Sanofi Sa · EURONEXT:SAN
Sanofi Sa — Q4 2025 Earnings Presentation
49 slides from Sanofi Sa's earnings presentation, Jan 29, 2026
Slide 1: Business Finance Pipeline
Business Finance Pipeline Appendices
Slide 2: Results Q4/FY 2025
Business Finance Pipeline Appendices Results Q4/FY 2025 January 29, 2026
Slide 3: Forward-looking statements
Business Finance Pipeline Appendices Forward-looking statements This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projecti
Slide 4: Agenda
Business Finance Pipeline Appendices Agenda 01 Business Paul Hudson 02 Finance François Roger 03 Pipeline Houman Ashrafian 04 Q&A Presenters and Olivier Charmeil, Brian Foard, Brendan O’Callaghan, Roy Papatheodorou, and Thomas Triomphe 4 Investor Relations
Slide 5: 2025: strong commercial and financial delivery
Business Finance Pipeline Appendices 2025: strong commercial and financial delivery Active portfolio management Diversified pipeline to benefit patients and capital allocation Internal pipeline Augmented by select • Opella proceeds reinvested in BD/M&A acquisitions • €5bn share buyback completed Thr
Slide 6: Q4: continued sales growth
Business Finance Pipeline Appendices Q4: continued sales growth €11.3bn 4.2 • Pharma launches Driven by Ayvakit and ALTUVIIIO +13.3% 3.9 +32.2% • Vaccines -1.2% Beyfortus performance offset by phasing; flu driven by strong in-season epidemiology 2.0 • Other medicines 1.1 -2.5% Sales growth impacted
Slide 7: Launches: 34% growth in 2025
Business Finance Pipeline Appendices Launches: 34% growth in 2025 Sales (€m) Q4 FY 686 1,781 324 1,160 203 790 157 588 NEW 168 3051 113 490 69 271 61 228 16 63 NEW 9 29 NEW 4 9 NEW 6 7 1,816 5,721 +17.1% +34.0% All percentage changes at CER. 1. On a pro-forma basis, Ayvakit full-year sales were $725
Slide 8: Dupixent: strong volume growth; sales reached €15.7bn in 2025
Business Finance Pipeline Appendices Dupixent: strong volume growth; sales reached €15.7bn in 2025 Sales (€m) Q4: growth reflected continued penetration across established indications and new launches (COPD, CSU, BP), as well a +25% US gross-to-net true-up in Q4 2024 15.7 +27% FY: >30% patient growt
Slide 9: Vaccines: sustained leadership in Influenza and RSV
Business Finance Pipeline Appendices Vaccines: sustained leadership in Influenza and RSV Sales (€m) Influenza Q4: higher vaccination rate due to prolonged influenza season -1.2% FY: market share gain of Fluzone High-Dose/Flublok despite soft 8.3 vaccination rate in US; higher vaccination rate in EU
Slide 10: Vaccines: augmenting pipeline and protecting older adults
Business Finance Pipeline Appendices Vaccines: augmenting pipeline and protecting older adults • Bivalent RSV+HMPV vaccine with strong • HEPLISAV-B, the leading US immune responses in phase 1 study for both adult hepatitis B vaccine with a RSV and HMPV; targeting thermostable differentiated two-dose
Slide 11: Sanofi leads industry working group on PAS 2090
Business Finance Pipeline Appendices Sanofi leads industry working group on PAS 2090, a defining moment for sustainable healthcare Key lifecycle stages Examples: eco-design for footprint reduction Dupixent Medicine substance Optimise API manufacturing Medicine Packaging Distribution Patient use End-
Slide 12: Finance
Business Finance Pipeline Appendices Finance Q4/FY 2025
Slide 13: Q4: strong quarter
Business Finance Pipeline Appendices Q4: strong quarter (€m) Q4 2024 Q4 2025 Change Sales Double-digit growth led by Dupixent Net sales 10,564 11,303 +13.3% and pharma launches Business gross profit 7,844 8,518 +15.6% Business gross margin 74.3%1 75.4%1 +1.1pp Business gross margin +1.1pp, driven by
Slide 14: Sales growth driven by strong volume developments
Business Finance Pipeline Appendices Sales growth driven by strong volume developments + 9.9% + 9.5% 1 Sales growth + 3.7% 1 +11.1% +12.3% +34% Volume +7.0% compounded volume growth over the last three years Price -1.6% -2.4% -3.3% 2023 2024 2025 1. Excludes hyperinflation impact and Opella for comp
Slide 15: Delivering profitable growth while investing in 2025
Business Finance Pipeline Appendices Delivering profitable growth while investing in 2025 Sales Business gross Operating Business growth margin2 expenses2 EPS growth +9.9% +1.8 pp +€448m +€360m +15.0% R&D SG&A Growth led by Driven by product mix Increase driven Driving growth Reflecting operating in
Slide 16: Solid free cash flow generation
Business Finance Pipeline Appendices Solid free cash flow generation (€bn) -0.5 0.1 +35.8% 1.1 1.4 8.1 6.0 Free cash flow BOI at CER Change in Acquisition net Others1 Free cash flow December 31, 2024 working capital of proceeds December 31, 2025 excluding tax before tax 14.5% of sales 18.5% of sales
