Sanofi: Recent weakness overdone with strong performance leading to c. 5% Sales upgrades, though positive strategic updates key to unlocking valuation upside

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Sanofi: Recent weakness overdone with strong performance leading to c. 5% Sales upgrades, though positive strategic updates key to unlocking valuation upside

J.P. Morgan India Private Limited

2025-2030 sales CAGR of 5%. Our Dupixent forecasts have increased in 2030 Dhitee Goel

from €23.1bn to €25.4bn which account for much of the increase, offsetting the (44-20) 7742-2591

removal of amlitelimab (which contributed only €0.4bn in 2030) from our dhitee.goel@jpmorgan.com

J.P. Morgan Securities plc

forecasts. In 2026, we forecast the potential for c. 12% CER sales growth

James D Wantling

(ahead of Sanofi’s ~10% guidance) and hence anticipate the potential for a (44-20) 3493-0019

further guidance raise with the 3Q’26 results on Oct 30, 2026. Given Sanofi’s james.wantling@jpmorgan.com

comments on the conference call around the deliver of “profitable growth” we J.P. Morgan Securities plc

also anticipate Business Operating Income (BOI) growing ahead of sales both

Specialist Sales contact details: in 2026 at c.14% at CER and through 2025-2030 at a 7% CAGR and thus see

margins increasing from 27.8% in 2025 to c. 30% in 2030. For Business EPS, Marjan Daeipour - Specialist Sales -

European Healthcare this growth leads us to 2026E Business EPS of €8.71 and €11.25 in 2030E

(44 20) 7134-1329

(which implies an 8% 2025-30E CAGR). marjan.daeipour@jpmorgan.com

• Regeneron* collaboration update the key focus near-term. Near-term, we Key Changes (FYE Dec)

anticipate focus will likely remain on the Regeneron* alliance and updates on Prev Cur Δ

potential asset inclusions within the alliance, including the long-acting IL-13 Adj. EPS - 26E (€) 8.43 8.71 3.3%

currently in the clinic, which REGN have indicated could progress straight to

Phase III, and/or the long-acting IL-4/IL-13 bispecific.