Sanofi Past Earnings Performance
Past criteria checks 0/6
Sanofi's earnings have been declining at an average annual rate of -9.5%, while the Pharmaceuticals industry saw earnings declining at 5.7% annually. Revenues have been growing at an average rate of 4.1% per year. Sanofi's return on equity is 6.6%, and it has net margins of 10.2%.
Key information
-9.47%
Earnings growth rate
-9.08%
EPS growth rate
| Pharmaceuticals Industry Growth | 16.27% |
| Revenue growth rate | 4.10% |
| Return on equity | 6.63% |
| Net Margin | 10.20% |
| Next Earnings Update | 30 Jul 2026 |
Recent past performance updates
Analysis Article • May 04
Sanofi's (EPA:SAN) Conservative Accounting Might Explain Soft Earnings
Shareholders appeared unconcerned with Sanofi's ( EPA:SAN ) lackluster earnings report last week. We think that the...Analysis Article • Oct 31
We Think Sanofi's (EPA:SAN) Healthy Earnings Might Be Conservative
Sanofi's ( EPA:SAN ) recent earnings report didn't offer any surprises, with the shares unchanged over the last week...Recent updates
Narrative Update • Jun 18
SAN: Future Upside Will Hinge On AI Execution Across R&D Workflows
Sanofi's analyst price target has been revised slightly to €96.70 from €97.10. This change reflects updated views on its revenue growth outlook, profit margin assumptions and a modestly adjusted future P/E multiple, according to recent analyst commentary.Narrative Update • Jun 04
SAN: Future Upside Will Depend On AI Execution And R&D Pipeline Delivery
Analysts have nudged their fair value estimate for Sanofi higher from €95.53 to €97.10, citing slightly adjusted assumptions on discount rate, revenue growth, profit margins and future P/E as the basis for the updated price target. Analyst Commentary Bullish analysts framing the updated fair value for Sanofi around €97.10 are effectively signaling confidence that the company can execute in line with, or slightly ahead of, their refined assumptions on discount rate, revenue trajectory, margins and implied future P/E.Analysis Article • May 04
Sanofi's (EPA:SAN) Conservative Accounting Might Explain Soft Earnings
Shareholders appeared unconcerned with Sanofi's ( EPA:SAN ) lackluster earnings report last week. We think that the...Narrative Update • Apr 22
SAN: Future Upside Will Rely On Pipeline Delivery And Margin Execution
Sanofi's analyst price target has been adjusted slightly lower to €95.53 from €96.10, as analysts factor in marginally higher revenue growth expectations, a modestly lower profit margin and a revised forward P/E assumption. Analyst Commentary Recent Street research on large European financials and cross border bank transactions offers a useful lens for thinking about how analysts might be framing Sanofi's current valuation reset and execution risks, even though the specific notes focus on banks rather than pharmaceuticals.
New Narrative • Apr 14
Pipeline And Vaccine Catalysts Will Reshape This Pharma Leader Over The Next Decade
Catalysts About Sanofi Sanofi is a global biopharma group focused on prescription medicines, vaccines and specialty care therapies. What are the underlying business or industry changes driving this perspective?Narrative Update • Apr 07
SAN: Future Upside Will Rely On Pipeline Delivery And Margin Expansion
Analysts trimmed Sanofi's fair value estimate by €2.00 to €96.10, citing updated assumptions that include slightly different revenue growth, a higher profit margin profile, and a lower future P/E multiple. Analyst Commentary Recent Street research on European financials and cross border bank deals offers some reference points that investors can use when thinking about Sanofi's updated fair value and how sentiment can swing as assumptions change.
