Sanofi Sa · EURONEXT:SAN
Sanofi Sa — Q3 2026 Earnings Presentation
51 slides from Sanofi Sa's earnings presentation, Oct 30, 2026
Slide 1: Results Q3 2026
Strategy update Business Finance Pipeline Appendices Results Q3 2026 October 30, 2026
Slide 2: Forward-looking statements
Strategy update Business Finance Pipeline Appendices Forward-looking statements This document contains forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements th
Slide 3: Agenda
Strategy update Business Finance Pipeline Appendices Agenda 01 Strategy update and business Belén Garijo 02 Finance François Roger 03 Pipeline Paulo Fontoura 04 Q&A Presenters and Jamie Haney, Manuela Buxo, Thomas Grenier, and Thomas Triomphe 3 Investor Relations
Slide 4: Strategy update: priorities and progress
Strategy update Business Finance Pipeline Appendices Strategy update: priorities and progress
Slide 5: Progressing strategy and executing with rigour
Strategy update Business Finance Pipeline Appendices Progressing strategy and executing with rigour Key strategic priorities Maximise • Strong commercial delivery ✓ performance • Cost discipline and solid, profitable growth ✓ • Confirmed focus on Immunology, Rare diseases, and Vaccines; other focus
Slide 6: Securing growth through and beyond Dupixent
Strategy update Business Finance Pipeline Appendices Securing growth through and beyond Dupixent Today 2026-2030 2030+ ambition Strong commercial performance ✓ Sustain and extend the revenue base R&D transformation leading to from Dupixent leadership, launches, and increased productivity Value creat
Slide 7: Expansion of the alliance with Regeneron is a first step in igniting Sanofi's innovation engine
Strategy update Business Finance Pipeline Appendices Expansion of the alliance with Regeneron is a first step in igniting Sanofi’s innovation engine Benefits expected to extend into the next decade Disciplined Sustained leadership Early-stage pipeline Leverage of commercial Litigations value creatio
Slide 8: Preparing now for the next decade
Strategy update Business Finance Pipeline Appendices Preparing now for the next decade 2026-2030 2030+ Capitalise on pipeline opportunities Focused strategy on core areas of focus to diversify growth Pursue profitable growth driven by strong Expect moderate impact on total sales when commercial exec
Slide 9: Business
Strategy update Business Finance Pipeline Appendices Business
Slide 10: Q3: double-digit sales growth
Strategy update Business Finance Pipeline Appendices Q3: double-digit sales growth €14.4bn 5.7 • Pharma launches Driven by ALTUVIIIO, Ayvakit, and Rezurock +14.3% • Vaccines +34.8% Impacted by the anticipated phasing in 4.1 respiratory immunisation 3.2 +5.9% • Other medicines Driven by insulins, par
Slide 11: Launches: strong growth and now 15% of sales
Strategy update Business Finance Pipeline Appendices Launches: strong growth and now 15% of sales Sales (€m) Q3 631 408 211 2031 196 165 NEW 1252 70 63 42 30 19 NEW 8 NEW 3 NEW 1 Anxu NEW 1 €2,176m +19.2% All percentage changes at CER. 1. Consolidated from July 17, 2025. On a market pro-forma basis,
Slide 12: Immunology: Dupixent on a >€20bn a year trajectory
Strategy update Business Finance Pipeline Appendices Immunology: Dupixent on a >€20bn a year trajectory Sales (€m)1 >1.5 million patients globally 5,687 +34.8% US: primarily driven by strong demand, and by an extended benefit from operational improvements which resulted in favourable gross-to-net pr
Slide 13: Rare diseases: sustained growth from ALTUVIIIO and Ayvakit
Strategy update Business Finance Pipeline Appendices Rare diseases: sustained growth from ALTUVIIIO and Ayvakit Sales (€m) Mast cell and other Strong demand for Ayvakit driven by number of patients treated and duration of treatment across indolent and advanced systemic mastocytosis 1,925 +12.6% 1,68
Slide 14: Vaccines: impacted by flu phasing, maintaining FY expectation
Strategy update Business Finance Pipeline Appendices Vaccines: impacted by flu phasing, maintaining FY expectation1 Sales (€m) Influenza, COVID-19 Phasing and continued influenza competitive pricing pressure 3,357 3,185 -6.6% Beyfortus Lower US CDC order versus last year, partly offset by US private
Slide 15: Finance
Strategy update Business Finance Pipeline Appendices Finance
Slide 16: Q3: strong quarter
Strategy update Business Finance Pipeline Appendices Q3: strong quarter (€m) Q3 2025 Q3 2026 Change Sales Double-digit growth led by Dupixent and launches, Net sales 12,434 14,444 +14.3% partly offset by vaccines phasing dynamics Business gross profit 9,815 11,698 +17.2% Underlying growth c.12% Busi
Slide 17: Business dynamics to consider
