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Provisions, income tax liabilities and other liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]  
Summary of Non Current Provisions and Other Non-current Liabilities The line item Non current provisions and other non-current liabilities comprises the following:
(€ million)
2024
2023
2022
Provisions
5,762
5,262
5,822
Other non-current liabilities(a)
2,334
2,340
519
Total
8,096
7,602
6,341
(a)Includes derivative financial instruments: €121 million as of December 31, 2024, €164 million as of December 31, 2023, €232 million as of December 31,
2022.
The figure as of December 31, 2024 includes €2,007 million for the liability in respect of royalties payable to Sobi on net sales of Beyfortus (nirsevimab) in
the United States (see Note C.2.). Given the method used to calculate royalties payable, an increase or decrease in sales forecasts would lead to a
proportionate change in the amount of the liability. The nominal value of payments estimated to be due within more than one year but less than five
years is €1,140 million; the nominal value of payments estimated to be due after more than five years is €2,792 million.
Summary of Movements in Non-current Provisions The table below sets forth movements in non-current provisions for the reporting periods presented:
(€ million)
Provisions for
pensions and
other post-
employment
benefits
(D.19.1.)
Provisions
for other
long-term
benefits
Restructuring
provisions
(D.19.2.)
Other
provisions
(D.19.3.)
Total
Balance at January 1, 2022
2,947
935
524
2,024
6,430
Changes in scope of consolidation
(96)
(28)
—
(76)
(200)
Increases in provisions
193
(a)
40
521
531
1,285
Provisions utilized
(275)
(a)
(119)
(12)
(122)
(528)
Reversals of unutilized provisions
(66)
(a)
(20)
(11)
(191)
(288)
Transfers
10
4
(265)
(23)
(274)
Net interest related to employee benefits,
and unwinding of discount
43
4
5
12
64
Currency translation differences
63
28
(1)
23
113
Actuarial gains and losses on defined-benefit plans
(780)
—
—
—
(780)
Balance at December 31, 2022
2,039
844
761
2,178
5,822
Increases in provisions
141
(a)
185
315
311
952
Provisions utilized
(162)
(a)
(107)
(25)
(114)
(408)
Reversals of unutilized provisions
(21)
(a)
(190)
(159)
(388)
(758)
Transfers
(1)
—
(361)
(210)
(572)
Net interest related to employee benefits,
and unwinding of discount
70
3
23
24
120
Currency translation differences
(23)
(17)
—
(25)
(65)
Actuarial gains and losses on defined-benefit plans
171
—
—
—
171
Balance at December 31, 2023
2,214
718
554
1,776
5,262
Changes in scope of consolidation
—
—
—
11
11
Increases in provisions
145
(a)
199
548
730
1,622
Provisions utilized
(173)
(a)
(118)
(20)
(135)
(446)
Reversals of unutilized provisions
(108)
(a)
—
(8)
(126)
(242)
Transfers
(89)
—
(270)
(157)
(516)
Net interest related to employee benefits,
and unwinding of discount
65
2
19
36
122
Currency translation differences
43
34
(3)
42
116
Actuarial gains and losses on defined-benefit plans
(13)
—
—
—
(13)
Opella reclassification (b)
(92)
(14)
(21)
(27)
(154)
Balance at December 31, 2024
1,992
821
799
2,150
5,762
(a)In the case of “Provisions for pensions and other post-employment benefits”, the “Increases in provisions” line corresponds to rights vesting in
employees during the period, and past service cost; the “Provisions utilized” line corresponds to contributions paid into pension funds and to
beneficiaries; and the “Reversals of unutilized provisions” line corresponds to plan curtailments, settlements and amendments.
(b)The liabilities of Opella, which in 2022 and 2023 were presented in the relevant balance sheet line item for each class of liability, were reclassified in
2024 to Liabilities related to assets held for sale in accordance with IFRS 5 (see Note D.1.).
