Sanofi (SNY): Financial results for Q3 2026
Sanofi (SNY) furnished an SEC Form 6-K — earnings release. Press Release Q3 2026: double-digit growth in sales and business EPS FY 2026: guidance upgraded October 30, 2026 Q3 sales growth of 14.3% at CER 1 and business earnings per share (EPS) 2 of €3.55 • Pharma launches sales increased by 31.4%, reaching €1.4 billion, driven by ALTUVII
How this was made
The 30-second read
Why it matters
The upgraded guidance suggests higher future cash flow and may attract growth‑oriented investors.
Market read
The earnings beat and guidance upgrade are likely to lift Sanofi's stock and support the broader healthcare sector.
What to watch
Potential loss of Dupixent exclusivity later could pressure earnings despite current growth.
Q3 2026: double-digit growth in sales and business EPS FY 2026: guidance upgraded
Q3 net sales rose +14.3% at CER, business operating income rose +19.7% at CER, and business EPS rose +19.6% at CER. Dupixent and pharma launches remained the principal growth engines, while gross-margin expansion and lower R&D and SG&A expense ratios supported operating leverage. Management upgraded full-year sales and business EPS growth guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net salesother | €14.44B | – | +14.3% at CER; +16.2% at actual exchange rates |
| YTD 2026 net salesother | €36.55B | – | +15.2% at CER; +13.1% at actual exchange rates |
| Q3 2026 IFRS gross profitGAAP | €11.60B | – | – |
| YTD 2026 IFRS gross profitGAAP | €28.99B | – | – |
| Q3 2026 business gross profitnon-GAAP | €11.70B | – | +17.2% at CER; +19.2% at actual exchange rates |
| Q3 2026 business gross marginnon-GAAP | 81.0% | – | up by 2.1pp |
| YTD 2026 business gross profitnon-GAAP | €29.30B | – | +18.3% at CER; +15.9% at actual exchange rates |
| YTD 2026 business gross marginnon-GAAP | 80.2% | – | up by 2.0pp |
| Q3 2026 research and development expensesnon-GAAP | €1.85B | – | down by 0.1% at CER; +0.8% at actual exchange rates |
| YTD 2026 research and development expensesnon-GAAP | €5.83B | – | +6.6% at CER; +5.0% at actual exchange rates |
| Q3 2026 selling and general expensesnon-GAAP | €2.31B | – | down by 0.9% at CER; +0.8% at actual exchange rates |
| YTD 2026 selling and general expensesnon-GAAP | €7.10B | – | +6.5% at CER; +4.5% at actual exchange rates |
| Q3 2026 business operating incomenon-GAAP | €5.43B | – | +19.7% at CER; +22.2% at actual exchange rates |
| Q3 2026 business operating income marginnon-GAAP | 37.6% | – | up by 1.9pp |
| YTD 2026 business operating incomenon-GAAP | €11.69B | – | +21.1% at CER; +19.2% at actual exchange rates |
| YTD 2026 business operating income marginnon-GAAP | 32.0% | – | up by 1.7pp |
| Q3 2026 IFRS operating incomeGAAP | €4.35B | – | – |
| YTD 2026 IFRS operating incomeGAAP | €7.52B | – | – |
| Q3 2026 IFRS net income attributable to equity holders of SanofiGAAP | €3.02B | – | +7.8% |
| YTD 2026 IFRS net income attributable to equity holders of SanofiGAAP | €4.98B | – | -42.2% |
| Q3 2026 IFRS basic earnings per shareGAAP | €2.52 | – | +9.6% |
| YTD 2026 IFRS basic earnings per shareGAAP | €4.15 | – | -41.1% |
| Q3 2026 business net incomenon-GAAP | €4.25B | – | +17.6% at CER; +20.0% at actual exchange rates |
| YTD 2026 business net incomenon-GAAP | €9.02B | – | +19.1% at CER; +17.2% at actual exchange rates |
| Q3 2026 business EPSnon-GAAP | €3.55 | – | +19.6% at CER; +22.0% at actual exchange rates |
| YTD 2026 business EPSnon-GAAP | €7.52 | – | +21.3% at CER; +19.4% at actual exchange rates |
| Q3 2026 effective tax ratenon-GAAP | 20.4% | – | – |
| YTD 2026 effective tax ratenon-GAAP | 21.1% | – | – |
| YTD 2026 operating cash flowother | €10.08B | – | – |
| YTD 2026 free cash flow before restructuring, acquisitions, and disposalsnon-GAAP | €7.77B | – | – |
