Q1 2026: double-digit sales and business EPS growth
Paris, April 23, 2026
Q1 sales growth of 13.6% at CER1 and business earnings per share (EPS)2 of €1.88
- Pharma launches sales increased by 49.6%, reaching €1.2 billion, driven primarily by Ayvakit, ALTUVIIIO, and Sarclisa
- Dupixent sales increased by 30.8% to €4.2 billion, a strong start to 2026
- Vaccines sales increased by 2.1% to €1.3 billion, benefiting from Heplisav-B
- Research and Development expenses reached €1.7 billion, up by 1.5%
- Selling and general expenses reached €2.3 billion, up by 11.6%, mainly due to the effect of recent acquisitions
- Business EPS was €1.88, up by 14.0% at CER; 5.0% at actual exchange rates; IFRS EPS €1.34
Pipeline progress
- Five regulatory approvals, all in immunology
- Positive pipeline readouts: venglustat in the rare disease GD3 (phase 3) and lunsekimig in respiratory diseases (phase 2)
- Two regulatory submission acceptances, one phase 3 study start, four regulatory designations (breakthrough, orphan)
Capital allocation
- Completion of the Dynavax acquisition
- Completion of €921 million of the €1 billion share buyback programme
Other major developments
- 25-year partnership with WHO3 in sleeping sickness: positive CHMP recommendation paves the way in Africa for acoziborole, the first single-dose oral treatment co-developed with DNDi4
Guidance affirmed
- In 2026, sales are expected to grow by a high single-digit percentage at CER. Business EPS at CER is expected to grow slightly faster than sales (before share buyback), delivering profitable growth.5
Olivier Charmeil, interim Chief Executive Officer: “We had a strong start to 2026 with double-digit sales and business EPS growth. Sales increased by 13.6%, supported by Pharma launches and recent acquisitions. Dupixent sales were above the €4 billion quarterly mark again and grew by 30.8%. Business EPS was up by 14.0%, reflecting a measured growth of 7.0% in total operating expenses. We obtained five regulatory approvals, all in immunology, achieved one positive phase 3 study readout for venglustat in rare diseases, and reported encouraging phase 2 data for lunsekimig in respiratory diseases. We reiterate our guidance for 2026: we continue to expect sales to grow by a high single-digit percentage and business EPS to grow slightly faster than sales, at constant exchange rates, delivering profitable growth. We are also looking forward to welcoming Belén Garijo as the new CEO of Sanofi from next month.”
| Q1 2026 | Change | Change at CER | |
| Net sales | €10,509m | +6.2% | +13.6% |
| IFRS net income | €1,614m | -13.8% | — |
| IFRS EPS | €1.34 | -11.8% | — |
| Free cash flow6 | €1,054m | +2.4% | — |
| Business operating income | €2,967m | +2.2% | +10.9% |
| Business net income | €2,264m | +2.4% | +11.1% |
| Business EPS | €1.88 | +5.0% | +14.0% |
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 World Health Organization.
4 Drugs for Neglected Diseases initiative.
5 Applying April 2026 average currency exchange rates, the currency impacts are estimated at c.-2% on sales and at c.-3% on business EPS.
6 Free cash flow is a non-IFRS financial measure (definition in Appendix 8).
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