Summary of Financial and Demographic Assumptions Those calculations were based on the following financial and demographic assumptions:
2024
2023
2022
France
Germany
US
UK
France
Germany
US
UK
France
Germany
US
UK
Discount
rate(a)(b)
2.95% to
3.40%
2.95% to
3.40%
5.45%
5.50%
2.95% to
3.15%
2.95% to
3.15%
4.75%
4.50%
3.55% to
3.75%
3.55% to
3.75%
4.90%
4.75%
General
inflation
rate(c)
2.10%
2.10%
—
3.20%
2.20%
2.20%
—
3.05%
2.50%
2.50%
—
3.25%
Pension
benefit
indexation
2.10%
2.10%
—
3.00%
2.20%
2.20%
—
2.90%
2.50%
2.50%
—
3.00%
Healthcare
cost
inflation
rate(d)
—
—
4.00%
to
5.93%
—
—
—
4.00%
to
9.75%
—
—
—
3.29% to
6.56%
—
Retirement
age
62
to 67
63
55
to 70
60
to 65
62
to 67
63
55
to 70
60
to 65
62
to 67
63
55
to 70
60
to 65
Mortality
table
TGH/
TGF
05
Heubeck
RT
2018 G
RP2012
Proj.
MP2021
White
Collar
SAPS
S3
TGH/
TGF
05
Heubeck
RT
2018 G
RP2012
Proj.
MP2021
White
Collar
SAPS
S3
TGH/
TGF
05
Heubeck
RT
2018 G
RP2012
Proj.
MP2021
White
Collar
SAPS
S3
(a)The discount rates used were based on market rates for high quality corporate bonds with a duration close to that of the expected benefit payments
under the plans. The benchmarks used to determine discount rates were the same for all periods presented.
(b)The rate depends on the duration of the plan (0 to 7 years, 7 to 10 years, or more than 10 years).
(c)Inflation for the euro zone is determined using a multi-criterion method.
(d)No post-employment healthcare benefits are provided in France since 2020, Germany and UK.
Summary of Weighted Average Duration of Obligation for Pensions and Other Long-term Benefits in Principal Countries The table below shows the duration of Sanofi’s obligations in the principal countries:
2024
2023
2022
(years)
France
Germany
US
UK
France
Germany
US
UK
France
Germany
US
UK
Weighted average duration
11
12
10
11
10
12
11
13
10
12
11
13
Summary of Sensitivity for Pensions and Other Post-employment Benefits to Changes in Key Actuarial Assumptions The table below shows the sensitivity of Sanofi’s obligations for pensions and other post-employment benefits to changes in key
actuarial assumptions:
(€ million)
Pensions and other post-employment benefits, by principal country
Measurement of defined-benefit obligation
Change in
assumption
France
Germany
US
UK
Discount rate
-0.50%
+90
+190
+103
+161
General inflation rate
+0.50%
+56
+267
—
+95
Pension benefit indexation
+0.50%
+57
+264
—
+93
Healthcare cost inflation rate
+0.50%
—
—
+41
+43
Mortality table
+1 year
+56
+86
+59
+118
Reconciliation of Net Obligation in Respect of Sanofi's Pension and Other Post-Employment Benefit Plans The table below reconciles the net obligation in respect of Sanofi’s pension and other post-employment benefit plans with the
amounts recognized in the consolidated financial statements:
Pensions and other post-employment benefits
(€ million)
2024
2023
2022
Measurement of the obligation:
Beginning of period
8,930
8,651
12,175
Current service cost
138
140
193
Interest cost
335
346
206
Actuarial losses/(gains) due to changes in demographic assumptions
(45)
(34)
(219)
Actuarial losses/(gains) due to changes in financial assumptions
(380)
157
(3,006)
Actuarial losses/(gains) due to experience adjustments
(4)
256
177
Plan amendments, curtailments or settlements not specified in the terms of the plan(b)
(181)
(36)
(229)
Plan settlements specified in the terms of the plan
(59)
(40)
(84)
Benefits paid
(502)
(483)
(463)
Changes in scope of consolidation and transfers
4
(14)
(114)
Currency translation differences
181
(13)
15
Opella reclassification
(188)
—
—
Obligation at end of period
8,229
8,930
8,651
Fair value of plan assets:
Beginning of period
6,993
6,899
9,651
Interest income on plan assets
271
276
163
Difference between actual return and interest income on plan assets(c)
(416)
197
(2,398)
Administration costs
(13)
(7)
(6)
Plan settlements specified in the terms of the plan
(58)
(40)
(84)
Plan settlements not specified in the terms of the plan
(71)
(17)
(161)
Contributions from plan members
5
6
6
Employer’s contributions
127
122
238
Benefits paid
(456)
(446)
(426)
Changes in scope of consolidation and transfers
(20)
(8)
(32)
Currency translation differences
132
11
(52)
Opella reclassification
(97)
—
—
Fair value of plan assets at end of period
6,397
6,993
6,899
Net amount shown in the balance sheet:
Net obligation
1,832
1,937
1,752
Effect of asset ceiling
4
6
18
Net amount shown in the balance sheet at end of period
1,836
1,943
1,770
Amounts recognized in the balance sheet:
Pre-funded obligations (see Note D.7.)(a)
(156)
(271)
(269)
Obligations provided for
1,992
2,214
2,039
Net amount recognized at end of period
1,836
1,943
1,770
Benefit cost for the period:(d)
Current service cost
138
140
193
(Gains)/losses related to plan amendments, curtailments or settlements not specified
in the terms of the plan
(110)
(22)
(68)
Net interest (income)/cost
64
71
43
Contributions from plan members
(5)
(6)
(6)
Administration costs and taxes paid during the period
13
7
6
Expense recognized directly in profit or loss
100
190
168
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses)(b)
(13)
171
(650)
Expense/(gain) for the period
87
361
(482)
(a)For 2023, this line includes €66 million of assets in the United Kingdom (versus €99 million for 2022); those amounts are not subject to any asset ceiling,
in accordance with IFRIC 14.
