Sanofi is prioritizing protection of earnings through Dupixent’s eventual loss of exclusivity, with plans to improve research productivity and use acquisitions and business development to support its next decade of growth.
Chief Executive Belén Garijo said the company has begun acting to improve research and development productivity. She described external deals as critical to the transformation while reaffirming Sanofi’s capital allocation policy and progressive dividend.
The comments accompanied third-quarter results showing Dupixent sales increased 34.8% at constant exchange rates to €5.7 billion. It was the second quarter in which sales of the medicine exceeded €5 billion.
Overall sales grew 14.3% at constant exchange rates, prompting Sanofi to raise its full-year outlook. The company now expects 2026 sales growth in the low teens and business earnings per share growth in the mid-teens, both at constant exchange rates.
Third-quarter business earnings per share reached €3.55, up 19.6% at constant exchange rates and 22% at actual exchange rates. Earnings per share under international financial reporting standards were €2.52.
Sales from pharmaceutical launches rose 31.4% to €1.4 billion, led by Altuviiio, Ayvakit and Rezurock. Vaccine sales declined 6.6% to €3.2 billion, reflecting anticipated timing effects in respiratory prevention.
Research and development spending was broadly stable at €1.8 billion. Selling and general expenses fell 0.9% to €2.3 billion.
During the quarter, Sanofi expanded its Regeneron alliance and arranged a partnership with Cheplapharm covering legacy medicines. Pipeline developments included two regulatory approvals, one submission acceptance and two regulatory designations. The Regeneron expansion creates further opportunities in immunology, Sanofi said.
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