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Segment information | 12 Months Ended
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Dec. 31, 2023
Operating Segments [Abstract] |
Segment information | Segment information As indicated in Note B.26., Sanofi has two operating segments with effect from January 1, 2023: Biopharma and Consumer Healthcare. In 2022, Sanofi reported three operating segments (Pharmaceuticals, Vaccines and Consumer Healthcare). The costs of the global support functions (Corporate Affairs, Finance, People & Culture, Legal, Ethics, Business Integrity & Global Security, Information Solutions & Technology, Sanofi Business Services, etc.), which are mainly managed centrally at group-wide level, were presented within the “Other” category. In 2023, Sanofi reviewed the presentation of its segment information following adjustments to its internal reporting systems in order to reflect (i) progress on the “Play to Win” strategy leading to the creation of the standalone Consumer Healthcare Global Business Unit (GBU) which, in addition to integrated research, development and production functions now also has its own dedicated global support functions (including Finance, People & Culture, Legal, Ethics, Business Integrity & Global Security, Information Solutions & Technology, Global Business Services, etc.); and (ii) organizational changes to Sanofi’s Manufacturing & Supply global function (previously known as Industrial Affairs). Consequently, with effect from January 1, 2023, Sanofi reports two operating segments: Biopharma and Consumer Healthcare. The Biopharma operating segment comprises commercial operations and research, development and production activities relating to the Specialty Care, General Medicines and Vaccines franchises, for all geographical territories. The segment’s results include the costs of global support functions that are not within the managerial responsibility of the Consumer Healthcare GBU. The Consumer Healthcare operating segment comprises commercial operations relating to Consumer Healthcare products, and research, development and production activities and global support functions (as listed above) dedicated to the segment, for all geographical territories. The Consumer Healthcare GBU segment’s results reflect all incurred costs of global support functions attributable to its business. The “Other” category comprises reconciling items, primarily but not limited to (i) gains and losses on centralized foreign exchange risk hedging transactions that cannot be allocated to the operating segments and (ii) gains and losses on retained commitments in respect of previously divested operations. D.35.1. Segment results D.35.1.1. Analysis of net sales The table below sets forth Sanofi’s net sales for the years ended December 31, 2023, 2022 and 2021:
(€ million) | Europe | United States | Other countries | 2023 | Europe | United States | Other countries | 2022(a) | Europe | United States | Other countries | 2021(b)
Biopharma | 8,835 |  | 17,265 |  | 11,790 |  | 37,890 |  | 8,498 |  | 16,985 |  | 12,329 |  | 37,812 |  | 8,426 |  | 13,246 |  | 11,621 |  | 33,293 |
Specialty Care | 3,206 |  | 11,917 |  | 2,917 |  | 18,040 |  | 3,016 |  | 10,848 |  | 2,593 |  | 16,457 |  | 2,764 |  | 7,847 |  | 2,141 |  | 12,752 |
of which | DUPIXENT | 1,224 |  | 8,145 |  | 1,346 |  | 10,715 |  | 940 |  | 6,346 |  | 1,007 |  | 8,293 |  | 649 |  | 3,971 |  | 629 |  | 5,249 |
| AUBAGIO | 437 |  | 460 |  | 58 |  | 955 |  | 511 |  | 1,420 |  | 100 |  | 2,031 |  | 512 |  | 1,312 |  | 131 |  | 1,955 |
