How Can Sanofi's First Female CEO Transform the Company?

The French pharmaceutical giant Sanofi has appointed Belén Garijo, the current Chief Executive of Merck KGaA, as its new CEO from April. The appointment represents a historic moment for the company, as Garijo becomes the first woman to hold the top position.

In a company statement, Sanofi confirmed the leadership transition, with its Board of Directors announcing: "It decided not to renew the Director mandate of Paul Hudson", noting that his "last day as Chief Executive Officer will be on 17 February 2026 at the end of business".

The decision brings to a close Hudson's six-year leadership period, which could be characterised by extensive restructuring efforts and significant R&D investment, alongside clinical disappointments and growing shareholder discontent.

The company's stock price has declined 21% over the past 12 months. as market concerns mount over Sanofi's future once Dupixent, its blockbuster medication accounting for more than one-third of total revenue, faces patent expiry in 2031.

Chair Frédéric Oudéa, in announcing the transition, emphasised a renewed commitment to delivery. He said: "Belén has the experience and profile to accelerate the pace, strengthen the quality of execution of strategy and lead the next growth cycle of the company."

According to Sanofi, she would introduce "increased rigour" to strategy implementation whilst prioritising productivity, governance and innovation capacity within R&D.

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Previous experience at Sanofi

The appointment marks a homecoming for Belén, who previously worked at the French healthcare company for 15 years. During her earlier tenure at Sanofi, the qualified physician held the position of Vice President of Pharmaceutical Operations for Europe and Canada and served on the executive committee.

She subsequently moved to Merck in 2011, ascending to the chief executive role in 2021. The appointment made her Germany's first female leader of a DAX 40 company.

Ahead of the announcement, Belén shared reflections on her professional journey. In a LinkedIn post published on International Day of Women and Girls in Science, she highlighted the consistency of her professional purpose.

"My earliest memories as a young girl are of wanting to help people and treat disease," she wrote. "That purpose has been the constant thread running through every chapter of my life - from medical student, to physician, to pharma executive, to global CEO."

She added, referring to an image she included in the post of her as a child: "Looking back at this photo of me as a little girl, book in hand, I realise that the biggest change over the years hasn't been my dream. It's been the scale of my impact.

"I've gone from caring from individual patients, to leading a company that touched the lives of more than 100 million people every single day."

Challenges ahead for new leadership

The magnitude of impact Belén described now frames the challenge awaiting her at Sanofi. The pharmaceutical group finds itself at a critical juncture: it claims to have concentrated its efforts on select therapeutic areas, committed substantial resources to R&D and redefined itself as an AI-enabled biopharma business.

However, investors appear unconvinced that this strategic direction has generated a consistent pipeline of successful late-stage treatments.

According to the company, Belén's immediate focus will centre on enhancing the productivity, governance and innovation capacity of research and development operations.

This could suggest a transition from ambitious strategic overhaul towards rigorous implementation, converting scientific objectives into tangible outcomes.

Her track record of managing acquisitions, operating throughout Europe and the United States and directing a major publicly-traded pharmaceutical organisation will now face examination in a new setting: rebuilding growth trajectory at one of Europe's largest drug manufacturers.