New Narrative • Mar 31
Rising R&D Burden And Pipeline Risk Will Challenge Long Term Profitability
Catalysts About Sanofi Sanofi is a global biopharmaceutical company focused on prescription medicines, vaccines and specialty care therapies. What are the underlying business or industry changes driving this perspective?Narrative Update • Mar 24
SAN: Future Upside Will Rely On Pipeline Execution And Margin Strength
Sanofi's analyst price target has been adjusted to €98.10 from €98.49 as analysts factor in slightly higher assumed revenue growth, stronger profit margins and a lower future P/E multiple in their updated models. Analyst Commentary Analysts updating their models for Sanofi are weighing the slightly higher revenue assumptions and stronger margin profile against a more conservative future P/E multiple.Narrative Update • Mar 09
SAN: Future Upside Will Rely On Pipeline Execution And Margin Resilience
Analysts have nudged their price target on Sanofi higher to €98.49, reflecting slightly firmer revenue growth assumptions and a nearly unchanged long-term profit margin and P/E outlook. Analyst Commentary Analysts covering Sanofi are broadly focused on how the updated €98.49 price target lines up with the company’s ability to execute on its plan, sustain its profit profile and justify its current P/E.Narrative Update • Feb 23
SAN: Future Upside Will Rely On Pipeline Delivery And Margin Stability
Analysts have trimmed their Sanofi price target slightly to €98.49. The change is tied to more cautious assumptions for revenue growth, profit margins and a modestly higher future P/E multiple.Narrative Update • Feb 09
SAN: Future Upside Will Depend On Pipeline Execution And Margin Resilience
Analysts have trimmed their Sanofi price targets slightly, with fair value moving from about €101 to about €99 as they factor in a modestly higher discount rate, slightly softer revenue growth assumptions around 3.6% and a marginally lower expected profit margin near 19.7%, paired with a future P/E closer to 12.8x. Analyst Commentary Recent updates to Sanofi valuation assumptions, including a modestly higher discount rate and slightly softer revenue and margin expectations, have led analysts to fine tune their views rather than overhaul them.Narrative Update • Jan 25
SAN: Future Upside Will Depend On Pipeline Approvals And Margin Discipline
Analysts have trimmed their price target on Sanofi to reflect a fair value move from €102.77 to €100.96, citing updated assumptions around revenue growth, profit margins and future P/E levels. Analyst Commentary While the latest fair value trim for Sanofi is modest, it still reflects a tight range of outcomes that analysts see as reasonable based on current assumptions around growth, profitability and P/E levels.Narrative Update • Jan 11
SAN: Future Upside Will Depend On Pipeline Approvals And Margin Discipline
Analysts have trimmed their fair value estimate for Sanofi from about €104.87 to roughly €102.77, pointing to slightly softer assumptions for revenue growth, profit margins and future P/E as key drivers of the updated price target outlook. Analyst Commentary Recent fair value adjustments for Sanofi sit against a backdrop of active price target revisions across European equities, including large financials, where several research desks have been updating their expectations.Narrative Update • Dec 25
SAN: Future Upside Will Depend On Pipeline Delivery And Cost Discipline
Analysts have trimmed their price target for Sanofi modestly, cutting their fair value estimate by about EUR 0.33 to roughly EUR 104.87. They cite slightly slower revenue growth, a softer profit margin profile, and a marginally higher future earnings multiple as the main factors behind this adjustment.Narrative Update • Dec 11
SAN: Future Returns Will Depend On Execution Of Late-Stage Pipeline
Analysts have nudged their fair value estimate for Sanofi slightly lower from EUR 106.26 to about EUR 105.20, citing marginally softer revenue growth assumptions, partially offset by a modestly stronger profit margin outlook and a slightly reduced forward P E multiple. Analyst Commentary Analyst sentiment on Sanofi remains broadly constructive, with recent fair value adjustments reflecting a more nuanced balance between growth ambitions and execution risks.Narrative Update • Nov 27
SAN: Future Momentum Will Depend On Execution Of New Pipeline Approvals
Sanofi's analyst price target has been modestly adjusted downward from $106.85 to $106.26. Analysts point to slight improvements in profit margin and future valuation metrics while maintaining a broadly stable outlook.Narrative Update • Nov 10
