Sanofi Raises Guidance, Then Says It Wants Late-Stage and Commercial Deals to Cover the Dupixent Cliff
- Third-quarter sales beat consensus and Sanofi lifted full-year growth guidance to the low teens at constant currency, helped by Dupixent, which grew by about a third and made up roughly 39% of sales.
- Management said cash flow will fund business development focused on de-risked, late-stage and commercial assets that suit its sales organization, plus smaller bolt-ons for early pipeline, including from China.
- Earlier this year the CFO put capacity at up to €15 billion for R&D deals, with room for up to €10 billion more on a commercial purchase.
💡 Points Based on public reports
Dupixent exclusivity runs to 2031, but Sanofi is shopping now from a position of strength, which is the cheapest time to do it. Preferring de-risked assets means paying for certainty, so expect competitive bidding for late-stage immunology and I&I. The China bolt-on comment is the quieter signal: early pipeline will keep coming from licensing, not from internal discovery.
Sanofi targets late-phase and commercial M&A to offset looming Dupixent decline ↗