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What this page is: Delvantic's full research page for Sanofi (SNY) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Watch · Gem Score +16 (−100…+100 Quality+Value blend) · Quality 6 · Value 25 · Sentiment 28 (timing only, not weighted) · Composite fair value $60.60 vs $42.89 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Sanofi
SNY NASDAQSanofi American Depositary Receipt represents American Depositary Shares (ADS) of Sanofi, a leading French multinational pharmaceutical company. Each ADR corresponds to one-half of an ordinary share listed on Euronext Paris, providing U.S. investors convenient access to the company's equity through a sponsored Level II ADR program managed by J.P. Morgan Chase Bank as depositary, with EQ Shareowner Services as transfer agent. Sanofi focuses on researching, developing, manufacturing, and marketing a broad portfolio of prescription medicines, vaccines, and consumer healthcare products addressing major unmet medical needs in areas such as immunology, neurology, oncology, cardiovascular diseases, and rare diseases. The ADR program ensures holders receive dividends in U.S. dollars, with options for reinvestment, and voting rights at the annual general meeting. Founded in 1973 and headquartered in Paris, France, Sanofi American Depositary Receipt facilitates seamless participation for U.S. shareholders in this global biopharmaceutical leader's ongoing innovations and market presence.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
Sanofi is a foreign private issuer — it reports to the U.S. SEC once a year (on Form 20-F or 40-F) rather than filing the quarterly statements (10-Q) that U.S.-domiciled companies must submit. Our financial statements are read directly from SEC filings, so for this company only annual figures exist at the source.
This is a property of how the company files, not missing or broken data — its filing history shows 9 annual reports, the latest filed 2026-02-17, and no quarterly filings . The company may still publish quarterly results on its own investor-relations site.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 7.31
Total Equity: $82.24B
Shares: 1,225,600,000
Total Debt: $21.32B
Cash: $8.78B
EBITDA: N/A
Total Debt: $21.32B
Cash: $8.78B
Revenue: $50.03B
Revenue: $50.03B
Revenue: $50.03B
Total Equity: $82.24B
Tax Rate: 11.7%
Equity: $82.24B
Total Debt: $21.32B
Cash: $8.78B
Current Liabilities: $32.51B
Long-Term Debt: $16.34B
Total Debt: $21.32B
Total Equity: $82.24B
Shares: 1,225,600,000
Shares: 1,225,600,000
CapEx: -$4.06B
Shares: 1,225,600,000
Stock Price: $42.89
Net Income: $8.96B
Industry Benchmarks
Income Statement (Annual)
Last updated: Jul 30, 2026 5:53pm (24d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $43.3B | $49.3B | $49.4B | $47.1B | $50.0B |
| Cost of Revenue | $12.4B | $13.0B | $12.5B | $11.5B | $11.4B |
| Gross Profit | $30.9B | $36.3B | $36.9B | $35.6B | $38.6B |
| Operating Expenses | $21.6B | $24.1B | $27.9B | $27.3B | $31.3B |
| Operating Income | $9.3B | $12.2B | $9.0B | $8.3B | $7.3B |
| Net Income | $7.1B | $9.6B | $6.2B | $6.4B | $9.0B |
| EBITDA | — | — | — | — | — |
| EPS | $5.70 | $7.67 | $4.94 | $5.09 | $7.34 |
| EPS (Diluted) | $5.67 | $7.64 | $4.93 | $5.08 | $7.31 |
Balance Sheet (Annual)
Last updated: Jul 30, 2026 5:53pm (24d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $11.6B | $14.6B | $10.0B | $8.5B | $8.8B |
| Total Current Assets | — | $39.1B | $35.2B | $48.8B | $35.5B |
| Total Assets | $137.9B | $145.3B | $145.0B | $152.3B | $145.4B |
| Current Liabilities | — | $27.5B | $27.8B | $33.4B | $32.5B |
| Long-Term Debt | $19.6B | $17.0B | $16.5B | $13.5B | $16.3B |
| Total Liabilities | $58.7B | $59.1B | $59.8B | $63.0B | $63.2B |
