Skip to research

Sanofi

SAN · 2026-09-08

Research

  • Dupixent: 26% of asset value before corporate costs; 2030 base sales €24.2bn.
  • Cenrifki: EU approved; US post-CRL. Amlitelimab AD, itepekimab, balinatunfib: commercial value zero; wind-down costs retained.

Financials

EURm · EPS in EUR/ordinary share

Net sales
EUR millions2025-Q32025-Q42026-Q12026-Q2
Net sales
Other revenues
Cost of sales
Gross profit
R&D
SG&A
IFRS operating income
IFRS net income · parent, total
Basic EPS · total
Business net income
Business EPS
Cash
Operating cash flow · total———
Capex———
Issuer FCF———

Filing comparison

30 differences

MetricOriginalLatestDifference
Business cost of sales(412)
Business EPS(0.17)
Business equity method income(3)
Business financial net(3)
Business gross profit(805)
Business net income(210)
Business operating income(292)
Business other operating net14
Business R&D(39)
Business SG&A(463)
Business tax expense(85)
Contingent consideration expense(1)
Cost of sales(413)
Equity method income(3)
Financial expenses3
Gross profit(804)
IFRS operating income(63)
Income tax expense(24)
Intangible amortization(85)
Net income · consolidated, continuing——
Net income · consolidated, discontinued——
Net sales(1,318)
Other gains losses litigation(6)
Other operating expenses(3)
Other operating income11
Other revenues101
Pretax income(66)
R&D(39)
Restructuring expense(145)
SG&A(463)

