Financial Data and Key Metrics Changes - In Q3 2025, Sanofi reported sales of €12.4 billion, a 7% increase compared to the previous year [5][17] - Dupixent achieved quarterly sales of €4 billion for the first time, reflecting a 26% growth [8][17] - Business EPS reached €2.91, a robust growth of $0.19 or 13% compared to Q3 2024 [20] - The gross margin increased by 2.3 percentage points, driven by improved product mix and productivity gains [18][20] Business Line Data and Key Metrics Changes - New product launches contributed €1.8 billion in sales, growing over 40% and representing 15% of total sales [6][17] - Vaccine sales were €3.4 billion, reflecting competitive price pressure and lower flu immunization rates [11][17] - Dupixent's sales outside the U.S. grew by 21%, exceeding €1 billion in the quarter [10][17] Market Data and Key Metrics Changes - In the U.S., Dupixent sales surpassed €3 billion, maintaining leadership in both new and total prescriptions [9][10] - The vaccine business faced challenges due to lower flu vaccination rates and competitive pricing, particularly in Germany [11][17] Company Strategy and Development Direction - Sanofi aims to improve access to treatments and lower prices for patients, exemplified by the expansion of its patient affordability program for insulins [6][15] - The company is focused on advancing its innovative pipeline, with multiple regulatory submissions and approvals expected in the coming years [24][36] - Sanofi's capital allocation policy emphasizes investing in organic growth, pursuing selective acquisitions, and maintaining progressive dividends [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for the remainder of the year, reiterating full-year sales guidance [5][20] - The company is navigating competitive pressures in the vaccine market while continuing to innovate in respiratory virus protection [13][14] - Management highlighted the importance of ongoing dialogue with U.S. policymakers to enhance treatment access [6][44] Other Important Information - Sanofi has treated over 1 million patients for noncommunicable diseases in low and middle-income countries since 2021 [15] - The company is expanding its Insulin's Value Savings Program in the U.S. to ensure affordability for patients [15] Q&A Session Summary Question: Update on TOLI SMS regulatory debates and confidence in resolving FDA questions - Management confirmed ongoing discussions with the FDA and submitted datasets, looking forward to the PDUFA date of December 28 [40] Question: Updates on U.S. administration conversations regarding policy - Management stated that dialogues with the U.S. government have been ongoing, focusing on demonstrating the value of their treatments [44] Question: Impact of inventory carryover on Q4 orders and competition - Management confirmed expectations for Q4 to be similar in performance to Q3, with a focus on increasing vaccination coverage rates [50][51] Question: Insights on Dupixent's gross margin and COPD launch - Management noted strong growth from various sources, including foundational indications and new launches, with Dupixent's gross margin benefiting from improved manufacturing processes [90][91] Question: Future M&A strategy and vaccine trends - Management emphasized the importance of strategic fit and scientific differentiation in potential acquisitions, while also addressing vaccine fatigue trends [108]