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olivLaw · US equity research

Sanofi SNY

Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)

47.47USD+4.72% · 1 dayClose 04 Nov 2026

Sanofi is an R&D driven, AI-powered biopharma company active in immunology, rare diseases, neurology, oncology and vaccines. Net sales for 2025 reached €43,626 million, with growth of 9.9% at constant exchange rates driven mainly by Dupixent, which makes the company relevant amid pricing pressure and generic erosion of revenues.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Sanofi (SNY) stock was 47.47 USD (+4.72% on the day), with beta 0.30, 52-week range 39.12–52.34 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 6.37 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.30
Volatility (1y) 24%
52-week range
39.1252.34

Price history

Loading chart…

Technical reading

RSI (14)
77.3
overbought (≥ 70)
Bollinger (20, 2)
37.43 – 46.27
above the upper band · %B 1.14 · band width 21.1%
SMA 50 / 200
42.22 / 44.32
mixed trend
MACD (12, 26, 9)
1.11 / 0.38
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+20.1%−1.1%+21.2 pp—
3 months+11.0%−0.5%+11.4 pp—
6 months+8.5%+4.4%+4.1 pp—
Year to date−2.0%+12.3%−14.4 pp—
1 year−3.3%+13.5%−16.9 pp−9.2%
3 years+3.6%+76.4%−72.8 pp+50.7%
5 years−7.4%+63.7%−71.1 pp—
Max drawdown (1y)
−25.3%
13 Nov 2025 → 13 Oct 2026
Max drawdown (5y)
−35.2%
11 Apr 2022 → 27 Sept 2022
Compound annual growth (5y)
−1.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income4.3 bn2.8 bn12.3 bn6.2 bn8.4 bn5.4 bn5.6 bn7.8 bn
Net income YoY−48.8%−36.0%+346.4%−49.4%+34.5%−35.5%+3.0%+40.5%
Diluted EPS3.432.239.77unavailable6.664.304.436.37
Diluted EPS YoY−48.3%−35.0%+338.1%unavailableunavailable−35.4%+3.0%+43.8%
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
7.7 bn EUR
Financial debt
14.2 bn EUR
Net debt
6.6 bn EUR
Equity
71.7 bn EUR
Total assets
126.8 bn EUR
Debt / equity
0.20x
Current ratio
1.09x
ROE
10.4%
ROA
6.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Income statement · EUR

