Sanofi’s leadership said the company is targeting late-stage and commercial acquisitions to offset expected pressure from Dupixent as exclusivity nears, while continuing to rely on its cash generation. Speaking on third-quarter earnings, CEO Belén Garijo said Sanofi plans to use a strong balance sheet and low leverage to fund business development focused on lower-risk assets that can leverage its commercial capabilities. Executives positioned the strategy as a way to “derisk scientifically and clinically” while R&D pipeline timelines catch up. Sanofi reported net sales of €14.4 billion, with Dupixent contributing almost €5.7 billion in the quarter and growing 34.8%, alongside strength in hemophilia A launch product Altuviiio. Analysts and investors remain focused on the concentration of Dupixent within the company’s revenue mix, with analysts underscoring the 2031 patent expiry timeline. Sanofi also reported vaccine sales fell 6.6%, increasing investor scrutiny on how the company reallocates resources across franchises. In parallel, Sanofi signaled it is not planning a “major” overhaul of R&D or business structure despite the patent cliff, indicating a more selective capital allocation approach rather than a broad strategic reset.