Sanofi told investors it plans to lean on later-stage and commercial M&A to offset the looming Dupixent patent cliff, pairing business-development optionality with a continued focus on R&D. On its third-quarter earnings call, CEO Belén Garijo said the company is using “robust cash flow generation” to fund transactions, particularly “later-stage and/or commercial opportunities.” CFO François Roger emphasized that Sanofi’s strong balance sheet and low leverage provide room for external financing. Garijo said Sanofi expects pipeline R&D to take time to translate into growth and that commercial acquisitions can both derisk scientifically and leverage the company’s existing commercial infrastructure. The quarter showed Dupixent strength: net sales of €14.4 billion beat consensus, while Dupixent sales rose 34.8% to nearly €5.7 billion, with the drug contributing about 39% of quarterly net sales. The company also reported growth from 13 launch products, driven by Altuviiio, while vaccine sales fell. Analysts will focus on whether Sanofi can find assets that match its immunology scale and avoid further dependence on Dupixent during the period leading to the 2031 patent expiry.