Sanofi's Q2 2025: Dissecting Contradictions in R&D Focus, Dupixent Growth, and Vaccine Strategy

R&D transformation and focus, Dupixent's market penetration and growth, influenza vaccine sales and strategy, R&D transformation and confidence in blockbusters, and Dupixent's growth expectations are the key contradictions discussed in Sanofi's latest 2025Q2 earnings call.



Strong Financial Performance:
- Sanofi reported a sales increase of 10.1% at constant exchange rates in Q2 2025, driven by strong contributions from new launches and immunology.
- This growth was supported by robust demand for Dupixent, which saw sales reach EUR 3.8 billion, up 21%, and a solid performance from its vaccine business.

New Launch Success:
- Sanofi's new launches contributed nearly 10% of total sales, with notable performance from Beyfortus and Qfitlia, among others.
- The success of these launches is attributed to patient switches and geographic expansion, particularly in Southern Hemisphere countries.

Capital Allocation and Acquisitions:
- The company executed multiple strategic acquisitions, including Blueprint and Vicebio, with an acquisition spend of EUR 11 billion.
- These acquisitions align with Sanofi's focus on core therapeutic areas and scientific relevance, aiming to expand its pipeline and enhance product offerings.

Pipeline Progress and Future Outlook:
- Sanofi's pipeline advanced with several regulatory approvals, including Dupixent in bullous pemphigoid and MenQuadfi in the US.
- The company remains focused on expanding its pipeline through external partnerships and continues to invest in rare diseases with acquisitions like Blueprint.