Press release: 2025: strong sales and EPS growth. Continued profitable growth expected in 2026

2025: strong sales and EPS growth.
Continued profitable growth expected in 2026

Paris, January 29, 2026

Q4 sales growth of 13.3% at CER¹ and business earnings per share (EPS)² of €1.53

• Pharma launches increased sales by 49.4%, reaching €1.1 billion, primarily driven by Ayvakit and ALTUVIIIO
• Dupixent sales increased by 32.2% to €4.2 billion, a strong end to the year
• Vaccines sales decreased by 2.5% to €2.0 billion, with influenza performing better than anticipated
• Research and Development expenses reached €2.3 billion, up by 6.6%
• Selling, general and administrative expenses reached €2.7 billion, up by 9.6%, supporting launches
• Business EPS was €1.53, up by 26.7% at CER; 16.8% at actual exchange rates, delivering profitable growth; IFRS EPS -€0.66

Pipeline progress

• Ten regulatory approvals across immunology, rare diseases, and other
• Positive phase 3 readouts: amlitelimab program in AD (COAST 2, SHORE) and Dupixent in AFRS
  Tolebrutinib in PPMS did not meet the primary endpoint
• Four regulatory submission acceptances, five phase 3 study starts, three regulatory designations (orphan, priority reviews)

Capital allocation

• Announcement of the Dynavax acquisition³ and completion of the Vicebio acquisition
• Completion of the €5 billion share buyback program
• Proposed dividend of €4.12; up by 5.1%

Other major developments

• Sanofi reached agreement with the US government to lower medicine costs while strengthening innovation
• Sanofi leads an industry working group on biopharma life cycle assessment

Guidance

• In 2026, sales are expected to grow by a high single-digit percentage at CER. Business EPS at CER is expected to grow slightly faster than sales (before share buyback), delivering profitable growth.⁴ Sanofi intends to execute a share buyback program in 2026 of €1 billion.

Paul Hudson, Chief Executive Officer:“In the fourth quarter, sales growth accelerated to 13.3%, delivering another strong performance. Growth was supported by new medicines and Dupixent, reaching a new quarterly high. Business EPS was up by 26.7% with the benefit of cost discipline and growth leverage. We obtained ten regulatory approvals across immunology, rare diseases, and other, and had several positive phase 3 readouts.

In 2025, we achieved a strong year of profitable growth. Sales increased by 9.9% at constant exchange rates, while business EPS improved significantly faster by 15.0%. We launched three new medicines and vaccines: Qfitlia, Wayrilz, and Nuvaxovid, providing innovative options to patients with rare diseases and COVID-19 prevention. All this was made possible by the dedicated effort of all Sanofi colleagues worldwide.

In 2026, we expect sales to grow by a high single-digit percentage and business EPS to grow slightly faster than sales. We anticipate profitable growth to continue over at least five years.”

	Q4 2025	Change	Change at CER	FY 2025	Change	Change at CER
Net sales	€11,303m	+7.0%	+13.3%	€43,626m	+6.2%	+9.9%
IFRS net income	€(801)m	-260.5%	—	€7,813m	+40.5%	—
IFRS EPS	€(0.66)	-265.0%	—	€6.40	+44.1%	—
Free cash flow5	€2,637m	+12.7%	—	€8,089m	+35.8%	—
Business operating income	€2,341m	+12.7%	+21.7         %	€12,149m	+7.1%	+11.9%
Business net income	€1,856m	+13.0%	+22.3         %	€9,555m	+7.2%	+12.1%
Business EPS	€1.53	+16.8%	+26.7%	€7.83	+10.0%	+15.0%

¹ Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9).

² To facilitate an understanding of operational performance, Sanofi comments on the business net income, a non-IFRS financial measure (definition in
Appendix 9). The income statement is in Appendix 3 and a reconciliation of IFRS net income to business net income is in Appendix 4.

³ The acquisition of Dynavax is currently pending; it is expected to close in Q1 2026 subject to the satisfaction of customary closing conditions.
⁴ Applying January 2026 average currency exchange rates, the currency impacts are estimated at c.-2% on sales and at c.-3% on business EPS.
⁵ Free cash flow is a non-IFRS financial measure (definition in Appendix 9).

Attachment

• Press release