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Sanofi
(SAN)
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Rating:72Outperform
Price Target:
€83.00
▲(9.17% Upside)
Action:Reiterated
Date:08/04/26
Overall score is driven primarily by solid financial performance—especially strong and improving free cash flow and a conservative balance sheet—partly offset by recent net margin/ROE compression. Technicals are weaker with the stock trading below key moving averages, while valuation is supported by a high dividend yield but tempered by a mid-20s P/E.
Positive Factors
Free cash flow generation
Sanofi's very strong trailing-twelve-month operating cash flow (~€17.3B) and free cash flow (~€16.5B) with ~7.9% growth and ~95% FCF conversion of net income provide durable internal funding for R&D, launches, dividends and M&A, insulating strategy from short-term market swings.
Negative Factors
Net margin compression
Material compression in trailing net profit margin (~8.1% vs prior mid-teens/≈21%) reduces bottom-line conversion of healthy gross margins (~73%). Persistently lower net margins constrain ROE, reduce internally available capital per euro of sales and weaken long-term return on invested capital unless cost or mix trends reverse.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sanofi's very strong trailing-twelve-month operating cash flow (~€17.3B) and free cash flow (~€16.5B) with ~7.9% growth and ~95% FCF conversion of net income provide durable internal funding for R&D, launches, dividends and M&A, insulating strategy from short-term market swings.
Read all positive factors
Sanofi (SAN) vs. iShares MSCI France ETF (EWQ)
Market Cap
€93.31B
Dividend Yield5.22%
Average Volume (3M)1.95M
Price to Earnings (P/E)24.1
Beta (1Y)0.75
Revenue Growth15.30%
EPS Growth-35.58%
CountryFR
Employees74,846
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)3.27
Shares Outstanding1,207,773,400
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)2.16
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
€93.02Price Target Upside22.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)8.55
Revenue Forecast (FY)€49.78B
Sanofi Business Overview & Revenue Model
Company Description
Sanofi is a global healthcare enterprise dedicated to the research, development, manufacturing, and commercialization of therapeutic solutions across the United States, Europe, and other international markets. Its business is structured into three...
How the Company Makes Money
Sanofi makes money primarily by selling patented prescription medicines and vaccines. Revenue is generated when its products are purchased by wholesalers, pharmacies, hospitals, and government or public-health buyers, with end-demand driven by phy...
Sanofi Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 30, 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
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.92B | 46.72B | 44.29B | 41.11B | 40.30B | 39.17B |
| Gross Profit | 35.60B | 33.67B | 31.09B | 28.49B | 28.43B | 26.92B |
| EBITDA | 8.25B | 12.48B | 11.66B | 11.08B | 13.09B | 11.25B |
| Net Income | 3.96B | 7.81B | 5.56B | 5.40B | 8.37B | 6.22B |
Balance Sheet | ||||||
| Total Assets | 129.06B | 126.81B | 132.80B | 126.46B | 126.72B | 120.24B |
| Cash, Cash Equivalents and Short-Term Investments | 6.35B | 7.66B | 7.93B | 8.98B | 13.40B | 11.15B |
| Total Debt | 23.58B | 20.33B | 17.91B | 18.42B | 21.21B | 22.41B |
| Total Liabilities | 59.49B | 55.10B | 54.94B | 52.11B | 51.57B | 51.21B |
| Stockholders Equity | 69.21B | 71.38B | 77.51B | 74.04B | 74.78B | 68.68B |
Cash Flow | ||||||
| Free Cash Flow | 16.48B | 8.99B | 5.89B | 8.64B | 8.32B | 8.48B |
| Operating Cash Flow | 17.27B | 10.75B | 9.08B | 10.26B | 10.53B | 10.52B |
| Investing Cash Flow | -25.14B | -2.45B | -4.41B | -6.20B | -2.08B | -7.30B |
| Financing Cash Flow | -9.72B | -8.21B | -5.76B | -8.05B | -5.82B | -7.06B |
Sanofi Technical Analysis
Positive
76.03
Price Trends
75.72
Positive
75.72
Positive
76.51
Positive
Market Momentum
0.57
Negative
61.05
Neutral
87.51
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 76.03 is below the 20-day moving average (MA) of 76.26, above the 50-day MA of 75.72, and below the 200-day MA of 76.51, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 61.05 is Neutral, neither overbought nor oversold. The STOCH value of 87.51 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 | €93.31B | 24.14 | 10.51% | 5.42% | 15.30% | -35.58% | |
65 Neutral | €13.51B | 26.35 | 10.36% | 1.01% | 13.63% | 14.45% | |
53 Neutral | €198.83M | -3.47 | 593.93% | ― | -77.92% | 11.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | €233.20M | -3.11 | -63.53% | ― | 291.43% | 12.24% | |
47 Neutral | €554.91M | -3.30 | -106.22% | ― | -27.19% | -117.39% | |
43 Neutral | €783.90M | -3.79 | -119.47% | ― | ― | 41.33% |
* Healthcare Sector Average
FR:SAN
Sanofi
78.94
-2.75
-3.37%
FR:IPH
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1.91
-0.04
-2.15%
FR:DBV
DBV Technologies
2.50
0.85
51.21%
FR:IPN
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163.40
49.11
42.97%
FR:TNG
Transgene
0.81
-0.20
-19.60%
FR:VLA
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2.97
-0.96
-24.45%
Sanofi Corporate Events
Sanofi Wins EU Nod to Use MenQuadfi in Infants From Six Weeks
Aug 4, 2026
Sanofi has secured European Commission approval to extend the use of its MenQuadfi meningococcal conjugate vaccine to infants from six weeks of age, expanding on its prior authorization for individuals 12 months and older. The vaccine targets inva...
Sanofi Publishes 2026 Half-Year Financial Report for Investors
Jul 30, 2026
Sanofi said its half-year financial report for the period ending June 30, 2026 has been made available online and filed with both the French market regulator and the U.S. Securities and Exchange Commission. The publication of the mid-year figures ...
Sanofi boosts 2026 outlook after strong Q2 driven by Dupixent and new launches
Jul 30, 2026
Sanofi reported a robust second quarter, with sales rising 17.8% at constant exchange rates and business earnings per share jumping 33.3%, driven by strong demand for new pharma launches and blockbuster drug Dupixent, which exceeded €5 billi...
Sanofi ends amLitelimab program in atopic dermatitis amid portfolio review
Jul 24, 2026
Sanofi has halted clinical development of its anti‑OX40L monoclonal antibody amLitelimab for moderate to severe atopic dermatitis, concluding that the efficacy and safety data do not justify regulatory submissions. Despite long‑term ma...
Sanofi Streamlines Executive Committee Ahead of Next Strategic Chapter
Jul 22, 2026
Sanofi is a global biopharmaceutical group that discovers and manufactures medicines and vaccines, using AI at scale to support its RD and long‑term growth. With a focus on the immune system and major public‑health challenges, it serve...
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.