Could not find a ticker for this position, may be a filing error
A French pharmaceutical giant that makes the medicines and vaccines people take every day, from the long-acting insulin Lantus and Toujeo to flu shots like Fluzone and the infant RSV vaccine Beyfortus. It began in 1973 when the state oil company Elf Aquitaine decided to pour some of its oil profits into healthcare, snapping up scattered labs under the "Sanofi" banner. That oil-to-medicine origin makes Sanofi one of the few drugmakers in the world whose roots run to a petroleum company, later growing into a global player through big mergers with Aventis and Genzyme.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Sanofi sold a controlling stake in Opella for a €2.6B gain, while a €2.2B impairment on tolebrutinib pushed IFRS operating income lower.
Sanofi reshaped itself into a pure-play biopharma company in 2025. rose 20.1% to $51.3 billion and increased 62.6% to $7.48, driven by the Dupixent franchise and a €2.6 billion net gain from the Opella divestment, even as a €2.2 billion on the tolebrutinib program weighed on . The company is now more focused, but carries higher after a year of large acquisitions.
Key takeaways
The sale of a 50% controlling stake in the Opella consumer healthcare business to CD&R closed in April 2025, generating a net gain of €2.6 billion and net cash proceeds of €10.4 billion, which reclassified Opella as a and completed Sanofi's shift to a single Biopharma .
Dupixent sales rose 25.2% at constant exchange rates to €15.7 billion, crossing the €13 billion peak-sales ambition set in 2022 and extending its reach with new approvals including chronic obstructive pulmonary disease.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Sanofi manages FX, interest rate, and counterparty risks centrally with derivatives, reporting a €50M pre-tax income sensitivity to a +100bp rate shift.
⌄
Operating FX risk is hedged with forward contracts on major currencies like USD, SGD, and CNY, with a total notional of €16.9B and a of -€28M as of December 31, 2025.
Financial FX risk from intercompany loans and net investments is managed via cross-currency swaps and forwards, notably hedging a US net investment with $870M notional swaps and $11.3B in forward sales.
IFRS fell to €6.3 billion from €7.3 billion, as a €2.2 billion —including €1.7 billion on the tolebrutinib multiple sclerosis candidate—more than offset the benefit of higher sales and a that improved to 77.2% from 75.7%.
attributable to equity holders rose 40.5% to €7.8 billion, lifted by the Opella divestment gain, while increased to €8.1 billion from €6.0 billion.
ALTUVIIIO, a hemophilia A therapy, grew 77.6% at constant exchange rates to €1.2 billion, emerging as a second growth driver alongside Dupixent and Beyfortus.
rose to €11.0 billion, reflecting acquisition spending that included €7.5 billion for Blueprint Medicines, even as increased 33.9% to $12.6 billion.
What changed
The Opella separation flagged in 2023 and 2024 was completed: Sanofi sold a 50% controlling stake to CD&R in April 2025, receiving €10.4 billion in net cash and recognizing a €2.6 billion net gain, transforming the company into a pure-play biopharma business.
Dupixent secured US approval for COPD in 2025, resolving the key regulatory catalyst that earlier filings identified as critical for expanding the franchise beyond type 2 inflammatory diseases into a large new market.
The tolebrutinib clinical hold flagged in 2022 and 2023 ended not with a restart but with a €1.7 billion in 2025, effectively removing one of the five 'potentially transformative' pipeline assets from the outlook.
Restructuring costs, which weighed on 2024 earnings at €1,396 million, were not called out as a material drag in 2025, suggesting the Biopharma transformation charges declined as the company had indicated they might.
Generic erosion continued as expected, with the company flagging further losses in 2026, though the top-line impact was more than offset by growth from Dupixent, Beyfortus, and ALTUVIIIO.
What to watch
Blueprint Medicines integration and pipeline contribution: track whether the €7.5 billion acquisition generates and pipeline assets that justify the increase in to €11.0 billion.
Dupixent COPD ramp: monitor the pace of US uptake following the 2025 approval to assess whether the franchise can sustain its 25% CER growth rate as the atopic dermatitis and asthma markets mature.
tolebrutinib residual value: watch for any further or a decision to out-license the asset, given the €1.7 billion has already been taken but the program may still hold some value.
trajectory: with net debt at €11.0 billion and at €8.1 billion, track whether management prioritizes deleveraging or pursues further acquisitions in 2026.
A +100bp parallel shift in short-term interest rates would increase 2026 pre-tax by €50M and equity by €27M, reflecting the sensitivity of and cash.
Counterparty risk is mitigated by dealing only with highly-rated financial institutions, with 21.5% of cash and 11.3% of currency hedge notionals concentrated with a single A+ and AA- rated counterparty, respectively.
Liquidity is supported by €7.7B in cash and equivalents, €8B in undrawn credit facilities, and access to US and European programs, though a crisis could impair refinancing capacity.
Product liability claims and evolving regulations pose material financial and operational risks to the pharmaceutical business.
⌄
Product liability claims, particularly in the US and common law jurisdictions, can lead to substantial damages, settlements, product recalls, and declining sales.
The company is currently defending several product liability claims, as disclosed in the financial statement notes.
An increasingly stringent global regulatory environment heightens potential liability through stricter data, quality, and supply obligations.
Liability claims may be accompanied by consumer fraud claims, third-party payer reimbursement demands, or civil and criminal government actions.
Sanofi is an R&D-driven, AI-powered biopharma company operating a single Biopharma segment focused on Specialty Care, General Medicines, and Vaccines.
⌄
The company operates through a single Biopharma , with commercial activities organized around Immunology, Rare Diseases, Neurology, Oncology, Other Medicines, and Vaccines.
Dupixent, a co-developed with Regeneron, is a key growth driver with approvals across multiple type 2 inflammatory diseases including atopic dermatitis, asthma, COPD, and prurigo nodularis.
Sanofi's Vaccines division is a world leader, offering a broad portfolio including influenza vaccines, pediatric combinations, and the RSV antibody Beyfortus, which is commercialized with AstraZeneca.
The company is executing a 'Play to Win' strategy focused on growth, innovation, efficiency, and reinventing how it works, including deploying AI tools like Plai across R&D and manufacturing.
Sanofi completed the sale of a 50% controlling stake in its consumer healthcare business, Opella, to CD&R in April 2025, recognizing a net gain of €2.6 billion and receiving €10.4 billion in net cash proceeds.
R&D expenditures totaled €7,842 million in 2025, representing 18.0% of , with a pipeline focused on immunology, rare diseases, neurology, oncology, and vaccines.