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Financial expenses and income | 12 Months Ended
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Dec. 31, 2023
Analysis of income and expense [abstract] |
Financial expenses and income | Financial expenses and income An analysis of Financial expenses and Financial income is set forth below:
(€ million) | 2023 | 2022 |  | 2021 |
Cost of debt(a) | (555) |  | (365) |  |  | (313) |  |
Interest income(b) | 533 |  | 241 |  |  | 54 |  |
Cost of net debt | (22) |  | (124) |  |  | (259) |  |
Non-operating foreign exchange gains/(losses) | (2) |  | (4) |  |  | 2 |  |
Unwinding of discounting of provisions(c) | (59) |  | (20) |  |  | (11) |  |
Net interest cost related to employee benefits | (73) |  | (47) |  |  | (44) |  |
Gains/(losses) on disposals of financial assets | (1) |  | 1 |  |  | 3 |  |
Net interest expense on lease liabilities | (39) |  | (40) |  |  | (35) |  |
Other(d) | (526) |  | — |  |  | 16 |  |
Net financial income/(expenses) | (722) |  | (234) |  |  | (328) |  |
comprising: Financial expenses | (1,313) |  | (440) |  |  | (368) |  |
Financial income | 591 |  | 206 |  |  | 40 |  |
(a) Includes net gains/(losses) on interest rate and currency derivatives used to manage debt: €(67) million in 2023, €(11) million in 2022, €14 million in 2021. (b) Includes net gains on interest rate and currency derivatives used to manage cash and cash equivalents: €(13) million in 2023, €68 million in 2022, €51 million in 2021. (c) Primarily on provisions for environmental risks, restructuring provisions, and provisions for product-related risks (see Note D.19.). (d) Includes a financial expense of €541 million (zero in 2022 and 2021) in respect of the liability recognized in the balance sheet for estimated future royalties on US sales of BEYFORTUS, which was remeasured as of December 31, 2023 to reflect the very successful US launch of the product (see Note C.2.). In 2023, 2022 and 2021, the impact of the ineffective portion of hedging relationships was not material.

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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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