- Company name
- Sanofi
- Sector
- Pharmaceuticals
- About
- 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 €5.7 billion in Q3 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 the first nine months of 2026, net sales were €36,550 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 a low-teens percentage at constant exchange rates.
- Thesis
- 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 a low-teens percentage in 2026, as guided on October 30, 2026, 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 Q3 2026 report on October 30, 2026 raised the 2026 guidance, and the new CEO plans to report on her transformation roadmap in the coming quarters. 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.
- Risks
- Sanofi depends on Dupixent, which gave about 39% of sales in Q3 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 6.6% in Q3 2026 because of the timing of respiratory vaccines, and China sales fell 1.5% in the first nine months of 2026 as fewer children are born. Sales of older medicines also fall.
- Balance sheet
- Cash: €6.0B
Debt: €17.9B
Net debt: €12.2B
Interest cover: 41×
Debt due within 12 months: €3.3B
Sanofi funds itself with bonds and short-term debt of the parent company. Net debt fell from €15,513 million on June 30, 2026 to €12,201 million on September 30, 2026; it was €10,988 million on January 1, 2026. Free cash flow was €6,993 million in the first nine months of 2026, up 28.3%. The main uses of cash in that period were dividends of €4,923 million, the Dynavax purchase for €1,645 million and share buybacks of €1,013 million. Debt here is long-term debt of €14,593 million and short-term debt of €3,349 million at September 30, 2026. Net debt also includes interest rate and currency derivatives. Interest cover is business operating income divided by net financial expenses of €283 million for the first nine months of 2026; net financial expenses rose because net debt was higher. The $1 billion upfront payment to Regeneron, agreed on October 1, 2026, comes after the balance sheet date.
As of Sep 30, 2026.
- Checkpoints
- Oct 30, 2026: Q3 2026 results: Dupixent and launches. Passed. Watch: Dupixent 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. Outcome: Dupixent sales rose 34.8% at constant exchange rates, and Sanofi raised its 2026 guidance to sales growth of a low-teens percentage.
Jan 28, 2027: FY 2026 results and 2027 guidance. Pending. Watch: 2027 guidance for business EPS growth and a clear pipeline plan from the new CEO pass; a guidance with flat or lower business EPS fails.
2027 (estimate): Phase 3 data for frexalimab and riliprubart. Pending. Watch: Positive phase 3 data for frexalimab in relapsing multiple sclerosis and riliprubart in CIDP pass; a failure of either study fails.
- Recent events
- Oct 30, 2026: Sanofi reported Q3 2026 results. Sales rose 14.3% at constant exchange rates to €14,444 million, and Dupixent sales rose 34.8% to €5.7 billion. Pharma launches rose 31.4% to €1.4 billion, and vaccine sales fell 6.6% to €3.2 billion. Business EPS rose 19.6% at constant exchange rates to €3.55. Sanofi raised its 2026 guidance to sales growth of a low-teens percentage and business EPS growth of a mid-teens percentage at constant exchange rates. The CEO said that the priority is to protect earnings through the loss of exclusivity of Dupixent, and that business development and acquisitions will be critical.
Oct 20, 2026: Sanofi and Teva showed 44-week data from the phase 2b extension study of duvakitug, their TL1A antibody, in ulcerative colitis and Crohn's disease. At the higher dose, 58% of ulcerative colitis patients were in clinical remission, and 55% of Crohn's disease patients had an endoscopic response. The study was small, and the companies call the data descriptive. Phase 3 studies continue in both diseases.
Oct 1, 2026: Sanofi 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.
Sep 14, 2026: Sanofi 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.
Jul 30, 2026: Sanofi 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.
Jul 24, 2026: Sanofi stopped the development of amlitelimab in atopic dermatitis and will not submit it for approval, because it would not be a meaningful improvement over the standard of care. Sanofi also stopped the development of itepekimab and balinatunfib.
Jul 21, 2026: Sanofi named a new, smaller Executive Committee from September 1, 2026. Olivier Charmeil left his role as head of General Medicines, and the General Counsel left the company.
Jun 13, 2026: The FDA approved Tzield as the first disease-modifying therapy for patients recently diagnosed with stage 3 type 1 diabetes.
Apr 29, 2026: Shareholders appointed Belén Garijo as a director, and she became CEO of Sanofi. Olivier Charmeil had been interim CEO after Paul Hudson left in February 2026.
Apr 23, 2026: Sanofi reported Q1 2026 results. Sales rose 13.6% at constant exchange rates to €10,509 million, Dupixent sales rose 30.8% to €4.2 billion, and business EPS rose 14.0% to €1.88. It completed the purchase of Dynavax.