Forecast

2026: H2 only · full-year net sales A/E: €48,175m

EUR millions2026 H2 E2027 E2028 E2029 E2030 E2031 E
Net sales26,06950,44552,61954,86457,33659,175
Other revenues1,4462,5792,2362,1662,0992,035
Royalty income6811,4451,7211,9942,2481,942
Cost of sales7,34213,50313,47813,69513,96814,143
Gross profit20,17339,52141,37743,33645,46847,068
Partner costs4,7989,53110,09310,63711,20111,524
R&D4,6929,0809,4719,87610,32110,652
SG&A5,61311,00011,57112,16512,82013,367
Operating income5,62111,10211,69912,37813,08713,171
Net income4,1528,2348,7369,3179,92410,053
Economic EPS · EUR/ordinary share3.476.877.297.788.288.39
Capex1,1012,1212,1942,2812,3772,448
Unlevered FCF3,7877,8118,2768,7249,2119,361
Economic cash proxy7,84810,31013,80617,51521,46525,563
Funded debt21,89321,89321,89321,89321,89321,893
2032–2055
EUR millions2032 E2033 E2034 E2035 E2036 E2037 E
Net sales61,09462,47758,40954,25449,73545,389
Other revenues1,9741,9151,8591,8051,7591,715
Royalty income1,5011,167719468329235
Cost of sales14,34714,46513,88613,22312,44611,660
Gross profit48,72149,92746,38142,83639,04835,444
Partner costs11,85112,11310,2978,7187,3836,258
R&D10,99711,24610,5149,7668,9528,170
SG&A13,93014,35113,63812,83511,88310,933
Operating income13,13813,07212,36111,71510,90910,092
Net income10,09410,1109,6339,2128,6638,101
Economic EPS · EUR/ordinary share8.438.448.047.697.236.76
Capex2,5232,5762,4112,2422,0601,884
Unlevered FCF9,3069,3309,6979,2588,7408,126
Economic cash proxy29,64933,81438,65343,33747,84952,095
Funded debt21,89321,89321,89321,89321,89321,893
EUR millions2038 E2039 E2040 E2041 E2042 E2043 E
Net sales41,58937,36133,47530,11227,16924,182
Other revenues1,6731,6311,5911,5521,5141,478
Royalty income16911982594231
Cost of sales10,94110,1129,3478,6658,0547,421
Gross profit32,32128,88125,72022,99920,62918,238
Partner costs5,3224,5123,8193,2432,7652,325
R&D7,4866,7256,0265,4204,8904,353
SG&A10,0989,0878,1377,3146,5935,840
Operating income9,3778,4897,6536,9296,2875,630
Net income7,6146,9906,4025,8905,4374,969
Economic EPS · EUR/ordinary share6.355.835.344.924.544.15
Capex1,7301,5601,4031,2671,1471,026
Unlevered FCF7,5266,9536,2935,6815,1454,672
Economic cash proxy56,04959,80263,24466,38369,25871,937
Funded debt21,89321,89321,89321,89321,89321,893
EUR millions2044 E2045 E2046 E2047 E2048 E2049 E
Net sales21,60719,32917,31815,57114,05612,727
Other revenues1,4421,4071,3731,3401,3081,277
Royalty income221612975
Cost of sales6,8676,3615,9065,5025,1434,818
Gross profit16,18214,37512,78511,41010,2229,186
Partner costs1,9571,6501,3921,177996844
R&D3,8893,4793,1172,8032,5302,291
SG&A5,1924,6194,1113,6723,2922,959
Operating income5,0584,5474,0903,6903,3413,034
Net income4,5634,2013,8773,5953,3503,135
Economic EPS · EUR/ordinary share3.813.513.243.002.802.62
Capex922829748676615560
Unlevered FCF4,1873,7653,3863,0502,7562,499
Economic cash proxy74,37476,60778,65680,54182,28283,900
Funded debt21,89321,89321,89321,89321,89321,893
EUR millions2050 E2051 E2052 E2053 E2054 E2055 E
Net sales11,56410,5449,6488,8558,1537,530
Other revenues1,2471,2181,1891,1611,1341,108
Royalty income432211
Cost of sales4,5264,2634,0253,8083,6103,429
Gross profit8,2857,4986,8126,2085,6775,209
Partner costs716609519442378324
R&D2,0821,8981,7371,5941,4681,355
SG&A2,6692,4162,1941,9991,8281,676
Operating income2,7642,5262,3162,1301,9651,817
Net income2,9472,7822,6382,5102,3982,298
Economic EPS · EUR/ordinary share2.462.322.202.102.001.92
Capex512470433401371346
Unlevered FCF2,2732,0741,8981,7431,6051,482
Economic cash proxy85,41086,82788,16089,42390,62291,767
Funded debt21,89321,89321,89321,89321,89321,893
Quarterly forecast
EUR millions2026-Q3 E2026-Q4 E2027-Q1 E2027-Q2 E
Net sales13,55512,51411,90311,771
Other revenues762684600571
Royalty income341341361361
Cost of sales3,9153,4263,0733,011
Gross profit10,4029,7719,4309,330
Partner costs2,4062,3922,3192,275
R&D2,4402,2522,1422,119
SG&A2,9132,6992,6082,583
Operating income2,9152,7052,6622,656
Net income2,1551,9971,9671,965
Economic EPS · EUR/ordinary share1.801.671.641.64
Capex573528500494