| CEREZYME | 229 |  | 189 |  | 269 |  | 687 |  | 239 |  | 194 |  | 274 |  | 707 |  | 244 |  | 173 |  | 266 |  | 683 |
| FABRAZYME | 241 |  | 503 |  | 247 |  | 991 |  | 228 |  | 471 |  | 239 |  | 938 |  | 223 |  | 395 |  | 226 |  | 844 |
| MYOZYME/ LUMIZYME | 341 |  | 254 |  | 188 |  | 783 |  | 408 |  | 318 |  | 232 |  | 958 |  | 410 |  | 373 |  | 220 |  | 1,003 |
| JEVTANA | 12 |  | 230 |  | 78 |  | 320 |  | 33 |  | 275 |  | 83 |  | 391 |  | 112 |  | 253 |  | 90 |  | 455 |
| ALPROLIX | — |  | 440 |  | 100 |  | 540 |  | — |  | 406 |  | 98 |  | 504 |  | — |  | 332 |  | 82 |  | 414 |
| ELOCTATE | — |  | 341 |  | 130 |  | 471 |  | — |  | 450 |  | 130 |  | 580 |  | — |  | 429 |  | 134 |  | 563 |
General Medicines | 3,932 |  | 2,084 |  | 6,360 |  | 12,376 |  | 4,141 |  | 2,846 |  | 7,140 |  | 14,127 |  | 4,437 |  | 2,637 |  | 7,144 |  | 14,218 |
Core Assets | 1,988 |  | 1,485 |  | 2,797 |  | 6,270 |  | 1,917 |  | 1,653 |  | 2,819 |  | 6,389 |  | 1,868 |  | 1,315 |  | 2,585 |  | 5,768 |
of which | LOVENOX | 622 |  | 7 |  | 496 |  | 1,125 |  | 658 |  | 17 |  | 635 |  | 1,310 |  | 703 |  | 29 |  | 754 |  | 1,486 |
| TOUJEO | 441 |  | 213 |  | 469 |  | 1,123 |  | 421 |  | 283 |  | 413 |  | 1,117 |  | 394 |  | 259 |  | 316 |  | 969 |
| PLAVIX | 96 |  | 8 |  | 844 |  | 948 |  | 101 |  | 9 |  | 873 |  | 983 |  | 115 |  | 9 |  | 805 |  | 929 |
Non-Core Assets | 1,396 |  | 592 |  | 3,536 |  | 5,524 |  | 1,637 |  | 1,176 |  | 4,305 |  | 7,118 |  | 1,846 |  | 1,281 |  | 4,515 |  | 7,642 |
of which | LANTUS | 357 |  | 281 |  | 782 |  | 1,420 |  | 426 |  | 757 |  | 1,076 |  | 2,259 |  | 474 |  | 861 |  | 1,159 |  | 2,494 |
| Other non-core assets | 961 |  | 302 |  | 2,424 |  | 3,687 |  | 1,129 |  | 412 |  | 2,840 |  | 4,381 |  | 1,285 |  | 410 |  | 3,034 |  | 4,729 |
Industrial sales | 548 |  | 7 |  | 27 |  | 582 |  | 587 |  | 17 |  | 16 |  | 620 |  | 723 |  | 41 |  | 44 |  | 808 |
Vaccines | 1,697 |  | 3,264 |  | 2,513 |  | 7,474 |  | 1,341 |  | 3,291 |  | 2,596 |  | 7,228 |  | 1,225 |  | 2,762 |  | 2,336 |  | 6,323 |
of which | Polio/Pertussis/ Hib Vaccines | 297 |  | 398 |  | 1,470 |  | 2,165 |  | 325 |  | 456 |  | 1,504 |  | 2,285 |  | 306 |  | 470 |  | 1,383 |  | 2,159 |
| Influenza Vaccines | 694 |  | 1,406 |  | 569 |  | 2,669 |  | 681 |  | 1,737 |  | 559 |  | 2,977 |  | 729 |  | 1,366 |  | 533 |  | 2,628 |
Consumer Healthcare | 1,557 |  | 1,247 |  | 2,376 |  | 5,180 |  | 1,501 |  | 1,290 |  | 2,394 |  | 5,185 |  | 1,333 |  | 1,139 |  | 1,996 |  | 4,468 |
of which | Allergy | 70 |  | 412 |  | 287 |  | 769 |  | 55 |  | 439 |  | 276 |  | 770 |  | 49 |  | 371 |  | 192 |  | 612 |
| Pain Care | 502 |  | 180 |  | 424 |  | 1,106 |  | 555 |  | 212 |  | 424 |  | 1,140 |  | 515 |  | 196 |  | 382 |  | 1,093 |
| Digestive Wellness | 520 |  | 138 |  | 844 |  | 1,502 |  | 432 |  | 144 |  | 822 |  | 1,449 |  | 389 |  | 124 |  | 618 |  | 1,131 |
Total net sales | 10,392 |  | 18,512 |  | 14,166 |  | 43,070 |  | 9,999 |  | 18,275 |  | 14,723 |  | 42,997 |  | 9,759 |  | 14,385 |  | 13,617 |  | 37,761 |
(a) 2022 figures have been adjusted to take account of the two new operating segments, Biopharma and Consumer Healthcare, effective January 1, 2023. (b) Due to a lack of available data and the complex adjustments that would be required (particularly for our reporting tools), the 2021 figures have not been restated to reflect changes arising from our new organizational structure. D.35.1.2. Business operating income Sanofi reports segment results on the basis of “Business operating income”. This indicator is used internally by Sanofi’s chief operating decision maker to measure the