Exhibit 99.3

Q3 and YTD 2025 summary

The information presented in this document relates to the three-month period ended September 30, 2025 (referred to as “the quarter” or “Q3 2025”) and the nine-month period ended September 30, 2025 (referred to as “the year to date” or “YTD 2025”) compared to the three-month period ended September 30, 2024 (referred to as “Q3 2024”) and the nine-month period ended September 30, 2024 (referred to as “YTD 2024”), respectively.

 

Q3 2025

Change

Change  at CER

YTD 2025

Change

Change  at CER

IFRS net sales reported

€12,434m

+2.3%

+7.0%

€32,323m

+5.9%

+8.7%

IFRS net income reported

€2,802m

-0.5%

—

€8,614m

+70.2%

—

IFRS EPS reported

€2.30

+2.2%

—

€7.04

+73.8%

—

In Q3 2025, sales were €12,434 million and increased by 2.3%. Exchange rate movements had a negative effect of 4.7 percentage points (pp). The divestments of medicines/portfolio streamlining had a negative impact of 0.3pp on sales growth. In YTD 2025, sales were €32,323 million and increased by 5.9% (as reported). Exchange rate movements had a negative effect of 2.8pp. The divestments of medicines/portfolio streamlining had a negative impact of 0.4pp on sales growth.

Sales by geography

 

Net sales  (€ million)		Q3 2025		YTD 2025
United States		6,838		16,373
Europe		2,589		6,733
Rest of World		3,007		9,217
of which China		689		2,077

US sales were €6,838 million. The performance was primarily driven by Immunology, pharma launches, and Lantus, partly offset by Vaccines.

Europe sales were €2,589 million. Growth was primarily driven by Beyfortus, Immunology, and pharma launches. Sales of some legacy medicines and influenza vaccines were lower.

Rest of World sales were €3,007 million. The performance was led by Immunology, Beyfortus, and pharma launches, while many legacy medicines and vaccines declined. China sales were €689 million in a slightly declining market, impacted by the renewed national reimbursement drug list and volume-based procurement.

Business development

Business development, including strategic investments in external innovation is an integral part of Sanofi’s efforts to access optionality for promising scientific developments to contribute to pipeline replenishment.

On September 24, 2025, Sanofi announced an additional $625 million multi-year capital commitment to Sanofi Ventures, increasing the total assets under management to over $1.4 billion. This new commitment to the evergreen venture fund builds on more than a decade of investing in innovative biotech and digital health companies that align with Sanofi’s long-term growth ambitions. Sanofi Ventures is the corporate venture capital arm of Sanofi, investing in top-tier biotech and artificial intelligence/digital health companies that focus on helping patients and transforming the practice of medicine. Since its inception in 2012, the fund has deployed over $800 million across more than 70 innovative companies in biotech and digital health.

On August 6, 2025, Sanofi announced the completion of its $470 million acquisition of Vigil Neuroscience, Inc. This acquisition strengthens Sanofi’s early-stage pipeline in neurology with VG-3927, a novel, oral, small-molecule TREM2 agonist targeting Alzheimer’s disease. In addition, the acquisition of Vigil’s preclinical pipeline will further strengthen Sanofi’s research in various neurodegenerative diseases. In June 2024, Sanofi Capital made a $40 million strategic investment in Vigil that included the exclusive right of first negotiation for an exclusive license, grant, or transfer of rights to research, develop, manufacture, and commercialize VG-3927.

On July 17, 2025, Sanofi completed its acquisition of Blueprint, a US-based, publicly traded biopharmaceutical company specializing in SM, a rare immunological disease, and other KIT-driven diseases. The acquisition included a rare immunology disease medicine, Ayvakit/Ayvakyt (avapritinib), approved in the US and the EU, and a promising advanced and early-stage immunology pipeline. Blueprint’s established presence among allergists, dermatologists, and immunologists is expected to improve Sanofi’s ability to enhance its growing immunology pipeline. The acquisition also includes elenestinib, a next-generation medicine for SM, as well as BLU-808, a highly potent and selective oral wild-type KIT inhibitor that has the potential to treat a broad range of diseases in immunology. Under the terms of the acquisition, Sanofi paid $129.00 per share in cash at closing, representing an equity value of $9.0 billion for 100% of the shares. Blueprint shareholders also received one non-tradable contractual contingent value right (“CVR”) per share which entitles the holders thereof to receive two potential milestone payments of $2.00 and $4.00 per CVR on the attainment of

 

1

future development and regulatory milestones within the applicable milestone period, respectively, for BLU-808. The total equity value of the transaction, including potential CVR payments, represented approximately $9.5 billion on a fully diluted basis.

On July 22, 2025, Sanofi announced that it had entered into an agreement to acquire Vicebio Ltd (“Vicebio”), a privately held biotechnology company headquartered in London, UK. The acquisition brings to Sanofi an early-stage combination vaccine candidate for respiratory syncytial virus and human metapneumovirus, both respiratory viruses, and is expected to expand Sanofi’s capabilities in vaccine design and development with Vicebio’s ‘Molecular Clamp’ technology. Under the terms of the agreement, Sanofi would acquire all of Vicebio’s share capital for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including receipt of regulatory approvals.

 

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Biopharma segment

Pharma

Launches

 

Net sales  (€ million)		Q3 2025		As reported		Change at CER		YTD 2025		As reported		Change at CER
ALTUVIIIO		294		+70.9%		+81.4%		836		+85.0%		+90.0%
Nexviazyme/Nexviadyme		200		+22.7%		+27.6%		587		+21.5%		+23.6%
Sarclisa		155		+36.0%		+41.2%		431		+26.4%		+28.7%
Ayvakit		137		—%		—%		137		—%		—%
Rezurock		114		-13.0%		-6.9%		377		+11.5%		+14.5%
Cablivi		66		+4.8%		+9.5%		202		+14.8%		+16.5%
Xenpozyme		57		+39.0%		+43.9%		167		+47.8%		+50.4%
Tzield		18		+20.0%		+26.7%		47		+30.6%		+33.3%
Qfitlia		4		—%		—%		5		—%		—%
Wayrilz		1		—%		—%		1		—%		—%
Total		1,046		+49.6%		+57.1%		2,790		43.9%		+47.2%

ALTUVIIIO (hemophilia A) sales were €294 million of which 84% was in the US. Growth was driven by continued patient switches from older, short half-life and extended half-life factor medicines, from Eloctate, and from non-factor treatments. Rest of World sales of €47 million benefited from the launches in Japan and Taiwan, and supply sales to the collaborator Sobi. The hemophilia A franchise (ALTUVIIIO and Eloctate combined) sales were €371 million, primarily driven by ALTUVIIIO’s strong performance of €294 million, while Eloctate contributed €77 million.

Nexviazyme/Nexviadyme (Pompe disease) sales were €200 million, driven by Europe. In the US, most patients have switched from Myozyme/Lumizyme. The Pompe disease franchise (Nexviazyme/Nexviadyme and Myozyme/Lumizyme combined) sales were €322 million.

Sarclisa (multiple myeloma) sales were €155 million, supported by high growth in all regions and driven by increased use in the front-line combination treatment setting.