Unlevered FCF1,9691,8181,8731,869
Economic cash proxy7,1487,8488,6219,265
Funded debt21,89321,89321,89321,893
EUR millions2027-Q3 E2027-Q4 E2028-Q1 E2028-Q2 E
Net sales13,90312,86812,44712,313
Other revenues749660515486
Royalty income361361430430
Cost of sales3,9573,4613,0683,006
Gross profit10,69510,0669,8949,793
Partner costs2,4762,4622,4572,411
R&D2,5032,3162,2402,216
SG&A3,0112,7982,7512,726
Operating income2,9972,7882,8142,808
Net income2,2302,0722,0932,092
Economic EPS · EUR/ordinary share1.861.731.751.75
Capex586541518512
Unlevered FCF2,1091,9591,9911,988
Economic cash proxy10,14710,31011,14611,983
Funded debt21,89321,89321,89321,893
EUR millions2028-Q3 E2028-Q4 E2029-Q1 E2029-Q2 E
Net sales14,44413,41513,00812,873
Other revenues661574499470
Royalty income430430498498
Cost of sales3,9483,4563,1243,062
Gross profit11,15710,53310,38410,281
Partner costs2,6202,6052,5922,546
R&D2,6002,4152,3422,317
SG&A3,1532,9412,8992,874
Operating income3,1422,9362,9842,978
Net income2,3532,1982,2392,238
Economic EPS · EUR/ordinary share1.961.831.871.87
Capex604560540534
Unlevered FCF2,2232,0742,1032,100
Economic cash proxy12,92813,80614,69515,586
Funded debt21,89321,89321,89321,893
EUR millions2029-Q3 E2029-Q4 E2030-Q1 E2030-Q2 E
Net sales15,00213,98113,62713,490
Other revenues641556483455
Royalty income498498562562
Cost of sales3,9983,5113,1933,132
Gross profit11,64511,02610,91710,813
Partner costs2,7572,7412,7322,686
R&D2,7002,5172,4532,428
SG&A3,3013,0903,0643,038
Operating income3,3113,1063,1623,155
Net income2,4972,3432,3912,390
Economic EPS · EUR/ordinary share2.081.962.001.99
Capex626581564558
Unlevered FCF2,3332,1872,2252,222
Economic cash proxy16,58317,51518,46519,416
Funded debt21,89321,89321,89321,893
Remaining quarters
EUR millions2030-Q3 E2030-Q4 E2031-Q1 E2031-Q2 E
Net sales15,61714,60214,08813,949
Other revenues623539468440
Royalty income562562485485
Cost of sales4,0633,5803,2383,177
Gross profit12,17711,56111,31711,212
Partner costs2,8992,8832,8122,766
R&D2,8112,6282,5362,511
SG&A3,4643,2553,2003,174
Operating income3,4863,2833,1843,177
Net income2,6482,4962,4242,422
Economic EPS · EUR/ordinary share2.212.082.022.02
Capex650606582576
Unlevered FCF2,4542,3092,2642,260
Economic cash proxy20,47321,46522,45223,441
Funded debt21,89321,89321,89321,893
EUR millions2031-Q3 E2031-Q4 E2032-Q1 E2032-Q2 E
Net sales16,07415,06514,56814,428
Other revenues605523453426
Royalty income485485375375
Cost of sales4,1033,6243,2913,229
Gross profit12,57511,96311,73111,625
Partner costs2,9822,9652,8932,846
R&D2,8932,7122,6222,597
SG&A3,6003,3923,3413,315
Operating income3,5063,3043,1763,170
Net income2,6792,5282,4342,433
Economic EPS · EUR/ordinary share2.242.112.032.03
Capex667624601594
Unlevered FCF2,4902,3462,2512,247
Economic cash proxy24,53425,56326,54827,533
Funded debt21,89321,89321,89321,893
EUR millions2032-Q3 E2032-Q4 E2033-Q1 E2033-Q2 E
Net sales16,55015,54814,91414,772
Other revenues588507439413
Royalty income375375292292
Cost of sales4,1513,6763,3213,260
Gross profit12,98712,37912,03211,925
Partner costs3,0643,0482,9582,910
R&D2,9792,7992,6852,659
SG&A3,7403,5343,4473,420
Operating income3,4963,2963,1613,154
Net income2,6882,5392,4392,438
Economic EPS · EUR/ordinary share2.242.122.042.03
Capex686642614607
Unlevered FCF2,4752,3332,2572,254
Economic cash proxy28,62329,64930,65431,659
Funded debt21,89321,89321,89321,893
EUR millions2033-Q3 E2033-Q4 E2034-Q1 E2034-Q2 E
Net sales16,89315,89713,89913,755
Other revenues571492426400
Royalty income292292229164
Cost of sales4,1773,7063,1783,117
Gross profit13,28712,68311,14611,038
Partner costs3,1323,1142,5032,455
R&D3,0412,8622,5022,476
SG&A3,8443,6393,2693,242
Operating income3,4783,2803,0322,960
Net income2,6912,5432,3572,306
Economic EPS · EUR/ordinary share2.252.121.971.92
Capex699656573566
Unlevered FCF2,4802,3392,3872,334
Economic cash proxy32,76833,81435,00636,174
Funded debt21,89321,89321,89321,893
EUR millions2034-Q3 E2034-Q4 E2035-Q1 E2035-Q2 E
Net sales15,87214,88312,88812,762
Other revenues555478413388
Royalty income164164117117
