<div id="readability-page-1"><div>Six years after taking over as chief executive, the British businessman Paul Hudson has clearly left his mark at Sanofi. He arrived at the heart of a difficult period for the pharmaceutical group, mired in a painful phase of stagnation, with the pandemic set to begin just a few months later. The task, then, was to reinvigorate it and, above all, to prepare for the future, notably by reducing its heavy dependence on Dupixent, the blockbuster that still in 2025 accounted for a third of Sanofi's revenue, and whose patent expires in 2031. To that end, Hudson has opened his shareholders' chequebook and overseen $25bn in acquisitions in a string of smaller deals and one big-ticket purchase: US-based Blueprint Medicines, bought this year for $9.5bn, financed in part by proceeds from the sale of Doliprane - a transaction whose merits, despite the opprobrium, MarketScreener had at the time praised. These deals have not yet had an accretive effect on the group's net profit. At most, shareholders can take comfort in remembering that, historically, Sanofi has been a very capable integrator and developer when it comes to acquisitions and partnerships. Dupixent with Regeneron comes to mind, as do Beyfortus with AstraZeneca and Altuviiio with Bioverativ. The picture is decidedly less flattering when it comes to in-house R&amp;D, admittedly. Sanofi, it should be said, has nevertheless racked up several failures that earned it bad press. In 2023, Hudson pledged to step up the pace. Budgets have indeed risen significantly, although the market is still waiting for a success. Over the longer term - that is, over ten years, between 2016 and 2025 - Sanofi increased its revenue from €33.8bn to €43.6bn, and its cash profit - or free cash flow - from €5.9bn to €8.1bn, all while maintaining a high-quality balance sheet, reassuring solvency ratios, and a number of shares outstanding that is more or less unchanged. Enterprise value, meanwhile, has not shifted, still hovering at around €100bn. In the meantime, investors' concerns - on top of a deepening loss of affection for the sector in recent years - have grown, as evidenced by valuation multiples near their lows and a dividend yield near its high. That context has, moreover, been put to use by Sanofi, which completed this year a €5bn share buyback program - a record-sized envelope, ambitious and rational given its valuation at the time.The sacrosanct dividend also continues to rise uninterruptedly for the 25th consecutive year, with a further 5.1% increase set to be proposed at the next AGM.</div></div>

醫藥突破 ETF - ALPS

動態生物技術與基因組 ETF - Invesco

標普全球醫療股指數 ETF - iShares

賽諾菲在首席執行官保羅·哈德森的領導下，正在為未來做準備，減少對 Dupixent 的依賴，因為該藥物佔其收入的很大一部分。該公司已完成 250 億美元的收購，包括以 95 億美元收購 Blueprint Medicines。儘管在研發方面面臨挑戰，賽諾菲的收入從 2016 年的 338 億歐元增長到 2025 年的 436 億歐元。該公司還正在實施 50 億歐元的股票回購計劃，並計劃在下次股東大會上提議增加 5.1% 的股息，這將標誌着連續第 25 年提高股息

賽諾菲為未來做好準備，並再次提高其神聖不可侵犯的股息