# Sanofi (SAN.PA)

Canonical: https://gigainvestors.com/s/SAN.PA

Analysis as of: 2026-10-16T07:33:42.350Z. Financial observations: FY1999–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 72.16 per share; close as of 2026-10-15.

Estimated value: low EUR 86.60 per share, central EUR 97.93 per share, high EUR 113.01 per share. Buy at or below the central value EUR 97.93 per share. Valuation as of 2026-10-16T07:33:42.350Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.16×

- FY2018: 0.13×

- FY2019: 0.08×

- FY2020: 0.38×

- FY2021: 0.21×

- FY2022: 0.33×

- FY2023: 0.32×

- FY2024: 0.33×

- FY2025: 0.21×

### moat: pass

- ROIC, median of available years: 19.7%

- ROIC, second-lowest year: 13.1%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 68.9%

- Recent gross margin (lower of latest and 3-year median): 70.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.7%

- FY2017: 17.5%

- FY2018: 13.1%

- FY2019: 9.6%

- FY2020: 43.3%

- FY2021: 19.7%

- FY2022: 33.2%

- FY2023: 31.8%

- FY2024: 26.9%

- FY2025: 18.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 40B

- Net income, five-year total: EUR 33B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.6 pp

- Working capital / revenue, change between three-year averages: -13.1 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.11×

- FY2022: 1.06×

- FY2023: 1.45×

- FY2024: 1.00×

- FY2025: 1.46×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.5% vs 26.9%

- Per-share earnings: 3.67 to 4.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: EUR 2.2B

- Cumulative retained earnings: EUR 15B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.4%

- Per-share value change: EUR 0.76

- Per-share value, starting three-year median: EUR 3.67

- Per-share value, ending three-year median: EUR 4.44

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 29B

- Cumulative net income, 10 years: EUR 66B

- ROIC, first three-year median: 17.5%

- ROIC, last three-year median: 26.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.67

- FY2017: EUR 6.72

- FY2018: EUR 3.46

- FY2019: EUR 2.20

- FY2020: EUR 9.80

- FY2021: EUR 4.96

- FY2022: EUR 6.65

- FY2023: EUR 4.31

- FY2024: EUR 4.44

- FY2025: EUR 6.44

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.95×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: 1.0%

- FY2018: -1.1%

- FY2019: -4.4%

- FY2020: 4.2%

- FY2021: -3.6%

- FY2022: -1.7%

- FY2023: -3.8%

- FY2024: -2.7%

- FY2025: -2.3%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 31% since Jan 2025 · "Sanofi scrapped a final-phase study Wednesday of an experimental CIDP treatment." (finance.yahoo.com, Jun 2026) · sales +5.5%

Story as of 2026-10-16T09:59:57.383Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.2% a year for ten years

- 2025-05-30: Regeneron, Sanofi Stock Falls After Uneven Smoker's Lung Drug Data ([finance.yahoo.com](https://finance.yahoo.com/news/regeneron-sanofi-stock-falls-uneven-123047704.html))

- 2025-08-12: Sanofi halts Praluent supply in China due to limited availability ([finance.yahoo.com](https://finance.yahoo.com/news/sanofi-halts-praluent-supply-china-103612306.html))

- 2025-09-04: Sanofi shares sink over 9% on weak trial results for experimental inflammation drug ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/sanofi-shares-sink-over-9-080117841.html))

- 2025-10-24: Sanofi Q3 Earnings Beat, Dupixent Drives Growth as Vaccines Decline ([finance.yahoo.com](https://finance.yahoo.com/news/sanofi-q3-earnings-beat-dupixent-140100531.html))

- 2026-07-25: Sanofi (ENXTPA:SAN) Stops Amlitelimab In Eczema And Expands Aqemia AI Pact ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/sanofi-enxtpa-san-stops-amlitelimab-001612653.html))

### Sales · FY2024–2025

sales +5.5%; source https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml; observed 2026-03-10.

