Q3 FY2026
Filed Oct 30, 2026Q3 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.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.