Sanofi Lifts 2025 Sales Outlook on Dupixent Growth, Plays Down Tariff Risk

Sanofi reported second-quarter revenue of €9.99 billion, a roughly 10% increase at constant exchange rates, and lifted its 2025 guidance to high single-digit growth—around 9%—from its previous mid-to-high single-digit range. The French drugmaker also reiterated that earnings from continuing operations should rise at a low double-digit percentage this year. The upgrade was driven chiefly by continued momentum for Dupixent, whose sales rose 21.1% to €3.8 billion as the anti-inflammatory therapy expanded into additional indications such as chronic obstructive pulmonary disease. Vaccines and newer products, including haemophilia medicine Altuviiio and RSV antibody Beyfortus, also contributed to top-line gains. Higher research spending, which climbed 18% to €1.9 billion as the company accelerates late-stage trials and acquisitions, weighed on operating profitability. Business operating income came in at €2.46 billion versus the €2.57 billion average analyst estimate, even though net profit rose to €3.94 billion due to a divestiture gain. Sanofi shares fell about 4–5% in early European trading. Chief Financial Officer François-Xavier Roger said potential U.S. import duties on European medicines—currently discussed at around 15%—should be “manageable” under the company’s planning scenarios. He added that Sanofi is evaluating direct-to-patient sales in the United States as part of broader efforts to mitigate pricing and trade pressures.