Financials Sanofi London S.E.

Equities

0A2V

US80105N1054

Pharmaceuticals

Delayed London S.E. Other stock markets 10:40:39 2023-10-27 am EDT			5-day change	1st Jan Change
41.75 ^USD	-21.08%		-14.36%	-15.81%

08:45am	Bain, Cinven Explore Joint Bid for Sanofi's Consumer Unit, Bloomberg Reports	DJ
Jul. 03	Paul Hudson, CEO of Sanofi: AI to improve organisational efficiency	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	112,310	98,877	111,194	112,665	112,549	112,798	-	-
Enterprise Value (EV) ¹	128,816	107,666	121,177	119,102	120,342	119,759	115,326	110,820
P/E ratio	40 x	8.01 x	17.8 x	16.7 x	20.8 x	16.3 x	13.2 x	11.8 x
Yield	3.51%	4.07%	3.76%	3.96%	4.19%	4.29%	4.51%	4.94%
Capitalization / Revenue	3.11 x	2.74 x	2.94 x	2.62 x	2.61 x	2.43 x	2.27 x	2.14 x
EV / Revenue	3.57 x	2.99 x	3.21 x	2.77 x	2.79 x	2.59 x	2.32 x	2.1 x
EV / EBITDA	10.8 x	9.41 x	9.95 x	8.14 x	8.44 x	8.83 x	7.46 x	6.71 x
EV / FCF	21.7 x	15.4 x	15 x	14 x	14.2 x	16.4 x	12.7 x	11 x
FCF Yield	4.6%	6.48%	6.68%	7.12%	7.04%	6.09%	7.89%	9.1%
Price to Book	1.9 x	1.57 x	1.62 x	1.5 x	1.52 x	1.46 x	1.38 x	1.3 x
Nbr of stocks (in thousands)	1,253,178	1,256,375	1,255,293	1,254,060	1,253,891	1,250,117	-	-
Reference price ²	89.62	78.70	88.58	89.84	89.76	90.23	90.23	90.23
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,126	36,041	37,761	42,997	43,070	46,325	49,752	52,646
EBITDA ¹	11,904	11,443	12,183	14,627	14,259	13,556	15,462	16,523
EBIT ¹	9,758	9,762	10,714	13,040	12,670	12,144	13,782	14,916
Operating Margin	27.01%	27.09%	28.37%	30.33%	29.42%	26.21%	27.7%	28.33%
Earnings before Tax (EBT) ¹	2,822	13,804	7,798	8,268	7,038	8,912	11,520	13,015
Net income ¹	2,806	12,314	6,223	6,720	5,400	7,066	8,574	9,531
Net margin	7.77%	34.17%	16.48%	15.63%	12.54%	15.25%	17.23%	18.1%
EPS ²	2.240	9.820	4.970	5.370	4.310	5.549	6.819	7.669
Free Cash Flow ¹	5,928	6,982	8,096	8,483	8,478	7,297	9,096	10,083
FCF margin	16.41%	19.37%	21.44%	19.73%	19.68%	15.75%	18.28%	19.15%
FCF Conversion (EBITDA)	49.8%	61.02%	66.45%	58%	59.46%	53.83%	58.83%	61.03%
FCF Conversion (Net income)	211.26%	56.7%	130.1%	126.24%	157%	103.27%	106.09%	105.8%
Dividend per Share ²	3.150	3.200	3.330	3.560	3.760	3.869	4.070	4.457
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	10,432	9,994	9,674	10,116	12,482	10,725	10,222	9,965	11,964	10,919	10,464	10,413	12,974	11,878	10,805
EBITDA ¹	3,952	2,623	3,426	3,163	4,931	3,107	3,703	3,087	4,460	3,009	3,192	2,706	4,328	2,628	-
EBIT ¹	3,558	2,256	3,065	2,753	4,498	2,724	3,333	2,726	4,028	2,583	2,843	2,614	4,185	2,787	3,045
Operating Margin	34.11%	22.57%	31.68%	27.21%	36.04%	25.4%	32.61%	27.36%	33.67%	23.66%	27.17%	25.11%	32.26%	23.47%	28.18%
Earnings before Tax (EBT) ¹	2,957	1,391	2,349	1,383	2,666	1,921	2,468	1,718	2,971	-249	1,310	2,011	3,684	2,137	-
Net income ¹	2,317	1,131	2,009	1,175	2,076	1,460	1,995	1,435	2,525	-555	1,133	1,509	2,797	1,614	-
Net margin	22.21%	11.32%	20.77%	11.62%	16.63%	13.61%	19.52%	14.4%	21.1%	-5.08%	10.83%	14.49%	21.56%	13.59%	-
EPS ²	1.850	0.9000	1.610	0.9400	1.660	1.160	1.600	1.150	2.010	-0.4400	0.9100	1.201	2.219	1.280	-
Dividend per Share ²	-	3.330	-	-	-	3.560	-	-	-	3.760	0.9292	0.9289	0.9289	0.9289	0.9885
Announcement Date	10/28/21	2/4/22	4/28/22	7/28/22	10/28/22	2/3/23	4/27/23	7/28/23	10/27/23	2/1/24	4/25/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	16,506	8,789	9,983	6,437	7,793	6,961	2,528	-
Net Cash position ¹	-	-	-	-	-	-	-	1,978
Leverage (Debt/EBITDA)	1.387 x	0.7681 x	0.8194 x	0.4401 x	0.5465 x	0.5135 x	0.1635 x	-
Free Cash Flow ¹	5,928	6,982	8,096	8,483	8,478	7,297	9,096	10,083
ROE (net income / shareholders' equity)	12.7%	12.1%	12.5%	14.4%	13.6%	12.3%	13.5%	13.9%
ROA (Net income/ Total Assets)	2.5%	6.47%	5.3%	8.37%	4.27%	6.36%	7.22%	7.45%
Assets ¹	112,072	190,442	117,327	80,248	126,517	111,039	118,735	127,854
Book Value Per Share ²	47.20	50.30	54.80	59.70	59.20	61.70	65.30	69.20
Cash Flow per Share ²	6.160	5.940	8.360	8.410	8.200	8.070	9.460	10.90
Capex ¹	1,816	1,329	2,043	2,201	3,024	1,987	2,397	2,501
Capex / Sales	5.03%	3.69%	5.41%	5.12%	7.02%	4.29%	4.82%	4.75%
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/1/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sanofi

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

90.23 EUR

Average target price

108.1 EUR

Spread / Average Target

+19.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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