Sanofi

Sanofi is a French pharmaceutical company that sells medicines and vaccines in many countries. Its largest product is Dupixent, an antibody for atopic dermatitis, asthma and other diseases of type 2 inflammation, which it sells with Regeneron and shares the profit. Dupixent sales were €5.2 billion in Q2 2026. Sanofi also sells new medicines such as ALTUVIIIO, Sarclisa and Ayvakit, older medicines such as Lantus, and vaccines such as flu vaccines and Beyfortus for RSV in infants.

In H1 2026, net sales were €22,106 million, and the United States gave more than half of them. Sanofi reports in euros, and American Depositary Shares trade on the Nasdaq. For 2026, it expects sales to grow by about 10% at constant exchange rates.

The market prices Sanofi as a company that depends on one drug and has a weak pipeline. Dupixent gave about 45% of sales in Q2 2026, and investors ask what replaces it when its growth slows. In 2026, the pipeline lost three of its hoped-for successors. On July 24, 2026, Sanofi stopped amlitelimab in atopic dermatitis and took a €952 million impairment, and it also stopped itepekimab and balinatunfib.

Investors also see a change of leaders. Paul Hudson left in February 2026, Belén Garijo became CEO on April 29, 2026, and she named a new Executive Committee from September 1, 2026. On October 1, 2026, Sanofi agreed to pay Regeneron $1 billion upfront for new long-acting antibodies, but they are at an early stage. For the gap to close, three things must be true.

Sales must grow by about 10% in 2026 as guided, and Dupixent must stay on its path to about €25 billion of sales in 2030. Pharma launches must grow toward about €10 billion of sales in 2030. The pipeline must deliver new late-stage results, such as frexalimab in multiple sclerosis and riliprubart in CIDP in 2027. The first test is the Q3 2026 report on October 30, 2026, and the new CEO plans to report on her transformation roadmap in the quarters after it.

The FY 2026 report on January 28, 2027 gives the 2027 guidance. If the pipeline improves, the gap can close slowly, over 2027 and 2028.

1. Oct 30, 2026Pending

   Q3 2026 results: Dupixent and launchesDupixent growth above 20% at constant exchange rates and the guidance of about 10% sales growth kept pass; a guidance cut or a sharp slowdown in Dupixent fails.
2. Jan 28, 2027Pending

   FY 2026 results and 2027 guidance2027 guidance for business EPS growth and a clear pipeline plan from the new CEO pass; a guidance with flat or lower business EPS fails.
3. 2027 · est.Pending

   Phase 3 data for frexalimab and riliprubartPositive phase 3 data for frexalimab in relapsing multiple sclerosis and riliprubart in CIDP pass; a failure of either study fails.

Every passed and failed checkpoint across all picks

Sanofi funds itself with bonds and short-term debt of the parent company. Net debt rose from €10,988 million on January 1, 2026 to €15,513 million on June 30, 2026. Read more

• Sanofi depends on Dupixent, which gave about 45% of sales in Q2 2026, and it shares the profit with Regeneron. Competing drugs, or the future end of its patents, can reduce this income.
• The pipeline had large failures in 2026. Sanofi stopped amlitelimab, itepekimab and balinatunfib, and it took a €952 million impairment on amlitelimab. More failures make it harder to replace Dupixent.
• The CEO and much of the Executive Committee are new in 2026. The new CEO plans a faster transformation, and its cost and its effect on the pipeline are not yet known.
• The United States gives more than half of sales. US drug price rules and trade measures on medicines can lower prices or raise costs.
• Vaccine sales fell 4.7% in Q2 2026 because of flu vaccines, and China sales fell 4.9% as fewer children are born. Sales of older medicines also fall.

• October 1, 2026Sanofi and Regeneron added four long-acting immunology antibodies to their alliance, among them REGN20423, an IL-13 antibody in phase 1. Regeneron receives $1 billion upfront and up to $7 billion in milestone payments, and the companies share costs and profits equally.
• September 14, 2026Sanofi and Cheplapharm announced a plan under which Cheplapharm takes over 20 mature medicines, including the manufacture of Lovenox, and three manufacturing sites. In return, Sanofi receives a 26.4% equity stake in Cheplapharm.
• July 30, 2026Sanofi reported Q2 2026 results. Sales rose 17.8% at constant exchange rates to €11,597 million, and Dupixent sales rose 37.6% to €5.2 billion. Business EPS rose 33.3% to €2.09, but IFRS EPS fell to €0.29 because of impairments. Sanofi raised its 2026 sales growth guidance to about 10% and said it expects Dupixent sales of about €25 billion in 2030. It completed its €1 billion share buyback.