ABSTRACT
Whereas most of technological trajectory research in evolutionary economics focuses on the sectoral level, our objective is to propose an analysis at the scale of the company. We are studying the leading pharmaceutical company Sanofi and focusing on the development of its vaccine technologies, a very topical issue in the Covid-19 context. What are the characteristics of Sanofi's vaccine technology trajectory and how can they explain the company's position in the Covid-19 crisis, i.e. its ability (or not) to innovate and respond to social demand for a vaccine? We contribute to technological trajectory literature by integrating a systemic dimension of the links between source and destination technology. Our ‘Knowledge Capital Approach' is based on patent citation data and network analysis. It has allowed us to identify the trajectory of Sanofi's vaccine technical system and to show its central position in its knowledge capital, where the technologies mastered by the company converge. These results can be viewed as paradoxical when considering Sanofi's lag in the Covid-19 race for a new vaccine. Our historical and qualitative approach adds to these findings by showing the role of strategic and institutional factors in explaining this situation. © 2023 Elsevier Ltd