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Sanofi (SAN) investor relations material
Sanofi Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 9.9% sales growth in 2025 to €43.6 billion, with business EPS up 15% and strong Q4 sales growth of 13.3%.
Launched three new medicines and vaccines: Qfitlia, Wayrilz, and Nuvaxovid; ALTUVIIIO reached blockbuster status.
Completed Opella divestment, redeploying €10.4 billion into M&A and business development.
Robust innovation with 12 phase 3 and 15 phase 2 readouts, 10 new molecules in phase 1, and 20 regulatory approvals.
Completed €5 billion share buyback and proposed €4.12 dividend (+5%).
Financial highlights
Q4 2025 net sales: €11.3 billion (+13.3% CER); FY 2025: €43.6 billion (+9.9% CER).
Business EPS grew 26.7% in Q4 and 15% for the year; business operating income up 11.9% to €12.1 billion with a 27.8% margin.
Free cash flow at €8.1 billion (18.5% of sales), targeting 20% in the medium term.
Gross margin expanded by 1.8 points to 77.5%; OPEX as a percentage of sales decreased to 39.9%.
IFRS net income FY 2025: €7.8 billion (+40.5%).
Outlook and guidance
2026 guidance: high single-digit sales growth, business EPS to grow slightly faster than sales.
Vaccine sales expected to slightly decline in 2026; €200 million sales reduction from divestments.
Currency impact expected to be -2% on sales and -3% on business EPS for 2026.
R&D expenses to increase moderately, with additional placeholder for future acquisitions.
€1 billion share buyback planned for 2026.
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