Cost of sales4,0293,5623,0222,965
Gross profit12,39811,79810,28010,184
Partner costs2,6782,6612,1152,073
R&D2,8572,6792,3202,297
SG&A3,6653,4623,0733,050
Operating income3,2823,0862,8242,818
Net income2,5582,4122,2162,216
Economic EPS · EUR/ordinary share2.142.011.851.85
Capex657614532526
Unlevered FCF2,5582,4182,2412,238
Economic cash proxy37,44538,65339,78840,924
Funded debt21,89321,89321,89321,893
EUR millions2035-Q3 E2035-Q4 E2036-Q1 E2036-Q2 E
Net sales14,79013,81411,79911,688
Other revenues540464403378
Royalty income1171178282
Cost of sales3,8483,3882,8412,790
Gross profit11,48210,8909,3609,276
Partner costs2,2732,2571,7891,752
R&D2,6622,4872,1242,104
SG&A3,4563,2562,8432,823
Operating income3,1332,9392,6272,622
Net income2,4632,3182,0822,082
Economic EPS · EUR/ordinary share2.061.931.741.74
Capex613571488483
Unlevered FCF2,4592,3202,1142,112
Economic cash proxy42,16143,33744,43045,524
Funded debt21,89321,89321,89321,893
EUR millions2036-Q3 E2036-Q4 E2037-Q1 E2037-Q2 E
Net sales13,59412,65410,74910,653
Other revenues527452392368
Royalty income82825959
Cost of sales3,6303,1852,6582,611
Gross profit10,4919,9218,4838,410
Partner costs1,9281,9141,5141,481
R&D2,4472,2781,9351,918
SG&A3,2063,0122,6132,595
Operating income2,9242,7372,4262,422
Net income2,3192,1801,9451,945
Economic EPS · EUR/ordinary share1.941.821.621.62
Capex565524446441
Unlevered FCF2,3242,1901,9631,961
Economic cash proxy46,71647,84948,87649,906
Funded debt21,89321,89321,89321,893
EUR millions2037-Q3 E2037-Q4 E2038-Q1 E2038-Q2 E
Net sales12,44711,5409,8349,750
Other revenues514441382359
Royalty income59594242
Cost of sales3,4112,9802,4912,448
Gross profit9,5509,0017,7257,661
Partner costs1,6371,6241,2861,257
R&D2,2402,0771,7701,755
SG&A2,9562,7692,4112,395
Operating income2,7132,5312,2512,248
Net income2,1732,0381,8261,827
Economic EPS · EUR/ordinary share1.811.701.521.53
Capex518479409404
Unlevered FCF2,1662,0361,8161,814
Economic cash proxy51,02952,09553,05154,008
Funded debt21,89321,89321,89321,893
EUR millions2038-Q3 E2038-Q4 E2039-Q1 E2039-Q2 E
Net sales11,43810,5678,8098,736
Other revenues502430373350
Royalty income42423030
Cost of sales3,2092,7942,2952,255
Gross profit8,7318,2046,8866,830
Partner costs1,3951,3831,0891,063
R&D2,0591,9021,5861,573
SG&A2,7362,5562,1642,151
Operating income2,5262,3512,0332,030
Net income2,0461,9151,6741,675
Economic EPS · EUR/ordinary share1.711.601.401.40
Capex478440367363
Unlevered FCF2,0111,8851,6751,674
Economic cash proxy55,05756,04956,95657,864
Funded debt21,89321,89321,89321,893
EUR millions2039-Q3 E2039-Q4 E2040-Q1 E2040-Q2 E
Net sales10,3269,4907,8677,804
Other revenues490420364341
Royalty income30302121
Cost of sales2,9812,5812,1152,078
Gross profit7,8357,3296,1166,066
Partner costs1,1851,175920898
R&D1,8591,7081,4161,405
SG&A2,4722,3001,9331,921
Operating income2,2972,1291,8281,825
Net income1,8841,7581,5301,531
Economic EPS · EUR/ordinary share1.571.471.281.28
Capex433396329326
Unlevered FCF1,8631,7421,5131,511
Economic cash proxy58,86059,80260,63261,464
Funded debt21,89321,89321,89321,893
EUR millions2040-Q3 E2040-Q4 E2041-Q1 E2041-Q2 E
Net sales9,3048,5017,0536,998
Other revenues478409354332
Royalty income21211515
Cost of sales2,7702,3841,9541,920
Gross profit7,0126,5265,4535,410
Partner costs1,005996780761
R&D1,6751,5301,2691,260
SG&A2,2252,0591,7321,722
Operating income2,0821,9191,6501,648
Net income1,7321,6101,4051,406
Economic EPS · EUR/ordinary share1.451.341.171.17
Capex391356296293
Unlevered FCF1,6931,5761,3621,361
Economic cash proxy62,38063,24464,00064,757
Funded debt21,89321,89321,89321,893
EUR millions2041-Q3 E2041-Q4 E2042-Q1 E2042-Q2 E
Net sales8,4177,6446,3426,295
Other revenues467399346324
Royalty income15151010
Cost of sales2,5822,2091,8111,779
Gross profit6,3025,8344,8774,839
Partner costs855847664647
R&D1,5151,3761,1421,133
SG&A2,0101,8501,5571,548
Operating income1,8941,7371,4931,491
Net income1,5981,4811,2941,295
Economic EPS · EUR/ordinary share1.331.241.081.08
Capex355322268265
Unlevered FCF1,5351,4231,2301,229
Economic cash proxy65,59566,38367,07467,766