performance of each operating segment and to allocate resources. “Business operating income” is derived from Operating income, adjusted as follows: •amortization and impairment losses charged against intangible assets (other than software and other rights of an industrial or operational nature), are eliminated; •fair value remeasurements of contingent consideration relating to business combinations (IFRS 3) or business divestments, and presented within the line item Fair value remeasurement of contingent consideration, are eliminated; •expenses arising from the remeasurement of inventories following business combinations (IFRS 3) or acquisitions of groups of assets that do not constitute a business within the meaning of paragraph 2b of IFRS 3, are eliminated; •amounts reported within the line items Restructuring costs and similar items are eliminated; •other gains and losses including gains and losses on major divestments, presented within the line item Other gains and losses, and litigation, are eliminated; •other costs and provisions related to litigation, presented within the line item Other gains and losses, and litigation, are eliminated; •upfront payments and regulatory milestone payments recognized within the line item Other operating income and related to transactions outside the ordinary activities of Sanofi are eliminated; •the share of profits/losses from investments accounted for using the equity method is added, to the extent that this relates to joint ventures and associates with which Sanofi has a strategic alliance; and •net income attributable to non-controlling interests is deducted. The table below shows Sanofi’s segment results for the years ended December 31, 2023, December 31, 2022 and December 31, 2021:
| 2023
(€ million) | Biopharma | Consumer Healthcare | Other(a) | Total Sanofi
Net sales | 37,890 |  | 5,180 |  | — |  | 43,070 |
Other revenues | 3,322 |  | 52 |  | — |  | 3,374 |
Cost of sales | (12,282) |  | (1,933) |  | (1) |  | (14,216) |
Research and development expenses | (6,509) |  | (219) |  | — |  | (6,728) |
Selling and general expenses | (8,868) |  | (1,828) |  | 4 |  | (10,692) |
Other operating income and expenses | (2,387) |  | 181 |  | (18) |  | (2,224) |
Share of profit/(loss) from investments accounted for using the equity method | 101 |  | 21 |  | — |  | 122 |
Net income attributable to non-controlling interests | (20) |  | (16) |  | — |  | (36) |
Business operating income | 11,247 |  | 1,438 |  | (15) |  | 12,670 |
(a) This caption reconciles segment financial information to total consolidated financial information.
| 2022(a)
(€ million) | Biopharma | Consumer Healthcare | Other(b) | Total Sanofi
Net sales | 37,812 |  | 5,185 |  | — |  | 42,997 |
Other revenues | 2,330 |  | 62 |  | — |  | 2,392 |
Cost of sales | (11,793) |  | (1,903) |  | 4 |  | (13,692) |
Research and development expenses | (6,503) |  | (205) |  | 2 |  | (6,706) |
Selling and general expenses | (8,736) |  | (1,761) |  | 5 |  | (10,492) |
Other operating income and expenses | (1,679) |  | 148 |  | 17 |  | (1,514) |
Share of profit/(loss) from investments accounted for using the equity method | 76 |  | 12 |  | — |  | 88 |
Net income attributable to non-controlling interests | (17) |  | (16) |  | — |  | (33) |
Business operating income | 11,490 |  | 1,522 |  | 28 |  | 13,040 |
(a) 2022 figures have been adjusted to take account of the two new operating segments, Biopharma and Consumer Healthcare, effective from January 1, 2023. (b) This caption reconciles segment financial information to total consolidated financial information.