- FY2016: EUR 35B 

- FY2017: EUR 36B 

- FY2018: EUR 36B 

- FY2019: EUR 38B 

- FY2020: EUR 37B 

- FY2021: EUR 39B 

- FY2022: EUR 40B 

- FY2023: EUR 41B 

- FY2024: EUR 44B 

- FY2025: EUR 47B 

### Gross margin · FY2025

gross margin 72.1%; source https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml; observed 2026-03-10.

- FY2016: 69.2% 

- FY2017: 68.4% 

- FY2018: 68.3% 

- FY2019: 68.2% 

- FY2020: 67.6% 

- FY2021: 68.7% 

- FY2022: 70.6% 

- FY2023: 69.3% 

- FY2024: 70.2% 

- FY2025: 72.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers general; annual sales are EUR 46.7 billion.

- Source: https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml (filed 2026-03-10); FY2025: revenue 46716000000; grossProfit 33667000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAN.PA: Sanofi engages in the research, development, manufacture, and marketing of therapeutic solutions. It provides immunology and inflammation, rare diseases neurology, oncology, and other vaccines. It also offers poliomyelitis, pertussis, and haemophilus influenzae type b (Hib) pediatric vaccines; respiratory syncytial virus protection; hexavalent combination vaccines that includes hepatitis A, typhoid, yellow fever, and rabies vaccines; and Fluzone, a flu vaccine. It has a collaboration and license agreement with Exscientia to develop up to 15 novel small-molecule for oncology and immunology; ABL Bio, Inc. to develop ABL301 for treatment of alpha-synucleinopathies; and Innate Pharma SA for cell engager program targeting B7-H3. Further, it has a collaboration agreements with Atomwise to use ATOMNET platform and Insilico Medicine to use Pharma.AI, a medicine's AI platform; Kymera Therapeutics, Inc. to develop and commercialize protein degrader therapies targeting IRAK4 in patients with immune-inflammatory diseases; Nurix Therapeutics, Inc. to develop protein degradation therapies; Denali Therapeutics Inc. to treat systemic inflammatory diseases, such as ulcerative colitis; and Adagene Inc. for development of antibody-based therapies. Additionally, it has a collaboration with Scribe Therapeutics Inc. to develop genome editing technologies; Teva Pharmaceuticals to co-develop and co-commercialize TEV'574, for treatment of ulcerative colitis and Crohn's disease; co-promotion service agreement with Provention Bio, Inc. for the commercialization of teplizumab; and antibody collaboration with Regeneron Pharmaceuticals, Inc. to develop antibodies, such as Dupixent (dupilumab) as treatment for diseases driven by type 2 inflammation. The company was formerly known as Sanofi-Aventis and changed its name to Sanofi in May 2011. Sanofi was incorporated in 1994 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 69.3% to 72.1% during 2023–25; it earns 19.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 69.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 70.2%.

- Source: https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml (filed 2026-03-10); FY2025: grossProfit / revenue = 72.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on capital observations [[2016,0.19739364971142712],[2017,0.17485790575080168],[2018,0.13114914230198382],[2019,0.09602326494778293],[2020,0.43271699693109217],[2021,0.19732516935636887],[2022,0.3322560809939887],[2023,0.3175440383820543],[2024,0.2692757537012083],[2025,0.18560550092374783]]; median 0.197359409533898. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 71% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml (filed 2026-03-10); Gross margin observations: [[2021,0.687275047862157],[2022,0.7055131004366813],[2023,0.6930355883139945]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2016: growth capex 0; upkeep 2083000000; owner earnings 5616000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2017: growth capex 0; upkeep 1956000000; owner earnings 9612000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2018: growth capex 0; upkeep 1977000000; owner earnings 5793000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2019: growth capex 0; upkeep 1816000000; owner earnings 4433400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 0; upkeep 2114000000; owner earnings 13219400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2021: growth capex 0; upkeep 2043000000; owner earnings 6889400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2022: growth capex 0; upkeep 2201000000; owner earnings 8841800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: growth capex 0; upkeep 1619000000; owner earnings 7804000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: growth capex 0; upkeep 3195000000; owner earnings 5569800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml (filed 2026-03-10); FY2025: growth capex 0; upkeep 1762000000; owner earnings 11381200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,3759000000],[2017,3710000000],[2018,3773000000],[2019,3834000000],[2020,3937000000],[2021,4008000000],[2022,4168000000],[2023,4454000000],[2024,4704000000],[2025,4772000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml (filed 2026-03-10); FY2025: cash repurchases 5030000000 EUR.

