Key Takeaways:
- Adjusted EPS of $1.22 beat the $1.10 consensus estimate.
- Dupixent quarterly sales exceeded €5 billion for the first time.
- Sanofi raised its 2026 outlook despite disclosing multiple pipeline setbacks.
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Sanofi beats Q2 estimates as Dupixent tops €5 billion for first time
Sanofi reported Q2 adjusted earnings of $1.22 per American depositary share on revenue of $13.48 billion, beating consensus estimates of $1.10 and $12.73 billion.
Revenue rose 16% on a reported basis and 17.8% at constant currency, driven by blockbuster immunology drug Dupixent and a portfolio of newer medicines.
Dupixent sales climbed 37.6% at constant currency to €5.15 billion, surpassing €5 billion in a quarterly period for the first time. U.S. sales jumped 42.8% to €3.90 billion, while European sales advanced 19.4% and rest-of-world sales rose 26.9%, led by markets including Brazil and Canada. Sanofi markets Dupixent in partnership with Regeneron Pharmaceuticals.
Sales of new and recently acquired medicines rose 48.3% in the quarter. Among rare disease drugs, Altuviiio generated €349 million, up 23.7%, while Nexviazyme posted €218 million, up 15.6%. Ayvakit, acquired through the Blueprint Medicines deal, contributed €190 million. Oncology drug Sarclisa rose 35.7% to €187 million, benefiting from increased use in earlier lines of multiple myeloma treatment.
Vaccine sales declined 4.7% to €1.15 billion. Beyfortus, the respiratory syncytial virus antibody developed with AstraZeneca, jumped 54.2% to €108 million on expanded geographic availability. Influenza and Covid-19 vaccine revenues plunged 61.7% to €54 million because of prior-year one-time benefits and lower Southern Hemisphere sales.
Sanofi raised its 2026 outlook, now expecting sales growth of about 10% at constant currency, up from a prior forecast for high-single-digit growth. Business earnings per share are projected to increase slightly faster than sales. The company also lifted its Dupixent 2030 sales target to about €25 billion from around €22 billion and expects new and acquired drugs to generate approximately €10 billion in sales by 2030.
Despite the stronger-than-expected results and improved guidance, Sanofi shares fell about 6% in pre-market trading. The decline followed the disclosure of significant pipeline setbacks that resulted in more than €200 million of wind-down costs and a €952 million impairment related to amlitelimab. The company decided not to advance amlitelimab to regulatory submission in atopic dermatitis after determining its efficacy and safety profile did not offer a meaningful improvement over existing treatments. Sanofi also discontinued itepekimab's development in chronic obstructive pulmonary disease and chronic rhinosinusitis, along with balinatunfib studies in Crohn's disease and ulcerative colitis. Two phase 3 Dupixent studies in lichen simplex chronicus failed to meet their primary endpoints, and the company discontinued the phase 3 MOBILIZE study evaluating riliprubart in treatment-refractory chronic inflammatory demyelinating polyneuropathy.
Sanofi's stock has declined 3.6% year to date, compared with a 16.9% gain for the broader pharmaceutical industry.
The guidance raise signals management expects Dupixent and the new product portfolio to sustain momentum through the second half. Investors will watch for updates on pipeline prioritization and potential business development to fill the gap left by the discontinued programs.
This article is for informational purposes only and does not constitute investment advice.
