Sanofi (SAN) Jefferies Global Healthcare Conference 2026 summary

Commercial priorities and pipeline updates

• Immunology has five phase III trials ongoing, with plans to reach eight by year-end, focusing on dermatology, respiratory, and GI as core areas, and expanding into high unmet need diseases like HS.

• Vaccine priorities include expanding Beyfortus for RSV to 15 more countries by 2026, growing coverage rates, and advancing combination vaccines for flu, COVID, and RSV.

• Rilzabrutinib is being developed for both rare and broader immunology indications, with flexible formulations and dosing strategies.

• Combination vaccines are a strategic focus, with ongoing work on flu-COVID and RSV+HMPV combos, emphasizing best-in-class components and convenience.

• PCV21 for pediatric pneumococcal disease is in phase III, aiming for data in H2 2027, with a competitive market expected and a strong portfolio approach.

Market dynamics and strategic adaptation

• Infectious disease prevalence remains high, driving strong vaccine demand; public support for vaccines is robust across demographics.

• Immunology launches face evolving challenges: MFN pricing reforms, the rise of large language models in physician decision-making, and deeper patient journey analysis.

• Advanced therapy penetration in atopic dermatitis is only 20%, indicating significant market expansion potential.

• Pricing, access, and data dissemination strategies are being adapted to new digital and regulatory realities, including MFN frameworks.

Business development and future outlook

• Asset acquisition and BD are guided by a disease area strategy, mapping unmet needs over 5, 10, and 15-year horizons, with prioritization for internal or external solutions.

• Decisions on asset placement (JV or standalone) are made after scientific differentiation is established and strategic fit is assessed.

• Recent BD activity in vaccines includes deals with Translate Bio (mRNA), Novavax, Vicebio, and Dynavax, strengthening the pipeline for the long term.

• Investors should watch for upcoming data readouts on lunsekimig, amlitelimab, and RHS in immunology, and performance in Q3/Q4, Dynavax integration, and shingles/PCV data in vaccines.