Slide 17: Strong balance sheet, with an intention to retain AA rating
Business Finance Pipeline Appendices Strong balance sheet, with an intention to retain AA rating (€bn) 0.8 4.8 8.8 11.0 -9.9 5.0 -10.4 12.0 Net debt FCF1 Opella proceeds BD/M&A Share buyback Dividend Others Net debt December 31, 2024 December 31, 2025 ND/BOI ND/BOI 0.8x 0.9x See appendix 5 of the Q4
Slide 18: Capital allocation policy executed in 2025
Business Finance Pipeline Appendices Capital allocation policy executed in 2025 Organic Business Increased dividend for Share buyback investments1 development/M&A the 31st consecutive year €10.4bn Opella proceeds reinvested into: R&D +€448m Proposed dividend2 Program completed Blueprint €8.4bn Dynav
Slide 19: 2026 business dynamics to consider
Business Finance Pipeline Appendices 2026 business dynamics to consider P&L Sales Operating expense control Other operating income/expenses Financial • Divestments of other medicines: • R&D: moderate increase • Capital gains (divestments): c.€500m income/expenses c.€200m (sales impact) (before BD/M&
Slide 20: Pipeline
Business Finance Pipeline Appendices Pipeline
Slide 21: 2025: sustainable progress across the pipeline
Business Finance Pipeline Appendices 2025: sustainable progress across the pipeline Pipeline delivery Regulatory scorecard Three launches Mid to late stage More options to more patients Medicines and vaccines 12 phase 3 readouts First RNAi antithrombin in 22 9 20 hemophilia A and B approved 15 phase
Slide 22: Pipeline: Q4 highlights
Business Finance Pipeline Appendices Pipeline: Q4 highlights Regulatory Dupixent CSU (EU), asthma children (JP) Phase 3 readouts approvals Teizeild T1D, stage 2 (EU) amlitelimab AD program positive results Wayrilz ITP (EU) Dupixent AFRS primary endpoint met Cerezyme GD3 (US) tolebrutinib PPMS primar
Slide 23: amlitelimab: new data provide increasing confidence in long-term benefit
Business Finance Pipeline Appendices amlitelimab: new data provide increasing confidence in long- term sustained and progressive benefit and patient convenience Progressively increasing efficacy Key observations Endpoints/percent of patients Data in three phase 3 studies; one phase 2 COAST 1 COAST 2
Slide 24: amlitelimab: majority of OCEANA AD program now delivered
Business Finance Pipeline Appendices amlitelimab: majority of OCEANA AD program now delivered Phase 2 Phase 3 SC efficacy and safety effect on vaccine with background antibody response TCS/TCI blinded maintenance long-term response and safety safety, tolerability, with background TCS/TCI and efficac
Slide 25: China: significant progress with regional strategy
Business Finance Pipeline Appendices China: significant progress with regional strategy Approvals Global medicines China-only medicines vWF-A1 Nanobody® Small molecule cardiac myosin VHH for the treatment of inhibitor for the treatment of acquired thrombotic obstructive hypertrophic thrombocytopenic
Slide 26: Pipeline: key mid- and late-stage development projects
Business Finance Pipeline Appendices Pipeline: key mid- and late-stage development projects Immunology Rare diseases/Oncology Neurology Vaccines phase 3 AD approved ITP (US, EU) amlitelimab potential LCM Wayrilz potential LCM tolebrutinib under review SPMS (EU) Fluzone HD phase 3 flu 50 years+ phase
Slide 27: Pipeline: upcoming news flow
Business Finance Pipeline Appendices Pipeline: upcoming news flow frexalimab – RMS Nexviazyme – IOPD brivekimig – HS riliprubart – CIDP amlitelimab – AD lunsekimig – asthma venglustat – Fabry disease (remaining data) itepekimab – CRSwNP SP0202 – PCV SP0230 – meningitis venglustat – GD3 Dupixent – LS
Slide 28: Q&A session
Business Finance Pipeline Appendices Q&A session To ask a question By Zoom By phone Any problems? Click on the Raise and lower Email us: Raise hand icon your hand: dial *9 investor.relations@sanofi.com Check your audio device Unmute and mute is well connected your microphone: dial *6
Slide 29: Appendix Finance
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Appendix Finance
Slide 30: Q4 sales
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Q4 sales Q4 2025 (€m) Change Dupixent 4,246 32.2% Beyfortus 686 -14.9% Influenza, COVID-19 575 31.5% Polio/Pertussis/Hib primary vaccines and Boosters 551 -9.5% Lantus 419 1.1% Toujeo 332 18.6% ALTUV
Slide 31: FY sales
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations FY sales FY 2025 (€m) Change Dupixent 15,714 25.2% Polio/Pertussis/Hib primary vaccines and Boosters 2,554 -4.4% Influenza, COVID-19 2,314 -5.8% Beyfortus 1,781 9.5% Lantus 1,733 10.3% Toujeo 1,345 1
Slide 32: FY: delivering profitable growth