| Total Equity | $79.2B | $86.2B | $85.3B | $89.3B | $82.2B |
| Retained Earnings | — | — | — | — | — |
Cash Flow (Annual)
Last updated: Jul 30, 2026 5:53pm (24d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $12.1B | $12.1B | $11.8B | $10.4B | $12.3B |
| Capital Expenditure | -$2.3B | -$2.5B | -$3.5B | -$3.7B | -$4.1B |
| Free Cash Flow | $9.7B | $9.5B | $8.3B | $6.8B | $8.3B |
| Acquisitions (net) | -$6.4B | -$1.1B | -$4.4B | -$2.2B | -$10.8B |
| Net Debt Issued / (Repaid) | -$2.6B | -$1.3B | -$4.2B | -$770.7M | $3.4B |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | -$4.4B | $3.0B | -$4.6B | -$1.5B | $247.7M |
Growth Trends (YoY %)
Last updated: Jul 30, 2026 5:53pm (24d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.9% | +0.2% | -4.6% | +6.2% |
| Gross Profit Growth | +17.7% | +1.6% | -3.5% | +8.3% |
| Operating Income Growth | +31.1% | -26.1% | -7.9% | -12.5% |
| Net Income Growth | +34.5% | -35.5% | +3.0% | +40.5% |
| EBITDA Growth | — | — | — | — |
Dividend History (Last 20)
Last updated: Jul 30, 2026 5:54pm (24d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-04 | $2.42 | — | — | — |
| 2025-05-09 | $2.21 | — | — | — |
| 2024-05-09 | $2.04 | — | — | — |
| 2023-05-30 | $1.90 | — | — | — |
| 2022-05-26 | $0.30 | — | — | — |
| 2022-05-04 | $1.80 | — | — | — |
| 2021-05-03 | $1.91 | — | — | — |
| 2020-04-30 | $1.70 | — | — | — |
| 2019-05-07 | $1.72 | — | — | — |
| 2018-05-09 | $1.86 | — | — | — |
| 2017-05-11 | $1.58 | — | — | — |
| 2016-05-05 | $1.63 | — | — | — |
| 2015-05-06 | $1.62 | — | — | — |
| 2014-05-07 | $1.91 | — | — | — |
| 2013-05-06 | $0.37 | — | — | — |
| 2012-05-07 | $0.35 | — | — | — |
| 2011-05-11 | $0.36 | — | — | — |
| 2010-05-17 | $0.03 | — | — | — |
| 2009-04-20 | $0.03 | — | — | — |
| 2008-05-16 | $0.03 | — | — | — |
Deep Analysis
Narrative Economics
market-narrative step).
Claude Reading
Starting from the raw tape: Sanofi did €50.0B in 2025 revenue, up 6.2% YoY, but the five-year CAGR is a rounding error (0.6%). Operating income has actually deteriorated meaningfully — $12.22B in 2022 down to $7.28B in 2025, a 40% collapse in op income while revenue is flat-to-up. Operating margin went from 24.8% (2022) to 14.5% (2025). Net income of $8.96B in 2025 looks like a rebound (+40.5% YoY) but is still below 2022's $9.60B, and gross margin at 77.2% is fine but the gap between gross and operating margin has widened — SG&A/R&D absorbing more. That's the actual story the models are underweighting: this isn't a stable mature earner, it's a business where operating leverage has gone the wrong direction for three years running, and the 2025 earnings pop is partly a comp effect off a depressed 2024.
The synthesis verdict of $118.67 fair value against a $42.89 price — implying 177% upside — is not credible on this data. A DCF that spits out 2.75x the current price on a business with 0.6% revenue CAGR, declining operating margins, and 6.8% ROIC is almost certainly using a discount rate or terminal growth assumption disconnected from the earnings trajectory. ROIC of 6.78% is roughly at or below cost of capital for a European pharma; you don't get to claim a huge intrinsic value gap when the incremental capital isn't earning excess returns. The P/B of 0.64 and P/E of 5.87 look screamingly cheap in isolation, but $82.24B of equity earning 10.9% ROE in a sector where peers (Novo, Lilly, even Merck) earn 25-40%+ ROE tells you the book is carrying goodwill/IP that the market suspects is impaired. The market's 5.9x P/E isn't mispricing — it's pricing in the probability that Dupixent (co-owned with Regeneron, so Sanofi only gets a share of the economics) faces biosimilar/competitive erosion post-2030, and that the rest of the portfolio can't fill the hole.