Rezurock (chronic graft-versus-host disease, third line) sales were €114 million. Sales in the US decreased by due to mandatory rebates, and sales in Europe were -€1 million from a one-time reimbursement. In Rest of World, sales were €15 million, the overwhelming majority in China.

Ayvakit (mastocytosis) sales were €137 million. Ayvakit was consolidated by Sanofi from mid-July following the acquisition of Blueprint Medicines Corporation. Sales were split across the US (€119 million), Europe (€16 million), and Rest of World (€2 million) and performed in line with expectations with a large opportunity to increase penetration rates in all geographies.

Cablivi (acquired thrombotic thrombocytopenic purpura) sales were €66 million, driven by more patients being identified for treatment in the US and Europe and lower use of the US access program.

Xenpozyme (acid sphingomyelinase deficiency) sales were €57 million, mainly driven by Europe and Rest of World.

Tzield (delay onset of type 1 diabetes) sales were €18 million (of which €17 million in the US) with sales reflecting improved momentum in infusions benefiting from the continued investment in education about autoimmune type 1 diabetes and progress in screening.

Qfitlia (hemophilia A and B) sales were €4 million, all in the US, with more patients being treated following approval in March.

Wayrilz (immune thrombocytopenia) sales were €1 million, all in the US, following approval in August.

 

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Immunology

 

Net sales  (€ million)

Q3 2025

As reported

Change at CER

YTD 2025

As reported

Change at CER

Dupixent

4,156

+19.6

%

+26.2

%

11,468

+19.3

%

+22.7%

Dupixent sales were €4,156 million. For the first time, global sales exceeded €4 billion in a quarter and were driven by strong demand in all approved indications (atopic dermatitis (AD), asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease (COPD), bullous pemphigoid). In the US sales were €3,073 million driven by volume growth in all approved indications. For the first time, US sales exceeded €3 billion in a quarter. In Europe, sales were €504 million also reflecting volume growth in all approved indications. In Rest of World, sales were €579 million, mainly driven by Brazil and Asia/Pacific, partially offset by the impact of the national reimbursement drug list renewal in China in January. In YTD 2025, sales were €11,468 million, driven by strong demand across all indications and geographies. 

Other main medicines 

 

Net sales  (€ million)		Q3 2025		As reported		Change at CER		YTD 2025		As reported		Change at CER
Lantus		438		+1.9%		+6.7%		1,314		+10.5%		+13.7%
Toujeo		321		+5.9%		+9.2%		1,013		+8.1%		+9.9%
Fabrazyme		242		-4.3%		-0.4%		767		-1.4%		+0.5%
Plavix		223		-3.0%		+1.3%		696		-1.0%		+1.7%
Lovenox		196		-15.9%		-14.6%		643		-14.4%		-12.1%
Cerezyme		161		-1.8%		+0.6%		524		-8.2%		-6.0%
Alprolix		149		+0.7%		+7.4%		454		+8.4%		+11.5%
Praluent		127		+0.8%		+1.6%		394		+5.6%		+6.2%
Myozyme/Lumizyme		122		-27.4%		-25.0%		397		-26.3%		-24.9%
Thymoglobulin		118		-2.5%		+3.3%		366		-0.3%		+2.7%
Cerdelga		86		+6.2%		+11.1%		252		+2.4%		+4.5%
Eloctate		77		-19.8%		-14.6%		212		-26.1%		-24.0%
Aubagio		49		-46.7%		-44.6%		187		-37.9%		-36.5%

Lantus sales were €438 million. US sales were €214 million benefiting from gross-to-net adjustments and an element of windfall sales due to the unavailability of competing medicines. Customer demand is now expected to normalize in 2026. In Europe and Rest of World, combined sales decreased, reflecting growth of Toujeo.

Toujeo sales were €321 million, driven by Rest of World where Toujeo continued to increase its basal insulin market share. Sales in Europe and US also increased.

Fabrazyme sales were €242 million and broadly stable with a slight growth in the number of patients outside the US.

Plavix sales were €223 million, with volume growth in Rest of World (majority of sales, €200 million), including from volume-based procurement in China.

Lovenox sales were €196 million, impacted by biosimilar competition in Europe.

Cerezyme sales were €161 million, with a slight growth in the number of patients. The Gaucher disease franchise (Cerezyme and Cerdelga) sales were €247 million and increased by 4.1%.

Alprolix sales were €149 million, driven by supply sales to the collaborator Sobi.

Praluent sales were €127 million with higher sales in Europe offset by lower sales in Rest of World.

Myozyme/Lumizyme sales were €122 million as patients switch to Nexviazyme/Nexviadyme.

Thymoglobulin sales were €118 million, reflecting higher sales in the US and Rest of World.

Cerdelga sales were €86 million with growth in the number of patients.

 

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Eloctate sales were €77 million as patients switch to ALTUVIIIO.

Aubagio sales were €49 million with loss of exclusivity in 2023. Aubagio sales will decrease further.

Vaccines

 

Net sales  (€ million)		Q3 2025		As reported		Change at CER		YTD 2025		As reported		Change at CER
Influenza, COVID-19		1,525		-20.3%		-16.8%		1,739		-17.2%		-13.9%
Beyfortus		739		+14.6%		+19.8%		1,095		+29.6%		+33.8%
Polio/Pertussis/Hib primary and booster vaccines		642		-15.6%		-12.2%		2,003		-5.0%		-2.8%
Meningitis, travel, and endemic		451		-6.8%		-1.9%		1,060		-0.7%		+2.2%
Total		3,357						5,897

Vaccines sales were €3,357 million, driven by lower sales of influenza vaccines.

Influenza, COVID-19 vaccines sales were €1,525 million. Sales in Europe were impacted by competitive price pressure, mainly in Germany while sales in the US were also impacted by a lower vaccination rate early in the season.

Beyfortus sales were €739 million. Sales in Europe and Rest of World were driven by geographical roll-out of infant protection; Beyfortus now protects infants in more than 40 countries. Sales in the US were reduced by a high comparison and existing inventory levels at the beginning of the season.

Polio/Pertussis/Hib (PPH) primary and booster vaccines sales were €642 million, reduced by delivery phasing earlier in the year of primary vaccine sales in some public markets.

Meningitis, travel, and endemic vaccines sales were €451 million, driven by lower sales of meningitis vaccines in all geographies partly offset by higher sales of travel vaccines.

Pipeline update

Sanofi has 94 projects in a pipeline across four main disease areas (Immunology, Rare diseases, Neurology, and selectively in Oncology) and Vaccines, including 44 potential new medicines and vaccines. The following section highlights significant developments in the late- and mid-stage pipeline since the prior results press release.

Highlights

 

Regulatory approvals		Wayrilz – ITP (US) Tzield – T1D, stage 2, delay onset of stage 3 (CN)
Regulatory submission acceptances		Dupixent – CSU children (US, EU) Tzield – T1D, stage 3, delay progression (US, CNPV review) Wayrilz – ITP (JP) Sarclisa – subcutaneous formulation (US, EU, JP, CN)
Phase 3 data readouts		amlitelimab – AD (COAST 1) – primary endpoints met Fluzone HD – influenza 50 years+ – primary endpoint met
Phase 3 study starts		lunsekimig – COPD (PERESEPHONE) Wayrilz – SCD, wAIHA
Regulatory designations		Wayrilz – IgG4-RD orphan (EU) SAR446268 – DM1 fast track (US) SAR402663 – wet AMD fast track (US)

Immunology

Dupixent (dupilumab)

 

The European Medicines Agency (EMA)’s Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending the approval of Dupixent in the EU for the treatment of chronic spontaneous urticaria (CSU) in adults and adolescents. This recommendation covers those aged 12 years and above with moderate to severe disease, with inadequate response to histamine-1 antihistamines, and who are naive to anti-immunoglobulin E therapy. A final decision is expected in the coming months. Dupixent is approved for CSU in certain adults and adolescents in several countries including Japan and the US.

