that information presented here contains forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. I refer you to our Form 20-F document on file with the SEC and also our Document d'Enregistrement Universel for a description of these risk factors. Now we have put together a 3-hour event to walk you through our CSR programs with a mix of presentation, panel discussions and Q&A sessions. The corresponding slides can be found on our website at sanofi.com. You will meet our program leaders across the key areas of our CSR strategy. And in addition, we have also asked some external experts to join us today. Notably, Lise Kingo, a member of Sanofi's Board of Directors; Rohini Anand, DEI Adviser and previous Chief Diversity Officer of Sodexo; and Thomas Scheiwiller, Co-Founder of the Biopharma Sustainability Roundtable. We will also have Q&A sessions and participation will be possible both here in the audience as well as online. [Operator Instructions] And with that, I now hand over to Paul Hudson, Chief Executive Officer of Sanofi for an introduction.

Thank you, Eva. Nobody reads a forward-looking statement quite well as Eva. So thank you for that. Thank you to everybody that has joined us in the room and everybody that has joined us online. I'd say special thank you to Lise, one of our Board members, that's somebody that is incredibly active in this space and is setting a high bar for us as the leader of the Board on these subjects. And not because this work needs to be publicized or it needs to be on a poster by the elevator but because it's simply the right thing to do and her challenge is greatly appreciated and we hope to continue that, by the way. Out of all the things we've done as a company, and I'm going to talk a little bit about our journey in a moment, of all the pieces of work we've done, of all the things that I'm very proud of and the progress that we've made, the hardest piece of work was this piece of work. The hardest piece of work was the work we're doing to renew our contract with society. And you may think that, that shouldn't be the case. You may think why? Because surely, it's obvious, surely you do more for the environment, surely you do more for people, you're a health care company after all. It's the hardest piece of work for us because it had to be a piece of work that was part of our daily lives. And not something that was just an add-on or pictures in an annual report. It had to be grounded in something that we truly believed in and was entirely congruent to our purpose. And it had to be done to such an extent, albeit it's just the beginning, that whether we were asked to, whether we were demanded of by ESG investors, whether they disappeared tomorrow, that the work would continue because the work is important for our contract with society. And I think that's a really important standard we're setting. We hold ourselves to that. You shouldn't forget that. To enable that work, we have to continue the transformation of the company at the speed and with the precision that we've been unfolding so far. And I think -- I take the opportunity, as I should, to remind you a little bit the journey we're on, where we're heading and why. The proof points that we are accumulating and then how that connects to our commitment to society. We rolled out in 2019 on December 10, I think it was a 2-chapter approach to the great story of this special company contributing at the level that it should do. And we're well underway. In fact, if anything, we're slightly ahead of what we would have thought. In 2019, we said these are the 6 years in 2 phases. We're going to get on with things. We're going to deliver a lot of things. We're going to organize ourselves. And then we're going to move into a launch phase and really starting to bring incredible science through to people for those in need, but we're also going to make sure that we understand our role in society. We've done 9 acquisitions, 18 BD deals, countless other interactions, everything to try to accelerate where we are with our pipeline, to build on the areas that were strong and to do some things that we genuinely believe are now fully underway. We laid out in '19 that were the 3 areas that were really critically important to us, one was that Dupixent would be greater than EUR 10 billion in sales. And we didn't say by when, but we did go back and revisit that recently and increased it to greater than EUR 13 billion. Why only greater than? Well, because, of course, it doesn't even include COPD and we haven't even started yet. And for me, I tried to introduce a concept of, this is a way point on the journey of Dupixent, this is another step forward. The $13 billion was just a step on the journey and not a peak. So let's see how far we get. That's why there's a plus sign. At the same time, we said we're going to double the vaccine sales by the end of the decade, which is quite a statement, doubled down in mRNA, done many different things. We're going to double the value of our vaccine business, which stands on the shoulders of so many people getting vaccinated that simply would not have had the chance before. Of course, the world is significantly more vaccine literate than it was back in 2019. And we said we'll build an industry-leading pipeline, and we're doing just that. Evaluate have us ranked 5, I think it is now, and that's great, but that's not what drives us. The number of high-quality projects, 80% being first-in-class, best-in-class, greater than in fact, real progress underway, really proud of the work that we're doing. It's not just the ambition and what comes in our future. It's also a declaration of delivering the proof points as we go. We represent that data, so you can see it quite clearly. There's simply impressive growth rate in specialty care, of course, 20% plus; vaccines delivered 17 -- sorry, 7%. Someday, well, I hope 17%, delivered 7%. And what's worth a moment of your attention is that within our Gen Med business, which is transforming literally in real time, moving to distributor models, moving to digital and data, doing things that have never been done before at speed on a business of this size. Almost EUR 6 billion worth of the business is, in fact, growing at almost 6%. You think about that. That would put that at above the average of all pharmas just for the core assets in Gen Med, if we were to look at that over the remaining of the decade. So truly remarkable, and of course, double-digit earnings growth and all the things that people find very important. We just like to focus on transforming the company, and we believe those things will come. We're very proud of the charts equally on the right. We touched briefly on Dupixent. It's a really interesting story. Sometimes we're challenged to say we have too many eggs in one basket. Well, what an egg? It's one of these rare chances in your career, for me and everybody connected to it, where you realize that this is first-in-class and best-in-class. There will be competition. We do need some competition. There's a lot to be invested in helping educate and understand markets. There's a lot of patients that need a treatment. We prefer it to be ours, but the reality is only 8% of biologic-eligible patients with atopic dermatitis are getting treated, 92% are not. And we have work to do to make sure patients get treatments. Yes, we'll compete to make sure it's ours, but most importantly, patients should get treatment if they're eligible. And so we have some work to do, but we're thrilled with how we're building Dupixent, an incredible profile, we're improving the manufacturing process to make it more efficient, more updates to come shortly. We're doing incredible work, and it's become accretive already. We have COPD ahead of us. We've got readouts next year and beyond. We've got so many good things to happen. And this is literally the beginning of the journey. And if we crack COPD, and we're already annualizing at EUR 6.5 billion of Q1 sales. This is going to be a very special chapter in the industry cycle, not least our own. So yes, we'd like more double-digit blockbusters to go alongside it. And yes, we have a lot of work to do. But let's not be casual about how important this medicine is for society, if not us. Let's also remember, and for those who follow the industry very carefully, you will have seen, I am sure some of these names before Steve Miller, for example, ICER, the U.S. NICE, if you like. There is a recognition that Dupixent may be one of those medicines that is coupled with the company's long-held intent to price responsibly, has put us in a window where we are absolutely setting ourselves up to allow health systems to be able to provide these life-changing medicines to those that need it without the constraints. Now think about that for a moment. This means that we've been responsible. I think Steve -- I think it was Steve who says it well that everybody felt like everybody had moved in terms of the payer-industry insurer dynamic because it was important to make sure that affordability, both for health systems and patients was at the heart of making sure this incredible medicine would be available. We've -- long before I joined, early 2017 we laid out what we believe in terms of pricing. I think we're the first and the most comprehensive organization to share how responsible we feel on that. And I can tell you, joining the company in '19, these principles were made very clear to me, and I'm glad that they were and I think with standing up the way we handle our company and the way we bring innovation forward to those that need it in an incredibly impressive way. I'm very, very proud of what we're doing on there. There is a responsibility as leaders and also as scientists of a great company and others, I guess, to recognize that as good as our medicines are -- we have to always remember that not all patients are the same and respond in exactly the same way. And we've seen it, of course. Let's take psoriasis with the almost double-digit biologics that are available and all those biologics are doing well and they're doing well because patients react in somewhat different ways in durability of response, efficacy. It's important for us as a company that is intent on being the world's leading immunology company that we are quickly following Dupixent with potentially transformational medicines and mechanisms. We have building -- given that we have, let's say, 10 years-plus worth of Dupixent intellectual property left, we are not content that, that is enough and we are working tirelessly to make sure for patients that need alternatives, for patients that would rather start with a topical or a cream for many of you who are not familiar with that word, for patients that would prefer an oral before they're transferred to a biologic because they don't want to inject themselves. For patients that want to extend the interval between injections or recapture efficacy, for those patients, they need to have all of the tools. And the mechanisms are really interesting. What you may or may not know, everybody was asking about the competitors to Dupixent. What you may or may not know is all of the competitors work in one place or the other place, but none of them work in both places, AD and asthma. There's a reason for that. The underlying mechanism of what Dupixent does is very special. We understand the need to control symptoms, but to treat inflammation, particularly type 2, we're building out what we believe is the world's leading pipeline in immunology. As we go forward over the next quarters and years, we'll start to attribute value to those assets. So you can understand why we believe we can have a significant immunology presence even beyond Dupixent. It's really about the disease. And if we can tackle these diseases in the spirit of transforming patients' lives, then the rest, of course, follows. Dupixent sets a high bar, but we will compete with ourselves to bring even greater benefit to patients. And that's an important statement for what our company is about. Lastly, really on the main subjects. It's really about transforming research and development. And the majority of our assets now are best-in-class or first-in-class. We've added exciting technologies, whether it's mRNA, SYNTHORIN platforms. We're building out cell-based therapies, NK, in particular. We've done so many different things. And we recognize that the plethora of platforms means we need to be present, not in all, but the ones where we think we can add the most value. We need to be connected to the platforms where we think the synergistic impact or the convergence of the different platforms gives us a unique opportunity to win long term, to reference Tidal, for example, and coating lipid nanoparticles in nanobodies that come from our Ablynx acquisition, cloaking them with our Amunix technology, if that's even possible, and then treating cell-based -- sorry, treating oncology using mRNA. I mean there's a point of convergence that's coming, and we think we've chosen very specifically platforms we think will get us there, and more to come later this year. You can see for the numbers yourself. But last year, 2021 was, I believe, an all-time high on the number of absolutely new molecules that made it into humans for the first time. That's a statement from this company. I think it explains a lot about who we are and what we're trying to do. Of course, to build on that. We've got -- and we've supported that with other proof points, the high unmet needs, the pipeline milestones in Q1. I draw your attention to a priority review to accelerated assessment to breakthrough designation to SAKIGAKE in Japan. What it tells you is we are coming with things that are unique and important for patients and regulators are respecting those things, too. It's a validation by health authorities that we're not me too -- we're not me-too late, we're trying to do things that have never been done before. A question we always get, normally, I throw this to Jean-Baptiste, but I'm dealing with this one on my own today. The capital allocation question. Look, we're about creating value. The organization principally is driven every day by creating value for patients, create value for society, create value for the people that work in the company in terms of experience, and then create value for shareholders. They're not mutually exclusive. They can all be together. It all pivots on being first and best and doing transformational things. And our capital is allocated to try and enable that to be the case. Nothing has changed for us, organic investments, strategic acquisitions, a growing dividend. And finally, of course, anti-dilutive share buyback, which rolls off the tongue. What it tells you is that we believe our opportunity to reward those that invest in us by doing incredibly transformational things. By rewarding those that invest in us allows us to reinvest itself and create even more value. So we understand the toggle between the different ways to allocate capital. But if you're doing the right thing and you're launching breakthrough medicines, the rest follows, simple as that. So we set a high bar for ourselves in our R&D productivity on how we allocate capital. And I think and I hope you will -- if you look back to 2019, you'll see that we really have not deviated from that. And given all the challenges that the world has faced, we have really stayed on track. Now this is a chart. I never like to be last on a bar chart for anything. When I quickly flick through a deck, I'm like, I'm disappointed, we're so far down the pack on this. Take a moment to understand what this is. This is a really important reset for the industry coming. When you have so many big companies with half of their portfolios, facing LOE or cliffs on their major assets over the remainder of the decade, you can see what is ahead of this industry. And it was really, I think, 2012 the last moment. And if you aggregate what this means, this is 3x the value impact of 2012 for the last big LOE cliff in the industry. Look, where we're placed, look where we're placed. So on top of all the incredible work we're doing scientifically, how we're allocating capital, we'll get a little bit to culture in a moment, we have the most visibility of what's ahead of us. We have the least unknown. Yes, we have Aubagio LOE coming up in '23. And then that marks the reset. It's not topping up a pipeline to quickly fill a leaking bath tub. It is all incremental from the moment we pivot after Aubagio. Think about that for a moment. Look at the competition it's going to face, perhaps even end up with some consolidation, who knows, but there perhaps aren't enough assets or even enough assets in the clinic to make up for all that gap for all those companies. We are well placed at Sanofi, very well placed. So look, I think it's an important subject I want to touch on. I have a couple of minutes left to share some thoughts. But I -- it's not uncommon for me to have conversations with our ESG population and to be asked questions. And I'm not always asked everywhere else, but I'm asked quite routinely by those that care greatly as they should about how the company behaves, how it behaved in the past, what it means. And for me, I wanted to just take a couple of quick subjects head on and be very clear so that people know where we stand. What I don't want is any ambiguity because our story is clear. It is clean. It is transparent as we go forward. And yes, like all CEOs you inherit some subjects that happened before your time, but I'm not complaining about that. I just asked for some objectivity. So let me just quickly just address a couple of things before I go into this slide. If I take a step backwards, I want to tell you a couple of comments about some of the, we could say controversies that happened several years ago, but I'm not sure that is even the right word. A few words first, maybe on Depakine. Of course, we understand the concerns of patients in relation to the difficulties faced by them and their children. We know it. We get it. We are in the health care business. Many of us are parents, we get it. But Depakine is a medicine that has significantly improved the lives of so many and particularly young females of child-bearing age. It's been on the market since the '60s. And because it was and still is one of the most effective treatments for this incredibly challenging form of epilepsy, including the most severe, it is still relied upon almost uniquely by so many physicians and patients. It's important to understand that pharmaceutical companies can't unilaterally change how they communicate information to health care professionals or governments. And when I joined the company, I spent a considerable amount of time having a look at all of the correspondence between the company and the regulators because while I'm assured not everything is perfect, I wanted to make sure that we had made every effort to communicate as we updated our information and data on that journey. And that's exactly what we did. That's exactly what we did. Now in France, of course, there isn't an opportunity for a settlement like the U.S. So this plays out and rumbles on and rumbles on. Don't forget, it's still prescribed because it is the most effective medicine. Don't forget that we communicate every bit of information regularly as you would expect of us, and I believe that we always did. But let's move beyond that because the medicine still plays a significant role. As for Dengvaxia, well, it's another thing that happened a little bit a while ago, but you probably are not aware it's still very important indeed, and it can help patients avoid becoming even more severe. Now you probably know that it's also endorsed by the World Health Organization. And I'm just trying to bring some context that both these alleged controversies are still very real parts of the dialogue for us and still play a meaningful part in patients' lives, and we still have people dedicated to making that possible. So 25 years of R&D investment into Dengvaxia, where there were no solutions is exactly what a company like ours should and could do and we did. So no regrets on that. We do our best. We always do our best and we'll continue to try and play the best part we can for society. So coming to just a couple of things to finish on, really. Our strategy, if you look across the top of this slide, sort of shares with you that our ability and desire to focus on growth to lead with innovation to accelerate efficiencies and to reinvent how we work. And that was set back in '19. But below it, you can see because it's inextricably linked. You can't do one without the other. The reason this was the hardest piece of work was because this work must live every day regardless of your -- you, in particular, and your level of interest in what we do. It matters most that the work matters to our people because it's the right thing to do and that it is not a one-off or a quarterly update, it's every day. That's why affordable access is so important for us. And we launched our global health unit, Rebecca and Jon here today, it was an incredible opportunity to share that with stakeholders yesterday. That is why in R&D, we go after untreated and neglected cancers, in pediatrics sleeping sickness. That's why we're just relentless about these things and they are equally important to us. That's why we care about the planet, and we decided long before anybody asked us that we should be doing a wastewater management. We should be using renewable energies. You go to our sites that are covered in solar panels. We care greatly about the use of solvents. We're all in, in all aspects to make sure that we modernize the company but we do it in a way that we'll be proud of in the future. And lastly but not least, is having somewhere supercool to work that represents society. And we can do better on some of these things. But we set out a high bar for gender representation at executive levels for inclusion. We are really trying to raise our game so that in a few years this company will look like society itself. So at every touch point, we feel like our work is an everyday and real thing. I'll leave you perhaps with this slide. I think this is my last slide, people are nodding. We created -- spent a long time for a couple of sentences, but we chase the miracles of science to improve people's lives. We've never been more sure of that. It's ambitious. Chasing is chasing, it's relentless. It's what we do because if we do it right, we change lives. And it's not just patients' lives, it's people's lives, it's family members, caregivers, children. That's why it says people. These things matter to us. And we won't rest without doing that. I think society expects a lot of us, it should. I think the people who work in the company expect a lot of us, they should. I think in the end, the patients that rely on us know that if Sanofi is fully committed scientifically and to difficult too treat things and makes drugs available and is an inclusive company, it knows when to be altruistic and work with its foundation, and it also has a fully integrated strategy, then we're going to do something that's unique. And while anybody else can list these things, there are a few, if no other company that is doing them every day and fully integrated to make them work. We accept our history. We're proud of the things that we've done. We know we have a long way to go and that we're a work in progress, but I've never been more proud of the energy and effort that goes into the most important things that are going on in this company as I am today. So with that, I think that's me, Vanina, I think I will welcome you to talk about the incredible work in the launch of the Foundation S.

