olivLaw · European equity research
Sanofi SAN.PA
France · Euronext Paris · ISIN FR0000120578 · Vertical: Listed companies from France
Sanofi is a biopharmaceutical company focused on five therapeutic areas: immunology and inflammation, oncology, rare diseases, neurology and vaccines. It received a net proceeds of about 10 billion EUR from the sale of a 50% stake in Opella in 2025, while the company remains under pressure from payers on prices and on innovation requirements.
At the close of 06 Nov 2026, Sanofi (SAN.PA) stock was 83.74 EUR (−0.93% on the day), with market capitalisation 102.2 bn EUR, P/E 13.1 on diluted EPS of 6.37 EUR over the last 12 months, beta 0.41, 52-week range 69.99–90.44 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 76.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 67.10 – 84.96
- in the upper half of the band · %B 0.93 · band width 23.5%
- SMA 50 / 200
- 74.59 / 76.71
- mixed trend
- MACD (12, 26, 9)
- 2.72 / 1.57
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.6% | −0.2% | +16.8 pp | — |
| 3 months | +11.2% | −5.4% | +16.6 pp | — |
| 6 months | +14.6% | +4.4% | +10.2 pp | — |
| Year to date | +1.2% | +6.5% | −5.2 pp | — |
| 1 year | −2.2% | +10.0% | −12.2 pp | −8.2% |
| 3 years | −0.8% | +48.6% | −49.4 pp | −12.0% |
| 5 years | −4.8% | +41.4% | −46.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 25 percentile of its own 4-quarter history (min 13.0, median 17.2, max 21.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 8.4 bn | 5.4 bn | 5.6 bn | 7.8 bn |
| Net income YoY | unavailable | −35.5% | +3.0% | +40.5% |
| Diluted EPS | 6.66 | 4.30 | 4.43 | 6.37 |
| Diluted EPS YoY | unavailable | −35.4% | +3.0% | +43.8% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
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
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 11.9 bn | 12.6 bn | 13.2 bn | 13.0 bn | esef· 10 Mar 2026verified |
| Gross profit | 28.7 bn | 29.0 bn | 31.1 bn | 33.7 bn | esef· 10 Mar 2026verified |
| Research & development | 6.5 bn | 6.5 bn | 7.4 bn | 7.8 bn | esef· 10 Mar 2026verified |
| Operating income | 10.2 bn | 7.0 bn | 7.3 bn | 6.3 bn | esef· 10 Mar 2026verified |
| Interest expense | 430.0 m | 1.3 bn | 1.1 bn | 563.0 m | esef· 10 Mar 2026verified |
| Income tax | 1.9 bn | 1.0 bn | 1.2 bn | 1.0 bn | esef· 10 Mar 2026verified |
| Net income | 8.4 bn | 5.4 bn | 5.6 bn | 7.8 bn | esef· 10 Mar 2026verified |
| Diluted EPS | 6.66 | 4.30 | 4.43 | 6.37 | esef· 10 Mar 2026verified |
| Weighted average diluted shares | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 12.7 bn | 8.7 bn | 7.4 bn | 7.7 bn | esef· 10 Mar 2026verified |
| Inventories | 9.0 bn | 9.7 bn | 9.4 bn | 10.2 bn | esef· 10 Mar 2026verified |
| Current assets | 34.1 bn | 30.7 bn | 42.6 bn | 31.0 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 9.9 bn | 10.2 bn | 10.1 bn | 10.1 bn | esef· 10 Mar 2026verified |
| Goodwill | 49.9 bn | 49.4 bn | 43.4 bn | 41.3 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 21.6 bn | 24.3 bn | 22.6 bn | 26.3 bn | esef· 10 Mar 2026verified |
| Total assets | 126.7 bn | 126.5 bn | 132.8 bn | 126.8 bn | esef· 10 Mar 2026verified |
| Long-term debt | 14.9 bn | 14.3 bn | 11.8 bn | 14.2 bn | esef· 10 Mar 2026verified |
| Current liabilities | 24.0 bn | 24.2 bn | 29.2 bn | 28.3 bn | esef· 10 Mar 2026verified |
| Equity | 75.2 bn | 74.4 bn | 77.9 bn | 71.7 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 10.5 bn | 10.3 bn | 9.1 bn | 10.8 bn | esef· 10 Mar 2026verified |
| Investing cash flow | -2.1 bn | -6.2 bn | -4.4 bn | -2.4 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -5.8 bn | -8.1 bn | -5.8 bn | -8.2 bn | esef· 10 Mar 2026verified |
| Share repurchases | 497.0 m | 593.0 m | 302.0 m | 5.0 bn | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 102.2 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
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: 74.81 – 182.82 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/E74.81 – 182.82 (Mid 106.99)21 companies used · median multiple 16.8x · quartiles 11.7x – 28.7x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.6% | 45 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -1.5% | 0 (on a fixed band) | 18% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 11.3x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 13.1x | 71 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.9% | 70 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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· partial45/100 · 1/3 factors with a value
- Returns· partial70/100 · 1/2 factors with a value
- Valuation· partial71/100 · 1/3 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 (SAN.PA). 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 74.81–182.82 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 106.99 EUR, the price of 83.74 EUR leaves a potential of 27.8% (value / price − 1) and a margin of safety of 21.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% 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
