Sanofi's reported revenue growth is highly erratic, swinging from a 59.9% surge in 2025Q4 to a 37.5% decline in 2024Q4, while gross margin has expanded to 75.5% in 2026Q2, yet operating income growth has not consistently outpaced gross profit gains due to a persistent R&D burden consuming 15-18% of revenue.
Sanofi (SNY) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | 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 | 48.92B | 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 % | 21.23% | 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 | 13.2B | 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 | 35.72B | 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 % | 73.02% | 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 | 28.48B | 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 | 9.82B | 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 | 8.11B | 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 | 4M | 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 | 7.24B | 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 % | 14.8% | 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 | 10.76B | 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 % | 21.99% | 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 % | 46.17% | 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) | 3.52B | 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 | 8.89B | 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 | -316.72M | -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 | 274.69M | 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 | 591.41M | 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 | -2.04B | -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 | 5.2B | 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 % | 10.62% | 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 | 1.2B | 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 % | 23.16% | 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 | 3.96B | 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 % | 8.09% | 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 % | -46.69% | 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) | 3.99B | 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 | 1000K | 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 | 360M | 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) | 1.65 | 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 % | -84.49% | 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 | 2.39B | 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 | 2.39B | 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% |
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.
Key Metrics
Top Statement Risk
Earnings Volatility from Non-Operating Items
Volatile Growth Masked by Core Strength
Sanofi's reported revenue growth is highly erratic, swinging from a 59.9% surge in 2025Q4 to a 37.5% decline in 2024Q4, suggesting significant non-recurring items or accounting adjustments are obscuring the underlying operational trend.
The extreme volatility in top-line growth, particularly the massive swings in Q4 periods, indicates that reported figures are heavily influenced by factors beyond organic sales performance, such as divestitures, currency impacts, or collaboration accounting. This makes it difficult to assess the true durability of the growth trajectory for the innovative core, which is likely more stable than the headline numbers suggest. Investors should focus on the more consistent mid-single-digit growth seen in quarters like 2026Q1 and 2024Q2 as a better indicator of underlying commercial momentum.
Gross Margin Expansion vs. Peer Lag
Sanofi's gross margin has improved to 75.5% in 2026Q2, yet it remains structurally below pure-play biopharma peers like Novartis (75.0%) and AstraZeneca (81.9%), likely reflecting the drag from its lower-margin Consumer Healthcare segment.
The recent expansion in gross margin is a positive signal, potentially indicating a favorable mix shift toward higher-margin specialty drugs like Dupixent. However, the persistent gap versus top-tier peers underscores the conglomerate discount embedded in the current structure. The planned separation of the Consumer Healthcare business appears to be a critical catalyst for unlocking margin potential, as its removal would likely streamline the cost base and elevate the blended margin closer to the 80%+ levels seen in more focused innovative pharma companies.
Operating Leverage Constrained by R&D Burden
Operating income growth has not consistently outpaced gross profit growth, as seen in 2026Q2 where a 15.6% gross profit increase translated to only a 4.3% rise in operating income, suggesting R&D and SG&A spending are absorbing incremental gains.
The data indicates that Sanofi is not yet exhibiting strong operating leverage, as the high fixed-cost base for R&D and global commercialization appears to be scaling in tandem with revenue. The operating margin of 19.4% in 2026Q2 is healthy but trails peers like Merck (36.2%) and Novartis (31.2%), pointing to a need for greater overhead efficiency. The company's ability to generate leverage will depend on its success in scaling the specialty portfolio without a proportional increase in commercial and research overhead.
Net Income Volatility Signals Low Quality
The quality of reported earnings is questionable, as evidenced by a 91.2% decline in EPS in 2026Q2 despite solid operational performance, and a net margin that has swung from 36.7% to -6.6% over the past eight quarters.
The extreme volatility in net income and EPS, which often moves inversely to operating income, strongly suggests the presence of significant non-operating items, such as large tax adjustments, asset impairments, or gains/losses from divestitures. This disconnect between operational performance and bottom-line results makes it challenging to assess true recurring profitability. The reported net margin is not a reliable indicator of core business health, and analysts must adjust for these items to understand the sustainable earnings power of the franchise.
R&D Intensity as a Strategic Necessity
R&D spending consistently consumes 15-18% of revenue, a significant but necessary investment to replenish the pipeline and offset the erosion of legacy products, as seen in the $2.2B outlay in 2026Q2.
The cost structure is dominated by R&D and SG&A, which together account for nearly 40% of revenue, reflecting the high fixed costs of a global biopharma and vaccine operation. This level of investment is a strategic imperative to fuel the immunology-focused pipeline and secure future growth, but it also limits near-term margin expansion. Management's discipline will be tested in balancing this essential R&D spend with the need to improve operating efficiency, particularly as the consumer health separation aims to simplify the overall cost base.
The Dupixent Dependency Risk
The strongest challenge to Sanofi's narrative is its heavy reliance on a single product franchise, where any clinical setback, competitive erosion, or pricing pressure on Dupixent could disproportionately impact the specialty growth engine and overall valuation.
While the company is more diversified than a pure-play, the specialty segment's growth is overwhelmingly driven by Dupixent. The market may be underappreciating the risk that a failure in a key new indication (like COPD) or the emergence of a superior competitor could stall the core growth thesis. Furthermore, the persistent volatility in net income and the conglomerate structure may continue to warrant a valuation discount versus more focused, higher-margin peers, regardless of Dupixent's success.