Sanofi Raises 2026 Sales Growth Forecast to Low Double Digits After Profit Surge

Key Facts

On October 30, Sanofi raised its 2026 outlook, citing commercial and financial momentum after strong quarterly results. The company now expects sales growth in the low double digits and operating earnings per share growth in the mid-teens, at constant exchange rates. In July, the company had forecast sales growth of about 10%, after maintaining in April its forecast for growth in the high single digits. It also said in July that operating earnings per share would grow slightly faster than sales. The new revision strengthens its estimates for the year as it works to protect profits ahead of the loss of market exclusivity for Dupixent.

Net sales reached €14.444 billion in the third quarter, up 16.2% on a reported basis and 14.3% at constant exchange rates from the same period a year earlier. Operating earnings per share were €3.55, up 19.6% at constant exchange rates and 22% at actual exchange rates. That figure exceeded analysts' average estimate of €2.79 a share, according to Reuters. Business operating income also reached €5.43 billion, compared with market expectations of €4.32 billion. Earnings per share under International Financial Reporting Standards were €2.52.

Dupixent was the standout driver of results, with sales rising 34.8% to €5.7 billion in the third quarter. The drug topped €5 billion in quarterly sales for the second time, underscoring its weight in the company's current performance. Sales of recently launched medicines also rose 31.4% to €1.4 billion. Sanofi attributed growth in this category to Altuviiio, Ayvakit and Rezurock. These products support revenue expansion, while the company's ability to diversify its growth drivers remains a focus of its plans for the period beyond Dupixent.

By contrast, vaccine sales fell 6.6% to €3.2 billion during the quarter. Sanofi said the decline was affected by the expected seasonal timing of products for preventing respiratory diseases. The drop came alongside growth in medicine sales, including Dupixent and recent launches. The company had linked its July guidance increase to strong first-half performance and its expectation that growth would return to a normal pace in the second half. That provides context for the latest revision, which followed previous guidance for sales growth of about 10%.

Chief Executive Belén Garijo said the company's priority is to "protect profits through the loss of market exclusivity for Dupixent," adding that the organization is focused on its path beyond the drug over the next decade. In July, Sanofi forecast Dupixent sales of about €25 billion in 2030 at constant exchange rates. It also expected drug launches to add about €10 billion that year on the same basis. These figures are part of the company's picture of the period beyond the drug, alongside the growth posted by recently launched products in the third quarter. Current reliance on Dupixent makes managing the transition to other revenue sources a stated management priority.

As it seeks assets to support its portfolio, Chief Financial Officer François Roger said Sanofi is considering deals larger than the €2 billion to €5 billion range it has typically pursued. He said the interest includes late-stage assets and potential commercial assets. On October 1, the company announced an agreement with Regeneron to add four experimental antibodies to their partnership, including an upfront payment of $1 billion and up to $7 billion in milestone payments. The move places research collaboration among the efforts the company has announced to strengthen its business beyond Dupixent. Sanofi shares listed in New York closed at $43.13 on October 29, compared with a close of $42.24 the previous day, according to EL7 data.

Sanofi published its third-quarter results on October 30 and scheduled a live audio webcast that day for management to review the results with the financial community. Fourth-quarter and full-year 2026 results are due on January 28, 2027, followed by a question-and-answer session. The annual results will provide a later opportunity to assess the company's performance against its revised guidance. They will also shed light on sales and earnings after a quarter marked by strong growth in Dupixent and recent launches and a decline in vaccines.