Thank you so much, Paul. So it's a pleasure to be here today with you. My name is Vanina, and I'm the new Head of Foundation S. So as you may have seen on the previous slide, Foundation S the new kid around the block. And we have a social impact strategy that now rests on 3 pillars. And we launched Foundation S on the 4th of May to complement what we are doing in CSR, what we're doing with the Global Health units, you will hear from Jon and Rebecca. We are also building from the important groundwork done in the past decade by the previous foundation, Sanofi Espoir. So what we're doing really is to use our philanthropy to complement Sanofi's public health value proposition and support the hardest-to-reach populations. We're really trying to walk the last mile there. What does it mean? Well, we engage in concrete actions to improve the lives of vulnerable communities in 3 key areas. Childhood cancer, as you see, and I will comment on those in a second. But before I'd like to explain that we've used 3 criteria to do so. First, we leverage Sanofi's strengths. Second, we address unmet health care needs. And thirdly, very importantly, we are also focused on areas where we can really engage our people, the Sanofians. And to do so, we have structured ourselves as a think and do tank. So I mentioned childhood cancer as our first area. And it's very important that we'll -- potentially remember one key fact, every 3 minutes, a child continues to die of cancer. Cancer requires everyday care. And when you are in areas that are remote, it's very difficult to get on and stay on treatment. So fighting childhood cancer is our signature program, with the program that we have called My Child Matters. This program has been launched in 2005. It's something that we are really leveraging as our legacy and childhood cancer through My Child Matter has already been curbed down. For instance, we have already trained 50,000 health care professionals, reached 120,000 children, and we continue now to work with local organizations to ensure that committees, families can access diagnosis and treatment. And as I said, we continue to train health care professionals. So second area, climate change impact on health. You may not think about health when you think about climate change. Well, let me take you to Bangladesh, one of the poorest countries on the planet and the sixth most impacted by climate change. The problem, you probably have seen and read about the horrific floods that impacted Bangladesh a couple of weeks or days ago. It used to be 2 monsoons a year at max. And now you have 6, 7, 8 monsoons that literally wipe out all access to health care. So what we are seeing as well is that out of all the other efforts to combat climate change, only 2% of the multilateral financing goes to health. Solution, we are funding adaptation projects. For instance, satellite clinics, but also something that floats, a mobile hospital on the boat because it's the only way to ensure health care delivery to the last mile. Finally, humanitarian donations, and I will skip to the next slide because we are placing -- and I'm sorry, it's the wrong slide. We are placing a specific focus on displaced population, but we started with Ukraine. So how have we supported Ukraine so far? Well, we have supported Ukraine through emergency aids and also medicines. We reached 22 million patients, donated 30 million daily treatments. We specifically supported multiple sclerosis, rare patients, cancer patients. We've also donated 300,000 doses of diphtheria and tetanus vaccines for refugee camps in border countries. And we mobilized ourselves at the very beginning of the war as we immediately donated EUR 5 million in cash donation to the Red Cross and to the UNHCR, the refugee committee to support refugees in bordering countries. And finally, I can also be so proud and we should all be very, very proud of the extraordinary mobilization of our people, of our employees who personally donated to the matching funds set by Foundation S. So all in all, there's a lot of excitement for this new initiative. I'm very happy to be here with you, but I also know that nothing gets done unless it is measured. So we will track our progress in public health outcomes. And I look forward to continuing speaking with you, engaging with you on that. And for now, I would like to invite Sandrine to the stage to discuss how we can leverage our CSR strategy for our contribution to society.

Thank you, Vanina. Hello, everyone. So at Sanofi, we have always taken care of society very seriously. But as a health care company, we know that we can have a significant impact and we want to do more. We want to make the difference. We want to make a greater impact. And so we want to turn ambition into actions. We are currently doing more. I'm Sandrine Bouttier-Stref, I'm the Global Head of Corporate Social Responsibility and Societal Impact. And I will share with you a preview of our CSR strategy today. Some speakers will deep dive in certain topics, and we'll let the floor later to them. But just before, a few background of our CSR strategy. We are all mobilized. As a global company, we are conscious that we have an important and a clear role to play to address the challenges that the world is facing such as inequalities. Inequalities can affect life expectancy, but also access to essential services as access to health care, education, water supplies, but we know also that inequalities can trouble the exercise of human rights. Increased discrimination, racism, poverty. Among the other challenges and far from being for the future, the effects of climate change are already visible everywhere in the world. Rising temperatures, increase of level of the seas, forest fires, water scarcity and decline of biodiversity. The United Nations has recently published the figures of 21 million people migrating each year because of the climate change effects. All these events are not without consequences on the health of populations. Today, 2.5 billion people in the world have no access to quality health care. Around 35 million people are dying every year because of noncommunicable disease and among them, 28 million die in low and middle-income countries. For sure, as a pharma company, we must play our part, and our greatest contribution is to improve access to medicine, but not only, also access to health care and support the sustainability of the health care systems in the world. It's a holistic approach. This is why we have renewed our CSR strategy. Renewed. But also more ambitious. As mentioned by Paul, this strategy is fully aligned and embedded in our Play to Win business strategy. It's not just only about philanthropy, it's complementary. It's not just about ambitions, it's about impact on society while bringing value to Sanofi. Now let's take in time to share with you the preview of what we have delivered. Additional speakers, as I mentioned, will deep dive later on certain topics. So our CSR strategy was proposed by Executive Committee to the Board at the end of 2020 and is on the move. We made a lot of progress last year since the launch. On the screen, you have a summary view of the progress made in all commitments that we are communicating quarterly. Beyond these figures, I would like to share with you some highlights illustrating Sanofi's engagement and performance, starting with Sanofi Global Health, the cornerstone of our affordable access pillar. This non-for-profit unit aims to deliver 30 life essential medicines in the 40 poorest countries in the world. It's not just about providing medicines. It's a holistic approach also providing support through programs. And Jon and Rebecca will give a thorough overview of Sanofi Global Health in a moment. Because access is one of our priorities, we are continuing our efforts to identify innovative mechanisms such as global access plans to get the products that are in our pipeline today to where patients need them around the world, within 2 years after the first launch. Finally, we remain committed to helping 1,000 patients around the world who are suffering from rare disease and who have no access to the treatment. This continues as Sanofi's 30-years commitment to patients suffering such disease such as Fabry, Pompe, Gaucher disease, for which access and offer of access treatment is very, very limited. Changing the practice of medicine also applies to underserved populations and neglected diseases. We continue our efforts to fight polio and sleeping sickness and 2 of our legacy programs that address the global health issues. Sleeping sickness, 3x in people in Sub-Saharan Africa and is fatal if not treated. Sanofi is the only pharmaceutical company that keeps developing treatment for sleeping sickness. We have committed ourselves alongside the WHO to eliminate this neglected tropical disease in humans by 2030. And our efforts have led a major paradigm change for patients and health care professionals. Philippe will tell you more about this commitment later. On polio, we have supplied billions of vaccine doses over the years, including hundreds of millions of donated doses to support a global polio eradication effort and will continue until eradication. We have also made big progress on childhood cancer, which is a very, very ambitious commitment. Childhood cancer is a leading cause of death in children. And we have already identified a candidate molecule that has just entered into the preparation phase of a clinical study protocol, which should be launched in early 2030. In this respect, we have established a number of partnerships with renowned pediatric cancer organizations to accelerate our road map. That was the patient care part, but we're also taking care of the planet. At the end of 2021, we raised our level of ambition to become carbon neutral by 2030 and net zero emissions by 2050. This brings us 20 years ahead of the commitment we made in 2015 during the Paris agreement. To match this ambition, we are moving carbon neutrality as one of our flagships, embedding in eco fleet on renewable electricity. And we are also increasing our Scope 3 emissions target reduction to 30% -- minus 30% by 2030 because we know we can do more, and we need to [indiscernible] our whole supply chain. We have already made progress on reducing CO2 emissions. We are strengthening our actions to further reduce our own emissions on our transition to decarbonize energy. We have also engaged a program with our subcontractors and suppliers to [ activate ] decarbonation as well. Annabelle will walk through our carbon road map in the second part of the event. We are also focusing on improving the environmental footprint of our products. Eco design approach for all products, which will be put on the market by 2025 by decreasing the environmental impact, but also the end of the use of plastics for our all vaccine syringes by 2027. This is a truly complex industrial endeavor that will address the problem of plastic waste in the environment. Stefan will give you a glimpse of our work on insulin pens later. Finally, in terms of diversity and inclusion -- sorry, with nearly 95,000 employees of 142 nationalities, we are continuing our efforts to ensure that our all employees can express their full potential in a diverse and inclusive organization. We have made progress in gender equality. We have launched a global volunteering program open to all employees. We have recently launched 5 employee resource groups, each dedicated to a diversity topic such as gender, disability, generations and others. And that in order to foster and value the community's concerns for the company. We have just set up a diversity, equity and inclusion council, which includes experts from outside Sanofi to ensure the proper execution and monitoring of the diversity and inclusion strategy. Sanofi is the first pharmaceutical company to set up this kind of organization. In the second part of the event, we will have the privilege of listening to Raj, our Head of D&I, discuss with Dr. Rohini Anand, one of our external council member. When we created our integrated CSR strategy, we strived to balance a positive contribution to society while contributing additional value to the company. Let me give you a few examples of how this plays together. Affordable access is creating growth, reaching and treating more people across the world. We use our leading innovation to bring new treatments to unmet medical needs. Diversity is creating value for the company and our communities, helps retaining and attracting talent. Through building a more sustainable business model, we improve our efficiency and use less resources. For example, our blister free vaccine initiative has a positive impact on cost, whether on COGS or distribution. We have effectively initiated a process of transformation and support for CSR within the organization. We leave CSR as a cultural transformation and value creation enabler. We are on the move. We are making great strides. My colleagues from across the business will now share details on their own initiatives. And now I leave the floor to Jon Fairest and Rebecca Stevens. Jon, the Head of Global Health unit. And Rebecca Stevens, who is the Head of Sanofi Global Health Partnerships. And so welcome. Enjoy the event.

