Detailed financial statements for Sanofi (SNY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Sanofi operates as a leading global pharmaceutical enterprise, dedicated to the research, development, production, and distribution of a wide array of therapeutic solutions across the United States, Europe, and numerous international markets. The company strategically organizes its operations into three core divisions: Pharmaceuticals, Vaccines, and Consumer Healthcare.
Analysis Summary
Sanofi reported revenue of 46.72B EUR in the most recent fiscal year, growing at a 5-year CAGR of 4.6%. Net income reached 7.81B EUR, with a -8.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 72.8%, operating margin 20.6%, net margin 8.1%. Free cash flow grew at 13.7% CAGR over 5 years.
At $44.34 (closing price, October 30, 2026), SNY trades at a P/E of 24.39 and an ROE of 5.52%. Market capitalisation stands at $106.9B, placing it among large-cap names.
Balance sheet quality for SNY: current ratio of 1.1, net debt of 11.86B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 10.14B EUR represents 130% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 34.70B EUR | 36.22B EUR | 35.68B EUR | 37.63B EUR | 37.37B EUR | 39.17B EUR | 40.56B EUR | 41.62B EUR | 44.29B EUR | 46.72B EUR |
| Cost of Revenue | 10.70B EUR | 11.61B EUR | 11.44B EUR | 11.98B EUR | 12.16B EUR | 12.26B EUR | 11.88B EUR | 12.63B EUR | 13.21B EUR | 13.05B EUR |
| Gross Profit | 24.00B EUR | 24.61B EUR | 24.24B EUR | 25.65B EUR | 25.21B EUR | 26.92B EUR | 28.68B EUR | 28.99B EUR | 31.08B EUR | 33.67B EUR |
| Research & Development | 5.17B EUR | 5.47B EUR | 5.89B EUR | 6.02B EUR | 5.53B EUR | 5.69B EUR | 6.50B EUR | 6.51B EUR | 7.39B EUR | 7.84B EUR |
| Selling, General & Admin | 9.48B EUR | 10.07B EUR | 9.86B EUR | 9.88B EUR | 9.39B EUR | 9.55B EUR | 8.74B EUR | 8.93B EUR | 9.18B EUR | 10.24B EUR |
| Operating Expenses | 17.46B EUR | 18.80B EUR | 19.57B EUR | 22.60B EUR | 11.10B EUR | 18.79B EUR | 18.52B EUR | 22.03B EUR | 23.83B EUR | 24.07B EUR |
| Operating Income | 6.53B EUR | 5.80B EUR | 4.68B EUR | 3.05B EUR | 14.11B EUR | 8.13B EUR | 10.16B EUR | 6.96B EUR | 7.25B EUR | 9.60B EUR |
| EBITDA | 9.90B EUR | 9.64B EUR | 9.18B EUR | 10.66B EUR | 17.53B EUR | 11.54B EUR | 13.51B EUR | 11.39B EUR | 11.03B EUR | 12.48B EUR |
| Interest Expense | 399.5M EUR | 333.4M EUR | 486.5M EUR | 536.3M EUR | 430.8M EUR | 377.4M EUR | 384.8M EUR | 512.8M EUR | 622.6M EUR | 626.0M EUR |
| Pre-tax Income | 5.81B EUR | 5.62B EUR | 4.90B EUR | 3.01B EUR | 14.14B EUR | 7.84B EUR | 9.99B EUR | 6.12B EUR | 6.76B EUR | 6.02B EUR |
| Income Tax | 1.32B EUR | 1.72B EUR | 481.0M EUR | 121.0M EUR | 1.81B EUR | 1.56B EUR | 1.91B EUR | 1.02B EUR | 1.20B EUR | 1.04B EUR |
