Sanofi (FR:SAN)
:SAN
Top Page
Sanofi
(SAN)
Select Model
Select Model
Rating:72Outperform
Price Target:
€89.00
▲(8.55% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by solid financial quality (profitability and balance-sheet strength) and attractive valuation (moderate P/E and high dividend). This is partially offset by weakening recent cash-flow/revenue trends and a mixed technical picture with negative momentum signals, while earnings-call guidance is constructive but includes identifiable execution and market risks.
Positive Factors
Margin Strength
Sanofi's very high 2025 gross and BOI margins reflect durable operational leverage from biologics and vaccines. Sustained margin expansion funds R&D, supports dividends and buybacks, and provides a structural buffer against cyclical revenue swings, preserving long-term profitability.
Negative Factors
Recent Revenue & FCF Weakness
A 2025 revenue contraction and sharp free cash flow decline highlight weakening cash-conversion momentum. If this persists it could pressure the company's ability to meet its medium-term FCF target, constrain capital allocation choices, and increase reliance on disposals or debt for growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Strength
Sanofi's very high 2025 gross and BOI margins reflect durable operational leverage from biologics and vaccines. Sustained margin expansion funds R&D, supports dividends and buybacks, and provides a structural buffer against cyclical revenue swings, preserving long-term profitability.
Read all positive factors
Sanofi (SAN) vs. iShares MSCI France ETF (EWQ)
Market Cap
€98.71B
Dividend Yield4.77%
Average Volume (3M)1.95M
Price to Earnings (P/E)12.9
Beta (1Y)0.86
Revenue Growth-9.82%
EPS Growth119.10%
CountryFR
Employees82,878
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)1.53
Shares Outstanding1,212,182,500
10 Day Avg. Volume1,590,247
30 Day Avg. Volume1,950,864
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.41
Price to Sales (P/S)2.31
P/FCF Ratio11.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€93.40Price Target Upside13.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)8.46
Revenue Forecast (FY)€48.06B
Sanofi Business Overview & Revenue Model
Company Description
Sanofi, together with its subsidiaries, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally. It operates through three segments: Pharmaceuticals, Vaccines, and...
How the Company Makes Money
Sanofi primarily makes money by selling branded pharmaceutical products and vaccines. Its revenue model is built around: (1) Prescription medicines: income generated from patented and off-patent branded drugs sold through wholesalers/distributors ...
Sanofi Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presented strong financial and commercial execution in 2025, with robust top-line growth, margin expansion, cash generation, multiple high-impact product launches, and extensive pipeline progress and regulatory approvals. Notable challenges include a Phase III failure (tolebrutinib for PPMS), a safety signal (single Kaposi sarcoma case) requiring monitoring, reductions in Regeneron R&D reimbursement with medium-term BOI implications, and uncertainty in the vaccine market driven by recent U.S. schedule changes. On balance, the company’s positive financial results, successful launches, active BD/investment strategy, and constructive pipeline readouts outweigh the material but manageable challenges.Positive Updates
Strong Top-Line and Q4 Performance
Net sales of EUR 43.6 billion for full year 2025, up 9.9% at constant exchange rates; Q4 sales EUR 11.3 billion, up 13.3% year-over-year.
Negative Updates
Tolebrutinib Phase III Failure for PPMS
Tolebrutinib did not meet the primary endpoint in the PERSEUS study for PPMS and Sanofi will not pursue regulatory submission for that indication; US path forward appears limited while rest-of-world regulator interactions are pending.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line and Q4 Performance
Net sales of EUR 43.6 billion for full year 2025, up 9.9% at constant exchange rates; Q4 sales EUR 11.3 billion, up 13.3% year-over-year.