Cost of revenue
2023
12.6 bn
2024
13.2 bn
2025
13.0 bn

SEC (XBRL)· 17 Feb 2026verified

Gross profit
2023
29.0 bn
2024
31.1 bn
2025
33.7 bn

SEC (XBRL)· 17 Feb 2026verified

Research & development
2023
6.5 bn
2024
7.4 bn
2025
7.8 bn

SEC (XBRL)· 17 Feb 2026verified

Operating income
2023
7.0 bn
2024
7.3 bn
2025
6.3 bn

SEC (XBRL)· 17 Feb 2026verified

Interest expense
2023
1.3 bn
2024
1.1 bn
2025
563.0 m

SEC (XBRL)· 17 Feb 2026verified

Income tax
2023
1.0 bn
2024
1.2 bn
2025
1.0 bn

SEC (XBRL)· 17 Feb 2026verified

Net income
2023
5.4 bn
2024
5.6 bn
2025
7.8 bn

SEC (XBRL)· 17 Feb 2026verified

Diluted EPS
2023
4.30
2024
4.43
2025
6.37

SEC (XBRL)· 17 Feb 2026verified

Weighted average diluted shares
2023
1.3 bn
2024
1.3 bn
2025
1.2 bn

SEC (XBRL)· 17 Feb 2026verified

Balance sheet · EUR

Cash
2023
8.7 bn
2024
7.4 bn
2025
7.7 bn

SEC (XBRL)· 17 Feb 2026verified

Inventories
2023
9.7 bn
2024
9.4 bn
2025
10.2 bn

SEC (XBRL)· 17 Feb 2026verified

Current assets
2023
30.7 bn
2024
42.6 bn
2025
31.0 bn

SEC (XBRL)· 17 Feb 2026verified

Property, plant & equipment, net
2023
10.2 bn
2024
10.1 bn
2025
10.1 bn

SEC (XBRL)· 17 Feb 2026verified

Goodwill
2023
49.4 bn
2024
43.4 bn
2025
41.3 bn

SEC (XBRL)· 17 Feb 2026verified

Intangibles (excl. goodwill)
2023
24.3 bn
2024
22.6 bn
2025
26.3 bn

SEC (XBRL)· 17 Feb 2026verified

Total assets
2023
126.5 bn
2024
132.8 bn
2025
126.8 bn

SEC (XBRL)· 17 Feb 2026verified

Long-term debt
2023
14.3 bn
2024
11.8 bn
2025
14.2 bn

SEC (XBRL)· 17 Feb 2026verified

Current liabilities
2023
24.2 bn
2024
29.2 bn
2025
28.3 bn

SEC (XBRL)· 17 Feb 2026verified

Equity
2023
74.4 bn
2024
77.9 bn
2025
71.7 bn

SEC (XBRL)· 17 Feb 2026verified

Shares outstanding at year end
2023
1.3 bn
2024
1.3 bn
2025
1.2 bn

SEC (XBRL)· 17 Feb 2026verified

Cash flow · EUR

Operating cash flow
2023
10.3 bn
2024
9.1 bn
2025
10.8 bn

SEC (XBRL)· 17 Feb 2026verified

Investing cash flow
2023
-6.2 bn
2024
-4.4 bn
2025
-2.4 bn

SEC (XBRL)· 17 Feb 2026verified

Financing cash flow
2023
-8.1 bn
2024
-5.8 bn
2025
-8.2 bn

SEC (XBRL)· 17 Feb 2026verified

Share repurchases
2023
593.0 m
2024
302.0 m
2025
5.0 bn

SEC (XBRL)· 17 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-12.5%
computed by olivLawFY 2025
Net income growth (YoY)
40.5%
computed by olivLawFY 2025
Net income CAGR 3Y
-2.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-8.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
43.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-1.5%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-8.2%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
6.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
6.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
6.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
6.6 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
11.3x
computed by olivLawFY 2025

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
10.8 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
275 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

47.47 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
10.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
input data missing

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 17 Feb 2026
verified 270

Score by group

29% · Insufficient data

Estimated value range

Low
95.21
EUR per share
Mid
185.67
EUR per share
High
277.98
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 95.21 – 277.98 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E95.21 – 277.98 (Mid 185.67)
    14 companies used · median multiple 29.1x · quartiles 14.9x – 43.6x
    ABBV, ABT, ALNY, AUPH, BMY, JNJ, LLY, NATR, PFE, REGN, RPRX, UTHR, VRTX, ZTS
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Pharmaceutical Preparations (SIC 2834)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality6.6%33 (vs peers)36%
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growth-1.5%0 (on a fixed band)29%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet11.3x100 (on a fixed band)21%
Current ratio · Balance sheet1.1x24 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet70/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial33/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Sanofi (SNY). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: ROE 10.5%.

The estimated value range is 95.21–277.98 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Interest coverage: 11.3x

What contradicts it

  • EPS CAGR 3Y: -1.5%
  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 41.9x
EV/EBITDA
—
vertical median 25.4x
P/S
—
vertical median 6.7x
P/B
—
vertical median 4.1x
ROE
10.5%
vertical median -1.5%
above median
Net margin
—
vertical median 1.5%
EBIT margin
—
vertical median -12.1%
Revenue YoY
—
vertical median 6.0%
Net debt/EBITDA
—
vertical median -0.1x
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LLYEli Lilly And Company1,334.0 bn46.086.1%31.9%+44.7%+32% / +140%
JNJJohnson & Johnson665.2 bn41.920.0%16.2%+6.0%+34% / +79%
ONCBeone Medicines Ltd.558.4 bn869.914.7%10.7%+40.2%+11% / +102%
ABBVAbbVie Inc.521.1 bn50.7—15.7%+8.6%+29% / +107%
MRKMerck & Co., Inc.370.7 bn154.75.1%3.6%+1.3%+43% / +47%
ABTAbbott Laboratories200.1 bn43.09.2%9.7%+5.7%−10% / +11%
PFEPfizer Inc175.5 bn43.94.4%6.3%−1.6%+20% / +1%
VRTXVertex Pharmaceuticals Inc139.2 bn35.320.8%30.7%+8.9%+27% / +55%
BMYBristol-Myers Squibb Company131.2 bn14.244.1%18.5%−0.2%+30% / +30%
TEVATeva Pharmaceutical Industries Limited48.8 bn97.46.6%3.6%+4.3%+56% / +326%
ZTSZoetis Inc.36.9 bn14.764.4%27.5%+2.3%−30% / −50%
ROIVRoivant Sciences Ltd.27.6 bn—-6.2%-3,535.0%−71.6%+84% / +300%
RPRXRoyalty Pharma plc26.2 bn47.76.9%25.7%+5.1%+69% / +150%
UTHRUnited Therapeutics Corporation25.9 bn23.019.1%38.6%+10.6%+25% / +154%
INSMInsmed Inc24.1 bn—-72.5%-39.9%+66.7%−47% / +340%
VTRSViatris Inc.22.1 bn—-23.6%-23.9%−3.0%+80% / +109%
ALNYAlnylam Pharmaceuticals, Inc.21.6 bn8.1126.6%52.8%+65.2%−64% / −4%
ORKAOruka Therapeutics, Inc.6.7 bn—-18.2%—unavailable+237% / +364%
IONSIonis Pharmaceuticals, Inc.6.7 bn—-105.5%-64.7%+33.8%−51% / −19%
IDYAIDEAYA Biosciences, Inc.3.1 bn—-38.5%-1,149.6%+3,024.4%−9% / +3%
RADXRadiopharm Theranostics Limited3.1 bn—-109.2%-1,055.3%+1,114.3%−81% / unavailable
AUPHAurinia Pharmaceuticals Inc.2.3 bn7.561.4%97.7%+20.4%+6% / +98%
QUREuniQure N.V.1.6 bn—-89.0%-1,154.8%−40.6%−16% / +240%
URGNUroGen Pharma Ltd.1.4 bn——-26.3%+21.4%−0% / +118%
ASMBAssembly Biosciences, Inc.404.6 m—-0.0%-0.1%+153.5%−47% / +137%