 

The US Food and Drug Administration (FDA) accepted for review the regulatory submission of the supplemental biologics license application (sBLA) for Dupixent to treat CSU in children. The target action date for the FDA decision is April 27, 2026. A regulatory submission was also accepted in the EU.

 

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Rezurock (belumosudil)

The CHMP issued a negative opinion on the marketing authorisation application of Rezurock for the third-line treatment of adults and children with chronic graft-versus-host disease (cGVHD). Sanofi will seek a re-examination of the CHMP opinion. cGVHD is a life-threatening complication that devastates the lives of up to 50% of patients who undergo a stem cell transplant. cGVHD is considered one of the main causes of morbidity and late non-relapse mortality after stem cell transplant.

Tzield (teplizumab)

 

The Chinese National Medical Products Administration (NMPA) approved Tzield as the first disease-modifying therapy in autoimmune type 1 diabetes (T1D) indicated to delay the onset of stage 3 T1D in adult and children aged eight years and older with stage 2 T1D. The review was completed under priority review, following the recognition by NMPA of Tzield’s innovative profile and the benefit it brings to children. Tzield is approved for the treatment of adults and children aged eight years and older, living with stage 2 T1D, in the US, with regulatory reviews ongoing in the EU.

 

The FDA accepted for expedited review the sBLA for Tzield to delay the progression of stage 3 T1D in adults and children eight years of age and older recently diagnosed with stage 3 T1D. The FDA nominated Tzield for the Commissioner’s National Priority Voucher (CNPV) pilot program based on its potential to address a large unmet medical need. The CNPV program aims to shorten the review process from what normally takes 10-12 months to 1-2 months, while maintaining FDA’s rigorous safety and efficacy standards. Tzield had previously been granted priority review for the sBLA.

amlitelimab (OX40L mAb)

 

Positive results from the global COAST 1 phase 3 study (clinical study identifier: NCT06130566) showed that amlitelimab, a fully human non-T cell depleting monoclonal antibody (mAb) that targets OX40-ligand (OX40L), dosed either every four weeks (Q4W) or every 12 weeks (Q12W), met all primary and key secondary endpoints, demonstrating statistically significant and clinically meaningful skin clearance and disease severity compared to placebo at Week 24 in patients aged 12 years and older with moderate-to-severe atopic dermatitis (AD). Amlitelimab was well-tolerated, with no new safety concerns identified in this study.

For US and US reference countries, the primary endpoint was the proportion of patients with a validated investigator global assessment for AD (vIGA-AD) of 0 (clear) or 1 (almost clear) and a reduction from baseline score of ≥2 points. For the EU, EU reference countries and Japan, the co-primary endpoints comprised the proportion of patients with vIGA-AD 0/1 and a reduction from baseline score of ≥2 points along with the proportion of patients reaching a 75% or greater improvement in the eczema area and severity index total score (EASI-75). In both treatment arms, a progressive increase in efficacy without plateau was observed during the treatment period. The study’s key secondary endpoints were also achieved across both dosing arms at Week 24.

The OCEANA clinical development program of amlitelimab in AD, which includes COAST 1 and four other phase 3 studies (SHORE, COAST 2, AQUA, and ESTUARY) is anticipated to read out through 2026 and comprises the foundation for potential global regulatory submissions.

 

At the European Respiratory Society International Congress in Amsterdam, Netherlands, exploratory efficacy data from the TIDE-Asthma phase 2 study (clinical study identifier: NCT05421598) in patients with moderate-to-severe asthma were presented. While the primary endpoint of annualized asthma exacerbation rate (AAER) reduction at Week 48 did not reach statistical significance at the 250 mg dose, notable improvements were observed across key secondary endpoints, including pre-bronchodilator forced expiratory volume in one second (pre-BD FEV1) and improvements in asthma control questionnaire (ACQ-5) scores. In a post-hoc analysis, patients with potential evidence of mixed-type inflammation based on elevated blood neutrophils (≥4000 cells/µL) and eosinophils (≥300 cells/µL) showed the greatest benefit with amlitelimab, including greater reductions in AAER, and larger improvements in pre-BD FEV1 and ACQ-5 scores. Amlitelimab was well-tolerated, with no new safety concerns identified in this study.

lunsekimig (IL13xTSLP Nanobody® VHH)

Two proof-of-concept phase 2b/3 studies of two dosing intervals of subcutaneous lunsekimig compared with placebo commenced dosing the first patient in the Chronic Obstructive Pulmonary Disease (COPD) program; PERSEPHONE (clinical study identifier: NCT07190209) and THESEUS (clinical study identifier: NCT07190222).

brivekimig (TNFxOX4OL Nanobody® VHH)

 

At the European Academy of Dermatology and Venereology Congress in Paris, France, data from the HS-OBTAIN phase 2a study (clinical study identifier: NCT05849922) was presented. The HS-OBTAIN phase 2a study is a randomized, double-blind, placebo-controlled, proof-of-concept study assessing the efficacy and safety of brivekimig in adults with moderate-to-severe hidradenitis suppurativa (HS). The data showed that treatment with subcutaneous brivekimig 150 mg every two weeks led to clinically meaningful improvements in the primary endpoint of Hidradenitis Suppurativa Clinical Response (HiSCR50) in patients naïve to biologics with moderate-to-severe hidradenitis suppurativa. Brivekimig was well tolerated, with no serious adverse events. HS is a chronic and debilitating inflammatory skin disease characterized by painful cutaneous nodules, abscesses and draining tunnels. For example, approximately 196,000 adults in the EU live with HS.

The randomized, double-blind, placebo-controlled, dose-ranging BRIGHTEN phase 2b study (clinical study identifier: NCT07170917) of brivekimig in patients with moderate-to-severe HS will commence soon.

 

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Two proof-of-concept phase 2 studies of different dose regimens of subcutaneous brivekimig compared with placebo commenced dosing the first patients in Crohn’s disease (clinical study identifier: NCT06958536) and ulcerative colitis (UC) (clinical study identifier: NCT06975722).

balinatunfib (oral anti-TNF)

During the quarter, data from a phase 2 study (clinical study identifier: NCT06073093) of balinatunfib in patients with rheumatoid arthritis (RA) not adequately controlled with methotrexate (MTX) and naive to advanced treatments finished its analysis. The study assessed the safety and efficacy of balinatunfib at four dose schedules against placebo on a background of MTX standard treatment using established RA endpoints. The primary endpoint assessment using ACR20 did not achieve statistical significance due to a very high placebo response of more than 50%. However, when assessing endpoints requiring deeper disease control, including ACR50, ACR70, and low-disease activity DAS28-CRP≤3.2, the efficacy signal was clinically meaningful. Balinatunfib was generally well tolerated over the short treatment period of 12 weeks and the safety profile was consistent with prior studies. The future development strategy for balinatunfib is currently being evaluated, including the potential to become a combination backbone for internal as well as externally partnered oral medicines for the treatment of RA and other diseases in which TNF plays a key role in the pathophysiology of the disease.

