Sanofi's gross margins remain resilient, peaking at 74.1% in 2025Q3, even as operating income volatility persists due to lumpy R&D and SG&A spending patterns.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 46.72B | 44.29B | 41.62B | 40.56B | 39.17B | 37.37B | 37.63B | 35.68B | 36.22B | 34.7B | 34.86B | 32B | 31.29B | 35.96B | 35.06B | 34.04B | 30.75B | 28.82B | 29.21B | 29.49B | 28.49B | 15.72B | 8.03B | 7.46B | 6.49B | 5.96B | 5.35B |
| Revenue Growth % | 5.49% | 6.41% | 2.61% | 3.54% | 4.83% | -0.7% | 5.48% | -1.5% | 4.4% | -0.47% | 8.94% | 2.26% | -12.98% | 2.56% | 3% | 10.69% | 6.7% | -1.34% | -0.96% | 3.5% | 81.23% | 95.69% | 7.77% | 14.91% | 8.8% | 11.46% | - |
| Cost of Goods Sold | 13.05B | 13.21B | 12.63B | 11.88B | 12.26B | 12.16B | 11.98B | 11.44B | 11.61B | 10.7B | 10.92B | 10.23B | 10.3B | 11.1B | 10.87B | 9.4B | 7.88B | 7.34B | 7.57B | 7.59B | 7.56B | 4.44B | 1.43B | 1.38B | 1.25B | 1.44B | 1.61B |
| COGS % of Revenue | 27.93% | 29.82% | 30.34% | 29.29% | 31.28% | 32.54% | 31.83% | 32.05% | 32.06% | 30.84% | 31.32% | 31.97% | 32.92% | 30.86% | 30.99% | 27.61% | 25.63% | 25.46% | 25.92% | 25.73% | 26.53% | 28.21% | 17.74% | 18.5% | 19.31% | 24.18% | 30.02% |
| Gross Profit | 33.67B | 31.08B | 28.99B | 28.68B | 26.92B | 25.21B | 25.65B | 24.24B | 24.61B | 24B | 23.94B | 21.77B | 20.99B | 24.86B | 24.19B | 24.64B | 22.87B | 21.48B | 21.64B | 21.9B | 20.93B | 11.29B | 6.61B | 6.08B | 5.24B | 4.52B | 3.74B |
| Gross Margin % | 72.07% | 70.18% | 69.66% | 70.71% | 68.72% | 67.46% | 68.17% | 67.95% | 67.94% | 69.16% | 68.68% | 68.03% | 67.08% | 69.14% | 69.01% | 72.39% | 74.37% | 74.54% | 74.08% | 74.27% | 73.47% | 71.79% | 82.26% | 81.5% | 80.69% | 75.82% | 69.98% |
| Gross Profit Growth % | 8.32% | 7.21% | 1.08% | 6.53% | 6.78% | -1.72% | 5.82% | -1.49% | 2.55% | 0.22% | 9.98% | 3.72% | -15.57% | 2.75% | -1.81% | 7.74% | 6.47% | -0.72% | -1.22% | 4.64% | 85.47% | 70.77% | 8.77% | 16.07% | 15.79% | 20.75% | - |
| Operating Expenses | 24.07B | 23.83B | 22.03B | 18.52B | 18.79B | 11.1B | 22.6B | 19.57B | 18.8B | 17.46B | 18.32B | 15.71B | 16.01B | 18.43B | 18.33B | 18.1B | 16.5B | 17.09B | 15.72B | 16.17B | 16.18B | 8.39B | 3.54B | 3.46B | 3.13B | 2.94B | 2.77B |
| OpEx % of Revenue | 51.52% | 53.81% | 52.93% | 45.65% | 47.97% | 29.7% | 60.06% | 54.84% | 51.91% | 50.33% | 52.55% | 49.08% | 51.16% | 51.25% | 52.29% | 53.19% | 53.67% | 59.29% | 53.84% | 54.85% | 56.8% | 53.35% | 44.05% | 46.41% | 48.23% | 49.37% | 51.83% |
| Selling, General & Admin | 10.24B | 9.18B | 8.93B | 8.74B | 9.55B | 9.39B | 9.88B | 9.86B | 10.07B | 9.48B | 9.38B | 8.43B | 7.95B | 8.93B | 8.51B | 8.15B | 7.33B | 7.17B | 7.55B | 8.02B | 8.24B | 4.6B | 2.47B | 2.43B | 2.31B | 2.02B | 1.84B |
| SG&A % of Revenue | 21.92% | 20.74% | 21.46% | 21.55% | 24.39% | 25.13% | 26.27% | 27.63% | 27.81% | 27.32% | 26.91% | 26.33% | 25.41% | 24.84% | 24.27% | 23.94% | 23.82% | 24.87% | 25.86% | 27.2% | 28.93% | 29.24% | 30.78% | 32.6% | 35.54% | 33.81% | 34.43% |
