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Segment information | 6 Months Ended
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Jun. 30, 2026
Disclosure of operating segments [abstract] |
Segment information | B.21. Segment information The segment information presented by Sanofi consists of a single operating segment: Biopharma. The Biopharma operating segment comprises commercial operations and research, development and production activities relating to the Specialty Care, General Medicines, and Vaccines franchises, plus support and corporate functions, for all geographical territories. It also includes revenues generated from the manufacture of Consumer Healthcare products invoiced to Opella Healthcare SAS (Opella), which constitutes a related party with effect from April 30, 2025, the deconsolidation date, corresponding to the closing of Sanofi's sale of a controlling stake of approximately 50% in Opella to Clayton, Dubilier & Rice (CD&R). Those revenues, which before the deconsolidation date represented intragroup transactions classified within continuing operations, are presented within Other revenues in the income statement. The Biopharma operating segment also includes the purchase price of Biopharma products manufactured by Opella. The “Other” category comprises primarily, but not exclusively, Consumer Healthcare activities not transferred on the effective date of loss of control of Opella. These are primarily (i) hospital sales of Opella products in China, the transfer of which will be finalized no earlier than 2028; (ii) sales made by the dedicated entity Opella Russie, of which Sanofi continues to hold the capital (Sanofi is continuing to distribute Opella products in Russian territory under a distribution agreement signed in connection with the separation, the parties reserving the right to discuss the transfer of that entity during the term of the distribution agreement); and (iii) sales of the Gold Bond product range, which are continuing in the United States through the retained subsidiary Gold Bond LLC (holder of the associated worldwide property rights). B.21.1. Segment results Sanofi reports segment results on the basis of “Business operating income”. This indicator is used internally by Sanofi’s chief operating decision maker to measure the performance of the operating segment and to allocate resources. “Business operating income” is derived from Operating income, adjusted as follows: •amortization and impairment losses charged against intangible assets (other than software and other rights of an industrial or operational nature) are eliminated; •fair value remeasurements of contingent consideration relating to business combinations (IFRS 3) or business divestments, and presented within the line item Fair value remeasurement of contingent consideration, are eliminated; •expenses arising from the remeasurement of inventories following business combinations (IFRS 3) or acquisitions of groups of assets that do not constitute a business within the meaning of paragraph 2b of IFRS 3, are eliminated; •amounts reported within the line items Restructuring costs and similar items are eliminated; •other gains and losses (including gains and losses on major divestments), presented within the line item Other gains and losses, and litigation, are eliminated; •other costs and provisions related to litigation, presented within the line item Other gains and losses, and litigation, are eliminated; •the share of profits/losses from investments accounted for using the equity method is added, to the extent that this relates (i) to joint ventures or (ii) to associates with which Sanofi has entered into R&D agreements and/or whose operations are managed as an integral part of Sanofi’s business activities, and; •net income attributable to non-controlling interests related to continuing operations, and excluding the effects of the above reconciling items, is deducted. Segment results are shown in the table below:
| June 30, 2026 (6 months)
(€ million) | Biopharma | Other | Total
| June 30, 2026 | Change vs. June 30, 2025 on a reported basis (IFRS) | Change vs. June 30, 2025 at constant exchange rates (non-IFRS) | June 30, 2026 | Change vs. June 30, 2025 on a reported basis (IFRS) | Change vs. June 30, 2025 at constant exchange rates (non-IFRS) | June 30, 2026 | Change vs. June 30, 2025 on a reported basis (IFRS) | Change vs. June 30, 2025 at constant exchange rates (non-IFRS)
Net sales | 22,106 |  | +11.1 | % | +15.7 | % |  |  |  | 22,106 |  | +11.1 | % | +15.7 | %
Other revenues | 1,168 |  | -6.3 | % | -2.0 | % | 270 |  | +31.1 | % | +31.1 | % | 1,438 |  | -1.0 | % | +2.7 | %
Cost of sales | (5,812) |  | +1.0 | % | +3.8 | % | (133) |  | +3.9 | % | +3.1 | % | (5,945) |  | +1.1 | % | +3.8 | %
Research and development expenses | (3,979) |  | +7.1 | % | +9.9 | % | (1) |  | — | % | — | % | (3,980) |  | +7.1 | % | +9.9 | %
Selling and general expenses | (4,690) |  | +5.5 | % | +9.4 | % | (102) |  | +72.9 | % | +76.3 | % | (4,792) |  | +6.3 | % | +10.3 | %
Other operating income and expenses | (2,630) |  |  |  | (6) |  |  |  | (2,636) |  |  |
Share of profit/(loss) from investments accounted for using the equity method | 74 |  |  |  |  |  |  | 74 |  |  |
Net income attributable to non-controlling interests | (7) |  |  |  |  |  |  | (7) |  |  |
