Sanofi Q2 2026: Sales up 17.8%, guidance raised

Key takeaway from the quarter

Sanofi reported double-digit growth in Q2 2026 and raised its full-year outlook, pointing to momentum in key brands and newer pharma launches. The company reported Q2 net sales of €11,597 million, up 16.0% year-on-year at actual exchange rates and up 17.8% at constant exchange rates (CER). Business earnings per share (EPS) came in at €2.09 for the quarter, with growth of 33.3% at CER and 31.4% at actual exchange rates. Sanofi also flagged that currency movements remain a factor, with estimated impacts of around -1% on sales and around -2% on business EPS based on July 2026 average rates. Alongside the global update, Sanofi Consumer Healthcare India Ltd reported Q2 FY26 operational growth and higher profitability.

Q2 2026 headline numbers

Sanofi’s performance was supported by strong growth in several product categories, even as some lines faced a tougher base. Q2 business operating income was €3,291 million, rising 33.7% year-on-year at actual exchange rates and 35.8% at CER. Business net income was €2,501 million, up 28.9% at actual exchange rates and 31.0% at CER. Free cash flow rose to €2,670 million, an 86.8% year-on-year increase (non-IFRS measure, as defined by the company). On the IFRS line, Q2 IFRS net income fell sharply to €343 million, down 91.3%, and IFRS EPS was €0.29, down 91.0%.

Pharma launches deliver the strongest growth

A standout feature of the quarter was the pace of growth in pharma launches. Sanofi reported that pharma launches sales increased 48.3% to €1,300 million in Q2 2026. The company attributed this performance mainly to Ayvakit, ALTUVIIIO, and Sarclisa. The scale of the increase suggests that newer products are contributing more meaningfully to overall growth, helping offset slower areas and supporting the upgraded outlook. Sanofi also included a pipeline update in its Q2 communication, although detailed items were not provided in the supplied text.

Dupixent crosses €5 billion in a single quarter

Dupixent was another major driver in Q2. Sanofi reported Dupixent sales of €5,200 million, up 37.6% year-on-year. The company noted this was the first time Dupixent exceeded €5,000 million in a single quarter. Given the size of Dupixent relative to total sales, this step-up matters for both near-term growth and profit delivery, particularly as business EPS expanded faster than sales.

Vaccines drag from a high base in influenza

Not every segment grew in Q2. Sanofi reported vaccines sales decreased 4.7% to €1,100 million. The company linked this decline to a high basis of comparison in influenza vaccines, a reminder that year-on-year growth rates can swing when prior-year demand or timing was unusually strong. The disclosure did not provide additional detail on geography or product mix within vaccines beyond the influenza comparison effect.

Cost profile: R&D and SG&A move higher

Sanofi’s expense lines rose during the quarter, reflecting investments and integration effects. Research and Development (R&D) expenses reached €2,200 million, up 17.9%, with the company noting costs related to pipeline prioritizations. Selling and general expenses rose to €2,500 million, up 9.0%, which Sanofi attributed mainly to recent acquisitions and one-offs. Even with these increases, business operating income and business EPS grew strongly, indicating that gross profit and operating leverage from key growth brands outweighed the higher spend in Q2.

H1 2026 snapshot: growth continues, IFRS pressured

For H1 2026, Sanofi reported net sales of €22,106 million, up 11.1% at actual exchange rates and up 15.7% at CER. Business operating income for H1 was €6,258 million, up 16.7% at actual exchange rates and 22.3% at CER. Business net income rose to €4,765 million, up 14.8% at actual exchange rates and 20.4% at CER. Business EPS for H1 2026 was €3.97, up 17.1% at actual exchange rates and 22.7% at CER. On the IFRS side, H1 IFRS net income was €1,957 million, down 66.3%, and IFRS EPS was €1.63, down 65.6%.

2026 guidance upgraded and currency impact flagged

Sanofi raised its 2026 outlook, stating that sales are now expected to grow by around 10% at CER. It also guided that business EPS at CER is expected to grow slightly faster than sales. The company added that, applying July 2026 average currency exchange rates, currency impacts are estimated at around -1% on sales and around -2% on business EPS. This guidance ties back to Q2 execution, where business EPS growth outpaced sales growth on a constant-currency basis.

India update: Sanofi Consumer Healthcare India posts growth

Separately, Sanofi Consumer Healthcare India Ltd reported its Q2'26 results with revenue of ₹2,357 million, up 7% year-on-year. The company reported net profit of ₹919 million for the quarter, and said profit before tax increased 16% compared with the prior year. For the half-year ended June 30, 2026, revenue from operations was ₹4,649 million, up 18% year-on-year, while profit before tax increased 25%. The company also reported domestic sales growth of 12% in the quarter, aided by relaunches, while export sales declined 9% in the quarter on a high base. For the half-year, export sales grew 27% on a low base.

Board approval and compliance disclosures in India

Sanofi Consumer Healthcare India said its Board approved the unaudited financial results for the quarter and half-year ended June 30, 2026 at a meeting held on July 28, 2026. The company said it submitted the results with a limited review report from its statutory auditors, Price Waterhouse & Co Chartered Accountants LLP, in line with SEBI Listing Regulations. It also said the results would be published in newspapers and made available on its investor website. The company noted the board meeting commenced at 4:00 p.m. and concluded at 6:00 p.m.

Summary table of reported figures

What investors and industry watchers will track next

The key near-term focus is whether Sanofi can sustain double-digit constant-currency sales growth while keeping business EPS growing slightly faster than sales, as guided for 2026. Product concentration will remain important, with the quarter underlining the weight of Dupixent and the sharp growth in pharma launches. Investors may also track how rising R&D costs linked to pipeline prioritizations and higher selling and general expenses linked to acquisitions and one-offs evolve in subsequent quarters. In India, observers will likely watch the balance between domestic growth, quarterly export volatility driven by base effects, and the pace of profitability improvement signaled by profit-before-tax growth.

Conclusion

Sanofi’s Q2 2026 update combined strong constant-currency sales growth, faster business EPS growth, and an upgraded 2026 outlook, while its India consumer healthcare unit delivered steady revenue growth and higher profitability. The next major datapoints will be follow-up quarterly disclosures and any additional company detail on pipeline and cost drivers alongside the updated 2026 guidance.