Sanofi SA (SAN) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Sanofi SA stock €127, price €80.63, upside +57.1%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range €65.02 – €99.44 · fair‑value band €85.00 – €179.34 · the €80.63 price screens below the €126.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Sanofi engages in the research, development, manufacture, and marketing of therapeutic solutions. It provides immunology and inflammation, rare diseases neurology, oncology, and other vaccines.
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It also offers poliomyelitis, pertussis, and haemophilus influenzae type b (Hib) pediatric vaccines; respiratory syncytial virus protection and hexavalent combination vaccines that includes hepatitis A, typhoid, yellow fever, and rabies vaccines.
It has a collaboration and license agreement with Exscientia to develop up to 15 novel small-molecule for oncology and immunology; ABL Bio, Inc. to develop ABL301 for treatment of alpha-synucleinopathies; and Innate Pharma SA for cell engager program targeting B7-H3. Further, it has a collaboration agreements with Atomwise to use ATOMNET platform and Insilico Medicine to use Pharma.AI, a medicine's AI platform; Kymera Therapeutics, Inc. to develop and commercialize protein degrader therapies targeting IRAK4 in patients with immune-inflammatory diseases; Nurix Therapeutics, Inc. to develop protein degradation therapies; Denali Therapeutics Inc. to treat systemic inflammatory diseases, such as ulcerative colitis; and Adagene Inc. for development of antibody-based therapies.
Additionally, it has a collaboration with Scribe Therapeutics Inc. to develop genome editing technologies; Teva Pharmaceuticals to co-develop and co-commercialize TEV'574, for treatment of ulcerative colitis and Crohn's disease; and co-promotion service agreement with Provention Bio, Inc. for the commercialization of teplizumab.
The company was formerly known as Sanofi-Aventis and changed its name to Sanofi in May 2011. Sanofi was incorporated in 1994 and is headquartered in Paris, France.
Stock analysis
Sanofi SA (SAN) currently trades at €80.63, while our model-based Fair Value estimate is €126.66, implying the stock looks roughly 36.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €128.36 per share, and 19 of the 25 models we run sit above the €80.63 price.
Bear case: the Dividend Discount group reads lowest at €58.05, and 6 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: €85.00 (bear) to €179.34 (bull), the price of €80.63 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 71/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sanofi SA reported revenue of €43.6B in FY2025 versus €39.2B in FY2021, a compound +2.7%/yr. Reported net income was €7.8B in FY2025, compounding +5.9%/yr from FY2021.
Key figures
Market cap €96.5B Large · P/E ratio 23.3 · P/S ratio 1.97 · EPS (TTM) €3.46 · Dividend yield 5.1% · Net margin 8.1% · Return on equity 5.7% · Return on assets (EBIT) 9.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −12% fair-value upside, at 57%, SAN screens cheaper than that median.
Fair Value models
Bear€85.00Fair Value €126.66Bull€179.34
Price €80.63 · Upside +57.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.1%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+3.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.1%
Dividend (yield on the price)5.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.3% vs 6.7%, steady
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −4.7% a year for the price and +4.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 74 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Above median
Fair Value upside+57.1% · Top 25%
Profitability
Return on equity (12 months)5.7% · Below median
Return on assets6.2% · Below median
Net margin (12 months)8.1% · Below median
Operating margin (12 months)21.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)14.6% · Above median
Dividend yield (12 months)5.1% · Top 25%
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Sanofi SA Fair Value". https://www.fairvalue-calculator.com/stock/SAN.PA
Frequently asked questions
Is Sanofi SA (SAN) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of €126.66 versus a price of €80.63, about +57% upside (undervalued).
What is the fair value of SAN?
Our model-based fair value for Sanofi SA is €126.66 (as of Nov 2, 2026), built from audited fundamentals. The current price: €80.63.
What is the quality score of SAN?
Sanofi SA has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sanofi SA (SAN)?
Our model-based price target is the fair value of €126.66 (as of Nov 2, 2026) from 25 valuation models. Cautious scenario €85.00, optimistic scenario €179.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Sanofi SA stock forecast for 2026?
Our models put fair value at €126.66, about +57% upside versus a price of €80.63 (undervalued). Cautious scenario €85.00, optimistic scenario €179.34. The calculation is refreshed regularly with new filings.
What is the revenue of Sanofi SA (SAN)?
Sanofi SA reported trailing-twelve-month revenue of about €48.9B (latest available figure, as of Nov 2, 2026).
