Sanofi financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sanofi files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue	10,701	11,613	11,435	11,979	12,159	12,255	11,882	12,628	13,205	13,049
Gross profit	23,995	24,608	24,242	25,652	25,210	26,920	28,679	28,990	31,081	33,667
Research and development	5,172	5,472	5,894	6,020	5,530	5,692	6,501	6,507	7,394	7,842
Selling, general and administrative	9,478	10,072	9,859	9,884	9,391	9,555	8,739	8,933	9,183	9,543
Operating income	6,531	5,804	4,676	3,051	14,113	8,126	10,162	6,960	7,252	6,344
Interest expense	924	420	435	440	388	368	430	1,293	1,073	563
Interest income	68	147	164	141	53	40	205	584	519	394
Income tax	1,325	1,722	481	121	1,807	1,558	1,909	1,017	1,204	1,043
Income from continuing operations	4,486	3,894	4,423	2,886	12,330	6,279	8,083	5,098	5,554	4,977
Net income to minority interests	91	121	104	31	36	56	113	36	58	38
Net income	4,709	8,416	4,306	2,754	12,294	6,223	8,371	5,400	5,560	7,813
EPS, basic	3.66	6.70	3.45	2.24	9.82		6.69	4.31	4.44	6.40
EPS, diluted	3.63	6.64	3.43	2.23	9.77		6.66	4.30	4.43	6.37

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10,273	10,315	6,925	9,427	13,915	10,098	12,736	8,710	7,441	7,657
Inventory	6,896	6,818	7,477	7,994	8,352	8,715	8,960	9,666	9,431	10,214
Total current assets							34,111	30,670	42,588	30,952
Property, plant and equipment	10,019	9,579	9,651	9,717	9,365	10,028	9,869	10,160	10,091	10,052
Lease right-of-use assets		0	0	1,300	1,198	1,948	1,815	1,654	1,510	1,459
Goodwill	40,287	40,264	44,235	44,519	44,364	48,056	49,892	49,404	43,384	41,300
Intangible assets	10,879	13,080	21,889	16,509	18,341	21,407	21,640	24,319	22,629	26,261
Total assets	104,679	99,813	111,408	112,630	114,413	120,242	126,722	126,464	132,798	126,805
Total current liabilities							23,974	24,207	29,162	28,345
Lease liabilities		0	0	987	931	1,839	1,904	1,755	1,645	1,467
Total liabilities	46,957	41,574	52,373	53,400	51,161	51,211	51,570	52,111	54,941	55,095
Total debt	18,509	15,468	24,586	24,568	22,631	20,250	19,218	16,531	16,137	18,702
Shareholders' equity	57,552	58,070	58,876	59,056	63,106	68,681	74,784	74,040	77,507	71,376
Minority interests	170	169	159	174	146	350	368	313	350	334
Total equity	57,722	58,239	59,035	59,230	63,252	69,031	75,152	74,353	77,857	71,710
Total liabilities and equity	104,679	99,813	111,408	112,630	114,413	120,242	126,722	126,464	132,798	126,805

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,800	8,537	4,410	2,785	12,330	6,279	8,484	5,436	5,618	7,851
Cash from operations	7,838	7,379	5,547	7,715	7,418	10,522	10,526	10,258	9,081	10,750
Cash from investing	-2,511	-2,896	-12,866	-1,183	3,619	-7,298	-2,075	-6,200	-4,407	-2,447
Debt issued		41	9,677	1,997	2,019	0	1,549	48	0	5,559
Debt repaid		2,368	787	-2,067	-3,952	-2,241	-2,718	-3,684	-672	-2,622
Stock issued	305	319	177	162	203	186	188	195	187	177
Share buybacks	-2,908	-2,162	-1,101	-9	-822	-382	-497	-593	-302	-5,030
Cash from financing	-4,101	-7,902	3,934	-4,193	-6,485	-7,056	-5,821	-8,052	-5,763	-8,207
Exchange rate effect	-101	-74	1	9	-64	15	8	-32	-13	-47
Net change in cash	1,125	42	-3,390	2,502	4,488	-3,817	2,638	-4,026	-1,269	216
Interest paid	401	-255	313	379	315	334	380	559	587	485
Income taxes paid	-2,096	1,734	2,058	1,695	2,051	1,280	2,452	2,623	3,291	2,885

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.0%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	8.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-14.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	40.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-8.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	43.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.7%	Total debt / total assets.
Liabilities / assets	43.4%	Total liabilities / total assets.
Net debt	€11.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	11.3x	Operating income / interest expense.
Working capital	€2.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	53.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	€3.82B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	1.33x	Cost of revenue / average inventory.
Days inventory	275 days	365 x average inventory / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	€6.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€6.40	Net income per basic share, as reported (split-adjusted).

Was Sanofi profitable in fiscal 2025?

Yes. Net income was €7.81B, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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