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Liabilities related to business combinations and to non-controlling interests | 12 Months Ended
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Dec. 31, 2023
Business Combination [Abstract] |
Liabilities related to business combinations and to non-controlling interests | Liabilities related to business combinations and to non-controlling interests For a description of the nature of the liabilities reported in the line item Liabilities related to business combinations and to non-controlling interests, refer to Note B.8.5. The principal acquisitions are described in Notes D.1. and D.2. The liabilities related to business combinations and to non-controlling interests shown in the table below are level 3 instruments under the IFRS 7 fair value hierarchy (see Note D.12.). Movements in liabilities related to business combinations and to non-controlling interests are shown below:
(€ million) |  |  | Bayer contingent consideration arising from the acquisition of Genzyme | MSD contingent consideration (European Vaccines business) | Shire contingent consideration arising from the acquisition of Translate Bio | Contingent consideration arising from acquisition of Amunix | Other | Total(a)
Balance at January 1, 2021 |  |  | 104 |  | 312 |  | — |  | — |  | 189 |  | 605 |
New transactions(c) |  |  | — |  | — |  | 323 |  | — |  | 37 |  | 360 |
Payments made(d) |  |  | (31) |  | (75) |  | — |  | — |  | (152) |  | (258) |
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) |  |  | (18) |  | 26 |  | 19 |  | — |  | (31) |  | (4) |
Other movements |  |  | — |  | — |  | — |  | — |  | (14) |  | (14) |
Currency translation differences |  |  | 4 |  | 6 |  | 12 |  | — |  | 3 |  | 25 |
Balance at December 31, 2021 |  |  | 59 |  | 269 |  | 354 |  | — |  | 32 |  | 714 |
New transactions |  |  | — |  | — |  | — |  | 156 |  | — |  | 156 |
Payments made |  |  | (29) |  | (79) |  | — |  | — |  | (28) |  | (136) |
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) |  |  | (9) |  | 14 |  | 2 |  | (2) |  | — |  | 5 |
Other movements |  |  | — |  | — |  | — |  | — |  | — |  | — |
Currency translation differences |  |  | 5 |  | — |  | 24 |  | 11 |  | — |  | 40 |
Balance at December 31, 2022 |  |  | 26 |  | 204 |  | 380 |  | 165 |  | 4 |  | 779 |
New transactions |  |  | — |  | — |  | — |  | — |  | — |  | — |
Payments made |  |  | (21) |  | (77) |  | — |  | (69) |  | — |  | (167) |
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) |  |  | (5) |  | — |  | 74 |  | 45 |  | — |  | 114 |
Other movements |  |  | — |  | — |  | — |  | — |  | — |  | — |
Currency translation differences |  |  | — |  | — |  | (13) |  | (4) |  | — |  | (17) |
Balance at December 31, 2023 |  |  | — |  | 127 |  | 441 |  | 137 |  | 4 |  | 709 |
(a) Portion due after more than one year: €501 million as of December 31, 2023 (€674 million as of December 31, 2022 and €577 million as of December 31, 2021); portion due within less than one year: €208 million as of December 31, 2023 (€105 million as of December 31, 2022 and €137 million as of December 31, 2021). (b) Amounts reported within the income statement line item Fair value remeasurement of contingent consideration, and mainly comprising unrealized gains and losses. (c) Mainly corresponds to the recognition of the Shire Human Genetic Therapies Inc. (Shire) contingent consideration liability of $382 million resulting from the acquisition of Translate Bio in September 2021. (d) The “Other” column mainly relates to the contingent consideration liability due to True North Therapeutics as a result of Sanofi's acquisition of Bioverativ which was settled in the first half of 2021. As of December 31, 2023, Liabilities related to business combinations and to non-controlling interests mainly comprised: •the MSD contingent consideration liability arising from the 2016 acquisition of the Sanofi Pasteur activities carried on within the former Sanofi Pasteur MSD joint venture, which amounted to €127 million as of December 31, 2023, €204 million as of December 31, 2022 and €269 million as of December 31, 2021 (see Note D.12.). The fair value of this contingent consideration is determined by applying the royalty percentage stipulated in the contract to discounted sales projections. If the discount rate were to fall by one percentage point, the fair value of the MSD contingent consideration liability would increase by approximately 1%; •a contingent consideration liability towards Shire Human Genetic Therapies Inc. (Shire) arising from Sanofi’s acquisition of Translate Bio in September 2021. In a business combination carried out in December 2016 and predating the acquisition of control by Sanofi, Translate Bio (then called Rana Therapeutics, Inc.) acquired from Shire the intellectual property rights relating to the latter’s Messenger RNA Therapeutics (MRT) program. As of December 31, 2023, Shire was entitled to receive the following potential payments: –milestone payments contingent on the launch of products based on MRT technology, and on the attainment of a specified level of sales of those products, and –a percentage of sales of those products. The fair value of the Shire liability was measured at €441 million as of December 31, 2023, compared with €380 million as of December 31, 2022 and €354 million as of December 31, 2021; it was determined by applying the contractual terms to development and sales projections which were weighted to reflect the probability of success, and discounted. If the discount rate were to fall by one percentage point, the fair value of the Shire liability would increase by approximately 12%; •the contingent consideration liability arising from the 2022 acquisition of Amunix. The fair value of the liability is determined on the basis of the nominal value of payments due subject to the attainment of specified development milestones. The liability was measured at €137 million as of December 31, 2023 compared with €165 million as of December 31, 2022. If the discount rate were to fall by one percentage point, the fair value of the liability would increase by approximately 1%. The Bayer contingent consideration liability arising from Sanofi’s acquisition of Genzyme in 2011 was extinguished during 2023 in accordance with the contractual terms. The table below sets forth the maximum amount of contingent consideration payable in respect of already-marketed products:
December 31, 2023 | Total | Payments due by period
(€ million) | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years
Commitments relating to contingent consideration in connection with business combinations | 133 |  | 69 |  | 64 |  | — |  | — |
The nominal amount of contingent consideration was €604 million as of December 31, 2022 and €689 million as of December 31, 2021.

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- Definition The entire disclosure for liabilities related to business combination and to non-controlling interests. + References No definition available. + Details
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