So good afternoon, good morning, good evening, everybody. It's a real pleasure to be with you here this afternoon. I think we should introduce ourselves first, Rebecca, yes. Good efforts Sandrine, but it's a bit of a mouthful. So yes, I'm Jon Fairest. I've been with the Sanofi Group for around 20 years, had many international roles and for 6 years, I was managing the African business. And I took over the Head of Global Health unit in January this year. And we're going to tell you a little bit more about that. But Rebecca, I'll let you introduce yourself as well because I think it's even more of a mouthful.

Exactly. So my name is Rebecca Stevens Alder and I head Global Health Partnerships for Sanofi. I've worked in industry for 15 years building public health partnerships. I've been at Sanofi for 6 months.

Thanks, Rebecca. So I think before I get into a little bit more detail, I just want to give a bit of context. The Global Health unit was actually launched in April 2021. Interesting timing because we were still in the middle of pandemic. So second or third wave, I can't remember where we were, but it certainly was a difficult time. And a lot of work has been going on through that time to get us where we are today. And it's really important we look at that because today, we are ready to treat more patients in more countries with more advancements in medicine with more programs that will make a difference in these underserved countries. And I'll talk about underserved countries, but I talk about underserved and neglected populations. I think this is crucial. So it's something we want to explain today what we've been doing. We're now in action mode and that's what we want to explain today, and we're open for business. And I think this is the important piece we want to get across today, Rebecca. So I'll start with -- it's a busy slide. I'm going to pick out a few points for you here. We today are going to make available 30 of our essential medicines in 40 countries across the world, that world's 40 poorest countries. And I think this is a real effort to move the health dial in countries today where we have very little or very weak health care structures. We've chosen to focus, and we're going to focus on a portfolio that will work in 3 disease areas. And these are being chosen because of the underserved population here, but also using our expertise and our heritage as an organization to be able to deliver and execute with real accuracy. So we're going to be in cardiometabolic, so hypertension and diabetes patients. We want to go to oncology. And we want to continue in our heritage for the last 50 or 60 years where we've been in TB, malaria and sleeping sickness. And Philippe will talk after us about our programs in sleeping sickness. We're going to have a non-for-profit business model here, social business with an non-for-profit business model, which I'll explain a little bit more as we go through this. But I think what's clear here is we have some pretty significant advancement goals we want to follow. We want to make sure there's an access to insulin for patients in these countries. We want to raise the ability to treat cancer across these markets because today, there's very little infrastructure to do that. And we want to continue our journey to be one of the partners in the elimination of TB, which is still a huge killer in much of the African continent. We need partnerships. We need that with governments, NGOs, et cetera, and we also need to work with local entrepreneurs in the ecosystem. And this is something I'll talk to you about, a very exciting Impact Fund that we're going to be working on in across the countries to make sure we truly support local entrepreneurship and innovation. So how do you do this? Because -- the health care, as Rebecca and I know and we yesterday had many of our stakeholders here, is truly an ecosystem. And you have to close the circle in this ecosystem. Otherwise, you don't deliver. So we have treatments available, which will be these 30 treatments, and we aim to make these at very accessible prices. We're going to have a unique go-to-market nonprofit model. And what we want to do is ensure that we have a sustainable approach to this, and we create a sustainable journey for patients for the future. And everything we make from a margin on our profit, we're we reinvesting programs, and this is really important to make this a self-sustaining model. We can't do this without partnerships. So we need to work with governments. We have to have governments engaged. We have to work with NGOs and we have to work with local entrepreneurs. And to make the conduit of this exciting and moving forward, our Impact Fund will truly accelerate entrepreneurs and start-up organizations in these markets. It's crucial to the system to close the circle and make sure we invest effectively. So where are we working? Many of you will have seen the list of countries. This is a 640 million population. So there's a lot of people to treat. There's a lot of people to work with. And if you look today at the level of health care system they've got, it's incredibly under-supported. Look at the number of doctors per 10,000 population in a Global Health country compared to even South Africa. You can see it's a tiny amount. So people have very little income to invest in health care, and we need to support the delivery to make sure that, that is maximized for everybody in the system. There's a slide missing. I think. Yes, I missed one. Sorry, Rebecca, I'm handing over to you.

So I want to talk a little bit about the go-to-market model that we have for the Global Health unit. So there are different types of archetypes. We've looked at our countries and we've seen these different archetypes. So in some countries, we're going to be working directly with the Ministry of Health, for example, a country like Rwanda. We'll work with the Ministry of Health and work with a couple of partners on the ground to make sure that patients can have access to care and access to treatment. In some other countries, we're going to be working more with the retail sector because these are countries where we see there's a very strong entrepreneurial fiber. The public sector is maybe too weak. And so the private sector really is one of the main deliveries of health care. So we will also be working with the retail sector. Other partners that we'll work with, for example, are nongovernmental organizations or the United Nations because we know that they also work in certain countries, and they are also very strong in certain countries. So we'll collaborate with those partners in that part of the world. Most importantly, though, is we will work with the local community because what's important is for these programs to be owned by the countries themselves, by the communities themselves. If they have a stake in the game, they'll invest in these programs and they'll make these programs strong and successful. So that is a key, key thing for us within this program is making sure we're here to enable but the programs will belong to the local country at the end of the day. I want to move into some of the platform of benefits. So we're going to have, of course, an innovation lab because we really want to drive innovation. People talk about innovation a lot, and it's a big buzzword. But sometimes they're innovative ways in delivering medicines and services to patients using, for example, just a simple mobile phone, not even a smartphone. We're talking about increased impact and reach to patients because that's extremely important. That's one of the objectives we're trying to do with the GHU, is reach as many patients as possible. And also the Sanofi footprint because Sanofi has a great reputation and a great footprint in many of these countries just from the past. So how do we leverage this footprint to make sure that we can bring care to the patients in the ground, that is going to be extremely important. So we're at the beginning of the journey, and we've already learned quite a bit in the last year that the GHU has been active, but we're still learning on a daily basis. As Jon was saying, we were recently in Rwanda, and there we learned a lot of things that we're going to bring into the program. But I think what's most important with the GHU is that we're really trying to build access to affordable quality treatments in these countries. That is extremely important. And we want to serve chronic disease patients or NTD patients across 22 countries. That's extremely important. And then the health system with strengthened component, and John has really alluded to that. We know we're not just going to drop medicines on the ground. We have to build the health system. For example, some patients might feel ill, they just don't know what disease they have. And so once they're diagnosed, really educating them about that disease, getting them to understand their condition and to understand that they may have to be on drugs for the rest of their lives and why they have to be on drugs for the rest of their lives. So it's helping build that health system. It's something also as simple as the supply chain. I was once in Tanzania and I was at the national procurement office, and they said, well, the lorry is broken down so we can't send the malaria drugs to patients in the village. So how do we help make sure that the lorry doesn't break down. How do we make sure that the -- in the health facilities, in the most remote areas of Tanzania that there are drugs on the shelves. And that when a mother walks for 7 kilometers to come and get a drug for her child that there is a drug in that facility when she gets there. That's the type of thing that we will be doing. Our commitment is also to increase access to analog insulins, which is a really big thing. The burden of diabetes is so huge around the world. And so we are going to be playing a very key role in this place. And so we have an ambition, and that's to improve diabetes care for 300,000 insulin-dependent patients by 2030. That's extremely important for us. And we want to deliver these access prices. Very, very soon, we are going to be submitting one of our analog insulins to the WHO for qualification. And so this is really going to help drive access to that medication for many patients. And again, an integrated approach because sometimes what you see in countries are vertical programs. And vertical programs don't help anybody. It's integrated programs where you're looking at the whole patient and all the diseases that could affect that patient. So it's really driving these integrated programs. And partners, as I mentioned before, ministries of health, NGOs, local entrepreneurs and the community itself. This is going to be extremely important. And now I'd like to pass on to John to talk about...

So this is where I got a little bit excited, Rebecca, and thought this slide was coming next. So I apologize to everybody. No, we've looked in over the last 15 months, one of the things that we looked at was, how do we ensure that we make sure we deliver the quality medicine to the patient at the right time and the right dose in the right place. And one of the ways of securing that is to have our own brands. So of the 30 products we've mentioned, we're going to be taking a period of time now to convert them all into something we call the Impact brand. So you will have the generic name plus the Impact brand. And this will make the products stand out. It will be one international pack. We're going to use very cost-effective packaging, the principle of the access to affordable medicines. But secondly, we're going to use technology here, which is crucially important for these markets. We want to do our own anti-counterfeiting here because counterfeiting is a huge issue in many of these countries. And we also want to try things like QR technology, where we don't have to have putting new leaflets for every language that you can feel. So this is very much a way forward of making sure we're very efficient in terms of what we deliver. And the nice thing is when a patient gets this, they know they're getting the quality medicine from Sanofi every time. And we'll be proud of that and the patient will have a security about what they're taking for their chronic disease. I wanted to come back to the Impact Fund I mentioned a few minutes ago because this is truly on the ground support for people in the ecosystem in terms of health delivery. It's incredible when you visit Africa as a continent for example, how much innovation there is, how much entrepreneurship there is and how many great ideas are there for the delivery of health care system, which we can support with this fund on the African continent or in Asia, et cetera. And we're going to use these models. And when we see where they work, they may be transferable to other parts of the world as well, which is very important. This is a capital preservation fund. So it's something where we were not doing anything. We're saying that we work with organizations. And at the point where -- we've got them to the point where they're self-sustainable, we can reuse the capital in the future, which is a unique model for what the health care system is doing in terms of these types of global health models. So we'll be looking -- we have a EUR 25 million fund here. We'll be looking to use this as part of our programs. It's very unique. It's very innovative. And this will be a true accelerator when you build a program of sustainability for health care systems. So when you build a program for diabetes management, for example, we can make sure that when we have done our work, we know that it will be sustainable and patients will get the benefit for the future moving forward. So I think this is something we're very excited about, alongside the brand, which truly makes it stand out and will make us very, very effective from today. So a few takeaways. We, again, here are making sure we build a clearly very sustainable model. We have a lean internal team, and we will look to the greater organization to support this. And with Paul and his executive committee, we have a strategy here that is well supported by the organization, and we know our road map and we're very excited about where we're going in the future. Our own brands will allow us to have accessibility to prices that will be affordable across these markets. But they will also come along as a product with programs that allow patients to be supported on whatever disease journey they have. When we work in a partnership, we want to move the dial and improve the ecosystem in terms of health care delivery. So we're truly leaving a legacy and a footprint that will make a difference. And one of the final pieces that we're going to be -- we're very proud of is we're going to build a very detailed oncology program that would allow oncology expertise to improve in the countries, which will make a difference. And of course, the fund will allow us to be part of the ecosystem helping entrepreneurs, helping innovative systems in the health care system, but also creating jobs and also GDP for these countries where today, people are not working because they can't manage their chronic disease. So we've gone on the whole journey with the patient. We believe we have all of the pieces in place to really make this work, and we're very excited from today to be open for business and looking forward to delivering across these 40 countries. And with that, it's my great pleasure to hand over to Philippe who is sitting in front of me here who's going to talk to you about sleeping sickness. Thank you very much.