| 2021(a)
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Other(b) | Total Sanofi
Net sales | 26,970 |  | 6,323 |  | 4,468 |  | — |  | 37,761 |
Other revenues | 264 |  | 1,095 |  | 55 |  | — |  | 1,414 |
Cost of sales | (6,965) |  | (3,430) |  | (1,606) |  | (250) |  | (12,251) |
Research and development expenses | (4,330) |  | (712) |  | (153) |  | (497) |  | (5,692) |
Selling and general expenses | (5,326) |  | (805) |  | (1,388) |  | (2,036) |  | (9,555) |
Other operating income and expenses | (1,172) |  | 128 |  | 111 |  | (13) |  | (946) |
Share of profit/(loss) from investments accounted for using the equity method | 17 |  | 11 |  | 11 |  | — |  | 39 |
Net income attributable to non-controlling interests | (49) |  | (1) |  | (5) |  | (1) |  | (56) |
Business operating income | 9,409 |  | 2,609 |  | 1,493 |  | (2,797) |  | 10,714 |
(a) Due to a lack of available data and the complex adjustments that would be required (particularly for our reporting tools), the 2021 figures have not been restated to reflect changes arising from our new organizational structure. (b) This caption reconciles segment financial information to total consolidated financial information. The table below, presented in compliance with IFRS 8, shows a reconciliation between aggregated “Business operating income” for the segments and Income before tax and investments accounted for using the equity method:
(€ million) | 2023 | 2022 | 2021 |
Business operating income | 12,670 |  | 13,040 |  | 10,714 |  |
Share of profit/(loss) from investments accounted for using the equity method(a) | (122) |  | (88) |  | (39) |  |
Net income attributable to non-controlling interests(b) | 36 |  | 33 |  | 56 |  |
Amortization and impairment of intangible assets(c) | (3,068) |  | (1,599) |  | (1,772) |  |
Fair value remeasurement of contingent consideration | (93) |  | 27 |  | (4) |  |
Expenses arising from the impact of acquisitions on inventories(d) | (20) |  | (3) |  | (4) |  |
Restructuring costs and similar items | (1,490) |  | (1,336) |  | (820) |  |
Other gains and losses, and litigation | (38) |  | (370) |  | (5) |  |
Income from out-licensing(e) | — |  | 952 |  | — |  |
Operating income | 7,875 |  | 10,656 |  | 8,126 |  |
Financial expenses | (1,313) |  | (440) |  | (368) |  |
Financial income | 591 |  | 206 |  | 40 |  |
Income before tax and investments accounted for using the equity method | 7,153 |  | 10,422 |  | 7,798 |  |
(a) Joint ventures and associates with which Sanofi has entered into a strategic alliance. (b) Excludes (i) restructuring costs and (ii) other adjustments attributable to non-controlling interests. (c) For 2023, this amount mainly comprises an impairment loss of €833 million, reflecting the impact of the strategic decision to de-prioritize certain R&D programs, in particular those related to the NK Cell and PRO-XTEN technology platforms. For 2022, this line includes a reversal of €2,154 million on ELOCTATE franchise products following FDA approval of ALTUVIIIO dated February 22, 2023, partially offset by an impairment loss of €1,586 million on intangible assets relating to SAR444245 (non-alpha interleukin-2). (d) This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date. (e) For 2022, this line includes an upfront payment of $900 million and a regulatory milestone payment of $100 million related to the out-licensing of LIBTAYO following the restructuring of the Immuno-Oncology Collaboration and License Agreement with Regeneron (see Note C.1.). D.35.2. Other segment information The tables below show the split by operating segment of (i) the carrying amount of investments accounted for using the equity method with which Sanofi has entered into a strategic alliance, (ii) acquisitions of property, plant and equipment, and (iii) acquisitions of intangible assets. The principal investments accounted for using the equity method in the Biopharma segment are the interests in MSP Vaccine Company, and Infraserv GmbH & Co. Höchst KG (see Note D.6.). Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period.