Does Sanofi SA pay a dividend?
Sanofi SA currently shows a dividend yield of 5.11% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Sanofi SA (SAN)?
For today's price to be fair in a discounted-cash-flow model, Sanofi SA would have to grow free cash flow by -2.6 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.1 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of SAN use?
Our models discount Sanofi SA at 8.6 %: a base by market capitalisation (large), damped by beta 0.28, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sanofi SA that is -2.6 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Sanofi SA (SAN) delivered so far?
Over the past 5 years revenue at Sanofi SA grew +3.1 % a year. The price currently implies -2.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sanofi SA (SAN) growing?
The median revenue growth in the sector is +6.4 % a year. That is the yardstick for the growth priced into Sanofi SA (-2.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sanofi SA (SAN)?
The free-cash-flow yield on the price is 9.32 %: that much free cash flow Sanofi SA produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sanofi SA (SAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sanofi SA it is €126.66 per share (as of Nov 2, 2026), against a price of €80.63. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Sanofi SA stock overvalued or undervalued in 2026?
As of Nov 2, 2026, SAN trades below its calculated fair value: price €80.63, fair value €126.66, a gap of about +57% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAN?
No. The price is what the market pays today (€80.63); the fair value is what the company's own numbers justify (€126.66). For Sanofi SA the two are €46.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sanofi SA worth?
The market values Sanofi SA at about €96.5B (market capitalisation, as of Nov 2, 2026). Per share that is €80.63; our models calculate a fair value of €126.66 per share.
What do the bullish and bearish scenarios say about SAN?
Our models span a range for Sanofi SA: cautious scenario €85.00, base €126.66, optimistic €179.34 per share (as of Nov 2, 2026, price €80.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAN?
Sanofi SA trades at a price-to-earnings ratio of 23.3 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €126.66 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 18.0 (reported for FY2025: 12.6). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 9 of the years ex one-offs: 18.5. Other multiples: PEG 31.5, P/B 1.4, P/S 2.0, EV/EBITDA 7.6.
What is the PEG ratio of SAN?
The PEG ratio of Sanofi SA is 31.53 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sanofi SA (SAN)?
Balance-sheet figures for Sanofi SA (as of Nov 2, 2026): return on equity 5.7%, debt of 0.20 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is SAN from its 52-week high?
Sanofi SA trades at €80.63, about 6% below its 52-week high of €85.65 and 15% above the low of €69.99 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of €126.66 is for.
Which stocks are comparable to Sanofi SA?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sanofi SA stock attractive at the current price?
The data as of Nov 2, 2026: price €80.63, calculated fair value €126.66 (+57%), Quality Score 71/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAN calculated?
We run Sanofi SA through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €126.66, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Sanofi SA currently trades 36 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sanofi SA (SAN)?
The closing price on Nov 2, 2026 was €80.63. Our model-based fair value is €126.66, about +57% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sanofi SA right now?
The price is below even our cautious bear case (€85.00). The market is more pessimistic than our downside scenario. Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€85.00 to €179.34) leaves room in how you read the outcome.
Where does the earnings growth of Sanofi SA (SAN) come from?
Earnings per share at Sanofi SA grew +4.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin +6.8 %, tax rate +0.6 %, residual (interest, one-offs) −5.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sanofi SA
How large is the market capitalisation of Sanofi SA (SAN)?
The market capitalisation of Sanofi SA is €96.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sanofi SA (SAN)?
The price-to-sales ratio of Sanofi SA is 1.97 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sanofi SA (SAN)?
Earnings per share at Sanofi SA are €3.46 (price ÷ EPS = P/E 23.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sanofi SA (SAN)?
The dividend yield of Sanofi SA is 5.1% (payout 170%, on adjusted earnings, reported 119%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sanofi SA (SAN)?
The net margin of Sanofi SA is 8.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sanofi SA (SAN)?
The return on equity (ROE) of Sanofi SA is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sanofi SA (SAN)?
On an EBIT basis the return on assets of Sanofi SA is 9.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sanofi SA (SAN)?
The operating margin of Sanofi SA is 21.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sanofi SA (SAN)?
Revenue at Sanofi SA is growing +14.6% versus a year earlier (3y avg +2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sanofi SA (SAN)?
Earnings per share at Sanofi SA are growing −91.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sanofi SA (SAN) carry?
The net debt of Sanofi SA is €14.1B (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 2, 2026