Income tax expense

12 Months Ended

Dec. 31, 2024

D.30. Income tax expense

Sanofi has elected for tax consolidations in a number of countries, principally France, Germany, the United Kingdom and the

United States.

The table below shows the allocation of income tax expense between current and deferred taxes:


(€ million)	2024	2023	(a)	2022	(a)
Current taxes	(2,152)	(2,251)		(2,631)
Deferred taxes	948	1,234		722
Total	(1,204)	(1,017)		(1,909)
Income before tax and investments accounted for using the equity method	6,698	6,251		9,937

(a) 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.

The difference between the effective tax rate and the standard corporate income tax rate applicable in France is explained as

follows:


(%)	2024	2023	(a)	2022	(a)
Standard tax rate applicable in France	25.8	25.8		25.8
Difference between the standard French tax rate and the rates applicable to Sanofi(b)	(13.3)	(15.3)		(6.9)
Revisions to tax exposures and settlements of tax disputes	2.8	3.1		(0.8)
Fair value remeasurement of contingent consideration		0.1		(0.2)
Other items(c)	2.7	2.6		1.3
Effective tax rate	18.0	16.3		19.2

(a)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.

(b)The difference between the French tax rate and tax rates applicable to foreign subsidiaries reflects the fact that Sanofi has operations in many

countries, most of which have lower tax rates than France. For the year ended December 31, 2024, this line includes a tax expense of €58 million,

representing the estimated impact of Pillar Two based on Sanofi’s current understanding of Pillar Two rules.

(c)In determining the amount of the deferred tax liability for 2024, 2023 and 2022, Sanofi took into account changes in the ownership structure of certain

subsidiaries.

For the periods presented, the amount of deferred tax assets recognized in profit or loss that were initially subject to impairment

losses at the time of a business combination is immaterial.