XML 76 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt, cash and cash equivalents and lease liabilities
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Debt, cash and cash equivalents and lease liabilities Debt, cash and cash equivalents and lease liabilities
D.17.1. Debt, cash and cash equivalents
Changes in Sanofi's financial position during the period were as follows:
(€ million)202320222021
Long-term debt14,347 14,857 17,123 
Short-term debt and current portion of long-term debt2,045 4,174 3,183 
Interest rate and currency derivatives used to manage debt139 187 (56)
Total debt16,531 19,218 20,250 
Cash and cash equivalents(8,710)(12,736)(10,098)
Interest rate and currency derivatives used to manage cash and cash equivalents(28)(45)(169)
Net debt(a)
7,793 6,437 9,983 
(a)    Net debt does not include lease liabilities, which amounted to €2,030 million as of December 31, 2023, €2,181 million as of December 31, 2022, and €2,108 million as of December 31, 2021 (see the maturity analysis at Note D.17.2.).

“Net debt” is a non-IFRS financial measure used by management and investors to measure Sanofi’s overall net indebtedness.
Reconciliation of carrying amount to value on redemption
Value on redemption
(€ million)Carrying amount at December 31, 2023Amortized
cost		Adjustment
to debt
measured at
fair value		December 31, 2023December 31, 2022December 31, 2021
Long-term debt14,347 42 157 14,546 15,143 17,176 
Short-term debt and current portion
of long-term debt		2,045 — — 2,045 4,178 3,183 
Interest rate and currency derivatives used to manage debt139 — (157)(18)(48)(45)
Total debt16,531 42 — 16,573 19,273 20,314 
Cash and cash equivalents(8,710)— — (8,710)(12,736)(10,098)
Interest rate and currency derivatives used to manage cash and cash equivalents(28)— — (28)(45)(169)
Net debt7,793 42 — 7,835 6,492 10,047 
a) Principal financing transactions during the year
The table below shows the movement in total debt during the period:
Cash flows from
financing activities		Non-cash items
(€ million)December 31, 2022RepaymentsNew
borrowings
Other
cash
flows (a)
Currency
translation
differences(b)
Reclassification
from non-current to current
Other
items(c)
December 31, 2023
Long-term debt14,857 (12)48 — (30)(604)88 14,347 
Short-term debt and current portion of long-term debt4,174 (3,672)— 903 (21)604 57 2,045 
Interest rate and currency derivatives used to manage debt187 — — (8)29 — (69)139 
Total debt19,218 (3,684)48 895 (22)— 76 16,531 
(a)    These amounts mainly comprise €946 million related to the US commercial paper program.
(b)    These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone.
(c)    These amounts mainly comprise changes in accrued interest balances, and fair value adjustments.

Sanofi did not carry out any bond issues in 2023.
Three bond issues were redeemed in 2023:
i.€1,750 million issued in March 2018, redeemed at maturity on March 21, 2023;
ii.$1,000 million issued in June 2018, redeemed at maturity on June 20, 2023; and
iii.€1,000 million issued in November 2013, redeemed at maturity on November 14, 2023.
Sanofi entered into the following transactions relating to its syndicated credit facilities during 2023:
•a new €4 billion revolving credit facility, linked to sustainable development indicators, was put in place on March 8, 2023. This syndicated facility was initially due to mature in March 2028, and included two extension options of one year each; it replaced an existing €4 billion facility that was canceled on the same day; and
•the maturity of this credit facility was extended to March 7, 2029, following the exercise of an extension option in December 2023.
Consequently, as of December 31, 2023, Sanofi had two syndicated credit facilities to provide liquidity for the purposes of current operations, each of them linked to environmental and social indicators:
•a €4 billion facility maturing December 6, 2027, with no further extension option available; and
•a €4 billion facility maturing March 7, 2029, with a one-year extension option.
In line with Sanofi’s commitment to embed sustainable development in the “Play to Win” strategy, those two revolving credit facilities build in an adjustment mechanism that links the credit spread to the attainment of two sustainable development performance indicators:
•for the facility maturing in December 2027: (i) Sanofi’s contribution to polio eradication, and (ii) the reduction in Sanofi’s carbon footprint; and
•for the facility maturing in March 2029: (i) Sanofi’s contribution to improving access to essential medicines in low-income and intermediate-income countries via its Sanofi Global Health non-profit unit, and (ii) the reduction in Sanofi’s carbon footprint.
The table below shows the movement in total debt during prior periods:
Cash flows from
financing activities		Non-cash items
(€ million)December 31, 2021RepaymentsNew
borrowings		Other
cash
flows
Currency
translation
differences(a)
Reclassification
from non-current to current
Other
items(b)
December 31, 2022
Long-term debt17,123 (11)1,549 — 56 (3,632)(228)14,857 
Short-term debt and current portion of long-term debt3,183 (2,707)— 43 20 3,632 3 4,174 
Interest rate and currency derivatives used to manage debt(56)— — (373)366 7 243 187 
Total debt20,250 (2,718)1,549 (330)442 7 18 19,218 
(a)    These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone.