| Net Income | 4.71B EUR | 8.42B EUR | 4.31B EUR | 2.75B EUR | 12.29B EUR | 6.22B EUR | 8.37B EUR | 5.40B EUR | 5.56B EUR | 7.81B EUR |
| EPS | €1.83 | €1.50 | €1.73 | €1.14 | €4.91 | €2.49 | €3.19 | €2.15 | €2.19 | €3.20 |
| EPS (Diluted) | €1.83 | €3.36 | €1.73 | €1.14 | €4.91 | €2.49 | €3.18 | €2.15 | €2.19 | €3.20 |
| Shares Outstanding (Diluted) | 2,573.2 M | 2,513.8 M | 2,494.2 M | 2,499.8 M | 2,507.2 M | 2,505.0 M | 2,503.8 M | 2,512.8 M | 2,502.8 M | 2,440.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 13.17B EUR | 12.21B EUR | 11.24B EUR | 12.30B EUR |
| Gross Profit | 9.76B EUR | 8.57B EUR | 8.11B EUR | 9.28B EUR |
| Operating Income | 3.62B EUR | -1.04B EUR | 2.27B EUR | 2.38B EUR |
| EBITDA | 4.20B EUR | 3.82B EUR | 2.72B EUR | 4.04B EUR |
| Net Income | 2.80B EUR | -801.0M EUR | 1.61B EUR | 343.0M EUR |
| EPS | €1.15 | €-1.48 | €0.67 | €0.14 |
| EPS (Diluted) | €1.14 | €-1.46 | €0.67 | €0.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.27B EUR | 10.31B EUR | 6.92B EUR | 9.74B EUR | 13.91B EUR | 10.10B EUR | 12.74B EUR | 8.71B EUR | 7.44B EUR | 7.66B EUR |
| Short-term Investments | 108.0M EUR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 486.0M EUR | 810.0M EUR |
| Receivables | 9.05B EUR | 8.68B EUR | 9.35B EUR | 10.08B EUR | 9.95B EUR | 9.79B EUR | 10.75B EUR | 11.04B EUR | 10.63B EUR | 11.05B EUR |
| Inventory | 6.89B EUR | 6.82B EUR | 7.48B EUR | 7.99B EUR | 8.35B EUR | 8.71B EUR | 8.96B EUR | 9.67B EUR | 9.43B EUR | 10.21B EUR |
| Total Current Assets | 26.69B EUR | 26.35B EUR | 24.58B EUR | 28.61B EUR | 33.70B EUR | 30.56B EUR | 34.03B EUR | 30.66B EUR | 42.59B EUR | 30.95B EUR |
| Property, Plant & Equipment | 10.02B EUR | 9.58B EUR | 9.65B EUR | 11.02B EUR | 10.56B EUR | 11.98B EUR | 11.68B EUR | 11.81B EUR | 11.60B EUR | 11.51B EUR |
| Goodwill | 40.29B EUR | 40.26B EUR | 44.23B EUR | 44.52B EUR | 44.36B EUR | 48.06B EUR | 49.89B EUR | 49.40B EUR | 43.38B EUR | 41.30B EUR |
| Intangible Assets | 10.88B EUR | 13.08B EUR | 21.89B EUR | 16.57B EUR | 18.34B EUR | 21.41B EUR | 21.64B EUR | 24.32B EUR | 22.63B EUR | 26.26B EUR |
| Total Assets | 104.67B EUR | 99.81B EUR | 111.41B EUR | 112.74B EUR | 114.41B EUR | 120.24B EUR | 126.72B EUR | 126.46B EUR | 132.80B EUR | 126.81B EUR |
| Accounts Payable | 4.30B EUR | 4.63B EUR | 5.04B EUR | 5.31B EUR | 5.29B EUR | 6.18B EUR | 6.81B EUR | 7.33B EUR | 7.55B EUR | 7.36B EUR |
| Short-term Debt | 1.76B EUR | 1.27B EUR | 2.63B EUR | 4.82B EUR | 3.00B EUR | 3.45B EUR | 4.45B EUR | 2.32B EUR | 4.21B EUR | 4.34B EUR |
| Total Current Liabilities | 16.43B EUR | 15.46B EUR | 17.38B EUR | 20.38B EUR | 19.25B EUR | 21.30B EUR | 23.96B EUR | 24.19B EUR | 29.16B EUR | 28.34B EUR |
| Long-term Debt | 16.78B EUR | 14.31B EUR | 21.99B EUR | 20.13B EUR | 19.75B EUR | 17.12B EUR | 14.86B EUR | 14.35B EUR | 11.79B EUR | 14.25B EUR |
