Sanofi (SNY): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how this major pharmaceutical company is repositioning itself, and honestly, it's all about focus now. After years of watching these giants pivot, I can tell you Sanofi's shift to a focused biopharma model is serious; they are pouring capital into high-growth areas, evidenced by their Q2 2025 Research & Development spend hitting €1.9 billion to fuel immunology and vaccines. This canvas lays out the entire engine-from the critical partnership with Regeneron on Dupixent, which pulled in €3.8 billion in Q2 2025 alone, to the aggressive M&A like the Blueprint Medicines deal-showing precisely where the risk and reward lie in their new structure. Dive in below to see the nine building blocks defining their next chapter.

Sanofi (SNY) - Canvas Business Model: Key Partnerships

Regeneron Pharmaceuticals for Dupixent co-development and profit sharing

Regeneron Pharmaceuticals, Inc.'s share of profits from commercialization of antibodies, which includes Dupixent, was $1.282 billion in the second quarter of 2025 and $1.46 billion in the third quarter of 2025. Sanofi recorded Dupixent global net sales of $4.86 billion in the third quarter of 2025, an increase of 27%. Sanofi's US sales for Dupixent reached €5,283 million in the first half of 2025. The eco-design optimization process with Regeneron on Dupixent manufacturing reduced the carbon footprint by 53%, water use by 62%, and resource depletion by 30%.

Regeneron Pharmaceuticals, Inc. initiated a lawsuit in late 2024/early 2025 regarding commercialization details under the collaboration agreement.

Biotech firms (e.g., Nurix, miRecule) for novel drug discovery and licensing

Sanofi's external innovation sourcing in 2025 included several key transactions:

• Acquisition of Blueprint Medicines completed July 18, 2025, for $9.1 billion.
• Upfront payment for Dren Bio's DR-0201 asset was $600 million, with up to $1.3 billion in milestones.
• Exclusive license for two bispecific antibodies from Earendil/Helixon for an upfront payment of $125 million and up to $1.72 billion in potential milestones.
• Exercised option for Nurix's STAT6 program, triggering a $15 million payment, bringing total collaboration payments to $127 million, with up to $465 million in future milestones.
• Sanofi Ventures made 6 investments in 2024.
• In 2024, 233 new agreements were signed.

Sanofi has 82 projects in its pipeline across four main disease areas and Vaccines as of June 30, 2025.

Contract Manufacturing Organizations (CMOs) to scale global production

Industry-wide projections for 2025 indicate that 44% of all biologics manufacturing capacity is expected to shift from in-house to CMO/hybrid companies. The overall Contract Development and Manufacturing Organization (CDMO) market was expected to grow to $185 billion in 2025 from $173 billion in 2024. Demand for biologics CDMO services is growing at approximately 15% per year.

Sanofi's half-year financial report for 2025 shows revenue received under agreements for Sanofi to provide manufacturing services to third parties, but specific CMO contract values are not detailed.

Academic medical centers for clinical trials and early-stage research

The Sanofi Innovation Awards (iAwards) program provides:

• Seed funding of $150,000 USD.
• Funding duration of 12 months, including institutional direct and indirect costs.
• More than 32 top academic and medical centers in North America participate.
• Approximately 40% of iAwards projects convert into multi-year Sponsored Research Agreements.

The next Call for Projects was scheduled for April 14th, 2025.

CD&R, which acquired a 50% controlling stake in the Opella consumer health business

Sanofi completed the sale of a 50.0% controlling stake in Opella to CD&R on April 30, 2025, for total net cash proceeds of around €10 billion ($11.4 billion). Following the closing, ownership stakes are:

The enterprise value placed on Opella during initial negotiations in October 2024 was €16bn ($17bn), which was around 14 times the estimated 2024 core earnings (EBITDA). Opella employs over 11,000 people worldwide and operates in 100 countries, supported by 13 strategic manufacturing sites.

Sanofi (SNY) - Canvas Business Model: Key Activities

You're mapping out Sanofi's core engine, the things they absolutely must do well to make their strategy work. Here's a breakdown of the hard numbers driving their Key Activities as of late 2025.

