Sanofi - ADR
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Q3 performance: strong growth + margin/cash generation momentum
- Total sales €14.4bn, +14.3% YoY; pharma launches +31% YoY (key drivers: ALTUVIIIO, Ayvakit, Rezurock).
- Dupixent again strong: >€5bn for the 2nd consecutive quarter (growth mainly demand-driven; also helped by favorable gross-to-net dynamics).
- Vaccines: franchise down -7% YoY in Q3, reflecting respiratory vaccine phasing; company expects low single-digit FY decline for vaccines.
- Profitability: gross margin +2.1pp; BOI margin +1.9pp (operating leverage partly offset by higher Regeneron profit sharing). Business EPS +19.6%.
Upgraded 2026 guidance (key investor forecast)
- Sales growth expected low teens (% ~13–15%) (upgraded due to strong momentum).
- Business EPS growth expected mid-teen (% ~15–17%).
- Notable moving parts for H2 2026: Regeneron development cost reimbursement ended Q2 → BOI headwind of ~€500m in H2 2026 (split between Q3/Q4). Partially offset by AMVUTTRA royalty increase (company says offset fully for 2026).
Outlook on 2027: growth moderates; pricing becomes slightly negative again
- No formal guidance, but management flagged key expectations: growth still mainly demand-driven, with some positive pricing effects creating a “new price base”/one-offs in 2026–27.
- For 2027, they expect pricing contribution to return toward historical pattern, i.e., slightly negative pricing contribution on global sales growth (demand remains supportive).
- Legacy exit impacts: Cheplapharm partnership + sale of Medley (Brazil generic) expected to reduce 2027 sales by ~€1.3bn (lower sales but exit margin-dilutive businesses).
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$120.94
154.9% upside
Current Fair Value
154.9% upsideUndervalued by 154.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $108.22 Billion |
|---|---|
| Enterprise Value | $126.33 Billion |
| Annual dividend | $2.42 |
| Dividend yield | 10.45% |
| Earnings per Share | $3.2 |
| Beta | 0.3 |
| Outstanding Shares | 2,393,200,000 |
Return
| Return on Equity | 9.77% |
|---|---|
| Return on Assets | 5.24% |
| Return on Invested Capital | 8.55% |
Valuation & Multiples
| P/E Ratio | 24.39 |
|---|---|
| PEG | -26.71 |
| Price to Sales | 1.9 |
| Price to Book Ratio | 1.64 |
| Enterprise Value to Revenue | 2.09 |
| Enterprise Value to EBIT | 15.21 |
| Enterprise Value to Net Income | 18 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 0.35 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$1.56
Consensus analyst estimateRevenue Estimate
$14.30 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.02
Consensus analyst estimateRevenue Estimate
$14.41 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 105.53% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.59%▼ 7.35% |
|---|---|
| Total Invested | $580.50M▼ 92.83% |
| Investors Holding | 248▼ 494.00% |
About Sanofi
74,846 employees
CEO: Paul Hudson
Sanofi engages in the research, production, and distribution of pharmaceutical products. It operates through the following business segments: Pharmaceuticals, Consumer Healthcare, and Vaccines. The Pharmaceuticals segment comprises the c...