The narrative layer nails the setup better than the DCF does: "fallen angel, moderate intensity, tired story." That's right. But the narrative writeup then hedges by saying a single blockbuster could collapse the discount — I'd push back. Sanofi's pipeline optionality is real (tolebrutinib, amlitelimab, rilzabrutinib) but the base rate for a single asset re-rating a €100B pharma by 60%+ is very low. The contrarian argument here isn't "DCF says $118" — it's narrower: at 5.9x earnings and a 5.65% dividend yield covered ~1.6x by FCF ($8.27B FCF vs ~$5B dividend), you're being paid to wait, and the downside from here requires either a dividend cut (unlikely given the balance sheet: $21.3B debt against $82.2B equity, D/E 0.26) or accelerating operating margin compression below 12%. Both are possible but not base case. The right fair value is probably $55-65, not $119 — reflecting a 8-9x P/E rerate if 2026 shows margin stabilization, plus dividends collected.
Where I dissent: the synthesis is directionally right (undervalued) but the magnitude is fantasy and the "fair_value" verdict label contradicts the +176.7% upside number in its own detail field — that's an internal inconsistency the models should have flagged. The pre-flight thesis is the sharpest read in the file: the market is pricing structural impairment, and the question is whether that's overdone by ~30% (my view) or ~170% (DCF's view). Data thinness worth flagging: no quarterly breakdown provided, so I can't verify whether the 2025 rebound is Dupixent-driven (concentrated risk) or broad (better); no insider activity data; FX translation on EUR reporting adds noise to USD-quoted metrics. Momentum's "earnings CAGR 20.3%" is misleading — it's off a 2021 base and doesn't capture the 2022→2024 decline. A careful contrarian would say: everyone knows the patent cliff story, everyone knows GLP-1 disruption is a headwind, and yet the stock still trades at 5.9x — either the market is right that earnings power is structurally $6B not $9B, or you're getting a real bargain with a 5.65% yield to wait it out. I lean modestly toward the latter but nowhere near the synthesis conviction.
GPT Reading
At $42.89, Sanofi screens optically cheap to an extent that usually means either the market is seeing a cliff the headline multiples obscure or the ADR/metric set is mixing apples and oranges. On the raw operating data alone, this is a large, cash-generative pharma trading at about 1.05x sales, 0.64x book, and 5.9x earnings while still producing $12.33B of operating cash flow and $8.27B of free cash flow on $50.03B of revenue. Net debt is only about $12.5B against $82.24B of equity, so this is not a balance-sheet stress story. The business has also been more stable than the stock multiple suggests: revenue moved from $43.31B in 2021 to $49.31B in 2022, $49.40B in 2023, dipped to $47.11B in 2024, then recovered to $50.03B in 2025. That is hardly exciting growth, but it is not collapse. A 5.65% dividend yield backed by an FCF payout that looks manageable on these numbers should normally not coexist with a sub-6x P/E unless investors are bracing for a meaningful earnings reset.
The part that stands out to me is that the income statement is softer than the headline valuation bargain implies. Gross margin remains excellent at 77.2%, but operating margin has compressed from 24.8% in 2022 to 18.3% in 2023, 17.7% in 2024, and 14.5% in 2025. Operating income fell from $12.22B in 2022 to $7.28B in 2025 even as revenue was roughly flat-to-up over that span. Net income bounced to $8.96B in 2025 from $6.38B in 2024, but that rebound sits awkwardly against lower operating profit, which suggests below-the-line items are flattering the P&L. In other words, the 40.5% recent earnings growth figure is real in the dataset, but it does not reflect clean operating improvement. This is why I do not buy the simplistic “all three valuation methods agree” conclusion. A DCF anchored on recent net income without penalizing margin erosion can overstate value badly for a pharma name facing product mix pressure, R&D intensity, or launch spending.
Even so, the discount still looks too severe. On 2025 figures, the stock trades at roughly 12.4x free cash flow and about 8.3x operating cash flow for a business with high gross margins, decent returns, and modest leverage. ROIC at 6.8% is not elite, but it is not disaster either, and the company has shown an ability to keep gross profit expanding from $30.87B in 2021 to $38.61B in 2025. If this were a structurally broken pharma, I would expect a more obvious top-line slide, heavier leverage, or weak cash conversion; instead I see a company whose core earnings power is under pressure but whose cash engine remains intact. That makes the current price look more like a market that is pricing in a sustained downshift in profitability than one simply recognizing “maturity.” I think that is too punitive. I would not underwrite the absurd triple-digit fair values implied by the model, but I also do not think a company of this quality should sit near 1x sales and below book while still throwing off $8B+ of annual free cash.