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations FY: delivering profitable growth (€m) FY 2024 FY 2025 Change Sales Growth led by Dupixent and launches Net sales 41,081 43,626 +9.9% 33,793 Business gross profit 31,091 +12.7% Business gross margin B
Slide 33: Currency impact
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Currency impact Sales (€m) Business EPS (€) +98 +0.02 -116 -0.06 -384 -0.10 -578 -0.13 -667 -0.17 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2025 2024 2025 33 Investor Relations
Slide 34: Currency sensitivity and exposure
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Currency sensitivity and exposure 2026 business EPS currency sensitivity Currency exposure on Q4 2025 sales Net sales Business EPS Currency Variation sensitivity sensitivity Others 12.5% US Dollar +0
Slide 35: Considerations for other operating income and expenses
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Considerations for other operating income and expenses Reimbursement of development balance by Regeneron Amvuttra® royalty5 • Sanofi funds majority of development costs¹ • Recently approved in the US
Slide 36: Appendix Pipeline
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Appendix Pipeline
Slide 37: Pipeline: registration and phase 3
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: registration and phase 3 Registration allergic fungal rhinosinusitis (US) Wayrilz BTK inhibitor immune thrombocytopenia (JP) DupixentA IL4R mAb bullous pemphigoid (EU, JP) tolebrutinib BTK
Slide 38: Pipeline: phase 2
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: phase 2 Immunology Rare diseases amlitelimab OX40L mAb asthma Wayrilz BTK inhibitor Graves’ disease 1 Crohn’s disease efdoralprin alfa7 AAT fusion protein alpha-1 antitrypsin deficiency emp
Slide 39: Pipeline: phase 1
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: phase 1 Immunology Oncology SAR446422 CD28xOX40 bispecific Ab inflammatory indication SAR445953 CEACAM5-Topo1 ADC colorectal cancer SAR446959 MMP13xADAMTS5xCAP Nanobody® VHH knee osteoarthr
Slide 40: Pipeline: Q4 appendix changes
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: Q4 appendix changes New in Removed from Registration Registration Phase 3 Dupixent – allergic fungal rhinosinusitis (US) Dupixent – chronic spontaneous urticaria (EU) (approved) Dupixent –
Slide 41: Pipeline: partnerships with rights to license
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: partnerships with rights to license Partner Target Indication Nurix STAT6 degrader inflammatory indication Recludix SAR448755, STAT6 inhibitor inflammatory indication Recursion orally activ
Slide 42: Pipeline: regulatory designations since 2020
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: regulatory designations since 2020 Orphan Fast track (US) Breakthrough therapy Priority review Dupixent – AFRS (US) itepekimab – COPD Dupixent – AD (US) Dupixent – AD children (US), AFRS (U
Slide 43: What's next: Immunology
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations What’s next: Immunology lunsekimig SAR449028 brivekimig lunsekimig lunsekimig lunsekimig brivekimig brivekimig riliprubart phase 2 phase 2 phase 2 phase 2 phase 2/3 phase 2 phase 2 phase 2 phase 2 CI
Slide 44: What's next: Vaccines
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations What’s next: Vaccines pneumococcal disease 21-valent conjugate acne mRNA chlamydia mRNA New fields phase 3 phase 2 phase 1 PPH hexa, penta, quadrivalent boosters boosters approved approved meningitis
Slide 45: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: main clinical studies across disease areas Immunology Rare diseases amlitelimab (OX40L mAb) Rezurock (ROCK2 inhibitor) Nexviazyme (enzyme replacement therapy) - AD (COAST 1: NCT06130566, CO
Slide 46: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: main clinical studies across disease areas Neurology Oncology Vaccines frexalimab (CD40L mAb) Sarclisa (CD38 mAb) Fluzone HD (inactivated quadrivalent) - RMS (FREXALT: NCT06141473) - MM, 1L
Slide 47: Collaborations
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Collaborations Ref Name Companies aficamten Cytokinetics ALTUVIIIO Swedish Orphan Biovitrum (Sobi) Beyfortus AstraZeneca Dupixent itepekimab Regeneron Kevzara duvakitug Teva Pharmaceuticals frexalima
Slide 48: Abbreviations
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Abbreviations AAT alpha-1-antitrypsine GA geographic atrophy PAS publicly available specification AATD alpha-1-antitrypsine deficiency GCS glucosylceramide synthase PCV pneumococcal conjugate vaccine
Slide 49: Business Finance Pipeline
Business Finance Pipeline Appendices