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Can Sanofi Rely on Dupixent to Drive Long-Term Revenue Growth?
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Key Takeaways
Sanofi's Dupixent leads new prescriptions across all its approved indications in the United States.
SNY sees further growth from new indications, deeper penetration and geographic expansion of Dupixent.
Dupixent is being studied in late-stage studies for lichen simplex chronicus and chronic pruritus.
Sanofi’s (SNY - Free Report) Dupixent, which it co-develops with Regeneron (REGN - Free Report) , is its key top-line driver. The drug has transformed the treatment landscape for multiple inflammatory diseases. The medicine works by inhibiting the interleukin-4 and interleukin-13 pathways, two key drivers of type II inflammation.
Since its initial approval for moderate-to-severe atopic dermatitis, Dupixent has secured approvals across eight other diseases, including severe chronic rhinosinusitis with nasal polyposis, severe asthma, eosinophilic esophagitis, prurigo nodularis, chronic obstructive pulmonary disease (COPD), chronic spontaneous urticaria, bullous pemphigoid and allergic fungal rhinosinusitis.
The drug holds the number one new-to-brand prescription market share across all its approved indications in the United States.
Dupixent generated sales of €4.17 billion for Sanofi in the first quarter of 2026, up 30.8% year over year. Dupixent’s strong sales growth is being driven by demand across all geographies, newly approved indications and demographics. Sanofi records global net product sales of Dupixent, while Regeneron records its share of profits/losses in connection with the global sales of the drug within collaboration revenues.
Despite generating billions of dollars in annual sales, management believes the drug has reached only a fraction of eligible patients globally. New uses, increased penetration in approved indications and further geographic expansion are expected to drive Dupixent’s sales in future quarters. The recent expansion into COPD represents a particularly important growth driver, given the large patient population and substantial unmet need in the disease.
Sanofi and Regeneron continue to evaluate Dupixent across additional diseases and patient populations. It is being studied in late-stage studies for lichen simplex chronicus and chronic pruritus of unknown origin. Given these growth opportunities and the breadth of its development program, we believe Sanofi can continue to rely on Dupixent as a key driver of long-term revenue growth.
Sanofi and Regeneron aim to sustain long-term value creation for Dupixent through a three-pronged strategy of defending its patent portfolio, extending the product’s lifecycle via improved dosing options, and innovating with new molecules leveraging its existing alliance infrastructure. Sanofi expects Dupixent to achieve around €22 billion in sales in 2030.
Key Competitors of SNY’s Dupixent
The key competitors of Dupixent are Adbry from LEO Pharma, JAK inhibitors, Rinvoq from AbbVie (ABBV - Free Report) and Cibinqo from Pfizer (PFE - Free Report) in atopic dermatitis, and biologics such as Nucala from GSK, Fasenra from AstraZeneca and Xolair from Roche and Novartis for the asthma indication.
Despite an extremely crowded space for inflammatory diseases, Dupixent enjoys significant advantages, including extensive real-world evidence, broad physician familiarity, multiple approved indications and established reimbursement relationships. These competitive strengths create high barriers to displacement and should help the drug maintain leadership across several therapeutic categories.
Overall, Dupixent remains one of the strongest growth assets in global biopharmaceuticals and is likely to remain Sanofi's primary revenue driver for many years.
SNY’s Price, Valuation & Estimate Movement
Sanofi’s stock has declined 12.6% year to date against an increase of 1.3% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Sanofi appears attractive relative to the industry. Going by the price/earnings ratio, the company’s shares currently trade at 8.35 forward earnings, lower than 17.06 for the industry. The stock is also trading below the stock’s 5-year mean of 11.26. The stock is much cheaper than most large drugmakers like Lilly, Novo Nordisk, AstraZeneca, J&J, Merck, AbbVie and others.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings has risen from $4.96 per share to $4.97 per share over the past 60 days.For 2027, earnings estimates have risen from $5.16 per share to $5.19 per share over the same timeframe.
