Sanofi (SAN) Q3 2026 earnings summary

Executive summary

• Q3 net sales were €14.444bn, up 14.3% at CER; business EPS rose 19.6% at CER to €3.55.

• Growth was led by Dupixent and pharma launches; vaccines declined amid seasonal delivery phasing and lower Beyfortus sales.

• FY2026 sales and business EPS guidance was upgraded; priorities include profitable growth, R&D productivity and sustaining growth through Dupixent’s loss of exclusivity.

Financial highlights

• Q3 net sales were €14.444bn, up 14.3% at CER and 16.2% at actual rates; YTD sales were €36.550bn, up 15.2% at CER.

• Business operating income was €5.430bn, up 19.7% at CER; business net income was €4.255bn, up 17.6% at CER.

• IFRS net income attributable to equity holders was €3.021bn in Q3 and €4.979bn YTD; YTD business net income was €9.020bn.

• Pharma launches generated €2.176bn in Q3, up 19.2% at CER and representing 15% of sales.

Outlook and guidance

• FY2026 sales growth guidance was upgraded to low teens at CER; business EPS growth guidance was upgraded to mid-teens at CER.

• FY2026 vaccine sales are expected to decline by a low-single-digit percentage; effective tax rate ambition is ~21%.

• At October 2026 average exchange rates, expected currency impacts are -1% on sales and -1% on business EPS.

• The 2027 early view is demand-led growth, slightly negative pricing and ~€1.3bn of sales impact from Cheplapharm and Medley divestments, subject to closing.

• 2030 sales ambitions are ~€25bn for Dupixent, ~€10bn for launches and ~€9bn for vaccines, at CER.