Sanofi (SNY)

Sanofi reported third-quarter 2026 net sales of €14,444 million on 30 October, up 14.3 percent at constant exchange rates, and raised its 2026 guidance 1.

The company now expects 2026 sales to grow by a low-teens percentage and business earnings per share, its adjusted profit measure, by a mid-teens percentage, both at constant rates 1. Business earnings per share was €3.55 in the quarter, up 19.6 percent 1.

Dupixent, the antibody for eczema, asthma and related diseases that Sanofi shares with Regeneron, brought in €5,687 million, up 34.8 percent 1. Vaccines sales fell 6.6 percent to €3,185 million, which the company tied to the timing of flu deliveries and lower Beyfortus sales in the US 1.

On 1 October Sanofi agreed to pay Regeneron $1 billion upfront, with up to $7 billion more in milestones, to add four long-acting antibodies to their alliance 3. Chief executive Belén Garijo said the priority is to protect earnings through Dupixent's loss of exclusivity 1.

The open question is how the company replaces Dupixent's sales after its main US patent protection ends in March 2031, a point the annual report sets out 2. The next results are due on 28 January 2027 1.

Sanofi was incorporated in France in 1994 and has used the name Sanofi since May 2011, after trading as Sanofi-Aventis 2. Paul Hudson joined as chief executive on 1 September 2019, hired, Reuters reported, to revive the drug pipeline 26.

In October 2023 the company presented the next chapter of its Play to Win strategy, which included an aim to improve operating efficiency to fund growth 2. Earlier that year, on 27 April 2023, it completed the purchase of Provention Bio for about $2.8 billion, which added Tzield, a therapy to delay type 1 diabetes 2.

On 30 May 2024 Sanofi completed its purchase of Inhibrx, a US biotech, adding the rare disease candidate now called efdoralprin; the deal was about $1.7 billion at closing plus a deferred payment right 2. On 21 October 2024 it entered exclusive talks with the private equity firm CD&R over Opella, its consumer health business 2.

Biopharma net sales, the company's single reporting segment, rose to €43,626 million in 2025 from €41,081 million, up 9.9 percent at constant rates 2. Dupixent brought in €15,714 million, 36.0 percent of the year's net sales, and its sales rose by €3,292 million 2.

Older medicines lost ground, as Lovenox sales fell 14.4 percent at constant rates and the annual report lists it among medicines facing generic or biosimilar competition 2.

On 30 April 2025 Sanofi closed the Opella deal, passing a controlling stake to CD&R and keeping 48.2 percent; it received net cash proceeds of €10.4 billion and booked a net gain of €2.6 billion 2. It then used the cash to buy companies: Blueprint Medicines closed on 18 July 2025 at about $9.1 billion and Vicebio on 4 December 2025 2.

On 19 December 2025 Sanofi agreed with the US government to align Medicaid prices of certain medicines with those in other high-income countries, an average reduction of 61 percent for certain treatments 2. In return it gets a three-year period free from Section 232 tariffs, and it reaffirmed a $20 billion investment in US manufacturing 2.

On 11 February 2026 the board relieved Hudson as chief executive and named Belén Garijo to succeed him after the 29 April 2026 shareholders' meeting 2. Reuters reported that Sanofi ousted Hudson, ending a six-year tenure marked by a stalled drive to replace blockbuster drugs going off patent 6.

In 2026 the company booked a €952 million impairment on its amlitelimab asset in the second quarter, which helped pull nine-month IFRS net income down 42.2 percent to €4,979 million 1.

Dupixent and Kevzara (immunology)

Dupixent is an injected antibody that blocks two signals, IL-4 and IL-13, that drive type 2 inflammation, which underlies eczema, asthma and related diseases 3. It is approved in more than 60 countries and has over 1.5 million active patients worldwide 3.

In the third quarter Dupixent sales were €5,687 million, up 34.8 percent, with US sales of €4,376 million up 40.2 percent 1. Kevzara, a rheumatoid arthritis medicine, sold €222 million, up 67.9 percent 1.

Sanofi shares Dupixent profits with Regeneron, and the profit and loss sharing cost Sanofi €2,230 million in the quarter, up from €1,487 million a year earlier 1. The annual report puts the main US compound protection for Dupixent at March 2031, with later patents pending 2.

Rare diseases

Rare diseases covers enzyme replacement and blood disorder medicines 1. Altuviiio, a hemophilia A factor treatment, sold €408 million in the quarter, up 37.8 percent, and Ayvakit, for systemic mastocytosis, sold €203 million 1. Fabrazyme, for Fabry disease, sold €260 million 1.

New medicines launched in recent years, such as Altuviiio, Ayvakit, Rezurock and Tzield, sold €1,390 million together in the quarter, up 31.4 percent 1.

