Sanofi CEO Paul Hudson has indicated that the current climate of vaccine skepticism in the United States is creating opportunities for business development and acquisitions. Speaking at a media breakfast during the J.P. Morgan Healthcare Conference in San Francisco, Hudson said, “It’s a good time to do vaccine BD and M&A.”
Hudson explained that while short-term concerns are deterring some companies from making moves, Sanofi is taking a long-term approach. He noted, “With the uncertainty, if you’re a short-term thinker, you don’t move. If you’re a long-term thinker—which is what we have to be—then there are less people to compete against to make acquisitions.”
At the end of 2025, Sanofi announced its plan to acquire Dynavax for $2.2 billion. The deal centers on Heplisav-B, an adult hepatitis B vaccine. Hudson believes focusing on adult vaccines may help counter rising hesitancy in the U.S., stating, “We know that the sensitivities are less in the adult context.” He described Sanofi’s offer as an “appropriate price” given these market conditions.
In addition to Dynavax, Sanofi acquired Vicebio in July 2025 for $1.6 billion, gaining access to a combination vaccine candidate targeting respiratory syncytial virus (RSV) and human metapneumovirus (hMPV). Hudson said these products will not launch for several years but expects changes in political leadership by then: “Those things will launch 5, 6, 7, 8 years from now. And so we have to assume that there’ll be a new administration or two between now and then,” he said.
Sanofi’s legacy vaccine sales declined by 8% in the third quarter of 2025 amid what Hudson called “misinformation that is going around.” He linked this trend with increased measles cases as more people opt out of vaccination programs.
“We think it will settle down and we’ll move through it,” Hudson said regarding future sales performance. The company has not yet provided financial guidance for 2026.
Hudson also addressed recent updates to vaccine schedules and actions by the Department of Health and Human Services (HHS), emphasizing individual decision-making: “The vast majority of people understand the benefit of vaccines and their lives and generations of their family have been protected that way,” he stated. “Not everybody looks to the top of the HHS to get people with their guidance on how to live their lives.” He added: “So I think people should be respectful of all guidance given, but I think talking to their own healthcare professional is still probably the best thing to do.”
Major pharmaceutical companies including Merck, Pfizer, GSK and Sanofi have experienced declines in revenue from their vaccine programs following restricted approvals and changes made by agencies such as the Centers for Disease Control and Prevention (CDC).
Looking ahead, while programs acquired from Vicebio and Dynavax may take years before reaching FDA review stages, Sanofi’s flu-COVID combination shot licensed from Novavax could undergo regulatory review as early as 2027 or 2028. According to Hudson: "That shot is 'going to be the next moment...for an acceleration on vaccine utilization.'" The product aims for convenience with single-dose coverage against both diseases and would be unique among COVID-19 vaccines available in the U.S., offering a non-mRNA option.
Hudson expressed confidence about demand among older adults: "While there may be debates on Facebook and other places, the over-65s...are highly motivated to get protected," he said.