Funded debt21,89321,89321,89321,893
EUR millions2042-Q3 E2042-Q4 E2043-Q1 E2043-Q2 E
Net sales7,6376,8955,6195,578
Other revenues455390337316
Royalty income101088
Cost of sales2,4122,0521,6621,632
Gross profit5,6815,2324,2944,261
Partner costs731723557542
R&D1,3751,2411,0111,004
SG&A1,8211,6671,3731,365
Operating income1,7281,5761,3321,330
Net income1,4801,3671,1801,181
Economic EPS · EUR/ordinary share1.241.140.980.99
Capex324291238236
Unlevered FCF1,3971,2881,1141,113
Economic cash proxy68,53769,25869,90170,546
Funded debt21,89321,89321,89321,893
EUR millions2043-Q3 E2043-Q4 E2044-Q1 E2044-Q2 E
Net sales6,8506,1364,9974,961
Other revenues445380329308
Royalty income8866
Cost of sales2,2371,8911,5311,503
Gross profit5,0574,6253,7943,766
Partner costs616609468455
R&D1,2331,104899893
SG&A1,6241,4771,2161,209
Operating income1,5571,4111,1921,190
Net income1,3591,2491,0811,082
Economic EPS · EUR/ordinary share1.131.040.900.90
Capex292261213211
Unlevered FCF1,2741,170995994
Economic cash proxy71,26571,93772,52173,106
Funded debt21,89321,89321,89321,893
EUR millions2044-Q3 E2044-Q4 E2045-Q1 E2045-Q2 E
Net sales6,1685,4814,4474,417
Other revenues434371321300
Royalty income6644
Cost of sales2,0831,7491,4121,386
Gross profit4,5194,1043,3553,330
Partner costs520514394382
R&D1,110987800795
SG&A1,4551,3131,0761,070
Operating income1,4091,2681,0671,065
Net income1,2531,147993994
Economic EPS · EUR/ordinary share1.050.960.830.83
Capex264234191189
Unlevered FCF1,1491,048891891
Economic cash proxy73,76374,37474,90875,443
Funded debt21,89321,89321,89321,893
EUR millions2045-Q3 E2045-Q4 E2046-Q1 E2046-Q2 E
Net sales5,5634,9023,9633,937
Other revenues424362313293
Royalty income4433
Cost of sales1,9421,6191,3061,282
Gross profit4,0453,6452,9702,948
Partner costs440434332321
R&D1,001882713709
SG&A1,3041,168953948
Operating income1,2761,140955954
Net income1,1581,056914915
Economic EPS · EUR/ordinary share0.970.880.760.76
Capex239211171169
Unlevered FCF1,040943799798
Economic cash proxy76,04776,60777,09677,586
Funded debt21,89321,89321,89321,893
EUR millions2046-Q3 E2046-Q4 E2047-Q1 E2047-Q2 E
Net sales5,0274,3913,5443,521
Other revenues414353305285
Royalty income3322
Cost of sales1,8151,5031,2121,189
Gross profit3,6263,2412,6372,618
Partner costs372367280270
R&D905790638634
SG&A1,1711,040847842
Operating income1,1561,025858856
Net income1,073974846847
Economic EPS · EUR/ordinary share0.900.810.710.71
Capex218190154152
Unlevered FCF942848716716
Economic cash proxy78,14278,65679,10579,554
Funded debt21,89321,89321,89321,893
EUR millions2047-Q3 E2047-Q4 E2048-Q1 E2048-Q2 E
Net sales4,5593,9473,1813,162
Other revenues405345298278
Royalty income2222
Cost of sales1,7011,4001,1291,107
Gross profit3,2622,8922,3502,334
Partner costs315311236228
R&D821711573569
SG&A1,055928755751
Operating income1,051925773772
Net income999903787788
Economic EPS · EUR/ordinary share0.830.750.660.66
Capex199172139138
Unlevered FCF854764644644
Economic cash proxy80,06880,54180,95581,369
Funded debt21,89321,89321,89321,893
EUR millions2048-Q3 E2048-Q4 E2049-Q1 E2049-Q2 E
Net sales4,1513,5622,8642,848
Other revenues395337291272
Royalty income2211
Cost of sales1,5991,3081,0541,033
Gross profit2,9472,5912,1012,087
Partner costs268264200192
R&D747641516513
SG&A954832675671
Operating income959837698697
Net income934842735736
Economic EPS · EUR/ordinary share0.780.700.610.61
Capex182156126125
Unlevered FCF777690582582
Economic cash proxy81,84582,28282,66683,050
Funded debt21,89321,89321,89321,893
EUR millions2049-Q3 E2049-Q4 E2050-Q1 E2050-Q2 E
Net sales3,7913,2242,5882,574
Other revenues386329284265
Royalty income1111
Cost of sales1,5061,225987967
Gross profit2,6712,3281,8851,872
Partner costs228224169163
R&D682580466463
SG&A865748605602
Operating income878761633632
Net income876788690691
Economic EPS · EUR/ordinary share0.730.660.580.58
Capex167142115114
Unlevered FCF710626527527
Economic cash proxy83,49483,90084,25884,616
Funded debt21,89321,89321,89321,893
EUR millions2050-Q3 E2050-Q4 E2051-Q1 E2051-Q2 E
Net sales3,4742,9282,3462,335
