In its analyst memo, designed to assist financial modeling ahead of first-quarter results scheduled for April 23, Sanofi indicated that currency headwinds for the first three months of the year are estimated at -8% on sales and approximately -9% on business earnings per share.

Specifically, the French pharmaceutical giant estimates that Dupixent, its flagship product—which was recently approved in Japan as the first targeted treatment for adults with bullous pemphigoid and accounted for 37% of fourth-quarter revenue—was more sensitive to dollar fluctuations than the group as a whole. However, Sanofi expects that the annual reset of insurance deductibles in the U.S., which typically occurs in the first quarter, should not have significantly impacted net sales performance during the period.

The group also announced that the business gross margin is expected to increase in 2026, though not linearly, and may fluctuate from quarter to quarter due to product mix and seasonality.

In parallel, Sanofi is expected to generate approximately 500 million euros in capital gains from divestments during the 2026 fiscal year. The effective tax rate is projected to remain unchanged this year. Finally, the laboratory has already repurchased 7.4 million shares for 585 million euros as of March 13, 2026, as part of a 1 billion euro buyback program for the year.