Sanofi ends 2025 on a high, but trims R&D priorities

French drugmaker Sanofi published on January 29^th 2026 in its Q4 and full year 2025 results. The company ended 2025 on a strong note, posting fourth-quarter sales growth of more than 13% and confirming a year of profitable expansion. Full-year revenue reached €43.6 billion, up nearly 10%.

Strong quarter, solid full-year momentum

Chief Executive Officer Paul Hudson described 2025 as “a new year of strong profitable growth,” pointing to multiple regulatory approvals, positive Phase 3 results and three new product launches. The company expects the momentum to continue in 2026, with sales growth forecast close to ten percent and business earnings per share rising slightly faster.

Growth remained heavily concentrated in pharmaceuticals, driven by strong new product launches that showed encouraging traction: Altuviiio, an intravenous treatment for hemophilia A, surpassed €1 billion in annual sales, while new blockbuster Ayvakit, used to treat advanced systemic mastocytosis, continued gaining momentum in rare disease indications.

Dupixent remains the engine

Like the last previous years, Dupixent was the main growth driver. Sales of the blockbuster antibody climbed more than 25% in 2025 to €15.7 billion, with significant acceleration in Q4. Dupixent sets another record, reinforcing its position as Sanofi’s most important asset across multiple inflammatory indications. While some biotech competitors are trying to develop alternatives (for instance APG777 and APG279 from Apogee Therapeutics), Sanofi continues to expand Dupixent’s label, including progress toward registration in allergic fungal rhinosinusitis.

Vaccines under pressure, commitment unchanged

The vaccines division told a more mixed story, as sales declined modestly in the fourth quarter. Performance still came in above expectations for influenza vaccines, and Sanofi gained market share in several segments.

In the results presentation, Hudson reiterated Sanofi’s long-term commitment to vaccines, despite short-term headwinds. The company has continued to invest through acquisitions, including the purchase of Dynavax for around €1.8 billion expected to be closed in Q1 2026, and highlighted its focus on differentiated platforms and pandemic preparedness.

At the same time, Sanofi made clear that it is sharpening its priorities. In its presentation of the results of Q4 and 2025, the group confirmed that it has deprioritized its mRNA-based seasonal influenza vaccine program (SP0237), signaling a shift toward other vaccine technologies while maintaining work on pandemic-focused mRNA candidates. This deprioritization might reflect the challenging climate for vaccines in the U.S., where growing hesitancy and policy shifts have impacted the market and complicated vaccine uptake.

Pipeline reshaped by cuts and setbacks

The most striking signal from the update came from the pipeline. Sanofi reported continued progress, including positive Phase 3 data for amlitelimab (a fully human non-T cell depleting monoclonal antibody that targets OX40-ligand) in atopic dermatitis and regulatory advances across immunology and rare diseases. Several assets moved into later-stage development or registration.

However, these advances were offset by a series of pipeline cuts. The most significant setback was a negative Phase 3 readout for tolebrutinib (a brain-penetrant Bruton’s tyrosine kinase inhibitor specifically designed to target smoldering neuroinflammation) in primary progressive multiple sclerosis, which failed to meet its primary endpoint.

In addition, Sanofi deprioritized multiple Phase 2 and Phase 1 programs across immunology, neurology and vaccines. A closer look at the cuts highlights the limits of some long-running partnerships. For instance, Sanofi confirmed the deprioritisation of eclitasertib, a RIPK1 inhibitor developed with Denali Therapeutics, ending the last remaining clinical program from a collaboration launched in 2018. The partnership aimed to block inflammatory and neurodegenerative pathways, but repeated clinical setbacks over several years have failed to translate strong chemistry into patient benefit. Sanofi’s decision also mirrors a broader industry trend, as several large drugmakers (GSK, Bristol Myers Squibb, Eli Lilly) have scaled back or exited RIPK1 programs after struggling to translate the target into clinical success.

These decisions probably reflect a broader portfolio clean-up rather than a retreat from R&D: research and development spending still rose in 2025, and management framed the cuts as a way to concentrate resources on programs with the highest chance of clinical and commercial success.

With strong cash generation, a proposed dividend increase and a new share buyback planned for 2026, Sanofi enters the new year from a position of financial strength. Yet the latest results also underline the balance the group must hold: sustaining growth while reshaping a pipeline that is becoming leaner and more selective.