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Derivative financial instruments and market risks (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Summary of Fair Value of Derivative Instruments | The table below shows the fair value of derivative instruments as of December 31, 2022, 2021 and 2020:
(€ million) | Non-current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Market value at December 31, 2022 (net) | Market value at December 31, 2021 (net) | Market value at December 31, 2020 (net)
Currency derivatives | — |  | 206 |  | 206 |  | — |  | (94) |  | (94) |  | 112 |  | 222 |  | (209) |
operating | — |  | 88 |  | 88 |  | — |  | (66) |  | (66) |  | 22 |  | 10 |  | 7 |
financial | — |  | 118 |  | 118 |  | — |  | (28) |  | (28) |  | 90 |  | 212 |  | (216) |
Interest rate derivatives | — |  | — |  | — |  | (232) |  | — |  | (232) |  | (232) |  | 7 |  | 20 |
Equity derivatives | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (16) |  | (26) |
Total | — |  | 206 |  | 206 |  | ( 232) | ( 94) | ( 326) | ( 120) | 213 |  | ( 215)
Summary of Operating Currency Hedging Instruments | The table below shows operating currency hedging instruments in place as of December 31, 2022, with the notional amount translated into euros at the relevant closing exchange rate:
December 31, 2022 |  |  | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value
Forward currency sales | 5,403 |  | 49 |  | — |  | — |  | — |  | 5,403 |  | 49 |
of which US dollar | 2,732 |  | 56 |  | — |  | — |  | — |  | 2,732 |  | 56 |
of which Chinese yuan renminbi | 576 |  | 2 |  | — |  | — |  | — |  | 576 |  | 2 |
of which Japanese yen | 240 |  | (5) |  | — |  | — |  | — |  | 240 |  | (5) |
of which Singapore dollar | 180 |  | 1 |  | — |  | — |  | — |  | 180 |  | 1 |
of which Korean won | 179 |  | (14) |  | — |  | — |  | — |  | 179 |  | (14) |
Forward currency purchases | 3,459 |  | (27) |  | — |  | — |  | — |  | 3,459 |  | (27) |
of which US dollar | 2,047 |  | (21) |  | — |  | — |  | — |  | 2,047 |  | (21) |
of which Singapore dollar | 375 |  | (7) |  | — |  | — |  | — |  | 375 |  | (7) |
of which Chinese yuan renminbi | 142 |  | — |  | — |  | — |  | — |  | 142 |  | — |
of which Korean won | 130 |  | 4 |  | — |  | — |  | — |  | 130 |  | 4 |
of which Taiwan dollar | 84 |  | — |  | — |  | — |  | — |  | 84 |  | — |
Total | 8,862 |  | 22 |  | — |  | — |  | — |  | 8,862 |  | 22 |
The table below shows operating currency hedging instruments in place as of December 31, 2021, with the notional amount translated into euros at the relevant closing exchange rate:
December 31, 2021 |  |  | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value
Forward currency sales | 3,912 |  | 4 |  | – | – | – | 3,912 |  | 4 |
of which US dollar | 1,392 |  | 5 |  | – | – | – | 1,392 |  | 5 |
of which Chinese yuan renminbi | 665 |  | (2) |  | – | – | – | 665 |  | (2) |
of which Singapore dollar | 355 |  | (1) |  | – | – | – | 355 |  | (1) |
of which Japanese yen | 199 |  | 3 |  | – | – | – | 199 |  | 3 |
of which Taiwan dollar | 122 |  | (1) |  | – | – | – | 122 |  | (1) |
Forward currency purchases | 2,374 |  | 6 |  | – | – | – | 2,374 |  | 6 |
of which US dollar | 833 |  | (2) |  | – | – | – | 833 |  | (2) |
of which Singapore dollar | 696 |  | 7 |  | – | – | – | 696 |  | 7 |
of which Chinese yuan renminbi | 255 |  | — |  | – | – | – | 255 |  | — |
of which Hungarian forint | 77 |  | — |  | – | – | – | 77 |  | — |
of which Russian rouble | 72 |  | (1) |  | – | – | – | 72 |  | (1) |
Total | 6,286 |  | 10 |  | – | – | – | 6,286 |  | 10 |
The table below shows operating currency hedging instruments in place as of December 31, 2020, with the notional amount translated into euros at the relevant closing exchange rate:
December 31, 2020 |  |  | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value