View the Zacks #1 Rank List
Image: Bigstock
Can Sanofi Rely on Dupixent to Drive Long-Term Revenue Growth?
Key Takeaways
Sanofi’s (SNY - Free Report) Dupixent, which it co-develops with Regeneron (REGN - Free Report) , is its key top-line driver. The drug has transformed the treatment landscape for multiple inflammatory diseases. The medicine works by inhibiting the interleukin-4 and interleukin-13 pathways, two key drivers of type II inflammation.
Since its initial approval for moderate-to-severe atopic dermatitis, Dupixent has secured approvals across eight other diseases, including severe chronic rhinosinusitis with nasal polyposis, severe asthma, eosinophilic esophagitis, prurigo nodularis, chronic obstructive pulmonary disease (COPD), chronic spontaneous urticaria, bullous pemphigoid and allergic fungal rhinosinusitis.
The drug holds the number one new-to-brand prescription market share across all its approved indications in the United States.
Dupixent generated sales of €4.17 billion for Sanofi in the first quarter of 2026, up 30.8% year over year. Dupixent’s strong sales growth is being driven by demand across all geographies, newly approved indications and demographics. Sanofi records global net product sales of Dupixent, while Regeneron records its share of profits/losses in connection with the global sales of the drug within collaboration revenues.
Despite generating billions of dollars in annual sales, management believes the drug has reached only a fraction of eligible patients globally. New uses, increased penetration in approved indications and further geographic expansion are expected to drive Dupixent’s sales in future quarters. The recent expansion into COPD represents a particularly important growth driver, given the large patient population and substantial unmet need in the disease.
Sanofi and Regeneron continue to evaluate Dupixent across additional diseases and patient populations. It is being studied in late-stage studies for lichen simplex chronicus and chronic pruritus of unknown origin. Given these growth opportunities and the breadth of its development program, we believe Sanofi can continue to rely on Dupixent as a key driver of long-term revenue growth.
Sanofi and Regeneron aim to sustain long-term value creation for Dupixent through a three-pronged strategy of defending its patent portfolio, extending the product’s lifecycle via improved dosing options, and innovating with new molecules leveraging its existing alliance infrastructure. Sanofi expects Dupixent to achieve around €22 billion in sales in 2030.
Key Competitors of SNY’s Dupixent
The key competitors of Dupixent are Adbry from LEO Pharma, JAK inhibitors, Rinvoq from AbbVie (ABBV - Free Report) and Cibinqo from Pfizer (PFE - Free Report) in atopic dermatitis, and biologics such as Nucala from GSK, Fasenra from AstraZeneca and Xolair from Roche and Novartis for the asthma indication.
Despite an extremely crowded space for inflammatory diseases, Dupixent enjoys significant advantages, including extensive real-world evidence, broad physician familiarity, multiple approved indications and established reimbursement relationships. These competitive strengths create high barriers to displacement and should help the drug maintain leadership across several therapeutic categories.
Overall, Dupixent remains one of the strongest growth assets in global biopharmaceuticals and is likely to remain Sanofi's primary revenue driver for many years.
SNY’s Price, Valuation & Estimate Movement
Sanofi’s stock has declined 12.6% year to date against an increase of 1.3% for the industry.
From a valuation standpoint, Sanofi appears attractive relative to the industry. Going by the price/earnings ratio, the company’s shares currently trade at 8.35 forward earnings, lower than 17.06 for the industry. The stock is also trading below the stock’s 5-year mean of 11.26. The stock is much cheaper than most large drugmakers like Lilly, Novo Nordisk, AstraZeneca, J&J, Merck, AbbVie and others.
The Zacks Consensus Estimate for 2026 earnings has risen from $4.96 per share to $4.97 per share over the past 60 days.For 2027, earnings estimates have risen from $5.16 per share to $5.19 per share over the same timeframe.
Sanofi has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.