Sanofi (SNY) — Q2 2026 Earnings Preview
Key Points
- Guidance for 2026: Sanofi expects high single-digit sales growth at constant exchange rates (CER) and business EPS to grow slightly faster than sales (before share buyback), delivering profitable growth.
- Consensus for Q2 2026: Revenue expected at $12,613M; gross margin 78.0%; EBITDA $3,552M; net income $2,585M; GAAP EPS $1.76.
- Q1 2026 Actuals: Reported revenue €10,509M (+13.6% CER), business EPS €1.88 (+14.0% CER), strong growth in launches and Dupixent.
- 2025 Actuals: FY revenue €43,626M (+9.9% CER), business EPS €7.83 (+15.0% CER); Q2 2025 revenue €9,994M (+10.1% CER), business EPS €1.59 (+8.3% CER).
- Comparables: Q2 2025 was a strong quarter (+10.1% CER sales growth), setting up a tough YoY comp for Q2 2026.
- Key Watch Areas: Dupixent growth trajectory, launch product momentum (Ayvakit, ALTUVIIIO, Sarclisa), vaccines performance (especially Beyfortus and Heplisav-B), impact of Regeneron R&D reimbursement step-down, Amvuttra royalty offset, and margin progression.
