Sanofi Q3 Earnings Beat, Dupixent Drives Growth as Vaccines Decline

Sanofi SNY reported third-quarter 2025 adjusted earnings of $1.70 per American depositary share, which beat the Zacks Consensus Estimate of $1.60. Earnings of €2.91 per share rose 7% on a reported basis and 13.2% on a constant currency rate (“CER”) basis, driven by cost control and operational efficiency

Net sales rose 2.3% on a reported basis to $14.52 billion (€12.43 billion). Sales rose 7% on a CER basis. Sales slightly beat the Zacks Consensus Estimate of $14.46 billion.

Sales rose 11.1% at CER in the United States, 1.9% in the Rest of the World (including China, Japan, Brazil and Russia) and 2.8% in Europe.

All growth rates mentioned below are on a year-on-year basis and at CER.

SNY’s Dupixent Continues to Outperform

In Immunology, Dupixent generated sales of €4.2 billion in the quarter, up 26.2% year over year, driven by strong prescription trends across all approved indications and geographies. Dupixent sales beat our model estimate of €4.03 billion.

Dupixent is approved for atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis and chronic obstructive pulmonary disease (COPD) in the United States as well as several other countries. Dupixent was approved for its seventh indication, chronic spontaneous urticaria, in April 2025 and for its eighth indication, bullous pemphigoid, in June 2025, in the United States.

Sales of the drug in the United States rose 27.9%. Dupixent sales rose 20.9% in Europe and 21.7% in the Rest of the World.

Sanofi markets Dupixent in partnership with Regeneron REGN. While sales are recorded by Sanofi, Regeneron records its share of profits/losses in connection with global sales of Dupixent.

SNY’s Rare Disease Drugs’ Performance

Among Sanofi’s rare disease drugs, rare blood disorder drug Altuviiio, a once-weekly new class of factor VIII therapy for hemophilia A, recorded sales of €294 million in the third quarter, up 81.4% year over year, mainly driven by patient switches in the U.S. hemophilia A market and launch in Japan and Taiwan. As much as 84% of Altuviiio’s sales were in the United States.

Among the rare disease drugs in the Pompe franchise, Nexviazyme/Nexviadzyme recorded sales of €200 million, up 27.6% year over year, mainly driven by strong sales growth in Europe. Myozyme sales declined 25% year over year to €122 million due to patients switching to Nexviazyme. Fabrazyme sales were €242 million, down 0.4% year over year. In the Gaucher franchise, Cerezyme sales rose 0.6% year over year to €161 million.

Cablivi recorded sales of €66 million, up 9.5% year over year, driven by patient growth in the United States and Europe.

Among the rare blood disorder drugs, Eloctate sales declined 14.6% to €77 million in the quarter due to patients switching to the new drug Altuviiio.

Xenpozyme recorded sales of €57 million in the quarter, up 43.9% year over year.

New drug Qfitlia (fitusiran), which was approved by the FDA in March for treating hemophilia A and B, generated €4 million in sales compared to €1 million in the previous quarter.

Wayrilz (rilzabrutinib), which was approved for treating immune thrombocytopenia in the United States in August, generated €1 million in sales in the third quarter.

All sales of Qfitlia and Wayrilz were in the United States in the third quarter, as the drugs are not yet approved in Europe.

Ayvakit, added from the mid-July acquisition of Blueprint Medicines, recorded sales of €137 million.

SNY’s Neurology, Oncology & Other Drugs

In neurology medicines, Aubagio sales declined 44.6% year over year to €49 million due to loss of exclusivity.

In Oncology, Sarclisa sales rose 41.2% year over year to €155 million, driven by market share gains globally and increased use in earlier lines of treatment.

In Others, Toujeo recorded sales of €321.0 million, up 9.2% year over year, driven mainly by higher sales in Rest of World. Lantus sales rose 6.7% to €438 million. Rezurock recorded sales of €114 million, down 6.9% year over year. Tzield sales were €18 million in the quarter, up 26.7% year over year.

Plavix sales rose 1.3% to €223 million. Lovenox sales decreased 14.6% to €196 million.

SNY’s Vaccine Sales Decline

Total vaccine sales declined 7.8% to €3.36 billion, mainly due to lower sales of flu vaccines, which were partially offset by higher sales of Sanofi and partner AstraZeneca’s AZN respiratory syncytial virus or RSV antibody, Beyfortus. Vaccine sales missed our estimate of €3.47 billion.

Sales of flu vaccines declined 16.8% year over year to €1.53 billion due to increased price competition and a lower vaccination rate. Sales of Polio/Pertussis/Hib (PPH) vaccines declined 12.2% year over year to €642 million. Sales of meningitis, travel and other endemic vaccines declined 1.9% year over year to €451 million in the quarter.

AstraZeneca-partnered Beyfortus recorded sales of €739 million in the quarter, up 19.8% year over year, driven by the geographical roll-out of infant protection in Europe and the Rest of the World.

SNY Maintains 2025 Guidance

Sanofi maintained its previously issued sales and earnings growth expectations for 2025.

Sanofi expects sales to rise by a high single-digit percentage at CER. Sanofi expects earnings to rebound strongly in 2025 with an expectation of a low double-digit percentage growth at CER (before stock buyback).

In January, Sanofi announced a €5 billion ($5.2 billion) buyback program for 2025. Sanofi has already repurchased 86.1% of €5 billion and plans to complete the program this year.

Our Take on SNY’s Q3 Results

Sanofi’s third-quarter results were strong as it beat estimates for earnings as well as sales. Higher sales of Dupixent and contributions from new products like Altuviiio and Ayvakit drove top-line growth despite lower sales of vaccines. Dupixent continues to be the key top-line driver with global sales rising above €4 billion in a quarter for the first time. Sales of its newly launched drugs and vaccines rose 40.8% in the quarter. Sanofi maintained its growth expectations for 2025 and expects continued profitable growth in 2026.

Sanofi’s shares were up around 2% in pre-market trading in response to the strong quarterly results.

Sanofi’s stock has risen 2.7% so far this year compared with the industry’s increase of 5.5%.

Several new drugs launched in the past couple of years have become significant contributors to Sanofi's accelerated top-line growth profile. Sanofi expects three potential new drug launches this year, with Qfitlia and Wayrilz already launched. A regulatory application seeking approval for tolebrutinib for non-relapsing secondary progressive multiple sclerosis is under review in the United States, with an FDA decision expected later this year.

Sanofi has also been active on the M&A front. This year, it acquired Blueprint Medicines, which has expanded its presence in rare immunological diseases and Vigil Neuroscience, which expanded its early-stage pipeline in neurology with VG-3927, a novel, oral, small-molecule TREM2 agonist targeting Alzheimer’s disease.

In April 2025, Sanofi closed its previously announced transaction to sell a 50% controlling stake of its Consumer Healthcare business, Opella, to private equity firm CD&R. Sanofi retains a 48.2% stake in Opella.

SNY’s Zacks Rank

Sanofi currently has a Zacks Rank #3 (Hold).

Sanofi Price and Consensus

Sanofi price-consensus-chart | Sanofi Quote

A better-ranked large drugmaker is Bayer BAYRY, which has a Zacks Rank #1 (Strong Buy).  You can see the complete list of today’s Zacks #1 Rank stocks here.

Bayer’s shares have risen 63.1% so far this year. Estimates for its 2025 earnings per share have increased from $1.32 to $1.37 over the past 60 days, while those for 2026 have increased from $1.36 per share to $1.44 per share.

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This article originally published on Zacks Investment Research (zacks.com).

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