Sanofi reported fourth-quarter 2025 adjusted earnings of €1.53 per share (equivalent to $0.89 per ADS), surpassing the consensus estimate of €1.50. On a reported basis, earnings rose 16.8% year-over-year, and by 26.7% on a constant currency basis. Total fourth-quarter sales reached €11.30 billion, up 13.3% at constant exchange rates, although this fell short of the €11.41 billion consensus. U.S. sales grew by 22.6% to €5.80 billion, driven by strong uptake of oncology and immunology products as well as influenza vaccines.

Dupixent achieved record quarterly sales of €4.20 billion in Q4 2025, up 32.2% year-over-year, with volume growth across multiple indications. This marks the second time global quarterly revenues for the antibody therapy have exceeded €4 billion. However, Sanofi’s management cautioned that Dupixent’s upcoming loss of exclusivity represents a substantial revenue headwind that cannot be fully offset, given the drug’s scale. The company expects the patent cliff to exert downward pressure on growth beyond 2026 unless new products or acquisitions bridge the gap.

Sanofi forecasts high single-digit sales growth at constant exchange rates for fiscal 2026, underpinned by launches of Ayvakit, ALTUVIIIO and other late-stage candidates. Business EPS at CER is expected to grow slightly faster than sales, benefitting from continued cost discipline and operating leverage. The company highlighted its influenza vaccine franchise is poised for further gains following stronger-than-expected fourth-quarter performance, even as other vaccine segments face demographic headwinds.

To reinforce its financial flexibility, Sanofi plans a €1 billion share buyback program in 2026. The board has reiterated its commitment to maintaining a strong dividend while preserving capacity for bolt-on acquisitions aimed at replenishing the pipeline. CFO François-Xavier Roger indicated that external deals will focus on products and platforms capable of mitigating Dupixent’s impending revenue decline through 2031.