Sanofi generates revenue through four distinct business segments, with money flowing from prescription drug sales, vaccine procurement contracts, and consumer healthcare products sold through retail channels. In FY2024, Specialty Care accounted for approximately 51.7% of revenue ($23.2 billion), General Medicines contributed 20.0% ($8.9 billion), Vaccines generated 17.3% ($7.7 billion), and Consumer Healthcare (Opella) represented 10.7% ($4.8 billion). Within Specialty Care, Immunology is the dominant revenue engine at 32.2% of total company sales, driven almost entirely by Dupixent (dupilumab), which generated $14.3 billion in 2024—up 23.1% from 2023. Dupixent is a fully human monoclonal antibody that inhibits interleukin-4 (IL-4) and interleukin-13 (IL-13) signaling pathways, approved for atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, bullous pemphigoid, and chronic obstructive pulmonary disease. The drug is co-developed and co-commercialized with Regeneron Pharmaceuticals under a 2007 collaboration agreement; Sanofi records global sales and shares profits with Regeneron, while paying royalties on net sales. This partnership structure means Sanofi retains approximately 55-60% of Dupixent's economics after Regeneron's share, though exact terms vary by territory. The immunology franchise also includes Kevzara (sarilumab) for rheumatoid arthritis, which generated approximately $327.0 million in 2024. Rare Diseases contributed 14.9% of total revenue ($6.6 billion), anchored by Fabrazyme (agalsidase beta) for Fabry disease at $1.1 billion, Cerezyme (imiglucerase) for Gaucher disease at $996.3 million, Myozyme/Lumizyme (alglucosidase alfa) for Pompe disease at $640.9 million, and the rapidly growing ALTUVIIIO (efanesoctocog alfa) for hemophilia A, which reached $545.0 million in its first full year after launch with 1,378.9% growth in H1 2024. The rare disease portfolio also includes Nexviazyme (avalglucosidase alfa) for Pompe disease at $708.5 million, Alprolix (efrloctocog alfa) for hemophilia B at $808.8 million, Eloctate (efmoroctocog alfa) for hemophilia A at $545.0 million, Cerdelga (eliglustat) for Gaucher disease at $526.5 million, Cablivi (caplacizumab) for acquired thrombotic thrombocytopenic purpura at $239.8 million, and Xenpozyme (olipudase alfa) for acid sphingomyelinase deficiency at $152.6 million. Oncology, while still a smaller segment at 3.2% of revenue ($1.4 billion), includes Sarclisa (isatuximab) for multiple myeloma at $490.5 million and Rezurock (belumosudil) for chronic graft-versus-host disease at $436.0 million. Multiple Sclerosis therapies contributed 1.7% ($763.0 million), led by Aubagio (teriflunomide) at $436.0 million, though this franchise is declining due to generic competition. The General Medicines segment, at 20.0% of revenue, represents Sanofi's established pharmaceutical portfolio and includes Lantus (insulin glargine) at $1.7 billion—once a $6.5 billion blockbuster now eroded by generics—Toujeo (insulin glargine 300 U/mL) at $1.3 billion, Lovenox (enoxaparin) at $1070.4 million, Plavix (clopidogrel) at $996.3 million, Thymoglobulin (anti-thymocyte globulin) at $731.4 million, and Praluent (alirocumab) at $536.3 million. This segment faces structural decline as patents expire and biosimilars enter, with management actively streamlining the portfolio to focus on assets with remaining growth potential. The Vaccines division, generating 17.3% of revenue, is the world's largest dedicated vaccine business by revenue. In 2024, Beyfortus (nirsevimab), a monoclonal antibody for RSV prevention in infants, achieved blockbuster status in its first full year with $1.9 billion in sales—an unprecedented achievement for a new vaccine product. The influenza vaccine franchise contributed approximately $2.2 billion, pediatric vaccines $2.0 billion, booster vaccines $1.3 billion, and travel/other vaccines $654.0 million. Sanofi Pasteur operates manufacturing facilities across multiple continents and has historically supplied vaccines to more than 150 countries. The Consumer Healthcare division (Opella), at 10.7% of revenue, includes over-the-counter products for digestive health, pain relief, vitamins and minerals, cough/cold/flu, women's health, and allergy. Sanofi announced its intention to sell a controlling stake in Opella in 2024, with the separation expected to close in Q2 2025 at an attractive valuation, transforming Sanofi into a pure-play biopharmaceutical company. Revenue geography in 2024 reflected the global nature of Sanofi's operations: the United States generated $21.8 billion (48.7% of total), Europe contributed $9.8 billion (22.0%), and Rest of World markets—including China at approximately $2.7 billion—accounted for $13.2 billion (29.4%). The US market is particularly critical for Dupixent, where sales reached $10.2 billion in H1 2024 alone, driven by continued prescription growth and the COPD launch. Sanofi's business model relies on a combination of direct sales forces, hospital contracts, pharmacy benefit manager negotiations, and government procurement. In the US, the company employs approximately 8,000 sales representatives and maintains specialized teams for immunology, rare diseases, and oncology. The gross margin of 75.7% in 2024 reflects the high-margin biologics mix, though this is partially offset by significant R&D investment (18.0% of revenue) and SG&A expenses (22.4% of revenue). The company's operating model emphasizes pipeline-driven growth, with management targeting high single-digit revenue growth in 2025 and low double-digit business EPS growth, supported by continued Dupixent expansion, new product launches, and operational efficiency initiatives expected to save $2.2 billion by end of 2025.