Forward currency sales | 3,477 |  | 7 |  | — |  | — |  | — |  | 3,477 |  | 7 |
of which US dollar | 1,367 |  | 10 |  | — |  | — |  | — |  | 1,367 |  | 10 |
of which Chinese yuan renminbi | 521 |  | 2 |  | — |  | — |  | — |  | 521 |  | 2 |
of which Singapore dollar | 287 |  | (1) |  | — |  | — |  | — |  | 287 |  | (1) |
of which Japanese yen | 143 |  | 1 |  | — |  | — |  | — |  | 143 |  | 1 |
of which Mexican peso | 121 |  | — |  | — |  | — |  | — |  | 121 |  | — |
Forward currency purchases | 1,932 |  | — |  | — |  | — |  | — |  | 1,932 |  | — |
of which US dollar | 580 |  | (1) |  | — |  | — |  | — |  | 580 |  | (1) |
of which Singapore dollar | 571 |  | (1) |  | — |  | — |  | — |  | 571 |  | (1) |
of which Chinese yuan renminbi | 286 |  | 1 |  | — |  | — |  | — |  | 286 |  | 1 |
of which Russian rouble | 61 |  | — |  | — |  | — |  | — |  | 61 |  | — |
of which Japanese yen | 55 |  | — |  | — |  | — |  | — |  | 55 |  | — |
Total | 5,409 |  | 7 |  | — |  | — |  | — |  | 5,409 |  | 7 |
Disclosure of Financial Currency Hedging Instruments in Place with Notional Amount Translated | The table below shows financial currency hedging instruments in place, with the notional amount translated into euros at the relevant closing exchange rate:
| 2022 | 2021 | 2020
(€ million) | Notional amount |  | Fair value | Expiry | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry
Forward currency sales | 7,559 |  |  | 66 |  |  | 7,655 |  | 15 |  |  | 5,064 |  | 10 |  |
of which US dollar | 6,114 |  | (a) | 59 |  | 2023 | 5,384 |  | 23 |  | 2022 | 3,721 |  | 20 |  | 2021
of which Pound sterling | 384 |  |  | 7 |  | 2023 | 309 |  | (2) |  | 2022 | 257 |  | (6) |  | 2021
of which Chinese yuan renminbi | 203 |  |  | 2 |  | 2023 | 70 |  | (2) |  | 2022 | 26 |  | — |  | 2021
Forward currency purchases | 4,997 |  |  | 24 |  |  | 9,293 |  | 197 |  |  | 9,004 |  | (226) |  |
of which US dollar | 2,011 |  | (b) (c) | (4) |  | 2023 | 4,816 |  | 128 |  | 2022 | 6,068 |  | (200) |  | 2021
of which Singapore dollar | 2,154 |  | (d) | 22 |  | 2023 | 2,910 |  | 75 |  | 2022 | 2,250 |  | (27) |  | 2021
of which Japanese yen | 205 |  |  | 4 |  | 2023 | 235 |  | (2) |  | 2022 | 68 |  | — |  | 2021
Total | 12,556 |  |  | 90 |  |  | 16,948 |  | 212 |  |  | 14,068 |  | (216) |  |
(a) Includes forward sales with a notional amount of $3,615 million expiring in 2023, designated as a hedge of Sanofi’s net investment in Bioverativ. As of December 31, 2022, the fair value of these forward contracts represented an asset of €38 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (b) Includes forward purchases with a notional amount of $1,000 million expiring in 2023, designated as a fair value hedge of the exposure of $1,000 million of bond issues to fluctuations in the EUR/USD spot rate. As of December 31, 2022, the fair value of the contracts was an asset of €3 million, the opposite entry for €0.6 million of which was debited to “Other comprehensive income” under the cost of hedging accounting treatment. (c) Includes receiver currency swaps with a notional amount of $1,000 million expiring in 2023, designated as a fair value hedge of the exposure of an equivalent amount of intragroup current accounts to fluctuations in the EUR/USD spot rate. As of December 31, 2022, the fair value of the swaps was a liability of €2 million, the opposite entry for €1.4 million of which was credited to “Other comprehensive income” under the cost of hedging accounting treatment. (d) Includes forward purchases with a notional amount of SGD1,500 million expiring in 2023, designated as a fair value hedge of the exposure of an equivalent amount of intragroup current accounts to fluctuations in the EUR/SGD spot rate. As of December 31, 2022, the fair value of the contracts was an asset of €33 million, the opposite entry for €2.5 million of which was credited to “Other comprehensive income” under the cost of hedging accounting treatment
