Sanofi

Dupixent and other branded biologics generate high refill revenue from chronic disease patients, with Sanofi's total sales growing in each fiscal year from FY2019 through FY2025 including through the COVID-19 period. The absence of formal contracted backlog and binary pipeline events introduce variability not present in pure subscription models.

Dupixent represented roughly 36% of FY2025 revenues and its share has grown steadily as the drug expands into new indications. The vaccines portfolio (Beyfortus, Pentacel, PPH) and rare disease assets provide secondary revenue streams, but all growth initiatives are weighted toward immunology-adjacent mechanisms, creating correlated rather than uncorrelated diversification.

FY2024 revenues split approximately 49% US, 22% Europe, and 29% Rest of World, providing three meaningful geographic pillars but with the US representing roughly half of total sales. This level of US concentration is broadly in line with the sector average for non-US pharma companies with US-led flagship products.

Business gross margin held at approximately 77.5% in FY2025, reflecting the asset-light biologic manufacturing model and favorable product mix in immunology and rare diseases. R&D reinvestment requirements to defend and extend the pipeline moderate the operating leverage inherent in the core biologic franchise.

Dupixent and the rare disease portfolio generate largely non-discretionary, prescription-refill revenue from patients with chronic conditions requiring long-term therapy. The Beyfortus RSV vaccine and seasonal influenza franchise introduce some programmatic cyclicality, though the overall revenue base is weighted toward therapeutic necessity rather than discretionary spending.