SNY · Sanofi

Sanofi's Q1 2026 results demonstrate strong operational momentum, with net sales of €10,509 million growing 13.6% at constant exchange rates (CER). The growth was broad-based, led by Dupixent (€4,170 million, +30.8%) and pharma launches (€1,171 million, +49.6%), including ALTUVIIIO, Ayvakit, and Sarclisa. Vaccines sales rose 2.1% to €1,293 million, benefiting from the newly acquired Heplisav-B. Business EPS increased 14.0% at CER to €1.88, outpacing sales growth, as total operating expenses grew only 7.0% (R&D +1.5%, SG&A +11.6%). IFRS EPS declined 11.8% to €1.34, impacted by negative currency effects and higher other operating expenses. Management highlighted five regulatory approvals in immunology and positive pipeline readouts for venglustat (phase 3 in GD3) and lunsekimig (phase 2 in respiratory diseases). The company completed the $2.2 billion Dynavax acquisition and executed €921 million of its €1 billion share buyback. Guidance for 2026 was affirmed: high single-digit sales growth and slightly faster business EPS growth at CER, with currency headwinds estimated at -2% on sales and -3% on business EPS. The strong start positions Sanofi well for the year, supported by Dupixent's continued momentum and the ramp-up of new launches.