Insulins, heart and other established medicines

Lantus, a long-acting insulin, sold €530 million in the quarter, up 18.5 percent, and the company said sales also benefited from temporary demand from competitor supply disruptions 1. Toujeo, another insulin, sold €430 million 1. Plavix, an antiplatelet, sold €206 million, down 10.8 percent 1.

Oncology

Sarclisa, a multiple myeloma antibody, sold €196 million in the quarter, up 25.8 percent, helped by earlier-line use and a new subcutaneous form 1.

Vaccines

Vaccines made €3,185 million in the quarter, down 6.6 percent 1. Influenza and COVID-19 vaccines sold €1,256 million, down 18.8 percent, and Beyfortus, which protects infants from RSV, sold €631 million, down 15.4 percent 1.

Heplisav-B, a hepatitis B vaccine from the Dynavax purchase, helped the polio, pertussis and Hib group rise 24.9 percent to €823 million 1.

By region, third-quarter sales were €8,603 million in the US, up 23.9 percent, €2,579 million in Europe and €3,262 million in the rest of the world, of which China was €762 million 1.

Beyfortus is made with AstraZeneca, which leads development and manufacturing while Sanofi leads commercialization and records revenue, under a 2017 agreement 2.

Plants and people

Sanofi carried out industrial production at 37 sites in 19 countries at the end of 2025 and employed 74,846 people, 8,032 fewer than in 2024 2. On 19 October 2026 it broke ground on an insulin facility at its Frankfurt BioCampus, where about 4,000 employees work on insulin 5.

Garijo is chief executive, and Olivier Charmeil served as interim chief executive from 18 February 2026 23. The 20-F says the Executive Committee had 12 members on 17 February 2026 2.

Rivals and current problems

Rivals are sorted by kind: patented products for the same illness, generics and biosimilars after patents end, and new vaccine technologies such as mRNA 2. The 20-F expects new flu entrants, including standalone flu mRNA vaccines and COVID-flu combinations 2.

The company says it is defending product liability claims over Taxotere, Zantac, talc products and Depakine 2. The Beyfortus order from the US Centers for Disease Control was lower in the quarter 1.

The umbrella, in words

Sanofi's main brands are Dupixent, Lantus, Toujeo, Altuviiio and Beyfortus; its research and vaccine units sit under Sanofi, Genzyme Corporation and Sanofi Pasteur 21. Its 20-F names Genzyme, Bioverativ, Kadmon, Principia, Translate Bio and Provention Bio among the owners of its patents and trademarks 2.

Sanofi owns 48.2 percent of OPAL JV Co, which indirectly holds all of Opella 2. It reports 9.05 percent of Innate Pharma and 5.71 percent of AgomAb Therapeutics in Schedule 13G filings, as stakes invested in 78.

On control, the 20-F reports L'Oréal at 7.27 percent of share capital and 13.10 percent of voting rights at 31 December 2025, and BlackRock at 7.09 percent of capital 2. It says neither has different voting rights and no other owner reports more than 5 percent 2.

The company says 2026 sales should grow at a low-teens percentage and business earnings per share at a mid-teens percentage at constant rates, and it expects an effective tax rate of about 21 percent 1. Currency effects are estimated at about minus 1 percent on sales 1.

On the Cheplapharm deal, the company plans to begin the commercial transfer of 20 mature medicines in the first quarter of 2027, in return for a 26.4 percent stake in Cheplapharm 14. It expects the deal to be fully completed by the third quarter of 2027 1. The deal is subject to employee consultation and regulatory approvals 4.

Under the Regeneron expansion, the IL-13 antibody REGN20423 is in a phase 1 study for atopic dermatitis and the other three antibodies are expected to enter clinical studies in 2027 3. The existing Dupixent profit sharing does not change 3.

The company lists decisions due in the fourth quarter of 2026, including Dupixent for children with chronic spontaneous urticaria in Japan and venglustat for Gaucher disease type 3 in the US 1. Its list for 2027 includes a US submission for efdoralprin alfa, and its list for 2028 includes phase 3 data for duvakitug in ulcerative colitis 1.

In manufacturing, full production of insulin active ingredient at the new Frankfurt plant is planned for 2032, once the facility is fully licensed 5. The 20-F says the company expects to invest on average about €1.75 billion a year in property, plant and equipment in the medium term 2.

The pipeline update counts 61 projects, including 36 potential new medicines and vaccines 1. Regeneron also has an option to add Sanofi's lunsekimig to the alliance once its phase 3 studies for chronic obstructive pulmonary disease finish 3.

Sanofi's own 2030 target is that 70 percent of endotoxin tests in its quality labs run without horseshoe crab reagents 1. The next results after January 2027 are set for 23 April 2027 1.