Sensitivity analysis of multibody systems is essential for several applications, such as dynamics-based design optimization. Dynamic sensitivities, when needed, are often calculated by means of finite differences. This procedure is computationally expensive when the number of parameters is large, and numerical errors can severely limit its accuracy. This paper explores several analytical approaches to perform sensitivity analysis of multibody systems. Direct and adjoint sensitivity equations are developed in the context of Maggi's formulation of multibody dynamics equations. The approach can be generalized to other formulations of multibody dynamics as systems of ordinary differential equations (ODEs). The sensitivity equations are validated numerically against the third party code fatode and against finite difference solutions with real and complex perturbations.