Rare diseases

Wayrilz (rilzabrutinib)

 

The FDA approved Wayrilz for adults with persistent or chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. The approval was based on the pivotal LUNA 3 phase 3 study, in which Wayrilz met the primary and secondary endpoints, showing a positive impact on sustained platelet counts and other ITP symptoms. As a novel, oral, reversible, Bruton’s tyrosine kinase inhibitor, Wayrilz can help address the root causes of ITP through multi-immune modulation, targeting different pathways across the immune system. Wayrilz is currently under regulatory review for ITP in the EU, Japan (submitted during the quarter), and China.

The CHMP adopted a positive opinion recommending the approval of Wayrilz as a new treatment for ITP in adult patients who are refractory to other treatments. A final decision is expected in the coming months.

 

The EMA granted orphan designation to Wayrilz for IgG4-related disease (IgG4-RD). EMA grants orphan designation to potential new medicines addressing rare, life-threatening, or debilitating diseases or conditions that affect no more than 5 in 10,000 persons in the EU. In addition to IgG4-RD, Wayrilz has received orphan designations for ITP in the US, the EU, and Japan; and for warm autoimmune hemolytic anemia (wAIHA), IgG4-RD, and sickle cell disease (SCD) in the US. Wayrilz has also been granted fast track designation in the US in ITP and IgG4-RD.

 

Two phase 3 studies of Wayrilz commenced dosing the first patients in rare diseases. One study will assess the medicine in SCD, LIBRA (clinical study identifier: NCT06975865) and one study in wAIHA, LUMINA 3 (clinical study identifier: NCT07086976).

 

A proof-of-concept phase 2 study (clinical study identifier: NCT06984627) of two dose regimens of Wayrilz in patients with Graves’ disease commenced dosing the first patient. Graves’ disease, also known as toxic diffuse goiter or Basedow’s disease, is an autoimmune disease that affects the thyroid. It frequently results in and is the most common cause of hyperthyroidism and it also often results in an enlarged thyroid.

SAR447537 (efdoralprin alfa)

Positive results from the global ElevAATe phase 2 study (clinical study identifier: NCT05856331) showed that efdoralprin alfa (formerly known as INBRX-101), met all primary and key secondary endpoints when dosed every three weeks (Q3W) or four weeks (Q4W) in adults with alpha-1 antitrypsin deficiency (AATD) emphysema, a rare disease. Efdoralprin alfa is a recombinant human alpha-1 antitrypsin (AAT)-Fc fusion protein. It demonstrated a statistically significant greater mean increase in functional AAT levels within normal range as measured by trough concentrations at steady state compared to those receiving weekly plasma-derived augmentation therapy at Week 32 [p<0.0001]. The study also met key secondary endpoints, demonstrating superior mean increase in fAAT average concentration as well as higher percentage of days above the lower limit of the normal range for both Q3W and Q4W dosing. Efdoralprin alfa was well tolerated with a similar adverse event profile to plasma-derived therapy. Additional safety follow-up is being assessed in the ElevAATe OLE phase 2 study (clinical study identifier: NCT05897424). Efdoralprin alfa was previously granted fast track and orphan drug designation by FDA for the treatment of AATD emphysema. Sanofi plans to present the data at a forthcoming medical meeting and engage with global regulatory authorities on the appropriate next steps.

SAR446268 (DMPK-silencing gene therapy)

The FDA granted fast-track designation to SAR446268, a one-time gene therapy for the treatment of non-congenital (juvenile and adult onset) myotonic dystrophy type 1 (DM1), long known as Steinert disease. SAR446268 is the only potential new gene therapy in clinical development for this disease, and there are no currently approved treatments for DM1. SAR446268 is expected to advance into a first-in-human, phase 1/2 study (clinical study identifier: NCT06844214) in late 2025. Sanofi has already been granted orphan designations for SAR446268 in both the US (July 2024) and EU (October 2024).

Neurology

 

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tolebrutinib (BTK inhibitor)

The FDA extended by three months the target action date of its review of the new drug application (NDA) of tolebrutinib to treat non-relapsing secondary progressive multiple sclerosis (SPMS) and to slow disability accumulation independent of relapse activity in adult patients. Based on the submission of additional analyses during the review, the FDA determined that the additional information constituted a major amendment to the NDA and extended the target action date accordingly. The revised target action date for the FDA decision is December 28, 2025. In addition to the extended regulatory review in the US, tolebrutinib is being reviewed by other regulatory agencies, including in the EU. As part of the ongoing regulatory dialogue to establish the appropriate benefit/risk profile of tolebrutinib, agencies are focused on the target patient population, comparing efficacy across populations, and the proposed safety risk mitigation plan to address liver toxicity.

SAR402663 (FLT01-encoding gene therapy)

The FDA granted fast-track designation to SAR402663, a one-time, intravitreal gene therapy for the treatment of neovascular (or ‘wet’) age-related macular degeneration (AMD). SAR402663 is currently in a phase 1/2 study (clinical study identifier: NCT06660667).

Oncology

Sarclisa (isatuximab)

The FDA accepted for review the regulatory submission of the sBLA for subcutaneous Sarclisa in multiple myeloma. The target action date for the FDA decision is April 23, 2026. Regulatory submissions were also completed in the EU, Japan, and China.

SAR447873 (²¹²Pb-dotamtate)

At the 2025 European Society for Medical Oncology Congress, Berlin, Germany, positive data from the ALPHAMEDIX-02 phase 2 study (clinical study identifier: NCT05153772) showed that SAR447873, a somatostatin receptor (SSTR)-targeted alpha therapy using the lead-212 isotope, met all primary efficacy endpoints and showed clinically meaningful overall response rates and prolonged clinical benefits in both peptide receptor radionuclide therapy (PRRT)-naïve and PRRT-exposed patients with unresectable or metastatic SSTR-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Benefits in key secondary endpoints, including progression-free survival and overall survival, were also observed across both cohorts. SAR447873 had a manageable safety profile that was similar across both cohorts. In February 2024, the medicine was designated a breakthrough therapy by the FDA for treatment of PRRT-naïve patients with unresectable or metastatic, progressive SSTR-expressing GEP-NETs. Next steps for SAR447873 will be decided following discussions with health authorities.

Vaccines

Efluelda (influenza)

New data from the FLUNITY-HD phase 4 study (clinical study identifier: NCT06506812), published in The Lancet, demonstrated that Efluelda (Fluzone High-Dose in North America) significantly reduced the risk of hospitalizations in adults 65 years and older compared to standard-dose influenza vaccines¹. This was the largest influenza vaccine effectiveness study of individually randomized older adults, involving nearly half a million participants across multiple seasons and two geographic areas. This study provided robust evidence that the high-dose influenza vaccine offers superior protection against the severe complications of influenza, including:

- 31.9% (95% CI, 19.7 to 42.2; p<0.001) additional reduction in lab-confirmed influenza hospitalizations

- 8.8% (95% CI, 1.7 to 15.5; p=0.008) additional protection against pneumonia/influenza hospitalizations

- 6.3% (95% CI, 2.5 to 10.0; p<0.001) additional reduction in hospitalizations for cardio-respiratory events

- 2.2% (95% CI, 0.3 to 4.1; p=0.012) additional protection against all-cause hospitalizations, meaning one additional hospitalization could be averted for every 515 (95% CI, 278 to 3,929) individuals vaccinated with Efluelda instead of a standard-dose flu vaccine.