| Research & Development | 7.84B | 7.39B | 6.51B | 6.5B | 5.69B | 5.53B | 6.02B | 5.89B | 5.47B | 5.17B | 5.08B | 4.67B | 4.61B | 4.91B | 4.79B | 4.55B | 4.58B | 4.58B | 4.54B | 4.43B | 4.04B | 2.39B | 1.31B | 1.22B | 1.03B | 945M | 911M |
| R&D % of Revenue | 16.79% | 16.7% | 15.64% | 16.03% | 14.53% | 14.8% | 16% | 16.52% | 15.11% | 14.91% | 14.58% | 14.58% | 14.72% | 13.64% | 13.66% | 13.36% | 14.9% | 15.88% | 15.53% | 15.02% | 14.18% | 15.18% | 16.35% | 16.35% | 15.89% | 15.85% | 17.03% |
| Other Operating Expenses | 5.99B | 7.25B | 6.59B | 3.28B | 3.55B | -3.82B | 6.7B | 3.81B | 3.26B | 2.81B | 3.85B | 2.61B | 3.45B | 4.59B | 5.04B | 5.41B | 4.59B | 5.34B | 3.63B | 3.72B | 3.9B | 1.4B | -246.94M | -188.69M | -208M | -17M | 20M |
| Operating Income | 9.6B | 7.25B | 6.96B | 10.16B | 8.13B | 14.11B | 3.05B | 4.68B | 5.8B | 6.53B | 5.62B | 6.06B | 4.98B | 6.43B | 5.86B | 6.54B | 6.37B | 4.39B | 5.91B | 5.73B | 4.75B | 2.9B | 3.07B | 2.62B | 2.11B | 1.58B | 971M |
| Operating Margin % | 20.54% | 16.38% | 16.72% | 25.05% | 20.74% | 37.77% | 8.11% | 13.11% | 16.02% | 18.82% | 16.13% | 18.95% | 15.92% | 17.88% | 16.72% | 19.2% | 20.7% | 15.25% | 20.24% | 19.43% | 16.67% | 18.43% | 38.21% | 35.09% | 32.46% | 26.45% | 18.15% |
| Operating Income Growth % | 32.34% | 4.2% | -31.51% | 25.06% | -42.42% | 362.57% | -34.75% | -19.43% | -11.13% | 16.13% | -7.26% | 21.72% | -22.52% | 9.71% | -10.31% | 2.65% | 44.88% | -25.66% | 3.18% | 20.63% | 63.9% | -5.61% | 17.35% | 24.21% | 33.54% | 62.41% | - |
| EBITDA | 15.28B | 10.84B | 11.39B | 13.27B | 11.48B | 17.78B | 10.5B | 8.96B | 9.49B | 9.83B | 9.9B | 9.34B | 10.08B | 11.34B | 11.41B | 11.66B | 11.38B | 10.38B | 10.57B | 11.84B | 10.7B | 5.14B | 3.46B | 3B | 2.41B | 1.82B | 1.21B |
| EBITDA Margin % | 32.7% | 24.47% | 27.37% | 32.72% | 29.3% | 47.59% | 27.89% | 25.1% | 26.2% | 28.34% | 28.4% | 29.2% | 32.2% | 31.53% | 32.56% | 34.27% | 37% | 36.02% | 36.21% | 40.16% | 37.54% | 32.7% | 43.05% | 40.18% | 37.1% | 30.49% | 22.56% |
| EBITDA Growth % | 40.94% | -4.84% | -14.17% | 15.62% | -35.46% | 69.44% | 17.21% | -5.64% | -3.48% | -0.69% | 5.95% | -7.27% | -11.11% | -0.67% | -2.14% | 2.52% | 9.62% | -1.85% | -10.7% | 10.72% | 108.08% | 48.61% | 15.48% | 24.44% | 32.4% | 50.62% | - |
| D&A (Non-Cash Add-back) | 5.68B | 3.59B | 4.43B | 3.11B | 3.35B | 3.67B | 7.45B | 4.28B | 3.69B | 3.3B | 4.28B | 3.28B | 5.09B | 4.91B | 5.55B | 5.13B | 5.01B | 5.99B | 4.66B | 6.11B | 5.95B | 2.24B | 389.07M | 379.28M | 301M | 241M | 236M |
| EBIT | 6.8B | 7.45B | 6.96B | 10.4B | 8.19B | 14.21B | 3.22B | 4.9B | 5.95B | 6.6B | 5.8B | 6.26B | 5.09B | 6.52B | 6B | 6.64B | 6.39B | 4.5B | 6.1B | 6B | 5.72B | 3.58B | 3.07B | 2.62B | 2.11B | 1.58B | 971M |
