-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Sanofi's Q1 2026 results beat consensus, with sales of EUR10.5B (vs. the EUR10.3B consensus) growing 6.2% Y/Y or 13.6% at CER, while its business EPS of EUR1.88 beat the EUR1.80 consensus. Dupixent continued its strong trajectory with 30.8% CER growth, while new launches like Altuviiio grew 42.2% CER on patient switches from older treatments. Sanofi reiterated its 2026 guidance for high-single-digit sales growth at CER and business EPS growth slightly faster than sales, in line with consensus. We expect Dupixent and newer drugs to support the 2026 outlook. We continue to like Dupixent's strong growth and rising contribution from new launches, which should gradually reduce its revenue concentration risk. With limited patent expiry exposure until Dupixent's 2031 cliff, we view the long-term setup as positive. However, we view that near-term sentiment will depend on incoming CEO Belen Garijo's R&D strategy to improve execution and restore confidence after recent disappointing pipeline readouts.