Sanofi (SAN) Bank of America Global Healthcare Conference summary

Leadership and portfolio priorities

• Belén began as CEO in April; Paulo joined as R&D head three weeks before the conference and is leading a rigorous late-stage portfolio review.

• I&I, rare diseases and vaccines remain core priorities; therapeutic-area and white-space expansion is under assessment for strategic fit and internal expertise.

• Amlitelimab, itepekimab and balinatunfib were terminated; late-stage assets and phase III starts are being reassessed for scientific risk and capital allocation.

• BD and M&A now sit under the CFO; R&D leads scientific diligence, with a nominal 50/50 internal-to-external innovation balance described as a healthy research and early-development portfolio.

• BD is phase-agnostic and opportunity-led; near-term fit includes rare-disease franchises and I&I, including dermatology and respiratory, while oncology, neurology and ophthalmology remain active research areas.

Research productivity and pipeline building

• Research assets take 4+ years on average to reach the clinic and 14 years to market in a success scenario; leadership turnover has affected research continuity.

• First-in-human starts are expected to build from 2026 through 2028 via internal programs and collaborations, providing early proof points after a weak recent period.

• Research priorities include sustained high-quality output, faster decisions, rigorous risk assessment and dynamic capital allocation; larger platform partnerships are expected.

• Ventures investment is being strengthened to assess emerging biology and make longer-term, higher-risk investments.

Regeneron alliance and business development

• Discussions with Regeneron are assessing alliance assets in dermatology and respiratory, with possible gastroenterology scope limited to EoE; lunsekimig is a potential Sanofi-origin asset, not a decided inclusion.

• Long-acting IL-13 and super-dupilumab assets remain under discussion; alliance scope, including IL-4 receptor clarification, is part of ongoing negotiations.

• External assets could be considered for the alliance, while current assets are assessed first and broader development and commercial complementarity is evaluated in parallel.

• Brivekimig is outside current alliance discussions; it targets TNF and OX40 ligand and is being pursued in hidradenitis suppurativa.