SAN.PA · PEAD → 4

Sanofi reported Q1 2026 EPS of €1.34 on 2026-04-23, missing the €1.63 consensus by €0.29 (-17.8%).

Print-day reaction was a muted +1.2% versus the prior close, a notably shallow move given the magnitude of the EPS miss. The overnight gap to the T+1 open gave back -1.2%, erasing the print-day gain and suggesting no conviction in either direction after hours. Over the following two trading sessions (T+1 to T+3) the stock drifted a further -1.5%, consistent with gradual selling rather than a sharp capitulation. Cumulative abnormal return of -2.4% versus SPY.US sits inside the ±3% neutral band, producing a PEAD direction of none with conviction of 4; the read holds through 2026-07-21.