Q2 2026: double-digit sales growth and strong business EPS growth; 2026 guidance upgraded
July 30, 2026
Q2 sales growth of 17.8% at CER1 and business earnings per share (EPS)2 of €2.09
- Pharma launches sales increased by 48.3%, reaching €1.3 billion, driven mostly by Ayvakit, ALTUVIIIO, and Sarclisa
- Dupixent sales increased by 37.6% to €5.2 billion, above €5 billion per quarter for the first time
- Vaccines sales decreased by 4.7% to €1.1 billion, impacted by a high basis of comparison in influenza vaccines
- Research and Development expenses reached €2.2 billion, up by 17.9%, including cost from pipeline prioritizations
- Selling and general expenses reached €2.5 billion, up by 9.0%, mainly because of recent acquisitions and one-offs
- Business EPS was €2.09, up by 33.3% at CER; 31.4% at actual exchange rates; IFRS EPS €0.29
Pipeline update
- Seven regulatory approvals; in immunology, rare diseases, oncology, and neurology
- Two positive phase 3 readouts: Nexviazyme in infantile-onset Pompe disease; amlitelimab maintenance in atopic dermatitis
- Four regulatory submission acceptances, four regulatory designations (priority review, fast-track, breakthrough)
- Strategic pipeline decisions: amlitelimab will not progress to global regulatory submission. Itepekimab and balinatunfib clinical development programs discontinued
Capital allocation
- Completion of the €1 billion share buyback program
Sustainability
- The Impact® medicines portfolio is now available in 30 underserved countries, supporting the Global Health Unit’s goal of reaching two million patients with non-communicable disease treatments by 2030
Guidance upgraded
- In 2026, sales are now expected to grow by around 10% at CER. Business EPS at CER is expected to grow slightly faster than sales.3
Belén Garijo, Chief Executive Officer: “We delivered double-digit sales growth and strong business EPS growth in Q2. Sales increased by 17.8%, driven by Pharma launches, including recent acquisitions, and by Dupixent, up by 37.6%. Business EPS increased by 33.3%, supported by disciplined cost management and one-offs. Pipeline milestones included seven regulatory approvals, two positive phase 3 studies, and four additional regulatory designations. Based on our strong performance in the first half and anticipating normalization of growth in the second half, we are upgrading our 2026 guidance. Sales are now expected to grow by around 10% with business EPS growing slightly faster than sales at constant exchange rates — delivering profitable, sustainable growth.
My first months as CEO have focused on assessing the challenges facing Sanofi and working on an accelerated transformation roadmap that leverages our commercial strengths and focuses on the need for R&D and pipeline improvements. We have taken the first decisive steps on pipeline prioritization and recently, we appointed a focused Executive Committee aligned with the strategic priorities. Looking ahead, we're confident in our trajectory of profitable growth: Dupixent sales are now expected to reach around €25 billion in 2030, complemented by approximately €10 billion from Pharma launches — both at constant exchange rates. This strong financial foundation is expected to support continued pipeline enhancement and external growth opportunities in the years ahead. We are committed to acting and reporting on our progress to shareholders and other stakeholders in the quarters to come.”
| Q2 2026 | Change | Change at CER | H1 2026 | Change | Change at CER | |
| Net sales | €11,597m | +16.0% | +17.8% | €22,106m | +11.1% | +15.7% |
| IFRS net income | €343m | -91.3% | — | €1,957m | -66.3% | — |
| IFRS EPS | €0.29 | -91.0% | — | €1.63 | -65.6% | — |
| Free cash flow1 | €2,670m | +86.8% | — | €3,724m | +51.5% | — |
| Business operating income | €3,291m | +33.7% | +35.8% | €6,258m | +16.7% | +22.3% |
| Business net income | €2,501m | +28.9% | +31.0% | €4,765m | +14.8% | +20.4% |
| Business EPS | €2.09 | +31.4% | +33.3% | €3.97 | +17.1% | +22.7% |
1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 8).
2 To facilitate an understanding of operational performance, Sanofi comments on the business net income, a non-IFRS financial measure (definition in
Appendix 8). The income statement is in Appendix 3 and a reconciliation of IFRS net income to business net income is in Appendix 4.
3 Applying July 2026 average currency exchange rates, the currency impacts are estimated at c.-1% on sales and at c.-2% on business EPS.
4 Free cash flow is a non-IFRS financial measure (definition in Appendix 8).
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