Strategy update Business Finance Pipeline Appendices Business dynamics to consider 2026 P&L 2027 Sales Other operating income/expenses Early considerations • Divestments of other medicines: c.€200m • Capital gains (divestments): c.€250m • Continued demand-driven (sales impact)1 • Profit sharing incr
Slide 18: Drive strong cash-flow generation to enable disciplined capital allocation, including for BD/M&A
Strategy update Business Finance Pipeline Appendices Drive strong cash-flow generation to enable disciplined capital allocation, including for BD/M&A Industry-leading Accelerate Strong growth until 2030 profitable growth balance sheet 1 2030 expected sales Steady gross margin Low leverage as of toda
Slide 19: Pipeline
Strategy update Business Finance Pipeline Appendices Pipeline
Slide 20: R&D: initial reflections from the first eight weeks
Strategy update Business Finance Pipeline Appendices R&D: initial reflections from the first eight weeks Research + Development • Leverage research platforms; maintain strategic priorities • Place data and science first; expand use of adaptive clinical study designs • Accelerate deployment and integ
Slide 21: R&D: future-oriented approach to the current pipeline
Strategy update Business Finance Pipeline Appendices R&D: future-oriented approach to the current pipeline Development projects across Pharma and Vaccines Immunology Rare diseases Oncology Neurology Vaccines 61 projects Regulatory 0 1 1 0 2 4 Phase 3 6 6 3 3 2 20 Phase 2 11 3 2 3 5 24 Phase 1 3 1 3
Slide 22: Pipeline: Q3 highlights
Strategy update Business Finance Pipeline Appendices Pipeline: Q3 highlights Regulatory Ayvakit indolent systemic mastocytosis, 50 mg (US) approvals MenQuadfi meningococcal disease, six weeks+ (EU) Regulatory Teizeild stage 2 T1D, one to seven years (EU) acceptance Regulatory Beyfortus RSV, 2nd seas
Slide 23: Pipeline: Regeneron agreement brings next-generation mAbs
Strategy update Business Finance Pipeline Appendices Pipeline: Regeneron agreement brings next-generation mAbs OPTION long-acting IL13 mAb long-acting IL4Rα mAb long-acting IL4 mAb long-acting IL4xIL13 lunsekimig (REGN20423) bispecific mAb IL13xTSLP Nanobody® VHH Phase 1 in atopic Preclinical, acros
Slide 24: Research: progress on replenishing early-stage innovation
Strategy update Business Finance Pipeline Appendices Research: progress on replenishing early-stage innovation Major sites Platforms Priorities Phase 1 starts Ambition to start France (Lyon, Biologics Deliver sustainable, high-quality portfolio 12–15 programmes Montpellier, Vitry) • antibodies Stren
Slide 25: Development: robust decision-making based on data
Strategy update Business Finance Pipeline Appendices Development: robust decision-making based on data amlitelimab AD programme Decision not to proceed with global regulatory submissions based on the overall benefit-risk profile itepekimab COPD and CRS Discontinuation of the clinical development bas
Slide 26: Pipeline: key mid- and late-stage development projects
Strategy update Business Finance Pipeline Appendices Pipeline: key mid- and late-stage development projects Immunology Rare diseases Neurology Vaccines phase 2 asthma, CRSwNP approved ITP (US, EU, JP) under review flu 50 years+ lunsekimig LCM COPD Wayrilz LCM IgG4-RD, wAIHA frexalimab phase 3 RMS, S
Slide 27: Pipeline: upcoming news flow
Strategy update Business Finance Pipeline Appendices Pipeline: upcoming news flow fitusiran – haemophilia A/B lunsekimig – asthma high-risk riliprubart – CIDP duvakitug – ulcerative colitis brivekimig – HS SP0202 – PCV Wayrilz – IgG4-RD frexalimab – RMS, SPMS Sarclisa – MM, TE (HD7) Anxu – cGVHD, 3L
Slide 28: Q&A session
Strategy update Business Finance Pipeline Appendices Q&A session To ask a question By Zoom By phone Any problems? Click on the Raise and lower Email us: Raise hand icon your hand: dial *9 [email protected] Check your audio device Unmute and mute is well connected your microphone: dial *6
Slide 29: Appendices: Strategy, Finance, and ESG
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Appendices Strategy, Finance, and ESG
Slide 30: Sanofi: a biopharma company
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Sanofi: a biopharma company Business Pipeline Financials and ESG Strategic and durable with Ongoing R&D and Continued 2026 sales and an emphasis on biolog
Slide 31: Dupixent: multiple options for continued value creation
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Dupixent: multiple options for continued value creation Defend Extend Innovate Robust patent portfolio of issued Potential to extend Dupixent dosing Poten
Slide 32: Pursuing what is possible for rare disease patients
