RBC Forecasts 'In-line' Topline Growth for Sanofi in Q3 as Dupixent Offsets Vaccine Weakness

06:22 AM EDT, 10/19/2026 (MT Newswires) -- RBC Capital Markets expects an "in-line" third-quarter topline growth for Sanofi (SAN.PA) as the strength of Dupixent offsets weakness in the company's vaccine business and "difficult" year-over-year comparisons. In an earnings preview note, the research firm said it forecasts 13 billion euros in revenue for the quarter, compared with the consensus estimate of 13.2 billion euros. For Dupixent, RBC estimates revenue of 5.3 billion euros, against the market expectation of 5.1 billion euros. For vaccines, analysts expect revenue of 2.9 billion euros, below the consensus of 3 billion euros, largely due to the weaker seasonal demand for COVID-19 shots. "We trail consensus on the top-line (-1.5%), and are ~4% below on EPS as we think consensus is mis-modeling certain Dupi related partnership expenses and reimbursements that expired in 2Q26. However, we remain ahead of Street on Dupi (+4%) given strong script growth and favorable GtoN adjustments across 2026," analysts said. "We reiterate our Sector Perform rating but lower our PT to EUR75 on lower 2027 EPS." Sanofi is scheduled to release its third-quarter results on Oct. 30.