Sanofi 2025 h1 Performance

Sanofi 2025 H1: Dupixent Hits $8 Billion Sales, RSV Antibody Grows 79%

On July 31, Sanofi announced its 2025 H1 results. In the first half of the year, total revenue was €19.889 billion (approximately $21.800 billion, converted at the 2025 average exchange rate of 1 euro = 1.0961 USD, hereinafter the same), representing a 9.9% year-on-year increase (calculated at constant exchange rates, the same below). R&D investment reached €3.717 billion (about $4.074 billion), accounting for 18.7% of total revenue.

By geography, revenue from the U.S. market was €9.535 billion (approx. $10.451 billion, +16.4%), Europe €4.144 billion (approx. $4.542 billion, +1.8%), and China €1.388 billion (approx. $1.521 billion, +0.1%).

By business segment, Sanofi’s six major segments — Immunology, Rare Diseases, Neurology, Oncology, Vaccines, and Others — generated revenues of €7.557 billion (approx. $8.283 billion), €3.108 billion (approx. $3.407 billion), €0.138 billion (approx. $0.151 billion), €0.505 billion (approx. $0.554 billion), €2.540 billion (approx. $2.784 billion), and €6.041 billion (approx. $6.622 billion), respectively.

In Immunology, Sanofi’s flagship product Dupixent continues strong momentum, selling €7.312 billion (approx. $8.015 billion, +20.7%) in the first six months. Dupixent’s inflammatory disease footprint keeps expanding; in May, it gained approval in the U.S. for chronic spontaneous urticaria (CSU), and in June, it became the first targeted therapy for bullous pemphigoid (BP). Notably, Dupixent faces its first competitor in chronic obstructive pulmonary disease (COPD) this year — GSK’s Nucala expanded its indication in May to COPD patients with eosinophil counts ≥150 cells/μL. Competition is increasing as Roche and Amgen’s IL-33R antibody astegolimab achieved mixed results in two studies. A similar situation is unfolding with Sanofi’s IL-33 antibody itepekimab.

In Vaccines, the respiratory syncytial virus (RSV) neutralizing antibody Beyfortus is becoming a pillar product for Sanofi. This is the first RSV neutralizing antibody for infants, and since launch, its commercial performance has been strong, already recognized as a “blockbuster” last year. In H1 2025, Beyfortus sales surged to €356 million (approx. $390 million, +79%), with $628 million reported by AstraZeneca. The first competitor, Merck’s RSV neutralizing antibody Enflonsia (clesrovimab), received FDA approval in June.

In Rare Diseases, Sanofi has developed a rich product portfolio with 12 products launched, including Altuviiio (efanesoctocog alfa), Nexviazyme (alpha-galactosidase), and Xenpozyme (olipudase alfa). Among them, the hemophilia drug Altuviiio rapidly penetrated the market within two years, achieving sales of €542 million (approx. $594 million, +95.4%) in H1 2025, nearly reaching blockbuster status. Another key hemophilia product, Qfitlia (fitusiran), was approved in March this year as the first RNAi therapy in the field, generating $1 million revenue in three months. The Neurology and Oncology segments are gearing up for growth. Aubagio (teriflunomide) is aging, while the new blood-brain barrier penetrant tolebrutinib is expected to become the first BTK inhibitor in multiple sclerosis in September. The CD38 antibody Sarclisa (isatuximab) currently covers first-, second-, and third-line treatment of multiple myeloma and is also approved for newly diagnosed patients eligible for autologous stem cell transplant, forming a combined front with Darzalex (daratumumab). In H1, Sarclisa maintained steady growth with revenues of €276 million (approx. $303 million, +22.5%).

After completing the full divestment of the consumer healthcare business (Opella), Sanofi has accelerated business development deals, completing 9 project deals and 3 acquisitions within 7 months, including the $9.5 billion acquisition of Blueprint Medicines.

Looking ahead to 2025, Sanofi expects revenue growth in the high single digits.