Press Release: 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

Pipeline update

Capital allocation

Sustainability

Guidance upgraded

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.”

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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