Sanofi Raises 2026 Sales and Earnings Outlook as Dupixent Revenue Surges

French pharmaceutical company Sanofi raised its 2026 growth forecasts on Friday, October 30, after reporting third-quarter sales of €14.444 billion, a 14.3% increase at constant exchange rates from the same period last year. Reported sales increased 16.2%, reflecting the additional effects of currency movements.

The group said demand for recently introduced medicines and its immunology treatment Dupixent drove the increase. Dupixent sales rose 34.8% to approximately €5.7 billion, while sales of recently launched pharmaceutical products increased 31.4% to €1.4 billion. Vaccines revenue, by contrast, declined 6.6% to €3.2 billion, partly reflecting the timing of respiratory-disease prevention campaigns.

Sanofi reported business earnings per share of €3.55, up 19.6% at constant exchange rates. This is a company-defined performance measure and differs from earnings under International Financial Reporting Standards, for which earnings per share were €2.52. Reported net income was €3.021 billion.

Management now expects full-year sales to increase by a low-teens percentage at constant exchange rates, replacing its previous target of approximately 10% growth. It also expects business earnings per share to grow by a mid-teens percentage on the same currency-adjusted basis. These are forecasts for the full year, not completed financial results.

New chief executive Belén Garijo has been reviewing Sanofi's research pipeline and commercial portfolio. The company said it remains interested in business-development opportunities and has expanded its antibody collaboration with US partner Regeneron. Management has also indicated it may consider acquisitions larger than its historical €2 billion–€5 billion transaction range, but that discussion does not constitute a completed acquisition or a binding offer.

The outlook comes as Sanofi prepares for the eventual loss of patent protection on Dupixent in the early 2030s. Management is seeking additional medicines to support future sales, although research programmes and potential acquisitions remain subject to development, regulatory and commercial uncertainties.