2025: strong sales and EPS growth.
Continued profitable growth expected in 2026
Paris, January 29, 2026
Q4 sales growth of 13.3% at CER1 and business earnings per share (EPS)2 of €1.53
- Pharma launches increased sales by 49.4%, reaching €1.1 billion, primarily driven by Ayvakit and ALTUVIIIO
- Dupixent sales increased by 32.2% to €4.2 billion, a strong end to the year
- Vaccines sales decreased by 2.5% to €2.0 billion, with influenza performing better than anticipated
- Research and Development expenses reached €2.3 billion, up by 6.6%
- Selling, general and administrative expenses reached €2.7 billion, up by 9.6%, supporting launches
- Business EPS was €1.53, up by 26.7% at CER; 16.8% at actual exchange rates, delivering profitable growth; IFRS EPS -€0.66
Pipeline progress
- Ten regulatory approvals across immunology, rare diseases, and other
- Positive phase 3 readouts: amlitelimab program in AD (COAST 2, SHORE) and Dupixent in AFRS
Tolebrutinib in PPMS did not meet the primary endpoint - Four regulatory submission acceptances, five phase 3 study starts, three regulatory designations (orphan, priority reviews)
Capital allocation
- Announcement of the Dynavax acquisition3 and completion of the Vicebio acquisition
- Completion of the €5 billion share buyback program
- Proposed dividend of €4.12; up by 5.1%
Other major developments
- Sanofi reached agreement with the US government to lower medicine costs while strengthening innovation
- Sanofi leads an industry working group on biopharma life cycle assessment
Guidance
- In 2026, sales are expected to grow by a high single-digit percentage at CER. Business EPS at CER is expected to grow slightly faster than sales (before share buyback), delivering profitable growth.4 Sanofi intends to execute a share buyback program in 2026 of €1 billion.
Paul Hudson, Chief Executive Officer: “In the fourth quarter, sales growth accelerated to 13.3%, delivering another strong performance. Growth was supported by new medicines and Dupixent, reaching a new quarterly high. Business EPS was up by 26.7% with the benefit of cost discipline and growth leverage. We obtained ten regulatory approvals across immunology, rare diseases, and other, and had several positive phase 3 readouts.
In 2025, we achieved a strong year of profitable growth. Sales increased by 9.9% at constant exchange rates, while business EPS improved significantly faster by 15.0%. We launched three new medicines and vaccines: Qfitlia, Wayrilz, and Nuvaxovid, providing innovative options to patients with rare diseases and COVID-19 prevention. All this was made possible by the dedicated effort of all Sanofi colleagues worldwide.
In 2026, we expect sales to grow by a high single-digit percentage and business EPS to grow slightly faster than sales. We anticipate profitable growth to continue over at least five years.”
| Q4 2025 | Change | Change at CER | FY 2025 | Change | Change at CER | |
| Net sales | €11,303m | +7.0% | +13.3% | €43,626m | +6.2% | +9.9% |
| IFRS net income | €(801)m | -260.5% | — | €7,813m | +40.5% | — |
| IFRS EPS | €(0.66) | -265.0% | — | €6.40 | +44.1% | — |
| Free cash flow5 | €2,637m | +12.7% | — | €8,089m | +35.8% | — |
| Business operating income | €2,341m | +12.7% | +21.7 % | €12,149m | +7.1% | +11.9% |
| Business net income | €1,856m | +13.0% | +22.3 % | €9,555m | +7.2% | +12.1% |
| Business EPS | €1.53 | +16.8% | +26.7% | €7.83 | +10.0% | +15.0% |
1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9).
2 To facilitate an understanding of operational performance, Sanofi comments on the business net income, a non-IFRS financial measure (definition in
Appendix 9). The income statement is in Appendix 3 and a reconciliation of IFRS net income to business net income is in Appendix 4.
3 The acquisition of Dynavax is currently pending; it is expected to close in Q1 2026 subject to the satisfaction of customary closing conditions.
4 Applying January 2026 average currency exchange rates, the currency impacts are estimated at c.-2% on sales and at c.-3% on business EPS.
5 Free cash flow is a non-IFRS financial measure (definition in Appendix 9).
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