Sanofi: Q2 Beat & FY26 raise on Dupi 340 rebate adj

Research evidence excerpt

Sanofi: Q2 Beat & FY26 raise on Dupi 340 rebate adj

Marjan Daeipour - Specialist Sales - European Healthcare AC (44 20) 7134-1329 Europe Specialist Sales J P M O R G A Nmarjan.daeipour@jpmorgan.com

J.P. Morgan Securities plc 30 July 2026

Marjan Daeipour

+44 207 134 1329

marjan.daeipour@jpmorgan.com

Q2 beat & raise on Dupi 340 rebate adj , cons u/g of c. 1% - expect stock up 1-2%. H1 Sales: €11,597m +17.8% CER, 7%

beat vs cons10,848m mainly on Dupi beating by 15% on 340 rebate adjustments with Vaccines missing cons by 5% on

lower flu. H1 Business Operating Income: €3,291m 11% beat vs cons at 2,966m; Business EPS: €2.90 10% beat vs cons

1.90. FY26 guidance raised for sales growth by around 10% at CER (was HSD gr CER) with Business EPS at CER

expected to grow slightly faster than sales reiterated before the 1pp benefit from share buyback. FX headwind of -1% on

Sales and -2% on Business EPS. Implies 2026 Sales of €47,552m, c. 1.5% ahead of Vara Consensus. 12% CER Business

EPS growth implies Business EPS of €8.61, c. 1% ahead.

2030 updated targets: Dupixent sales is now expected to be around E25bn (was E22bn). 2030 Vaccines guide cut from E10bn to

E9bn. Pharma launches since 2019 are expected to continue to contribute 10bn by 2030.

Pipeline: Oral TNF Phase II trials in Crohn’s disease and ulcerative colitis did not meet internal efficacy expectations, program

discontinued. This should be a surprise given prior data for this asset looked undifferentiated. Itepekimab program discontinued -

will not start additional Phase III COPD trial, trial in rhinosinusitis without nasal polyps failed and ongoing Phase III trials in

nasal polyps will not proceed to final analysis - again not a surprise.

SI: 0 ADTV to cover

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