Sanofi signals appetite for larger deals, raises 2026 growth targets under new CEO Garijo
SNY•Sanofi raised its 2026 growth targets and said it could consider acquisitions larger than its usual $2 billion to $5 billion range. Third-quarter sales reached €14.44 billion and business operating income was €5.43 billion, both above analyst expectations.
1. Deal strategy shifts
Sanofi said it was prepared to pursue larger deals as it seeks to rebuild its pipeline under CEO Belen Garijo. Finance chief Francois Roger said the company was increasingly interested in late-stage medicines or marketed products and would consider deals beyond its usual $2 billion to $5 billion range, focusing on immunology, rare diseases and vaccines. He said Sanofi could also consider “white spaces or moonshots with unmet medical needs.”
2. Targets and results raised
Sanofi now expects sales and profit per share this year to grow by low-teens and mid-teens percentages, respectively, helped by Dupixent sales and cost management. Third-quarter business operating income was €5.43 billion, against expectations of €4.32 billion, while sales rose 14.3% at constant exchange rates to €14.44 billion, above the €13.25 billion estimate. Dupixent sales reached €5.69 billion.
3. Leadership and pipeline
Garijo, who took the top role in May, has launched a strategic review and promised faster decision-making. Sanofi expanded Roger’s role to include business development and hired former Roche executive Paulo Fontoura to lead R&D. The company’s finance chief said Sanofi was investing in artificial intelligence for R&D, which it expects could shorten some development timelines.