Other revenues377321277259
Royalty income1111
Cost of sales1,4221,151926907
Gross profit2,4292,0991,6971,686
Partner costs194191143138
R&D625527422420
SG&A787675544542
Operating income806693576575
Net income826740651651
Economic EPS · EUR/ordinary share0.690.620.540.54
Capex154130105104
Unlevered FCF650569479478
Economic cash proxy85,03285,41085,74586,080
Funded debt21,89321,89321,89321,893
EUR millions2051-Q3 E2051-Q4 E2052-Q1 E2052-Q2 E
Net sales3,1942,6692,1352,125
Other revenues369314270252
Royalty income1111
Cost of sales1,3461,083872854
Gross profit2,2171,8991,5331,524
Partner costs165163122117
R&D575480384383
SG&A719610492489
Operating income743633525525
Net income782699616617
Economic EPS · EUR/ordinary share0.650.580.510.51
Capex1431199695
Unlevered FCF598519436436
Economic cash proxy86,47186,82787,14187,457
Funded debt21,89321,89321,89321,893
EUR millions2052-Q3 E2052-Q4 E2053-Q1 E2053-Q2 E
Net sales2,9472,4411,9491,940
Other revenues360306264246
Royalty income1100
Cost of sales1,2761,023823805
Gross profit2,0311,7251,3901,381
Partner costs14113910499
R&D530439351349
SG&A659554445443
Operating income686581481480
Net income742662586586
Economic EPS · EUR/ordinary share0.620.550.490.49
Capex1321108887
Unlevered FCF551475399398
Economic cash proxy87,82688,16088,45888,756
Funded debt21,89321,89321,89321,893
EUR millions2053-Q3 E2053-Q4 E2054-Q1 E2054-Q2 E
Net sales2,7262,2401,7841,778
Other revenues352299258240
Royalty income0000
Cost of sales1,212967778761
Gross profit1,8661,5711,2641,257
Partner costs1211198885
R&D491403321320
SG&A606505405403
Operating income636534441441
Net income707630559560
Economic EPS · EUR/ordinary share0.590.530.470.47
Capex1231028281
Unlevered FCF509436365365
Economic cash proxy89,10689,42389,70589,988
Funded debt21,89321,89321,89321,893
EUR millions2054-Q3 E2054-Q4 E2055-Q1 E2055-Q2 E
Net sales2,5302,0611,6391,634
Other revenues344292252235
Royalty income0000
Cost of sales1,154917737721
Gross profit1,7201,4361,1531,147
Partner costs1041027572
R&D455371295294
SG&A558461369368
Operating income591492406406
Net income676602536536
Economic EPS · EUR/ordinary share0.560.500.450.45
Capex115947675
Unlevered FCF472402336336
Economic cash proxy90,32190,62290,89291,162
Funded debt21,89321,89321,89321,893
EUR millions2055-Q3 E2055-Q4 E
Net sales2,3541,903
Other revenues336285
Royalty income00
Cost of sales1,099871
Gross profit1,5911,317
Partner costs8987
R&D424342
SG&A516423
Operating income550455
Net income649577
Economic EPS · EUR/ordinary share0.540.48
Capex10888
Unlevered FCF439371
Economic cash proxy91,47991,767
Funded debt21,89321,893
Accounting
  • H1 development recovery: €594m. H2 onward: zero.
  • SBC remains expensed; no cash addback.
  • Associate / NCI earnings and distributions separate.
  • Inhibrx CVR: cash outside earnings / UFCF; separate equity deduction.
EUR millions2026 H2 E2027 E2028 E2029 E2030 E2031 E
Development recovery000000
Named development · within R&D1,5832,8682,7012,4101,108541
Residual R&D3,1106,2126,7707,4669,21310,111
Direct SG&A3,4416,7977,1867,5938,0438,436
Central SG&A2,1724,2034,3844,5714,7774,931
Other operating costs130252263274287296
Interest income68179232303379459
Interest expense383766766766766766
Pretax income5,30510,51511,16511,91512,70012,864
Income tax1,2202,4192,5682,7412,9212,959
Post-tax associate earnings74151154157160163
NCI earnings deduction71415151515
Associate distributions · E59121123126128131
NCI distributions · E71415151515
Net associate / NCI cash52106109111113115
Operating cash tax1,2932,5542,6912,8473,0103,029
D&A8251,5911,6461,7111,7831,836
Working-capital investment318314293348385284
Levered FCF3,5447,3597,8648,3678,9139,125
Dividends2,0764,1174,3684,6584,9625,027
Booked consideration cash06520000
Inhibrx CVR cash01280000
Opening economic cash6,3807,84810,31013,80617,51521,465
Ordinary shares · million1,1981,1981,1981,1981,1981,198
Funding shortfall000000
2032–2055 accounting
EUR millions2032 E2033 E2034 E2035 E2036 E2037 E
Development recovery000000
Named development · within R&D16652261300
