Sanofi reported a decline in vaccine sales for 2025, citing increased skepticism in the United States as a significant factor. During a media call to discuss full-year earnings, CEO Paul Hudson emphasized the importance of immunization. “Vaccines, after clean water is the number one gift to public health,” Hudson said. “It doesn’t change just because of the debates that are happening.”
The company’s vaccine revenue fell by 2.5% year-on-year to €2 billion ($2.44 billion), with most immunization products experiencing slower sales. Notably, Beyfortus—a respiratory syncytial virus antibody—saw sales drop by 14.9%, and the polio, pertussis, and hemophilus influenza franchise declined by 9.5%. Only Sanofi’s flu and COVID-19 portfolio recorded an increase, up 31.5% from the previous year due to more circulating viruses and higher vaccination rates than anticipated.
Sanofi is not alone in facing these challenges; other major pharmaceutical companies such as Merck, Pfizer, and GSK have also experienced lower vaccine revenues following changes in U.S. approval processes and updates to CDC immunization schedules (https://www.biospace.com/article/pesky-macro-factors-aka-rfk-jr-come-for-vaccine-pharmas-wallets/). Policy shifts led by Health Secretary Robert F. Kennedy Jr., including removing COVID-19 from routine vaccination guidelines for healthy children and pregnant women and questioning measles vaccine safety during an outbreak in Texas, have contributed to market uncertainty.
Hudson acknowledged that declines were anticipated for the fourth quarter and pointed out that this period presents opportunities for acquisitions within the sector. In December, Sanofi acquired Dynavax for $2.2 billion.
Regarding policy changes affecting parental choice on vaccines in the U.S., Hudson stated: “The U.S. government wants ‘to put us in a position where parents have a choice.’ There’s not in principle anything wrong with that, but sometimes we need to make sure that everybody fully understands that choice.” He added that Sanofi must “defend with evidence the positive impact of vaccines” and affirmed: “We will always do that, irrespective of who is in office.”
Despite setbacks in its vaccine business, Sanofi’s overall net sales grew by 9.9% at constant currencies to nearly €43.63 billion ($52.3 billion) in 2025. The anti-inflammatory drug Dupixent was its top performer with over €15.7 billion ($18.8 billion) in revenue—a 25% increase over last year.
Other key products included Altuviiio for hemophilia A—up 77.6% to €1.16 billion ($1.4 billion)—and Ayvakit for mastocytosis, which generated $305 million after being acquired through Sanofi's $9.5 billion purchase of Blueprint Medicines last June.
Sanofi forecasts high-single-digit percentage growth for 2026 with earnings-per-share expected to rise slightly faster than sales.