Nuvaxovid (COVID-19)

In October, Novavax announced that it had completed the transfer of the EU marketing authorisation for Nuvaxovid in COVID-19 prevention to Sanofi, enabling Sanofi to take control of commercial and regulatory activities. The marketing authorization transfer in the US is ongoing.

Fluzone HD (influenza 50 years+)

Fluzone High-Dose (HD) / Efluelda is approved in many jurisdictions (including the US and EU) to prevent influenza in people aged 65 years and above. A phase 3 study (clinical study identifier: NCT06641180) in people aged 50 to 64 years read out positively on safety and immunogenicity at an interim analysis, supporting planned regulatory submissions in 2026 for a potential label extension down to adults aged 50 years and older.

 

¹ The standard-dose influenza vaccines used in the FLUNITY-HD study were VaxigripTetra (Sanofi) and InfluvacTetra (a registered trademark of Viatris).

Standard-dose vaccines often serve as the primary influenza prevention option for the general population.

 

8

SP0125 (RSV toddler)

The SP0125 program for the prevention of respiratory syncytial virus (RSV)-related disease in toddlers was recently discontinued following a planned futility analysis conducted by an independent data monitoring committee (IDMC). The decision was due to insufficient efficacy seen in the main PEARL phase 3 study (clinical study identifier: NCT06252285). The safety profile was acceptable, and no signals of vaccine-associated enhanced respiratory disease were observed by the IDMC.

SP0287 (Fluzone HD/Flublok and Nuvaxovid)

The SP0287 program consists of two combination vaccine candidates: the inactivated influenza vaccine Fluzone High-Dose (HD) or the recombinant-protein influenza vaccine Flublok and the adjuvanted recombinant COVID-19 vaccine Nuvaxovid. The phase 1/2 study of each combination (clinical study identifiers: NCT06695117 and NCT06695130) completed with preliminary positive safety and immunogenicity results. Sanofi will engage with regulatory authorities to discuss next step for this program.

SP0289 (influenza, H5 pandemic, mRNA)

The phase 1/2 study (clinical study identifier: NCT06744205) of the SP0289 vaccine candidate to prevent H5 pandemic influenza showed a good safety profile and strong immunogenicity results, with 90-100% of people achieving seroprotection after two doses across all formulations tested. Sanofi is evaluating the next steps for this program.

SP0335 (influenza, H5 pandemic, inactivated adjuvanted)

In September, Novavax announced that it had expanded Sanofi’s license to include use of Novavax’s Matrix-M adjuvant with SP0335, a second vaccine candidate to prevent H5 pandemic influenza. Sanofi received funding from the Biomedical Advanced Research and Development Authority within the Administration for Strategic Preparedness and Response, part of the Department of Health and Human Services in the US, for early-stage clinical work on this vaccine candidate including the Matrix-M adjuvant.

Anticipated major upcoming pipeline milestones

 

		Medicine/vaccine		Indication		Description
Q4 2025		Dupixent		CSU		regulatory decision (EU)
				allergic fungal rhinosinusitis		regulatory submission (US)
		teplizumab		T1D, stage 2, delay onset of stage 3		regulatory decision (EU)
				T1D, stage 3, delay progression		regulatory decision (EU)
		Wayrilz		ITP		regulatory decision (EU)
		Qfitlia		hemophilia A/B		regulatory decision (CN)
		tolebrutinib		SPMS		regulatory decision (US)
				primary progressive multiple sclerosis (PPMS)		phase 3 data
		SP0087		rabies		regulatory submission (US, EU)
		SP0230		meningitis		phase 2 data
		SP0256		RSV (older adults)		phase 2 data
H1 2026		Dupixent		BP		regulatory decision (EU, JP, CN)
				CSU children		regulatory decision (US, EU)
		amlitelimab		AD		phase 3 data (full readout)
		lunsekimig		asthma		phase 2 data
		eclitasertib		UC		phase 2 data
		Tzield		T1D, stage 3, delay progression		regulatory decision (US)
		Cerezyme		GD3		regulatory decision (US)
		Nexviazyme		infantile-onset Pompe disease (IOPD)		phase 3 data
		venglustat		Fabry disease		phase 3 data
						regulatory submission (US)
				GD3		phase 3 data
						regulatory submission
		Sarclisa		subcutaneous formulation		regulatory decision (US, EU, JP)
		tolebrutinib		SPMS		regulatory decision (EU)
				PPMS		regulatory submission (US, EU)
		Fluzone HD		influenza (50 years+)		regulatory submission (US)
H2 2026		Dupixent		lichen simplex chronicus		regulatory submission (US)
		amlitelimab		AD		regulatory submission
		Wayrilz		ITP		regulatory decision (CN)
		Nexviazyme		infantile-onset Pompe disease		regulatory submission (US)
		efdoralprin alfa		AATD emphysema		regulatory submission (US)
		Fluzone HD		influenza (50 years+)		regulatory submission (EU)
		SP0218		yellow fever		phase 3 data

.

 

9

Q3 and YTD 2025 financial results

Net income attributable to equity holders of Sanofi (IFRS measure) and Business net income (non-IFRS measure)¹

Net sales were €12,434 million in Q3 2025 and increased by 2.3% (7.0% at CER) from €12,157 million in Q3 2024. In YTD 2025, net sales were €32,323 million and increased by 5.9% (8.7% at CER) from €30,517 million in YTD 2024.

Other revenues were €736 million in Q3 2025 and decreased by 10.2% (5.9% at CER) from €820 million in Q3 2024. VaxServe sales of non-Sanofi products were €484 million and decreased by 5.7% at CER. In addition, other revenues included sales of Opella products in certain markets (€125 million), manufacturing services and other (€67 million), royalties (€32 million), and supply sales to Opella (€28 million). In YTD 2025, other revenues were €2,188 million and decreased by 6.9% (4.6% at CER) from €2,349 million in YTD 2024. VaxServe sales of non-Sanofi products were €1,326 million and decreased by 2.3% at CER. In addition, other revenues included manufacturing services and other (€342 million), sales of Opella products in certain markets (€331 million), royalties (€100 million), and supply sales to Opella, etc. (€89 million).

Gross profit (IFRS) was €9,758 million in Q3 2025 and €9,314 million in Q3 2024. Business gross profit² (non-IFRS) was €9,815 million in Q3 2025 and €9,317 million in Q3 2024. Business gross profit in Q3 2025 is equal to the Gross profit for Q3 2025 excluding a €(57) million release of the fair value step up to inventory, relating to the acquisition of Blueprint. In YTD 2025, gross profit was €25,218 million from €23,237 million in YTD 2024, and business gross profit was €25,275 million and €23,247 million in YTD 2024. Generally, the improvements in Q3 and YTD 2025 were driven by a portfolio shift towards specialty care and enhanced product mix. Specifically, in Q3 2025, the improvement also benefitted from lower inventory write-off.