(b)    These amounts include movements in accrued interest and fair value remeasurements.
Cash flows from
financing activities		Non-cash items
(€ million)December 31, 2020RepaymentsNew
borrowings		Other
cash
flows
Currency
translation
differences (a)
Reclassification
from non-current to current
Other
items(b)
December 31, 2021
Long-term debt19,745 (38)— — 124 (2,704)(4)17,123 
Short-term debt and current portion of long-term debt2,767 (2,203)— (615)248 2,704 282 3,183 
Interest rate and currency derivatives used to manage debt119 — — (197)9 — 13 (56)
Total debt22,631 (2,241)— (812)381 — 291 20,250 
(a)    These amounts include gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone.
(b)    These amounts include (i) effects of changes in the scope of consolidation, amounting to €299 million; (ii) movements in accrued interest; and (iii) fair value remeasurements.
b) Net debt by type, at value on redemption
202320222021
(€ million)
Non-
current
Current
TotalNon-
current		CurrentTotalNon-
current		CurrentTotal
Bond issues14,416 718 15,134 15,044 3,817 18,861 17,118 2,828 19,946 
Other bank borrowings130 1,118 1,248 99 187 286 21 163 184 
Other borrowings— 6 6 — 6 6 37 3 40 
Bank credit balances— 203 203 — 168 168 –189 189 
Interest rate and currency derivatives used to manage debt— (18)(18)— (48)(48)–(45)(45)
Total debt14,546 2,027 16,573 15,143 4,130 19,273 17,176 3,138 20,314 
Cash and cash equivalents— (8,710)(8,710)— (12,736)(12,736)–(10,098)(10,098)
Interest rate and currency derivatives used to manage cash and cash equivalents— (28)(28)— (45)(45)–(169)(169)
Net debt(a)
14,546 (6,711)7,835 15,143 (8,651)6,492 17,176 (7,129)10,047 
(a)    Net debt does not include lease liabilities (see the maturity schedule in Note D.17.2.).

Bond issues carried out by Sanofi under the Euro Medium Term Note (EMTN) program are as follows:
IssuerISIN codeIssue dateMaturityAnnual interest rate
Amount
(€ million)
SanofiFR0013143997April 2016April 20240.625% 600 
SanofiFR0013505104March 2020April 20251.000% 1,000 
SanofiFR0014009KS6April 2022April 20250.875% 850 
SanofiFR0012969038September 2015September 20251.500% 750 
SanofiFR0013324340March 2018March 20261.000% 1,500 
SanofiFR0012146801September 2014September 20261.750% 1,510 
SanofiFR0013201639September 2016January 20270.500% 1,150 
SanofiFR0013144003April 2016April 20281.125% 700 
SanofiFR0013409844March 2019March 20290.875% 650 
SanofiFR0014009KQ0April 2022April 20291.250% 650 
SanofiFR0013324357March 2018March 20301.375% 2,000 
SanofiFR0013505112March 2020April 20301.500% 1,000 
SanofiFR0013409851March 2019March 20341.250% 500 
SanofiFR0013324373March 2018March 20381.875% 1,250 
Bond issues carried out by Sanofi under the public bond issue program (shelf registration statement) registered with the US Securities and Exchange Commission (SEC) comprise:
IssuerISIN codeIssue dateMaturityAnnual 
interest rate
Amount
($ million)
SanofiUS801060AD60June 2018June 20283.625 %1,000 
The “Other borrowings” line mainly comprises participating shares issued between 1983 and 1987, of which 58,115 remain outstanding, with a nominal amount of €9 million.
In order to manage its liquidity needs for current operations, as of December 31, 2023 Sanofi had:
•a syndicated credit facility of €4 billion, drawable in euros and in US dollars, maturing December 6, 2027; and
•a syndicated credit facility of €4 billion, drawable in euros and in US dollars, maturing March 7, 2029.
Sanofi also has two commercial paper programs:
•a €6 billion Negotiable European Commercial Paper program in France, with an average drawdown of €0.2 billion and a maximum drawdown of €0.8 billion during 2023, and an amount of €40 million drawn down as of December 31, 2023; and
•a $10 billion Commercial Paper program in the United States, with an average drawdown of $3.7 billion and a maximum drawdown of $7.3 billion during 2023, and an amount of $1.0 billion drawn down as of December 31, 2023.