(b)Amounts recognized in Other comprehensive income (see Note D.15.7.).
(c)In 2024, this line includes the effects of the partial buy-in in the United Kingdom for €(204) million.
(d) Benefit cost for the total Group including Opella on all the periods.
Net Liability in Respect of Pension Plans and Other Post-employment Benefits by Geographical Region The tables below show Sanofi’s net liability in respect of pension plans and other post-employment benefits by geographical
region:
(€ million)
Pensions and other post-employment benefits by geographical region
December 31, 2024
France
Germany
US
UK
Other
Total
Measurement of obligation
1,228
2,651
1,427
1,994
929
8,229
Fair value of plan assets
667
2,239
744
1,891
856
6,397
Effect of asset ceiling
—
—
—
—
(4)
(4)
Net amount shown in the balance sheet at end
of period
561
412
683
103
77
1,836
(€ million)
Pensions and other post-employment benefits by geographical region
December 31, 2023
France
Germany
US
UK
Other
Total
Measurement of obligation
1,322
2,911
1,528
2,174
995
8,930
Fair value of plan assets
675
2,401
825
2,235
857
6,993
Effect of asset ceiling
—
—
—
—
(6)
(6)
Net amount shown in the balance sheet at end
of period
647
510
703
(61)
144
1,943
(€ million)
Pensions and other post-employment benefits by geographical region
December 31, 2022
France
Germany
US
UK
Other
Total
Measurement of obligation
1,324
2,730
1,546
2,080
971
8,651
Fair value of plan assets
697
2,317
860
2,175
850
6,899
Effect of asset ceiling
—
—
—
—
(18)
(18)
Net amount shown in the balance sheet at end
of period
627
413
686
(95)
139
1,770
Fair Value of Plans Assets relating to Pension Plans and Other Post-employment Plans The table below shows the fair value of plan assets relating to Sanofi’s pension and other post-employment plans, split by asset
category:
2024
2023
2022
Securities quoted in an active market
63.1%
84.9%
84.4%
Cash and cash equivalents
0.8%
0.8%
0.7%
Equity instruments
19.3%
22.3%
21.7%
Bonds and similar instruments
35.8%
54.3%
52.4%
Real estate
2.9%
3.4%
4.0%
Derivatives
(0.2%)
—%
0.1%
Commodities
1.1%
0.9%
0.9%
Other
3.4%
3.2%
4.6%
Other securities
36.9%
15.1%
15.6%
Hedge funds
—%
—%
—%
Insurance policies
36.9%
15.1%
15.6%
Total
100.0%
100.0%
100.0%
Service Cost for Pension and Other post-employment Benefit Plans, by Geographical Region The tables below show the service cost for Sanofi’s pension and other post-employment benefit plans, by geographical region:
(€ million)
Pensions and other post-employment benefits by geographical region
Service cost for 2024
France
Germany
US
UK
Other
Total
Current service cost
48
30
22
—
38
138
(Gains)/losses related to plan amendments, curtailments
or settlements not specified in the terms of the plan
(82)
—
(20)
—
(8)
(110)
Net interest cost/(income) including administration costs
and taxes paid during the period
13
20
36
(1)
9
77
Contributions from plan members
—
—
—
—
(5)
(5)
Expense/(gain) recognized directly in profit or loss
(21)
50
38
(1)
34
100
Remeasurement of net defined-benefit (asset)/ liability
(actuarial gains and losses)
(31)
(134)
(46)
212
(14)
(13)
Expense/(gain) for the period
(52)
(84)
(8)
211
20
87
(€ million)
Pensions and other post-employment benefits by geographical region
Service cost for 2023
France
Germany
US
UK
Other
Total
Current service cost
50
30
20
—
40
140
(Gains)/losses related to plan amendments, curtailments
or settlements not specified in the terms of the plan
(20)
—
1
—
(3)
(22)
Net interest cost/(income) including administration costs
and taxes paid during the period
22
15
35
(5)
11
78
Contributions from plan members
—
—
—
—
(6)
(6)
Expense/(gain) recognized directly in profit or loss
52
45
56
(5)
42
190
Remeasurement of net defined-benefit (asset)/ liability
(actuarial gains and losses)
3
98
26
44
—
171
Expense/(gain) for the period
