2Q‘26 First Take: Strong results and FY‘26 guidance raise implies c. 1% upgrade to Consensus, 2030 ambitions imply 1% upgrade to Cons. Sales

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2Q‘26 First Take: Strong results and FY‘26 guidance raise implies c. 1% upgrade to Consensus, 2030 ambitions imply 1% upgrade to Cons. Sales

ead of Vara (44-20) 7742-2591

Consensus (€8.50). For 2030, Sanofi updated their 2030 ambitions: (1) raising for dhitee.goel@jpmorgan.com

Dupixent expectations to ~€25bn (from €22bn) - Consensus €24bn; (2) maintained J.P. Morgan Securities plc

the target for Pharma launches since 2019 at ~€10bn - Consensus €9.6bn (or James D Wantling

€10.4bn if residual forecasts for amlitelimab and itepekimab are included) and (3) (44-20) 3493-0019

cut the Vaccine guidance to ~€9bn sales (from ~€10bn) - Consensus €8.8bn. james.wantling@jpmorgan.com

Putting all of the changes together, we estimate that Consensus forecasts for 2030 J.P. Morgan Securities plc

sales could come up by c. 1%. Overall, on the back of the strong results, 2026 Specialist Sales contact details:

guidance raise implying 1% upgrades to Consensus FY’26 Core EPS and

Marjan Daeipour - Specialist Sales -

2030 ambition update implying a 1% upgrade to Consensus sales, we expect European Healthcare

the shares to outperform today by c. 1-2%. (44 20) 7134-1329

marjan.daeipour@jpmorgan.com

• Noteworthy Area (1) Results: (1) 2Q’26 Group sales of €11,597m, 7% beat

due to Dupixent. Group sales of €11,597m (18% CER growth) beat consensus

by 7% (JPMe by 6%), driven by a 9% beat in Pharma Sales, which was only

partially offset by c.5% miss in Vaccines sales. (2) Pharmaceutical beat

driven by Dupixent: Dupixent sales of €5,154m were c.15% above

consensus and c.11% above JPMe with the beat largely driven by stronger US

sales which grew 43% LC (JPMe: 28% LC) due to strong demand as well as

a favourable gross-to-net adjustment (JPMe: €190m in the US, assuming a 7pp

benefit to US growth).