### Are managers owners

Insiders own 10.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAN.PA SharesStats.PercentInsiders = 10.313 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.2% yearly over ten years; actual growth was 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate -0.05716037037582483. Price 72.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.437887960763277 → FY2025 9.38500865836563. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 70.57 per share

- 2016-11: EUR 75.70 per share

- 2016-12: EUR 76.48 per share

- 2017-01: EUR 74.09 per share

- 2017-02: EUR 80.89 per share

- 2017-03: EUR 84.16 per share

- 2017-04: EUR 86.14 per share

- 2017-05: EUR 87.69 per share

- 2017-06: EUR 83.30 per share

- 2017-07: EUR 80.28 per share

- 2017-08: EUR 81.22 per share

- 2017-09: EUR 83.55 per share

- 2017-10: EUR 80.85 per share

- 2017-11: EUR 76.18 per share

- 2017-12: EUR 71.46 per share

- 2018-01: EUR 70.73 per share

- 2018-02: EUR 64.68 per share

- 2018-03: EUR 64.98 per share

- 2018-04: EUR 65.43 per share

- 2018-05: EUR 65.27 per share

- 2018-06: EUR 68.28 per share

- 2018-07: EUR 73.97 per share

- 2018-08: EUR 73.29 per share

- 2018-09: EUR 76.14 per share

- 2018-10: EUR 78.41 per share

- 2018-11: EUR 79.38 per share

- 2018-12: EUR 75.25 per share

- 2019-01: EUR 75.41 per share

- 2019-02: EUR 73.10 per share

- 2019-03: EUR 78.31 per share

- 2019-04: EUR 77.07 per share

- 2019-05: EUR 71.85 per share

- 2019-06: EUR 75.50 per share

- 2019-07: EUR 75.05 per share

- 2019-08: EUR 77.70 per share

- 2019-09: EUR 84.60 per share

- 2019-10: EUR 82.17 per share

- 2019-11: EUR 84.05 per share

- 2019-12: EUR 89.13 per share

- 2020-01: EUR 86.48 per share

- 2020-02: EUR 83.47 per share

- 2020-03: EUR 79.70 per share

- 2020-04: EUR 88.71 per share

- 2020-05: EUR 87.05 per share

- 2020-06: EUR 90.16 per share

- 2020-07: EUR 88.07 per share

- 2020-08: EUR 84.41 per share

- 2020-09: EUR 84.87 per share

- 2020-10: EUR 76.95 per share

- 2020-11: EUR 84.25 per share

- 2020-12: EUR 78.27 per share

- 2021-01: EUR 76.73 per share

- 2021-02: EUR 75.39 per share

- 2021-03: EUR 83.79 per share

- 2021-04: EUR 86.80 per share

- 2021-05: EUR 86.50 per share

- 2021-06: EUR 87.88 per share

- 2021-07: EUR 86.41 per share

- 2021-08: EUR 87.14 per share

- 2021-09: EUR 82.63 per share

- 2021-10: EUR 85.96 per share

- 2021-11: EUR 83.40 per share

- 2021-12: EUR 88.10 per share

- 2022-01: EUR 92.25 per share

- 2022-02: EUR 92.96 per share

- 2022-03: EUR 92.01 per share

- 2022-04: EUR 100.63 per share

- 2022-05: EUR 99.38 per share

- 2022-06: EUR 96.34 per share

- 2022-07: EUR 97.21 per share

- 2022-08: EUR 82.18 per share

- 2022-09: EUR 78.40 per share

- 2022-10: EUR 87.33 per share

- 2022-11: EUR 86.48 per share

- 2022-12: EUR 89.84 per share

- 2023-01: EUR 89.67 per share

- 2023-02: EUR 88.89 per share

- 2023-03: EUR 100.24 per share

