Sanofi (SNY)
NEUTRALFundamental
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 · EstreitaPatents 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
DefensivoPeople 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
Valor Justo
$36.64
Preço Atual
$45.90
Margem de Segurança
-25.3%
Intervalo de Valor Justo
$23.81 - $49.46
Métodos de Estimativa
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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Ms. Belen Garijo Lopez M.D. | CEO & Director | 65 |
| Mr. François-Xavier Roger | Executive VP & CFO | 63 |
| Ms. Madeleine Roach | Executive VP & Head of Business Operations | 41 |
| Dr. Michael Quigley Ph.D. | Chief Scientific Officer & Head of Research | - |
| Mr. Thomas Kudsk Larsen | Head of Investor Relations & General Medicines | 51 |
| Mr. Roy Papatheodorou | Executive VP & General Counsel | 47 |
| Mr. Pierre Chancel | Senior Vice President of Global Diabetes and Senior Vice President of Global Marketing | 68 |
| Ms. Veronique Jaillet | Interim Chief People Officer | - |
| Mr. Olivier Charmeil | Executive Vice President of General Medicines | 62 |
| Fabrizio Gaudi | Head 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.
- 6/11/2026POSITIVESanofi 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