Yes. I'm really very glad to be here today. So my name is Philippe Neau. I'm Head of Neglected Tropical Diseases Program within the Sanofi Global Health unit. And I'm working for 25 years in Sanofi, developing new medicines and vaccines and more interestingly to provide these to patients. I am really sincerely happy to share with you all the work that Sanofi has done for many years to support the development of new drugs to treat the most vulnerable patient population in the world. I will present to you the example of sleeping sickness. What is sleeping sickness? It is a very terrifying disease, which due to a parasite able to kill the patients in less than 3 years. It is not a known disease in our developed countries, but it is very frightening in Sub-Saharan African countries. The parasite is transmitted by the Tsetse fly. The disease is present in very remote areas in Sub-Saharan African countries where around 60 million people are estimated to be at risk or some level at risk. If left untreated, the parasite will cross the blood/brain barrier, resulting in sleeping sickness disorders and neuropsychiatric symptoms that may lead to coma and death. In these remote areas of Africa, these symptoms are very stigmatizing with a threat to be bewitched by devil, for example. As a result, sleeping sickness has a terrible impact on the life of patients. Up to recently, the standard treatments for end stage of the disease were meaning going to the hospital for more than a month with a loss of revenue for patients who can't afford it. For people in endemic regions being infected with sleeping sickness is one of the most worst thing that can happen to them. But Sanofi was able to develop a new drug for this very specific neglected population. This little pill, you see in the hand here, is making a huge difference for them. Look at this graph. So next slide, please. Okay. Sanofi is working for more than 21 years with the World Health Organization, WHO, to fight against sleeping sickness. Since 2001, we are donating drugs to the WHO and provide financial support to improve awareness, screening, diagnosis, dedicated organizations and indicational programs in the field. Thanks to these long-term collaboration efforts, we have seen amazing results. The annual number of patients being diagnosed fell by 97% since 2001 to reach only 800 patients last year. In parallel, new countries such as Benin, Rwanda, Ivory Coast and most recently a few days ago only, Equatorial Guinea confirmed elimination of sleeping sickness. Sanofi is donating treatments for sleeping sickness and by renewing recently its partnership with WHO, Sanofi keeps showing its commitment. Our ambition is to continue to contribute elimination of sleeping sickness through innovative collaborative approach by 2030 as per WHO NTD road map. Funding for research and development to find new treatments is typically limited given that the potential return of investment for neglected tropical diseases is either very small or nonexistent. But as Sandrine has mentioned earlier, Sanofi is committed to continue research and development for vulnerable communities where others have stopped it. To do so, we are partnering with nongovernmental organizations such as DNDi, Drugs for Neglected Diseases Initiative to develop and provide innovative drugs for patients living in the most remote areas. Each partner is bringing its expertise to successfully develop, register and provide access to patients. As such, the first new oral treatment, the fexinidazole was approved in Democratic Republic of Congo in December 2018 and is now available in most endemic countries. As I have mentioned, we keep improving the treatment paradigm, and I think it is very clear on this table. Imagine, we are coming from standard treatments following a lumbar puncture, administered only in hospitals for 40 days, sometimes the treatments weighing up to 40 kilos and very difficult to transport in these very remote areas to fexinidazole today, oral treatment, 10 days oral tablets, also making lumber puncture optional. It is fully changing the patient experience and access. In parallel, we have kept investing and developing new drugs such as acoziborole in partnership with DNDi. Acoziborole is a very promising once a day oral treatment only, which would enable to have a test and treat approach, transforming even further the patient journey. Think about having the drug in the bag. Test the patient in these areas and give the drug if the test is positive. If acoziborole is approved with sufficient evidence on safety, this treatment will change completely the paradigm and will be a very powerful tool to reach sustainable elimination of sleeping sickness. As take away, Sanofi has a long-term commitment to continuously chase new options to improve the life of patients of the most vulnerable population in the world. This is done through unique collaborations with our long-term partners, such as WHO and DNDi. By leveraging the best of each expertise, we are able to provide access of new treatments to the poorest population of patients. The private/public partnership is taken today as a successful model, bringing access of new treatment to these underserved populations. Thanks to our long-term commitment today, we are at reach to eliminate this terrifying deadly disease. If successful, tomorrow this fatal disease -- human fatal disease will be the first-ever disease eliminated from the planet without a vaccine. I think we can all be very proud of what we have done, what we are doing, and I would like to thank you for your support and for your attention today. Thank you very much.

So thank you, everyone. So we would now like to move in our first Q&A session.

So if I could ask the presenters of the first round, Jon, Rebecca, Vanina, Paul and Sandrine to join us. It's a crowded stage. All right. [Operator Instructions]

[indiscernible] from Investec. Congratulations on the fantastic work that Sanofi is doing. I think you are leading in terms of your sustainability strategy from what we see. 2 quick questions. One is, have you mapped your CSR strategy to the United Nations Sustainable Development Goals. And I ask that because that is a common language that all companies and all countries will understand. And the second one is, how does your CSR strategy impact on executive remuneration.

I can answer for all. Okay. So for sure, so we integrate the sustainable development goals as part of our CSR strategy and we fit a lot of them. So if you are -- so I can give you some insights, but you can go on our website to see the correspondence between our commitment. For sure, as a pharma company, we fit with a set sustainable development goals with health for everyone. So for sure, it's clear that we are -- it's our purpose. So we are doing a lot with affordable access. But we are also fitting some other goals as a diversity and inclusion, water scarcity and so many, many others. So I won't detail there, but so once again, we can provide more information on that. But it is an important part for our strategy as well. We take a consideration of our stakeholders, but we are taking into account those goals in order to ensure that we match the goals. And so we check and we control, we monitor the progress of each of them in order to ensure that we are part. And so we are moving forward in order to fit them. Regarding the remuneration of executives. So okay. Okay. So in the variable remuneration of Paul, 15% is dedicated to CSR commitments, so Paul has specific goal for the year dedicated to that. And so at the end, so this is 15%, so which is quite important, but significantly, it's a very, very strong signal. And so it's not only Paul, it's also the executive committees on the whole with common objective, but also a personal objective fully aligned with our CSR strategy and the key milestones that we expect to deliver this year. So full engagement of the [indiscernible], full engagement of Paul. And so yes, tied with remuneration.

Any other question in the audience at this point? So then we would switch to some of the written questions that we have received that I would read out. So the first 1 is from Scott Meech. Would you be open to collaboration with other pharma companies within the global health unit? Given the need to build health systems and supply chain, something that all your peers would agree with, it would seem logical to collaborate and share networks with your peers to drive up the number of breadth of therapies, you can just put through the system. So I guess I think we can directly hand this to the team.

Thanks for the question. And the straightforward answer is yes. I think the more -- we've seen many announcements recently of people working up to the effort that's needed. There is so much work to do. Absolutely. I think we should not try so much compete as fitting together where we have different therapeutic options and where we specialize in something we specialize in it and we ask other partners in areas they're specialized to join us. We think that's the crucial part. And we can add so much value if we work together and we work together on projects. It's interesting yesterday. We had a lot of people here from NGOs, et cetera, to discuss and it's clear they would like the industry to work much more together on that approach. So yes, so we'd welcome it.

Yes. Maybe I could add that. We've been working on this for a while, as Jon said. And a lot of companies do call us actually and ask us how we're doing it and what we're doing. And I think we're very open about that. I think it was touched on in Jon and Rebecca's presentation, which is while a lot of companies are happy to ship pellets and medicines, which is great, right? No criticism of that. It's the end-to-end nature and the integrated nature of the work that really makes the difference. You can -- shipping pellets or dropping them from aircraft, let's take an extreme example is an absolute step forward. But really meticulously working end-to-end to make sure there is a physician or a pharmacist or somebody religiously, they're, in fact, in terms of depending on where people congregate, to actually make it happen is going to be an iterative and complicated but worthy journey. And I think better we share the learnings as we go. So the -- as long as the people that need medicines win then there is no competition between companies. So we're pretty much an open book on that.

Thank you, Jon. Thank you, Paul. So then we move on to the next written question which comes from Charles Pitman. It's 2 questions. The first one, can you talk to your commitment to the Consumer Healthcare division, in particular, how these products contribute to your access to medicines and global impact initiatives. And the second question is on your comments related to measuring outcomes. Can you outline what sort of metrics you can use to reliably monitor health care outcomes compared to simple metrics such as doses of vaccines delivered to international bodies that apparently can be manipulated. I'm just reading out the questions. So Sandrine?

So for the first question on Consumer Healthcare products, we have not yet started a real plan of access, but we have already worked on other topics of CSR, mainly on environment, packaging and diversity and inclusion as well. And the next step is to assess how we can make those products more accessible. But access is, if I may say, affordable access with the new strategy is a new wake-up call within the company across GBUs. And so we need to keep the momentum and to accelerate for all the GBUs and this is what we are moving forward. So next could be access for Consumer Health Care. To answer the second question, it's a very, very complex topic. And so indeed, we can say that, as demonstrated by Philippe just before, that -- it's not just a matter of dose, fully agree on that. It's a matter of impact. What is an impact? So when you are starting, for example, a prevention program on diabetes for children, you can say, I make aware of such number of children and parents. But what is the impact in terms of number of cases in diabetes when they are adults. It's very complicated, and this is a real impact. So we can say, as Philippe mentioned, for sleeping sickness, we have a dose. We know immediately how many lives we saved. When we speak about vaccines, it's the same, we can see that for polio eradication, we vaccinated babies or young children, and so we can see after what is the effect. So it's not an immediate outcome. And so the main measurement we have today is a number of patients reach. It's a number of HCP trends, which is important as well. So maybe, Jon, you have additional comment on this impact?

Yes. It's interesting because several of the partners we want to work with are actually data companies and data management people who want to take this rich data and show the outcome. So if you see the difference between, and we'll talk about the diabetic patient again, the difference between a properly managed diabetic patient versus someone who's not managed, you'll see the outcomes are huge. People don't end up in hospital. They don't end up having strokes and heart attacks. They don't end up going blind, they don't end up with amputations because those are the very severe end of a treatment and a very expensive end of a treatment for the health care, and it's devastating on somebody's life. So we can measure the difference between that and the outcomes of a really balanced program for a patient. And then you can sit down with a government or a payer organization or anyone and make sure the value of what you're doing is an intervention, whether it be a program or a medicine. And that's truly important data when you're building a partnership with a patient. And the many organizations want to get involved in data management and using digital processes for this. So it's a really important point.

And maybe I could just add a couple of things. Our Consumer Health Care leader came from FMCG, and she is well aware as things move where the consumer themselves demands and a more environmentally acceptable approach, and she's really pushed us to raise our game. And you noticed, I think it was presented earlier by Sandrine that to take plastics out of vaccines, while it's a complicated how to packaging the vaccines, is a very complicated regulatory process and there's a multiyear play. It's led really by our consumer leader, Julie, because of the obsessive nature of the executive committee to trying to do these things. And I think that's where we asked earlier about the measurement of the executive committee. We share a joint responsibility for that. A couple of things. It was presented well very well about sleeping sickness. I think the question sort of alluded to the -- to people being sort of not particularly precise with data to suit objectives. I'm trying to be pleasant about it. When you are trying to eradicate a disease, it's not in anybody's interest to try and not be accurate about numbers, a very accurate number. Who wins if you try and fudge numbers. We know who loses. So that's not acceptable for us. We're continuing to innovate in sleeping sickness because we know that even 800, 8,000 cases, just too many given what can happen next. So we have to keep innovating. And if you're not honest with yourself about where you stand, how can you help those that you're trying to help. So that's not how we're doing it. Incidentally, and in future presentations, you'll see there'll be areas where we didn't do as well as we hoped. And it's okay, we'll be very transparent about it. But we'll do better. So you need to know where you stand, I think. And I think that's what this team, if nothing else. And the wider team is a very transparent and driven for the right purpose approach. So we're very candid about where we stand on numbers.

Thank you, Paul. And thank you, Sandrine and Jon. There is more questions on the Global Health unit. It comes from Emmanuelle Chastenet. Could you share more information on which products are covered by the impact brand? And why it matters globally? Could you shed more light on which countries will receive which products?

So yes, I mean there is a list available, I think, which we can circulate. I think we focused on a list of products that will fit around the disease areas we've talked about today. We have some anti-infective products. We have a cardiometabolic portfolio, and we have oncology products. And I think this is where our real focus will be. And of course, we have TB and malaria continuing. So those are the areas we're focusing. Those products, the 30 products with regulatory process and so on, and access will be available across the 40 countries. That's the principle of this. It will be a step-by-step approach. I go back to my topic of the ecosystem where we have willingness with a Ministry of Health that will help us allow the products to be accessed from a proper regulatory process, then where we can get together to make sure the supply chain piece works. We have the support of NGOs and entrepreneurs that can deliver the product in the right time to the right patient. So we'll prioritize the countries, country by country like that. And we aim to have as big a reach as possible, but they all should be available across all the markets.

Thank you, Jon. And also on access albeit in a different direction from Natalie Didio. Do you expect a material change in pricing due to recent regulation and access to products. How do you reassess pricing according to regions?

I mean, again, this is going to be market by market, project by project because as I explained, our model is not for profit, and we have this, again, with a program that goes with it. So it's difficult to comment exactly on what that would look like.

And in the more global context of how we reassess pricing of our drugs? Sandrine, is there anything to add.

