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Pharmaceuticals

Sanofi, revenues at 43.6 billion up 6.2% in 2025

A dividend of EUR 4.12 will be proposed at the shareholders' meeting, and the group intends to launch a EUR 1 billion buy back in 2026

by Monica D'Ascenzo

FILE PHOTO: The logo of Sanofi is seen a the French drugmaker's vaccine unit Sanofi Pasteur plant in Marcy-l'Etoile, near Lyon, France, September 30, 2023. REUTERS/Gonzalo Fuentes/File Photo

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2' min read

Translated by AI

For feedback, please contact
english@ilsole24ore.com

Versione italiana

French pharmaceutical giantSanofi-Aventis announced it was targeting "solid growth" for 2026, driven by its flagship immunology drug Dupixent, which had an "extraordinary year" in 2025, and a "series" of new products. The group ended the 2025 financial year with sales up 6.2% at current exchange rates to 43.626 billion. Exchange rate developments had a negative impact of 3.7 percentage points. Drug divestments and portfolio rationalisation transactions negatively impacted sales growth by 0.5 percentage points.

Business operating income reached EUR 12.14 billion for the year, up 11.9% from EUR 11.34 billion in 2024 (7.1% at actual exchange rates). The BOI to net sales ratio stood at 28.1%, up 0.5 percentage points (27.8% at actual exchange rates, up 0.2 percentage points). Net profit 'business' reached EUR 9,555 million, up 7.2% from EUR 8,912 million in 2024 (12.1% at constant exchange rates). The ratio of 'business' net profit to net sales stood at 21.9%, up 0.2 percentage points (22.1% at constant exchange rates, +0.4 percentage points).

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A dividend ofEUR 4.12 for 2025 will be proposed to the shareholders' meeting.

On the Paris market, the share opened trading lower.

Fourth Quarter 2025

In the fourth quarter of last year alone, the group recorded sales of EUR 11.3 billion, growing by 13.3% at constant exchange rates. Exchange rate developments had a negative impact of 6.3 percentage points; consequently, at current exchange rates, the increase in sales was 7%. Drug divestments and portfolio rationalisation operations negatively impacted sales growth by 0.7 percentage points.

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Sales in the US reached EUR 5,803 million, up 22.6%. The performance was mainly driven by Dupixent, new speciality pharmaceuticals and flu vaccines, partially offset by declines in other vaccines. ALTUVIIIO surpassed the billion-dollar sales threshold in 2025, entering the blockbuster club.

In Europe, sales amounted to EUR 2,436 million, a marginal increase of 0.2%. Growth was mainly driven by Dupixent, new pharmaceutical launches and flu vaccines, but was offset by weaker sales of Beyfortus and mature drugs.

In the Rest of the World, revenues reached EUR 3,064 million, up 8%. The performance was driven by Dupixent, new product launches - including Beyfortus - flu vaccines and diabetes drugs, while some legacy products recorded a decline.

In China, sales were EUR 544 million, up 6.2% in a relatively stable market environment. Growth was supported by diabetes drugs, but partially held back by the decline in legacy products and the impact of the update of the national list of reimbursable drugs and volume-based central purchasing mechanisms.

Estimates 2026

In 2026, sales are expected to grow at a high single-digit rate at constant exchange rates (CER). Business' earnings per share (eps) at CER is expected to increase at a slightly higher rate than sales (before the effect of share buybacks), confirming profitable growth.

Sanofi also announced its intention to initiate a EUR 1 billion share buy-back programme in 2026.

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