Sanofi (SAN) Q4 2025 earnings summary

Executive summary

• Achieved 9.9% sales growth in 2025 to €43.6 billion, with business EPS up 15% and strong Q4 sales growth of 13.3%.

• Launched three new medicines and vaccines: Qfitlia, Wayrilz, and Nuvaxovid; ALTUVIIIO reached blockbuster status.

• Completed Opella divestment, redeploying €10.4 billion into M&A and business development.

• Robust innovation with 12 phase 3 and 15 phase 2 readouts, 10 new molecules in phase 1, and 20 regulatory approvals.

• Completed €5 billion share buyback and proposed €4.12 dividend (+5%).

Financial highlights

• Q4 2025 net sales: €11.3 billion (+13.3% CER); FY 2025: €43.6 billion (+9.9% CER).

• Business EPS grew 26.7% in Q4 and 15% for the year; business operating income up 11.9% to €12.1 billion with a 27.8% margin.

• Free cash flow at €8.1 billion (18.5% of sales), targeting 20% in the medium term.

• Gross margin expanded by 1.8 points to 77.5%; OPEX as a percentage of sales decreased to 39.9%.

• IFRS net income FY 2025: €7.8 billion (+40.5%).

Outlook and guidance

• 2026 guidance: high single-digit sales growth, business EPS to grow slightly faster than sales.

• Vaccine sales expected to slightly decline in 2026; €200 million sales reduction from divestments.

• Currency impact expected to be -2% on sales and -3% on business EPS for 2026.

• R&D expenses to increase moderately, with additional placeholder for future acquisitions.

• €1 billion share buyback planned for 2026.