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pursuing what is possible for rare disease patients Rare blood Lysosomal storage Mast cell and other Three pillars creating one integrated approach, • hae
Slide 33: Other operating income and expenses
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Other operating income and expenses Reimbursement of development balance by Regeneron Amvuttra® royalty3 • Development balance fully reimbursed at the end
Slide 34: Currency impact
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Currency impact Sales (€m) Business EPS (€) +228 +0.07 -172 -0.03 -578 -0.13 -667 -0.17 -0.16 -733 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2026 2025 2026 34 In
Slide 35: Acting for nature: shift away from horseshoe crab testing
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Acting for nature: Sanofi accelerates shift away from quality testing based on the horseshoe crab Continued Assessment: key risks Horseshoe crab commitmen
Slide 36: Appendix Pipeline
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Appendix Pipeline
Slide 37: Pipeline: registration and phase 3
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: registration and phase 3 Registration venglustat oral GCS inhibitor Gaucher disease type 3 (US, EU, JP) SP0087 vero cell rabies (EU) Sarclisa CD
Slide 38: Pipeline: phase 2
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: phase 2 Immunology Oncology Crohn’s disease SAR4458778 PD1xIL15 fusion protein solid tumours hidradenitis suppurativa Sarclisa CD38 mAb relapsed
Slide 39: Pipeline: phase 1
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: phase 1 Immunology Vaccines SAR446422 CD28xOX40 bispecific Ab inflammatory indication SP0269 mRNA chlamydia SAR4485011 CD20 bispecific mAb infla
Slide 40: Pipeline: opportunities from licensing agreements
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: opportunities from licensing agreements Partner Target Indication C4X oral IL17A inhibitor inflammatory indication HXN-1002, TL1Axa4b7 mAb Earen
Slide 41: Pipeline: China a source of innovation
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: China a source of innovation Business development Company Target Indication Adagene masked anti-CTLA-4, bispecific SAFEbody programmes solid tum
Slide 42: Pipeline: regulatory designations since 2020
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: regulatory designations since 2020 Orphan Fast track (US) Breakthrough therapy Priority review Dupixent – BP (JP) ALTUVIIIO – haemophilia A Dupi
Slide 43: Pipeline: Q3 appendix changes
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: Q3 appendix changes New in Removed from Phase 2 Phase 1 SAR446597 – geographic atrophy SAR446597 – geographic atrophy (to phase 2) SAR448851 – A
Slide 44: What's next: Immunology
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts What’s next: Immunology brivekimig lunsekimig lunsekimig brivekimig brivekimig phase 2 phase 2 phase 2/3 phase 2 phase 2 high-risk CD/UC frexalimab frexal
Slide 45: What's next: Vaccines
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts What’s next: Vaccines pneumococcal disease 21-valent conjugate acne mRNA chlamydia mRNA shingles subunit New fields phase 3 phase 2 phase 1 phase 1 PPH he
Slide 46: Pipeline: main clinical studies across focus areas
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: main clinical studies across focus areas Immunology Rare diseases brivekimig (TNFaxOX40L Nanobody® VHH) Rezurock (ROCK2 inhibitor) Nexviazyme (e
Slide 47: Pipeline: main clinical studies across focus areas
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: main clinical studies across focus areas Oncology Neurology Vaccines Sarclisa (CD38 mAb) frexalimab (CD40L mAb) Fluzone HD (inactivated quadriva
Slide 48: Collaborations
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Collaborations Ref Name Companies Alprolix ALTUVIIIO Swedish Orphan Biovitrum (Sobi) Eloctate Beyfortus AstraZeneca Dupixent Kevzara Regeneron itepekimab
Slide 49: Abbreviations
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Abbreviations AAT(D) alpha-1-antitrypsine (deficiency) FIH first-in-human NBRx new-to-brand prescription pdAAT plasma-derived alpha-1-antitrypsine FSGS fo
Slide 50: Investor relations team contacts
Strategy update Business Finance Pipeline Appendices Appendices Strategy, Finance and ESG Appendix Pipeline Collaborations Abbreviations Contacts Investor relations team contacts Thomas Kudsk Larsen Alizé Kaisserian Head of IR IR Officer General medicines All pipeline, Immunology, and Oncology +44 7
Slide 51: Strategy update Business Finance
Strategy update Business Finance Pipeline Appendices