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Dec 31, 2025
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Sanofi Q4 2025 Earnings Report
Sanofi reported its Q4 2025 earnings with a decline in net income and total sales driven by lower revenue in key segments like Vaccines and Consumer Healthcare.
Key Takeaways
Sanofi faced a challenging quarter with declines in net income and revenues, especially in the Vaccines segment. While some new launches showed growth, overall performance lagged due to lower sales in core geographies and categories.
Net income fell to €1.05 billion in Q4 2025, down from €1.46 billion in Q4 2024.
Revenue declined 4.4% at CER, with significant drops in Vaccines and Consumer Healthcare.
Operating income dropped 32.5% at CER due to lower sales and restructuring costs.
Free cash flow stood at €1.9 billion, driven by improved working capital.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sanofi expects mid-single-digit growth in EPS at CER for FY 2026, supported by continued momentum in Immunology and new launches, while facing currency headwinds and generic competition.
Positive Outlook
- Expected mid-single-digit EPS growth at CER in 2026.
- Strong uptake of new launches like Altuviiio and Beyfortus.
- Immunology expected to drive growth through Dupixent and new indications.
- Consumer Healthcare CHC carve-out advancing with completed legal restructuring.
- Focus on pipeline execution and biopharma innovation strategy.
Challenges Ahead
- Adverse FX impact of approximately -6.5% on EPS in Q1 2026.
- Generic erosion of Aubagio expected to continue.
- Decline in Vaccines revenue due to lower COVID and Polio sales.
- Operational income impacted by restructuring costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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