New Growth Drivers Needed To Build Confidence In Long-Term Outlook

Research evidence excerpt

New Growth Drivers Needed To Build Confidence In Long-Term Outlook

TD Cowen Pharmaceutical Industry Pulse Sanofi

Global Research July 2026

12. ExPec vaccine: Development discontinued in February 2025 following an interim

analysis which showed insufficient efficacy.

CEO Transition Focused On Improving Scientific Rigor, Capital Allocation,

Operational Execution; Substantial Changes To Business Strategy Unlikely

Sanofi is in the middle of a leadership transition with a new CEO officially

appointed in April 2026 and transition to a new Head of R&D expected in

September 2026. Following announcement of Sanofi's planned CEO transition,

we met with top management in mid-February 2026. Management noted CEO

transition followed a deliberate Board review of what the company has achieved

under Sanofi's outgoing CEO and what is required to succeed in the next

decade. Under outgoing leadership, the company successfully commercialized a

mega blockbuster brand in Dupixent, delivered consistent profitable growth, and

meaningfully streamlined the company's manufacturing footprint. Conversely,

R&D output, scientific rigor, and better transparency were identified as areas

which could benefit from fresh leadership. Based on these parameters and

following a multi-month process which included review of internal candidates,

Sanofi chose a new CEO who could bring more scientific depth to the top of the

organization and set the company up for success over the next decade. The

Board has not changed the company's business strategy and substantial

changes to the therapeutic areas where Sanofi is focused are unlikely. Instead,

new leadership has a mandate to address R&D challenges, put a sharper focus

on capital allocation, and drive successful execution on three key strategic