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US Biotechnology and Pharmaceuticals: Sanofi 2026 EPS call readthrough: Dupixent raises the bar as Regeneron collaboration discussions progress
研报英文原文证据摘录
US Biotechnology and Pharmaceuticals: Sanofi 2026 EPS call readthrough: Dupixent raises the bar as Regeneron collaboration discussions progress
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30 Jul 2026 09:24:12 ET │ 12 pages
US Biotechnology and Pharmaceuticals
Sanofi 2Q26 EPS call readthrough: Dupixent raises the bar as Regeneron
collaboration discussions progress
CITI'S TAKE
Sanofi (covered by Graham Parry) reported 2Q26 net sales of €11.60B
(+€750M vs. cons; +17.8% y/y CER) and business operating income of
€3.29B (+€320M vs. cons; +35.8% y/y CER), while upgrading 2026 sales Geoff Meacham, Ph.D.AC
guidance to ~10% growth at CER from a high-single-digit percentage and +1-404-443-4701
expecting business EPS to grow slightly faster than sales. Perhaps most geoffrey.meacham@citi.com
important for Regeneron, Dupixent reached €5.154B (+37.6% y/y CER) Nishant Gandhi, Ph.D.
and Sanofi raised its 2030 ambition to ~€25B from ~€22B, reinforcing +1-212-816-2513
franchise durability despite a favorable gross-to-net benefit in 2Q26. nishant.gandhi@citi.com
Sanofi also characterized the Regeneron alliance as strategically
important and further collaboration discussions as productive, although Jarwei Fang
no assets, economics, or timing were disclosed. On vaccine the softness +1-212-816-5127
jarwei.fang@citi.com largely reflected difficult influenza comparisons and respiratory-season
phasing rather than clear category deterioration. Mary Kate Davis
+1-212-816-9602
mary.kate.davis@citi.com
Dupixent demand remains robust, though gross-to-net aided the magnitude -
Dupixent exceeded €5B in quarterly sales for the first time, supported by >1.5M
patients globally and broad demand across indications and geographies. Sanofi
characterized growth as largely volume-led and indicated that prescription data
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