- P/E (TTM): 13.1x
- Shareholder yield (distributions): 4.9%
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, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 108.2 bn | 32.8 | 12.9% | 12.2% | −2.0% | +25% / +31% |
| BN.PADanone | 43.2 bn | 21.4 | 11.9% | 7.4% | −0.9% | −13% / +14% |
| AC.PAAccor | 13.9 bn | 31.1 | 9.6% | 8.0% | +0.6% | +7% / +57% |
| ADP.PAAeroports De Paris | 11.6 bn | 33.9 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.0 bn | 113.0 | 0.9% | 0.7% | −5.0% | +10% / −38% |
| ALO.PAAlstom | 5.7 bn | 17.9 | 3.1% | 1.7% | +3.7% | −52% / −6% |
| AF.PAAir France - Klm | 4.6 bn | 14.5 | — | 1.0% | +4.8% | +28% / +16% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.7 bn | 31.0 | 5.0% | 4.1% | −4.8% | +31% / +4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 799.8 m | 21.0 | 8.9% | 8.5% | +44.8% | −12% / +42% |
| AUB.PAAubay | 629.9 m | 16.8 | 13.6% | 6.3% | +11.3% | −3% / +37% |
| ASY.PAAssystem | 503.5 m | 69.4 | 2.5% | 1.1% | +7.4% | −19% / −19% |
| ATO.PAAtos Se | 472.0 m | — | -23,400.0% | -17.5% | −16.5% | −46% / −94% |
| ARAMI.PAAramis Group | 291.4 m | 14.7 | 10.0% | 0.8% | +6.3% | −34% / −18% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 184.6 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ATEME.PAAteme | 153.5 m | 161.3 | 2.8% | 1.0% | +2.2% | +94% / +89% |
| ALCIS.PACatering International & Services | 144.6 m | 28.3 | 9.3% | 1.9% | +5.8% | +39% / +106% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALCGM.PACegedim | 142.4 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.4 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 62.9 m | 11.7 | 5.1% | 1.5% | +7.4% | −31% / −26% |
| ABEO.PAAbeo | 59.3 m | 7.1 | 6.9% | 3.0% | +12.6% | −15% / −55% |
1- and 3-year price returns: for SAN.PA 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.
In brief
Sanofi is a biopharmaceutical company focused on five therapeutic areas: immunology and inflammation, oncology, rare diseases, neurology and vaccines. It received a net proceeds of about 10 billion EUR from the sale of a 50% stake in Opella in 2025 1, while the company remains under pressure from payers on prices and on innovation requirements.
SWOT
Strengths
- Diversified portfolio across five therapeutic areas, with a flagship dermatology and allergy product that recently received expanded indications 1.
- Broad technology and manufacturing platforms, including mRNA, supporting a steady flow of candidates in development 1.
- Strengthened balance sheet following the majority sale of Opella, which brought liquidity that can be directed to organic growth and acquisitions 1.
Weaknesses
- Dependence on the success of a few major products, which makes results sensitive to a small number of therapies 1.
- Leadership transition in 2026, with an interim chief executive until the general meeting, which may create short-term strategic uncertainty 1.
- Brands in decline in general medicines, which require rationalisation and may reduce revenue from this segment 1.
Opportunities
- Potential of pipeline products in immunology, oncology and neurology, which could become new growth drivers if clinical validation succeeds 1.
- Wider use of artificial intelligence in research and manufacturing, which could reduce costs and accelerate delivery of new therapies 1.
- Targeted acquisitions in vaccines and immunology, such as Dynavax, which can expand the portfolio and sales channels 1.
Threats
- Payer pressure on prices and reimbursement criteria, which could limit revenue from existing products 1.
- Geopolitical uncertainty and inflation, which may raise production costs and disrupt supply 1.
- Competition from large companies in the same therapeutic areas, which could reduce market share in key conditions 1.
Risks
- Price and reimbursement pressurehigh
Payers may demand price reductions and additional evidence of efficacy, which could affect revenue and margins if real-world evidence is insufficient 1.
- Geopolitical and supply uncertaintymedium
Geopolitical tensions, inflation and raw material shortages can raise costs and disrupt production, affecting deliveries 1.
- Leadership transitionmedium
The change of chief executive and interim leadership may delay strategic decisions and create uncertainty for investors and partners 1.
- Pipeline execution riskhigh
Many products in development never reach the market; clinical failures could reduce the expected benefits of acquisitions and licences 1.
- Workforce dependence risklow
High turnover or the absence of critical skills could affect business continuity, a risk the company identifies as material 1.
Investment thesis
What would need to be true (bull case)
- If Dupixent and its new indications keep growing, the company could sustain revenue while the rest of the portfolio is rebuilt 1.
- The Opella sale and the share buyback programme could strengthen financial flexibility for growth investments 1.
