Voltar à classificação

Sanofi (SNY)

NEUTRAL
HealthcareDrug Manufacturers - GeneralFrance

Fundamental

64

Preço

$45.90

Capitalização de Mercado

$109.86B

Parte 1 · Quanto vale a empresa

Visão Geral

Sanofi researches, manufactures and sells prescription medicines and vaccines worldwide. Its business rests on three pillars: Specialty Care, medicines for immune, inflammatory and rare diseases led by the biologic Dupixent; General Medicines, older and often genericised treatments for conditions like diabetes and cardiovascular disease; and Vaccines, immunizations sold to public health systems and private clinics. Growth increasingly depends on the newer, patent-protected Specialty Care franchise rather than the mature General Medicines business.

Como gera receita

Sanofi earns revenue when wholesalers, hospitals and health systems buy its medicines and vaccines, at prices that vary widely by country depending on each government's negotiation power and reimbursement rules. Newer biologic drugs under patent, above all Dupixent, carry high prices and wide margins; once a patent expires, cheaper generic or biosimilar copies typically enter and revenue from that product falls quickly. Vaccines are a full year of sales in 2025 of about €7.9 billion, roughly a fifth of group sales.

Vantagem competitiva

Patentes e licenças · Estreita

Patents on biologic drugs like Dupixent grant years of exclusive pricing before copies can enter, and building the clinical evidence and regulatory approvals behind a new medicine is slow and expensive for challengers to replicate. The moat is narrow rather than wide because each patent has a known expiration date after which the protection disappears product by product.

O que impulsiona a procura

Defensivo

People need treatment for chronic and acute illness regardless of the state of the economy, so underlying demand for medicines and vaccines is stable. The variable that moves results year to year is less the economic cycle and more the pace of patent expirations, new drug launches and pricing negotiations with governments.

Principais riscos

  • Patent expiration and biosimilar competition — Loss of patent protection typically brings a rapid, significant drop in revenue for the affected product as lower-priced copies enter; Dupixent, the largest single product, faces this risk later this decade.
  • Government pricing pressure — Drug-pricing reform in the United States and cost-containment policies in Europe can force lower prices or restrict reimbursement, directly reducing what Sanofi collects per unit sold.
  • Research and development failure — Replacing revenue lost to patent expirations depends on a pipeline of experimental drugs that mostly fail in clinical trials or regulatory review, so future growth is not guaranteed.
  • Product liability and litigation — As with any pharmaceutical maker, claims alleging harm from a marketed drug can lead to costly litigation and settlements, and to reputational damage that affects prescribing habits.

Os argumentos a favor

Buyers argue that Dupixent still has years of patent-protected growth ahead across new indications, that the Specialty Care pivot is shifting the mix toward higher-margin products, and that the Vaccines business provides a stable, less patent-dependent cash flow base.

Os argumentos contra

Sellers fear that Sanofi's growth is too concentrated in a single product approaching biosimilar competition later this decade, and that the pipeline meant to replace it carries the ordinary high failure rate of drug development.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balanço & Liquidez

Receita

$48.92B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$3.96B

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$6.30B

Capital Próprio Total

$79.83B

Passivo Total

$23.58B

Rácio de Liquidez

0.99

Cobertura de Juros

-

Dívida/EBITDA

1.74

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Sobrevalorizada

Valor Justo

$36.64

Preço Atual

$45.90

Margem de Segurança

-25.3%

Intervalo de Valor Justo

$23.81 - $49.46

Métodos de Estimativa

Analyst Target:$53.72
DCF:$41.99
PE-based:$16.10
Graham Growth:$14.14
EPV:$58.95
Consenso dos Analistas:Comprar (17B / 12H / 1S)
Última Surpresa de Resultados:+8.91%

Métricas de Avaliação

Rácio P/E

24.26

ROE

5.7%

Rácio P/B

1.38

P/FCF

17.44

Margem Bruta

73.5%

ROIC

7.9%

Radar de Rentabilidade

Value Creation (Economic Moat)

ROIC

7.9%

WACC

6.9%

ROIC − WACC

+0.9 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Critérios de Análise Fundamental

Aprovado (13)

  • ROIC 7.9%
  • Gross Margin 73.5%
  • P/FCF 17.44
  • P/B Ratio 1.38
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • ROE 7.8%
  • Analyst Consensus 57% Buy
  • Earnings Surprise avg 5.9%
  • Earnings Quality (OCF/NI) 1.52
  • Net Margin Trend 17.9% vs 14.0%

Reprovado (5)

  • Price CAGR 1.26%
  • CapEx intensity
  • DCF valuation (Fairly valued)
  • Revenue Growth 5Y 4.6%
  • Piotroski F-Score 2/9

Indisponível (9)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-Score

2/9

Preocupações financeiras graves

score
criteria

Qualidade dos Resultados

1.52

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
Ms. Belen Garijo Lopez M.D.CEO & Director65
Mr. François-Xavier RogerExecutive VP & CFO63
Ms. Madeleine RoachExecutive VP & Head of Business Operations41
Dr. Michael Quigley Ph.D.Chief Scientific Officer & Head of Research-
Mr. Thomas Kudsk LarsenHead of Investor Relations & General Medicines51
Mr. Roy PapatheodorouExecutive VP & General Counsel47
Mr. Pierre ChancelSenior Vice President of Global Diabetes and Senior Vice President of Global Marketing68
Ms. Veronique JailletInterim Chief People Officer-
Mr. Olivier CharmeilExecutive Vice President of General Medicines62
Fabrizio GaudiHead of Austrian, German & Swiss Operations-

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

Recent headlines for SNY, sourced from Markets Gazette.

  • 6/11/2026POSITIVE
    Sanofi Trial Setback May Reinforce Argenx Vyvgart's Position In CIDP, Analyst Says

    Sanofi has announced the discontinuation of its Phase 3 riliprubart study for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) due to insufficient efficacy. This setback for Sanofi's drug development pipeline may inadvertently strengthen the market position of Argenx's Vyvgart, a competing treatment for CIDP. While Sanofi's stock saw a slight uptick, potentially reflecting relief from the costs associated with the failed trial, the news highlights a competitive advantage for Argenx in the CIDP therapeutic area. Investors will monitor Argenx's progress and market penetration strategies.

via Markets Gazette