Aggressive Research and Development (R&D) in Immunology and Vaccines

Sanofi is putting serious capital behind its pipeline, especially in immunology. In the first half of 2025, R&D spending hit €1.9 billion, which was a 17.7% year-over-year rise. This follows the Q4 2024 figure where R&D Expenses were €2.26 billion, marking a 24% jump from the prior year. The company has long-term goals tied to this spending, targeting over €22 billion in immunology sales and over €10 billion in vaccine revenue by 2030.

The vaccine segment saw H1 2025 net sales rise 10.3% to €1.2 billion. For a specific pipeline asset, Fitusiran for hemophilia demonstrated an 89.9% cut in annualized bleeding rates (ABR) in a trial involving 120 patients.

Global manufacturing and supply chain management for biologics

The focus on supply chain resilience is clear, particularly in the US. Sanofi committed at least $20 billion into US manufacturing capacity through 2030. This is happening while the company maintains a strong European base; over 60% of its global production is in the European Union, with only 5% of active ingredients sourced from Asia. To support future biologics, an investment of €1 billion is earmarked for the Vitry-sur-Seine site to double monoclonal antibody production capacity.

Executing the €5 billion share buyback program announced for 2025

Capital allocation is aggressive this year. Sanofi announced a €5 billion share buyback program for 2025. By the end of H1 2025, 80.3% of this €5 billion program had already been repurchased. The execution involved two main parts: a first tranche of €3 billion executed on February 5, 2025, with L'Oréal, and a second mandate up to €2 billion running until December 31, 2025. At the April 2025 price point, the full buyback would reduce total outstanding shares by approximately 4.1%.

Strategic M&A (e.g., Blueprint Medicines, Vigil Neuroscience) to fill the pipeline

Sanofi is actively buying innovation to bolster its pipeline, particularly in immunology and neurology. The acquisition of Vigil Neuroscience was completed on August 6, 2025, with an upfront equity value of approximately $470 million. Shareholders also receive a contingent value right (CVR) of $2 per share, potentially bringing the total deal value to $600 million. Separately, the deal to acquire Blueprint Medicines was valued at $9.1 billion, with an expected close in Q3 2025.

These M&A activities complement other strategic moves, such as the agreement to acquire Vicebio to strengthen the vaccine pipeline.

Regulatory affairs and securing new label expansions for blockbuster drugs

Securing new indications for key assets is a major activity. Dupixent, a blockbuster drug, gained its eighth US-licensed indication when the FDA approved it for bullous pemphigoid on June 20, 2025. The company also saw key approvals in H1 2025, including Dupixent for chronic obstructive pulmonary disease (COPD), Sarclisa for newly diagnosed multiple myeloma in the EU, and MenQuadfi for meningitis in the US. Furthermore, Tzield was accepted for expedited review in the US for stage 3 type 1 diabetes through the FDA Commissioner's National Priority Voucher pilot program, announced on October 20, 2025.

The financial impact of these successes is reflected in the Q2 2025 results, where net sales grew 10.1% at constant exchange rates (CER), driven by Immunology and launches like Beyfortus.

The Key Activities metrics are summarized below:

Finance: draft 13-week cash view by Friday.

Sanofi (SNY) - Canvas Business Model: Key Resources

You're looking at the core assets Sanofi (SNY) is leaning on to power its next phase of growth, post-Consumer Healthcare separation. These aren't just line items; they're the engines driving the current strategy.

Blockbuster Drug Dupixent is definitely the star revenue driver right now. For the second quarter of 2025, its sales hit €3,832 million, marking a significant year-over-year increase of 21.1% at constant exchange rates (CER). The US market alone saw sales growth of 22.7% in that quarter. This product is central, with Sanofi confirming a long-term sales target of around €22 billion by 2030 for immunology, largely supported by this asset.

The company's Intellectual Property (IP) portfolio underpins its future value, though the data is slightly dated, it shows the scale. As of August 25, 2020, Sanofi owned 24,249 active patents globally, comprising 8,228 grants and 16,021 applications. The focus is clearly on quality and new modalities now; for instance, Dupixent's U.S. patent is expected to expire in 2031. To counter this, as of Q1 2025, the pipeline holds 86 projects, including 41 potential new medicines (NMEs) and vaccines (NVEs).

Sanofi is actively reshaping its physical footprint for efficiency. The global manufacturing network has been streamlined significantly. Where the company once had upwards of 70 sites in manufacturing, that number is now 38. The focus is on specialized, high-value production, particularly in biologics, with four dedicated biotechnology hubs supporting medicines industrial operations as of the end of 2024.