Residual R&D10,83111,19410,4889,7538,9528,170
Direct SG&A8,8409,1458,7718,3147,7407,151
Central SG&A5,0905,2064,8674,5214,1443,782
Other operating costs305312292271249227
Interest income541624712808900988
Interest expense766766766766766766
Pretax income12,91312,93012,30611,75611,04310,314
Income tax2,9702,9742,8302,7042,5402,372
Post-tax associate earnings167170173177177177
NCI earnings deduction161616171717
Associate distributions · E133136139141141141
NCI distributions · E161616171717
Net associate / NCI cash118120122125124124
Operating cash tax3,0223,0072,8432,6942,5092,321
D&A1,8921,9321,8081,6821,5451,413
Working-capital investment297212(660)(673)(730)(702)
Levered FCF9,1339,2209,6569,2908,8438,297
Dividends5,0475,0554,8164,6064,3314,051
Booked consideration cash000000
Inhibrx CVR cash000000
Opening economic cash25,56329,64933,81438,65343,33747,849
Ordinary shares · million1,1981,1981,1981,1981,1981,198
Funding shortfall000000
EUR millions2038 E2039 E2040 E2041 E2042 E2043 E
Development recovery000000
Named development · within R&D000000
Residual R&D7,4866,7256,0265,4204,8904,353
Direct SG&A6,6335,9745,3484,8054,3293,826
Central SG&A3,4653,1132,7892,5092,2642,015
Other operating costs208187167151136121
Interest income1,0711,1491,2211,2881,3491,405
Interest expense766766766766766766
Pretax income9,6818,8728,1087,4516,8706,268
Income tax2,2272,0401,8651,7141,5801,442
Post-tax associate earnings177177177172166161
NCI earnings deduction181818191920
Associate distributions · E141141141137133129
NCI distributions · E181818191920
Net associate / NCI cash124123123118114110
Operating cash tax2,1571,9531,7601,5941,4461,295
D&A1,2981,1701,052950861770
Working-capital investment(615)(683)(628)(544)(477)(484)
Levered FCF7,7607,2486,6446,0835,5945,163
Dividends3,8073,4953,2012,9452,7182,484
Booked consideration cash000000
Inhibrx CVR cash000000
Opening economic cash52,09556,04959,80263,24466,38369,258
Ordinary shares · million1,1981,1981,1981,1981,1981,198
Funding shortfall000000
EUR millions2044 E2045 E2046 E2047 E2048 E2049 E
Development recovery000000
Named development · within R&D000000
Residual R&D3,8893,4793,1172,8032,5302,291
Direct SG&A3,3923,0082,6682,3742,1201,899
Central SG&A1,8001,6101,4431,2971,1711,060
Other operating costs1089787787064
Interest income1,4571,5041,5471,5871,6241,657
Interest expense766766766766766766
Pretax income5,7485,2854,8714,5114,1993,926
Income tax1,3221,2161,1201,037966903
Post-tax associate earnings157152147143139134
NCI earnings deduction202021212222
Associate distributions · E125122118114111108
NCI distributions · E202021212222
Net associate / NCI cash10510197938985
Operating cash tax1,1631,046941849769698
D&A691622561507461420
Working-capital investment(418)(370)(327)(285)(247)(218)
Levered FCF4,7194,3333,9883,6823,4163,186
Dividends2,2812,1001,9381,7971,6751,568
Booked consideration cash000000
Inhibrx CVR cash000000
Opening economic cash71,93774,37476,60778,65680,54182,282
Ordinary shares · million1,1981,1981,1981,1981,1981,198
Funding shortfall000000
EUR millions2050 E2051 E2052 E2053 E2054 E2055 E
Development recovery000000
Named development · within R&D000000
Residual R&D2,0821,8981,7371,5941,4681,355
Direct SG&A1,7051,5371,3901,2611,1481,049
Central SG&A964879804738679627
Other operating costs585348444138
Interest income1,6891,7191,7461,7721,7971,821
Interest expense766766766766766766
Pretax income3,6873,4793,2963,1362,9962,872
Income tax848800758721689660
Post-tax associate earnings130127123119115112
NCI earnings deduction232323242425
Associate distributions · E10410198959290
NCI distributions · E232323242425
Net associate / NCI cash827875716865
Operating cash tax636581533490452418
D&A384353325300279259
Working-capital investment(191)(168)(148)(131)(117)(104)
Levered FCF2,9842,8072,6532,5172,3982,294
Dividends1,4731,3911,3191,2551,1991,149
Booked consideration cash000000
Inhibrx CVR cash000000
Opening economic cash83,90085,41086,82788,16089,42390,622
Ordinary shares · million1,1981,1981,1981,1981,1981,198
Funding shortfall000000

