Key Takeaways SNY beats Q4 earnings estimates. Net sales rose 7% but narrowly missed consensus.Sanofi's Dupixent sales jumped 32.2%, driven by strong prescriptions across indicationsSNY guided high single-digit sales growth in 2026, with earnings growing faster than sales.Sanofi (SNY) reported fourth-quarter 2025 adjusted earnings of 89 cents per American depositary share, which beat the Zacks Consensus Estimate of 84 cents. Earnings of €1.53 per share rose 16.8% on a reported basis and 26.7% on a constant ...

Sanofi (NasdaqGS:SNY) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBen Jackson - VP of Equity ResearchBrian Foard - EVP and Head of Specialty CareDavid Reed Risinger - Senior Managing DirectorFrançois-Xavier Roger - CFOGraham Parry - Managing Director and Head of European Pharmaceuticals Equity researchHouman Ashrafian - EVP and Head of Research and DevelopmentJames Gordon - Director and Head of European Pharma, Biotech & Life Sciences Equity ResearchJames Quigley - Executive Direc ...

Sanofi (NasdaqGS:SNY) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBen Jackson - VP of Equity ResearchBrian Foard - EVP and Head of Specialty CareDavid Reed Risinger - Senior Managing DirectorFrançois-Xavier Roger - CFOGraham Parry - Managing Director and Head of European Pharmaceuticals Equity researchHouman Ashrafian - EVP and Head of Research and DevelopmentJames Gordon - Director and Head of European Pharma, Biotech & Life Sciences Equity ResearchJames Quigley - Executive Direc ...

Sanofi (NasdaqGS:SNY) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker7Hello everyone, this is Thomas Kudsk Larsen from the Sanofi IR team. Welcome to the Q4 and full year 2025 conference call for investors and analysts. As usual, you can find slides on sanofi.com. Please turn to slide number 3. Here we have the usual forward-looking statements. We would like to remind you that information presented in this call contains forward-looking statements which are subject to substantial risk and uncertai ...

Core Insights - Merck is set to report its Q4 and full-year 2025 results on February 3, with a focus on the sales performance of its cancer drug Keytruda, which accounted for over 50% of pharmaceutical sales in the first nine months of 2025 [2][11] - Keytruda's sales increased by 8% year over year in Q3 2025, but were below expectations, prompting attention on Merck's non-oncology drugs, particularly Capvaxive and Winrevair, which are expected to drive long-term growth [3][5] Sales Performance - Keytruda's sales performance is critical, with a noted increase of 8% year over year in Q3 2025, but weaker than anticipated [3] - Capvaxive and Winrevair have shown strong sales, with Capvaxive generating $480 million and Winrevair $976 million in the first nine months of 2025 [5][11] - The Animal Health business is also contributing to top-line growth, with expected revenue increases in Q4 [6] Product Approvals and Market Competition - Capvaxive was approved in the U.S. in June 2024 and in the EU in March 2025, while Winrevair was approved for PAH treatment in 2024 [4] - Enflonsia, a new RSV antibody, recorded sales of $79 million in Q3 2025, with its performance in Q4 still uncertain as it moves into broader clinical use [7] - Winrevair faces competition in the PAH market from United Therapeutics and Johnson & Johnson, while Enflonsia competes with AstraZeneca/Sanofi's Beyfortus [8][10] Financial Performance and Valuation - Merck's shares have increased by 30.6% over the past six months, outperforming the industry and the S&P 500 [13] - The company's price/earnings ratio stands at 15.61, which is lower than the industry average of 18.36 but higher than its 5-year mean of 12.48 [14] - The Zacks Consensus Estimate for 2025 earnings per share has slightly decreased from $8.98 to $8.95, and for 2026 from $8.81 to $6.94 over the past 60 days [15]

Core Insights - Merck (MRK) is experiencing significant challenges with its second-largest product, Gardasil, which has seen a decline in sales starting in 2024 after consistent growth until 2022 [1][3] Sales Performance - In the first nine months of 2025, Gardasil sales fell by 40% year-over-year to $4.20 billion, primarily due to weak demand in China amid an economic slowdown [2][9] - The company has temporarily halted Gardasil shipments in China to manage excess inventory levels at its partner Zhifei [3][9] - Sales of other vaccines, including ProQuad, M-M-R II, Varivax, RotaTeq, and Pneumovax 23, also declined during the same period [5][9] New Products and Competition - Merck's new RSV antibody, Enflonsia, was approved in the U.S. in June 2025 and generated $79 million in sales in Q3 2025, although it faces competition from AstraZeneca/Sanofi's Beyfortus, which recorded €1.09 billion in sales, up 33.8% year-over-year [6][7] - The company anticipates that sales of Enflonsia will be a focal point in the upcoming Q4 2025 results [6] Market Performance and Valuation - Over the past six months, Merck's shares have increased by 37.2%, outperforming the industry average of 23.6% [8] - Merck's current price/earnings ratio stands at 13.54, which is lower than the industry average of 17.72 but higher than its five-year mean of 12.48 [10] Earnings Estimates - The Zacks Consensus Estimate for Merck's 2025 earnings per share has slightly decreased from $8.97 to $8.96, while the estimate for 2026 has dropped from $9.28 to $7.92 over the past 60 days [11]