SAN: Forward Momentum Will Rely On Pipeline Success And Operational Execution
Sanofi's analyst price target saw a slight decrease to $106.85 from $106.90. Analysts cite moderating revenue growth expectations and a slightly higher discount rate impacting the updated valuation.Analysis Article • Oct 31
We Think Sanofi's (EPA:SAN) Healthy Earnings Might Be Conservative
Sanofi's ( EPA:SAN ) recent earnings report didn't offer any surprises, with the shares unchanged over the last week...Narrative Update • Oct 27
Future Shareholder Returns Will Depend On Commercial Execution And Pipeline Momentum
Sanofi's analyst price target has been slightly lowered from €108.31 to €106.90. Analysts cite modest improvements in revenue growth and profit margin, but note a more conservative outlook for the company's future valuation.Narrative Update • Sep 12
Pipeline Advances And Acquisitions Will Expand Therapeutic Horizons
Sanofi's slight decline in future P/E alongside an improved net profit margin suggests a modestly stronger earnings outlook, although this was not enough to materially shift the consensus analyst price target, which decreased fractionally from €109.22 to €108.31. What's in the News FDA approved Wayrilz (rilzabrutinib) for adults with persistent or chronic immune thrombocytopenia (ITP) after insufficient response to previous treatment, based on positive Phase 3 results; also approved in UAE and under review in EU and China, with Fast Track and Orphan Drug designations for multiple indications.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Sanofi makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 47,354 | 4,829 | 9,721 | 7,781 |
| 31 Dec 25 | 46,716 | 4,939 | 9,616 | 7,842 |
| 30 Sep 25 | 45,931 | 6,430 | 9,509 | 7,808 |
| 30 Jun 25 | 45,738 | 6,383 | 9,448 | 7,776 |
| 31 Mar 25 | 45,166 | 6,218 | 9,358 | 7,532 |
| 31 Dec 24 | 44,286 | 5,496 | 9,247 | 7,394 |
| 30 Sep 24 | 48,445 | 4,506 | 10,945 | 7,147 |
| 30 Jun 24 | 39,547 | 3,676 | 8,122 | 6,649 |
| 31 Mar 24 | 46,288 | 4,538 | 10,763 | 6,884 |
| 31 Dec 23 | 41,109 | 5,062 | 9,003 | 6,507 |
| 30 Sep 23 | 45,699 | 9,066 | 10,703 | 6,679 |
| 30 Jun 23 | 46,045 | 8,617 | 10,783 | 6,752 |
| 31 Mar 23 | 46,199 | 8,357 | 10,767 | 6,780 |
| 31 Dec 22 | 40,304 | 7,970 | 8,785 | 6,501 |
| 30 Sep 22 | 44,348 | 6,409 | 10,399 | 6,468 |
| 30 Jun 22 | 42,039 | 6,643 | 10,025 | 6,176 |
| 31 Mar 22 | 40,342 | 6,666 | 9,784 | 5,914 |
| 31 Dec 21 | 39,175 | 6,223 | 9,599 | 5,692 |
| 30 Sep 21 | 38,496 | 6,174 | 9,457 | 5,622 |
| 30 Jun 21 | 37,546 | 5,777 | 9,362 | 5,501 |
| 31 Mar 21 | 36,939 | 12,197 | 9,301 | 5,455 |
| 31 Dec 20 | 37,369 | 12,294 | 9,448 | 5,530 |
| 30 Sep 20 | 37,650 | 11,224 | 9,613 | 5,699 |
| 30 Jun 20 | 37,692 | 11,138 | 9,729 | 5,738 |
| 31 Mar 20 | 38,234 | 3,453 | 9,936 | 5,973 |
| 31 Dec 19 | 37,631 | 2,855 | 9,967 | 6,020 |
| 30 Sep 19 | 36,940 | 3,179 | 9,951 | 6,010 |
| 30 Jun 19 | 36,763 | 3,591 | 9,959 | 6,111 |
| 31 Mar 19 | 36,264 | 4,439 | 9,998 | 5,999 |
| 31 Dec 18 | 35,677 | 4,319 | 9,934 | 5,894 |
| 30 Sep 18 | 35,316 | 4,041 | 9,906 | 5,680 |
| 30 Jun 18 | 34,985 | 3,243 | 9,918 | 5,560 |
| 31 Mar 18 | 35,428 | 3,539 | 9,980 | 5,443 |
| 31 Dec 17 | 36,221 | 3,773 | 10,164 | 5,472 |
| 30 Sep 17 | 36,400 | 4,593 | 10,077 | 5,445 |
| 30 Jun 17 | 36,315 | 4,744 | 10,034 | 5,325 |
| 31 Mar 17 | 35,677 | 4,682 | 9,866 | 5,246 |
| 31 Dec 16 | 34,696 | 4,395 | 9,592 | 5,172 |
| 30 Sep 16 | 34,349 | 4,195 | 9,479 | 5,099 |
| 30 Jun 16 | 34,115 | 4,154 | 9,452 | 5,191 |
| 31 Mar 16 | 34,569 | 4,440 | 9,458 | 5,158 |
| 31 Dec 15 | 34,861 | 4,411 | 9,496 | 5,082 |
| 30 Sep 15 | 37,201 | 5,292 | 10,154 | 5,195 |
| 30 Jun 15 | 32,910 | 4,628 | 8,873 | 4,745 |
Quality Earnings: SAN has a large one-off loss of €3.6B impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: SAN's current net profit margins (10.2%) are lower than last year (13.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SAN's earnings have declined by 9.5% per year over the past 5 years.
Accelerating Growth: SAN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: SAN had negative earnings growth (-22.3%) over the past year, making it difficult to compare to the Pharmaceuticals industry average (3.9%).
Return on Equity
High ROE: SAN's Return on Equity (6.6%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/25 17:43 |
| End of Day Share Price | 2026/06/25 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Sanofi is covered by 50 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Eade | Argus Research Company |
| Odile Rundquist | Baader Helvea Equity Research |
| null null | Banco de Sabadell. S.A. |