| Net Interest Income | -295M | -165.04M | 17.68M | -215.84M | -374.24M | -396.41M | -446.57M | -412.12M | -279.47M | -340.47M | -365.37M | -347.32M | -408M | -417.13M | -396.66M | -330.16M | -215.2M | -185.22M | -195.96M | -280.03M | -385.15M | -97.28M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 331M | 457.53M | 530.5M | 168.96M | 3.13M | 34.43M | 89.71M | 74.37M | 53.97M | 59.03M | 58.01M | 104.5M | 49M | 66.27M | 106.63M | 60.85M | 85.31M | 133.6M | 82.51M | 78.49M | 79.54M | 54.14M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 626M | 622.58M | 512.82M | 384.8M | 377.37M | 430.84M | 536.27M | 486.48M | 333.43M | 399.5M | 423.38M | 451.83M | 457M | 483.4M | 503.29M | 391.01M | 300.51M | 318.82M | 278.47M | 358.52M | 464.7M | 151.42M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.58B | -494M | -845M | -170M | -289M | 24M | -44M | 228M | -188M | -720M | -403M | -458M | -459M | -265M | 466M | 616M | 514M | 460M | 307M | -922.87M | -2.02B | -434.49M | 58.76M | -108.64M | 322M | 33M | -46M |
| Pretax Income | 6.02B | 6.76B | 6.12B | 9.99B | 7.84B | 14.14B | 3.01B | 4.9B | 5.62B | 5.81B | 5.22B | 5.61B | 4.52B | 6.17B | 6.33B | 7.15B | 6.88B | 4.85B | 6.22B | 4.81B | 2.73B | 2.46B | 3.13B | 2.51B | 2.43B | 1.61B | 925M |
| Pretax Margin % | 12.89% | 15.26% | 14.69% | 24.63% | 20.01% | 37.83% | 7.99% | 13.75% | 15.5% | 16.75% | 14.98% | 17.52% | 14.45% | 17.15% | 18.05% | 21.01% | 22.37% | 16.84% | 21.29% | 16.3% | 9.59% | 15.67% | 38.94% | 33.63% | 37.42% | 27% | 17.29% |
| Income Tax | 1.04B | 1.2B | 1.02B | 1.91B | 1.56B | 1.81B | 121M | 481M | 1.72B | 1.32B | 709M | 1.21B | 726M | 1.11B | 440M | 1.43B | 1.36B | 682M | 687M | 800.12M | 477.04M | 478.75M | 1.06B | 747.13M | 842M | 611M | 292M |
| Effective Tax Rate % | 17.33% | 17.82% | 16.63% | 19.11% | 19.88% | 12.78% | 4.02% | 9.81% | 30.66% | 22.8% | 13.58% | 21.66% | 16.05% | 17.97% | 6.95% | 20% | 19.83% | 14.05% | 11.05% | 16.65% | 17.45% | 19.44% | 33.76% | 29.8% | 34.68% | 37.95% | 31.57% |
| Net Income | 7.81B | 5.56B | 5.4B | 8.37B | 6.22B | 12.29B | 2.75B | 4.31B | 8.42B | 4.71B | 4.29B | 4.39B | 3.72B | 4.89B | 5.65B | 5.47B | 5.26B | 3.85B | 5.26B | 4.01B | 2.26B | 1.98B | 2.07B | 1.76B | 1.58B | 985M | 625M |
| Net Margin % | 16.72% | 12.55% | 12.98% | 20.64% | 15.89% | 32.9% | 7.32% | 12.07% | 23.24% | 13.57% | 12.3% | 13.72% | 11.88% | 13.59% | 16.1% | 16.06% | 17.12% | 13.36% | 18.02% | 13.58% | 7.92% | 12.62% | 25.8% | 23.61% | 24.43% | 16.52% | 11.68% |
| Net Income Growth % | 40.52% | 2.96% | -35.49% | 34.52% | -49.38% | 346.41% | -36.04% | -48.84% | 78.72% | 9.84% | -2.35% | 18.14% | -23.98% | -13.43% | 3.27% | 3.84% | 36.72% | -26.83% | 31.38% | 77.57% | 13.69% | -4.25% | 17.74% | 11.05% | 60.91% | 57.6% | - |
| Net Income (Continuing) | 4.98B | 5.55B | 5.1B | 8.08B | 6.28B | 12.33B | 2.89B | 4.42B | 3.89B | 4.49B | 4.51B | 4.39B | 3.8B | 5.06B | 5.89B | 5.72B | 5.52B | 4.17B | 5.53B | 4.01B | 2.26B | 1.98B | 2.07B | 1.76B | 1.59B | 999M | 633M |