Here's a look at those key manufacturing and R&D hubs:

The specialized scientific talent is concentrated in the key growth areas. The global workforce stands at 72,000 people as of late 2025, with 13,000 based in the US. This talent is deployed across the 86 pipeline projects, heavily weighted toward Immunology and Rare Diseases, bolstered by recent acquisitions like Blueprint Medicines in June 2025.

Finally, the financial restructuring supports this resource base. Sanofi is targeting cost savings of up to €2 billion across the 2024 to the end of 2025 period. Critically, most of this amount is earmarked for reinvestment in innovation and growth drivers, primarily R&D. The 2025 business EPS guidance confirms this, as the rebound expectation now includes all expenses from newly acquired businesses.

The focus areas for R&D investment and talent deployment include:

• Immunology, with 86 projects in the total pipeline
• Rare diseases, neurology, and oncology
• Vaccines, with a sales target of over €10 billion by 2030
• Bolstering the early pipeline through deals like the acquisition of Dren Bio's DR-0201

Finance: draft 13-week cash view by Friday.

Sanofi (SNY) - Canvas Business Model: Value Propositions

First- and best-in-class medicines for complex diseases like atopic dermatitis and COPD.

Dupixent, addressing atopic dermatitis, asthma, and chronic obstructive pulmonary disease (COPD), generated quarterly global sales of €4.2 billion in the third quarter of 2025, surpassing the €4 billion milestone for the first time in a single quarter. US sales for Dupixent in Q3 2025 rose by 27.9%. For the first half of 2025, Dupixent sales reached €7.312 billion.

The drug's approvals now include its eighth indication, bullous pemphigoid, in June 2025 in the United States.

Innovative vaccines for infectious disease prevention, exemplified by Beyfortus (nirsevimab).

Sanofi's total vaccine sales in Q3 2025 were €3.4 billion. In the second quarter of 2025, total vaccine sales increased by 10.3% to €1.214 billion. Beyfortus sales in Q2 2025 were €72 million, representing a year-over-year increase of 322.2%. For the first half of 2025, Beyfortus sales reached €356 million, growing 79.0%. The vaccine generated €1.7 billion in worldwide sales in 2024.

Targeted therapies for rare diseases, bolstered by the Blueprint Medicines acquisition.

Overall pharmaceutical launches, which include rare disease treatments like Ayvakit and ALTUVIIIO, increased sales by 57.1% to reach €1.0 billion in Q3 2025. ALTUVIIIO, for hemophilia A, recorded Q3 2025 sales of €294 million, up 81.4% year-over-year. For H1 2025, ALTUVIIIO sales were €542 million, a growth of 95.4%. Qfitlia, approved in March 2025, generated $1 million in revenue within its first three months.

Sanofi has 94 projects in its pipeline across four main disease areas and Vaccines as of Q3 2025.

Commitment to patient-centric solutions and accessibility programs.

Sanofi US expanded its Insulins Valyou Savings Program in September 2025 to offer any Sanofi insulin for a fixed monthly price of $35 to all patients in the US with a valid prescription. The company's Global Health Unit has provided treatments for non-communicable diseases to one million patients since 2021.

• Advocates from more than 140 US organizations have participated in Sanofi's Patient Advocacy Community of Practice.
• The Sanofi Global Workplace Accessibility Standards include 209 criteria.
• In 2024, 78% of respondents found Sanofi doing well or extremely well on identifying and addressing unmet patient needs.

Sanofi (SNY) - Canvas Business Model: Customer Relationships

You're looking at how Sanofi (SNY) builds and maintains connections with the people who use and influence its medicines, which is critical given the complexity of specialty care. Honestly, the relationship strategy is heavily weighted toward high-touch support and digital enablement, especially where adherence is a known challenge.

Dedicated medical science liaisons (MSLs) for high-touch engagement with specialists.

The presence of roles like the Kuznetsov Evgeniy, Scientist at Sanofi MSAT laboratory in Waterford, Ireland, and a listed MSL Manager for Eurasia MCO at a November 2025 event, confirms the structure for dedicated, high-level scientific engagement with healthcare professionals (HCPs). This relationship channel is key for complex, specialty-care products. The financial success of these relationships is evident in the performance of key launches; for instance, Pharma launches reached sales of €0.8 billion in Q1 2025, up 43.8%.

