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Sanofi
(SAN)
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Rating:73Outperform
Price Target:
€82.00
▲(4.14% Upside)
Action:Reiterated
Date:10/21/26
The score is driven primarily by strong cash flow and a conservative balance sheet, which provide financial resilience, partially offset by compressed net profitability and weaker ROE. Earnings-call guidance and commercial momentum (notably Dupixent and launches) are supportive but tempered by expected near-term moderation and pipeline/R&D execution risks. Technically, signals are mixed with negative MACD and the stock below longer-term moving averages, while valuation is helped by a very high dividend yield but moderated by a ~22.5 P/E.
Positive Factors
Strong cash generation
Sanofi’s substantial operating and free cash flow provides funding for research, launches, dividends and business development without relying heavily on external financing. High free-cash-flow conversion also indicates that reported earnings are supported by cash, strengthening resilience through changing product cycles.
Negative Factors
Compressed profitability
The sharp reduction in net profit margin means less revenue is being converted into earnings than in recent years, while modest ROE signals weaker capital efficiency. If this persists, it could limit internal funding capacity and reduce the benefit of otherwise healthy sales and gross-margin performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sanofi’s substantial operating and free cash flow provides funding for research, launches, dividends and business development without relying heavily on external financing. High free-cash-flow conversion also indicates that reported earnings are supported by cash, strengthening resilience through changing product cycles.
Read all positive factors
Sanofi (SAN) vs. iShares MSCI France ETF (EWQ)
Market Cap
€90.58B
Dividend Yield11.04%
Average Volume (3M)2.24M
Price to Earnings (P/E)23.1
Beta (1Y)0.81
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. Volume2,143,601
30 Day Avg. Volume2,244,641
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
€91.27Price Target Upside15.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)8.58
Revenue Forecast (FY)€49.73B
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 branded pharmaceuticals and vaccines to healthcare systems, hospitals, pharmacies, and distributors worldwide. Its revenue model is driven by (1) product sales of prescription medicines, especially in specia...
Sanofi Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call was predominantly positive, supported by strong Q2 sales, EPS growth, broad launch momentum, continued Dupixent demand, raised 2026 guidance and higher Dupixent and combined 2030 ambitions. However, management also acknowledged meaningful challenges, including expected second-half moderation, vaccine declines and a lower vaccine ambition, R&D productivity issues, multiple pipeline setbacks, China momentum challenges and investor credibility concerns. The strength of the reported results and commercial outlook outweighed the stated risks and setbacks.Positive Updates
Encouraging Rare-Disease Clinical Data
Efdoralprin alfa demonstrated superiority over standard of care in achieving and maintaining normalized functional AAT levels in AATD emphysema. Its mean functional AAT trough levels were more than 3x higher than weekly plasma-derived AAT at week 32. Nexviazyme Phase III data showed 94% of infants alive and free from invasive ventilation at week 52, with improvements across all key secondary endpoints.
Negative Updates
Expected Second-Half Growth Moderation
Management expects sales growth to decelerate in the second half because Sanofi will compare against strong prior-year Dupixent momentum from a new indication and the consolidation of Ayvakit beginning in July 2025. Dupixent growth is also expected to moderate as newly launched indications annualize and comparables become tougher.
Read all updates
Q2-2026 Updates
Positive
Negative
Encouraging Rare-Disease Clinical Data
Efdoralprin alfa demonstrated superiority over standard of care in achieving and maintaining normalized functional AAT levels in AATD emphysema. Its mean functional AAT trough levels were more than 3x higher than weekly plasma-derived AAT at week 32. Nexviazyme Phase III data showed 94% of infants alive and free from invasive ventilation at week 52, with improvements across all key secondary endpoints.