Business operating income | 6,230 |  | +16.5 | % | +22.2 | % | 28 |  | +75.0 | % | +68.8 | % | 6,258 |  | +16.7 | % | +22.3 | %
As % of net sales | 28.2 | % |  |  |  |  |  | 28.3 | % |  |
| June 30, 2025 (6 months)
(€ million) | Biopharma | Other | Total
Net sales | 19,889 |  |  | 19,889 |
Other revenues | 1,246 |  | 206 |  | 1,452 |
Cost of sales | (5,753) |  | (128) |  | (5,881) |
Research and development expenses | (3,716) |  | (1) |  | (3,717) |
Selling and general expenses | (4,447) |  | (59) |  | (4,506) |
Other operating income and expenses | (1,941) |  | (2) |  | (1,943) |
Share of profit/(loss) from investments accounted for using the equity method | 77 |  | — |  | 77 |
Net income attributable to non-controlling interests | (8) |  | — |  | (8) |
Business operating income | 5,347 |  | 16 |  | 5,363 |
The table below, presented in compliance with IFRS 8, shows a reconciliation between “Business operating income” and Income before tax and investments accounted for using the equity method:
(€ million) | June 30, 2026 (6 months) | June 30, 2025 (6 months) |
Business operating income | 6,258 |  | 5,363 |  |
Share of profit/(loss) from investments accounted for using the equity method (a) | (74) |  | (77) |  |
Net income attributable to non-controlling interests(b) | 7 |  | 8 |  |
Amortization of intangible assets | (1,087) |  | (777) |  |
Impairment of intangible assets(c) | (1,031) |  | (210) |  |
Fair value remeasurement of contingent consideration | (37) |  | (61) |  |
Expense arising from the impact of acquisitions on inventories(d) | (210) |  | — |  |
Restructuring costs and similar items(e) | (563) |  | (430) |  |
Other gains and losses, and litigation(f) | (95) |  | (57) |  |
Operating income | 3,168 |  | 3,759 |  |
Financial expenses | (465) |  | (361) |  |
Financial income | 137 |  | 184 |  |
Income before tax and investments accounted for using the equity method | 2,840 |  | 3,582 |  |
(a)Mainly joint ventures. (b)Excludes (i) restructuring costs and (ii) other adjustments attributable to non-controlling interests. (c)The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €1,031 million in the first half of 2026 mainly comprising a €952 million impairment loss taken against the amlitelimab asset. For the six months ended June 30, 2025, this line mainly comprises impairment losses of €210 million linked to research and development projects. (d)This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date, which in the first half of 2026 relate to the Blueprint Medicines and Dynavax acquisitions. (e)See Note B.16. (f)See Note B.17. B.21.2. Other segment information The tables below show the split by operating segment of (i) the carrying amount of investments accounted for using the equity method related (a) to joint ventures or (b) to associates with which Sanofi has entered into R&D agreements and/or whose operations are managed as an integral part of Sanofi’s business activities; (ii) acquisitions of property, plant and equipment; and (iii) acquisitions of intangible assets. Investments accounted for using the equity method mainly comprise MSP Vaccine Company and Infraserv GmbH & Co. Höchst KG (see Note B.5.). Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period.
| Biopharma
(€ million) | June 30, 2026 | June 30, 2025 |
Investments accounted for using the equity method(a) | 204 |  | 483 |  |
Acquisitions of property, plant and equipment | 882 |  | 845 |  |
Acquisitions of other intangible assets | 414 |  | 575 |  |
(a) Carrying amount at the end of the reporting period. B.21.3. Information by geographical region The geographical information on net sales provided below is based on the geographical location of the customer.
| Net sales
(€ million) | June 30, 2026 | June 30, 2025
Europe | 4,304 |  | 4,144 |
of which France | 725 |  | 835 |
United States | 11,633 |  | 9,535 |
Rest of the World | 6,169 |  | 6,210 |
of which China | 1,325 |  | 1,388 |
Total | 22,106 |  | 19,889 |
In accordance with IFRS 8, the non-current assets reported below exclude financial instruments, deferred tax assets, pre-funded pension obligations, and right-of-use assets as determined under IFRS 16.
(€ million) | June 30, 2026 | December 31, 2025
Property, plant and equipment |  |  | Other intangible assets | Property, plant and equipment |  |  | Other intangible assets
Europe | 5,998 |  |  |  | 3,951 |  | 5,760 |  |  |  | 5,094 |
of which France | 3,161 |  |  |  | — |  | 3,123 |  |  |  | — |
United States | 2,270 |  |  |  | 21,972 |  | 2,229 |  |  |  | 20,694 |
Rest of the World | 2,096 |  |  |  | 436 |  | 2,063 |  |  |  | 473 |
of which China | 167 |  |  |  | — |  | 122 |  |  |  | — |
Total | 10,364 |  |  |  | 26,359 |  | 10,052 |  |  |  | 26,261 |
As stated in Note D.5. to the consolidated financial statements for the year ended December 31, 2025, goodwill is not allocated by geographical region. B.21.4. Disclosures about major customers Sales generated by Sanofi with its biggest customers, in particular certain wholesalers in the United States, represented 42% of net sales in the first half of 2026. Sanofi’s three largest customers respectively accounted for approximately 22%, 14% and 6% of consolidated net sales in the first half of 2026 (versus approximately 18%, 12% and 5% in the first half of 2025).

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