Equity Snap: Sanofi (SAN FP): Beat & raise, mind the one-offs

Research evidence excerpt

Equity Snap: Sanofi (SAN FP): Beat & raise, mind the one-offs

30 July 2026

Equity Snap: Sanofi (SAN FP) Equities Pharmaceuticals

Beat & raise, mind the one-offs France

◆ 2Q was a beat and raise, a tad smaller than headlines might Rajesh Kumar*

suggest as one-offs flattered the quarter. Key debates focus Senior Global Life Sciences & Healthcare Analyst HSBC Bank plc

on the Dupixent JV and R&D capital allocation rajesh4kumar@hsbcib.com

+44 20 7991 1629

Morten Herholdt*

Sanofi (SAN FP, EUR79.38, Buy, TP EUR95.00) Global Life Sciences & Healthcare Analyst

HSBC Bank plc

(Priced as of 28 Jul 2026)

morten.herholdt@hsbc.com

+ 44 20 7992 4082

2026 guidance up, about the same as 2Q beat: The company’s revised guidance

Akshata Agarwal*

indicates sales growth at around 10% (CER) (earlier, high-single-digit at CER) Associate

(consensus at +8.9% growth) and adjusted EPS to grow slightly faster than sales Bangalore

(consensus at +10.3% growth).

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

2Q 2026: Revenues +7%, Gross profit +12% and adjusted operating profit +13% not registered/ qualified pursuant to FINRA regulations

ahead of consensus (Bloomberg(BB)). There are non-recurring one-off positively

flattering these numbers, and the underlying beat to consensus is smaller. Excluding

these one-offs, revenues arithmetically would have been +5-6% ahead of consensus,

and operating profit +6-7% ahead of consensus.

First, revenues helped by Dupixent (+16% ahead of Bloomberg consensus) gross-to-

net provision reversals from 2026. That said, excluding that as well, Dupixent was

+11-12% ahead of consensus, suggesting better underlying growth. Flu vaccine was

-57% versus consensus, but seems to be a phasing issue not accurately captured in

consensus.