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No dated long-range management revenue target; latest reported total-revenue growth feeds the uniform rules, with EYLEA erosion and unapproved-pipeline uncertainty disclosed. Every input is cited on the full report.
Research updated 2026-10-23 00:35:04 UTCBUY below 80% of FV · WATCH from 80% to 150% · SELL above 150%. Thresholds use unrounded fair values.
REPORTED FIGURES / LATEST SEC FILING
SEC 10-Q ↗ · quarter ended 2026-06-30 · filed 2026-07-30 · checked 2026-10-29 01:24 UTC; an earnings release published before the 10-Q or 10-K is not included.
RECONCILED Business rows reconcile to SEC revenue from the same filing and reporting period. Unverified segment profits remain blank.
Non-overlapping reported revenue lines, 2026-04-01 to 2026-06-30. Reported results; the valuation above uses the dated research assumptions.
| Business | Revenue | Share of revenue | Operating profit | Margin |
|---|---|---|---|---|
| Own product sales | $1.642B | 38.3% | — | — |
| Sanofi collaboration | $2.174B | 50.7% | — | — |
| Bayer collaboration | $0.276B | 6.4% | — | — |
| Other collaboration | $0.005B | 0.1% | — | — |
| Other revenue | $0.193B | 4.5% | — | — |
| Consolidated revenue | $4.291B | 100% | — |
Accession 0000872589-26-000025
Revenues Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 $ Change 2026 2025 $ Change Total net product sales $ 1,642.4; Total revenues $ 4,290.7
Revenues Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 $ Change 2026 2025 $ Change Sanofi $ 2,174.3; Total revenues $ 4,290.7
Revenues Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 $ Change 2026 2025 $ Change Bayer 276.2; Total revenues $ 4,290.7
Revenues Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 $ Change 2026 2025 $ Change Other 4.5; Total revenues $ 4,290.7
Revenues Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 $ Change 2026 2025 $ Change Other revenue 193.3; Total revenues $ 4,290.7
THE COMPANY
Commercial biotechnology portfolio and pipeline
Businesses: Commercial biotechnology portfolio and pipeline
EVIDENCE
Read the full valuation for each business, the assumptions behind it and the cited evidence.