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Derivative financial instruments and market risks (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Summary of Fair Value of Derivative Instruments | The table below shows the fair value of derivative instruments as of December 31, 2023, 2022 and 2021:
(€ million) | Non-current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Market value at December 31, 2023 (net) | Market value at December 31, 2022 (net) | Market value at December 31, 2021 (net)
Currency derivatives | — |  | 201 |  | 201 |  | — |  | (126) |  | (126) |  | 75 |  | 112 |  | 222 |
operating | — |  | 67 |  | 67 |  | — |  | (45) |  | (45) |  | 22 |  | 22 |  | 10 |
financial | — |  | 134 |  | 134 |  | — |  | (81) |  | (81) |  | 53 |  | 90 |  | 212 |
Interest rate derivatives | — |  | — |  | — |  | (164) |  | (1) |  | (165) |  | (165) |  | (232) |  | 7 |
Equity derivatives | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (16) |
Total | — |  | 201 |  | 201 |  | (164) |  | (127) |  | (291) |  | (90) |  | ( 120) | 213 |
Summary of Operating Currency Hedging Instruments | The table below shows operating currency hedging instruments in place as of December 31, 2023, with the notional amount translated into euros at the relevant closing exchange rate:
December 31, 2023 |  |  | 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 | 6,112 |  | 30 |  | — |  | — |  | — |  | 6,112 |  | 30 |
of which US dollar | 2,981 |  | 35 |  | — |  | — |  | — |  | 2,981 |  | 35 |
of which Chinese yuan renminbi | 788 |  | 7 |  | — |  | — |  | — |  | 788 |  | 7 |
of which Singapore dollar | 419 |  | (1) |  | — |  | — |  | — |  | 419 |  | (1) |
of which Japanese yen | 339 |  | (6) |  | — |  | — |  | — |  | 339 |  | (6) |
of which Korean won | 192 |  | (4) |  | — |  | — |  | — |  | 192 |  | (4) |
Forward currency purchases | 4,246 |  | (8) |  | — |  | — |  | — |  | 4,246 |  | (8) |
of which US dollar | 2,022 |  | (12) |  | — |  | — |  | — |  | 2,022 |  | (12) |
of which Singapore dollar | 876 |  | — |  | — |  | — |  | — |  | 876 |  | — |
of which Chinese yuan renminbi | 364 |  | (1) |  | — |  | — |  | — |  | 364 |  | (1) |
of which Korean won | 137 |  | 2 |  | — |  | — |  | — |  | 137 |  | 2 |
of which Japanese yen | 123 |  | 1 |  | — |  | — |  | — |  | 123 |  | 1 |
Total | 10,358 |  | 22 |  | — |  | — |  | — |  | 10,358 |  | 22 |
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 |
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:
| 2023 | 2022 | 2021
(€ million) | Notional amount |  | Fair value | Expiry | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry
Forward currency sales | 10,279 |  |  | 111 |  |  | 7,559 |  | 66 |  |  | 7,655 |  | 15 |  |
of which US dollar | 6,628 |  | (a) | 101 |  | 2024 | 6,114 |  | 59 |  | 2023 | 5,384 |  | 23 |  | 2022
of which Singapore dollar | 1,556 |  |  | 6 |  | 2024 | — |  | — |  |  | — |  | — |  |
of which Chinese yuan renminbi | 513 |  |  | 4 |  | 2024 | 203 |  | 2 |  | 2023 | 70 |  | (2) |  | 2022
Forward currency purchases | 7,055 |  |  | (58) |  |  | 4,997 |  | 24 |  |  | 9,293 |  | 197 |  |
of which US dollar | 3,073 |  | (b) (c) | (52) |  | 2024 | 2,011 |  | (4) |  | 2023 | 4,816 |  | 128 |  | 2022
of which Singapore dollar | 2,696 |  |  | (10) |  | 2024 | 2,154 |  | 22 |  | 2023 | 2,910 |  | 75 |  | 2022
of which Japanese yen | 341 |  |  | 3 |  | 2024 | 205 |  | 4 |  | 2023 | 235 |  | (2) |  | 2022
Total | 17,334 |  |  | 53 |  |  | 12,556 |  | 90 |  |  | 16,948 |  | 212 |  |
(a) Includes forward sales with a notional amount of $3,615 million expiring in 2024, designated as a hedge of Sanofi’s net investment in Bioverativ. As of December 31, 2023, the fair value of these forward contracts represented an asset of €54 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 2024, 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, 2023, the fair value of the contracts was a liability of €31 million, the opposite entry for €2.7 million of which was credited to “Other comprehensive income” under the cost of hedging accounting treatment. (c) Includes forward purchases with a notional amount of $1,044 million expiring in 2024, designated as a fair value hedge of the exposure of an equivalent amount of commercial paper. As of December 31, 2023, the fair value of the swaps was a liability of €3 million, the opposite entry for €0.7 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, 2023:
| Notional amounts by expiry date as of December 31, 2023 |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |
pay capitalized SOFR USD/receive 1.03% | — |  | — |  | — |  | — |  | 453 |  | — |  | 453 |  | (49) |  | 453 |  | (49) |  | — |  | — |  | — |
pay capitalized SOFR USD/receive 1.32% | — |  | — |  | — |  | — |  | 453 |  | — |  | 453 |  | (43) |  | 453 |  | (43) |  | — |  | — |  | — |
pay capitalized Ester/receive 0.69% | — |  | 850 |  | — |  | — |  | — |  | — |  | 850 |  | (28) |  | 850 |  | (28) |  | — | — | —
pay capitalized Ester/receive 0.92% | — |  | — |  | — |  | — |  | — |  | 650 |  | 650 |  | (44) |  | 650 |  | (44) |  | — | — | —
pay capitalized Ester / receive 3.43% | 999 |  | — |  | — |  | — |  | — |  | — |  | 999 |  | (1) |  | 999 |  | (1) |  | — | — | —
Total | 999 |  | 850 |  | — |  | — |  | 906 |  | 650 |  | 3,405 |  | (165) |  | 3,405 |  | (165) |  | — |  | — |  | — |
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 capitalized SOFR USD/receive 1.03% | — |  | — |  | — |  | — |  | — |  | 467 |  | 467 |  | (62) |  | 467 |  | (62) |  | — |  | — |  | — |
pay capitalized 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 capitalized USD SOFR/receive 1.03% | — |  | — |  | — |  | — |  | — |  | 440 |  | 440 |  | (5) |  | 440 |  | (5) |  | — |  | — |  | — |
pay capitalized USD SOFR/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 “Long-term loans and advances and other non-current 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) | 2023 | 2022 | 2021
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities
Gross carrying amounts before offset (a) | 201 |  | (291) |  | 206 |  | (326) |  | 298 |  | (85) |
Gross amounts offset (in accordance with IAS 32) (b) | — |  | — |  | — |  | — |  | — |  | — |
Net amounts as reported in the balance sheet (a) - (b) = (c) | 201 |  | (291) |  | 206 |  | (326) |  | 298 |  | (85) |
Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) | — |  | — |  |  |  |  |
Financial instruments | (171) |  | 171 |  | (160) |  | 160 |  | (67) |  | 67 |
Fair value of financial collateral | N/A | N/A | N/A | N/A | N/A | N/A
Net exposure (c) + (d) | 30 |  | (120) |  | 46 |  | (166) |  | 231 |  | (18) |

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