| Discontinued Operations | 2.87B | 64M | 338M | 401M | 0 | 0 | -101M | -13M | 4.64B | 314M | -124M | 117M | 77M | 0 | 0 | 386M | 175M | 120M | 151M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 334M | 350M | 313M | 368M | 350M | 146M | 174M | 159M | 169M | 170M | 161M | 148M | 129M | 134M | 170M | 191M | 258M | 205M | 177M | 220M | 189M | 462M | 18.26M | 17.15M | 21M | 28M | 33M |
| EPS (Diluted) | 3.20 | 2.19 | 2.15 | 3.18 | 2.49 | 4.91 | 1.14 | 1.73 | 3.36 | 1.83 | 1.64 | 1.67 | 1.41 | 1.84 | 2.15 | 2.10 | 2.02 | 2.75 | 1.95 | 1.48 | 0.84 | 1.09 | 1.48 | 1.21 | 1.09 | 0.68 | 0.43 |
| EPS Growth % | 46.12% | 1.86% | -32.39% | 27.71% | -49.29% | 330.7% | -34.1% | -48.51% | 83.61% | 11.59% | -1.8% | 18.44% | -23.37% | -14.42% | 2.38% | 3.96% | -26.55% | 41.03% | 31.76% | 76.19% | -22.94% | -26.35% | 22.31% | 11.01% | 60.29% | 58.14% | - |
| EPS (Basic) | 3.20 | 2.19 | 2.15 | 3.19 | 2.49 | 4.91 | 1.14 | 1.73 | 1.50 | 1.83 | 1.64 | 1.67 | 1.41 | 1.85 | 2.15 | 2.10 | 2.02 | 2.75 | 1.96 | 1.49 | 0.84 | 1.10 | 1.48 | 1.21 | 1.09 | 0.68 | 0.43 |
| Diluted Shares Outstanding | 2.44B | 2.5B | 2.51B | 2.5B | 2.5B | 2.51B | 2.5B | 2.49B | 2.51B | 2.57B | 2.61B | 2.63B | 2.65B | 2.64B | 2.64B | 2.61B | 2.61B | 2.63B | 2.71B | 2.72B | 2.69B | 1.83B | 1.41B | 1.46B | 1.46B | 1.46B | 1.46B |
| Basic Shares Outstanding | 2.44B | 2.5B | 2.5B | 2.5B | 2.5B | 2.51B | 2.5B | 2.49B | 2.51B | 2.57B | 2.61B | 2.63B | 2.65B | 2.64B | 2.64B | 2.61B | 2.61B | 2.62B | 2.69B | 2.69B | 2.67B | 1.82B | 1.41B | 1.46B | 1.46B | 1.46B | 1.46B |
| Dividend Payout Ratio | 68.93% | 84.6% | 82.48% | 49.79% | 64.41% | 32.02% | 139.22% | 87.62% | 44.08% | 79.83% | 86.17% | 83.74% | 97.9% | 71.34% | 24.3% | 57.27% | 54.55% | 70.16% | 44.92% | 50.97% | 71.1% | 36.84% | 28.05% | 27.07% | 20.38% | 24.47% | 28.48% |
Operational volatility and seasonality
As indicated by the provided financial data, Sanofi's quarterly revenue growth has exhibited significant fluctuations, ranging from a 37.5% contraction in 2024Q4 to a 59.9% expansion in 2025Q4, suggesting that seasonal vaccine cycles and lumpy product deliveries continue to obscure the firm's core organic growth trajectory.
The extreme variance in top-line performance highlights the difficulty in isolating underlying demand for specialty medicines from the inherent seasonality of the vaccine business. Investors should monitor whether the recent expansion into COPD indications can provide a more consistent growth floor that mitigates these quarterly swings.
Based on reported figures, Sanofi has maintained a relatively stable gross margin profile, peaking at 74.1% in 2025Q3, which suggests that the company retains significant pricing power despite the ongoing portfolio transition and the competitive pressures inherent in the global biopharmaceutical landscape.
