Sanofi SA (SASY.PA): 2Q26 preview. Numbers likely fine but it‘s all about the new CEO

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Sanofi SA (SASY.PA): 2Q26 preview. Numbers likely fine but it‘s all about the new CEO

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02 Jul 2026 00:00:00 ET │ 17 pages

Sanofi SA (SASY.PA)

2Q26 preview. Numbers likely fine but it’s all about the new CEO

CITI'S TAKE

Sanofi reports 2Q26 result Thurs 30th July. We expect financial results to be

uneventful with strong Dupixent growth continuing to drive Sanofi towards

its profitable growth targets for 2026. However, market focus will be on first Neutralappearance of new CEO Belen Garijo (joined end-April) and initial thoughts

on pipeline turnaround, M&A/BD strategy, focus/targets and how/whether Price (01 Jul 26 17:30) €73.05

to leverage the REGN alliance. However, we think investors looking for all Target price €82.00

the answers and a detailed strategic update are likely to be disappointed Expected share price return 12.3%given it remains early in her tenure with a more detailed answers and

concrete strategy more likely later this year, in our view. Maintain Neutral. Expected dividend yield 5.9%

Expected total return 18.1%

Sanofi reports 2Q26 Thurs 30th July — We forecast EPS Eur1.90+21%cc, c1% above Market Cap €88,690M

cons, on sales Eur10,950m +11% cc, 1% above cons. Dupixent (Eur4.5bn, +18%cc

US$100,947Mwith US TRx +19% YoY) should remain the key driver. We forecast business operating

margins 26.8%, +220bp YoY, with leverage in both R&D and SG&A and helped by

increasing Amvuttra royalty and the REGN development payback (latter absent post

2Q26 creating tougher 2H26). We expect guidance for HSD cc sales growth and EPS

“slightly faster than sales” to remain unchanged. Minor EPS tweaks on TRx and Fx. Price Performance

(RIC: SASY.PA, BB: SAN FP)

Key focus for results call. All about the new CEO — We expect results focus to be