Sanofi SA (NASDAQ:SNY) reported Thursday a first-quarter 2025 business operating income of 2.9 billion euros ($3.06 billion), up 20.1% year over year and 18.7% in constant currency.

The company reported first-quarter sales of 9.89 billion euros ($10.42 billion), beating the consensus of $9.77 billion. This was driven by launches, Dupixent, and favorable Beyfortus phasing.

Sales increased 10.8% year over year and 9.7% on constant currency. U.S. sales were 4.66 billion and increased by 15.4%.

The performance was driven by pharma launches, Dupixent, and Lantus, while legacy medicines were lower. Vaccine sales were broadly stable, including lower sales of Beyfortus.

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The French drugmaker reported adjusted EPS of 1.79 euros or 94 cents per ADS, missing the consensus of 95 cents, up 17% (+15.7% on constant currency).

Sales of Dupixent, Sanofi’s blockbuster eczema drug, rose 20.3% to 3.5 billion euros due to strong volume growth across all indications and regions. The first COPD launches are underway.

Pharma launches increased 43.8% to 847 million euros, led by Altuviiio (hemophilia drug), Nexviazyme (Pompe disease), Sarclisa (multiple myeloma), and Rezurock (chronic graft-versus-host disease).

Vaccine sales were up 11.4% to 1.3 billion euros, driven by favorable Beyfortus (RSV) phasing and geographical roll-out.

Beyfortus sales were 284 million euros, driven by additional sales in the Northern Hemisphere, particularly Germany and Japan.

Polio/Pertussis/Hib (PPH) primary and booster vaccine sales were 668 million euros and increased by 3.8%, primarily due to demand for boosters to re-vaccinate adolescents and adults.

“We had a strong start in 2025 with sales growth of 9.7%, benefiting from investments in innovation and a favorable base of comparison. Our focus on pipeline value delivered further growth for Sanofi with sales from launches of new medicines and vaccines growing by 46.5%,” said Paul Hudson, Chief Executive Officer.

Guidance: Sanofi confirmed its 2025 guidance. In 2025, sales are anticipated to grow by a mid-to-high single-digit percentage at CER.

Sanofi confirms the expectation of a strong rebound in business EPS with growth at a low double-digit level.

On Wednesday, Innate Pharma SA (NASDAQ:IPHA) reviewed their January 2016 Research Collaboration and License Agreement with Sanofi:

• As previously disclosed and in alignment with its current strategic priorities, Sanofi will opt to pursue the development of SAR’514/IPH6401 (BCMA ANKET) in autoimmune indications under the agreement.
• Additionally, Sanofi and Innate agreed to terminate the 2016 Agreement regarding SAR’579/IPH6101 (CD123 ANKET); Innate will regain its rights on SAR’579/IPH6101.

As part of these discussions, Sanofi and Innate have agreed to Sanofi’s potential investment of up to 15 million euros in new shares of Innate. If the ongoing market conditions are satisfactory, the size and price of this equity investment will be determined.

Price Action: SNY stock is down 0.83% to $52.58 at the last check on Thursday.

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