| YTD 2026 free cash flownon-GAAP | €6.99B | – | +28.3% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q3 2026 United States salesGrowth was driven by Immunology, pharma launches, and insulins; vaccines decreased by 6.8%. | €8.60B | – | +23.9% at CER |
| Q3 2026 Europe salesInfluenza vaccines and legacy medicines more than offset Dupixent and pharma launches. | €2.58B | – | -0.9% at CER |
| Q3 2026 Rest of World salesDupixent and launches, including Beyfortus, drove growth. | €3.26B | – | +5.7% at CER |
| Q3 2026 China salesSarclisa, Dupixent, and insulins drove growth, while vaccines declined. | €762M | – | +2.6% at CER |
| Q3 2026 Pharma launchesDriven by ALTUVIIIO, Ayvakit, and Rezurock. | €1.39B | – | +31.4% at CER |
| Q3 2026 DupixentStrong demand growth across up to nine approved indications and greater use of advanced medicines. | €5.69B | – | +34.8% at CER |
| Q3 2026 KevzaraIncreased use in rheumatoid arthritis and polymyalgia rheumatica. | €222M | – | +67.9% at CER |
| Q3 2026 ALTUVIIIOPatients switched from legacy shorter half-life factor medicines and some non-factor medicines. | €408M | – | +37.8% at CER |
| Q3 2026 FabrazymeMore patients and higher price in the US partly offset slower European growth. | €260M | – | +6.2% at CER |
| Q3 2026 Nexviazyme/NexviadymeUS and Rest of World growth was partly offset by Europe; patients continued switching from Myozyme/Lumizyme. | €211M | – | +4.0% at CER |
| Q3 2026 AyvakitMore patients treated and longer duration of treatment; higher US government rebates continued to affect sales. | €203M | – | +46.0% at CER |
| Q3 2026 CerezymeRest of World growth partly offset declines in the US and Europe. | €173M | – | +6.2% at CER |
| Q3 2026 AlprolixRest of World supply growth to Sobi and US gross-to-net price adjustments. | €172M | – | +13.4% at CER |
| Q3 2026 Myozyme/LumizymePatients switched to Nexviazyme/Nexviadyme and supply constraints reduced sales. | €105M | – | -15.6% at CER |
| Q3 2026 SarclisaEarlier-line use, front-line transplant-ineligible use, and the subcutaneous formulation launch supported growth. | €196M | – | +25.8% at CER |
| Q3 2026 LantusUS favourable gross-to-net price adjustments, market-share gains, and temporary demand from competitor supply disruptions. | €530M | – | +18.5% at CER |
| Q3 2026 ToujeoUS favourable gross-to-net price adjustments and market-share gains, alongside growth in Europe and Rest of World. | €430M | – | +31.2% at CER |
| Q3 2026 PlavixLower Rest of World sales. | €206M | – | -10.8% at CER |
| Q3 2026 LovenoxBiosimilar competition reduced European and Rest of World sales. | €174M | – | -12.8% at CER |
| Q3 2026 RezurockStrong Rest of World growth and US sales supported by price. | €165M | – | +43.0% at CER |
| Q3 2026 PraluentHigher sales in Europe. | €156M | – | +20.5% at CER |
| Q3 2026 Tzield/TeizeildUS sales growth and launch underway in Germany. | €42M | – | +127.8% at CER |
| Q3 2026 Influenza, COVID-19 vaccinesSeasonal Northern Hemisphere deliveries had a higher proportion in the fourth quarter compared with 2025. | €1.26B | – | -18.8% at CER |
| Q3 2026 Polio/pertussis/hib primary and boosters, including Heplisav-BNewly acquired Heplisav-B benefited US sales; fewer childbirths affected Rest of World sales. | €823M | – | +24.9% at CER |
| Q3 2026 BeyfortusA lower US central order from the Centers for Disease Control and Prevention was partly offset by wider geographic availability. | €631M | – | -15.4% at CER |
| Q3 2026 Meningitis, travel, and endemic vaccinesHigher sales in all geographies. | €476M | – | +4.2% at CER |
| Q3 2026 Vaccines totalInfluenza phasing and lower US Beyfortus sales reduced revenue. | €3.19B | – | -6.6% at CER |
FY 2026 outlook
- Revenuesales are expected to grow by a low-teens percentage at CER
- Tax ratec.21%
- NoteBusiness EPS at CER is expected to grow by a mid-teens percentage.