| Total Liabilities | 46.95B EUR | 41.57B EUR | 52.37B EUR | 53.63B EUR | 51.16B EUR | 51.21B EUR | 51.57B EUR | 52.11B EUR | 54.94B EUR | 55.09B EUR |
| Retained Earnings | 51.48B EUR | 52.86B EUR | 53.11B EUR | 51.78B EUR | 60.15B EUR | 63.01B EUR | 66.73B EUR | 67.50B EUR | 0 | 0 |
| Total Equity | 57.55B EUR | 58.07B EUR | 58.88B EUR | 58.93B EUR | 63.11B EUR | 68.68B EUR | 74.78B EUR | 74.04B EUR | 77.51B EUR | 71.38B EUR |
| Total Debt | 18.58B EUR | 15.60B EUR | 24.64B EUR | 25.93B EUR | 23.68B EUR | 22.41B EUR | 21.21B EUR | 18.70B EUR | 17.91B EUR | 20.33B EUR |
| Net Debt | 8.20B EUR | 5.29B EUR | 17.71B EUR | 16.19B EUR | 9.76B EUR | 12.32B EUR | 8.48B EUR | 9.99B EUR | 9.98B EUR | 11.86B EUR |
| Working Capital | 10.25B EUR | 10.89B EUR | 7.20B EUR | 8.23B EUR | 14.46B EUR | 9.27B EUR | 10.06B EUR | 6.46B EUR | 13.43B EUR | 2.61B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 8.91B EUR | 7.66B EUR | 5.54B EUR | 6.35B EUR |
| Total Assets | 129.79B EUR | 126.81B EUR | 128.02B EUR | 129.06B EUR |
| Total Liabilities | 56.26B EUR | 55.09B EUR | 54.88B EUR | 59.49B EUR |
| Total Equity | 73.26B EUR | 71.38B EUR | 72.81B EUR | 69.21B EUR |
| Total Debt | 21.75B EUR | 20.33B EUR | 20.02B EUR | 23.58B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.71B EUR | 8.43B EUR | 4.31B EUR | 1.86B EUR | 12.31B EUR | 6.22B EUR | 7.97B EUR | 5.06B EUR | 5.50B EUR | 5.57B EUR |
| Depreciation & Amortization | 3.30B EUR | 3.69B EUR | 4.28B EUR | 7.45B EUR | 3.31B EUR | 3.35B EUR | 3.11B EUR | 4.43B EUR | 3.59B EUR | 5.68B EUR |
| Stock-based Compensation | 250.0M EUR | 263.0M EUR | 284.0M EUR | 252.0M EUR | 0 | 244.0M EUR | 0 | 0 | 0 | 0 |
| Change in Working Capital | 828.0M EUR | 148.0M EUR | -1.28B EUR | -419.0M EUR | -325.0M EUR | 1.41B EUR | -794.0M EUR | 413.0M EUR | -615.0M EUR | 2.03B EUR |
| Operating Cash Flow | 7.84B EUR | 7.38B EUR | 5.55B EUR | 7.74B EUR | 7.45B EUR | 10.52B EUR | 10.53B EUR | 10.26B EUR | 9.08B EUR | 12.13B EUR |
| Capital Expenditure | -2.08B EUR | -1.96B EUR | -1.98B EUR | -1.82B EUR | -2.11B EUR | -2.04B EUR | -2.10B EUR | -2.91B EUR | -3.19B EUR | -1.99B EUR |
| Acquisitions | -426.0M EUR | -1.15B EUR | -12.86B EUR | -488.0M EUR | 5.03B EUR | -5.59B EUR | -1.34B EUR | -2.63B EUR | -2.52B EUR | 955.9M EUR |
| Stock Repurchased | -2.91B EUR | -2.16B EUR | -1.10B EUR | -9.0M EUR | -822.0M EUR | -382.0M EUR | -497.0M EUR | -593.0M EUR | -302.0M EUR | -5.68B EUR |
| Dividends Paid | -3.76B EUR | -3.71B EUR | -3.77B EUR | -3.83B EUR | -3.94B EUR | -4.01B EUR | -4.17B EUR | -4.45B EUR | -4.70B EUR | -5.39B EUR |
