Q3 2026: double-digit growth in sales and business EPS
FY 2026: guidance upgraded
October 30, 2026
Q3 sales growth of 14.3% at CER1 and business earnings per share (EPS)2 of €3.55
- Pharma launches sales increased by 31.4%, reaching €1.4 billion, driven by ALTUVIIIO, Ayvakit, and Rezurock
- Dupixent sales increased by 34.8% to €5.7 billion, above €5 billion per quarter for the second time
- Vaccines sales decreased by 6.6% to €3.2 billion, impacted by the anticipated phasing in respiratory prevention
- Research and Development expenses reached €1.8 billion, broadly stable
- Selling and general expenses reached €2.3 billion, down by 0.9%, reflecting cost discipline
- Business EPS was €3.55, up by 19.6% at CER; 22.0% at actual exchange rates; IFRS EPS €2.52
Pipeline update
- Two regulatory approvals; in rare diseases and vaccines
- One regulatory submission acceptance and two regulatory designations (priority review and PRIME)
Guidance upgraded
- 2026 guidance is upgraded: sales are expected to grow by a low-teens percentage at CER. Business EPS at CER is expected to grow by a mid-teens percentage.3
Belén Garijo, Chief Executive Officer: “Sanofi achieved another strong quarter with double-digit sales growth of 14.3%, mainly driven by our new medicines and Dupixent. Business EPS increased by 19.6%, driven by cost discipline. The pipeline milestones included two regulatory approvals, one regulatory submission, and two additional regulatory designations. Our strong commercial and financial momentum to date leads us to raise our 2026 guidance: sales growth is now expected at a low-teens percentage and business EPS growth at a mid-teens percentage, underscoring our sustainable, profitable growth.
In the third quarter, we accelerated Sanofi’s transformation by expanding our long-standing alliance with Regeneron, which opens up further opportunities in immunology. We also continued to simplify our portfolio through a partnership with Cheplapharm covering a number of legacy medicines4.
We are confident about our ability to pursue our strong commercial and financial performance in the short and medium term. The whole organisation is focused on managing Sanofi’s post-Dupixent trajectory over the next decade. Our priority is to protect earnings through Dupixent’s loss of exclusivity. We have already begun taking action to improve R&D productivity. Business development and M&A will be critical to complement this transformation. We remain committed to our long-term capital allocation policy, including our progressive dividend.”
| Q3 2026 | Change | Change at CER | YTD 2026 | Change | Change at CER | |
| Net sales | €14,444m | +16.2% | +14.3% | €36,550m | +13.1% | +15.2% |
| IFRS net income | €3,021m | +7.8% | — | €4,979m | -42.2% | — |
| IFRS EPS | €2.52 | +9.6% | — | €4.15 | -41.1% | — |
| Free cash flow5 | €3,269m | +9.2% | — | €6,993m | +28.3% | — |
| Business operating income | €5,430m | +22.2% | +19.7% | €11,688m | +19.2% | +21.1% |
| Business net income | €4,255m | +20.0% | +17.6% | €9,020m | +17.2% | +19.1% |
| Business EPS | €3.55 | +22.0% | +19.6% | €7.52 | +19.4% | +21.3% |
1 Changes in net sales are at constant exchange rates (CER) unless otherwise stated (see definition in Appendix 8).
2 To facilitate an understanding of operational performance, Sanofi comments on business operating income, business net income, and business EPS
(bEPS), which are non-IFRS financial measures (see definitions in Appendix 8). The IFRS consolidated income statement is in Appendix 3, and a
reconciliation of IFRS net income to business net income is in Appendix 4.
3 Applying October 2026 average currency exchange rates, currency impacts are estimated at c.-1% on sales and at c.-1% on business EPS.
4 Subject to information and consultation procedures with employee representatives, regulatory approvals, and customary closing conditions.
5 Free cash flow is a non-IFRS financial measure (see definition in Appendix 8).
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