·制药 ·内部研究
Sanofi SA: A Pure-Play in Transition, Still Proving Life After Dupixent
Sanofi is a French pure-play biopharma built around immunology, vaccines, and rare disease after ceding control of Opella. Dupixent alone reached 15.714 billion EUR of 2025 sales, about 36% of group revenue, and still grew 30.8% in Q1 2026, yet the market withholds a growth multiple until a post-Dupixent bridge is proven ahead of the roughly 2031 patent cliff. Rating Hold: a cleaner, cash-generative business at a cheapish multiple with 8.089 billion EUR of 2025 free cash flow, but no wide margin of safety on the hard part of the story.
Hold
