Sanofi reported second-quarter adjusted earnings per share (EPS) of $1.21, beating the analyst consensus estimate of $1.09 by 11.01 percent. The pharmaceutical company posted quarterly sales of $13.482 billion (€11.597 billion), surpassing the $12.65 billion estimate. While the financial results reflect strong operational momentum, CEO Belén Garijo signaled a shift in strategy, stating that recent pipeline setbacks reflected weaknesses in decision-making rather than scientific capability.

Garijo announced a more disciplined approach to research and development, raising the bar for advancing programs into late-stage trials. The company is conducting an ongoing portfolio review to focus resources on medicines with the strongest scientific merit and commercial potential. This strategic pivot follows the discontinuation of several pipeline assets, including amlitelimab, itepekimab, and balinatunfib. Management emphasized greater scientific rigor and clearer accountability moving forward.

Key Financial Metrics

Segment Performance and Drivers

Sales growth was primarily fueled by the blockbuster drug Dupixent, which saw sales increase by 37.6% to €5.154 billion, crossing the €5 billion quarterly threshold for the first time. Global sales were driven by strong volume growth across approved indications, with Dupixent retaining a leading market position. Recent pharma launches, including Ayvakit, ALTUVIIIO, and Sarclisa, contributed significantly, with their combined sales rising 48.3% to €1.3 billion.

Conversely, vaccines sales declined 4.7% to €1.15 billion, weighed down by lower sales of influenza, meningitis, travel, and endemic vaccines. However, Beyfortus sales rose 54.2% to €108 million, benefiting from expanded geographical availability and use in the Southern Hemisphere. Despite the strong top-line performance, reported IFRS net income fell 91.3% to €343 million due to significant one-off items, while business operating income increased 35.8% at constant exchange rates (CER) to €3,291 million.

What the Numbers Show

The divergence between IFRS net income and business net income underscores the impact of non-recurring items on reported profitability. While IFRS net income plummeted 91.3%, business net income grew 31.0% at CER, indicating that core operational health remains strong. The surge in free cash flow (+86.8% to €2,670 million) alongside rising R&D spend suggests that the company is maintaining liquidity while investing heavily in future growth drivers like Dupixent, which is now projected to reach around €25 billion in sales by 2030.

Guidance and Outlook

Sanofi upgraded its full-year 2026 guidance, projecting sales growth of approximately 10% at CER, up from prior high single-digit expectations. Fiscal 2026 sales are forecast at $55.789 billion compared to the consensus of $55.85 billion. Management expects growth to moderate in the second half due to tougher year-over-year comparisons, including last year’s new Dupixent indication launches and the July 2025 consolidation of AYVAKIT. The company also anticipates fewer one-time gross margin benefits and a smaller boost from share repurchases.

Sanofi announced on July 30, 2026, that its half-year financial report for the period ending June 30, 2026, is now available to investors. This filing ensures transparency for shareholders listed on both EURONEXT and NASDAQ, providing timely access to the company’s financial performance for the first half of the year.

The report has been officially filed with the Autorité des marchés financiers (AMF), the French market regulator, and submitted to the US Securities and Exchange Commission (SEC) under Form 6-K. These regulatory submissions comply with international disclosure requirements for multinational corporations operating in both European and American markets.

Document Availability

Investors and analysts can access the full financial report through Sanofi’s corporate website. The document is located on the "Investors" page under the specific heading "Financial Reports and Other Publications." This centralised repository allows stakeholders to download the latest financial data directly without intermediary delays.

About Sanofi

Sanofi describes itself as an R&D-driven, AI-powered biopharma company committed to improving people’s lives. The company focuses on inventing medicines and vaccines that treat and protect millions globally, leveraging a deep understanding of the immune system. Its innovative pipeline aims to address urgent healthcare, environmental, and societal challenges.

The company is listed on EURONEXT under the ticker SAN and on NASDAQ under the ticker SNY. For further inquiries, investors may contact the Investor Relations team, including Thomas Kudsk Larsen, Alizé Kaisserian, Keita Browne, Nathalie Pham, Nina Goworek, Thibaud Châtelet, and Yun Li.