Sanofi reported a 10.1% increase in second-quarter sales at constant exchange rates, with business earnings per share (EPS) rising to €1.59. The company’s pharmaceutical launches drove sales up by 39.8%, totaling €0.9 billion, largely due to the performance of ALTUVIIIO. Dupixent sales grew by 21.1% to €3.8 billion, bolstered by its launch for chronic obstructive pulmonary disease (COPD). Vaccine sales increased by 10.3% to €1.2 billion.
Research and development expenses reached €1.9 billion, marking a 17.7% rise compared to the previous period, while selling, general and administrative costs were up 7.8% at €2.3 billion.
Sanofi achieved several milestones in its product pipeline during the quarter, including three regulatory approvals: Dupixent BP in the United States, Sarclisa NDMM TE in Europe, and MenQuadfi meningitis in the United States. There were also three phase 3 clinical trial readouts—one positive for itepekimab in COPD and another that did not meet its primary endpoint—as well as positive results from SP0087 for rabies prevention.
The company completed acquisitions of Blueprint Medicines in rare diseases and immunology and Dren Bio’s DR-0201 asset for early-stage immunology research. It also announced plans to acquire Vigil Neuroscience in Alzheimer’s disease and Vicebio for respiratory vaccines, both subject to closing conditions.
Sanofi was recognized as the world’s tenth most sustainable company and ranked first among Pharmaceuticals & Biotechnology firms by TIME magazine.
Looking ahead, Sanofi has updated its guidance for 2025, now expecting high single-digit percentage growth in sales at constant exchange rates—an adjustment from earlier forecasts of mid-to-high single-digit growth—and reaffirmed expectations for a strong rebound in business EPS with low double-digit growth before share buybacks.
The company aims to complete its €5 billion share buyback program next year; so far, it has repurchased 80.3% of this amount.
Paul Hudson, Chief Executive Officer of Sanofi, said: “We delivered strong performance in Q2 with 10.1% sales growth. Our nine newly launched medicines and vaccines grew by 47.3%. Eight years after market introduction, Dupixent grew by more than 20%, supported by the COPD launch. Based on strong sales performance in H1, we are refining our 2025 sales guidance to the upper end of our previous range. At the same time, we confirm our guidance of a strong business EPS rebound, which now includes all expenses from newly acquired businesses.
Our pipeline continues to make progress despite the mixed results with itepekimab in COPD. We are progressing the data analysis and once finished, we will discuss with regulatory authorities. We remain steadfast in our dedication to bringing new medicines and vaccines to patients. We eagerly anticipate several important phase 3 data readouts in the second half of the year, including amlitelimab in atopic dermatitis and tolebrutinib in primary progressive multiple sclerosis.
Earlier in July, we successfully closed the acquisition of Blueprint in rare diseases, and we are anticipating the closing of the Vigil acquisition in neurology during Q3. Sanofi will remain focused on strategically redeploying capital towards growth and differentiated science with attractive financial returns. We continue to advance our strategy as an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth.”
For Q2 2025 under International Financial Reporting Standards (IFRS), net sales were reported at €9,994 million—a year-on-year increase of 6%. Net income was €3,939 million (+253.9%), while IFRS EPS stood at €3.24 (+264%). Free cash flow rose sharply by nearly two-thirds compared with last year’s second quarter.
Business operating income reached €2,461 million (up 3.3% at constant exchange rates), while business net income was slightly down (-0.6%) but showed a gain of 5.1% at constant exchange rates over last year’s figures.