Patient support programs for complex, specialty-care treatments.

Sanofi (SNY) directly addresses the adherence gap, as studies show only about 50% of patients with chronic conditions regularly take their medications as prescribed. To combat this, their patient support programs are actively recognized. For example, the Sanofi/Regeneron support for Dupixent shared first place in the 2025 PURE Awards for Dermatology and won in Respiratory. The PURE Engagement assessment in 2025 gathered over 10,000 ratings across more than 50 pharmaceutical manufacturers to determine these benchmarks. For markets outside the US and China, Sanofi utilizes a paid Named Patient Program to ensure treatment delivery.

Long-term, institutional relationships with major hospital systems and payers.

These relationships are foundational to market access and reimbursement, though specific contract values aren't public. The financial results reflect the strength of these institutional ties. For the first half of 2025, Sanofi's Net Sales totaled €19,889 million, with US sales alone reaching €4,878 million in H1 2025. Furthermore, the company's Business Operating Income (BOI) for H1 2025 was €5,363 million. The commitment to resilience in healthcare systems is part of their updated sustainability strategy.

Digital health tools for patient adherence and disease management.

Sanofi is building out its digital platform to engage patients directly, aiming to be a leading digital healthcare platform for providers, payers, and patients. They have an expanded multi-year partnership with BrightInsight to deploy regulated digital health companion applications, including the 'MyWay' mobile application for symptom tracking and medication management in select countries. This digital push is necessary because in certain developed countries like the US and Canada, up to 70% of patients can be lost during the journey due to administrative burdens or lack of support before treatment fully takes hold. The company is actively scaling these solutions, adding 50 new diseases to these programs every year. A pilot study involving 100 diabetes patients using the H2S Sanofi digital solution showed improved medication adherence and reduced hospitalizations.

Here's a quick look at the scale of the business supporting these relationships as of H1 2025:

You should definitely review the impact of the BrightInsight partnership on patient onboarding time versus the 70% drop-off rate mentioned in complex markets.

Sanofi (SNY) - Canvas Business Model: Channels

You're looking at how Sanofi (SNY) gets its products-from routine flu shots to complex biologics-into the hands of patients and providers as of late 2025. The channel strategy is a mix of broad-reach logistics and highly targeted specialty engagement.

Global network of pharmaceutical wholesalers and distributors

Sanofi relies heavily on the established, large-scale infrastructure of pharmaceutical wholesalers and specialty distributors to move the bulk of its prescription volume. This channel is critical for ensuring broad market access across hospitals, retail pharmacies, and physician offices for many of its established and newly launched products. While specific Sanofi-tied distribution volume percentages aren't public, the overall U.S. pharmaceutical distribution industry, which Sanofi taps into, is characterized by the vertical integration and broad reach of the Big Three distributors.

The company's geographic sales performance reflects this broad reach. For instance, in the first half of 2025 (H1 2025), U.S. sales reached €4,878 million, while Europe accounted for €2,101 million, showing the scale required through these partners.

Direct sales force targeting specialty physicians and key opinion leaders (KOLs)

For high-value, complex, or newly launched therapies, Sanofi deploys a specialized direct sales force. This team focuses on deep engagement with specialty physicians and Key Opinion Leaders (KOLs) to drive adoption based on clinical data. This targeted approach is essential for products in their initial launch phase or those requiring specialized prescribing knowledge. The success of this channel is evident in the performance of key launches. For example, the immunology blockbuster Dupixent generated €3.8 billion in sales in the second quarter of 2025 alone. Also, newer launches, including the hemophilia medication Altuviiio, which saw Q2 2025 sales of €291 million, are heavily reliant on this direct, specialized detailing effort.

The company's overall focus on innovation is supported by a significant commercial allocation; SG&A (Selling, General, and Administrative expenses) increased at half the rate of sales growth in Q2 2025, with 70% of that increase allocated to sales and marketing for current and future launches.

Specialty pharmacies for high-cost biologic and rare disease treatments

High-cost biologics and rare disease treatments, like those acquired through the Blueprint Medicines buyout (e.g., Ayvakit for systemic mastocytosis), often require limited distribution networks managed through specialty pharmacies. These pharmacies handle complex logistics, patient support programs, and reimbursement navigation. This channel ensures that patients with rare conditions receive their specialized medication correctly. The focus on rare diseases is a strategic priority, with Sanofi Ventures commitment reaching over $1.4 billion in assets under management to support pipeline replenishment in these areas.

