Sanofi is weighing acquisitions larger than its customary 2–5 billion US dollar range, according to comments from finance chief François Roger reported by Reuters. Analysts peg the group’s available firepower at roughly 20 billion euros, and further detail on the strategic review is expected before year-end. The shift in appetite comes as the company looks to shore up its pipeline ahead of Dupixent’s expected loss of patent protection in the early 2030s — a deadline that makes today’s reliance on the blockbuster all the more conspicuous.
Late-stage assets and already-marketed medicines sit at the centre of the search, with immunology, rare diseases and vaccines named as priority areas. Sanofi also wants to replenish its pipeline after clinical setbacks. Willingness to write bigger cheques is not, however, the same as a signed deal. Chief executive Belén Garijo has described both business development and M&A as central to the group’s reshaping, Dow Jones reported. Roger has said projects addressing unmet medical needs could also qualify, though no major moves in those newer areas have been announced, and no sweeping restructuring is on the table.
A quarter that beat the bar
The operating backdrop is supportive. Third-quarter 2026 revenue came in at 14.444 billion euros, up 14.3% at constant exchange rates and ahead of market expectations. Business operating income reached 5.43 billion euros against a consensus of 4.32 billion euros, while business EPS landed at 3.55 euros.
Those figures contrast sharply with the cautious consensus compiled by Vara ahead of the release, which had pointed to 13.25 billion euros in sales and business EPS of 2.81 euros, down from 2.91 euros a year earlier. In the event, revenue growth did not come at the expense of earnings. The strong quarter underpins Sanofi’s near-term growth targets, even as the deal plans address the longer-term renewal of the portfolio. Judging a potential acquisition remains a separate exercise from reading the quarterly beat: whether a target fits depends on the individual medicine and the terms of the contract.
Dupixent carries, vaccines drag
Dupixent generated 5.7 billion euros in sales, a gain of 34.8%, while revenue from new pharmaceutical launches reached 1.4 billion euros. Not every unit moved in the same direction. The vaccines business posted a decline and capped the group’s overall expansion — a trend UBS had flagged in advance, forecasting a 13% drop in quarterly vaccine revenue on the timing of the flu season, competitive pressure and slower uptake of Beyfortus.
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Sanofi raised its 2026 guidance for the second time, now expecting low single-digit revenue growth and mid single-digit business EPS growth, both at constant exchange rates. That is a more bullish stance than the roughly 10% sales growth previously embedded in the outlook, and analysts had been divided on whether a further hike would come.
Deals already on the tab
Beyond the M&A question, Jefferies points to a busy deal pipeline. Sanofi recently broadened its alliance with Regeneron, agreeing a 1 billion US dollar upfront payment plus up to 7 billion US dollars in contingent milestone payments for the expanded antibody collaboration. Vaccine development is consuming capital too: the start of a European phase 3 trial for a combined flu-COVID-19 shot triggered a 125 million US dollar milestone payment to Novavax, with the study assessing safety and immunogenicity in adults aged 60 and over.
Those partnerships widen Sanofi’s development options while adding payment obligations. Separately, the company said it would offer support measures to pharmacies affected by Vaxigrip delivery delays at the start of the vaccination campaign, covering outlets supplied from 12 October.
The next strategic update is due before year-end. For investors, the test is straightforward: how Sanofi converts its broader appetite for acquisitions into concrete projects that extend growth beyond the current strength of Dupixent.
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