Sanofi earnings: third quarter 2026

Sanofi's sales rose 14.3% at constant exchange rates in the third quarter, led by its eczema and asthma medicine Dupixent. Profit per share on its own adjusted measure grew faster still, and the company raised its sales forecast for 2026. Vaccines fell, which Sanofi puts down mostly to flu deliveries moving into the fourth quarter. Payments to its partner Regeneron rose sharply, and net debt went up. ¹

Against what analysts expected

Analysts' average forecast, as gathered by Nasdaq's earnings calendar, was $1.63 of profit per US-listed share for the quarter. Sanofi reports in euros per ordinary share, so its figure cannot be set directly against that forecast. ¹²

The strong points

• Sales grew 14.3% from a year earlier, leaving out the effect of currency swings. ¹
• Profit per share on Sanofi's own adjusted 'business' measure rose 22% to €3.55, partly helped by having fewer shares. ¹
• Free cash flow, the cash left after running the business and investing in it, reached €6,993 million in the first nine months, well up on last year. ¹

The weak points

• Vaccine sales fell 6.6%, so the group's growth rests heavily on a single medicine, Dupixent. ¹
• What Sanofi owes its Dupixent partner Regeneron jumped to €2,399 million in the quarter, far faster than sales. ¹
• Net debt rose to €12,201 million as the Dynavax purchase, the dividend and the buyback used more cash than the business brought in. ¹

What the company expects

• Sanofi raised its forecast for 2026 and now expects sales to grow by a low-teens percentage at constant exchange rates; it did not say what it expected before. ¹
• Sanofi says more of this year's flu and COVID vaccine deliveries fall in the fourth quarter than last year, which pulled third-quarter vaccine sales down. ¹

Our verdict on the quarter

A very strong report. Sanofi raised its sales forecast for the year and grew both sales and profit per share by double digits; the weak spots, falling vaccines and rising payments to Regeneron, hold it back only a little.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Sanofi's results release, 30 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 30 October 2026. ↩