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Investments accounted for using the equity method
 12 Months Ended
Dec. 31, 2024
Interests In Other Entities [Abstract]  
Investments accounted for using the equity method Investments accounted for using the equity method
Investments accounted for using the equity method comprise associates and joint ventures (see Note B.1.), and are set forth
below.
(€ million)
% interest
2024
2023
2022
EUROAPI(a)
29.6
82
162
392
Infraserv GmbH & Co. Höchst KG(b)
31.2
102
90
97
MSP Vaccine Company(c)
50.0
81
96
104
Other investments
—
51
76
84
Total
316
424
677
(a) The investment in EUROAPI includes an impairment loss determined by reference to the quoted market price (€2.88 as of December 31, 2024, and €5.73
as of December 31, 2023).
(b)Joint venture.
(c)Joint venture. MSP Vaccine Company owns 100% of MCM Vaccine BV.
The table below shows Sanofi’s overall share of (i) profit or loss and (ii) other comprehensive income from investments accounted
for using the equity method, showing the split between associates and joint ventures in accordance with IFRS 12 (the amounts for
each individual associate or joint venture are not material):
2024
2023
2022
(€ million)
Joint ventures
Associates
Joint ventures
Associates
Joint ventures
Associates
Share of profit/(loss) from investments
accounted for using the equity method(a)
134
(74)
101
(237)
73
(18)
Share of other comprehensive income from
investments accounted for using the equity
method
3
(5)
(7)
7
(3)
(1)
Total
137
(79)
94
(230)
70
(19)
(a)The investment in EUROAPI includes an impairment loss determined by reference to the quoted market price (€2.88 as of December 31, 2024, and €5.73
as of December 31, 2023).
The financial statements include arm’s length transactions between Sanofi and some equity-accounted investments that are
classified as related parties. The principal transactions and balances with related parties are summarized below:
(€ million)
2024
2023
2022(a)
Sales(d)
103
157
131
Royalties and other income(d)
71
14
21
Accounts receivable and other receivables(b)
184
249
330
Other assets(c)
189
—
—
Purchases and other expenses (including research expenses)(d)
600
573
472
Accounts payable and other liabilities
160
190
258
(a)In 2022, these items include Sanofi's transactions with EUROAPI from May 10, 2022 (see Note D.1.).
(b)Includes loans to joint ventures and associates.
(c)In October 2024, Sanofi raised its investment in EUROAPI by €200 million in the form of a perpetual subordinated hybrid bond. The fair value of this
investment as of December 31, 2024 is €189 million.
(d)Figures for comparative periods (2023 and 2022) have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued
operation.
There were no funding commitments to associates and joint ventures as of December 31, 2024, December 31, 2023 or
December 31, 2022.
For off balance sheet commitments of an operational nature involving joint ventures, see Note D.21.1.