Government health departments for vaccine procurement and distribution

Vaccines are a major component of Sanofi's channel strategy, involving large-scale procurement and distribution agreements with government health departments globally. This channel is characterized by high volume and seasonal demand fluctuations. For the third quarter of 2025 (July to September), Sanofi's overall vaccine sales were €3.4 billion. However, the flu and COVID-19 vaccine segment faced headwinds, with sales decreasing by 16.8% to €1.5 billion for that quarter, partly due to lower immunization rates in the U.S.. Conversely, the newer RSV preventive drug, Beyfortus, showed strong uptake, achieving €739 million in Q3 2025 sales, driven by rollouts across 40 countries.

Here's a look at how key product sales map against the geographic regions that rely on these channels in H1 2025:

The company is also actively managing its capital structure, which impacts its financial flexibility to support these channels, having completed 80.3% of its planned €5 billion share buyback program for 2025.

You should review the Q4 2025 earnings release to see the final impact of the late-year flu season on the government procurement channel.

Sanofi (SNY) - Canvas Business Model: Customer Segments

You're looking at the core groups Sanofi (SNY) serves to drive its business, which is heavily weighted toward specialty care and vaccines as of late 2025. Honestly, the numbers show where the real focus is right now.

Patients with Type 2 inflammatory diseases (e.g., asthma, atopic dermatitis, COPD).

This group is central, largely driven by the success of Dupixent. Dupixent sales hit a quarterly record of €4.2 billion in the third quarter of 2025, following €3.8 billion in the second quarter of 2025. Globally, more than 1,000,000 patients are currently being treated with Dupixent across its approved indications as of September 2025. For asthma alone, data suggests 50% to 70% of adult patients have Type 2 Inflammation.

• Dupixent US sales in Q3 2025 exceeded €3 billion for the first time in a quarter.
• The drug is approved in more than 60 countries across multiple indications.

Healthcare providers (HCPs) and specialists (e.g., pulmonologists, dermatologists).

Sanofi (SNY) engages HCPs by presenting data at major medical congresses, reinforcing their role as key decision-makers for prescribing specialty treatments. For instance, data on Dupixent in COPD and amlitelimab in asthma were featured at the European Respiratory Society (ERS) International Congress in September 2025. Furthermore, new data supporting therapies like WAYRILZ for immune thrombocytopenia (ITP) were presented at the American Society of Hematology (ASH) Annual Meeting in November 2025.

Government and public health agencies for flu and pediatric vaccines.

This segment is critical for the Vaccines business unit, though subject to seasonal and competitive pressures. Total vaccine sales in Q2 2025 increased by 10.3% to €1.21 billion, partly due to the rollout of Beyfortus. However, Q3 2025 saw overall vaccine sales decline by 7.8% to €3.4 billion, largely attributed to a slowdown in influenza shots. Sanofi Pasteur Inc. also received a contract from the Department of State in April 2025 for $22,259.

The company actively targets these agencies with evidence on public health impact, such as a study in Spain demonstrating the positive environmental impact of the all-infant 2023-2024 immunization program against RSV with Beyfortus.

Patients with rare diseases (e.g., systemic mastocytosis, Pompe disease).

Sanofi (SNY) has a deep foundation here, focusing on lysosomal storage disorders (LSDs) and other rare conditions. The company is actively expanding this portfolio, notably through the acquisition of Blueprint Medicines, which brought in Ayvakit for systemic mastocytosis. Sales for Nexviazyme/Nexviadzyme were €192 million in Q2 2025. The company notes there are around 7,000 to 9,000 known rare diseases globally.

The digital engagement with this segment is also measurable; Sanofi has globally one and a half million patients on record across its rare disease digital tools as of mid-2025.

Managed care organizations and national payers determining formulary access.

Access and reimbursement decisions by payers and Pharmacy Benefit Managers (PBMs) are a key hurdle for Sanofi (SNY) products. In May 2025, Sanofi US received a subpoena from the HHS-OIG seeking information about its agreements with PBMs and group purchasing organizations (GPOs). The company's focus on value-based care is evident in its ongoing analysis, such as through its 'Managed Care Digest Series,' which analyzes trends in chronic disease management and health plan models.