Core Insights - The JPM Healthcare Conference 2026 highlighted a significant shift in the narrative surrounding Chinese innovation assets, which are increasingly recognized as critical components for multinational pharmaceutical companies' long-term growth strategies [4][5][24] - The conference emphasized the importance of clinical advancement efficiency and global development pace for Chinese pharmaceutical companies, marking the entry of their innovation pipelines into the core narratives of multinational firms as just the beginning [24] Group 1: Chinese Companies' Innovations - Chinese companies are now being integrated into the core strategies of multinational pharmaceutical firms, moving beyond previous "single-point licensing" narratives to being key contributors in oncology, neuroscience, and metabolic diseases [5][9] - Notable collaborations include SystImmune's BL-B01D1, which has a potential total deal value of $800 million with Bristol-Myers Squibb, and the KarXT project, which is prioritized for development in the psychiatric pipeline [5][7] - The partnership between 3SBio and Pfizer on the PD-1 and VEGF bispecific antibody SSGJ-707 is highlighted as a significant transaction, indicating its strategic importance in the next-generation oncology immunotherapy landscape [7][9] Group 2: Multinational Companies' Strategies - Multinational companies are focusing on a 2030 pricing framework, with strategic decisions revolving around which assets will shape the next industry reshuffle [10][24] - Bristol-Myers Squibb plans to launch 10 new drugs by 2030, emphasizing a multi-pillar approach to mitigate risks associated with patent cliffs [10][12] - Vertex Pharmaceuticals and Madrigal Pharmaceuticals are adopting a focused strategy on single disease areas, with Madrigal positioning itself as a leader in the MASH field and Vertex concentrating on cystic fibrosis and gene therapy [12][15] Group 3: Market Dynamics and Challenges - The second day of the conference shifted focus to practical execution challenges, including competition in metabolic diseases, patent expirations, and supply chain management [16][24] - Eli Lilly expressed uncertainty regarding the market performance of its oral GLP-1 candidate, while Novo Nordisk acknowledged significant competitive pressures and emphasized direct patient channel management [16][18] - Bayer updated its assessment of patent expirations for Xarelto and Eylea, indicating a gradual approach to managing revenue impacts while relying on new product launches for future growth [18][19] Group 4: Supply Chain and Manufacturing - The importance of local manufacturing capabilities was underscored, with Samsung Biologics discussing its U.S. production capacity to meet growing demand [21][24] - Companies like Teva and Sandoz are focusing on the strategic value of biosimilars in light of upcoming patent expirations, indicating a long-term structural adjustment rather than a short-term fix [19][21]

Summary of Sanofi's Presentation at JP Morgan Healthcare Conference Company Overview - **Company**: Sanofi - **Event**: JP Morgan Healthcare Conference - **Key Speakers**: Paul Hudson (CEO), François-Xavier Roger (CFO), Houman Ashrafian Core Industry Insights - **Growth Rate**: Sanofi reported an 8.7% growth through Q3, with expectations of approaching double-digit growth in the near future, potentially maintaining this for over five years [8][9] - **Blockbuster Products**: The company has launched Altuvio, generating close to $4 billion in revenue, aimed at offsetting potential losses from Dupixent [8] - **R&D Challenges**: Sanofi acknowledged challenges in R&D but emphasized ongoing transformation and modernization efforts [9] Financial Outlook - **Earnings Growth**: The company aims to grow EPS despite the anticipated loss of exclusivity (LOE) for Dupixent [9] - **Diversified Growth Profile**: Growth is expected to be well-diversified, with Dupixent contributing about one-third, existing marketed products another third, and new launches the final third [24] - **Profitability Focus**: Sanofi is committed to profitable growth, with expectations for gross margin increases and disciplined spending [24][25] Pipeline and R&D Developments - **Upcoming Trials**: Significant readouts are expected in immunology, including Amlitelimab and Dupixent data later in the year [10][12] - **Combination Therapies**: Sanofi is exploring combination therapies in asthma and other areas, indicating a strong commitment to rare diseases and oncology [11][12] - **New Mechanisms**: The company is open to adding new mechanisms to its portfolio, including bispecifics and other innovative treatments [46][47] Regulatory and Market Challenges - **U.S. Pricing Policy**: Sanofi is navigating complex U.S. pricing negotiations, with a focus on maintaining manageable impacts on their business [15][16] - **Vaccine Policy**: The company is adapting to changing vaccine policies, particularly regarding Beyfortus and RSV, emphasizing the importance of real-world evidence for market acceptance [20][21][70][71] Product Launches and Market Performance - **Beyfortus**: Lauded as the most successful pediatric vaccination launch, with strong efficacy and quick market acceptance due to its cost-effectiveness for healthcare systems [71][72] - **Dupixent**: Continues to show strong growth, with expectations of maintaining its position as a dominant player in the market [62][63] - **Altuvio**: Positioned to become a blockbuster, offering a unique treatment option for patients with hemophilia [66][68] Strategic Business Development - **M&A Discipline**: Sanofi remains disciplined in business development and M&A, focusing on high-quality programs and maintaining a strong balance sheet [30][31] - **Future Investments**: The company is looking to invest in therapeutic areas and potentially white spaces, with no immediate pressure to act [30] Conclusion Sanofi is positioned for sustained growth through a diversified product pipeline, strategic R&D investments, and a focus on profitability. The company is navigating regulatory challenges while capitalizing on successful product launches and maintaining a disciplined approach to business development.