| 2023
(€ million) | Biopharma | Consumer Healthcare | Total
Investments accounted for using the equity method | 234 |  | 28 |  | 262 |
Acquisitions of property, plant and equipment | 1,619 |  | 100 |  | 1,719 |
Acquisitions of other intangible assets | 1,287 |  | 18 |  | 1,305 |
| 2022(a)
(€ million) | Biopharma | Consumer Healthcare | Total
Investments accounted for using the equity method | 248 |  | 37 |  | 285 |
Acquisitions of property, plant and equipment | 1,529 |  | 77 |  | 1,606 |
Acquisitions of other intangible assets | 574 |  | 21 |  | 595 |
(a) 2022 figures have been adjusted to take account of the two new operating segments, Biopharma and Consumer Healthcare, effective from January 1, 2023.
(€ million) | 2021(a)
Pharmaceuticals | Vaccines | Consumer Healthcare | Total
Investments accounted for using the equity method | 159 |  | 91 |  | — |  | 250 |
Acquisitions of property, plant and equipment | 1,024 |  | 382 |  | 73 |  | 1,479 |
Acquisitions of other intangible assets | 451 |  | 108 |  | 6 |  | 565 |
(a) Due to a lack of available data and the complex adjustments that would be required (particularly for our reporting tools), the 2021 figures have not been restated to reflect changes arising from our new organizational structure. D.35.3. Information by geographical region The geographical information on net sales provided below is based on the geographical location of the customer. In accordance with IFRS 8, the non-current assets reported below exclude right-of-use assets relating to leases as determined under IFRS 16, investments accounted for using the equity method, other non-current assets, non-current income tax assets, and deferred tax assets.
| 2023
(€ million) | Total | Europe | of which France | North America | of which United States | Other countries
Net sales | 43,070 |  | 10,392 |  | 2,379 |  | 19,216 |  | 18,512 |  | 13,462 |
Non-current assets: |  |  |  |  |  |
•property, plant and equipment owned | 10,160 |  | 5,659 |  | 3,085 |  | 3,316 |  | 2,322 |  | 1,185 |
•goodwill | 49,404 |  | — |  | — |  | — |  | — |  | — |
▪other intangible assets | 24,319 |  | 5,566 |  | — |  | 17,852 |  | — |  | 901 |
| 2022
Total | Europe | of which France | North America | of which United States | Other countries
Net sales | 42,997 |  | 9,999 |  | 2,296 |  | 18,984 |  | 18,275 |  | 14,014 |
Non-current assets: |  |  |  |  |  |
•property, plant and equipment owned | 9,869 |  | 5,365 |  | 2,875 |  | 3,284 |  | 2,457 |  | 1,220 |
•goodwill | 49,892 |  | — |  | — |  | — |  | — |  | — |
•other intangible assets | 21,640 |  | 6,257 |  | — |  | 14,178 |  | — |  | 1,205 |
(€ million) | 2021
Total | Europe | of which France | North America | of which United States | Other countries
Net sales | 37,761 |  | 9,759 |  | 2,256 |  | 15,075 |  | 14,385 |  | 12,927 |
Non-current assets: |  |  |  |  |  |
•property, plant and equipment owned | 10,028 |  | 5,959 |  | 3,253 |  | 2,998 |  | 2,234 |  | 1,071 |
•goodwill | 48,056 |  | — |  | — |  | — |  | — |  | — |
•other intangible assets | 21,407 |  | 7,059 |  | — |  | 13,187 |  | — |  | 1,161 |
As stated in Note D.5., goodwill is not allocated by geographical region.

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