Sanofi SA ended 2025 with sales of €43.6 billion and net income of €7.8 billion as it continued to reap the benefits of Dupixent, its anti-inflammatory drug developed with Regeneron Pharmaceuticals and first approved in 2017. Dupixent generated sales of €15.7 billion, or 36% of group sales, as it continued to experience strong demand from patients with asthma and other chronic diseases. The annual results were announced on 29 January. Although patents for Dupixent are expected to start expiring from 2031, the drug has continued to expand its intellectual property and regulatory success with two US Food and Drug Administration approvals in 2025. These are for the skin diseases bullous pemphigoid and chronic spontaneous urticaria. Altogether Dupixent has been approved for 16 inflammatory conditions.
In parallel, this success has generated concerns amongst some investors and former employees that the company isn’t generating enough new products ahead of the upcoming patent expiries. According to the Financial Times, this followed recent clinical setbacks for prospective products for eczema and multiple sclerosis. In an interview published on 6 February, Paul Hudson, the chief executive, told the newspaper that more time would be needed for the company’s R&D efforts to bear fruit.
In 2025, Sanofi spent €7.8 billion on R&D which was 18% of sales. Outlays for selling and general expenses were higher at €9.5 billion or 22% of sales. The company had an IFRS operating profit of €6.3 billion, down by 12.5% from a year earlier. This compares with the company’s business operating income of €12.2 billion, up by 7.1% in euros and by 11.9% in constant currencies. The business income is an adjusted figure which excludes the amortisation and impairment of intangible assets and restructuring.
Besides Dupixent, double-digit sales increases were recorded for Altuviiio for haemophilia A; Kevzara for rheumatoid arthritis; Sarclisa for multiple myeloma; and Aubagio for multiple sclerosis.
In 2025 the company launched three new products, Qfitlia for haemophilia A or B; Wayrilz for thrombocytopenia, and Nuvaxovid, a Covid-19 vaccine. It also acquired two vaccine companies, Vicebio Ltd of the UK for $1.2 billion and Dynavax Technologies Corp of the US for $2.2 billion. Vicebio is developing respiratory vaccines while Dynavax has a marketed adult hepatitis B vaccine and a candidate shingles vaccine.
Separately, Sanofi plans to execute a €1 billion share buy-back programme this year.
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