DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Read our full disclaimer, here.

Dupixent Kicks off 2026 with a BANG!

Sanofi reported a strong Q1 2026, with revenue of about $13B (up ~13% YOY); with a TTM revenue of $55.6B ( up ~6% YOY). Growth was heavily driven by its blockbuster immunology drug Dupixent, whose sales surged ~31% to almost $4.9 billion, reinforcing its central role in the portfolio, while vaccines showed only modest growth and underlying weakness. Overall, the company beat analyst forecasts, delivered a “strong start” to the year with pipeline and regulatory progress, and reaffirmed guidance for high-single-digit sales growth and faster earnings growth for full-year 2026.

However, slight growth adjustments have changed the long term view.  Let’s dive in.