Sanofi Raises 2026 Outlook as Dupixent Sales Surge 35% to €5.7 Billion, and Hunts for Deals to Beat the Patent Cliff

PARIS — French drugmaker Sanofi raised its full-year sales outlook for 2026 on Friday, 30 October 2026, after blockbuster asthma and eczema drug Dupixent powered a stronger-than-expected third quarter, and said it is now hunting for larger acquisitions to prepare for life after Dupixent's patent expires.

Sanofi said it now expects sales to grow by a "low-teens percentage" this year, up from a previous forecast of 10% growth, and business operating income per share to grow by a "mid-teens percentage". The upgrade, its second this year according to Dow Jones reporting, was driven by Dupixent sales that jumped 34.8% at constant exchange rates to €5.7 billion in the third quarter — above €5 billion in a quarter for the second time.

Illustration: Sanofi's Paris headquarters at sunrise. This is an AI-generated illustration, not a real photograph.

What Happened

Sanofi reported third-quarter net sales of €14.44 billion, up 14.3% at constant exchange rates and ahead of analysts' expectations of about €13.25 billion, according to Dow Jones. Business earnings per share reached €3.55, up 19.6% at constant exchange rates, while net profit rose to €3.02 billion from €2.81 billion a year earlier. Business operating income of €5.43 billion also beat a company-compiled consensus of €4.32 billion, Reuters reported.

Dupixent, developed jointly with Regeneron Pharmaceuticals and approved for conditions ranging from asthma to eczema, accounted for nearly 40% of Sanofi's total sales in the quarter, Dow Jones reported — a measure of both the drug's success and the company's dependence on it. Sales of newer pharmaceutical launches rose 31.4% to €1.4 billion, driven by ALTUVIIIO, Ayvakit and Rezurock, Sanofi said. Vaccine sales, by contrast, fell 6.6% to €3.2 billion, which the company attributed to the anticipated phasing of respiratory prevention products.

Chief Executive Belén Garijo, who took over the top role in May 2026 and is leading a strategic review of the company, said Sanofi had achieved "another strong quarter with double-digit sales growth of 14.3%, mainly driven by our new medicines and Dupixent". Garijo has promised investors faster decision-making, Reuters reported, and several analysts believe acquisitions are needed to bring in new experimental drugs ahead of 2027, when most of the company's key late-stage data is expected.

Background

Dupixent has become one of the pharmaceutical industry's biggest products, but its dominance creates a well-known problem: the United States patent on the drug is set to expire in 2031, Fierce Biotech reported, leaving Sanofi with a limited window to find replacement revenue. Garijo told investors the whole organisation is focused on managing Sanofi's post-Dupixent trajectory over the next decade, with protecting earnings through the loss of exclusivity as the priority.

Sanofi has already made one attempt to shore up its pipeline since Garijo took over, through a $1 billion upfront deal with Regeneron for four immunology programmes, although only one of those drugs was already in clinical development at the time, Fierce Biotech reported. The company has also expanded its long-standing alliance with Regeneron in immunology and struck a partnership with Cheplapharm aimed at simplifying its medicine portfolio, according to its earnings release.

Illustration: A doctor explaining an asthma treatment to a patient in a modern clinic. This is an AI-generated illustration, not a real photograph.

Why It Matters

For patients, Dupixent's growth reflects widening use of a drug that treats serious asthma, eczema and other immune-driven conditions — diseases that can severely limit daily life when uncontrolled. For Sanofi, the quarter shows that its newer launches are beginning to contribute meaningfully alongside Dupixent, but not yet at a scale that replaces it.

For investors, the raised guidance signals confidence that the current momentum will hold through the end of the year. But the more consequential message from Friday's earnings call was about deal-making. Chief Financial Officer François-Xavier Roger said on a call with journalists that the company is considering deals larger than the €2 billion to €5 billion range it has historically done, Reuters reported.

"We increase our interest for late-stage assets, phase three and potentially commercial assets," Roger said, adding that Sanofi is looking at areas of strength such as rare diseases, vaccines and immunology. "We could consider potentially what we call white spaces or moonshots with unmet medical needs," he added. Some analysts estimate the company has about €20 billion in deal-making firepower, according to Reuters — a figure that, if accurate, would let Sanofi pursue a transformative acquisition rather than a series of small bolt-ons.

What Happens Next

Three things will determine whether Friday's optimism lasts. First, whether Dupixent's growth holds through the fourth quarter and into 2027, when key late-stage data from Sanofi's pipeline is due. Second, whether Garijo's strategic review produces a major deal — and whether investors judge its price fair. Third, whether vaccine sales recover from their third-quarter dip as respiratory prevention products move through their expected phasing.

Any acquisition announcement will be scrutinised for exactly that balance: drugs close enough to market to generate revenue before 2031, in areas where Sanofi already has strength, rather than speculative early-stage bets. Roger's emphasis on late-stage and commercial assets suggests the company has heard that message. For now, though, Sanofi heads into the final months of 2026 with its biggest drug still growing fast — and a clear, public acknowledgement that it cannot rely on that growth forever.

Illustration: Business leaders shaking hands on a pharmaceutical deal, with laboratory equipment nearby. This is an AI-generated illustration, not a real photograph.

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FAQ

What did Sanofi announce on 30 October 2026?

Sanofi raised its 2026 outlook, now expecting sales to grow by a low-teens percentage and business earnings per share by a mid-teens percentage, after third-quarter sales rose 14.3% at constant exchange rates to €14.44 billion.

How much did Dupixent sell in the third quarter?

Dupixent sales rose 34.8% at constant exchange rates to €5.7 billion, above €5 billion in a quarter for the second time, accounting for nearly 40% of Sanofi's total sales.

Why is Sanofi looking for acquisitions?

The US patent on Dupixent is set to expire in 2031, so Sanofi needs new revenue sources to replace it. Its chief financial officer said the company is interested in late-stage, phase 3 and potentially commercial assets, including larger deals than its usual €2 billion to €5 billion range.

What is Dupixent used for?

Dupixent, developed jointly with Regeneron Pharmaceuticals, is approved for conditions including asthma and eczema, and other immune-driven diseases.

Why did Sanofi's vaccine sales fall?

Vaccine sales fell 6.6% to €3.2 billion in the quarter, which Sanofi attributed to the anticipated phasing of respiratory prevention products.

Sources

Reuters, "Sanofi lifts expectations for 2026 sales growth, looks to M&A", 30 October 2026; Sanofi press release, "Q3 2026: double-digit growth in sales and business EPS; FY 2026 guidance upgraded", 30 October 2026; Dow Jones Newswires via Morningstar, "Sanofi CEO Sets Sights on Deals to Drive Turnaround — Update", 30 October 2026; Fierce Biotech, "Sanofi mulls 'moonshot' M&A targets to survive Dupixent cliff", 30 October 2026.