Q3: continued sales and earnings progress
Paris, October 24, 2025
Q3 sales growth of 7.0% at CER1 and business earnings per share (EPS)2 of €2.91
- Pharma launches increased sales by 57.1%, reaching €1.0 billion, driven by ALTUVIIIO and Ayvakit
- Dupixent sales increased by 26.2% to €4.2 billion, first time above €4 billion in a quarter
- Vaccines sales decreased by 7.8% to €3.4 billion, from lower influenza sales
- Research and Development expenses were €1.8 billion, an increase of 4.9%
- Selling, general and administrative expenses were €2.3 billion, up 7.1% to support launches
- Business EPS was €2.91, up 13.2% at CER and 7.0% at actual exchange rates, delivering profitable growth; IFRS EPS was €2.30
Pipeline progress
- Two regulatory approvals: Wayrilz (US) in ITP, a rare disease, and Tzield (China) for delaying onset of stage 3, type 1 diabetes
- Two positive phase 3 readouts: amlitelimab’s first phase 3 study in atopic dermatitis and Fluzone HD in influenza 50+ years
- Eight regulatory submission acceptances, three phase 3 study starts, and three regulatory designations (fast track, orphan)
Capital allocation
- Completion of the Vigil Neuroscience acquisition, adding to the early-stage pipeline
- Additional commitment of $625 million to Sanofi Ventures, investing in innovative biotech and digital health companies
- Sanofi intends to complete its €5 billion share buyback program in 2025. 86.1% has been executed to date
Sustainability
- Global Health Unit: one million patients have now received treatments for non-communicable diseases since 2021
- Insulins Valyou Savings Program: improving access to reliable and affordable supply of critical medicines in the US
Guidance unchanged
- In 2025, sales are anticipated to grow by a high single-digit percentage at CER. Sanofi confirms the expectation of a strong business EPS rebound with growth at a low double-digit percentage at CER (before share buyback)3
Paul Hudson, Chief Executive Officer: “We continued executing on our strategy and the growth momentum continued in Q3 with sales up by 7.0% over a high base of comparison last year. Newly launched medicines and vaccines grew by 40.8%. Dupixent grew by 26.2% and exceeded for the first time both four billion euros in quarterly global sales and three billion euros in the US, despite an unfavorable currency impact. As expected, our flu vaccines business declined because of increased price competition and lower vaccination rate. Business EPS increased by 13.2%, supported by disciplined spending, R&D prioritization, and operational efficiency. After three quarters of profitable growth, we reiterate our 2025 guidance.
Our strategic focus on science, patients, and pipeline delivered important milestones in the quarter, including positive phase 3 data for amlitelimab in atopic dermatitis with all primary and key secondary endpoints met, increasing efficacy over time, and a patient-friendly quarterly dosing. We obtained two regulatory approvals: Wayrilz in the US for the rare disease immune thrombocytopenia and Tzield in China to delay the onset of stage 3, type 1 diabetes. We submitted eight regulatory applications, initiated three new phase 3 studies, and received three new regulatory designations.
The acquisition of Vigil Neuroscience closed in August, and we will complete our share buyback program by the end of the year. Sanofi will strategically deploy capital towards growth and differentiated science with expected attractive financial returns. As we are looking forward to 2026, we are confident in our ability to pursue our current trajectory of profitable growth.”
| | Q3 2025 | Change | Change at CER | YTD 2025 | Change | Change at CER |
| IFRS net sales reported | €12,434m | +2.3% | +7.0% | €32,323m | +5.9% | +8.7% |
| IFRS net income reported | €2,802m | -0.5% | — | €8,614m | +70.2% | — |
| IFRS EPS reported | €2.30 | +2.2% | — | €7.04 | +73.8% | — |
| Free cash flow4 | €2,994m | -6.1% | — | €5,452m | +50.8% | — |
| Business operating income | €4,445m | +2.7% | +8.5 % | €9,808m | +5.9% | +9.7% |
| Business net income | €3,547m | +4.0% | +9.8 % | €7,699m | +5.9% | +9.8% |
| Business EPS | €2.91 | +7.0% | +13.2% | €6.30 | +8.4% | +12.4% |
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 net income as reported under IFRS to business net income is in Appendix 4.
3 Applying October 2025 average currency exchange rates, the currency impacts are estimated at c.-4% on sales and at c.-6% on business EPS.
4 Free cash flow is a non-IFRS financial measure (definition in Appendix 9).
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