Results: Sanofi Accelerates in 2025, Driven by Dupixent and New Drugs, Aiming for Profitable Growth in 2026
Sanofi has reported strong results for the fourth quarter and the fiscal year 2025, confirming an acceleration in revenue growth and a significant increase in profitability. Driven by the momentum of Dupixent and new medications, the group benefits from a favorable product mix and enhanced operational discipline. In this context, Sanofi anticipates continued profitable growth in 2026, supported by a developing pipeline and capital allocation focused on value creation.
Strong Annual and Quarterly Performance
Sanofi posted solid results for the fourth quarter and the fiscal year 2025, confirming a year of sustained revenue growth. In the fourth quarter of 2025, revenue amounted to 11,303 million euros, up 13.3% at constant exchange rates and 7.0% as reported. For the full year, revenue reached 43,626 million euros, increasing by 9.9% at constant exchange rates, despite an unfavorable exchange rate effect and the impact of portfolio divestitures. This performance reflects an acceleration of activity towards the end of the year, supported by the dynamics of specialty medicines and robust demand across several key markets, particularly in the United States.
Significant Contributions from Dupixent and New Pharmaceutical Launches
The group's growth is largely driven by Dupixent, whose sales reached 4,246 million euros in the fourth quarter, up 32.2%, and 15,714 million euros for the full year, marking a 25.2% increase. For the second time, Dupixent's quarterly sales have surpassed the four billion euro threshold, supported by volume increases across all indications and geographic areas. New pharmaceutical launches recorded a growth of 49.4% in the fourth quarter, reaching 1.1 billion euros. ALTUVIIIO, Ayvakit, and other recent treatments have significantly contributed to this momentum. ALTUVIIIO exceeded the billion euro sales mark for the fiscal year 2025, confirming its blockbuster status and central role in Sanofi's growth trajectory.
Operational Profitability Improvement
Operational profitability improved in the fourth quarter and throughout the year. The operating income from activities reached 2,341 million euros in the fourth quarter, up 21.7% at constant exchange rates, bringing the operating margin from activities to 21.1%. This increase is primarily due to an improvement in gross margin, related to a more favorable product mix, and a slowdown in the growth of operational expenses. Research and development expenses have increased in a controlled manner, while commercial and general expenses have risen to support launches, albeit at a pace slower than revenue growth. For the full year 2025, the operating income from activities amounted to 12,149 million euros, up 11.9% at constant exchange rates.
