Sanofi · SNY · FY2025 Q3 · Calendar Q4 2025

Sanofi’s Q3 growth leaned on Dupixent and launches as vaccines faced pressure

Sanofi’s near-term growth case rests on continued Dupixent demand and contributions from newer launches, but vaccine softness, pricing pressure and pipeline execution remain important offsets.

Reported Before market openNASDAQHealthcare $106.90B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.70 Consensus $1.60
EPS surprise +6.2% Reported versus consensus
Reported revenue $15.43B Consensus $11.11B
Revenue surprise +38.9% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +4.3% Event window
SPY move +0.8% Same window
Abnormal move +3.5% Stock minus SPY
Volume 1.2× Versus trailing sessions
Subsequent drift -3.9% Up to 20 sessions
SNYSPY benchmark

Ask FN2 about SNY FY2025 Q3

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Why did SNY rise 4.3% after beating EPS estimates in FY2025 Q3?What changed in SNY's guidance and outlook in FY2025 Q3?Give me the bull and bear case for SNY after FY2025 Q3 earnings.

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Transcript intelligence

What changed

The Q3 analysis shows sales growth supported by Dupixent and new launches, while lower flu immunization rates and price cuts weighed on vaccines. Management maintained its full-year 2025 outlook, consistent with the prior quarter.

Guidance delta

Maintained: full-year 2025 sales growth guidance remained high single-digit, and EPS growth guidance remained low double-digit, according to the Q3 transcript analysis.

Key takeaways

  • Q3 sales grew 7% to €12.4 billion, with Dupixent and newer launches leading growth.
  • New products represented 15% of total sales; Ayvakit, Nuvaxovid and Wayrilz were identified as contributors.
  • Vaccine sales faced lower flu immunization rates and pricing pressure, especially in Germany.
  • Management reaffirmed its 2025 sales and EPS growth outlook.

Management priorities

  • Expand Dupixent into additional indications and continue rollout of newer products.
  • Advance pipeline programs, including amlitelimab, brivekimig, venglustat and tolebrutinib.
  • Continue selective capital allocation, including bolt-on acquisitions, dividends and share buybacks.
  • Expand insulin affordability programs and global health partnerships.

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Earnings History

Estimate Beat Miss Match
SNY EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q4 '23 estimate $0.94 Q4 '23 actual $0.89, miss Q1 '24 estimate $0.94 Q1 '24 actual $0.97, beat Q2 '24 estimate $0.86 Q2 '24 actual $0.93, beat Q3 '24 estimate $1.35 Q3 '24 actual $1.57, beat Q2 '25 estimate $0.96 Q2 '25 actual $0.90, miss Q3 '25 estimate $1.60 Q3 '25 actual $1.70, beat Q4 '25 estimate $0.84 Q4 '25 actual $0.89, beat Q1 '26 estimate $1.06 Q1 '26 actual $1.10, beat Q2 '26 estimate $1.10 Q2 '26 actual $1.21, beat Q3 '26 estimate $1.56 Q3 '26 actual $2.04, beat Q4 '26 estimate $0.92 Q1 '27 estimate $0.98
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Analyst Consensus ?

ConsensusHold27 ratings
Bullish1244.4%
Neutral1451.9%
Bearish13.7%

Analyst 52W Price Targets

$45.55Current
$48.07Low
$53.84Average
$64High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Equal Weight OverweightDowngradeMay 1, 2026
Exane BNP Paribas Neutral OutperformDowngradeApr 20, 2026
B of A Securities Neutral BuyDowngradeFeb 12, 2026
UBS Neutral BuyDowngradeJan 16, 2026
Barclays Equal Weight OverweightDowngradeJan 6, 2026
Show 22 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $45.55. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Morgan StanleySarita Kapila$49$42.98 +7.6%Jul 8, 2026
Morgan StanleyAnalyst unavailable$52$46.08 +14.2%May 1, 2026
BNP ParibasPeter Verdult$50$48.06 +9.8%Apr 20, 2026
Morgan StanleySarita Kapila$56$49.19 +22.9%Jun 2, 2025
Berenberg BankLuisa Hector$64$58.51 +40.5%Sep 10, 2024
See 3 more

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Company context

Snapshot as of publication

Sanofi operates as a leading global pharmaceutical enterprise, dedicated to the research, development, production, and distribution of a wide array of therapeutic solutions across the United States, Europe, and numerous international markets. The company strategically organizes its operations into three core divisions: Pharmaceuticals, Vaccines, and Consumer Healthcare. Within its Pharmaceutical segment, Sanofi delivers specialized therapies, including innovative human monoclonal antibodies, addressing complex conditions like multiple sclerosis, various neurological disorders, immunology and inflammatory diseases, oncology, rare diseases, and rare blood disorders. This segment also encompasses treatments for diabetes, cardiovascular health, and established prescription medications. Its Vaccine portfolio is extensive, offering essential immunizations such as pediatric vaccines for poliomyelitis, pertussis, and Hib, alongside influenza shots, adult boosters, meningitis vaccines, and solutions for travel and endemic diseases.…

Historical context

All SNY earnings
+2.8%FY2026 Q3 · Calendar Q4 2026-4.4%FY2026 Q2 · Calendar Q3 2026+0.9%FY2025 Q4 · Calendar Q1 2026

Healthcare peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
NBIX Neurocrine Biosciences, Inc. FY2026 Q3 · Calendar Q4 2026 +72.3% -0.5% Neurocrine Raises INGREZZA Outlook as Core Products Grow
AXSM Axsome Therapeutics, Inc. FY2026 Q3 · Calendar Q4 2026 +60.6% -5.8% Axsome’s Q3 growth broadens, while reimbursement and trial execution remain key tests
TEM Tempus AI, Inc. FY2026 Q3 · Calendar Q4 2026 +174.7% +8.7% Tempus Q3 growth broadens across diagnostics and data
IDXX IDEXX Laboratories, Inc. FY2026 Q3 · Calendar Q4 2026 — +19.5% IDEXX raises 2026 outlook as diagnostics, placements and software support growth
AZN AstraZeneca PLC FY2026 Q3 · Calendar Q4 2026 +7.3% +7.0% AstraZeneca pairs solid growth with pipeline investment and restructuring
BTSG BrightSpring Health Services, Inc. Common Stock FY2026 Q3 · Calendar Q4 2026 +14.2% +11.1% BrightSpring posts strong Q3 growth while maintaining guidance

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-11-03T00:40:42.339249+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T00:40:42.336367+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.