Read all positive updates
Company Guidance
Sanofi guided to full‑year 2026 sales growth in the high single digits with business EPS “growing slightly faster than sales” (profitable growth); they expect about EUR 200 million of sales headwind from portfolio divestments, a slight decline in vaccine sales, continued gross‑margin expansion (minimal tariff impact) and roughly EUR 500 million of capital gains from disposals to be included in operating income. Management expects underlying R&D to increase moderately (plus a placeholder for Phase I/II acquisitions), sales & marketing to rise, G&A to remain stable, higher financial expenses from increased net debt driven by BD/M&A, and a stable effective tax rate; they also flag a c. EUR 400 million reduction in Regeneron R&D reimbursement in 2026 to be more than offset by Amvuttra royalties (~EUR 1.0 billion), a net positive impact of about EUR 500 million to BOI. Capital allocation includes a EUR 1 billion share buyback in 2026 (after completing EUR 5 billion in 2025), continued M&A funded in part by Opella proceeds deployed (~EUR 10.4 billion), and a medium‑term target to sustainably reach free cash flow of at least 20% of net sales (FY2025 FCF was EUR 8.1 billion, 18.5%); inventory is being reduced (nearly 30 days in 2025 with a similar target for 2026) and year‑end 2025 net debt was about EUR 11 billion with a 0.8x net‑debt/EBITDA ratio.Sanofi Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 43.63B | 44.29B | 41.11B | 40.30B | 39.17B |
| Gross Profit | 30.58B | 31.09B | 28.49B | 28.43B | 26.92B |
| EBITDA | 6.74B | 11.66B | 11.08B | 13.09B | 11.25B |
| Net Income | 7.81B | 5.56B | 5.40B | 8.37B | 6.22B |
Balance Sheet | |||||
| Total Assets | 126.81B | 132.80B | 126.46B | 126.72B | 120.24B |
| Cash, Cash Equivalents and Short-Term Investments | 7.66B | 7.93B | 8.98B | 13.40B | 11.15B |
| Total Debt | 21.80B | 17.91B | 18.42B | 21.21B | 22.41B |
| Total Liabilities | 55.10B | 54.94B | 52.11B | 51.57B | 51.21B |
| Stockholders Equity | 71.38B | 77.51B | 74.04B | 74.78B | 68.68B |
Cash Flow | |||||
| Free Cash Flow | 8.99B | 5.89B | 8.64B | 8.32B | 8.48B |
| Operating Cash Flow | 10.75B | 9.08B | 10.26B | 10.53B | 10.52B |
| Investing Cash Flow | -2.45B | -4.41B | -6.20B | -2.08B | -7.30B |
| Financing Cash Flow | -8.21B | -5.76B | -8.05B | -5.82B | -7.06B |
Sanofi Technical Analysis
Positive
81.99
Price Trends
79.02
Positive
81.68
Positive
82.58
Negative
Market Momentum
0.19
Negative
64.03
Neutral
92.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SAN, the sentiment is Positive. The current price of 81.99 is above the 20-day moving average (MA) of 77.96, above the 50-day MA of 79.02, and below the 200-day MA of 82.58, indicating a neutral trend. The MACD of 0.19 indicates Negative momentum. The RSI at 64.03 is Neutral, neither overbought nor oversold. The STOCH value of 92.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:SAN.
Sanofi Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €98.71B | 12.92 | 8.39% | 4.77% | -9.82% | 119.10% | |
67 Neutral | €13.04B | 22.37 | 10.82% | 1.17% | 9.57% | -34.30% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | €205.43M | -3.69 | -634.16% | ― | 111.76% | -22.45% | |
45 Neutral | €985.15M | -3.62 | -241.12% | ― | ― | 3.09% | |
44 Neutral | €103.13M | -2.91 | -658.91% | ― | -75.86% | -30.54% | |
44 Neutral | €475.31M | -5.43 | -58.93% | ― | 13.48% | -1299.09% |
* Healthcare Sector Average
FR:SAN
Sanofi
81.99
-15.63
-16.01%
FR:IPH
Innate Pharma SA
1.10
-0.71
-39.29%
FR:DBV
DBV Technologies
3.54
2.41
214.39%
FR:IPN
Ipsen
157.70
52.72
50.22%
FR:TNG
Transgene
0.75
0.09
13.64%
FR:VLA
Valneva
2.76
-0.33
-10.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.