We recently compiled a list of 9 Most Undervalued Pharma Stocks to Buy Right Now. Sanofi is among the most undervalued stocks.  Between December 8 and December 10, 2025, SNY faced a series of analyst rating adjustments that tempered investor sentiment. The Fly reported on Monday, December 8, 2025, that J.P. Morgan downgraded SNY from Overweight to Neutral, signaling a more cautious near-term outlook for the company. The following day, Guggenheim lowered its rating from Buy to Neutral, marking a second do ...

Summary of Sanofi's Year-End Late-Stage Pipeline Review Company Overview - **Company**: Sanofi - **Focus**: Clinical and regulatory aspects of mid and late-stage pipeline in immunology, rare diseases, hemato-oncology, neurology, and vaccines Key Points and Arguments Pipeline Developments - **2025 Expectations**: Anticipated news flow for 2025 is lower due to previous deflated expectations [2] - **R&D Leadership**: New appointments in R&D, including heads of development and regulatory affairs, aimed at enhancing innovation [4] - **Performance Indicators**: Sanofi is tracking scientific publications and patent filings as key performance indicators, with a record high in 2024 [5] Product Approvals and Innovations - **Fitusiran**: First RNA interference medicine approved for hemophilia A and B in the U.S. and China [6] - **Rilzabrutinib**: Approved as the first BTK inhibitor for ITP in the U.S., with ongoing reviews in Japan and China [6] - **Nuvaxovid**: Achieved full approval as the first recombinant COVID-19 vaccine in the U.S. and EU [6] Clinical Trial Outcomes - **Amlitelimab**: Met primary and secondary endpoints in phase three for atopic dermatitis, showing potential for quarterly dosing [7] - **Itepekimab**: Significant reduction in COPD exacerbations in one study, but mixed results overall [7][13] - **Tolebrutinib**: Did not meet primary endpoint in primary progressive multiple sclerosis but remains under review for secondary progressive disease [8][21] Vaccine Developments - **Beyfortus**: Protected over 10 million infants against RSV, demonstrating an 80% reduction in hospitalization [25][26] - **Combination Vaccines**: Positive phase one/two results for influenza plus COVID-19 vaccines, supporting future phase three studies [28] Future Pipeline and Strategy - **Regulatory Decisions**: Expected across various regions for Dupixent and Sarclisa in the first half of next year [38] - **New Technologies**: Sanofi is investing in digital R&D to reduce development cycle times by over 40% [34][35] - **Acquisitions**: Recent acquisitions, including Blueprint and ViceBio, are aimed at enhancing pipeline capabilities [33] Challenges and Learnings - **Mixed Results**: Acknowledgment of both successes and setbacks in the pipeline, with a focus on learning from failures [3][44] - **Regulatory Discussions**: Ongoing conversations with regulatory bodies to ensure patient safety and optimal risk-benefit profiles [46] Additional Important Content - **Immunology Focus**: Sanofi is expanding its presence in dermatology and respiratory diseases, with multiple ongoing studies [10][12] - **Rare Diseases**: Rilzabrutinib shows promise in multiple rare autoimmune conditions beyond its initial indication [17] - **Oncology**: Sarclisa's subcutaneous formulation offers a more convenient treatment option for multiple myeloma patients [19][20] This summary encapsulates the key developments, challenges, and strategic directions for Sanofi as discussed in the year-end pipeline review.