The best bear case is straightforward and grounded in the same numbers. Revenue CAGR over the period is just 0.6%, free cash flow CAGR is slightly negative, and operating profit has deteriorated sharply despite stable sales. That combination often means the business is having to spend more and more just to stand still, which is dangerous in pharma because patent cliffs and competitive erosion can turn a margin squeeze into an earnings air pocket very quickly. A low P/B is also less comforting for a drug company than for an industrial, because book value can include acquired intangibles whose economic value is only as good as the pipeline and portfolio behind them. If the market believes 2025 net income is boosted by non-core items and that true steady-state earnings power is closer to operating income than reported NI, then a 5.9x P/E is not as cheap as it looks. That is the strongest reason not to trust the valuation gap.
What would change my mind is evidence that the 2025 operating margin of 14.5% is the new baseline rather than a trough. If revenue stalls back below $47B while operating income fails to recover above $8B, I would conclude the market is correctly looking through noisy net income and the stock deserves to stay cheap. Conversely, if Sanofi can hold revenue around $50B and rebuild operating profit back toward $9B-$10B while sustaining $8B+ of free cash flow, the current multiple is too low and should rerate materially even without meaningful growth.
Grok Reading
The numbers paint a mature cash machine that the market has abandoned. Sanofi generated $50.03B of revenue and $8.27B of free cash flow in 2025 against a $102.7B market cap—an 8.1% FCF yield—while throwing off a 5.65% dividend. At 5.87x trailing earnings and 0.64x book, the stock trades as if the franchise is in terminal decline. Revenue has been essentially flat since 2022 ($49.31B → $47.11B → $50.03B; 0.6% CAGR), yet the business still converts at a 77% gross margin and produces double-digit net margins. The balance sheet is clean: $21.3B of debt against $82.2B of equity (D/E 0.26) and nearly $9B of cash. That combination—sub-6x earnings, mid-single-digit yield, fortress balance sheet, and still-intact gross profitability—is what a structurally impaired pharma is *not* supposed to look like. The valuation synthesis fair value near $119 is aggressive, but the direction is correct: at $42.89 you are buying the existing cash flows at a steep discount to any reasonable no-growth floor.
What the bulls miss in the pure multiple arithmetic is the quality of the earnings trajectory. Operating income has collapsed from $12.22B in 2022 to $7.28B in 2025 even as revenue held roughly steady; operating margin compressed from roughly 25% to 14.5%. Net income rebounded to $8.96B in 2025, but that sits *above* operating income, flagging non-operating or one-time contributions rather than core operating recovery. ROIC of 6.8% and ROE of 10.9% are mediocre for a business with this gross margin profile and confirm that capital is not being deployed at high incremental returns. Free cash flow is flat-to-down over the period (FCF CAGR –0.2%). Recent revenue growth of 6.2% and the earnings jump look better on a one-year basis, but they sit on top of a multi-year pattern of margin erosion and stagnant top-line. That is the fundamental story the 5.9x multiple is discounting: a high-quality past being slowly replaced by a lower-return present.
The strongest case against owning it is exactly that operating trajectory plus the narrative the market has already written. Patent cliffs, a pipeline that has lagged Novo and Lilly in the highest-growth categories, and a string of strategic misfires (Ablynx, the Regeneron relationship dynamics) give skeptics a coherent story that this is a slow value trap rather than a mispriced compounder. If operating margins stabilize in the mid-teens permanently and revenue growth stays near zero, the stock is not a 5x grower in disguise—it is a 5–6% yielder with limited multiple expansion, and currency drag on euro earnings plus any further biosimilar erosion could keep the re-rating from ever arriving. The valuation models that spit out $118+ embed an assumption that cash flows hold and the multiple normalizes; if the cash flows themselves are the thing in gentle decline, those models are wrong. I weigh this less than the bears because an 8% FCF yield and sub-book price already embed a great deal of that impairment, and the gross margin structure plus diversified base still look durable enough to support the dividend and buybacks while the pipeline either delivers or does not. You are paid to wait.
