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French pharmaceutical major selling vaccines, specialty medicines (immunology, rare disease) and consumer health products.
French pharmaceutical major selling vaccines, specialty medicines (immunology, rare disease) and consumer health products.
Dupixent, an eczema and asthma drug it develops and shares profits on with Regeneron, is the biggest growth product, while vaccines are sold largely through government and health-system purchasing. It sold a majority of its consumer-health arm, Opella, to the private-equity firm CD&R in 2025, keeping a minority stake.
In one line: France's Pfizer/Merck.
Moat: narrow (IP / patents, scale, regulatory licence). Patent-protected blockbusters (Dupixent) and vaccine manufacturing scale, but facing patent cliffs.
Headquarters: Paris, France · Founded: 1973 · Employees: 76,493
Size Sanofi (SAN.PA) is a France Health Care company (Pharmaceuticals: Major) with a market value of $113B, the 10th largest of 206 France companies the cockpit tracks. Shares closed at €83.74 on 6 Nov 2026.
Performance Over six months the shares gained 14.3%, against +16.1% for the median peer and -0.4% for the France market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +5.9%); the operating margin is 27.2% (peer median 25.3%).
Valuation It trades at 9.6× forward earnings against a peer median of 18.2× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (6.9% WACC).
Credit Sanofi has 15 bonds outstanding ($14.7B), rated AA by the agencies and trading like AAA at a weighted spread of 47 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €45.8B | €43.6B | €41.1B | €37.8B | €43.0B |
| Revenue growth | — | +6% | +9% | -12% | — |
| Gross profit | €30.4B | €28.7B | €26.0B | €23.1B | €27.1B |
| EBITDA | €19.3B | €17.1B | €13.1B | €12.3B | €13.7B |
| Net income | €4.02B | €5.20B | €5.56B | €5.40B | €8.37B |
| Free cash flow | €10.2B | €8.99B | €7.35B | €8.64B | €8.32B |
| Capital expenditure | €3.49B | €3.62B | €3.23B | €3.13B | €2.22B |
| Total debt | n/a | €20.3B | €17.9B | €18.4B | €21.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SAN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.1% | +10.4% | 5th highest of 21 |
| 6-month return | +14.3% | +16.1% | 9th lowest of 21 |
| Distance from 52-week high | -7.8% | -9.0% | 10th highest of 21 |
| Revenue growth (TTM) | +15.3% | +5.9% | 6th highest of 21 |
| Operating margin | 27.2% | 25.3% | 10th highest of 21 |
| Forward P/E | 9.6× | 18.2× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | 5.3% | 2nd least demanding of 21 |
| Growth delivered (Del g) | +3.9% | +6.7% | 10th lowest of 21 |
| Hurdle (Req g minus delivered) | -9.3 pp | -0.5 pp | 7th least demanding of 21 |
| ROIC minus cost of capital | +3.7 pp | +6.4 pp | 8th lowest of 21 |
| EV / EBITDA | 6.1× | 14.5× | cheapest of 19 |
| Net debt / EBITDA | 0.9× | 1.6× | 7th least indebted of 19 |
| Bond spread | 47 bp | 68 bp | tightest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| WuXi AppTec 603259.SS | China | $67.0B | +34% | +32% | 43% | 18.1× | 7.8% | +22.3% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
Sanofi has 15 bonds outstanding with $14.7B face value. The agencies rate it AA; its bonds trade like AAA. Weighted yield 3.69%, a spread of 47 bp over government bonds.