Sanofi SA (SNY)
NASDAQ:SNY
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Sanofi
(NASDAQ:SNY)
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Rating:69Neutral
Price Target:
$49.00
▲(1.96% Upside)
Action:Downgraded
Date:05/23/26
The score is led by solid fundamentals (steady growth, resilient balance sheet) and supportive valuation (moderate P/E with a high dividend yield). These positives are tempered by mixed technical momentum and fundamental concerns around operating-margin pressure and historical variability in earnings and free cash flow.
Positive Factors
Leading immunology franchise and launches
Dupixent's sustained blockbuster growth and multiple new approvals materially enlarge Sanofi's high-value specialty portfolio. Durable demand across multiple type-2 indications supports recurring revenue, stronger pricing power in immunology, and a reliable cash base to fund R&D and launches over the next several years.
Negative Factors
Operating‑margin pressure
Widening cost base despite top‑line growth indicates persistent margin headwinds from higher SG&A, integration or launch costs. If operating leverage does not return, profit conversion from revenue could remain constrained, limiting internal funding for R&D and reducing shareholder returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Leading immunology franchise and launches
Dupixent's sustained blockbuster growth and multiple new approvals materially enlarge Sanofi's high-value specialty portfolio. Durable demand across multiple type-2 indications supports recurring revenue, stronger pricing power in immunology, and a reliable cash base to fund R&D and launches over the next several years.
Read all positive factors
Sanofi (SNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$105.85B
Dividend Yield4.58%
Average Volume (3M)2.68M
Price to Earnings (P/E)8.8
Beta (1Y)0.44
Revenue Growth11.19%
EPS Growth-0.23%
CountryUS
Employees82,878
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)2.03
Shares Outstanding2,428,197,300
10 Day Avg. Volume2,383,185
30 Day Avg. Volume2,683,246
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.41
Price to Sales (P/S)2.15
P/FCF Ratio9.92
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue2.25
Enterprise Value/Gross Profit3.11
Enterprise Value/Ebitda8.28
Forecast
1Y Price Target
$53.00Price Target Upside10.28% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)5
Revenue Forecast (FY)$57.19B
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 pharmaceuticals and vaccines. Its revenue model is centered on: (1) Branded prescription medicines: Sanofi generates sales from patented or otherwise protected therapies, particularly in higher-value special...
Sanofi Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented a largely positive picture: strong top-line growth (9.9% FY, 13.3% Q4), robust launch performance (EUR 5.7bn from new products), significant pipeline delivery and regulatory progress, improved margins and free cash flow, plus strategic BD/M&A activity. Notable challenges include a Phase III failure for tolebrutinib, a safety case in the amlitelimab program that will require monitoring, decreased Regeneron R&D reimbursements (offset partly by higher royalties), and some uncertainty in the U.S. vaccine schedule and vaccine sales in 2026. Overall, positives (growth, profitability, launches, pipeline replenishment and balance sheet flexibility) outweigh the lowlights, though execution and regulatory/safety risks remain important to monitor.Positive Updates
Strong Full-Year and Q4 Sales Growth
Net sales for full year 2025 were EUR 43.6 billion, a 9.9% increase at constant exchange rates. Q4 2025 sales were EUR 11.3 billion, up 13.3% year-over-year.
Negative Updates
Tolebrutinib Phase III Failure (PPMS)
Tolebrutinib did not meet its primary endpoint in the PERSEUS study for primary progressive MS (PPMS) and Sanofi will not pursue a regulatory submission for that indication.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year and Q4 Sales Growth
Net sales for full year 2025 were EUR 43.6 billion, a 9.9% increase at constant exchange rates. Q4 2025 sales were EUR 11.3 billion, up 13.3% year-over-year.
Read all positive updates
Company Guidance
Sanofi guided to "high single‑digit" sales growth for full‑year 2026 with business EPS expected to grow slightly faster than sales, noting vaccine sales should slightly decline and portfolio divestments will reduce sales by about €200m; management expects gross‑margin expansion to continue, operating income to include ~€500m of capital gains, underlying R&D to increase moderately (a ~€400m decline in Regeneron R&D reimbursement to be more than offset by ~€1bn of Amvuttra royalties), higher financial expenses from increased net debt, and a planned €1bn share buyback in 2026. This outlook builds on a strong 2025 base—sales €43.6bn (+9.9% CER), Q4 sales €11.3bn (+13.3%), business gross margin 77.5%, BOI margin 27.8%, OpEx ~39.9% of sales, business EPS up ~15% including buybacks, free cash flow €8.1bn (18.5% of sales) with a medium‑term target of ≥20% FCF, and a conservative balance sheet (net debt ~€11bn; net debt/EBITDA ~0.8x) that supports ongoing M&A.Sanofi Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
77
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 46.72B | 44.29B | 41.62B | 40.56B | 39.17B |
| Gross Profit | 33.67B | 31.08B | 28.99B | 28.68B | 26.92B |
| EBITDA | 12.48B | 11.03B | 11.39B | 13.51B | 11.54B |
| 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 | 8.71B | 12.74B | 10.10B |
| Total Debt | 21.79B | 17.91B | 18.70B | 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 | 10.14B | 5.89B | 8.64B | 8.32B | 8.48B |
| Operating Cash Flow | 12.13B | 9.08B | 10.26B | 10.53B | 10.52B |
| Investing Cash Flow | -2.76B | -4.41B | -6.20B | -2.08B | -7.30B |
| Financing Cash Flow | -9.26B | -5.76B | -8.05B | -5.82B | -7.06B |
Sanofi Technical Analysis
Negative
48.06
Price Trends
44.45
Negative
44.67
Negative
45.92
Negative
Market Momentum
-0.05
Negative
46.76
Neutral
56.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNY, the sentiment is Negative. The current price of 48.06 is above the 20-day moving average (MA) of 43.61, above the 50-day MA of 44.45, and above the 200-day MA of 45.92, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 56.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNY.