Disclosure of Instruments | The table below shows interest rate hedging instruments in place as of December 31, 2022:
| Notional amounts by expiry date as of December 31, 2022 |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |
pay SOFR USD/receive 1.03% | — |  | — |  | — |  | — |  | — |  | 467 |  | 467 |  | (62) |  | 467 |  | (62) |  | — |  | — |  | — |
pay SOFR USD/receive 1.32% | — |  | — |  | — |  | — |  | — |  | 467 |  | 467 |  | (56) |  | 467 |  | (56) |  | — |  | — |  | — |
pay capitalized Ester/receive 0.69% | — |  | — |  | 850 |  | — |  | — |  | — |  | 850 |  | (43) |  | 850 |  | (43) |  | — | — | —
pay capitalized Ester/receive 0.92% | — |  | — |  | — |  | — |  | — |  | 650 |  | 650 |  | (71) |  | 650 |  | (71) |  | — | — | —
Total | — |  | — |  | 850 |  | — |  | — |  | 1,584 |  | 2,434 |  | (232) |  | 2,434 |  | (232) |  | — |  | — |  | — |
The table below shows interest rate hedging instruments in place as of December 31, 2021:
| Notional amounts by expiry date as of December 31, 2021 |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |
pay capitalized EONIA/receive 0.06% | 2,000 |  | — |  | — |  | — |  | — |  | — |  | 2,000 |  | 10 |  | 2,000 |  | 10 |  | — |  | — |  | — |
pay -0.57%/receive capitalized EONIA | 600 |  | — |  | — |  | — |  | — |  | — |  | 600 |  | 1 |  | — |  | — |  | 600 |  | 1 |  | — |
pay SOFR USD/receive 1.03% | — |  | — |  | — |  | — |  | — |  | 440 |  | 440 |  | (5) |  | 440 |  | (5) |  | — |  | — |  | — |
pay SOFR USD/receive 1.32% | — |  | — |  | — |  | — |  | — |  | 440 |  | 440 |  | 3 |  | 440 |  | 3 |  | — |  | — |  | — |
receive capitalized EONIA/pay 1.48%(a) | 42 |  | 57 |  | — |  | — |  | — |  | — |  | 99 |  | (3) |  | 99 |  | (3) |  | — |  | — |  | — |
Total | 2,642 |  | 57 |  | — |  | — |  | — |  | 880 |  | 3,579 |  | 7 |  | 2,979 |  | 6 |  | 600 |  | 1 |  | — |
(a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). The table below shows interest rate hedging instruments in place as of December 31, 2020:
| Notional amounts by expiry date as of December 31, 2020 |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |
pay capitalized EONIA/receive 0.06% | — |  | 2,000 |  | — |  | — |  | — |  | — |  | 2,000 |  | 23 |  | 2,000 |  | 23 |  | — |  | — |  | — |
pay -0.57%/receive capitalized EONIA | — |  | 600 |  | — |  | — |  | — |  | — |  | 600 |  | 1 |  | — |  | — |  | 600 |  | 1 |  | 1 |
receive capitalized Eonia/pay 1.48%(a) | — |  | 42 |  | 57 |  | — |  | — |  | — |  | 99 |  | (4) |  | 99 |  | (4) |  | — |  | — |  | — |
Total | — |  | 2,642 |  | 57 |  | — |  | — |  | — |  | 2,699 |  | 20 |  | 2,099 |  | 19 |  | 600 |  | 1 |  | 1 |
(a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.).
Disclosure of Actual or Potential Effects of Netting Arrangements | The table below is prepared in accordance with the accounting policies described in Note B.8.3.:
(€ million) | 2022 | 2021 | 2020
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities
Gross carrying amounts before offset (a) | 206 |  | (326) |  | 298 |  | (85) |  | 82 |  | (297) |
Gross amounts offset (in accordance with IAS 32) (b) | — |  | — |  | — |  | — |  | — |  | — |
Net amounts as reported in the balance sheet (a) - (b) = (c) | 206 |  | (326) |  | 298 |  | (85) |  | 82 |  | (297) |
Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) | — |  | — |  |  |  |  |
Financial instruments | (160) |  | 160 |  | (67) |  | 67 |  | (81) |  | 81 |
Fair value of financial collateral | N/A | N/A | N/A | N/A | N/A | N/A
Net exposure (c) + (d) | 46 |  | (166) |  | 231 |  | (18) |  | 1 |  | (216) |

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