Research and Development expenses were €1,834 million in Q3 2025 and increased by 1.8% (4.9% at CER) from €1,802 million in Q3 2024, broadly reflecting the underlying activity level. The ratio of R&D to net sales was 14.7% and decreased by 0.1pp (14.5% at CER, down by 0.3pp). In YTD 2025, R&D expenses were €5,551 million and increased by 8.1% (9.7% at CER) from €5,137 million in YTD 2024. The higher increase in the YTD period includes a c. €200 million one-time reimbursement of past ALTUVIIIO development expenses, received in Q2 2024, lowering the comparative period, as well as wind-down costs in Q1 2025 for the discontinued E. coli sepsis vaccine candidate. The ratio of R&D to net sales was 17.2% and increased by 0.4pp (17.0% at CER, up by 0.2pp).

Selling, general and administrative expenses were €2,291 million in Q3 2025 and increased by 2.6% (7.1% at CER) from €2,232 million in Q3 2024. The ratio of SG&A to net sales was 18.4% and stable (18.4% at CER, stable). In YTD 2025, SG&A expenses were €6,797 million and increased by 4.0% (6.3% at CER) from €6,535 million in YTD 2024. The ratio of SG&A to net sales was 21.0% and decreased by 0.4pp (20.9% at CER, down by 0.5pp). Generally, the SG&A developments in Q3 and YTD 2025 reflected continued support of launches and newer medicines. Specifically, in Q3 2025, expenses also included the first-time consolidation of Blueprint following the closing of the acquisition in July.

Total operating expenses were €4,125 million in Q3 2025 and increased by 2.3% (6.1% at CER) from €4,034 million in Q3 2024. In YTD 2025, total operating expenses were €12,348 million and increased by 5.8% (7.8% at CER) from €11,672 million in YTD 2024.

Other operating income net of expenses was -€1,303 million in Q3 2025 and increased by 31.2% (39.1% at CER) from -€993 million in Q3 2024. Income included €144 million from license-out royalties, etc., including on Amvuttra^® (€69 million in Q3 2024), and €85 million from divestments of medicines/portfolio streamlining (€13 million in Q3 2024). The income was more than offset by an expense of €1,369 million representing Regeneron’s share of profit from the monoclonal antibody alliance (-€1,066 million in Q3 2024), -€101 million relating to other pharmaceutical collaborators (-€18 million in Q3 2024), and -€62 million from other (€9 million in Q3 2024). Q3 2025 included the effect from a court decision on Plavix in France. In YTD 2025, other operating income net of expenses was -€3,246 million and increased by 34.9% (39.2% at CER) from -€2,407 million in YTD 2024. Income included €419 million from divestments (€215 million in YTD 2024), and €281 million from license-out royalties, etc. (€179 million in YTD 2024). Expenses included €3,696 million from Regeneron’s share of profit from the monoclonal antibody alliance (-€2,903 million in YTD 2024), -€167 million from other pharmaceutical collaborations (-€5 million in YTD 2024), and -€83 million from other (€107 million in YTD 2024).

Share of profit from associates was €62 million in Q3 2025 compared to €38 million in Q3 2024 and mainly included the share of profit related to Vaxelis in the US. In YTD 2025, share of profit from associates was €139 million compared to €104 million in YTD 2024 and mainly included the share of profit related to Vaxelis.

Net financial expenses were €64 million in Q3 2025 compared to €71 million in Q3 2024, reflecting lower net debt for part of the quarter and lower average interest rates. In YTD 2025, net financial expenses were €191 million compared to €201 million in YTD 2024, also reflecting lower net debt for part of the period and lower average interest rates.

 

¹ See Appendix 3 for the Q3 and YTD 2025 consolidated income statement; see Appendix 9 for definitions of financial indicators, and Appendix 4 for reconciliation of IFRS net income reported to business net income.

² See Appendix 2 for the Q3 and YTD 2025 components of Business net income, Appendix 3 for the Q3 and YTD 2025 consolidated income statement and Appendix 9 for the definition and reconciliation of the financial indicator.

 

10

The effective tax rate was 19.3% in Q3 2025 and decreased from 20.0% in Q3 2024. Generally, the effective tax rate will fluctuate from quarter to quarter. In YTD 2025, the effective tax rate was 20.2% and increased from 20.0% in YTD 2024. Sanofi continues to target an effective tax rate in 2025 which is broadly stable versus 2024 (20%).

Net income attributable to equity holders of Sanofi (IFRS measure) was €2,802 million in Q3 2025 and decreased by 0.5% from €2,815 million in Q3 2024. Business net income (non-IFRS measure) was €3,547 million in Q3 2025 and increased by 4.0% from €3,411 million in Q3 2024. The ratio of business net income to net sales was 28.5% and increased by 0.4pp (28.8% at CER, up by 0.7pp). In YTD 2025, business net income was €7,699 million and increased by 5.9% (9.8% at CER) from €7,270 million in YTD 2024. The ratio of business net income to net sales was 23.8% and stable (24.1% at CER, up by 0.3pp). See below and Appendix 4 for a reconciliation of Net income attributable to equity holders of Sanofi to business net income.

Net income attributable to equity holders of Sanofi divided by the weighted average number of shares outstanding was €2.30 and increased from €2.25 in Q3 2024. Business earnings per share (business EPS) was €2.91 in Q3 2025 and increased by 7.0% (13.2% at CER) from €2.72 in Q3 2024. The average number of shares outstanding was 1,218.1 million compared to 1,253.0 million in Q3 2024. In YTD 2025, Net income attributable to equity holders of Sanofi divided by the weighted number of shares outstanding was €7.04 and increased from €4.05 in YTD 2024, and business EPS was €6.30 and increased by 8.4% (12.4% at CER) from €5.81 in YTD 2024. The average number of shares outstanding was 1,223.0 million compared to 1,250.6 million in YTD 2024.

We remind investors, however, that “Business net income” should not be considered in isolation from, or as a substitute for, Net income attributable to equity holders of Sanofi reported in accordance with IFRS. In addition, we strongly encourage investors and potential investors not to rely on any single financial measure but to review our financial statements, including the notes thereto, carefully and in their entirety.

We compensate for the material limitations described above by using “Business net income” only to supplement our IFRS financial reporting and by ensuring that our disclosures provide sufficient information for a full understanding of all adjustments included in “Business net income”.

Because our “Business net income” and “Business EPS” are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures.

Influenza vaccines

In late September, Sanofi confirmed that representatives of the European Commission (EC) visited company premises in France and Germany in connection with an investigation into influenza vaccines. Sanofi is confident that it is compliant with the relevant rules and regulations and is cooperating fully with the EC.

Opella

On April 30, 2025, Sanofi and CD&R closed the Opella transaction, creating an independent global consumer healthcare leader. Sanofi retained a significant shareholding in Opella through a 48.2% equity interest in OPAL JV Co, which indirectly holds 100% of Opella. Bpifrance owns 1.8% and CD&R the remaining 50.0%. The transaction was completed on the terms previously disclosed, and Sanofi received net cash proceeds of €10.7 billion.