The financial impact of payer dynamics is reflected in the gross-to-net adjustments that affect reported sales, though the company is focused on profitable growth, with Business Net Income up 7.6% in H1 2025.

• Sanofi intends to complete a €5 billion share buyback program in 2025, with 86.1% executed as of October 2025.
• Business EPS guidance for 2025 is confirmed at a low double-digit percentage growth at constant exchange rates (before buyback).

Sanofi (SNY) - Canvas Business Model: Cost Structure

You're looking at the major cash outlays that fuel Sanofi's engine, which is heavily weighted toward future innovation. Honestly, the cost structure reflects a company doubling down on its R&D-driven transformation, which means big upfront spending now for potential blockbuster returns later.

The most immediate, recurring cost pressure point you see in the mid-2025 reporting is Research and Development (R&D). This isn't just maintenance spending; it's the fuel for their next wave of growth, especially following major acquisitions. For instance, R&D expenses in the second quarter of 2025 hit €1.9 billion, representing a significant 17.7% year-over-year increase. That acceleration is key to note.

Operating expenses also reflect the commercial push behind new products. Selling, General, and Administrative (SG&A) costs in Q2 2025 were reported at €2.3 billion, which was an increase of 7.8%. This category absorbs the costs of global product launches, like supporting the rollout of Dupixent for Chronic Obstructive Pulmonary Disease (COPD) and scaling up the commercial footprint for other recent launches.

Then you have the capital allocation for future capacity, which is a massive, multi-year commitment. Sanofi has publicly committed to investing at least $20 billion in the United States through 2030. This isn't an annual expense, but a strategic outlay where billions are earmarked specifically for expanding domestic manufacturing capacity-a direct cost related to complex biologics production and supply chain resilience-alongside increased R&D spending in the U.S..

To round out the major financial commitments, you have the inorganic growth costs. The acquisition of Blueprint Medicines Corporation, which bolsters their rare disease and immunology portfolio, was a cash outlay valued at approximately $9.1 billion. Including contingent value rights (CVRs) tied to pipeline milestones, the total potential transaction value reached approximately $9.5 billion.

Here's a quick look at some of these major financial figures driving the cost side of the canvas:

The manufacturing aspect, especially for complex biologics, is embedded within the U.S. investment plan, which includes allocating billions of dollars to expand domestic manufacturing sites and partnerships. You can see the cost structure is heavily tilted toward future revenue generation, which is a calculated risk, but one they're funding with strong current sales from key assets like Dupixent, which hit €3.8 billion in sales in Q2 2025.

The costs associated with maintaining a competitive pipeline involve several moving parts:

• Accelerating R&D spending in the U.S. as part of the $20 billion plan.
• Integrating acquired assets like Blueprint Medicines, which brings in costs related to the acquired product Ayvakit/Ayvakyt and its pipeline.
• Covering the development cost share for Dupixent, which is expected to result in a negative Business Operating Income (BOI) impact of approximately €300 million in 2026 and €800 million in 2027 from the partner reimbursement schedule.
• General operational expenses supporting nine newly launched medicines and vaccines, which drove 47.3% growth in launch sales in H1 2025.

Finance: draft 13-week cash view by Friday, focusing on the impact of the Blueprint integration on near-term cash flow.

Sanofi (SNY) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Sanofi's top line as of late 2025. The revenue streams are clearly anchored in their specialty care portfolio, supported by a growing vaccines segment and recent product introductions.

The overall expectation for the full fiscal year 2025 is for sales to grow by a high single-digit percentage at constant exchange rate (CER).

Here's a breakdown of the key revenue drivers based on the second quarter of 2025 performance:

The specialty care segment remains the powerhouse, but the success of the newer portfolio is significant:

• Sales from the nine newly launched medicines and vaccines grew by 47.3% in the first half of 2025.
• The new product launches contributed €0.9 billion in Q2 2025 sales.

Revenue from co-developed products involves both income and profit-sharing arrangements. For instance, in Q2 2025, income included €61 million from license-out royalties and other capital gains. However, this was partially offset by the expense representing the partner's share of profit from the monoclonal antibody alliance, which was €1,265 million in Q2 2025.

Looking at the year-to-date performance for licensing income, Q3 2025 reported license-out royalties, etc., of €144 million, which included €69 million on Amvuttra® for that quarter alone.