1- and 3-year price returns: for SNY from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (01 Oct 2026), 6-K (17 Sept 2026), 6-K (06 Aug 2026), 6-K (30 Jul 2026).

In brief

Sanofi is an R&D driven, AI-powered biopharma company active in immunology, rare diseases, neurology, oncology and vaccines. Net sales for 2025 reached €43,626 million, with growth of 9.9% at constant exchange rates driven mainly by Dupixent, which makes the company relevant amid pricing pressure and generic erosion of revenues 1.

SWOT

Strengths

  • A portfolio of fast-growing medicines, particularly Dupixent, supports revenue and provides a solid base for research investment 1.
  • The company's financial position has allowed significant acquisitions and a share buyback programme 1.
  • Technology and manufacturing platforms, including mRNA, give the company differentiated capabilities 1.

Weaknesses

  • Several important products face erosion from generic and biosimilar competition, reducing revenue from mature products 1.
  • The portfolio relies on a few key products, and losing their exclusivity could affect results 1.
  • The company carries high compliance costs and exposure to litigation over pricing and commercial practices 1.

Opportunities

  • If recent acquisitions and pipeline candidates reach approval, they could open new markets in immunology, neurology and vaccines 1.
  • Use of artificial intelligence in research and manufacturing could shorten development times and reduce production costs 1.
  • Expanding US manufacturing capacity could strengthen the company's position in the largest pharmaceutical market 1.

Threats

  • Pricing and reimbursement pressure from governments and insurers could limit margins 1.
  • Regulatory and policy changes in the US and EU could delay approvals and patient access to treatments 1.
  • Product liability and compliance proceedings could generate significant costs and reputational damage 1.

Risks

  • Pricing and commercial practice litigationhigh

    Sanofi is the target of several lawsuits on pricing and marketing practices, including 340B drug pricing litigation in the United States, which could lead to fines or restrictions 1.

  • Generic competition erosionmedium

    Continued erosion of mature products could reduce revenue and profit in coming years, particularly for Aubagio, Lovenox and Lantus 1.

  • Regulatory and compliance riskmedium

    Authority inspections and warning letters on manufacturing practices could delay launches or approvals, and US policy changes add uncertainty 1.

  • Integration and research riskmedium

    Recent acquisitions involve payments contingent on development milestones, and failure of clinical studies could reduce their value 1.

Investment thesis

What would need to be true (bull case)

  • If Dupixent and new medicines keep growing, the company could offset losses from generics with a more diversified portfolio 1.
  • The 2025 acquisitions in immunology and neurology could add long-term value if development milestones are achieved 1.
  • The efficiency programme and use of artificial intelligence could improve operating margins in coming years 1.

What would break the thesis

  • Continued erosion of mature products could reduce revenue faster than expected if new launches do not compensate 1.
  • Litigation over product liability and pricing practices could generate unforeseen costs or commercial restrictions 1.
  • Government pressure on prices could limit margin growth, especially if US agreements extend to other countries 1.

What to watch

  • Quarterly results and Dupixent sales trajectoryQ1 2027
  • Completion of the Dynavax acquisition and its integration2026
  • Evolution of erosion for Aubagio, Lovenox and Lantus2027
  • Status of product liability and US pricing proceedingsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (01 Oct 2026), 6-K (17 Sept 2026), 6-K (06 Aug 2026), 6-K (30 Jul 2026).

