Q2: double-digit sales and solid business EPS growth. 2025 sales guidance is now high single-digit growth, at upper end of range
Paris, July 31, 2025
Q2 sales growth of 10.1% at CER1 and business EPS2 of €1.59
- Pharma launches increased sales by 39.8%, reaching €0.9 billion, driven by ALTUVIIIO
- Dupixent sales increased by 21.1% to €3.8 billion, supported by the COPD launch
- Vaccines sales increased by 10.3% to €1.2 billion
- Research and Development expenses were €1.9 billion, up 17.7%
- Selling, general and administrative expenses were €2.3 billion, up 7.8%
- Business EPS was €1.59, up 8.3% at CER and up 1.9% reported; IFRS EPS was €3.24
Pipeline progress
- Three regulatory approvals: Dupixent BP (US), Sarclisa NDMM, TE (EU), and MenQuadfi meningitis (US)
- Three phase 3 readouts, incl. itepekimab COPD (one met primary endpoint/one did not); positive SP0087 in rabies prevention
- Seven regulatory designations, including orphan and fast track, in rare diseases, neurology, and oncology
Capital allocation
- Sanofi and CD&R closed the Opella transaction, creating an independent global consumer healthcare leader
- Acquisitions completed: Blueprint, in rare diseases/immunology, and Dren Bio’s DR-0201, early-stage pipeline in immunology
- Acquisitions announced: Vigil, in Alzheimer’s disease, and Vicebio, in respiratory vaccines, adding to the early-stage pipeline3
Sustainability
- Sanofi ranked the world’s tenth most sustainable company and number one in Pharmaceuticals & Biotechnology by TIME
Guidance
- In 2025, sales are anticipated to grow by a high single-digit percentage at CER (previously mid-to-high single-digit). Sanofi confirms the expectation of a strong business EPS rebound with growth at a low double-digit percentage at CER (before share buyback), now including all expenses from newly acquired businesses4
- Sanofi intends to complete its €5 billion share buyback program in 2025. 80.3% has been repurchased to date
Paul Hudson, Chief Executive Officer: “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.”
| Q2 2025 | Change | Change at CER |
H1 2025 | Change | Change at CER |
|
| IFRS net sales reported | €9,994m | +6.0% | +10.1% | €19,889m | +8.3% | +9.9% |
| IFRS net income reported | €3,939m | +253.9% | — | €5,812m | +158.8% | — |
| IFRS EPS reported | €3.24 | +264.0% | — | €4.74 | +163.3% | — |
| Free cash flow5 | €1,429m | +65.8% | — | €2,458m | +474.3% | — |
| Business operating income | €2,461m | -2.4% | +3.3 % | €5,363m | +8.6% | +10.8% |
| Business net income | €1,940m | -0.6% | +5.1 % | €4,152m | +7.6% | +9.8% |
| Business EPS | €1.59 | +1.9% | +8.3% | €3.39 | +9.7% | +12.0% |
1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9).
2 To facilitate an understanding of operational performance, Sanofi comments on the business net income, a non-IFRS financial measure (definition in
Appendix 9). The income statement is in Appendix 3 and a reconciliation of net income as reported under IFRS to business net income is in Appendix 4.
3 Subject to closing conditions detailed overleaf.
4 Applying July 2025 average currency exchange rates, the currency impacts are estimated at around -4% on sales and at around -6% on business EPS.
5 Free cash flow is a non-IFRS financial measure (definition in Appendix 9).
