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Company Research26 Mar 2024
Companies That Had Their IPO in 1989: The Calm Between the Storms
A look at the IPO landscape and market sentiment in 1989 as the markets enjoyed a period of relative calm between tumultuous times.
Sanofi (SAN) investor relations material
Sanofi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Q3 2025 sales reached €12.4 billion, up 7% at constant exchange rates, driven by new pharma launches and Dupixent, which exceeded €4 billion in quarterly sales for the first time.
New product launches contributed 15% of total sales, with strong uptake for ALTUVIIIO, Ayvakit, and Wayrilz.
Vaccine sales declined 7.8% to €3.4 billion due to competitive price pressure and lower flu immunization rates, especially in the U.S.
Beyfortus expanded to over 40 countries, while Altuvio is on track for blockbuster status; RSV toddler program discontinued.
The company reaffirmed its 2025 guidance for high single-digit sales growth and low double-digit business EPS growth at constant exchange rates.
Financial highlights
Net sales: €12,434 million (+7% CER, +2% actual); business EPS: €2.91 (+13.2% CER); gross margin: 78.9% (+2.3pp); business operating income: €4,445 million (+8.5% CER).
Free cash flow for Q3 2025 was €2,994 million; YTD free cash flow: €5,452 million (+50.8% vs. prior year).
Operating expenses rose 6–7.1%; R&D expenses increased 4.9–5%.
Effective tax rate: 19.3% (down 0.7pp year-over-year).
Currency headwinds reduced reported growth by 4.7pp in Q3.
Outlook and guidance
2025 guidance reaffirmed: high single-digit sales growth and low double-digit business EPS growth at CER.
R&D and sales/marketing investments to continue in 2026, with G&A costs targeted to remain stable.
Around €500 million in capital gains from divestments expected in 2025 and 2026.
Amvuttra royalties projected at €700 million in 2026; Regeneron R&D reimbursement to decrease by €300 million in 2026 and €800 million in 2027, creating a €500 million EBIT gap in 2027.
Anticipated currency impact for full-year 2025: -4% on sales and -6% on business EPS.
Dupixent: What are next growth drivers?
Vaccines: How to address diverse sales declines?
Sanofi Ventures: What is investment focus?
2027 R&D reimbursement gap mitigation plans?
Tolebrutinib SPMS label: subgroup or monitoring?
Amlitelimab AD differentiation strategy?
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Next Sanofi earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Sanofi is an integrated global biopharmaceutical company, focused on patient needs and engaged in the research, development, manufacturing, marketing and distribution of innovative therapies that improve lives. Sanofi has core strengths in diabetes solutions, human vaccines and innovative drugs for rare diseases.Sanofi is organized into five global business units: Diabetes and Cardiovascular, General Medicines and Emerging Markets, Sanofi Genzyme, Sanofi Pasteur and Merial. The company's sales channels include pharmaceutical products sold directly to retail pharmacies and wholesale distributors, as well as through hospitals, clinics, mail order and specialty pharmacies.
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