Sanofi weighs M&A opportunities to replenish pipeline, lifts 2026 growth targets
SNY•Sanofi raised its 2026 sales and profit-per-share growth targets to low-teens and mid-teens, respectively, and said acquisitions will help replenish its drug pipeline. Third-quarter sales were €14.44 billion and business operating income was €5.43 billion, both above analyst expectations.
1. M&A plans
Sanofi said dealmaking will be important to replenishing its drug pipeline under CEO Belen Garijo. CFO François Roger said the company is increasingly interested in later-stage or marketed drugs and may consider larger deals than its historical $2 billion to $5 billion range. Potential areas include rare diseases, vaccines and immunology, as well as “white spaces or moonshots” addressing unmet medical needs.
2. Raised targets, strong quarter
Sanofi now expects 2026 sales growth in the low teens and profit-per-share growth in the mid-teens. It previously expected sales growth of 10% at constant exchange rates, with profit per share growing slightly faster than sales. Third-quarter business operating income was €5.43 billion, versus an analyst estimate of €4.32 billion, while sales rose 14.3% at constant exchange rates to €14.44 billion, ahead of the €13.25 billion estimate. Dupixent sales reached €5.69 billion, about 10% above expectations.