- NoteApplying October 2026 average currency exchange rates, currency impacts are estimated at c.-1% on sales and at c.-1% on business EPS.
Capital returns
- Shareholders approved a proposed dividend of €4.12 per share for 2025 on April 29, 2026.
- Sanofi executed a €1 billion share buyback programme in 2026, with the purpose of share cancellation.
- The share buyback programme was completed in April 2026.
- YTD 2026 acquisition of treasury shares and related tax effect was €1,013 million.
- YTD 2026 dividends paid to shareholders of Sanofi were €4,923 million.
What drove it
- Dupixent sales increased by 34.8% to €5.7 billion, driven by strong demand across approved indications.
- Pharma launches increased by 31.4%, reaching €1.4 billion, led by ALTUVIIIO, Ayvakit, and Rezurock.
- Business gross-margin improvement was driven by product mix, including a higher proportion of specialty care and rare disease medicines, and favourable gross-to-net price adjustments.
- R&D expenses were broadly stable at CER and SG&A expenses declined at CER, reflecting cost discipline.
- US sales increased by 23.9%, led by Immunology, pharma launches, and insulins.
- Business operating income benefited from business gross-profit growth and operating leverage.
Concerns
- Vaccines sales decreased by 6.6%, driven by influenza delivery phasing and lower US Beyfortus sales.
- Europe sales decreased by 0.9%, reflecting influenza vaccines and legacy medicines.
- Other operating expenses increased, principally from higher profit sharing to Regeneron.
- YTD IFRS net income declined by 42.2%, with the release citing impairment expense of €1,018 million, mainly a €952 million amlitelimab intangible-asset impairment booked in Q2 2026.
- Net financial expenses increased to €101 million in Q3 2026 from €64 million in Q3 2025, reflecting higher net debt.
- Lovenox sales decreased by 12.8% as biosimilar competition affected Europe and Rest of World.
What to watch
- Q4 2026 seasonal influenza delivery phasing and the progression of Beyfortus US sales.
- Execution against upgraded FY 2026 guidance for low-teens sales growth and mid-teens business EPS growth at CER.
- The proposed Cheplapharm mature-medicines partnership, for which commercial transfer is planned to begin in the first quarter of 2027.
- The expanded Regeneron alliance, including Sanofi's $1 billion upfront payment and potential development, regulatory and commercial milestones of up to an additional $7 billion.
- Upcoming Q4 2026 milestones including regulatory decisions for Dupixent CSU children in Japan, venglustat in Gaucher disease type 3 in the US, and Fluzone HD/Efluelda for influenza in the US.
- Management actions to protect earnings through Dupixent's loss of exclusivity and improve R&D productivity.
Balance sheet and cash flow
- Free cash flow was €6,993 million in YTD 2026, compared to €5,452 million in YTD 2025.
- Net debt increased by €1,213 million from €10,988 million on January 1, 2026 to €12,201 million on September 30, 2026.
- Net debt was net of €5,966 million in cash and cash equivalents on September 30, 2026.
- The acquisition of Dynavax was €1,645 million.
- YTD 2026 capital expenditures were €1,512 million.
- YTD 2026 net working capital decreased by €801 million.
- Long-term debt was €14,593 million at September 30, 2026, compared with €14,248 million at December 31, 2025.
- Short-term debt and current portion of long-term debt was €3,349 million at September 30, 2026, compared with €4,342 million at December 31, 2025.
