Q1 2026 Sanofi SA Earnings Call Transcript
Key Points
- Sanofi SA (SNY) reported double-digit sales and earnings growth in Q1 2026, driven by strong performance across the company.
- Pharma launches, including Ayvakit, ALTUVIIIO, and Sarclisa, performed well, contributing significantly to sales growth.
- Dupixent continued its strong performance with sales approaching EUR4.2 billion, driven by market penetration and new indications.
- Recent acquisitions, such as Dynavax, contributed meaningfully to growth, with Heplisav-B adding to the vaccine portfolio.
- Sanofi SA (SNY) maintained its guidance for high single-digit sales growth for 2026, with business EPS expected to grow slightly faster than sales.
- Operating expenses increased by 7%, driven by increased SG&A spend and one-off items.
- BOI margin was slightly down due to higher profit sharing and the phasing of capital gains.
- The ongoing divestment of legacy medicines and modest contraction in older medicines impacted other medicines' performance.
- Sanofi SA (SNY) faces tougher comparison bases in H2 2026, particularly for Dupixent's new indication launches.
- Financial expenses are expected to increase due to higher debt levels from BD and M&A activities.
Hello, everyone. This is Thomas Larsen from the Sanofi IR team. Welcome to the first-quarter 2026 conference call for investors and analysts. As usual, you will find the slides on sanofi.com. Please turn to slide number 3.
Here, we have the usual forward-looking statements. We would like to remind you that information presented in this call contains forward-looking statements, which are subject to substantial risks and uncertainties that may cause actual results to differ materially. We encourage you to read the disclaimer in our slide presentation. In addition, we refer you to our new Form 20-F on file with the US SEC since February in our French Universal Registration Document for a description of these risk factors.
As usual, we'll be making comments on our performance using constant exchange rates and other non-IFRS measures. Numbers used are in millions of euros and for the first quarter, unless stated otherwise.
Please turn to slide number 4. First, we have a short presentation, then we'll take your questions. We aim
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