No. It's a very complicated topic, and it depends on our market, on products and so forth to [indiscernible], it's a not-for-profit as mentioned by Jon. For the others, we are looking at developing some new mechanisms of access, which might be different. And so with a commercial approach and so to innovate new access model -- we have the global access plan, for example, which should reach other countries where we have unmet need and we can deliver product of our pipeline. So we need to assess how we can reach those population and to adjust accordingly.

So I think just a couple of additional points. I think the first 1 is on the global help unit, which is deliberately chose, as Jon said, a not-for-profit approach because we talked about the end-to-end nature of delivery, the innovation that may happen, the provision of health care professionals really or training of, it has to invest in itself. So that's why we do it. There's other approach with a sort of a cost mindset, which again is saying you can get these medicines for a low price, but you will probably not be able to get them to a patient, which seems a bit ridiculous. So we've taken an approach which we think is more responsible and is iterative. There's nothing to gain for us. The losses if patients don't get medicines. The gain -- there is no gain. So we have to just keep doing it like this that it becomes sustainable in its own ecosystem. More widely, I touched on it in my opening comments, we have some pricing principles, and we're one of the first, and we're one of the broadest about how we operate. The markets often decide and so to pay us, but let's just be frank. The only way to be valuable to society over the long term is to have breakthrough innovation to be first and best. If you first and best and you change, transform, save lives or prevent disease, there's willingness to pay. At the same time, you have to demonstrate cost effectiveness in many health care systems now, whether it's NICE or [indiscernible] or ICER. It doesn't matter where it is. You just have to be able to demonstrate your value. Now let's also be clear, payers are under pressure. Governments are under pressure because of budget deficits post-pandemic. And Ministers of Health are having to reconcile doctors, nurses, pharmacists, hospitals and drug spend. I spent quite a bit of time meeting Prime Ministers and had to remind them of the fully integrated nature of understanding the benefits to population health. We saw it when you don't manage population health in a pandemic, you've seen what could happen to economies. So we have some work to do. We got to be innovative, have to be able to demonstrate our cost effectiveness. Sanofi is definitely willing to enter outcomes-based or value-based contracts where they can work. They're very difficult to do and we try harder than anybody can possibly imagine, but they're very difficult to do. And I think we're setting quite a high bar actually on pricing. But I think maybe somebody said, it's complicated and different. But if your main go is to make sure patients who need drugs can get them wherever they are, whatever system, that's a worthy goal.

Thank you, Paul. Another question that I know the team gets very often is from Christina Karen. Do you plan on publishing more information on the attainment levels for the different CSR criteria in executive compensation in the future? Maybe one for Sandrine.

You're the boss, so...

So it is already published. Sign the [ URV ], as you mentioned, at the beginning of the session, Eva, so part of the commitments is our objective and so the attainment of the objectives are fully publicly committed -- published.

The scrutiny of executive compensation on the subject is appropriate. And I can tell you that when I have my year-end conversation and my touch points out the year with a Board members and remuneration committees and Chair, the level of attainment of where our progress is say, of carbon as equally as important as, say, for example, what is our performance on Dupixent. Everything is weighted to make sure that I bring the necessary attention. The reason why I'm happy to do so and why it took so long to get this work right is because we had to care equally about this work as everything else. And so if you can, as part of your business strategy, as Lise says, if it's part of your business strategy, you don't think twice about it. And in which case, you're happy to be measured on it and in which case you happen to be transparent about it. So it's not that complicated.

Okay. And then I have another question from Peter Welford As the world leader in rare diseases, what has Sanofi done to expand access to these high-cost medicines in low and middle income countries.

So we have a commitment, which is a global access plan. As I mentioned, the aim is to identify in which countries where they are the most important needs and those products of the pipeline can be made available within 2 years after the first launch. So products from rare disease are part of this commitment. But also we have the humanitarian program, which is a donation of vials to 1,000 patients. That means around [ 100,000 ] vials per year. And so it's not just only from the first generation of products for Pompe, Gaucher disease and Fabry disease. So we are also offering as a last generation, so many products which are just out of the pipeline. So we are offering that free of charge for people who are suffering from rare disease. So it's part of our commitment.

Thank you. So if there are no more questions in the audience, we would now move into a short break, 10 minutes. So for those in the room, if you need to use restrooms. It's to your left. And then on the other hand, please those that are on the webcast, please stay on this webcast link. We will join you back in 10 minutes, so at 20 to 4. Thank you very much. [Break]

I think we're back online. Thank you for standing by. So we're back here in Paris to the second part of our ESG event. And with no further ado, I would like to hand over to Annabelle Harreguy to tell us about Planet Care.

Thank you, Eva. Impact of climate change on our daily life are undisputable and happening everywhere over the globe. As a health care company, we want to be serious about it, as we do acknowledge the health of our people depends on health of our planet. So by protecting the planet, we are improving, passion life and even as you say for people life. My name is Annabelle Harreguy, I'm Global Head of Health, Safety and Environment. I'm delighted to be with you today, and I will guide you through our planet Care program. So let's get started. Indeed, we have a clear ambition to fight climate change, and we pledged to be carbon neutral by 2030, net zero by 2050. We joined several initiatives of everyone on the earth, SBTI, science-based target and race to zero. And as mentioned, Sandrine, this new commitment is 20-year acceleration versus the previous one, which is great. All the initiatives we've shown are today, major one which are inviting major actor on business and economics for the shift to a decarbonized economy. So let's deep dive in Sanofi carbon emission. Looking at our emission in 2021. We did emit at Sanofi, 5.4, sorry, million tons of CO2, which is quite comparable to our peers in pharma sector. This calculation, which is based on very well-known and recognized methodology help us to split this carbon emission in 3 scopes. Scope 1, as you can see on the slide, direct fuel consumption; scope 2, energy supply; and Scope 3 indirect emission from supplier. I'm sure you have noted the weight of the Scope 3. 90% of our emission comes from value chain, on which 64% coming from purchase of good services of capital goods, meaning raw materials, active ingredients and packaging. This is where our big challenge is. And you will see that here with Stefan, great example on Eco-design, applying to packaging and specifically devices. Next, let's see what we have achieved so far an ambition to go. In our journey to carbon neutrality 2030 first priority ever is to reduce our GHG emission according to our approved science based targets. And then only we will neutralize the residual emission through [indiscernible] projects. And I'm extremely proud to show you already some proof points on Scope 1 and 2 since we did already reduced by 26% our level of emission. Heading to Scope 3, reduction is about 7%. Are we committed? Yes. Are we satisfied on the Scope 3 reduction? Not fully. But we are on the right way to go. Since we are actively engaging with a supplier, and we are not only telling them what they have to do, but we are collaboratively guiding them, coaching them and educating them in their decarbonization journey. Other key proof point and achievement, look at renewable energy, we already met 61% on carbon eco car fleet, where we already have 29% of our car fleet, which is eco fleet. So next, maybe and important to mention on this slide, is a notation and the ranking we were giving by CDP. We were granted in 2021 with an A score, which is higher score, recognizing our strategy, governance and performance against climate change. From achievement and ambition, let's go to the carbon reduction pathway to 2030. Let's make it simple. Leading to 2030, our interim target to carbon neutrality, we did commit to reduce our level of emission, minus 55% on Scope 1 and 2, minus 30% on Scope 3. Enhancements on Scope 3 since the previous commitment was minus 40%. And as Sandrine said, we have already submitted this new goal for Scope 3 to SBTi and waiting the approval. Moving towards 2050. Our residual emission should be less than 10% as part of our SBTi net zero commitment. And we will then neutralize those remaining 10% emission with carbon removals. So maybe you should ask yourself, but how do they will make it happen? And I'm happy to share with you some concrete examples on scope 1 and 2. Let's pick 3 of them. First, Energy saving. With the current inflation context today, I'm sure you have all observed that energy prices have raised up to an unprecedented level. So we recently launched energy efficiency program with a third-party company leading in sustainability. And I'm as used to say the cheapest energy is the one we don't use. And with this program, we are aiming to save 15% of our energy consumption in the next 3 years. That's great, but not sufficient. So let's move to another example, renewable electricity. We are moving through on-site PV solar projects. I hope you have seen recently that we have announced a partnership with EDF Renewables with one of our big chemistry site based in south of France called Aramon. This is about a construction on the self-consumption, grounded, mounted, solar farm that will be live next year in 2023. This is an unprecedented project at Sanofi as 10% to 15% of electricity of this big site will be sourced with this PV solar farm. And we have many other on-site PV project in our pipe. So announcement to come soon, stay tuned. Third example, carbon neutral. We really don't want to limit ourselves on revamping or optimizing our existing facility. But we want to be right first time in carbon neutral design with our factory for the future program. I can mention EVF factory in Singapore, EVF means for Evolutive Vaccine Factory that we are building in Singapore that reached to be carbon neutral. So definitively, new way of working, new mindsets, and we are ready to embrace it in all of our projects at Sanofi. Now that you have seen concrete example on Scope 1 and Scope 2, I will bring you to Scope 3. Remember, we target to have minus 30% of emission in this scope. Supplier engagement program. Remember, this is the main part of our emission, 90%. We have thus identified our top emitter. And we have even invited the top one on chart to a Sanofi supplier day, where Paul and ex com member were there with us, and we are encouraging them to adopt climate change mitigation code as carbon neutrality, renewable electricity as well having their commitment vetted by SBTi. [indiscernible] I don't know if you have noted that energy program has been kicked off. This is a remarkable example of how top 10 pharmaceutical company on which Sanofi can join their forces to help our share and common supplier and value chain actor, adopting renewable energy and reduce their emission. This was innovative approach in pharma sector, but not only as other industry sectors are now considering this energized program as best practice. And we are even ready to roll out this innovative approach in other domain when it came to climate change. For sure, we are continuing to deploy and to roll out other value chain decarbonization program. So I told you, first, reducing our emission. And you have seen a couple of examples, you do saw some cases on those slides on Scope 1, 2 and 3. And now, we are going to focus on carbon offsets. So carbon offset a project, which will help us to, I would say, to mitigate and to neutralize our residual emission. Remember, in our net zero 2050 commitment is 10%. That would be remaining. As a reminder, offsetting CO2 means that we have to remove from the air as much as CO2, we have emitted. And here again, we want to be innovative and fully integrated with our CSR goals. As we said, we are not looking only for program with climate change impact, but we are looking as well for program with positive impact on vulnerable communities, as Vanina said early today, with foundation has. So you see how much we're consistent and integrated in our CSR approach. I can mention a type of project for offsetting optimized cookstoves, as well as environment from natural based projects [indiscernible]. And we are currently scoping this project. So again there, we will have exciting news to share with you very soon this year. So stay tuned. Maybe something I would like to add, and I think you mentioned it during the Q&A just before is to say that Sanofi is not limiting itself looking about climate change action. Our environmental road map is going far beyond climate change. We are a cleverly acting on other pillars such as waste management, water stewardship, biodiversity, eco design and product environment. So I'm pleased now to invite on stage, Stefan Bohling that will join me and that will showcase you a specific program we have in eco-design for packaging and specifically devices. Stefan?

Thank you, Annabelle. And good afternoon, good morning, good evening to everybody. Before we step into the eco-design topic, let me introduce myself. My name is Stefan Bohling, I'm working in Frankfurt in the Global Device Development unit. And we have been in touch with the eco-design topic since more or less 3 years. We have some pilots, which I present to you in a minute. So before I go into the details, going a step back in terms of what is eco-design. Eco-design means that you have a clear understanding of your environmental impact of your products across the life cycle. That means from all stages, from raw material up to the use in the patient hands until the final disposal of your product. That is the basis of your analysis. How do we come to the knowledge of our impact of our product. That's where we apply a methodology called life cycle assessment or in short LCA. So that is a standardized methodology based on indicators that are predefined and standardized in terms of assessing impacts on the -- in particular, on the environment, the greenhouse gas emissions, the water scarcity, material source depletion, nonrenewable energies. So specific indicators that are really relevant for your environmental impact of your products. And what Sanofi has done in the recent years, we have already accomplished since '21 4 LCAs on our core products. We are on the way to accomplish another 4 by the end of this year. So if we keep with that pace, we are well on track in terms of achieving the targets that Annabelle and Sandrine have laid out in terms of the number of eco-design exercises that we apply on our major products by 2025 and 2030. So if we come to my area of responsibility in terms of insulin pens, we have -- as I said, we have been in touch with the Eco-design approach and LCAs in 3 years. We have run pilots in particular, on our main products, the SoloStar pen and the AllStar pen. We have assessed the environmental impact of those products. And we have findings and conclusion, in particular, in the disposable pen side, that plastic materials, no surprise, are the major contributor to the environmental impact. In the case of the AllStar, it was a little bit more surprising that a carrycase is the major contributor. But in general terms, we've also confirmed that reusable devices are always advantageous compared to the disposable devices. So what we did on these 2 products is we implemented, we identified the contributors, and we implemented already action plans to improve the impact of materials, in particular, on the SoloStar. So that's currently ongoing in terms of implementation. And in terms of the new Toujeo device portfolio, we have applied those findings and those learnings from SoloStar and from AllStar in the Toujeo side of it. So we introduced with the Toujeo Max, a pen with 900 insulin units on board, which is 3x more than the SoloStar U300. It's an easy catch in terms of reducing by a factor of 3, the material per insulin unit with that device only. And we also take advantage of a reusable device for Toujeo, which has been introduced a reusable pen called TouStar, which has been introduced and launched last year, which is already recognized by the community, where we got some nice awards recognizing the Eco-design of the TouStar very recently. If we are on the journey in terms of really closing the loop and going towards a circular economy, I mean, we have discussed, and we are on the way to implement a pilot in terms of a take-back system of insulin pens later this year in Germany. And we are currently exploring the opportunities of an industry-wide system together with the usual suspects, Novo, Lilly, Merck, these guys beyond Germany in Europe. And what we definitely going for and what we are aiming for is not just recycling the material, which is a challenge in itself, we want to also, in the first wave going beyond the pure down cycling that is usually used for recycled plastic going into chairs, park benches. We want at least going a step beyond and developing and using that material in building, developing patient-centric devices like the [ CareGo ] study concept that we have come up with, which is an innovative carry case for users, which can be made out of recycled materials and recycled plastics. And having said that, our journey and I will start with circular economy. I'm giving back to Annabelle.

