Sanofi SA

XMUN:SNW

Guidance up: Sanofi raised its 2026 outlook after a strong second quarter, now expecting sales growth of around 10% at constant exchange rates and business EPS growth slightly faster than sales.

Strong quarter: Q2 net sales rose 17.8% to EUR 11.6 billion, driven mainly by volume and helped by a couple of hundred millions of positive gross-to-net adjustments.

Dupixent shines: Dupixent crossed EUR 5 billion in quarterly sales for the first time, grew 37% in Q2, and its 2030 sales ambition was lifted to around EUR 25 billion.

Pipeline reset: New CEO Belen Garijo said Sanofi is moving with more urgency, tightening R&D decision-making, and reviewing the late-stage pipeline, with some programs already discontinued or deprioritized.

BD/M&A shift: Management said Sanofi is open to larger deals and more late-stage or commercial assets, but only where there is strategic fit, scientific quality, and attractive returns.

Regeneron talks: The company said discussions with Regeneron are productive, trust needs to be rebuilt, and there is no barrier to doing M&A because of the alliance.