What flips the verdict is straightforward: two consecutive years of operating margin re-expansion above 18% with mid-single-digit organic growth, or a clear late-stage pipeline win in immunology/rare disease that the market can underwrite as a multi-billion franchise. Conversely, another year of sub-15% operating margins with FCF falling below $7B would confirm the value-trap read and push me to fairly valued or worse at this price.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Sanofi is a classic mature_earner: revenue grew modestly from $43.3B (2021) to $50.0B (2025), gross margin expanded steadily from 71.3% to 77.2%, and FCF has been consistently strong ($6.75B-$9.72B annually, $8.27B most recent). Earnings quality is genuinely good - OCF/NI of 1.57x, accruals -2.8% of assets, and Beneish M of -2.48 all point to conservative, cash-backed reporting. Diluted share count is quietly shrinking (1.26B to 1.23B, -0.7% CAGR) with tiny SBC at 0.7% of revenue - per-share value is being protected, not eroded. However, operating margin has meaningfully deteriorated from a 2022 peak of 24.8% to 14.5% in 2025 - a 1,030bp compression that gross-margin expansion is masking. Something is inflating opex (R&D reinvestment, restructuring, consumer health separation costs?) and this is the single most important quality question in the file. The balance sheet carries $12.54B net debt against only $8.78B liquid cash; Altman Z at 1.51 flags distress on the model, though Z is unreliable for pharma with intangible-heavy balance sheets and $8B+ recurring FCF makes actual bankruptcy risk remote.
Verify before trusting this (5)
- What is driving the OpM% decline from 24.8% to 14.5% - R&D step-up, restructuring, Opella/consumer-health separation costs, or amortization of recent deals?
- Dupixent revenue concentration and any patent/biosimilar timeline on top franchises
- Composition of the $12.54B net debt - maturity ladder and fixed/floating mix
- Pipeline coverage for post-2027 LOE exposures and R&D productivity metrics
- Whether the -0.7% share count reduction is sustained policy or one-off tied to the Opella spin
The e2e composite fair value of $119.69 implying 177% upside is not credible on its face - that anchored-PE of $150 and DCF of $128 embed assumptions that ignore the patent cliff risk the bear case leans on. The EPV floor of $72.58 is the more honest anchor: it capitalizes current earning power with no growth heroics, and it still sits ~69% above the $42.89 price. Even applying a further 25-30% haircut to EPV for the operating-margin compression (1,000bp over three years) and pipeline thinness flagged by the quality lens, deserved value lands in the mid-$50s to low-$60s.
Verify before trusting this (5)
- Dupixent growth trajectory and remaining patent runway
- Segment-level operating margin bridge - is the 1,000bp compression mix or structural cost inflation
- Pipeline Phase 3 readouts and BD activity to replace patent-cliff revenue
- Guidance on capital returns (buybacks/dividend) vs M&A appetite after Ablynx
- One-off items in current earnings to validate the EPV floor is clean
The macro tape is stressed (VIX 20.7, S&P off highs, 10y at 4.61%) but SNY's 0.28 beta means the risk-off pressure barely lands here; defensive pharma is exactly the profile that gets rotated INTO when the tape wobbles, and the 3.47% gain on 7/28 with no company news suggests that rotation is already happening. The just-released Q2 print was a genuine tailwind event: double-digit sales growth, Dupixent crossing EUR 5B in a quarter, and a raised 2026 outlook plus lifted 2030 targets - the kind of news that normally forces analyst estimate revisions higher. Regeneron's parallel blowout (Dupixent +38%) corroborates the core franchise strength. That is real, fresh positive news flow. Against that, the prevailing narrative is still 'fallen-angel / slow-motion value trap': patent cliffs, thin pipeline, GLP-1 disruption fears, and the immediate headline framing ('Stock Down on Pipeline Setbacks') shows the market is still filtering good prints through a skeptical lens. Intensity is moderate, durability moderate, cult low - so the story presses on the stock but doesn't dominate it. Net: a low-beta defensive with a beat-and-raise catches a mild bid in a stressed tape, but the pipeline-doubt narrative caps the tailwind. Roughly balanced with a slight positive tilt.
Verify before trusting this (4)
- Analyst target revisions and estimate changes in the 1-2 weeks after the Q2 print - a wave of upgrades would flip this to Tailwind
- Whether defensive rotation persists if VIX stays above 20, or reverses on a risk-on turn
- Any concrete pipeline data readouts or setbacks that would either validate or break the fallen-angel story
- GLP-1 / obesity drug news flow that could reignite the disruption narrative on legacy pharma
This lens hasn't been run for this ticker yet.
When we made this prediction on Aug 1, 2026, SNY was $43.08. We expect it to be $51.25 by Feb 2027, and we consider it great value under $45.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 1, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.