Sanofi is a French-listed biopharma whose commercial engine is still accelerating even as its research bench is being culled. Belén Garijo took the chief-executive chair after the board declined to renew Paul Hudson, and her first mid-year print paired a raised Dupixent ambition with the decision to stop three late-stage immunology programs. Dupixent cleared about $6.0 billion in the latest quarter, the first time the antibody has crossed that line in a three-month span. The operating company looks stronger than it did a year ago. The science story looks narrower. That split is now the entire equity debate.
The cash engine and the replacement problem are no longer the same story. Constant-currency sales growth in the high teens outran the group's own full-year guide, and the launch book led by Ayvakit, ALTUVIIIO, and Sarclisa contributed about $1.5 billion. That is real diversification on the product page. It is not yet a substitute for Dupixent. Regeneron profit sharing also stepped up with the antibody's success, so more of the immunology economics leave as alliance cost even while volumes climb. Vaccines, by contrast, slipped on a tough influenza comparison and weaker pediatric demand in China.
Reported IFRS profit collapsed because the prior-year comparison still carried the Opella consumer-health gain and because this half booked about $1.2 billion of intangible impairments, almost all of it amlitelimab. Business earnings, which strip those items, still rose at a double-digit clip, and mid-year free cash flow expanded by roughly half. The group now guides to sales growth around ten percent at constant rates for the full year. The open question is whether Garijo's research reset produces a credible second engine before Dupixent exclusivity fades early next decade.