The financing in place as of December 31, 2023 at the level of the holding company (which manages most of Sanofi’s financing needs centrally) is not subject to any financial covenants, and contains no clauses linking spreads or fees to the credit rating.
c) Debt by maturity, at value on redemption
December 31, 2023CurrentNon-current
(€ million)Total202420252026202720282029 and later
Bond issues15,134 718 2,600 3,010 1,150 1,606 6,050 
Other bank borrowings1,248 1,118 98 1 1 1 29 
Other borrowings6 6 — — — — — 
Bank credit balances203 203 — — — — — 
Interest rate and currency derivatives used
to manage debt		(18)(18)— — — — — 
Total debt16,573 2,027 2,698 3,011 1,151 1,607 6,079 
Cash and cash equivalents(8,710)(8,710)— — — — — 
Interest rate and currency derivatives used
to manage cash and cash equivalents		(28)(28)— — — — — 
Net debt(a)
7,835 (6,711)2,698 3,011 1,151 1,607 6,079 
(a)    Net debt does not include lease liabilities, which amounted to €2,030 million as of December 31, 2023; €2,181 million as of December 31, 2022; and €2,108 million as of December 31, 2021 (see the maturity analysis at Note D.17.2.).

As of December 31, 2023, the main undrawn confirmed general-purpose credit facilities at holding company level amounted to €8 billion, half of which expired in 2027 and the other half of which expires in 2029.
As of December 31, 2023, no single counterparty represented more than 6% of Sanofi’s undrawn confirmed credit facilities.
December 31, 2022CurrentNon-current
(€ million)Total202320242025202620272028 and later
Bond issues18,861 3,817 600 2,600 4,160 — 7,684 
Other bank borrowings286 187 61 — — — 38 
Other borrowings6 6 — — — — — 
Bank credit balances168 168 — — — — — 
Interest rate and currency derivatives used to manage debt(48)(48)— — — — — 
Total debt19,273 4,130 661 2,600 4,160 — 7,722 
Cash and cash equivalents(12,736)(12,736)— — — — — 
Interest rate and currency derivatives used to manage cash and cash equivalents(45)(45)— — — — — 
Net debt6,492 (8,651)661 2,600 4,160 — 7,722 
December 31, 2021CurrentNon-current
(€ million)Total202220232024202520262027 and later
Bond issues19,946 2,828 3,629 600 1,750 4,160 6,979 
Other bank borrowings184 163 18 2 1 –— 
Other borrowings40 3 ––––37 
Bank credit balances189 189 –––––
Interest rate and currency derivatives used to manage debt(45)(45)–––––
Total debt20,314 3,138 3,647 602 1,751 4,160 7,016 
Cash and cash equivalents(10,098)(10,098)–––––
Interest rate and currency derivatives used to manage cash and cash equivalents(169)(169)–––––
Net debt10,047 (7,129)3,647 602 1,751 4,160 7,016 
d) Debt by interest rate, at value on redemption
The table below splits net debt between fixed and floating rate, and by maturity, as of December 31, 2023. The figures shown are values on redemption, before the effects of derivative instruments:
(€ million)Total202420252026202720282029 and later
Fixed-rate debt16,0801,664 2,600 3,010 1,150 1,606 6,050 
of which euro14,228
of which US dollar1,852
% fixed-rate97 %
Floating-rate debt511381 98 1 1 1 29 
of which euro—
of which US dollar24
% floating-rate3 %
Debt16,5912,045 2,698 3,011 1,151 1,607 6,079 
Cash and cash equivalents(8,710)(8,710)— — — — — 
of which euro(4,115)
of which US dollar(4,251)
% floating-rate100 %
Net debt7,881(6,665)2,698 3,011 1,151 1,607 6,079 
Sanofi issues debt in two currencies, the euro and the US dollar, and also invests its cash and cash equivalents in those currencies. Sanofi also operates cash pooling arrangements to manage the surplus cash and short-term liquidity needs of foreign subsidiaries located outside the euro zone.
To optimize the cost of debt or reduce the volatility of debt and manage its exposure to financial foreign exchange risk, Sanofi uses derivative instruments (interest rate swaps, currency swaps, foreign exchange swaps and forward contracts) that alter the fixed/floating rate split and the currency split of its net debt:
(€ million)Total202420252026202720282029 and later
Fixed-rate debt11,382(3,034)2,600 3,010 1,150 1,606 6,050 
of which euro11,382
of which US dollar—
% fixed-rate69 %
Floating-rate debt5,1915,061 98 1 1 1 29 
of which euro113
of which US dollar3,300
% floating-rate31 %
Debt16,5732,027 2,698 3,011 1,151 1,607 6,079 
Cash and cash equivalents(8,738)
of which euro(4,642)
of which US dollar(2,132)
of which Singapore dollar(1,143)
% floating-rate100 %
Net debt7,835(6,711)2,698 3,011 1,151 1,607 6,079 
The table below shows the fixed/floating rate split of net debt at value on redemption after taking account of derivative instruments as of December 31, 2022 and December 31, 2021:
(€ million)2022%2021%
Fixed-rate debt16,386 85 %17,612 87 %
Floating-rate debt2,886 15 %2,702 13 %
Debt19,273 100 %20,314 100 %
Cash and cash equivalents(12,781)(10,267)
Net debt6,492 10,047 
The weighted average interest rate on debt as of December 31, 2023 was 1.6% before derivative instruments and 2.1% after derivative instruments. Cash and cash equivalents were invested as of December 31, 2023 at an average rate of 3.9% before derivative instruments and 3.7% after derivative instruments.
