Sanofi

Strong Q3 performance; guidance upgraded - Q3 net sales EUR 14.4bn (+14.3% YoY); Dupixent surpassed EUR 5bn again (second consecutive quarter) driven mainly by increasing demand. - New launches +31% (notably ALTUVIIIO, Ayvakit, Rezurock). New launch portfolio ~EUR 2.2bn in Q3 (+19.2%) and now ~15% of total company sales. - Gross margin +2.1pp (mix + pricing actions including better gross-to-net management). - 2026 guidance upgraded: sales growth now low teens (~13–15%); business EPS mid-teens (~15–17%).

Dupixent LOE strategy is central; growth beyond LOE is the bet - Management expects moderate group revenue impact only from Dupixent’s loss of exclusivity (LOE), with priority on preserving earnings/cash flow before pushing earnings growth acceleration later. - They are already planning around Dupixent LOE as a top priority, and will use BD/M&A to replenish/extend immunology growth. - 2027 market dynamics expectation: growth may moderate vs 2026 due to a higher base; demand still expected strong, but pricing should revert closer to historical pattern (slightly negative pricing contribution expected in 2027).

Regeneron alliance expanded—major pipeline replenishment opportunity - Expanded alliance with Regeneron to access 4 next-generation long-acting mAbs targeting type 2 inflammation (from VelocImmune). - One key asset: anti-IL-13 in phase I for atopic dermatitis with potential every 3–6 month dosing; registrational enabling studies (phase III–enabling) expected late 2027/early 2028, positioning as a potential follow-on to Dupixent into the early next decade. - Management frames this as a fast, trust-building execution success (also referencing settlement of prior litigations) and a win-win milestone-linked economic model.