55
143
82
39
42
361
(€ million)
Pensions and other post-employment benefits by geographical region
Service cost for 2022
France
Germany
US
UK
Other
Total
Current service cost
61
44
50
—
38
193
(Gains)/losses related to plan amendments, curtailments
or settlements not specified in the terms of the plan
(60)
2
1
(6)
(5)
(68)
Net interest cost/(income) including administration costs
and taxes paid during the period
10
7
30
(7)
9
49
Contributions from plan members
—
—
—
—
(6)
(6)
Expense/(gain) recognized directly in profit or loss
11
53
81
(13)
36
168
Remeasurement of net defined-benefit (asset)/liability
(actuarial gains and losses)
(156)
(204)
(382)
130
(38)
(650)
Expense/(gain) for the period
(145)
(151)
(301)
117
(2)
(482)
Remeasurement of Net Defined-benefit (Asset)/Liability (Actuarial Gains and Losses) An analysis of the “Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses)” line in the preceding tables
is set forth below:
(€ million)
2024
2023
2022
France
Germany
US
UK
France
Germany
US
UK
France
Germany
US
UK
Actuarial gains/(losses) arising
during the period
29
135
47
(212)
(3)
(98)
(25)
(44)
156
205
382
(131)
Comprising:
Gains/(losses)
on experience adjustments(a)
18
46
(42)
(472)
16
(54)
(7)
(12)
(120)
(620)
(287)
(1,328)
Gains/(losses)
on demographic assumptions
—
—
11
50
—
—
18
11
—
—
129
54
Gains/(losses)
on financial assumptions
11
89
78
210
(19)
(44)
(36)
(43)
276
825
540
1,143
(a)Experience adjustments are mainly due to the effect on plan assets of trends in the financial markets.
Summary of Net Pre-tax Actuarial Loss The net pre-tax actuarial loss (excluding investments accounted for using the equity method) recognized directly in equity is
presented below:
(€ million)
2024
2023
2022
Net pre-tax actuarial loss
(2,258)
(2,259)
(2,090)
Summary of Present Value of Pension and Other Post Employement Benefits The present value of Sanofi’s obligations in respect of pension and other post-employment benefit plans at the end of each
reporting period is shown below:
(€ million)
2024
2023
2022
Present value of wholly or partially funded obligations in respect of pension and other
post-employment benefit plans
7,192
7,693
7,463
Present value of unfunded obligations
1,037
1,237
1,188
Total
8,229
8,930
8,651
Total Expense for Pensions and Other Post-employment Benefits Allocated between Income Statement Line Items The total expense for pensions and other post-employment benefits (€100 million in 2024) is allocated between income
statement line items as follows:
(€ million)
2024
2023
2022
Cost of sales
32
33
53
Research and development expenses
17
28
51
Selling and general expenses
42
57
78
Other operating (income)/expenses, net
4
5
(2)
Restructuring costs
(64)
(9)
(59)
Financial expenses
60
67
42
Net income from discontinued operations
9
9
5
Total
100
190
168
Estimated Amounts of Employer's Contributions to Plan Assets The estimated amounts of employer’s contributions to plan assets in 2025 are as follows:
(€ million)
France
Germany
US
UK
Other
Total
Employer’s contributions in 2024 (estimate):
2025
—
—
2
48
27
77
Expected Timing of Benefit Payments under Pension and Other Post-employment Benefit Plans The table below shows the expected timing of benefit payments under pension and other post-employment benefit plans for
future years:
(€ million)
France
Germany
US
UK
Other
Total
Estimated future benefit payments
2025
94
210
97
126
38
565
2026
59
210
98
130
41
538
2027
71
208
100
134
40
553
2028
75
207
103
139
42
566
2029
81
209
107
143
44
584
2030 to 2034
497
893
543
785
241
2,959
Timing of Future Payments in Respect of Unfunded Pension and Other Post-employment Benefit Plans The table below shows estimates as of December 31, 2024 for the timing of future payments in respect of unfunded pension and
other post-employment benefit plans:
