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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.
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Q4 2025 earnings summary29 Jan, 2026

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.

Tolebrutinib failure: impact on neurology pipeline?
Explain Europe's minimal sales growth.
Link sustainability initiatives to business value.
Amlitelimab's differentiation and market impact?
BD strategy: immunology vs. diversification
Beyfortus: U.S. immunization schedule impact?
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Frequently asked questions

Sanofi is an integrated global biopharmaceutical company, focused on patient needs and engaged in the research, development, manufacturing, marketing and distribution of innovative therapies that improve lives. Sanofi has core strengths in diabetes solutions, human vaccines and innovative drugs for rare diseases.Sanofi is organized into five global business units: Diabetes and Cardiovascular, General Medicines and Emerging Markets, Sanofi Genzyme, Sanofi Pasteur and Merial. The company's sales channels include pharmaceutical products sold directly to retail pharmacies and wholesale distributors, as well as through hospitals, clinics, mail order and specialty pharmacies.

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