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Derivative financial instruments and market risks (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Summary of Fair Value of Derivative Instruments | The table below shows the fair value of derivative instruments as of December 31, 2024, 2023 and 2022:
(€ million) | Non- current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Market value at December 31, 2024 (net) | Market value at December 31, 2023 (net) | Market value at December 31, 2022 (net)
Currency derivatives | — | 217 | 217 | — | (330) | (330) | (113) | 75 | 112
operating | — | 81 | 81 | — | (111) | (111) | (30) | 22 | 22
financial | — | 136 | 136 | — | (219) | (219) | (83) | 53 | 90
Interest rate derivatives | — | — | — | (121) | (7) | (128) | (128) | (165) | (232)
Equity derivatives | — | — | — | — |  | — | — | — | —
Total | — | 217 | 217 | (121) | ( 337) | (458) | (241) | ( 90) | ( 120)
Summary of Operating Currency Hedging Instruments | The table below shows operating currency hedging instruments in place as of December 31, 2024, with the notional amount translated into euros at the relevant closing exchange rate:
December 31, 2024 |  |  | 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 | 7,521 | (67) | — | — | — | 7,521 | (67)
of which US dollar | 3,974 | (59) | — | — | — | 3,974 | (59)
of which Chinese yuan renminbi | 703 | (5) | — | — | — | 703 | (5)
of which Pound sterling | 368 | (1) | — | — | — | 368 | (1)
of which Japanese yen | 241 | 2 | — | — | — | 241 | 2
of which Turkish lira | 216 | (23) | — | — | — | 216 | (23)
Forward currency purchases | 4,796 | 37 | — | — | — | 4,796 | 37
of which US dollar | 2,660 | 24 | — | — | — | 2,660 | 24
of which Singapore dollar | 484 | 3 | — | — | — | 484 | 3
of which Chinese yuan renminbi | 451 | 2 | — | — | — | 451 | 2
of which Turkish lira | 203 | 19 | — | — | — | 203 | 19
of which Canadian dollar | 126 | — | — | — | — | 126 | —
Total | 12,317 | (30) | — | — | — | 12,317 | (30)
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
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:
| 2024 | 2023 | 2022
(€ million) | Notional amount |  | Fair value | Expiry | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry
Forward currency sales | 10,377 |  | (195) |  | 10,279 | 111 |  | 7,559 | 66 |
of which US dollar | 8,923 | (a) | (176) | 2025 | 6,628 | 101 | 2024 | 6,114 | 59 | 2023
of which Japanese yen | 371 |  | 4 | 2025 | 157 | (1) | 2024 | 111 | — | 2023
of which Chinese yuan renminbi | 235 |  | (1) | 2025 | 513 | 4 | 2024 | 203 | 2 | 2023
Forward currency purchases | 6,884 |  | 112 |  | 7,055 | (58) |  | 4,997 | 24 |
of which US dollar | 4,397 | (b) | 123 | 2025 | 3,073 | (52) | 2024 | 2,011 | (4) | 2023
of which Singapore dollar | 819 |  | 2 | 2025 | 2,696 | (10) | 2024 | 2,154 | 22 | 2023
of which Hungarian forint | 641 |  | (9) | 2025 | 99 | 1 | 2024 | 59 | 1 | 2023
Total | 17,261 |  | (83) |  | 17,334 | 53 |  | 12,556 | 90 |
(a)Includes forward sales with a notional amount of $3,615 million expiring in 2025, designated as a hedge of Sanofi’s net investment in Bioverativ. As of December 31, 2024, the fair value of these forward contracts represented a liability of €88 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 2025, 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, 2024, the fair value of the contracts was an asset of €75 million, the opposite entry for €0.2 million of which was debited 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, 2024:
| Notional amounts by expiry date as of December 31, 2024 |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 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% | — | — | — | 483 | — | — | 483 | (47) | 483 | (47) | — | — | —
pay capitalized SOFR USD/ receive 1.32% | — | — | — | 483 | — | — | 483 | (43) | 483 | (43) | — | — | —
pay capitalized Ester/receive 0.69% | 850 | — | — | — | — | — | 850 | (7) | 850 | (7) | — | — | —
pay capitalized Ester/receive 0.92% | — | — | — | — | 650 |  | 650 | (31) | 650 | (31) | — | — | —
Total | 850 | — | — | 966 | 650 | — | 2,466 | (128) | 2,466 | (128) | — | — | —
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) | — | — | —
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) | 2024 | 2023 | 2022
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities
Gross carrying amounts before offset (a) | 217 | (458) | 201 | (291) | 206 | (326)
Gross amounts offset (in accordance with IAS 32) (b) | — | — | — | — | — | —
Net amounts as reported in the balance sheet (a) - (b) = (c) | 217 | (458) | 201 | (291) | 206 | (326)
Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) |  |  |  |  |  |
Financial instruments | (201) | 201 | (171) | 171 | (160) | 160
Fair value of financial collateral | N/A | N/A | N/A | N/A | N/A | N/A
Net exposure (c) + (d) | 16 | (257) | 30 | (120) | 46 | (166)

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