<SEC-DOCUMENT>0001193125-24-108404.txt : 20240522
<SEC-HEADER>0001193125-24-108404.hdr.sgml : 20240522
<ACCEPTANCE-DATETIME>20240424065157
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ACCESSION NUMBER:		0001193125-24-108404
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sanofi
		CENTRAL INDEX KEY:			0001121404
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				133529324
		STATE OF INCORPORATION:			I0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		46 AVENUE DE LA GRANDE ARMEE
		CITY:			PARIS
		STATE:			I0
		ZIP:			75017
		BUSINESS PHONE:		33153774400

	MAIL ADDRESS:	
		STREET 1:		46 AVENUE DE LA GRANDE ARMEE
		CITY:			PARIS
		STATE:			I0
		ZIP:			75017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANOFI-AVENTIS
		DATE OF NAME CHANGE:	20040826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANOFI SYNTHELABO SA
		DATE OF NAME CHANGE:	20010104
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<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life
Sciences</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">April&nbsp;23, 2024</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;23, 2024 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT
STYLE="white-space:nowrap">No.&nbsp;001-31368</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir or Madam: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are responding to the comment letter of the Staff of the Division of Corporation Finance, Office of Life Sciences (the &#147;Staff&#148;) of the U.S.
Securities and Exchange Commission (the &#147;SEC&#148; or &#147;Commission&#148;) that was conveyed to us on April&nbsp;11, 2024 with respect to the filing referenced above. For the Staff&#146;s convenience, the text of the Staff&#146;s comment is
set forth below in bold followed by our response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31,
2023 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;5. Operating and financial review and prospects </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A.1.5 Segment information and Business net income </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3/
Business net income <FONT STYLE="white-space:nowrap">(non-IFRS</FONT> measure), page 58 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We note that your presentation of Business net income on a <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> basis includes an adjustment&#151;income from <FONT STYLE="white-space:nowrap">out-licensing&#151;which</FONT> excludes upfront payments and regulatory milestone payments. We believe that <FONT
STYLE="white-space:nowrap">non-IFRS</FONT> financial measures that exclude upfront and milestone payments would not comply with the guidance provided in Rule 100(b) of Reg. G. Please confirm to us that you will no longer include these adjustments in
any <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measure presented in accordance with Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> or Rule 100(b) of Regulation G. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Sanofi Response</U>:</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note the Staff&#146;s comment
and we confirm that the Company will no longer exclude from its <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measure &#147;Business Net Income&#148; upfront payments and milestones payments received and recognized as income under IFRS,
in its future filings that include <FONT STYLE="white-space:nowrap">non-IFRS</FONT> financial measures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With regards to the adjustment made in 2022, we
highlight that the income from <FONT STYLE="white-space:nowrap">out-licensing</FONT> was driven by a specific transaction resulting from the restructuring of our immuno-oncology agreement with Regeneron. No such transaction had occurred in prior
years or in 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with our response to your comment, we acknowledge that the Company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the Staff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you have any questions
regarding this matter, please contact me. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">SANOFI</TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Laurent Gilhodes</TD></TR>
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<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Laurent Gilhodes</TD></TR>
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<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Head of Group Controlling</TD></TR>
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