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Sanofi

SNW.DE
72
Drug Manufacturers - General · Healthcare
Exchange
Frankfurt Stock Exchange
Winston Score
72
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Strong
Dividends
Exceptional
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Winston Score History

The full picture

Sanofi is a French pharmaceutical company that makes prescription medicines, vaccines, and consumer health products. Its biggest product is Dupixent, a drug that treats allergic conditions like eczema and asthma, which has become one of the best-selling medicines in the world. Sanofi also sells vaccines through its Sanofi Pasteur division and owns well-known consumer brands like Allegra and Dulcolax.

Sanofi earns most of its revenue by selling drugs to hospitals, pharmacies, and healthcare systems across more than 100 countries. It is one of the largest pharmaceutical companies in Europe, with significant sales in the United States, Europe, and emerging markets. Its main competitive advantage is its strong patent protection on Dupixent and a deep pipeline of new medicines in development. The key risk is that Dupixent patents will eventually expire, so Sanofi's ability to launch new blockbuster drugs from its pipeline will determine its long-term growth.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-93.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

10.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€13.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Sanofi is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
75.5%
Premium pricing power — 75.5% gross margin
Profit after running costs
Operating Margin
19.4%
Healthy — 19.4% operating margin
Return on the money invested
ROCE
17.3%
Strong — 17.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+40.2%
Fast-growing sales (+40.2% YoY)
Profit growth
EPS YoY
-63.3%
Earnings shrinking (-63.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
259%
Turns 259% of profit into real cash
Spare cash per sale
FCF Margin
23.9%
Converts sales into free cash efficiently (23.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.31
Conservative — low debt load (0.31)
Covers its interest
Interest Cover
15.09x
Comfortably covers interest (15.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.9x
no trend
Growth-priced — P/E 23.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+16.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.9 → 7.4)

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Dividends

Dividend
Dividend Yield
5.54%
no trend
Healthy income — 5.54% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+20.5%
no trend
Dividend growing fast (20.5% YoY)

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