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Sanofi
(NASDAQ:SNY)
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Rating:69Neutral
Price Target:
$49.00
▲(13.03% 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
$103.78B
Dividend Yield5.62%
Average Volume (3M)3.79M
Price to Earnings (P/E)22.8
Beta (1Y)0.40
Revenue Growth23.68%
EPS Growth-30.90%
CountryUS
Employees76,493
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)0.48
Shares Outstanding2,433,269,800
10 Day Avg. Volume3,058,074
30 Day Avg. Volume3,791,388
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$53.00Price Target Upside22.26% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)4.93
Revenue Forecast (FY)$57.03B
Sanofi Business Overview & Revenue Model
Company Description
Sanofi operates as a leading global pharmaceutical enterprise, dedicated to the research, development, production, and distribution of a wide array of therapeutic solutions across the United States, Europe, and numerous international markets. The ...
How the Company Makes Money
Sanofi primarily makes money by selling branded prescription medicines and vaccines to wholesalers, pharmacies, hospitals, government buyers, and other healthcare providers, generating revenue when product control transfers under supply agreements...
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 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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.92B | 46.72B | 44.29B | 41.62B | 40.56B | 39.17B |
| Gross Profit | 35.72B | 33.67B | 31.08B | 28.99B | 28.68B | 26.92B |
| EBITDA | 12.41B | 12.48B | 11.03B | 11.39B | 13.51B | 11.54B |
| 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 | 8.47B | 7.93B | 8.71B | 12.74B | 10.10B |
| Total Debt | 23.58B | 20.33B | 17.91B | 18.70B | 21.21B | 22.41B |
| Total Liabilities | 59.49B | 55.09B | 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 | 9.94B | 10.14B | 5.89B | 8.64B | 8.32B | 8.48B |
| Operating Cash Flow | 13.61B | 12.13B | 9.08B | 10.26B | 10.53B | 10.52B |
| Investing Cash Flow | -16.15B | -2.76B | -4.41B | -6.20B | -2.08B | -7.30B |
| Financing Cash Flow | -8.64B | -9.26B | -5.76B | -8.05B | -5.82B | -7.06B |
Sanofi Technical Analysis
Neutral
43.35
Price Trends
43.36
Positive
43.87
Negative
45.12
Negative
Market Momentum
-0.09
Positive
50.29
Neutral
38.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNY, the sentiment is Neutral. The current price of 43.35 is below the 20-day moving average (MA) of 43.65, below the 50-day MA of 43.36, and below the 200-day MA of 45.12, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 50.29 is Neutral, neither overbought nor oversold. The STOCH value of 38.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $133.41B | 14.39 | 46.75% | 3.84% | 3.13% | 83.17% | |
70 Outperform | $161.66B | 17.55 | -16.30% | 2.49% | 3.83% | 55.01% | |
69 Neutral | $103.78B | 22.77 | 5.52% | 5.58% | 23.68% | -30.90% | |
68 Neutral | $286.53B | 23.79 | 29.64% | 3.06% | 2.33% | -4.08% | |
66 Neutral | $321.57B | 36.58 | 6.60% | 2.56% | 2.70% | -48.28% | |
66 Neutral | $142.54B | 19.09 | 4.89% | 7.01% | 1.36% | -5.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SNY
Sanofi
43.46
-1.94
-4.27%
BMY
Bristol-Myers Squibb
64.72
20.89
47.67%
GILD
Gilead Sciences
133.21
15.80
13.46%
MRK
Merck & Company
128.58
51.14
66.04%
NVS
Novartis
156.33
40.06
34.45%
PFE
Pfizer
26.76
3.79
16.50%
Sanofi Corporate Events
Sanofi Reshapes Executive Committee for Next Strategic Chapter
Jul 27, 2026
On July 21, 2026, Sanofi announced a major evolution of its Executive Committee as it prepares its next strategic chapter. Effective September 1, 2026, the reshaped leadership team will span finance, RD, specialty care, vaccines, general medicines...
Sanofi Wins FDA Nod for First Anticancer Therapy Delivered via On-Body Injector
Jul 17, 2026
On July 10, 2026, the U.S. Food and Drug Administration approved Sanofi’s subcutaneous Sarclisa Escena, in combination with standard-of-care regimens, for multiple myeloma across all existing IV indications, making it the first anticancer th...
Sanofi’s Nexviazyme Delivers Positive Phase 3 Results in Infantile-Onset Pompe Disease
Jul 7, 2026
Sanofi reported on June 30, 2026, that its enzyme replacement therapy Nexviazyme (avalglucosidase alfa) met all primary and secondary endpoints in the Baby-COMET phase 3 study in treatment-naïve infants with infantile-onset Pompe disease. The...
Sanofi Secures Multiple June Approvals and New R&D Chief to Bolster Oncology and Neurology Push
Jun 24, 2026
In June 2026, Sanofi reported a series of regulatory milestones and leadership changes underscoring its push in oncology and neurology. Japan’s Ministry of Health, Labour and Welfare approved a subcutaneous formulation of the anti-CD38 antib...
Sanofi Wins FDA Accelerated Approval for Tzield in Newly Diagnosed Stage 3 Type 1 Diabetes Children
Jun 22, 2026
On June 13, 2026, the U.S. Food and Drug Administration granted accelerated approval to Sanofi’s Tzield (teplizumab-mzwv) as the first disease-modifying therapy for children aged eight to 17 recently diagnosed with stage 3 type 1 diabetes, b...
Sanofi Expands Global Employee Share Plan with 2026 Offering
Jun 12, 2026
In June 2026, Sanofi detailed Action 2026, its twelfth annual global employee stock purchase plan, underscoring a strategy of deepening employee ownership and alignment with long-term performance. The initiative reflects strong internal confidence...
Sanofi’s Venglustat Wins FDA Priority Review for Type 3 Gaucher Disease
Jun 8, 2026
On May 28, 2026, Sanofi announced that the U.S. Food and Drug Administration granted priority review to its new drug application for venglustat, an investigational oral glucosylceramide synthase inhibitor for type 3 Gaucher disease, a rare lysosom...
Sanofi’s Efdoralprin Alfa Shows Phase 2 Superiority Over Standard AATD Therapy
May 27, 2026
On May 18, 2026, Sanofi reported phase 2 data from the global ElevAATe trial showing its investigational recombinant therapy efdoralprin alfa outperformed plasma-derived standard-of-care augmentation therapy in adults with alpha-1 antitrypsin defi...
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&...
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.