Sanofi
Pharma company generating €41.1B revenue in 2024 with Dupixent at €15.1B and 94-project pipeline across immunology and rare diseases.
Sanofi generated €41.1 billion revenue in 2024 (up 9%) with Dupixent blockbuster drug hitting €15.125 billion (up 22%), while simultaneously deploying €3.3 billion in strategic acquisitions (Blueprint Medicines, Vigil Neuroscience, Vicebio, Dren Bio) to reshape its pipeline toward immunology. The company operates 94 projects across immunology, rare diseases, neurology, oncology, and vaccines - portfolio diversity that enables surviving patent cliffs that would kill single-product competitors.
The biological model is horizontal gene transfer: acquiring external genetic material to rapidly gain new capabilities. Blueprint Medicines brought systemic mastocytosis drug Ayvakit ($479M revenue in 2024) plus elenestinib pipeline candidate. Vigil Neuroscience added neurology optionality. Two bispecific antibodies from Earendil/Helixon's AI platform (HXN-1002 targeting α4β7 and TL1A, HXN-1003 targeting TL1A and IL-23) expand immunology arsenal. This is not organic R&D; it's strategic acquisition of pre-validated molecules.
Redundancy provides resilience against patent expiration. When blockbusters face biosimilar competition, Sanofi's 37 brands and 94-project pipeline maintain revenue. Beyfortus RSV antibody for infants became blockbuster in first full year with €1.7 billion revenue in 2024. The FDA fast-track designation for RSV/hMPV vaccine candidate targeting ages 60-75 builds next-generation protection. Dupixent expected to reach €22 billion sales by 2030 provides cash flow funding pipeline development.
The company's 12 blockbuster opportunities under clinical evaluation (9 innovative medicines with €2-5B peak sales potential, 3 'pipeline-in-a-product' assets over €5B potential) show the strategy: maintain current revenue through lifecycle management while acquiring and developing replacements. Sanofi's 7% sales growth in Q3 2025 to €12.4 billion and confirmed "low double-digit" business EPS growth guidance for 2025 signal the transition working. Pharmaceutical companies are organisms facing predictable extinction events (patent expiration). Those that survive maintain pipelines replacing revenue before patents expire. The key is portfolio effect - enough diverse revenue sources that no single patent cliff is existential. When Sanofi invests €3.3B acquiring four companies in 2025 while maintaining 9% revenue growth, the message is clear: use current profits to buy future growth before current products decline.