Thank you, Stefan. Yes. Okay. So key takeaway for our, I would say, Planet Care program initiative. First, our strategy is clear and is first to reduce as much as we can our CO2 emissions as we want to be serious about it. And then we will offset what is left. Second, you have seen that we have a robust plan to reduce our emission. And we are already showing today, as we talk, good achievement and solid proof point. Last, we have the ambition to change the standard of medicine with eco-design products. And I used to say there is no way back. There is no plan B and there is no planet B. So at Sanofi, you can see that we are in motion, we are passionate, and we are committed in addressing our climate change challenges. Thank you for your attention. And now I will hand over to Raj for the last session of the day. Raj?

We're equally as ambitious when it comes to the mix of our people and a collective difference that diversity can bring to our transformation as well as the impact it can have beyond the walls of Sanofi. I'm Raj Verma, I'm the Chief Diversity Culture and Experience Officer here at Sanofi, and I'm joined today by Dr. Rohini Anand, who I'm guessing you can see on the screen somewhere. And Rohini joins us from Washington, D.C. where she's based and she's a world authority author and practitioner of diversity, equity and inclusion, and I'm delighted that she's on our Board. So if we -- the slides are working for me. So look, to get the best of our collective difference, why do we believe that diversity, equity and inclusion can create the value for Sanofi. We need to be able to find. We need to be able to grow, and we need to be able to keep our very best talent and we know competition for top talent is intense. So we need to cast our net wider, we need to cast our net deeper. So we need talent that brings a mix of thinking and a mix of doing. This is an absolute lever for our play-to-win strategy in helping us reinvent how we work because the convention of work has shifted. And for us to stay relevant, we need to be as deliberate in our actions as we possibly can be. And that all starts with a very clear ambition for diversity, equity and inclusion by being able to reflect the diversity of our communities and unleash the very best of our wholesales, we can help transform beyond the workplace. And that's why we expanded our diversity ambition to go beyond gender and build a road map to get us there. Talent chooses full stop. Culture and the employee experience alongside DNI, I believe, are the game changers that will make a difference. And they will help add the value we need to be an attractive and purpose-driven brand for the talent that we need, not just for today but also for tomorrow. So for my second part, it's really about how we contribute into the cultural transformation of Sanofi. By building in not just bolting on. So everything is totally laddered to our play-to-win transformation. By having a strategy and a road map that is local in nature, it makes sure that we're staying pragmatic through our delivery. So our focus is to make sure things stick. And therefore, everything we've been trying to do and will be doing is hardwired and this does take time. The hardwiring will help us create a culture that I believe will be more sustainable and feel more empowering which drives the play to win behaviors we need to keep practicing. So to serve as an example of some of the hardwiring that we've been doing, we intentionally built inclusive practices into our existing behaviors. We fully integrated our diversity edge into the people strategy that we have. We co-created practices centered around our people. For example, the launch of our gender-neutral parental leave policy from day 1 of joining Sanofi, a hybrid working model that we co-created, a real-time engagement survey to make sure we have timely and relevant action and a response to the feedback we were getting. And we've been rebuilding our employer brand with diversity and employee experience right at the heart of everything that we're doing. And we set up a culture collective group made up by business leaders, not just HR. And that just highlights a few of the things that we've been doing to hardwire be every day. So look, we want everyone to thrive where equity and equal chance are given and where we can offer the very best employee experience and that will help boost a sense of belonging and what I believe a motivation to stay and stay engaged. So that we involve our teams through co-creation. We provide gigs, which are opportunities to do work outside your day job to help build your professional experience. So if we can continue to remove barriers that get in the way of our teams, bringing their whole self to work, that energy stays focused on actually solving problems, so we know we can keep boosting productivity, performance and the pace of change we need as a result. I spent recently some time with our employee resource groups in the U.S., and these employee resource groups are voluntary employee-led groups from diverse communities. And I listened to the impact they were making. And just to share one example with you. I heard from our black -- ERG for black employees and their allies, they partnered with the National Minority Quality Forum to actually provide employees toolkits for engaging in underserved communities of color to promote health outcomes. This was not company led. This was employee-led. We'll go to the next slide. So earlier this year, we created the very first diversity, equity and inclusion board. Its role, to bring the outside in. It's a very visible step towards showing the seriousness of the work, and it set up a very clear leadership tone. We have a combination of ex com members, external diversity equity inclusion advisers and one of our global EIG leaders that make up the Board. We are learning as we go. So we need different perspectives to help us to do and to be better to challenge our assumptions, to provide thought leadership, learning from other organizations, to help us amplify our voice and intent both internally and externally. And we want to make sure we stay relevant and having external diversity advisers who are engaged with us and understand that transformation are much more relevant than simply reaching out to consultants when the need occurs. We need a trusted 360 view every single time. Equally important for our ambition is having a very clear framework for our employee-led resource groups that connect us with the communities in which we are building an ecosystem to help join some of these dots. So I've got a question for Rohini as one of our D&I Board members, what's your view on the impact this Board can have.

Great, Raj. Thanks for inviting me to share my perspective, and I wish I could have been in the room in person, but this is the next best thing. So in response to your question, I believe that the external advisory board can add tremendous value. As you said, the role of the Board is to bring an outside perspective in. And there's a second role that is really to challenge, to highlight blind spots and to coach. Now Sanofi has some really bold goals for 2025. One of them is your objective of gender parity or 50% women in senior leadership positions. And today, I think you're close to 41%. Another one of your ambitious targets is that no less than EUR 1.5 billion would be spent in your supply diversity spend. And today, Sanofi is at EUR 900 million spend. So these are bold goals, and they're going to take heavy lifting and intentionality with a focus on implementation. And we've been hearing the theme today has been ambition into action as several of the speakers have referenced. So it's the D&I Advisory Board's role to challenge and to guide by highlighting what's missing and encouraging you to try new ideas. In terms of bringing an outside perspective in, as you said, there are sort of 2 quick observations that I have. One is that first, most global companies focus on gender globally because it can be measured because of laws and cultural nuances, disability, LGBTQ, race, ethnicity cannot be measured globally, but the DI Advisory Board can insist in broadening the focus beyond gender. The Sanofi DI Advisory Board members reflect the sort of broader diversity and bring their lived experiences to the conversation. So for example, one of the Board members is working with Sanofi to ensure that 100% of people with disabilities have digital and physical accessibility on site. And the second is you talked about the competition for talent. And those things that were seen as cutting edge and now simply a gating criteria, and talent is looking for companies with a clear sense of purpose. Chasing the miracle of science to improve people's lives is a really compelling purpose. And talent is looking for companies that tend to their employees well-being. Sanofi's 14 weeks of global parental leave is very attractive to both men and women. So Sanofi has this joint up holistic DI strategy. There's an employee workplace experience, which is very clear and accountability with an executive scorecard that has a gender KPI. And these are terrific starts. The ingredients are there. As a Board we'll be looking for outcomes for results. And really, kudos to Sanofi for forming this Board and for challenging yourselves to continually raise the bar. So I'm very pleased to be part of this Board. Back to you, Raj.

Thanks, Rohini. One of the other things I mentioned was about employee resource groups, I would really keen to get your feedback, Rohini, in terms of how you think that they can help with our transformational journey.

Yes. So I think employee resource groups are really critical to the transformation because, first, they provide this grassroots engagement so the transformation takes through not just top down but bottom up and middle out. Second, they can advance Sanofi's business goals by helping to build sort of trust with underrepresented communities, and you shared an example so that Sanofi and others in the industry are able to include underrepresented people in clinical trials and [indiscernible] disparities as a trusted partner. They are pretty much active sort of community connectors. And third, employee resource would also function as a barometer on the transformation. They provide a feedback loop so that the transformation is not just done to employees, but with them, it's an opportunity for this co-creation. Does that answer your question, Raj?

It does. Thank you, Rohini. So look, in terms of going beyond the workplace, I want to talk a little bit about some of the things that we're doing outside the walls but they're physical or virtual of Sanofi. So when we talk about clinical trials, since we launched the strategy, there's been a far greater dedication to clinical diversity. We've put in a huge investment in the function with more senior roles, and we've integrated it into our diversity road map. We've recently shared our collaboration on the Beacon of Hope program, which some of our peers to address racial inequalities and inequities in clinical trials, health and education in the U.S. We appointed our first ever global head of supplier diversity. We set our very first global strategy with very clear goals, and Rohini mentioned the 1.5 billion spend commitment that we've made by 2025. We've also created the global solidarity sourcing program with our top 450 suppliers who have approximately 6 billion of our spend to engage with them on our D&I efforts and to collaborate on the wider agenda. But we're also bridging career development by helping our senior leaders move to become CSR citizens. An immersive experience has been launched this month for all senior leaders to work through. And finally, a small preview of coming attractions. We are creating a very clear external voice for Sanofi on a wider societal D&I issue. So in September, we will be formally launching a global D&I initiative, which will focus on us being the leading trust broker in health. Trust goes to the very heart of our health care system. Trust or a lack of it is a key driver of health inequalities and one which we believe can have a tangible impact. And that's why our mission is to create greater trust between the health care industry and specifically with diverse communities to improve engagement and improve outcomes. So we'll be working under an umbrella term of 1 million conversations with a very clear road map, a set of goals in place for 2030 that we will be sharing shortly. So Rohini, what's your view on Sanofi wanting to lead the global effort to create greater trust between health care providers and diverse communities.

Yes. Raj, Sanofi being a trust broker is going to be a game changer, not just for Sanofi but for the industry as a whole. As you mentioned, poor access, stigma and under representation in health care have an impact on trust levels. in addition to the fact that marginalized communities based prejudice and health care disparities. So I have a personal passion for this focus. I have a daughter who's a neurologist, and I know that she's going to be delighted to hear what Sanofi is doing. And I'm extremely excited that Sanofi has taken on this challenge. The global reach that Sanofi has, the platform that Sanofi has and its purpose makes Sanofi absolutely ideal to take on this leadership role in the industry. So it's very exciting.

Great. Look, thank you, Rohini Anand, for the discussion and your inputs. And look, here are some of the key takeaways from our discussion. So we want to be able to reflect, which means building representative leadership. We want to be able to unleash, which means creating a work environment where we can bring our whole selves and we want to be able to transform beyond the workplace.

Maybe I can ask again for small round of applause for our -- yes. And thank you, Rohini and Raj for joining us today. via Zoom. So to wrap up this event and to also dare to look a bit into the future, maybe of ESG, and since we've looked at a lot of PowerPoints today, we have chosen a panel format for our last session here. And if I could ask Paul and Sandrine back on stage and also Lise Kingo, our member from the Sanofi Board of Directors and moderated this -- we will have a moderator, Thomas Scheiwiller, the co-founder of the Biopharma Sustainability realm for this last session. Thank you very much.

Thank you so much, Eva, for the introduction. Pleasure to be here with us, and then I'll be the one leading you through the next 20 minutes or so. And respect for pronouncing my last name correctly. I will avoid that someone else will have to do that. So I'm Thomas, and I welcome you to this last session with my esteemed panelists. I guess, Paul and Sandrine have been on stage already. You, Lise, you have been quoted, but not been visible on stage. So it's perhaps fair to say that you are an independent member of the Board of Directors at Sanofi. And those who have followed what's happening in the ESG space for a decade or 2 or maybe even longer, it's probably fair to say that you are one of the pioneers in that space from your professional experience. So it's a pleasure to come back to some of the things that have been discussed in the course of this afternoon, particularly perhaps also what the roles of the different levels in an organization are when it comes to CSR. Perhaps a little bit about the journey ahead as well. So Paul, if I may start with the CEO, so to speak. We are witnessing a time of transformation where ESG has become a bit mainstream. So it's no longer an aside to make some ratings and other stakeholders happy, but it has to be part of the business strategy these days. I mean it may sound picky, but that little step having a CSR strategy or having CSR embedded in a business strategy. Can you expand a bit more on that and give more context. So what does that really mean?

