Sanofi said it is targeting late-stage and commercial M&A to offset looming pressure on Dupixent following its patent cliff, as executives described a strategy to derisk late development while using the company’s commercial capabilities. On its third-quarter earnings call, CEO Belén Garijo said the company has no timeline for R&D-stage transformation but expects pipeline delivery to take time, making acquisitions an interim bridge. Sanofi’s plan emphasizes buying de-risked assets rather than starting over from early-stage research. CFO François Roger said Sanofi’s balance sheet and low leverage would support external financing for future deals. The company framed the approach as both scientifically and commercially focused. In results, Sanofi reported net sales of €14.4 billion and raised its full-year sales outlook for constant currencies to low-teens growth. Dupixent sales rose 34.8% to nearly €5.7 billion, while vaccine sales fell 6.6%, keeping Dupixent dependence central to investor attention around the 2031 exclusivity timeline.