Valuation

Risk-adjusted DCF · EURm · June 30, 2026 anchor · through 2055 · terminal value: 0

Asset / adjustmentBearBaseBull
Discount rate9.5%8.5%7.5%
Dupixent28,19248,48775,760
Beyfortus2,5483,9855,964
Hemophilia6,28910,79516,561
Lysosomal9,15015,36823,389
KIT3,4716,91212,144
Oncology3,2635,9589,467
Immunology6,39311,08017,085
Tzield2,9426,10010,218
Tolebrutinib5681,4422,866
Frexalimab(250)2,8318,708
Duvakitug1442,2476,177
Riliprubart(31)7452,638
Venglustat74374784
Myqorzo169341565
Royalties3,7567,93113,831
Vaccines14,48122,64633,399
Vaccine-pipeline(805)(82)1,918
Diabetes7,92414,07222,883
Cardiovascular6,01511,03818,372
Other7,02512,24619,342
Cost-only(97)(91)(97)
Assets101,220184,425301,973
Corporate costs / tax(63,198)(103,387)(150,103)
Enterprise value38,02181,038151,870
Cash6,3806,3806,380
Funded debt(21,893)(21,893)(21,893)
Opella stake · carrying-value proxy2,9652,9652,965
Financial investments · net realization E1,1231,7102,245
Booked consideration(652)(652)(652)
Inhibrx CVR · PV0(118)(239)
Equity value25,94569,430140,677
Ordinary shares · million1,1981,1981,198
Value / ordinary share · EUR21.6657.95117.42
Capital sensitivity

Inhibrx CVR: USD300m × 0% / 50% / 100% · USD/EUR 1.17 · Q2 2027. Efdoralprin: CVR only.

EUR / ordinary shareBearBaseBull
Financial investments excluded20.7256.52115.55
Inhibrx full payment21.4657.85117.42
Opella −50%20.4256.71116.18
Opella excluded19.1855.48114.94
Shares +2%21.2356.82115.12
Shares +5%20.6255.19111.83

2027 current-debt repayment stress · no refinancing

EURmBearBaseBull
Cash repayment7,0267,0267,026
Ending economic cash2,1823,2844,907
60 schedules
ScheduleBearBaseBull
Dupixent28,191.648,487.375,759.6
Kevzara844.41,523.92,432.4
ALTUVIIIO / ELOCTATE4,757.27,911.111,911.7
Pompe3,609.85,819.68,562.7
Fabrazyme1,597.12,941.44,791.3
Gaucher2,488.94,082.06,133.2
ALPROLIX979.41,686.82,624.2
AYVAKIT / elenestinib3,648.96,629.810,552.8
Sarclisa / Escena2,986.45,380.18,482.9
Rezurock2,315.23,947.06,030.3
Cablivi1,009.21,674.22,524.4
Aldurazyme278.6513.0832.7
Xenpozyme1,175.42,011.83,069.4
Wayrilz920.91,811.32,940.4
Qfitlia552.01,196.92,025.4
Myqorzo169.4341.0564.7
Jevtana276.8577.6983.6
Thymoglobulin1,303.02,123.23,157.6
Tzield / Teizeild2,942.16,099.710,218.0
Cenrifki · EU614.81,312.92,218.8
Tolebrutinib · US(47.3)128.9647.6
Frexalimab · RMS146.82,889.37,976.9
Frexalimab · SPMS(396.4)(57.9)730.9
Duvakitug143.72,246.56,177.1
Riliprubart(31.3)745.42,637.7
Venglustat73.6373.8784.0
BLU-808(177.9)281.71,591.4
Amlitelimab · AD(43.9)(41.1)(43.8)
Itepekimab(19.9)(18.7)(19.9)
Balinatunfib(10.0)(9.3)(10.0)
Amlitelimab · celiac(22.9)(21.5)(23.1)
AMVUTTRA royalty3,068.86,843.512,356.8
Beyfortus2,548.43,985.35,963.7
Pediatric / polio / Hib5,391.88,385.512,317.7
HEPLISAV-B1,390.22,273.83,463.7
Influenza4,806.87,459.810,942.4
Nuvaxovid35.996.5182.9
Meningitis / travel2,856.54,430.76,492.7
Lantus2,216.43,756.76,021.3
Toujeo4,277.37,821.212,835.2
Soliqua924.91,573.42,490.7
Plavix2,012.23,744.06,283.2
Lovenox903.31,553.82,606.8
Praluent1,786.23,245.95,286.7
Aprovel990.31,852.53,132.0
Multaq322.6641.81,062.9
Apidra505.2920.31,535.8
Synvisc358.9651.11,088.7
Other medicines4,882.98,667.113,596.7
Industrial sales405.7600.3852.9
SP0202(208.8)393.81,644.0
SP0256(231.5)(90.9)674.4
Early vaccine R&D(364.3)(384.5)(400.6)
Rounding14.916.818.7
VaxServe401.4654.1997.7
Manufacturing317.5562.3885.1
Retained Opella distribution127.7137.2364.0
Other royalties451.2845.01,357.7
Opella supply65.1112.6180.0
Libtayo royalty686.91,087.91,474.7
Sensitivities

Discount rate × Dupixent sales

EUR / ordinary share0.8×0.9×1×1.1×1.2×
6.5%66.6867.5568.4269.2970.16
7.5%61.2562.0662.8763.6764.48
8.5%56.4557.2057.9558.7059.45
9.5%52.1852.8853.5854.2854.98
10.5%48.3749.0249.6850.3350.99

Literature

Unassessed corrections
Overlapping cohorts