Read all positive updates
Company Guidance
For full year 2026, Sanofi expects sales growth of around 10% at constant exchange rates, with business EPS growing slightly faster than sales, a tax rate of around 21%, and vaccine sales growth to be slightly negative, mainly crystallizing in H2; for Q3 specifically, it expects a low to mid-teens sales decrease. For 2030, Dupixent sales are expected to reach about EUR 25 billion, pharmaceutical launches should generate about EUR 10 billion in sales, and vaccines are expected to reach about EUR 9 billion in sales, with the 3 items combined upgraded by almost 10% on a like-for-like basis at constant exchange rates; reaching EUR 10 billion for new launches requires average CAGR by 15%. R&D spend is expected to have moderate increases in the short term, at a lower level than sales, while approximately 1 new Phase I start every 2 months is planned this year; Sanofi expects final Phase III readouts for Sarclisa in the remainder of 2026, frexalimab and riliprubart in 2027, and multiple Phase III readouts in 2028, and aims to provide a broader perspective on strategy and the pipeline at latest by the end of this year.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 | 13.98B | 12.48B | 12.46B | 12.55B | 13.49B | 11.70B |
| 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
78.74
Price Trends
74.13
Positive
74.89
Positive
75.09
Positive
Market Momentum
0.41
Negative
60.83
Neutral
90.15
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 78.74 is above the 20-day moving average (MA) of 72.47, above the 50-day MA of 74.13, and above the 200-day MA of 75.09, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 60.83 is Neutral, neither overbought nor oversold. The STOCH value of 90.15 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:SAN.
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 |
|---|---|---|---|---|---|---|---|
73 Outperform | €90.58B | 23.09 | 5.52% | 11.04% | 15.30% | -35.58% | |
65 Neutral | €12.65B | 24.66 | 11.33% | 1.05% | 13.63% | 14.45% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | €142.75M | -2.51 | 152.56% | ― | -29.48% | 7.91% | |
47 Neutral | €204.54M | -4.40 | -29.36% | ― | 189.81% | 38.50% | |
47 Neutral | €487.05M | -2.84 | -152.15% | ― | -27.19% | -117.39% | |
43 Neutral | €599.11M | -2.72 | -119.47% | ― | ― | 41.33% |
* Healthcare Sector Average
FR:SAN
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75.51
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-9.31%
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Sanofi Corporate Events
Sanofi Breaks Ground on Major AI-Enabled Insulin Plant in Frankfurt
Oct 19, 2026
Sanofi has laid the foundation stone for a new state-of-the-art insulin production unit at its BioCampus in Frankfurt, Germany, reinforcing one of its main integrated research and manufacturing hubs. The facility, covering 36,000 square meters and...
Sanofi Updates Share Capital and Voting Rights Structure
Oct 12, 2026
Sanofi has reported updated figures for its share capital and voting rights as of September 30, 2026, in line with French commercial and market regulations governing listed companies. The group’s share capital stands at 2,415,546,786 euros, ...
Sanofi Publishes Q3 2026 Modelling Guide Ahead of Results
Oct 6, 2026
Sanofi has made available its aide-mémoire for the third quarter 2026 results on its investor relations website, providing analysts with detailed inputs on non-comparable items, foreign exchange effects and share count to refine financial mod...
Sanofi and Regeneron Deepen $8 Billion Immunology Alliance for Next-Gen Antibodies
Oct 1, 2026
Sanofi and Regeneron have expanded their two-decade immunology alliance by adding four next-generation, long-acting antibodies targeting IL-13, IL-4 and IL-4Rα, building on the commercial success of Dupixent, which is used by more than 1.5 mi...
Sanofi Deepens Cheplapharm Tie-Up in Major Mature Medicines Shift
Sep 14, 2026
Sanofi is reshaping its portfolio through a new strategic partnership with Cheplapharm, transferring 20 mature medicines and three manufacturing sites in Hungary, Singapore and France, while taking a 26.4% equity stake in the German group.The deal...
Sanofi Updates Share Capital and Voting Rights Structure for August 2026
Sep 11, 2026
Sanofi has disclosed its latest share capital and voting rights structure as of August 31, 2026, in accordance with French commercial and financial market regulations. The company reports a total of 1,207,773,393 issued shares and details both act...
Sanofi Updates Share Capital and Voting Rights as of July 31, 2026
Aug 13, 2026
Sanofi has reported updated figures for its share capital structure as of July 31, 2026, disclosing 1,207,773,393 issued shares and a theoretical 1,343,475,636 voting rights under French market regulations. The company also detailed 1,336,308,574 ...
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.