Sanofi told investors it is leaning into late-phase and commercial M&A to manage growth as Dupixent faces a looming patent cliff. On a third-quarter earnings call, CEO Belén Garijo said the company will use robust cash flow to fund business development with a focus on later-stage and/or commercial opportunities that can be derisked both clinically and scientifically. The company reported net sales of €14.4 billion and cited Dupixent as a key driver, with Dupixent sales up 34.8% to nearly €5.7 billion. While newer products are growing, analysts will be watching how quickly Sanofi can replace Dupixent’s contribution ahead of its 2031 expiry. Management framed the shift toward commercial assets as a way to leverage Sanofi’s global capabilities while waiting for pipeline R&D to mature.