It's not picky at all, right, because we need to fully embed. We talked about it earlier, I mentioned in my opening comments, that to make things durable, relevant and meaningful, they have to be connected to every day. In many ways, we've been working on some things. The values of the organization could be things as diverse as compliance and integrity in terms of how we operationalize business every day and how a higher bar was set. In a values-driven organization like ours, it's sort of a natural evolution to follow the purpose. We're in health care. And whether it's energy, whether it's carbon, whatever it may be, a company that's more reflective of society is not new news. It's just now. And I think people forget that. It is just the demands of society. I have 3 children myself, very different outlook on the world than perhaps I did when I was their age. So I guess the real challenge is why wait. We must get on with it and to do that, it has to be part of our every day.

So I mean if you present it like this, it sounds very attractive. But where are the biggest challenges? I can imagine there is a lot of hard work ahead of you.

Well, upfront, and I mentioned it, but -- the topics we chose to do, we ask ourselves a fundamental question. We wanted to do things, not just carbon offset or conscience offset and tree planting. They have a role but we wanted to do things that we felt that if we didn't do them, they just wouldn't get done. Nobody can change how inclusive our organization is, but us. Nobody can change what happens in our manufacturing sites, but us. Nobody can change whether to distribute 100,000 vials for rare diseases or [indiscernible] pediatric cancers in areas that we can only us. Maybe others could try and do a global health unit, but very few will do it like we're going to do it end-to-end. So we asked ourselves that sort of kill a question. If we don't do it, will anybody be able to do it? So when we derive the list of things we're important they were things that literally must happen because it would be almost negligent if we didn't go after them. Then it becomes part of every day. Then there's governance, then there's KPIs then there's all of those other things. There's management. There's the daily challenge with operationalizing major global programs, but there's no debate on the subjects. So now it's just about being operational and accountable and doing it for the right reasons.

So I understand that you have, obviously, there have been a need to move up the learning curve throughout the entire organization when it comes to CSR. And if you look, is there a common language with the audiences out there, a common kind of terminology and language to communicate about these things. And maybe if I can ask more provocatively for those that are in the room, do you see that learning curve also happening on the other side of the table when you reach out to your stakeholders?

Well, I think there is not yet properly a common language, but it's getting there. I think the learnings are equal on both sides, whether you're on the ESG side or whether you're in an organization, I think there is still like a ton of work to do to get there. I can just tell you in the years that I've been leading this company, I've seen conversations with investors and other stakeholders go from 100% of conversation focused on carbon neutrality and evolve to a net zero, I'd be more interested in D&I and be more interested in what we're doing for society and how we do everything from packaging to the global health unit. I think the evolution needs to continue because while there are measures, there's a lot of different companies measuring something roughly similar. And it's an industry in itself trying to make sure we get the fundamentals and we share them. I think also there is a very real responsibility for us to play a part in helping people understand, particularly on the ESG investor side that it's much broader than carbon. And sometimes, I think we get sucked into one level of conversation. A commitment to society is multifaceted and needs discipline, but it needs to be recognized and visible on the other side. And it's just -- it's very important that, that happens. Otherwise, planting 1 trillion trees and then doing business as usual is perhaps worthy but just simply falling short. So the demand of us on the other side need to go up in terms of understanding so that we can rise with that. And take more responsibility in what we do. Do we aspire to something? Yes, I wish it was a standard set of criteria for everybody everywhere, and we were recognized that in health care, the expectations of us are even higher for the reasons that we're in. Should we Scope 3 is hard work. And we wish the level of focus on bridging that gap was there for everybody. I hope that's the case. We're being more demanding on those things. But genuinely, I think we need to be much more aligned about what gets measured because it gets done, and we need to be much more clear on being able to calibrate the relative impact that organizations are having in a much more detailed and industry-specific way. We're in health care, we're purpose-driven, we set a high standard.

So 1 last question before I turn to you, Lise. So if tomorrow, the ESG hype in the capital markets was over, what would you do?

Well, nothing would change at all, except we'd spend less time trying to report KPIs because the reality for us is we chose these projects because we felt like these are things we must do. And that list of things will change over time as the demands of society change. But the society itself has moved on. The expectations on us to be clear on major societal challenges is real in here. So whilst the ESG focus has been welcomed to catalyze a lot, let's be honest, not just us for many, it's not why we do things. It helps on reporting, but it's not why we do things. We continue regardless.

Okay. Thanks for the moment. So let's focus for a moment on the Board role, which is an oversight role. I mean how do you interpret that personally when it comes to ESG.

Thomas, thank you for that question. I just want to go back for a minute to the question you asked to Paul. So what if the need for ESG stop tomorrow? Well, it's not going to stop tomorrow because it's a reflection of the world out there, which is measured by the 17 sustainable development goals that are not in a good state, which is why I think best practice for large companies like Sanofi today is to have a completely integrated CSR business strategy that addresses a selection of the sustainable development goals and articulates how the company is making a difference and contributes to the realization of the goals. And it's very, very exciting from a Board perspective to oversee and follow how this new strategy is unfolding. I think it is a very rewarding and it makes things easier. That there is now a play-to-win strategy that has a number of CSR elements that are basically cascaded throughout the organization. We have heard today from production, from HR, from all areas in the organization, how they are each owning a set of goals, and it makes it much easier from a Board perspective, to follow how things are evolving when we have these set of goals. I also think that what is very helpful is that Sanofi has an appointment, government and CSR committee that meets, I think, 4, 5 times a year. And in each of these meetings, the committee makes a deep dive into each of the 4 columns of the play-to-win strategy and the CSR goals that are part of this. So we get an opportunity to go a little bit more into detail than what time allows in the Board meetings. So I find that really helpful as well.

What kind of specific tools do you have in your hands as an Independent Director? If -- you get the information and then what?

Yes. So Thomas, I think the fact that the strategy is now cascaded down through the organization. There are goals like the one Sandrine presented. So as Board members, we can follow progress on these goals. They are put into each quarterly announcement just like how research and development or the finances are developing, which is very helpful. I also think that the fact that internal audit have included ESG in the areas that they are auditing throughout the year and the fact that ESG is part of the integrated reporting is a very important tool in the Board. And I just want to mention to the audience that if you haven't seen the integrated report, please have a look at it because it's actually brilliant and I think capturing much of what we have been discussing here today.

Let me or allow me a last a bit maybe unfair question. How do you see Sanofi's position in terms of ESG?

Well, I think Sanofi is such a great case of a huge company that has been very active in what was used to call sustainability, triple bottom line, CSR, now we call it ESG. So the company has been active in this space for many years. But I think like many other companies at certain moments in our company's history, you just need to step back and rethink how you want to define ESG. And under Paul's leadership, I think that has been done in an excellent way fully integrating ESG into the business strategy. And I think it has actually provided great visibility for a number of initiatives that happened in the organization, but maybe not so often was on events like this or at the Board agenda. I mean the sleep sickness initiative, for example, that we heard today, it's hugely important. And now I feel there's a really good platform for making it visible along with many other things. So Thomas, I think the company has succeeded very well in reinventing itself and making responsibility even more core of what it's about and what the business is about. And I think as both Paul and Sandrine are saying, I mean, now the company is living CSR in everything it does every day. And that's what -- that is what it takes to succeed.

Okay. Thank you. Sandrine, question for you. I mean, you work, so to speak, in the trenches of CSR, if I may say so. What are currently your priorities and challenges in the role that you have? .

I have many priorities and many challenges, as you have heard before, but maybe I will focus on 2 and this is -- I'm jumping on what Lise and Paul before mentioned. So we are entering into execution of the strategy, which is important. We need to turn these ambitions, which are great and new for Sanofi to action plan and so to deliver what we have publicly disclosed. And so our commitment to society, we said we will be there on different pillars. So we have to enter into execution. So 1 of the priorities to ensure that we execute, we deliver, we have impact as it is expected to have. And so you have heard this afternoon that all the speakers who are the leaders of all flagship are fully engaged and fully committed. And so we are delivering. We face road blocks. So we report [indiscernible] in order to face the challenges. And so how we can adjust accordingly, how we can move forward because there's no compromise. We need to move forward. So this is one of the priority. If I may say, it's not just execution of what we are currently committing. But each time we have, we can do more on carbon, what we can do more on [indiscernible] . And so it's to challenge everyone within the company in order to give a new momentum and so to accelerate our road map. The second priority, which is also a challenge, is the cultural transformation regarding [indiscernible]. As mentioned by Lise and also in my introduction, we have a long-term story in terms of impact on society, but it was a little bit scattered with local impact. But all Sanofians are very keen to move forward and to do more. So we have decided to change a little bit the mindset and to educate all the employees of Sanofi in order to think no more just on the compliance and philanthropy but to go beyond of that. And so how we can maximize our impact on society, bringing or creating value for Sanofi. And this is the challenge that we are facing, but we are on move in motion, clearly. And so the last stage is to upgrade the skills of people. And so this is important also to have that in mind. And so I can mention, for example, we are now creating a position of Sustainable Finance Officer, a position of Sustainable Procurement Officer. So we see that what we said last year is starting to make fruits, if I may say. And so this is a long-term journey, but so we are -- we have started.

So there's a lot of cooperation that has to happen internally, right? So can you expand a bit how does this work? And what are the triggers that make people cooperate and ultimately, what is then the impact on Sanofi and on the society?

I think that in the past, we used [indiscernible] department, we used to work with HSE or safety and environment, with reporting, with legal, with communication, and now we are connecting the dots broader. If I may say, CSR department doesn't host all the CSR projects. We need to hand over to GPUs, to countries. We work with public affairs, with medical affairs, with everyone within the company. And this is a very important topic. If I may say, we said that at CSR, we are like to change agent or an activist of CSR in order to go -- to move forward. So -- but we're also an incubator. So we are starting some projects embarking GBUs and functions. And so once it's quite enough matter, we hand over and this is a good way to embark everyone. Another example is that we faced end of last year is a sustainable link bond. It's a good example of strong collaboration between finance, CSR, environment, G2. And so the bond is tied with a number of patients, which is by G2. And this is what we said that it is also a change in mindset, not just only focused on environment, but so having a health care company, the social part. And last, this is initiative mentioned by Raj that we will launch in the next days is leaders to citizens. So the ambition is to include in the career path development of our leaders, 2,000 people, a CSR experience, meaning a project leading or contributing to a CSR project fully tied with their business to demonstrate the integration of CSR with strategy.

I can't help coming back to access for a moment because it's seen as one of the top priorities in this sector, with creation of the global health unit, but perhaps not only as an indication, you know that you are on the move. Has there been a paradigm shift around access?

I think we can say, yes, clearly. And so the question of G2 was a wake-up call within the company. Everyone wants to do access, but the way to do access might be different, depending on countries, depending on market. And so we have launched different initiatives mentioned earlier on the global access plan. So we need to move in some countries in order to make available our products to under-served population, including those who are not in lower middle income countries. So people are thinking they need to innovate in order to create the new access models, and this is something that -- which is growing within the company. And so I think that we are -- yes. It's not finished. It's -- once again, it's a long-term journey, but we have started to move.

Okay. Thank you. Let me come back to you, Paul, just for the last round. I mean, okay, we have heard ESG and a part of CSR as part of the business strategy. So a lot of things come together, challenge with access affordability with delivering evidence for the impact that you have on society. The whole integration piece that there's a lot of work ahead of you innovative business models. What are the lessons learned so far? I mean that's not perhaps a final answer, but you're on a journey, but there are certainly some lessons that you have learned and are kind of valuable to be shared with the audience here.

I think Lise makes some really important point. The -- one of the things I discovered after I joined the company was there were a lot of amazing things happening in CSR that people didn't know about. Most companies already have a lot of very motivated, committed people who have been doing things perhaps quietly for a very long time. I think this company is even more unique than almost any other company, simple reason. This company was created differently. It was created locally across the world. We've been in more countries, doing more things than anybody has ever really done before. And whilst that can be a challenge sometimes when we're trying to implement global things, it's also unique muscle where people care greatly. When I visited the site, it was mentioned earlier in Aramon on one of my first visits, there was a solar farm on the property. There were bees being kept, a land being kept as meadow. And it was not a global standard. It was that the people in that site wanted to do it the right way. And I think we're just unifying it. And I think it's special. I think it may be a little bit unique, that piece of culture to Sanofi because of how we were created. But I think you have to keep the energy. You have to keep the visibility. You have to use the words that people understand. You have to tie things to a central strategy because sometimes you have to make choices that are more, should I say, difficult in the short term to win over the long term. Maybe you have to spend more in the short term for the good of the long term. And if you're, let's say, I don't know, a brand manager or a line worker and you're faced with the budget challenge, you may not automatically think that I will do the right thing for the long term. You may say, "Well, I understand it, I believe in it, but I have to achieve what I have to achieve today." Giving people a common language to be able to say, look, I know what we're trying to do. I can't do it. Can you help me or can we make a different decision? That safe environment to do that because there are lots of moments like those. It becomes very, very important. And we won't get them all right, right? We're not -- it's not a fun to see. We're not saying everybody -- everything adjudicated goes in favor of CSR were saying that we just must keep making progress, and choose our battles but really be committed to them. I think the organization is starting to figure that out now. And no, we just got to keep the momentum, keep the transparency, give people a good reason to be able to talk and to celebrate the wins as we go because there are lots of them.