Payments due by period
(€ million)
Total
Less than 1 year
1 to
3 years
3 to
5 years
More than
5 years
Estimated payments
1,035
67
122
131
715
Movements in Restructuring Provisions Classified in Non-current and Current Liabilities The table below shows movements in restructuring provisions classified in non-current and current liabilities:
(€ million)
2024
2023
2022
Balance, beginning of period
1,132
1,233
1,118
Of which:
•Classified in non-current liabilities
554
761
524
•Classified in current liabilities
578
472
594
Change in provisions recognized in profit or loss for the period
999
435
636
Provisions utilized(a)
(582)
(561)
(522)
Transfers
(33)
3
—
Unwinding of discount
19
31
5
Currency translation differences
1
(9)
(4)
Opella reclassification(b)
(84)
—
—
Balance, end of period
1,452
1,132
1,233
Of which:
•Classified in non-current liabilities
799
554
761
•Classified in current liabilities
653
578
472
(a)Provisions utilized mainly correspond to payments related to employees affected by separation programs.
(b)This line comprises the restructuring provisions of Opella, reclassified to Liabilities related to assets held for sale as of December 31, 2024
(see Note D.1.).
Timing of Future Termination Benefit Payments The timing of future termination benefit payments is as follows:
December 31, 2024
Benefit payments by period
(€ million)
Total
Less than
1 year
1 to
3 years
3 to
5 years
More than
5 years
Employee termination benefits
•France
862
312
416
126
8
•Other countries
456
304
144
7
1
Total
1,318
616
560
133
9
December 31, 2023
Benefit payments by period
(€ million)
Total
Less than
1 year
1 to
3 years
3 to
5 years
More than
5 years
Employee termination benefits
•France
611
215
315
79
2
•Other countries
357
302
47
7
1
Total
968
517
362
86
3
December 31, 2022
Benefit payments by period
(€ million)
Total
Less than
1 year
1 to
3 years
3 to
5 years
More than
5 years
Employee termination benefits
•France
804
185
412
207
—
•Other countries
235
189
36
8
2
Total
1,039
374
448
215
2
Summary of Other Provisions Other provisions include provisions for risks and litigation relating to environmental, tax, commercial and product liability matters.
(€ million)
2024
2023
2022
Environmental risks
474
493
526
Product liability risks, litigation and other
1,676
1,283
1,652
Total
2,150
1,776
2,178
Current Provisions and Other Current Liabilities Current provisions and other current liabilities comprise the following:
(€ million)
2024
2023
2022
Taxes payable, other than corporate income taxes
437
395
420
Employee-related liabilities
1,929
2,106
2,158
Restructuring provisions (see Note D.19.2.)
653
578
472
Interest rate derivatives (see Note D.20.)
7
1
—
Currency derivatives (see Note D.20.)
330
126
94
Equity derivatives (see Note D.20.)
—
—
—
Amounts payable for acquisitions of non-current assets
878
945
714
Customer contract liabilities(a)
—
—
269
Other current liabilities(b)(c)
10,007
9,590
7,894
Total
14,241
13,741
12,021
(a)See Note A.5., “Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK”. The year-on-year
change in this item between 2023 and 2022 includes revenue of €269 million recognized in profit or loss during 2023 (previously included in “Customer
contract liabilities” as of December 31, 2022).
(b)“Other current liabilities” mainly comprises provisions and liabilities for customer rebates and returns; provisions for discounts and rebates granted to
healthcare authorities and governmental programs (see Note D.23.); and the liability payable at each reporting date under the Monoclonal Antibody
Alliance with Regeneron.
(c)As of December 31, 2024 includes €273 million (nominal value: €290 million) for the current liability relating to royalties payable to Sobi on net sales of
Beyfortus (nirsevimab) in the United States (see Note C.2.)