Sanofi (NASDAQ:SNY) raised its 2026 outlook after reporting double-digit second-quarter sales and earnings growth, driven by Dupixent, recently launched medicines and cost discipline. The company also increased its 2030 sales ambition for Dupixent to approximately €25 billion while outlining an ongoing review of its research pipeline and broader growth strategy.
Second-quarter net sales increased 17.8% at constant exchange rates to €11.6 billion, Chief Financial Officer François said. Sales growth was primarily volume-driven, though results also included “a couple of hundred millions” of positive gross-to-net adjustments. Restating prior-year figures for Dynavax and Blueprint sales, growth would have been about 15%, he said.
Guidance Raised as Dupixent Exceeds €5 Billion in Quarterly Sales
Sanofi now expects 2026 sales to grow around 10% at constant exchange rates, with business EPS growing slightly faster than sales. The company had reported first-half sales growth of 15.7% and business EPS growth of 22.7%.
Management expects growth to slow in the second half as the company faces more difficult comparisons, including last year’s momentum from new Dupixent indications and the consolidation of AYVAKIT beginning in July 2025. Sanofi also expects fewer one-off gross-margin benefits, no further Regeneron development-balance reimbursement, and reduced benefits from share repurchases.
Dupixent sales exceeded €5 billion in the quarter for the first time, rising 37% and bringing the number of patients treated globally to more than 1.5 million. CEO Belén said growth was largely driven by volume, although U.S. results also benefited from a favorable adjustment to gross-to-net deductions.
The company expects Dupixent’s growth rate to moderate in the second half as newer indications annualize and comparisons become more challenging. Still, Sanofi lifted its 2030 Dupixent sales ambition to around €25 billion, citing growth across indications. The product recently received a U.S. label expansion for chronic spontaneous urticaria in children.
Launch Portfolio and Rare Diseases Support Growth
Sales from Sanofi’s pharmaceutical launches increased nearly 50%, led by AYVAKIT, ALTUVIIIO and Sarclisa. The broader launch portfolio accounted for 13% of sales and grew more than 60% during the quarter, according to Belén.
ALTUVIIIO continued gaining momentum in hemophilia A and remained the leading choice for patient switches in the U.S., management said. AYVAKIT expanded in systemic mastocytosis as both patient numbers and treatment duration increased. Sarclisa continued to grow in multiple myeloma, supported by a recently approved subcutaneous formulation.
Rare-disease sales reached nearly €1.9 billion, up 24%, driven by Nexviazyme and ALTUVIIIO. Belén said the company sees room for greater opportunity in rare diseases, where it intends to build on its existing capabilities and market position.
Vaccines sales totaled €1.15 billion, down 5% from a year earlier, reflecting a high comparison base for influenza vaccines and a lower Southern Hemisphere influenza season. Beyfortus sales increased 54% to €108 million, while Efluelda sales rose 43% on a pro forma basis to €113 million.
For full-year 2026, Sanofi expects vaccines sales to be slightly negative, with the impact concentrated in the second half. The company expects a low- to mid-teens decline in vaccine sales in the third quarter due to a different quarterly distribution of respiratory vaccine sales compared with the prior year.
Pipeline Review Produces Program Changes
Mike Quigley, head of research, said several late-stage studies did not meet Sanofi’s expectations. Two Dupixent studies in lichen simplex chronicus missed their intended outcomes, while a second venglustat study in Fabry disease also fell short. Riliprubart was stopped early in refractory chronic inflammatory demyelinating polyneuropathy following an independent monitoring committee recommendation, although a Phase III study in IVIG-treated patients remains underway.
Sanofi also decided not to proceed with global regulatory submissions for amlitelimab in atopic dermatitis following an ongoing strategic assessment, despite sustained responses in the ESTUARY long-term study. The company discontinued itepekimab programs in COPD and chronic rhinosinusitis, as well as balinatunfib programs following Phase II results in Crohn’s disease and ulcerative colitis that did not meet internal efficacy expectations.
Belén said Sanofi’s portfolio review is ongoing and could result in additional discontinuations. She said the company is seeking greater scientific rigor, more fact-based decisions, clearer governance and improved clinical-development operations. Paulo Fontoura is set to join as head of research and development in September.
Among positive pipeline developments, Nexviazyme met all study endpoints in infantile-onset Pompe disease. Quigley said 94% of infants were alive and free from invasive ventilation at week 52. Sanofi also plans to discuss a potential second-half regulatory submission with the FDA for efdoralprin alfa in alpha-1 antitrypsin deficiency emphysema.
Strategic Focus Includes Business Development, China and Regeneron
Belén said Sanofi is developing an enterprise-level strategy intended to strengthen mid- and long-term growth. The company plans to focus on immunology, rare diseases and vaccines while evaluating additional growth opportunities. Management also said it intends to increase disciplined business-development and M&A activity, including potential interest in later-stage or commercial assets alongside earlier-stage opportunities.
China is another priority, with Sanofi aiming to expand its commercial presence while accessing the country’s growing innovation ecosystem. Belén said the company had “lost a bit of momentum” in China and needs to catch up.
Management also described the Regeneron alliance as strategically important. Belén said discussions regarding future collaboration have been productive and have focused on rebuilding trust, improving transparency and identifying opportunities to work together more effectively. She said there are no current barriers related to the alliance that would prevent Sanofi from pursuing business development or acquisitions.
For 2030, Sanofi maintained its ambition for pharmaceutical launches to generate about €10 billion in sales and expects vaccines sales of about €9 billion. François said the vaccine target reduction versus prior ambitions reflected both currency effects and changes in market dynamics, particularly U.S. vaccination coverage trends.
About Sanofi (NASDAQ:SNY)
Sanofi (NASDAQ:SNY) is a multinational pharmaceutical company headquartered in France that researches, develops, manufactures and markets prescription medicines, vaccines and consumer healthcare products. The company operates across multiple therapeutic areas, including immunology, rare diseases, oncology, cardiovascular and metabolic diseases, and vaccines through its Sanofi Pasteur division. Sanofi sells products to hospitals, clinics, governments and retail pharmacies, with a broad global footprint and significant presence in Europe, North America and emerging markets.
Key commercial offerings include specialty biologics and established small-molecule medicines.
