Sanofi raises its 2026 targets after a third quarter with a 14.3% increase, driven by Dupixent
The drugmaker saw its quarterly revenue rise 14.3% at constant exchange rates and its business earnings per share rise 19.6%. At the same time, management has placed preparation for the post-Dupixent period at the top of its priorities for the next decade.
Sales up 14.3% and annual guidance raised
Sanofi published its third-quarter accounts on October 30, 2026 and raised its annual targets. Revenue reached €14,444 million, up 16.2% on a reported basis and 14.3% at constant exchange rates.
For fiscal year 2026, the group now expects sales growth at constant exchange rates in the lower part of the low double-digit range. Business earnings per share (EPS), a non-IFRS indicator monitored by the group, is expected to grow at a rate in the middle of that same range.
At average exchange rates for October 2026, the currency effect is estimated at approximately -1% on both sales and business EPS. According to management, this upward revision is based on the commercial and financial momentum recorded since the beginning of the year.
For the quarter, business EPS came to €3.55, up 19.6% at constant exchange rates and 22.0% at actual rates. According to the Chief Executive Officer, sales growth was mainly driven by new medicines and by Dupixent.
Dupixent sales rose 34.8% to €5.7 billion and exceeded the €5 billion quarterly threshold for the second time. Pharmacy launches increased 31.4% to €1.4 billion, driven by Altuviiio, Ayvakit and Rezurock.
Vaccine sales, by contrast, fell 6.6% to €3.2 billion. The group attributes this decline to the earlier timing of respiratory prevention sales.
Business earnings growing faster than sales
Earnings growth outpaced revenue growth during the quarter. Business operating income rose 22.2% to €5,430 million (+19.7% at constant exchange rates). Business net income reached €4,255 million, up 20.0% (+17.6% at constant rates).
Research and development expenses remained broadly stable at €1.8 billion. Selling and general expenses fell 0.9% to €2.3 billion, and management attributes the growth in business EPS to this cost discipline.
Under IFRS, net income for the quarter amounted to €3,021 million, up 7.8%, for an EPS of €2.52 (+9.6%). Over the first nine months, it declined 42.2% to €4,979 million, and IFRS EPS fell 41.1% to €4.15.
Non-IFRS indicators year-to-date are in line with the quarter. Revenue reached €36,550 million, or +15.2% at constant exchange rates and +13.1% on a reported basis, and business operating income reached €11,688 million (+19.2%).
Cumulative business EPS stood at €7.52, up 21.3% at constant rates. Free cash flow came to €3,269 million for the quarter (+9.2%) and €6,993 million over nine months (+28.3%).
Management places the loss of Dupixent exclusivity at the core of its strategy
In research, the quarter was marked by two regulatory approvals, one in rare diseases and one in vaccines. The group also obtained the acceptance of a regulatory filing and two designations (priority review and PRIME).
On the strategic front, Sanofi expanded its long-standing alliance with Regeneron in immunology and entered into a partnership with Cheplapharm covering several older medicines. This second transaction remains subject to consultation with employee representatives, regulatory approvals and the usual closing conditions.
Belén Garijo, Chief Executive Officer, stated that the entire organization is focused on the group's trajectory after Dupixent: “Our priority is to protect results beyond the loss of exclusivity of Dupixent.” She cited improving R&D productivity, as well as external development and acquisitions.
These publications come as the share price, close to its lowest level since 2018 on October 16, 2026, had rebounded 3.5% over one week ahead of the release. The group also reaffirmed its progressive dividend policy.