Reconciliation of IFRS net income reported to business net income (see Appendix 4)

In YTD 2025, the IFRS net income was €8,614 million. The main items excluded from the business net income were:

 

Net income from the Opella discontinued operation amounted to €2,861 million, including €2,674 million related to an Opella divestment net gain following the loss of control date.

 

An amortization charge of €1,238 million, of which €1,199 million related to intangible assets measured at their acquisition-date fair values (mainly Bioverativ €447 million, Provention Bio €155 million, Ablynx €126 million, Kadmon €119 million, Beyfortus €92 million, Blueprint €90 million and Genzyme €51 million) and €39 million related to intangible assets from separate acquisitions, measured initially at acquisition cost (licenses/products). These items had no cash impact.

 

A net impairment expense of €228 million linked to research and development projects.

 

A €57 million step-up inventory amortization from the Blueprint acquisition reported in the costs of sales line.

 

Restructuring costs and similar items of €602 million mainly related to redundancy plans during YTD 2025.

 

Other gains and losses, and litigation of €57 million.

 

A financial charge of €99 million related to the remeasurement of expected future royalty on Beyfortus US sales.

 

A €543 million tax effect arising from the items listed above, mainly comprising €202 million of deferred taxes generated by amortization of intangible assets and €147 million associated with restructuring costs and similar items.

 

11

Cash flow

In YTD 2025, net cash provided by/(used in) operating activities (IFRS) was €7,305 million and free cash flow¹ (non-IFRS) was €5,452 million. In YTD 2024, net cash provided by/(used in) operating activities was €5,270 million and free cash flow was €3,615 million.

Total debt and Net debt

After the acquisitions of Blueprint Medicines Corporation (-€8,381 million), of Dren-0201, Inc. (-€539 million) and of Vigil Neuroscience, Inc. (-€363 million), the impact of the share buyback of -€4,128 million, the dividend paid by Sanofi of -€4,772 million, the cash provided by the discontinued Opella business of €136 million, and the net cash inflow from the Opella transaction of €10,662 million, the change in net debt was -€2,285 million compared to December 31, 2024. Total debt increased from €16,137 million on December 31, 2024, to €19,968 million on September 30, 2025, and net debt increased from €8,772 million on December 31, 2024, to €11,057 million on September 30, 2025 (amount net of €8,906 million in cash and cash equivalents). “Net debt” is a non-IFRS measure that is not a standardized measure, and may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, this measure has no standardized meaning prescribed by IFRS.

We believe the presentation of this non-IFRS financial measure, which is reviewed by our management, provides useful information to measure our overall liquidity and capital resources. We define “net debt” as (i) the sum total of short-term debt, long-term debt, and interest rate derivatives and currency derivatives used to manage debt, minus (ii) the sum total of cash and cash equivalents and interest rate derivatives and currency derivatives used to manage cash and cash equivalents. However, it should not be seen as a substitute for “total debt.”

 

(€ million)		September 30, 2025				December 31, 2024
Long-term debt			11,700				11,791
Short-term debt and current portion of long-term debt			8,202				4,209
Interest rate and currency derivatives used to manage debt			67				137
Total debt			19,968				16,137
Cash and cash equivalents			(8,906)				(7,441)
Interest rate and currency derivatives used to manage cash and cash equivalents			(6)				76
Net debt (a) (non-IFRS)			11,057				8,772

 

(a)

Net debt does not include lease liabilities, which amounted to €1,853 million as of September 30, 2025 and €1,906 million as of December 31, 2024.

Shareholder return

Following shareholder approval at the annual general meeting in April, shareholders received a dividend of €3.92 per share for 2024, marking 30 consecutive years of dividend increases. Additionally, Sanofi is executing a €5 billion share buyback program in 2025, with the purpose of share cancellation. As of September 30, 2025, 82.0% of the program had been completed, with the remaining shares to be purchased in the open market during the rest of 2025. In 2025, a total of 39,728,314 treasury shares of the Company were cancelled, including 2,664,871 that have been cancelled since June 30, 2025.

 

 

 

1	See Appendix 9 for definition of financial indicator and Appendix 5 for reconciliation from net cash provided by/(used in) operating activities to free cash flow..

 

12

Appendices

 

 

Appendix 1		Net sales by medicine/vaccine and geography			14
Appendix 2		Components of Business net income by segment			20
Appendix 3		Consolidated income statement			21
Appendix 4		Reconciliation of net income attributable to equity holders of Sanofi (IFRS) to business net income (non-IFRS)			22
Appendix 5		Summarized statements of cash flow and reconciliation of free cash flow			23
Appendix 6		Simplified consolidated balance sheet			24
Appendix 7		Other operating income net of expenses related to Regeneron			25
Appendix 8		Currency sensitivity			26
Appendix 9		Definitions of non-IFRS financial indicators			27

 

13

Appendix 1: Q3 2025 net sales by medicine/vaccine and geography

 

14

Q3 2025  (€ million)		Total sales		% at actual exchange rates		% CER						United States		% CER						Europe		% CER						Rest of World		% CER
Immunology
Dupixent		4,156		+19.6%		+26.2%						3,073		+27.9%						504		+20.9%						579		+21.7%
Kevzara		131		+20.2%		+26.6%						87		+41.5%						31		—%						13		+14.3%
Rare diseases
ALTUVIIIO (*)		294		+70.9%		+81.4%						247		+64.4%						—		—%						47		+308.3%
Fabrazyme		242		-4.3%		-0.4%						124		+0.8%						62		—%						56		-3.3%
Nexviazyme/Nexviadyme (*)		200		+22.7%		+27.6%						98		+15.6%						74		+57.4%						28		+15.4%
Cerezyme		161		-1.8%		+0.6%						44		-2.1%						56		+1.8%						61		+1.6%
Alprolix		149		+0.7%		+7.4%						106		+1.8%						—		—%						43		+23.7%
Ayvakit (*)		137		—%		—%						119		—%						16		—%						2		—%
Myozyme		122		-27.4%		-25.0%						41		-30.2%						40		-33.3%						41		-6.7%
Cerdelga		86		+6.2%		+11.1%						45		+6.5%						37		+19.4%						4		—%
Aldurazyme		79		+17.9%		+22.4%						17		-5.6%						20		+11.1%						42		+45.2%
Eloctate		77		-19.8%		-14.6%						41		-21.4%						—		—%						36		-5.0%
Cablivi (*)		66		+4.8%		+9.5%						35		+11.8%						25		+8.3%						6		—%
Xenpozyme (*)		57		+39.0%		+43.9%						23		+25.0%						22		+57.1%						12		+71.4%
Qfitlia (*)		4		—%		—%						4		—%						—		—%						—		—%
Wayrilz (*)		1		—%		—%						1		—%						—		—%						—		—%
Neurology
Aubagio		49		-46.7%		-44.6%						25		-46.9%						15		-46.7%						9		-30.8%
Oncology
Sarclisa (*)		155		+36.0%		+41.2%						61		+41.3%						46		+35.3%						48		+47.1%
Jevtana		62		-15.1%		-9.6%						47		-12.5%						1		—%						14		—%
Fasturtec		43		-6.5%		-4.3%						26		—%						12		—%						5		-50.0%
Other main medicines
Lantus		438		+1.9%		+6.7%						214		+29.7%						75		-11.8%						149		-7.6%
Toujeo		321		+5.9%		+9.2%						55		+7.4%						124		+5.1%						142		+13.7%
Plavix		223		-3.0%		+1.3%						1		—%						22		-4.3%						200		+2.0%
Lovenox		196		-15.9%		-14.6%						1		—%						107		-18.3%						88		-9.9%
Praluent		127		+0.8%		+1.6%						—		—%						106		+23.5%						21		-43.9%
Thymoglobulin		118		-2.5%		+3.3%						72		+4.1%						9		-10.0%						37		+5.3%
Rezurock (*)		114		-13.0%		-6.9%						100		-9.3%						(1)		-112.5%						15		+220.0%
Aprovel		100		+2.0%		+6.1%						1		—%						18		—%						81		+7.6%
Multaq		78		+8.3%		+15.3%						71		+15.4%						2		—%						5		+20.0%
Soliqua/iGlarLixi		62		+12.7%		+18.2%						19		+17.6%						13		+8.3%						30		+23.1%
Tzield (*)		18		+20.0%		+26.7%						17		+20.0%						1		—%						—		—%
Mozobil		10		-37.5%		-43.8%						1		-75.0%						2		-71.4%						7		+20.0%
Others		905		-15.7%		-13.1%						77		-27.0%						273		-9.3%						555		-12.6%
Industrial Sales		96		-23.2%		-21.6%						—		—%						95		-21.8%						1		—%
Vaccines
Influenza, COVID-19 (**)		1,525		-20.3%		-16.8%						1,038		-11.4%						356		-25.6%						131		-29.4%
Beyfortus (**)		739		+14.6%		+19.8%						389		-21.4%						261		+166.3%						89		+526.7%