Analysis
Sanofi reported a strong third quarter, with net sales of €14,444 million, up +14.3% at CER and +16.2% at actual exchange rates. The US was the main geographic growth contributor, with sales of €8,603 million up +23.9% at CER. Dupixent remained the central driver, with sales of €5,687 million up +34.8%, while pharma launches rose +31.4% to €1,390 million. The performance was broad enough to support YTD sales growth of +15.2% at CER.
Mix and cost discipline drove profit growth ahead of sales growth. Business gross profit rose +17.2% at CER and business gross margin increased to 81.0% from 78.9%. R&D expense was down by 0.1% at CER and SG&A expense was down by 0.9% at CER. These factors supported business operating income of €5,430 million, up +19.7% at CER, and business EPS of €3.55, up +19.6% at CER.
The major portfolio contrast was between high-growth specialty medicines and a weaker vaccines franchise. Vaccines sales declined -6.6% to €3,185 million, with influenza and COVID-19 vaccines down -18.8% because of delivery phasing and Beyfortus down -15.4% amid lower US central orders. Europe also declined -0.9%, as influenza vaccines and legacy medicines outweighed growth from Dupixent and launches. Higher Regeneron profit sharing increased other operating expenses and partly offset gross-profit and operating-leverage gains.
Cash generation remained substantial, with YTD free cash flow of €6,993 million. However, net debt increased by €1,213 million to €12,201 million after the Dynavax acquisition, the share buyback, dividends, the net cash outflow from the Opella transaction, foreign exchange, and other items. Sanofi returned capital through a €4.12 per share dividend for 2025 and completed a €1 billion share buyback programme in April 2026.
Management upgraded FY 2026 guidance to low-teens sales growth at CER and mid-teens business EPS growth at CER. The guidance reflects commercial momentum in Dupixent and launches, but execution will also depend on fourth-quarter vaccines seasonality, Beyfortus performance, and the margin effect of growing profit sharing with Regeneron. The company also advanced portfolio reshaping through the planned Cheplapharm mature-medicines partnership and expanded its Regeneron antibody alliance.
Management, verbatim
Sanofi achieved another strong quarter with double-digit sales growth of 14.3%, mainly driven by our new medicines and Dupixent. Business EPS increased by 19.6%, driven by cost discipline.
Belén Garijo, Chief Executive Officer
Our strong commercial and financial momentum to date leads us to raise our 2026 guidance: sales growth is now expected at a low-teens percentage and business EPS growth at a mid-teens percentage, underscoring our sustainable, profitable growth.
Belén Garijo, Chief Executive Officer
The whole organisation is focused on managing Sanofi’s post-Dupixent trajectory over the next decade. Our priority is to protect earnings through Dupixent’s loss of exclusivity.
Belén Garijo, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for net sales, profit, EPS, cash flow, margins, product sales, and geographic sales were not reported.
- A previous-release outlook was not provided, so prior-guidance comparisons are unavailable.
- Quarterly operating cash flow and quarterly free cash flow were not reported.
- Quarterly cash, debt, and net debt balances were not reported.
- FY 2026 gross-margin guidance and operating-expense guidance were not reported.
- FY 2026 GAAP EPS guidance was not reported.
- Product-level prior-year revenue figures were not printed for all products; only reported sales and percentage changes are included where applicable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Sanofi filed a Form 6‑K earnings release for Q3 2026, providing detailed financials and guidance.
Ticker impact
Sanofi reported Q3 2026 results with double‑digit sales growth and issued upgraded 2026 guidance.
likely upward pressure as the market prices in the upgraded guidance
Revenue rose 14.3% YoY and business EPS increased 19.6%; guidance was upgraded to low‑teens sales growth and mid‑teens EPS growth, indicating improved profitability.
Market effects
Strengthens the pharma sector outlook, especially immunology and specialty drugs.
Boosts European and US market sentiment given Sanofi's large presence.
Highlights continued demand for specialty biologics worldwide.
Counterpoint
If the guidance upgrade is already priced in, the stock may face a short‑term pullback.
Key entities
- companySanofi
Global pharmaceutical firm reporting Q3 2026 results.