The business

Sanofi's activity is organized as a single operating segment, Biopharma, comprising commercial operations and research, development and production for the Specialty Care, General Medicines and Vaccines franchises, across all geographies 1. Activities are grouped into Immunology, Rare Diseases, Neurology, Oncology, Other Medicines and Vaccines 1. The company's 'Take the Lead' strategy focuses on growth, innovation, efficiency and reinventing how it works, with AI integrated into research and manufacturing 1.

In 2025 Sanofi completed several acquisitions to build its pipeline, including Blueprint Medicines, which added Ayvakit/Ayvakyt, Vigil Neuroscience, DR-0201 from Dren Bio, and Vicebio, an early-stage combination vaccine candidate against RSV and hMPV 1. It also announced an agreement to acquire Dynavax Technologies, expected to close in the first quarter of 2026 1. In April 2025 it closed the transaction transferring a controlling stake in Opella to CD&R, which produced a net gain of €2.6 billion 1.

On capital allocation, the Board authorized a share buyback of up to €5 billion, and the proposed dividend for 2025 is €4.12 per share, a payout of 52.6% of business net income per share 1. The company issued bonds in European and US markets for general corporate purposes 1.

Segments

Biopharma

The single Biopharma segment brings together the company's medicines and vaccines, including the major revenue driver Dupixent, which is developed in partnership with Regeneron 1. Growth in net sales was driven mainly by strong Dupixent performance and higher sales of ALTUVIIIO 1.

Vaccines

Vaccines are structured into four core franchises: Influenza and COVID-19, Meningitis, Travel and Endemics, Polio, Pertussis and Hib with Boosters, and RSV 1. Nuvaxovid was launched in 2025, and the Dynavax acquisition adds an adult hepatitis B vaccine already marketed in the US 1.

Market context

Sanofi notes that demographic trends and high unmet medical needs support long-term demand for medicines and vaccines, while pressure on healthcare costs and price scrutiny by payers are rising 1. Generic and biosimilar competition already affects some flagship products, and the company expects erosion to continue in 2026, with a negative impact on net income 1. Policy changes in the US could make pricing and reimbursement conditions in that market evolve in hard-to-anticipate ways 1.

The vaccines and immunology markets remain competitive, with innovation, real-life outcome evidence and price transparency becoming decisive criteria 1. The company considers pharmaceuticals and vaccines to remain an attractive part of the value chain, although the bar for innovation could keep rising 1.

Trends

  • Pricing pressure and the US government agreementmixed

    Sanofi entered a voluntary agreement with the US government to align Medicaid prices of certain medicines with those in other high-income countries, with an average reduction announced for certain treatments, in exchange for a three-year period free from Section 232 tariffs 1. The company stated the agreement is not expected to have a material impact on its growth strategy over the period covered 1.

  • Generic and biosimilar competitionheadwind

    Products such as Aubagio, Lovenox and Lantus already show sales erosion, and the company expects this trend to continue in 2026 1. If the pace of erosion accelerates, pressure on profit could increase 1.

  • Artificial intelligence in research and manufacturingtailwind

    Sanofi invests in AI tools for drug discovery, clinical trial design and manufacturing optimization, and reports efficiency gains in its production processes 1. Initial results are accompanied by caveats that they remain subject to ongoing validation 1.

  • Consolidation through biotech acquisitionsmixed

    The 2025 acquisition series extends the pipeline in immunology, neurology and vaccines, but also brings integration risks and payments contingent on development milestones 1. Their impact on results depends on those milestones being met 1.

Competitive position

Sanofi competes in pharmaceutical markets with companies developing immunology therapies, vaccines and rare disease medicines, mainly through innovation and patient access 1. Pressure from generic and biosimilar competition on mature products is a permanent part of the competitive environment 1.

In vaccines, the company faces players developing next-generation RSV and influenza vaccines, and its recent acquisitions aim to strengthen its position 1. Technological differentiation, such as the molecular clamp technology for fully liquid combination vaccines, is an important factor 1.

  • Biotech companies with immunology therapies and vaccines

    The source refers to competition from new developers of vaccines and immunology therapies without naming specific competitors in the filing text 1.

  • Biosimilar and generic manufacturers

    On mature products, competition comes from biosimilars and generics, which have reduced sales of some of the company's medicines in Europe, the US and Japan 1.

  • Developers of respiratory vaccines

    Sanofi acquired a company with an RSV and hMPV combination vaccine candidate, an area where several developers operate, not named in the source 1.

  • Companies with therapies for mastocytosis and rare immune diseases

    The Blueprint acquisition placed Sanofi in a segment with specialized competitors in rare immune system disorders, not detailed in the source 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Sanofi · 17 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.