The ability to sustain gross margins above 70% indicates that the specialty care portfolio, particularly immunology, is effectively offsetting the lower-margin contributions from legacy assets. However, the compression observed in earlier periods suggests that manufacturing efficiencies and product mix shifts remain critical variables for long-term margin stability.
According to the income statement data, operating margins have swung from a negative 8.5% in 2025Q4 to a high of 27.5% in 2025Q3, demonstrating that the company's operating leverage is currently highly sensitive to the timing of R&D investments and periodic spikes in SG&A expenses.
The lack of consistent operating margin expansion suggests that the company is currently prioritizing aggressive commercialization and pipeline development over immediate bottom-line scaling. This approach warrants further investigation into whether the planned consumer health divestiture will successfully remove the operational drag currently impacting these margins.
As reported in financial statements, Sanofi's net income has experienced extreme volatility, including a net loss of $801 million in 2025Q4, which appears to be driven by non-operating items and periodic restructuring costs rather than a fundamental deterioration in the underlying specialty medicine business model.
The divergence between operating income and net income in several quarters suggests that investors should focus on normalized earnings metrics to gauge true performance. The absence of stock-based compensation in most quarters is a positive indicator, though the periodic large charges require careful scrutiny to understand their impact on long-term value.
Based on the provided income statement, the sharp decline in operating income during 2025Q4 serves as a cautionary signal, suggesting that the company's cost structure may be more vulnerable to sudden revenue shifts than the market currently anticipates for a firm of this scale.
Short-term margin compression risks are elevated by the high fixed-cost nature of biologic manufacturing and the potential for increased R&D spending to fail to yield immediate commercial returns. Investors should remain skeptical of the company's ability to maintain profitability if the specialty portfolio faces unexpected competitive entry.
Quick answers to the most common questions about buying SNY stock.
For fiscal year 2025, Sanofi (SNY) reported total revenue of $46.72B. This represents a 773.2% increase compared to $5.35B in 1999.
Sanofi (SNY) is profitable, generating $7.81B in net income for the fiscal year ending 2025 with a net profit margin of 16.7%.
Sanofi (SNY) reported an operating income of $9.60B, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sanofi (SNY) generated $33.67B in gross profit for the year, representing a gross profit margin of 72.1%. This demonstrates the company's core pricing power and production efficiency.