- Use of artificial intelligence could bring operational savings and faster research, provided the results are confirmed 1.
What would break the thesis
- If payers impose harsher price reductions, margins could fall faster than currently expected 1.
- The leadership transition and short-term strategic uncertainty could slow decisions and the execution of plans 1.
- If products in development fail in clinical trials, the value of recent acquisitions could be lower than estimated 1.
What to watch
- Appointment of the chief executive and the subsequent strategic directionafter the April 2026 general meeting
- Development of Dupixent sales and newly approved indicationsnext 10-K
- Completion of the 2026 share buyback programme and how capital is deployed2026
- Clinical results of pipeline candidates, including those in neurology and vaccines2027
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.
The business
Sanofi presents itself as a biopharmaceutical company that combines R&D with artificial intelligence to improve the lives of patients affected by dermatological, respiratory, gastrointestinal and other immune-mediated diseases 1. Its 'Play to win' strategy rests on four priorities: growth, accelerating innovation, operational efficiency and rethinking ways of working 1.
In 2025 the company completed the sale of a 50% majority stake in Opella, its consumer health business, retaining a 48.2% stake 1. In February 2026 it announced completion of the Dynavax acquisition, which brings the HEPLISAV-B vaccine and a shingles vaccine candidate 1.
The leadership changed: the executive committee was restructured around 13 members, and in early 2026 the board decided not to renew the mandate of the chief executive, with an interim chief executive running the company until the general meeting in April 2026 1.
Segments
Vaccines
Vaccines are organised into four main activities, including COVID-19 and influenza, meningitis and travel and endemic vaccines, polio, pertussis and boosters, and MMR, with growth described by management as strong and continuous 1.
Specialty care
Dupixent is the main driver of the portfolio, and the company raised its peak sales target for it; in 2025 the product received further approvals for bullous pemphigoid and chronic spontaneous urticaria 1.
General medicines
General medicines includes brands in decline, which the company has begun to rationalise, and the Opella sale reduced the scope of this segment in 2025 1.
Market context
Sanofi describes the pharmaceutical market as under pressure from geopolitical uncertainty, inflation, supply shortages and state budget constraints, which weigh on both health system costs and the value chain 1.
Payers increasingly demand real-world data confirming safety and efficacy, and pricing and reimbursement criteria are tightening; the company expects the sector to be judged on its ability to create innovative therapies with good cost-effectiveness 1.
Trends
- Pricing and reimbursement pressureheadwind
Payers ask for real-world evidence and more transparent pricing practices, which could limit margins if evidence of efficiency is not sufficient 1.
- Rising demand for innovationmixed
Against cost pressures, the sector is increasingly judged on its contribution to innovation, which favours companies with a solid development pipeline 1.
- Artificial intelligence in R&D and manufacturingtailwind
Sanofi is expanding AI use in drug discovery, clinical trial design and yield optimisation, which could lower costs if results are confirmed over time 1.
- Geopolitical and supply tensionsheadwind
Geopolitical uncertainty, inflation and supply shortages could raise production costs and disrupt the supply chain 1.
Competitive position
Sanofi competes in each therapeutic area with other large biopharmaceutical companies, especially in immunology, vaccines and neurology, where rapid innovation and market access shape long-term position 1.
Competitive dynamics depend on companies' ability to achieve cost efficiency and obtain reimbursement, and Sanofi stresses it must demonstrate clinical and economic value to payers 1.
- PfizerPFE
Large pharmaceutical company with vaccine and immunology portfolios, competing in several of Sanofi's therapeutic areas.
- Eli LillyLLY
Biopharmaceutical company present in immunology and metabolism, which can compete for the same patients and reimbursement budgets.
- AbbVieABBV
Company with a strong immunology and neurology portfolio, a direct competitor in immune-mediated conditions.
- GSK
British pharmaceutical company with significant vaccine activity, competing in vaccines and respiratory therapies.
News & filings
In the press
- Buğra Kulak, Sanofi România: Costul unui tratament nu spune întreaga poveste despre valoarea sa pentru sistemul de sănătateProfit.ro · 02 Nov 2026 · RO
- STAT+: Pharmalittle: We’re reading about Sanofi settling an EU antitrust probe, ‘pharma bro’ Shkreli, and moreSTAT News · 14 Oct 2026 · EN
- STAT+: Sanofi avoids fine as EU accepts offer to end antitrust probe over disparaging rival vaccineSTAT News · 14 Oct 2026 · EN
- STAT+: Sanofi, Regeneron expand partnership after Dupixent successSTAT News · 01 Oct 2026 · EN
- Cheplapharm to take over 20 medicines and three sites from SanofiYahoo Finance — News · 15 Sept 2026 · EN
- Compania farmaceutică Sanofi, vizată de o anchetă a UE în urma unor suspiciuni de concurenţă neloialăMoney.ro · 26 Jun 2026 · RO
- Investigație privind promovarea de către Sanofi a unui vaccin antigripalJuridice.ro · 26 Jun 2026 · RO
- Sanofi, investigată de CEJuridice.ro · 26 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sanofi · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.