GSK vs Sanofi: Revenue, Profit and Business Model
GSK reported ~$43.1B of revenue in FY2025 and ~$7.5B of net income. Sanofi reported ~$49.3B of revenue in FY2025 and ~$8.8B of net income.
Latest financial snapshot
Financial summary
GSK
GSK reported 2025 turnover of ~$43.2 billion (£32.7 billion) (+4% at actual rates, +7% at constant currency), operating profit of ~$10.4 billion (£7.9 billion), profit attributable to shareholders of ~$7.52 billion (£5.7 billion), and earnings per share of 141.1p. Cash generated from operations was ~$11.7 billion (£8.9 billion) and free cash flow ~$5.28 billion (£4.0 billion). In Q2 2026, sales rose 5% to ~$11.1 billion (£8.4 billion) and core operating profit rose 7% to ~$3.7 billion (£2.8 billion), beating consensus, while reported operating profit fell to ~$635 million (£481 million) because of the camlipixant impairment. H1 2026 turnover was ~$21.1 billion (£16.0 billion). GSK reaffirmed 2026 guidance of 3% to 5% turnover growth and 7% to 9% core operating profit growth, expects a 70p dividend for 2026, and launched a three-year plan targeting ~$2.51 billion (£1.9 billion) of annual savings by 2029.
Sanofi
Sanofi's finances now hinge on Dupixent. Sales of the antibody reached ~$17.7 billion (EUR15.7 billion) in 2025 and ~$5.88 billion (EUR5.2 billion) in Q2 2026 alone, up 37.6%, and management has targeted around $24.9 billion (EUR22 billion) by 2030. Group net sales grew from ~$46.4 billion (EUR41.081 billion) in 2024 to ~$49.3 billion (EUR43.626 billion) in 2025, free cash flow was about $9.15 billion (EUR8.1 billion), and Q2 2026 business EPS rose 33.3% at CER to EUR2.09. The 2025 Opella deal turned the consumer business into a 48.2% equity stake and brought in cash that Sanofi used for acquisitions such as Blueprint Medicines and share buybacks.
Revenue and profit by year
GSK
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$43.1B | ~$7.5B | 17.5% | +4.1% | Source |
| FY2024 | ~$41.4B | ~$3.4B | 8.2% | +3.5% | Source |
| FY2023 | ~$40B | ~$6.5B | 16.2% | +3.4% | Source |
| FY2022 | ~$38.7B | ~$19.7B | 51.0% | +18.7% | Source |
| FY2021 | ~$32.6B | ~$5.8B | 17.8% | +1.4% | Source |
| FY2020 | ~$32.1B | ~$7.6B | 23.6% | -27.8% | Source |
| FY2019 | ~$44.6B | ~$6.1B | 13.8% | +9.5% | Source |
| FY2018 | ~$40.7B | ~$4.8B | 11.8% | +2.1% | Source |
| FY2017 | ~$39.8B | ~$2B | 5.1% | +8.2% | Source |
| FY2016 | ~$36.8B | ~$1.2B | 3.3% | — | Source |
Where the revenue comes from
GSK
- Specialty Medicines~41%
Specialty Medicines generated ~$17.8 billion (GBP 13.5 billion) in FY2025 sales, led by HIV, respiratory, immunology and inflammation, and oncology assets.
- Vaccines~28%
Vaccines generated ~$12.1 billion (GBP 9.2 billion) in FY2025 sales, including Shingrix, meningitis vaccines, Arexvy, and other infectious-disease products.
- General Medicines~31%
General Medicines generated ~$13.2 billion (GBP 10.0 billion) in FY2025 sales, with established respiratory, anti-infective, and other medicines providing cash flow and scale.
Sanofi
- Dupixent
Antibody for atopic dermatitis, asthma, COPD and other type 2 diseases, shared with Regeneron; ~$17.7B (EUR15.7B) in 2025.
- Vaccines
Influenza, pediatric, meningitis, travel vaccines and Beyfortus; ~$8.93B (EUR7.9B) in 2025.
- Pharma launches
Newer medicines such as ALTUVIIIO, Ayvakit, Sarclisa and Tzield; ~$4.41B (EUR3.9B) in 2025.
- Other medicines
Established products including rare disease enzyme therapies, Toujeo, Lantus, Plavix and Lovenox; ~$18.2B (EUR16.1B) in 2025.
Business model and strategy
GSK
How it makes money
GSK makes money by discovering, manufacturing and selling prescription medicines and vaccines, mostly to health systems, insurers, pharmacies and governments. Its sales are reported in three groups.
Growth strategy
Under Luke Miels, GSK is combining targeted acquisitions with faster R&D. Deals since 2025 include IDRx (GIST, January 2025), efimosfermin from Boston Pharmaceuticals ($1.2 billion upfront, July 2025) and Nuvalent ($10.6 billion, completed July 2026).
Competitive advantage
GSK's advantages are scale in vaccine manufacturing, a long-acting HIV portfolio through ViiV Healthcare, and the AS01 adjuvant system used in Shingrix and Arexvy. Vaccines are hard to copy because they depend on biological manufacturing, cold-chain distribution and long-term government contracts.
Sanofi
How it makes money
Sanofi makes money by developing, manufacturing and selling prescription medicines and vaccines to hospitals, pharmacies, wholesalers, insurers and government health systems.
Growth strategy
Sanofi's strategy, set under Paul Hudson's 2019 'Play to Win' plan and now being tightened by Belén Garijo, is to concentrate on immunology, rare diseases, neurology and vaccines.
Competitive advantage
Sanofi's edge rests on two assets that are hard to copy. Dupixent is approved across a long list of type 2 inflammatory diseases, from atopic dermatitis and asthma to COPD and chronic spontaneous urticaria, which gives it unusual breadth for a single antibody.
Questions about GSK vs Sanofi
Which company has higher revenue — GSK plc or Sanofi S.A.?
GSK plc reported ~$43.1B (FY2025), while Sanofi S.A. reported ~$49.3B (FY2025). By last reported revenue, Sanofi S.A. is the larger business, with GSK plc reporting a smaller revenue base.
What is the market cap of GSK plc vs Sanofi S.A.?
GSK plc's market capitalisation stands at $100.0B, while Sanofi S.A.'s is $100.0B. GSK plc carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Sanofi S.A..
Which is more financially efficient — GSK plc or Sanofi S.A.?
GSK plc generates $646k / employee in revenue per employee, while Sanofi S.A. generates $659k / employee. Sanofi S.A. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do GSK plc and Sanofi S.A. make money?
GSK plc and Sanofi S.A. generate revenue in fundamentally different ways. GSK plc: GSK makes money by discovering, manufacturing and selling prescription medicines and vaccines, mostly to health systems, insurers, pharmacies and governments. Sanofi S.A.: Sanofi makes money by developing, manufacturing and selling prescription medicines and vaccines to hospitals, pharmacies, wholesalers, insurers and government health systems.
Which company is valued higher relative to revenue — GSK plc or Sanofi S.A.?
On a price-to-sales (P/S) basis, GSK plc trades at 2.3x P/S and Sanofi S.A. at 2.0x P/S. GSK plc commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Sanofi S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is GSK plc bigger than Sanofi S.A.?
By last reported revenue, Sanofi S.A. (~$49.3B (FY2025)) is the larger company compared to GSK plc (~$43.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the GSK vs Sanofi overview