Sanofi: 2Q‘26 Consensus Comparison: JPMe 1% ahead on Business EPS and Sales, modest guidance raise should underpin Consensus

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Sanofi: 2Q‘26 Consensus Comparison: JPMe 1% ahead on Business EPS and Sales, modest guidance raise should underpin Consensus

J P M O R G A N Europe Equity Research

20 July 2026

Sanofi

2Q’26 Consensus Comparison: JPMe 1% ahead on Neutral

Business EPS and Sales, modest guidance raise SASY.PA, SAN FP

should underpin Consensus Price (17 Jul 26):€77.34

European Pharmaceuticals &

Sanofi is to report 2Q'26 results on Thursday, July 30, 2026 before market open at Biotechnology

6.30am BST (7.30am CEST, 1.30am EDT), followed by a conference call at 12pm Richard Vosser AC

BST (1pm CEST, 7am EDT) - register here. Ahead of this, updated 2Q’26 Vara (44-20) 7742-6652

consensus numbers have been released. Following our 2Q’26 Sanofi preview richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

(here), we provide a comparison to these updated consensus forecasts (see Tables

Zain Ebrahim

1 and 2). Our 2Q'26 Business EPS forecast of €1.93 is c. 1% ahead of Consensus,

(44-20) 3493-1163

driven by our c. 1% higher Sales forecast dropping through as well as our zain.ebrahim@jpmorgan.com

expectation for lower R&D, only partially offset by higher Other Operating J.P. Morgan Securities plc

Expenses. For 2026, we continue to expect Sanofi to raise their 2026 guidance to Sophia Graeff Buhl Nielsen

"low double digit" CER Business EPS growth pre the 1pp share buyback benefit (44-20) 7742-3918

(from: slightly ahead of Sales growth of high single digit CER). We expect the sophia.graeffbuhlnielsen@jpmorgan.com

Sales guidance for high single digit CER growth to be reiterated. 12% CER J.P. Morgan Securities plc

Business EPS growth with a 3% FX headwind implies Business EPS of Khushi Bihani

€8.53, broadly in line with Vara Consensus at €8.50. Overall, we expect a solid (91-22) 6157-4103