Sanofi
Sanofi engages in the research, development, manufacture, and marketing of therapeutic solutions in Finland and Germany. It provides immunology and inflammation, rare diseases neurology, oncology, and other vaccines. It also offers poliomyelitis, pertussis, and haemophilus influenzae type b (Hib) p…
Sanofi engages in the research, development, manufacture, and marketing of therapeutic solutions in Finland and Germany. 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 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.Priced within the modelled range
Other models: EUR 70.29–112.98 (median 86.68). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using Fiscal year 2025 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 5.45% growth, 2.9% terminal growth, and 10.5% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 5.45%, discount rate 10.50%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 5.5% (sector default 6.8%, own revenue history 4.8%, analyst revenue consensus 5.1%).
5-year outlook: relative outlook of about 10.8% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 5.1% a year; the growth assumption used is 5.5%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 79.34 (-4.0%)
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EPS-based Gordon proxy
— EUR 86.68 (+4.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 79.34 (-4.0%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— EUR 70.29 (-14.9%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 112.98 (+36.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 78.99 (-4.4%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 236.51 (+186.2%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 57.14 | -44.6% |
| Base EUR 79.34 | -4.2% |
| Bull EUR 117.97 | 29.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 82.64 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.5%).
Compare: the market implies 6.3% a year, this model assumes 5.5%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.5% | 9.5% | 10.5% | 11.5% | 12.5% |
|---|---|---|---|---|---|
| 1.5% | 92.15 | 76.81 | 65.51 | 56.83 | 49.95 |
| 3.5% | 101.51 | 84.62 | 72.17 | 62.62 | 55.06 |
| 5.5% | 111.59 | 93.02 | 79.34 | 68.85 | 60.55 |
| 7.5% | 122.42 | 102.04 | 87.03 | 75.53 | 66.43 |
| 9.5% | 134.04 | 111.71 | 95.28 | 82.68 | 72.72 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +5.4% a year | 20 / 20 |
| Balance sheet | net debt 0.7x EBITDA | 20 / 20 |
| Margins | EBITDA margin 26% | 20 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SAN.PA (this company) | EUR 82.64 | -4.2% | 12.9 | – | 4.7% | 92 |
| ZEAL.CO Zealand Pharma A/S | DKK 235.70 | 35.7% | 6.1 | 0.9 | – | 72 |
| CI Cigna | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 239.80 | 12.4% | 11.8 | 1.4 | – | 92 |
| AMP.MI Amplifon S.p.A. | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.50 | -3.2% | 17.3 | 4.0 | 3.6% | 92 |
| CAH Cardinal Health | USD 267.82 | -12.8% | 37.0 | – | 0.8% | 70 |
| Peer median | 14.9 | 1.5 | ||||
Dividends
Paid in the last 12 months: EUR 4.12 per share · yield 4.99% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 4.120 |
| 2025 | 3.920 |
| 2024 | 3.760 |
| 2023 | 3.560 |
| 2022 | 3.330 |
| 2021 | 3.183 |
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025 , annual figures reported by Yahoo Finance
| Revenue | EUR 46,716,000,000 |
|---|---|
| EBITDA | EUR 12,479,000,000 |
| EBIT | EUR 6,801,000,000 |
| Net income | EUR 7,813,000,000 |
| Free cash flow | EUR 7,212,000,000 |
| Capital expenditures | EUR -3,538,000,000 |
| Debt | EUR 20,329,000,000 |
| Cash | EUR 8,467,000,000 |
| Working capital | EUR 2,607,000,000 |
| Shares outstanding | 1,220,400,000 |
| Reported dividends per share | EUR 3.9200 |