Sanofi plant in Chattanooga, Tennessee, September 2025. Photo: Harrison Keely / Wikimedia Commons, CC BY 4.0. Cropped.
Sanofi raised its full-year growth forecasts Friday after quarterly sales climbed to €14.44 billion, powered by Dupixent and newer medicines even as vaccine revenue fell.
The French drugmaker now expects 2026 sales to rise by a low-teens percentage and business earnings per share to grow by a mid-teens percentage, both measured at constant exchange rates, according to its third-quarter results release.
Sales increased 16.2% at actual exchange rates, or 14.3% excluding currency movements. Business earnings per share, a non-IFRS measure, reached €3.55, up 22% on a reported basis and 19.6% at constant exchange rates.
Dupixent leads the gains
Dupixent sales rose 34.8% at constant exchange rates to €5.7 billion, putting quarterly sales above €5 billion for the second time. Revenue from Sanofi’s newer pharmaceutical launches increased 31.4% to €1.4 billion, led by ALTUVIIIO, Ayvakit and Rezurock.
Vaccines were a weaker spot. Sales declined 6.6% at constant exchange rates to €3.2 billion, which the company attributed to the expected timing of respiratory-prevention sales. Sanofi had warned ahead of the results that the respiratory-immunisation business would have a different split between the third and fourth quarters this year.
Research and development spending was broadly stable at €1.8 billion. Selling and general expenses fell 0.9% to €2.3 billion, with Sanofi pointing to cost discipline.
Profit rises, with different measures telling different stories
Under IFRS accounting rules, net income rose 7.8% to €3.02 billion and earnings per share increased 9.6% to €2.52. Business net income, the company’s adjusted measure, increased 20% to €4.26 billion.
Free cash flow, another non-IFRS measure, rose 9.2% to €3.27 billion in the quarter. The distinction matters: the faster growth in business earnings is not the same as growth in the company’s reported profit.
Preparing for the next decade
Chief Executive Belén Garijo said Sanofi is focused on its business after Dupixent loses exclusivity, with improved research productivity, business development and acquisitions expected to play a role. The company reiterated its long-term capital-allocation policy, including a progressive dividend.
Sanofi also pointed to its expanded alliance with Regeneron and a proposed partnership with Cheplapharm covering legacy medicines. The Cheplapharm arrangement remains subject to employee consultation, regulatory approvals and customary closing conditions.
The upgraded forecasts are expressed at constant exchange rates rather than as reported growth targets. Using average October exchange rates, Sanofi estimated that currency movements would reduce full-year sales and business-EPS growth by about one percentage point each.
JBizNews Markets Desk | Paris
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