 

15

Polio/Pertussis/Hib primary vaccines and boosters		642		-15.6%		-12.2%						205		-3.1%						106		-20.3%						331		-14.6%
Meningitis, travel, and endemic		451		-6.8%		-1.9%						314		—%						57		+11.8%						80		-15.2%
Biopharma		12,434		+2.3%		+7.0%						6,838								2,589								3,007
Pharma launches (*)		1,046		+49.6%		+57.1%						705		+55.5%						183		+45.7%						158		+82.0%
Launches (*), (**)		1,805		+34.3%		+40.8%						1,114		+17.2%						444		+98.2%						247		+146.2%

 

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Appendix 1: YTD 2025 net sales by medicine/vaccine and geography

 

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YTD 2025  (€ million)		Total sales		% at actual  exchange rates		% CER		United States		% CER		Europe		% CER		Rest of World		% CER
Immunology
Dupixent		11,468		+19.3%		+22.7%		8,356		+23.4%		1,448		+21.8%		1,664		+20.1%
Kevzara		376		+26.2%		+29.2%		238		+44.7%		96		+6.7%		42		+12.8%
Rare diseases
ALTUVIIIO (*)		836		+85.0%		+90.0%		703		+73.0%		—		—%		133		+306.1%
Fabrazyme		767		-1.4%		+0.5%		385		+0.8%		196		+2.6%		186		-2.1%
Nexviazyme/Nexviadyme (*)		587		+21.5%		+23.6%		293		+14.0%		206		+45.1%		88		+16.9%
Cerezyme		524		-8.2%		-6.0%		135		-3.5%		175		-3.3%		214		-9.3%
Alprolix		454		+8.4%		+11.5%		346		+5.7%		—		—%		108		+34.5%
Myozyme		397		-26.3%		-24.9%		132		-26.5%		137		-33.2%		128		-11.4%
Cerdelga		252		+2.4%		+4.5%		134		+1.5%		105		+9.4%		13		—%
Aldurazyme		242		+6.1%		+7.9%		53		—%		63		—%		126		+16.2%
Eloctate		212		-26.1%		-24.0%		138		-22.4%		—		—%		74		-26.9%
Cablivi (*)		202		+14.8%		+16.5%		106		+16.0%		80		+19.4%		16		+6.7%
Xenpozyme (*)		167		+47.8%		+50.4%		70		+26.3%		66		+73.7%		31		+77.8%
Ayvakit (*)		137		—%		—%		119		—%		16		—%		2		—%
Qfitlia (*)		5		—%		—%		5		—%		—		—%		—		—%
Wayrilz (*)		1		—%		—%		1		—%		—		—%		—		—%
Neurology
Aubagio		187		-37.9%		-36.5%		101		-28.3%		55		-55.2%		31		—%
Oncology
Sarclisa (*)		431		+26.4%		+28.7%		180		+26.7%		129		+31.6%		122		+28.9%
Jevtana		203		-4.7%		-2.8%		155		+1.3%		3		-40.0%		45		-11.5%
Fasturtec		131		-0.8%		+0.8%		83		+1.2%		37		+2.8%		11		-9.1%
Other main medicines
Lantus		1,314		+10.5%		+13.7%		609		+40.7%		224		-13.8%		481		+3.7%
Toujeo		1,013		+8.1%		+9.9%		181		+8.2%		372		+3.6%		460		+16.2%
Plavix		696		-1.0%		+1.7%		4		—%		66		-4.3%		626		+2.4%
Lovenox		643		-14.4%		-12.1%		10		+42.9%		354		-18.8%		279		-3.9%
Praluent		394		+5.6%		+6.2%		—		—%		315		+23.1%		79		-30.5%
Rezurock (*)		377		+11.5%		+14.5%		320		+7.5%		22		+10.0%		35		+200.0%
Thymoglobulin		366		-0.3%		+2.7%		226		+1.3%		30		+3.4%		110		+5.6%
Aprovel		312		+0.3%		+2.6%		4		+33.3%		53		-3.6%		255		+3.6%
Multaq		238		+1.7%		+4.3%		216		+5.7%		7		-12.5%		15		-6.3%
Soliqua/iGlarLixi		198		+17.2%		+20.1%		63		+16.4%		39		+11.4%		96		+26.6%
Tzield (*)		47		+30.6%		+33.3%		44		+28.6%		2		+100.0%		1		—%
Mozobil		26		-58.1%		-58.1%		3		-66.7%		7		-80.0%		16		-11.1%
Others		2,876		-13.8%		-11.3%		253		-20.2%		857		-11.3%		1,766		-9.8%

 

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Industrial Sales		347		-13.0%		-12.3%		1		—%		336		-14.4%		10		+800.0%
Vaccines
Influenza, COVID-19 (**)		1,739		-17.2%		-13.9%		1,092		-8.2%		408		-19.8%		239		-26.2%
Beyfortus (**)		1,095		+29.6%		+33.8%		457		-25.3%		346		+229.5%		292		+227.2%
Polio/Pertussis/Hib primary vaccines and boosters		2,003		-5.0%		-2.8%		525		+0.9%		329		-13.6%		1,149		-1.1%
Meningitis, travel, and endemic		1,060		-0.7%		+2.2%		633		+3.5%		153		+2.7%		274		-1.1%
Biopharma		32,323		+5.9%		+8.7%		16,373				6,733				9,217
Pharma launches (*)		2,790		43.9%		47.2%		1,841		43.7%		521		42.6%		428		+72.6%
Launches (*), (**)		3,905		+40.3%		+43.9%		2,318		+22.0%		867		+84.3%		720		+114.0%

 

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