Sanofi Q1 FY2026 earnings call

Olivier, Interim CEO, reported strong start in 2026 with double-digit sales and earnings growth. Pharma launches like Ekavit, Altuvio, and Sarkliza performed well. Modest vaccine growth led by expanded PPH portfolio including Epislav B. DuPixent continued strong performance with underlying volume growth. Outlined three pillars for DuPixent franchise: defend with robust patent portfolio, extend with potential to extend HupicSense dosing interval, innovate with potential new molecules. Rare diseases business has deep expertise and grew by 20% in Q1. Francois, CFO, discussed financials with net sales growth, BOI up, and operating expenses increase driven by SG&A spend. Oumane provided update on pipeline with multiple regulatory approvals and positive phase results.

Net sales grew by 13.6% to 10.5 billion euros in the first quarter. Growth was supported by Dupixent, recent launches, and recent acquisitions. On a like-for-like basis, group sales increased by 12%. Launches represented 14% of total sales, led by Altuvio (325 million euros, up 42%), Befortis (284 million euros), Sarclisa (167 million euros, up 30%). Ekavit delivered 170 million euros and Epislav B contributed 46 million euros since the Dynavax acquisition. DuPixent had first quarter sales approaching 4.2 billion euros. Rare diseases business reached nearly 1.8 billion euros and grew by 20% in Q1. Vaccine sales reached 1.3 billion euros in the first quarter, with PPH and booster including Epislav B growing by 18% on a market pro forma basis.

Confirm guidance of high single-digit sales growth at constant exchange rates with business EPS expected to grow slightly faster than sales. Tougher comparison base in H2 with Dupixent's new indication launches and consolidation of Ekavit. Expect approximately 400 million euros of capital gains from divestments in 2026. Will complete 1 billion euro share buyback program in coming days.

Includes questions from various analysts regarding Dupixent, amlitalimab, pipeline, patents, capital allocation, etc., and corresponding responses from the panelists