Sanofi's Q2 Earnings Fall Short On Expectations Despite 21% Jump In Dupixent Sales

Sanofi SA SNY reported second-quarter sales of $11.33 billion (€9.99 billion euros), narrowly missing the consensus of $11.53 billion.

Sales increased 6% year over year, up 10.1% in constant currency, driven by growth in Immunology, pharmaceutical launches and Beyfortus.

The French drug maker reported that in the second quarter of 2025, business operating income reached € 2.46 billion, down 2.4% year over year, and up 3% in constant currency.

First-half operating income jumped to €5.36 billion, up 8.6% (+10.8%).

The reported adjusted EPS of 1.59 euros or 90 cents per ADS, missing the consensus of 96 cents, up 1.9% (+8.3% on constant currency).

Pharma launches increased sales by 39.8%, reaching € 897 million, driven by ALTUVIIIO sales of €291 million, up 91.8% at constant currency.

Dupixent sales increased by 21.1% to 3.83 billion Euros, supported by the launch of COPD.

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Vaccine sales reached €1.21 billion, representing a 10.3% increase, primarily driven by the geographic rollout of Beyfortus infant protection.

Beyfortus sales were €72 million, up 322.2% at CER.

Polio/Pertussis/Hib (PPH) primary and booster vaccine sales were 693 million euros, an increase of 1.3%, driven by demand for pediatric combinations in the Rest of the World.

Paul Hudson, Sanofi CEO, 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”

Guidance: Sanofi ups 2025 sales growth guidance to high single digits at CER from mid-to-high single-digit range.

The company plans to complete a €5 billion share buyback in 2025, 80.3% has already been repurchased.

In July, Sanofi agreed to acquire Vicebio Ltd, a privately held biotechnology company headquartered in London, U.K., for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements.

The acquisition brings an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV), both respiratory viruses. It expands vaccine design and development capabilities with Vicebio's ‘Molecular Clamp' technology.

Sanofi announced its plans to invest at least $20 billion in the U.S. through 2030 in May. Most of the spending will be allocated to research and development, as well as U.S. manufacturing.

Price Action: SNY stock is down 6.36% at $46.12 during the premarket session at the last check on Thursday.

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