Sanofi Risk Analysis
Sanofi disclosed 29 risk factors in its most recent earnings report. Sanofi reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Failure to comply with data ethics and privacy regulations could adversely affect our business and reputation Q4, 2023
2.
Climate change or legal, regulatory or market measures to address climate change may negatively affect our business and results of operations Q4, 2023
3.
A failure in our crisis and business continuity management processes in case of unpredictable events could have negative consequences for our business, operations and reputation Q4, 2023
Sanofi Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $166.90B | 18.12 | 42.20% | 2.52% | 3.83% | 55.01% | |
72 Outperform | $293.22B | 32.85 | 17.93% | 3.12% | 2.70% | -48.28% | |
71 Outperform | $116.77B | 16.06 | 39.05% | 4.11% | 1.78% | 33.76% | |
71 Outperform | $275.37B | 21.35 | 31.54% | 2.87% | 5.60% | 9.68% | |
69 Neutral | $105.85B | 8.75 | 14.41% | 4.58% | 11.19% | -0.23% | |
63 Neutral | $149.21B | 19.88 | 8.37% | 6.65% | 1.36% | -5.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SNY
Sanofi
43.67
-3.63
-7.68%
BMY
Bristol-Myers Squibb
57.18
10.71
23.05%
GILD
Gilead Sciences
134.43
28.34
26.71%
MRK
Merck & Company
118.72
45.14
61.35%
NVS
Novartis
150.17
35.71
31.20%
PFE
Pfizer
26.18
4.25
19.40%
Sanofi Corporate Events
Sanofi Shareholders Back Belén Garijo as New CEO and Approve 2025 Dividend
May 5, 2026
At its mixed Annual General Meeting on April 29, 2026 in Paris, Sanofi’s shareholders approved all resolutions, including the appointment of former Merck chief executive Belén Garijo to the board, with Garijo set to take over as Sanofi&...
Sanofi Raises €2.3 Billion in Multi-Tranche Euro Bond Offering
Apr 29, 2026
On April 24, 2026, Sanofi completed the pricing of a €2.3 billion euro-denominated bond offering split into three fixed-rate tranches maturing in 2029, 2033 and 2037, with coupons ranging from 3.000% to 3.750% under its Euro Medium Term Note...
Sanofi Strengthens Vaccine and Specialty Care Portfolio With New Nuvaxovid Data and Multiple April 2026 Approvals
Apr 27, 2026
In April 2026, Sanofi reported new phase 4 data showing its protein‑based, non‑mRNA COVID‑19 vaccine Nuvaxovid had significantly lower systemic and local reactogenicity than Moderna’s latest mRNA shot mNEXSPIKE in a 1,000&#...
Sanofi Delivers Double-Digit Q1 2026 Growth and Reaffirms Outlook Ahead of CEO Change
Apr 23, 2026
Sanofi reported a strong first quarter of 2026 on April 23, with net sales up 13.6% at constant exchange rates to €10.5 billion and business EPS rising 14% at CER to €1.88, driven by a 30.8% surge in Dupixent to €4.2 billion and ...
Sanofi’s Lunsekimig Delivers Positive Phase 2 Respiratory Data, Bolstering Asthma Pipeline
Apr 15, 2026
On April 7, 2026, Sanofi reported that its investigational bispecific Nanobody drug lunsekimig met primary and key secondary endpoints in two phase 2 respiratory trials in moderate-to-severe asthma and chronic rhinosinusitis with nasal polyps, wit...
Sanofi Builds Immunology Momentum with March 2026 Wave of Global Approvals and Data
Mar 31, 2026
In March 2026, Sanofi reported a series of regulatory and clinical milestones that deepen its immunology footprint and expand its geographic reach. The most advanced of these is Dupixent, a monoclonal antibody co-developed with Regeneron, which no...
Sanofi Wins FDA Breakthrough Therapy Status for Venglustat in Type 3 Gaucher Disease
Mar 24, 2026
On March 18, 2026, Sanofi announced that the U.S. Food and Drug Administration granted Breakthrough Therapy designation to venglustat, its investigational oral glucosylceramide synthase inhibitor, for treating neurological manifestations of type 3...
Sanofi Wins Japan Orphan Status for Rilzabrutinib and Moves to Strengthen Governance
Mar 10, 2026
In March 2026, Sanofi reported several developments, including regulatory recognition for its rare-disease pipeline and corporate governance moves, highlighting its focus on immune-mediated diseases and financial transparency. The company continue...
Sanofi Details CEO Paul Hudson’s February 2026 Departure Terms and Equity Awards
Mar 4, 2026
Sanofi disclosed that Chief Executive Officer Paul Hudson’s mandate ended on February 17, 2026, and that he resigned as a director on February 18, 2026, receiving no specific compensation for his board role. The company detailed that his fix...
Sanofi Wins FDA Nod for Dupixent as First Targeted Treatment for Allergic Fungal Rhinosinusitis
Mar 3, 2026
On February 24, 2026, Sanofi and Regeneron secured U.S. FDA priority-review approval for Dupixent as the first and only medicine specifically indicated for allergic fungal rhinosinusitis (AFRS) in adults and children aged six and older with a hist...
Sanofi Real-World Data Show Durable Two-Season Protection From Beyfortus in Infants
Feb 23, 2026
In February 2026, Sanofi highlighted new real-world data on its RSV antibody Beyfortus, showing strong performance in a universal infant immunization program in Galicia, Spain. The NIRSE-GAL study, published on February 16, 2026 in The Lancet Infe...
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.