The projected full-year sensitivity of net debt to interest rate fluctuations for 2024 is as follows:
Change in short-term interest rates
Impact on pre-tax net
income (€ million)
Impact on pre-tax
income/(expense) recognized
directly in equity
(€ million)
+100 bp48 — 
+25 bp12 — 
-25 bp(12)— 
-100 bp(48)— 
e) Debt by currency, at value on redemption
The table below shows net debt by currency at December 31, 2023, before and after derivative instruments contracted to convert the foreign-currency net debt of exposed entities into their functional currency:
(€ million)Before derivative instrumentsAfter derivative instruments
Euro10,113 6,852 
US dollar(2,376)1,169 
Singapore dollar(3)(1,143)
Pound sterling— 509 
Chinese yuan renminbi
(19)189 
Other currencies166 259 
Net debt7,881 7,835 
The table below shows net debt by currency at December 31, 2022 and 2021, after derivative instruments contracted to convert the foreign currency net debt of exposed entities into their functional currency:
(€ million)20222021
Euro10,489 13,129 
US dollar(2,404)(669)
Other currencies(1,593)(2,413)
Net debt6,492 10,047 
f) Market value of net debt
The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows:
(€ million)202320222021
Market value7,086 5,227 11,024 
Value on redemption7,835 6,492 10,047 
The fair value of debt is determined by reference to quoted market prices at the balance sheet date in the case of quoted instruments (level 1 in the IFRS 7 hierarchy, see Note D.12.), and by reference to the fair value of interest rate and currency derivatives used to manage net debt (level 2 in the IFRS 7 hierarchy, see Note D.12.).
g) Future contractual cash flows relating to debt and related derivatives
The table below shows the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt:
December 31, 2023Payments due by period
(€ million)Total202420252026202720282029 and later
Debt17,710 2,153 2,912 3,187 1,285 1,719 6,454 
Principal16,468 1,917 2,703 3,011 1,151 1,607 6,079 
Interest(a)
1,242 236 209 176 134 112 375 
Net cash flows related to derivative instruments143 47 32 23 24 16 1 
Total17,853 2,200 2,944 3,210 1,309 1,735 6,455 
(a)    Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2023.

Future contractual cash flows are shown on the basis of the carrying amount in the balance sheet at the reporting date, without reference to any subsequent management decision that might materially alter the structure of Sanofi’s debt or its hedging policy.
The tables below show the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt as of December 31, 2022 and 2021:
December 31, 2022Payments due by period
(€ million)Total202320242025202620272028 and later
Debt20,408 4,206 868 2,803 3,184 1,283 8,064 
Principal18,932 3,928 661 2,601 3,011 1,151 7,580 
Interest(a)
1,476 278 207 202 173 132 484 
Net cash flows related to derivative instruments209 24 60 38 31 31 25 
Total20,617 4,230 928 2,841 3,215 1,314 8,089 
(a)    Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2022.

December 31, 2021Payments due by period
(€ million)Total202220232024202520262027 and later
Debt21,728 3,330 3,826 791 1,937 3,176 8,668 
Principal20,086 3,055 3,588 601 1,751 3,011 8,080 
Interest(a)
1,642 275 238 190 186 165 588 
Net cash flows related to derivative instruments(51)(59)(1)2 2 2 3 
Total21,677 3,271 3,825 793 1,939 3,178 8,671 
(a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2021.
D.17.2. Lease liabilities
A maturity analysis of lease liabilities as of December 31, 2023, 2022 and 2021 is set forth below:
TotalUndiscounted future minimum lease payments
(€ million)Less than 1 yearFrom 1 to 3 yearsFrom 3 to 5 yearsMore than 5 yearsDiscounting effect
Total lease liabilities as of December 31, 2023
2,030291 448 360 989 (58)
Total lease liabilities as of December 31, 2022
2,181320 515 436 1,129 (219)
Total lease liabilities as of December 31, 2021
2,108314 476 362 1,184 (228)
Lease liabilities include leases relating to real estate assets located at Cambridge, MA (United States), as described in Note D.3., which have a lease term of 15 years.