Sanofi executives signaled a shift toward later-stage and more commercial M&A as they map a path beyond Dupixent’s looming patent expiry. Speaking on third-quarter earnings, CEO Belén Garijo said the company has the cash-flow profile and balance sheet capacity to pursue derisked assets while R&D pipeline maturation takes time. Sanofi described its plan as a move to acquire assets where it can better leverage commercial capabilities, pairing scientific and clinical de-risking with faster commercialization. CFO François Roger said low leverage and a strong balance sheet enable access to external financing if needed. The backdrop is continued Dupixent momentum: the drug delivered €5.7 billion in quarter sales, rising 34.8% year over year, but analysts focus on durability as exclusivity approaches. Sanofi also highlighted growth in newer launches led by Altuviiio while vaccine sales declined. The company’s post-earnings posture points to a continued reliance on Dupixent near term, paired with a deliberate business-development strategy designed to replace future revenue as exclusivity ends.