Q2 2026 Sanofi SA Earnings Call Transcript

Jul 30, 2026 / 11:00 AM GMT

Transcript

Key Points

Positve

Sanofi SA (SNY) delivered strong Q2 2026 performance with double-digit sales and EPS growth, leading to an upgraded full-year 2026 guidance.
The company's pharma launch portfolio grew over 60% in Q2, driven by key products like Altuviiio, Sarclisa, and Ivakit, which now represent 13% of total sales.
Dupixent continued its robust growth, with sales exceeding €5 billion in the quarter, driven by volume and a favorable gross-to-net adjustment, leading to an upgraded 2030 sales ambition of ~€25 billion.
The rare disease franchise showed strong momentum with 24% sales growth, driven by Ivakit and Altuviiio, and the company sees significant future opportunity in this area.
Sanofi SA (SNY) is actively pursuing a disciplined business development and M&A strategy to enhance mid and long-term growth, with a focus on immunology, rare diseases, and vaccines.

Negative

Several late-stage pipeline programs failed to meet expectations, including two Dupixent studies, a Venglustat study in Fabry disease, and the Riliprubart study in refractory CIDP.
Vaccine sales declined slightly in Q2 due to a high comparison base from last year's influenza season, and the company expects a slightly negative growth for the full year 2026.
The company faces a challenging comparison in H2 2026, with tougher comps from Dupixent's new indications and the consolidation of Ivakit, leading to an anticipated deceleration in sales growth.
The ongoing strategic review of the pipeline may lead to further discontinuations, and the company acknowledges a need to improve R&D productivity and decision-making rigor.
The Regeneron alliance, while strategically important, requires rebuilding trust and navigating ongoing litigation, which could impact the speed and scope of future collaboration.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SASY.PA - Sanofi SA
Q2 2026 Sanofi SA Earnings Call
Jul 30, 2026 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone, this is Thomas Guslarsen from the Sanofi IRT. Welcome to the second quarter 2026 conference call for investors and analysts. Lies can be found on tanofi.com.

Please turn to slide number three.

Here are the 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 the presentation.

We also refer you to our phone 20F on file with the US SEC and our French universal registration document.

We are going to make comments on our performance using constant exchange rates and

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