| Free Cash Flow | 5.75B EUR | 5.42B EUR | 3.57B EUR | 5.93B EUR | 5.33B EUR | 8.48B EUR | 8.42B EUR | 7.35B EUR | 5.89B EUR | 10.14B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.75B EUR | 3.44B EUR | 1.68B EUR | 5.42B EUR |
| Capital Expenditure | 845.0M EUR | -1.86B EUR | 0 | -1.51B EUR |
| Free Cash Flow | 4.59B EUR | 1.59B EUR | 1.68B EUR | 3.90B EUR |
| Dividends Paid | 0 | 0 | 0 | -5.74B EUR |
| Stock-based Compensation | 0 | 0 | 0 | 184.0M EUR |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.4% | -1.5% | +5.5% | -0.7% | +4.8% | +3.5% | +2.6% | +6.4% | +5.5% | |
| Net Income Growth (YoY) | +78.7% | -48.8% | -36.0% | +346.4% | -49.4% | +34.5% | -35.5% | +3.0% | +40.5% | |
| EPS Growth (YoY) | -18.0% | +15.3% | -34.1% | +330.7% | -49.3% | +28.1% | -32.6% | +1.9% | +46.1% | |
| Shares Change (YoY) | -2.3% | -0.8% | +0.2% | +0.3% | -0.1% | -0.0% | +0.4% | -0.4% | -2.5% | |
| FCF Growth (YoY) | -5.8% | -34.2% | +66.1% | -10.0% | +58.9% | -0.7% | -12.7% | -19.9% | +72.3% | |
| Gross Margin | 69.2% | 67.9% | 67.9% | 68.2% | 67.5% | 68.7% | 70.7% | 69.7% | 70.2% | 72.1% |
| Operating Margin | 18.8% | 16.0% | 13.1% | 8.1% | 37.8% | 20.7% | 25.1% | 16.7% | 16.4% | 20.5% |
| EBITDA Margin | 28.5% | 26.6% | 25.7% | 28.3% | 46.9% | 29.5% | 33.3% | 27.4% | 24.9% | 26.7% |
| Net Margin | 13.6% | 23.2% | 12.1% | 7.3% | 32.9% | 15.9% | 20.6% | 13.0% | 12.6% | 16.7% |
| FCF Margin | 16.6% | 15.0% | 10.0% | 15.8% | 14.3% | 21.6% | 20.8% | 17.7% | 13.3% | 21.7% |
| Effective Tax Rate | 22.8% | 30.7% | 9.8% | 4.0% | 12.8% | 19.9% | 19.1% | 16.6% | 17.8% | 17.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | €2.24 | €2.16 | €1.43 | €2.37 | €2.13 | €3.38 | €3.36 | €2.93 | €2.35 | €4.16 |
| Dividends Per Share | €1.46 | €1.48 | €1.51 | €1.53 | €1.57 | €1.60 | €1.66 | €1.77 | €1.88 | €2.21 |
| Shares Outstanding (Basic) | 2,573.2 M | 2,513.8 M | 2,494.2 M | 2,499.8 M | 2,507.2 M | 2,505.0 M | 2,503.8 M | 2,503.4 M | 2,502.8 M | 2,440.8 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 5.52% |
| Return on Invested Capital | 7.41% |
| Return on Assets | 3.07% |
| Gross Margin | 72.77% |
| Operating Margin | 20.58% |
| Net Margin | 8.09% |
Financial Health
| Debt / Equity | 0.34 |
| Current Ratio | 0.99 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.98 | 23.88 | 21.94 | 39.27 | 8.10 | 17.73 | 14.20 | 20.99 | 21.22 | 12.89 |
| P/B | 1.72 | 1.55 | 1.60 | 1.90 | 1.58 | 1.61 | 1.51 | 1.53 | 1.50 | 1.41 |
| P/S | 2.85 | 2.49 | 2.65 | 2.97 | 2.67 | 2.82 | 2.79 | 2.72 | 2.63 | 2.15 |
| Gross Margin | 69.2% | 67.9% | 67.9% | 68.2% | 67.5% | 68.7% | 70.7% | 69.7% | 70.2% | 72.1% |
| Operating Margin | 18.8% | 16.0% | 13.1% | 8.1% | 37.8% | 20.7% | 25.1% | 16.7% | 16.4% | 20.5% |
| Net Margin | 13.6% | 23.2% | 12.1% | 7.3% | 32.9% | 15.9% | 20.6% | 13.0% | 12.6% | 16.7% |
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