- 2023-04: EUR 100.00 per share

- 2023-05: EUR 94.88 per share

- 2023-06: EUR 98.20 per share

- 2023-07: EUR 97.09 per share

- 2023-08: EUR 98.64 per share

- 2023-09: EUR 101.48 per share

- 2023-10: EUR 85.70 per share

- 2023-11: EUR 85.46 per share

- 2023-12: EUR 89.76 per share

- 2024-01: EUR 93.36 per share

- 2024-02: EUR 87.89 per share

- 2024-03: EUR 90.96 per share

- 2024-04: EUR 93.08 per share

- 2024-05: EUR 89.76 per share

- 2024-06: EUR 89.94 per share

- 2024-07: EUR 95.33 per share

- 2024-08: EUR 101.20 per share

- 2024-09: EUR 102.90 per share

- 2024-10: EUR 97.11 per share

- 2024-11: EUR 92.09 per share

- 2024-12: EUR 93.74 per share

- 2025-01: EUR 104.40 per share

- 2025-02: EUR 104.36 per share

- 2025-03: EUR 101.92 per share

- 2025-04: EUR 95.90 per share

- 2025-05: EUR 87.52 per share

- 2025-06: EUR 82.21 per share

- 2025-07: EUR 78.84 per share

- 2025-08: EUR 84.49 per share

- 2025-09: EUR 78.55 per share

- 2025-10: EUR 87.60 per share

- 2025-11: EUR 85.76 per share

- 2025-12: EUR 82.72 per share

- 2026-01: EUR 79.20 per share

- 2026-02: EUR 82.20 per share

- 2026-03: EUR 82.72 per share

- 2026-04: EUR 79.82 per share

- 2026-05: EUR 75.29 per share

- 2026-06: EUR 75.08 per share

- 2026-07: EUR 74.47 per share

- 2026-08: EUR 76.81 per share

- 2026-09: EUR 72.64 per share

- 2026-10: EUR 70.74 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 63.96 per share, central EUR 71.75 per share, high EUR 82.11 per share

- FY2017: low EUR 68.08 per share, central EUR 76.41 per share, high EUR 87.49 per share

- FY2018: low EUR 57.15 per share, central EUR 64.32 per share, high EUR 73.87 per share

- FY2019: low EUR 60.56 per share, central EUR 67.91 per share, high EUR 77.69 per share

- FY2020: low EUR 63.33 per share, central EUR 70.62 per share, high EUR 80.32 per share

- FY2021: low EUR 67.43 per share, central EUR 75.70 per share, high EUR 86.72 per share

- FY2022: low EUR 71.07 per share, central EUR 79.57 per share, high EUR 90.87 per share

- FY2023: low EUR 74.55 per share, central EUR 83.93 per share, high EUR 96.42 per share

- FY2024: low EUR 78.92 per share, central EUR 89.03 per share, high EUR 102.48 per share

- FY2025: low EUR 85.48 per share, central EUR 96.50 per share, high EUR 111.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300E9PC51EN656011/2025-12-31/ESEF/FR/0/sny-2025-12-31-2-fr/reports/sny-2025-12-31-2-fr.xhtml); period 2025-12-31, filed 2026-03-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 804,056 SNY shares; USD 34,301,000 reported position value; 0.37% of portfolio; reduce; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 28,088,274 SNY shares; USD 1,198,246,000 reported position value; 0.63% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 25,302 SNY shares; USD 1,079,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 51,572 SNY shares; USD 2,200,000 reported position value; 0.02% of portfolio; add; quarter 2026 Q2.