I see we have run out of time, unfortunately, so fascinating. Before I give back to...

Are we're going to be thrown off, I think...

Perhaps.

Okay.

So probably back to you Eva for the Q&A from the audience.

Thank you, Thomas. Yes. So we want to move seamlessly in our second and last Q&A session with our panelists here on stage, but obviously, we also have the presenters of the 2 previous presentation still here in the audience so that you can ask questions. I know we already have some written ones. Let me just read out to you the instructions again how to ask questions from online. So next to the Q&A box, you also have the option to click the raise hand icon at the bottom of your screen and then you will be notified when your line is open to ask your question. And at that time, please make sure you unmute your microphone. So first, I would like to check, do we have any more questions here in the room? Somebody from the -- wants to ask a question. Yes, thank you. So we have another question, yes.

Three quick questions. One is around biodiversity. So I think you touched on it, but you didn't go into detail. So I'd be interested to find out what your by biodiversity strategy is. And I ask that because some of your peers are involved in the TNF beta testing, and I'm not sure whether Sanofi is involved in that?

I missed the last part.

I'm not sure.

Some are engaged in the TNF beta testing, and the gentleman wanted to know whether the Sanofi is engaged in that?

In TNF D?

Yes.

Why don't you take that? And then maybe do you want to..

I was just mentioning that. We are -- and I mentioned it, is one of the pillar beyond climate change, biodiversity, what we are engaging. So we are today, I would engage in and we knew our engagement at Aramon, thank you, Paul, because under our new sponsorship, we knew our engagement on that. We are striving to protect biodiversity. We are doing, and we completed a first assessment in all our sites. We are looking at exactly where we are in terms of biodiversity and protection, action ongoing. This assessment shows the relevancy of doing this kind of assessment because then you highlighted many things going on. And maybe last pieces of that as well is that we are embarking now in our procurement policy as well as to take on biodiversity, which is something we need to and maybe was not done until now. But as we say, in fully integrated approach, we are moving function to function and bringing procurement with us in this responsible sourcing, if I may say that, of component too.

So before you move to your second question because I also have a question here in the Q&A box on biodiversity. So which KPIs do you track on biodiversity on COVs, water consumption? Are those KPIs included within the LCA of your products? And do you have some specific targets on biodiversity?

Yes. So yes, we are including all those KPIs in our LCA targets. Right to say that we started LCA, I think it was 2 years ago, and we mentioned with Stefan, how much we have done in packaging and devices. We are now embarking over on the full cycle of life cycle of the product with all those KPIs. We are even benchmarking with another company, which were our top leader in Ecodesign. So yes, this is what we have. And in terms of biodiversity, we were looking for the assessment because to bridge you up, to set up your target, you need to know where you are. So first is assessment setting. Now we know where we are, and where we are going as well. It was much more comprehensive in the next way to come on biodiversity. So we are progressing as much we can, and we are as well better knowing our diversity, I would say, sampling around the network.

You had the second question? Yes.

We have answered.

So I can jump in. So we are a part of the TNFD work in France -- in order to assess what are the next steps. So we are fully engaged in the TCFD and so we have committed to TCFD. And so the expectation is to do the same with TNFD, which is a new potential standard in the next years. So we are committed to do the same.

That's encouraging to know. I'll do the other 2 ones quickly, so I don't hog the mic. The first one is on circularity, which was touched on is a big topic. But I'd be interested to know kind of the strategy where you are right now? And any data points to indicate where you are, for example, percentage of materials used as opposed to recycling? Are you actually check your products through the life cycle? Are you using any independent third parties to help with that and validates that data? So I'd be interested in just the strategy and where we are on circularity. And then the final question is on DE&I, which is you're doing a lot of good work the executive and top part of the management and Board. But what work are you doing to bring up new leaders from a diverse and ethnic background coming up through the organization?

Maybe we start with the first question, and then I will hand over to Raj for the second one. So first question is that, as we said before, yes, we have target on LCI. We are starting -- we're starting with the pieces of packaging. And we mentioned already what we did with devices. We mentioned what we are doing with blister -- blister-free, and we will continue on this journey. So on that matter, we are starting now with new molecules, which is new because we're starting with existing molecules, have to optimize, and we are starting with new molecule on the pipeline since we have a target to have 100% of our new molecule ecodesign assessed by 2025. So this collaboration is going great. So it's another example of how we are fully integrated today is that's working with not only GBU, but at an early stage of the molecule. And our target is to optimize as much as we can and limit as much as we can our footprint for those new products.

This is Raj. My mic is working. So a couple of things that we've been doing. First of all, we've been building on what we inherited. So when we set our new global DE&I strategy, we inherited a very gender-focused approach. And since then, we've iterated and we have the top 100 female executives, for example, a very specific program to ensure we've got visibility and succession planning in place. Equally, we're ensuring that succession planning at every level is balanced. The other piece that we're looking to do, and I mentioned our approach to employee resource groups is very much about making sure that they are also talent magnets and we're identifying people at every level of the organization. I think Rohini mentioned it when she shared that branch and roots is really important for any DE&I strategy. So setting the tone from the top is great, but it has to be activated at every level. And one of the things that we'll be sharing when we announced a bit more about 1 million conversations is a specific scholarship program that we'll be launching globally, and targeting specific diversity categories that we're focusing on, and that will also help us supercharge the entrance of more diverse leaders into the organization. So we are doing at every single level. I think in the next few months, we'll start to see a lot more of the data coming through. I talked about gigs where people can take projects on. And again, one of the things we want to do is measure how many people from diverse communities are taking the opportunity to take 10% to 20% of their time to work on specific projects because DE&I is as much about bringing people in as it is about growing them and helping them develop and stay with Sanofi.

Thank you, Raj. So we have actually 2 questions on carbon offsetting, and I'm probably going to read them both out to you. So the first one is on from [Justin Bazargette] in terms of carbon offsetting, how much has Sanofi estimated they will need to offset their emissions by 2030 in order to be carbon neutral? The graph seems to show that all emissions, including Scope 3, would be offset from 2030 onwards, is this correct? And the second question goes in a similar direction. It is great to hear that Sanofi is actively pursuing the funding of projects that will work to offset its carbon emissions. Can you please provide a target split of the contribution of carbon credits and projects to your overall expected offset needs on a 2040 and 2050 time line? Given the carbon credit market is set for unprecedented levels of demand over the next 2 decades, how do you plan to hedge the cost of your expected offset needs by 2020?

Thank you, Eva. So if I remember well, I will start with the first one, which was how many tons of CO2 we have to offset by 2030. So if you remember, and maybe the slide was a bit busy. It's a carbon pathway, I just shown in my presentation. There was mentioned on that, that by 2030, we have to offset 3.9 kilotons of year to so to become carbon neutral. And right to say that then on a way to go to the net-zero 2050, it's 10% of our hydrogen emission that we will need to neutralize. So that's for those numbers. When it comes to carbon offsets, as Paul said, we want to set up highest on that. So today, we are not -- we want to have some very valuable, I would say, offset product, as we mentioned, combining of environmental impact benefit as well as helping a vulnerable community. And we want to limit the number of carbon credit procurement. Of course, it's simpler, maybe faster or easier to go for that. But that's not on the spirit we want to. So we really want to be stronger and we really want to show, I would say, consistency in our CSR approach. And that's where today, carbon credit is not first target at all. That is more really creating value for communities and environment in our offsetting project. I don't know if I miss something because the question was long, but I hope I have answered almost everything.

Yes. And it was also very detailed. I'm sure if there are any more detailed numbers that we can provide that we will make sure that we transmit them after the meeting. So another question that we have from [Emmanuel Chastonai] is how can you make sure the reusable Toujeo pen turns into a competitive advantage? Do you expect the regulator to eventually demand injection devices to be reusable or recyclable? And do you have similar projects with the DUPIXENT device?

First of all, for the TouStar the Toujeo reusable pen, it's been introduced and launched in India as the first market. We are ready for registering beyond India, of course, but there's a specific challenge in Europe, in terms of the regulations of the authorities, demanding prefilled pens for concentrated insulins. So that's a challenge in itself to introduce the TouStar in Europe. We started discussions with the authorities, but that will be continued. If it comes to the Dupixent, we have at least starting to work on first concepts of reusable auto-injectors. But that's really in the prototype stage in the early stage in terms of feasibility.

Thank you, Stefan. So a last question that we have from [Scott Meech] is will the global health unit be shown as a separate division for reporting purposes so that we can observe its scope, financials and growth over time? Does the nonprofit pledge apply at the drug level, at production cost or overall after taking into account the total costs of the global health unit? So we have a mic for you, don't know if you want to start diving into that question.

Well, just noted down that.

I think you just have to...

Paul just nodded at me for that one, so that's I mean, at the moment, we're a bit of a startup company inside the organization. So we're very much being supported by all of the global functions, which is a model that works very well. And we have a small but perfectly formed team that are dedicated to this at the moment. We intend to have some people in the markets as well. But I think our goal, and this is one of the things that I discussed a lot with Paul, our goal at the moment is patient coverage and numbers of patients we can reach in the short term certainly. And the non-for-profit model is in the next few years is going to be self-sustainable. So as we present more of our impact brands to the countries, the margin we make on that will be plowed back into profit, which will allow us to extend the reach to patients. So that's how we set up at a moment, and we're operating that way. And that will allow us to be very flexible in the organization, but also to pull the resources we need and the expertise we have across the organization, whether it be supply chain, finance, public affairs, et cetera. So that's where we are today, and that's our road map for the future.

Thank you, Jon. So since we have no more questions, I would like to hand it back to Paul for some closing remarks before we end the event.

Okay. Thank you. Also, thank you for that last question. It's an important question. I thought Jon because we touched on it earlier, being not-for-profit means that we're on a journey to it being sustainable in itself, which is what we wanted to do. Again, this is not filling warehouses in remote cities with medicines and then feeling good about ourselves. Therefore, you have to feel like you can reinvest in the delivery. So the goal that Jon and I have is reach is to get to as many patients as possible and to do it in a way that is the most sustainable as possible. Whether we report it separately, it's not really -- it's not material in the scale of things, but we may evolve our thinking around showing our impact because I think it's going to become very important for people to see and for our own people inside the company to see what they're giving a little. You touched on it -- you touched on 70 different functions, people want to see and feel the impact because they want to feel connected to it. So while it's worthy questions, we are more interested in helping reach patients and help our own teams understand the impact they're having, and then we'll go beyond that as things mature. I think it's been a quite remarkable day. I would say that many of the things that have been going on were going on for a long time in the company. We -- our first thing was to unite the work, to establish a common strategy. It was to show the breadth of the quality of the leadership, those leading the functions and the pillars and to show it in detail. It was to show the level of acuity lead Board member has on the subject and the challenge and the governance. It was to try and bring it together in a way that shows you that as people may often now know that I said this is, this is not a poster by the elevator, right? This is real work. This is work to be proud of. There will be some things that don't go as well as we had hoped and there'll be things that far and away exceed our expectations. But the heart of it is, remember, we're trying to do the things that only we can do. We're trying to do the things that our responsibility and a congruent to our role as a health care company and as a large organization in today's society. This is not a mystery. This is just real responsibility. There is an emerging need and I think it comes at the right time for the level of transparency and for the questions that come from our own people, from new joiners, from those aspiring to join us to feel the closeness to that contract with society. People are rightfully unforgiving of those subjects, and we're very proud of the work we've done. Now for those dialed in and in the room, you know how to measure these things. You know what KPIs are like. The thing that I hope you've seen today because I feel it and I see it and I felt it manifested today is that the work we're doing is real. It's just real work. It is aligned and embedded in strategy and that this company is quite unique. I mean, really think about that, the skills, capabilities and uniquely the history of Sanofi allows us to operate locally at a very impressive level when we need to. And when you people are motivated to do that, it takes you to a level that was not seen as imaginable earlier on. Yes, long way to go. Nobody is running a flag at the pole or saying, but we are saying that this year, we are in a much better shape than last year. And next year, we'll be in a much better shape than this year. And I'll be measured acutely on it by Sandrine and the Board and everybody else, and I'm happy to be. I'm happy to be because the work aggregates to me, and it's my responsibility, first and foremost, with governance and with the executive committee and right to the very extremes of our organization to do something meaningful, sustainable in a way that we are proud of and that has legacy an impact. So I think you've seen our team as they are today, right? And there's others that could have joined. But I think you've seen our team share what they're working on and their commitment. I'm proud of the work and I'm proud of what the company is doing.

Thank you. So this concludes our event, the official part from the online perspective. So you may now disconnect. Thank you very much for joining and dialing in. For those who have joined us in Paris, if you also want to continue to join us for a small aperitif in the courtyard, we would be delighted.