Sanofi 2Q’26 Preview: Expect a solid quarter with JPMe 3% ahead on Business EPS due to Dupi, modest guidance raise should underpin Consensus

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Sanofi 2Q’26 Preview: Expect a solid quarter with JPMe 3% ahead on Business EPS due to Dupi, modest guidance raise should underpin Consensus

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• 2Q'26 Business EPS forecast of €1.93, c. 3% ahead of Vara Consensus. We (44-20)dhitee.goel@jpmorgan.com7742-2591

forecast 24% CER Business EPS growth to €1.93, 3% ahead of Vara J.P. Morgan Securities plc

Consensus. Our Sales forecast of €10,955m or 12% CER Sales growth is c. 1% James D Wantling

ahead of Vara Consensus, with our Pharma sales forecast being c. 2% ahead of (44-20) 3493-0019

Consensus, largely due to our expectation for stronger Dupixent sales (JPMe: james.wantling@jpmorgan.com

5% ahead), more than offsetting slightly weaker Altuviiio (JPMe: 11% below) J.P. Morgan Securities plc

and Ayvakit (JPMe: 7% below). On BOI, we forecast a BOI margin of 27.3%

Specialist Sales contact details:

with a BOI of €2,991m, c. 2% ahead of Vara Consensus, with our Gross margin

of 78.1% broadly in-line with Vara Consensus. For R&D, we forecast a 2% LC Marjan Daeipour - Specialist Sales -

European Healthcare

decline to €1,830m, while for SG&A, we forecast continued growth of 7%

(44 20) 7134-1329

CER to €2,403m. This leads us to forecast a Business EPS of €1.93, c. 3% ahead marjan.daeipour@jpmorgan.com

of Vara Consensus.

• Expect 2026 CER guidance to be raised on Business EPS which would

underpin Consensus. We expect Sanofi to reiterate their 2026 CER guidance

for “high single digit CER” Sales growth. On Business EPS, we expect Sanofi

to raise their guidance to “low double digit CER” Business EPS growth (from:

“slightly ahead of sales”) before the c. 1pp benefit of the share buyback benefit.

On FX, we expect Sanofi to reiterate their FX outlook for a 2% FX headwind

on Sales and a 3% FX headwind on Business EPS. On Sales, applying 9% CER