Sanofi Eyes €25B Dupixent Future, Expands M&A Hunt Ahead of Patent Loss

Key Points

• Sanofi raised its 2030 Dupixent sales target to €25 billion, supported by growth in existing indications, pediatric and geographic expansion, and low biologic penetration in conditions such as COPD and atopic dermatitis.
• The company is expanding its M&A strategy ahead of Dupixent’s expected loss of exclusivity in the early 2030s, considering both larger transformative deals and multiple smaller transactions across immunology, rare diseases, vaccines and potentially a fourth therapeutic area.
• Sanofi is pursuing new growth through internal pipeline programs and potential expanded collaboration with Regeneron, while highlighting AYVAKIT, ALTUVIIIO and SARCLISA as key contributors to its €10 billion new-launch sales ambition.

Sanofi NASDAQ: SNY is prioritizing continued growth in Specialty Care while preparing for the loss of exclusivity of Dupixent in the early part of the next decade, according to Manuela Buxo, the company’s executive vice president and head of Specialty Care.

Speaking at a Morgan Stanley fireside chat, Buxo said the company’s two main objectives are sustaining its current commercial momentum through the rest of the decade and building the foundation for growth beyond Dupixent’s anticipated loss of exclusivity. She described Specialty Care as a central contributor to Sanofi’s current performance and said the company is pursuing stronger R&D productivity alongside business-development and M&A activity.

Sanofi has identified immunology, rare diseases and vaccines as core strategic areas. The company is also conducting an enterprise strategy review to determine whether it should add a fourth therapeutic focus, Buxo said. That decision is expected in the coming months, though she did not identify a leading candidate among potential areas such as neurology, ophthalmology or oncology.

M&A Strategy Combines Early Science With Later-Stage Deals

Buxo said Sanofi remains interested in early-stage scientific opportunities but has added greater emphasis on later-stage and commercial-stage transactions. The company will evaluate targets based on scientific quality, strategic fit, differentiation, unmet medical need and financial returns.

“Both of it is possible,” Buxo said when asked whether Sanofi could pursue a series of smaller transactions or one transformative deal. “We are looking at larger deals. We are looking at more small to medium-sized deals and a combination of those.”

She declined to reiterate previously discussed financial capacity figures, but said Sanofi’s balance sheet and cash generation could support larger transactions or multiple smaller deals while maintaining financial discipline. The company is working to become more nimble in its dealmaking process through a smaller executive committee, coordination with its board and the arrival of new R&D head Paulo Fontoura, she said.

China remains a commercial market and a potential source of innovation, according to Buxo. She said Sanofi has launched Dupixent, SARCLISA and Qfitlia in China, while also considering local opportunities that may fall outside its global strategic focus. The company also sees potential for Chinese R&D and partnerships to support global innovation, although pricing pressure remains a consideration in the market.

Regeneron Discussions Continue Alongside Litigation

Buxo said Sanofi’s ongoing litigation with Regeneron is separate from the companies’ operational relationship. She characterized the legal matter as narrow and in early stages, while describing day-to-day collaboration between the companies as strong.

The companies are discussing whether follow-on assets could be included in their alliance, potentially leveraging the infrastructure and commercial capabilities built around Dupixent. Buxo said both sides have an interest in expanding the partnership but declined to identify specific assets or provide a timeline for an update.

She said the economics of any future arrangement must work for both companies, noting that the partners’ respective capabilities have evolved since the original alliance was formed.

Dupixent Growth Target Supported by Existing and New Markets

Sanofi recently raised its 2030 Dupixent sales ambition to €25 billion. Buxo said the company’s confidence reflects continued growth across existing indications, opportunities in pediatric populations, geographic expansion and low biologic penetration in several treatment areas.

She said Dupixent grew more than 30% in the first half of the year and recorded its first €5 billion quarter. In atopic dermatitis, Sanofi estimates biologic penetration at about 20%, while chronic obstructive pulmonary disease, or COPD, remains in the single digits. Asthma biologic penetration is about 30%, she said.

Buxo welcomed additional competition in COPD, saying more companies could help educate physicians and patients about biologic treatment options in a relatively new market. She emphasized that, in addition to reducing exacerbations, treatment assessments should consider lung function and quality-of-life improvements.

Sanofi’s €25 billion target includes planned Dupixent lifecycle-management initiatives, including a 600-milligram asthma opportunity with every-four-week dosing and a co-formulation with hyaluronidase intended to enable every-four-week administration. Buxo said these efforts are primarily aimed at improving patient convenience rather than extending intellectual property protection.

New Launches and Pipeline Remain Areas of Focus

Buxo identified AYVAKIT, ALTUVIIIO and SARCLISA as notable contributors to Sanofi’s €10 billion sales target for pharmaceutical new launches. She said AYVAKIT addresses unmet need in systemic mastocytosis, ALTUVIIIO reached blockbuster status in 2025 and continues to gain switches in hemophilia, and SARCLISA’s subcutaneous formulation with an on-body injector could differentiate it in multiple myeloma.

She added that commercial and R&D teams will jointly assess development-stage decisions through shared target product profiles. The goal is to ensure candidates combine strong science with meaningful differentiation, an addressable unmet need and commercial sustainability.

Looking ahead, Buxo said Sanofi has no meaningful loss of exclusivity expected during the current decade and has time to improve internal R&D output while supplementing it with external innovation. She acknowledged that prior pipeline setbacks have limited investor confidence but said the company has about 60 programs in development and intends to demonstrate progress through execution.

About Sanofi (NASDAQ:SNY)

Sanofi is a global healthcare company headquartered in France that develops, manufactures and markets prescription medicines and vaccines. Its portfolio serves patients across areas including immunology, rare diseases, rare blood disorders, neurology, oncology and inflammatory conditions, as well as other specialty-care and general-medicine categories.

The company is also a major vaccine producer through its vaccines business, which supplies products for diseases such as influenza, polio, pertussis, meningitis and dengue.

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