Q2 Financial Performance
Sanofi reported second‑quarter revenue of €11.6 billion, exceeding the IBES consensus of €11.2 billion by 8 %. The growth was led by Dupixent, which generated €5.15 billion in sales, 16 % above consensus. Total pharmaceutical sales reached €10.45 billion versus the consensus €9.54 billion, while vaccine sales were €1.15 billion, slightly below the €1.20 billion estimate. Business operating income rose to €3.29 billion, beating the €2.96 billion forecast, and earnings per share were €2.09, ahead of the €1.91 consensus.
Outlook Updates
The company raised its 2026 full‑year outlook, now targeting net‑sales growth of around 10 % at constant exchange rates, implying total sales of roughly €47.5 billion compared with the consensus projection of €47.1 billion. Business EPS at constant exchange rates is expected to increase to a range of €8.52‑€8.75, marginally above the consensus €8.59, before accounting for a €1 billion share‑buyback programme. Sanofi also lifted its long‑term Dupixent target to about €25 billion in sales by 2030, up from the prior €22 billion goal, while cutting its 2030 vaccine sales target to €9 billion from €10 billion, attributing roughly half of the reduction to currency effects.
Market Reaction
Despite the earnings beat, Sanofi shares fell 1.7 % in early Paris trading as of 07:36 GMT.
Analyst Commentary
Morgan Stanley analysts wrote that they expect Sanofi shares to outperform, noting that the strong underlying beat offsets pipeline cuts and that focus is now shifting to the new CEO’s strategy and potential M&A activity.