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Debt, Cash and Cash Equivalents (Tables)
 6 Months Ended
Jun. 30, 2025
Cash and cash equivalents [abstract]  
Summary of Changes in Financial Position
Changes in financial position during the period were as follows:
 
  (
€
million)
   
June 30, 2025
    
December 31, 2024
  
Long-term debt
   
 
13,200
 
  
 
11,791
 
Short-term debt and current portion of long-term debt
   
 
7,309
 
  
 
4,209
 
Interest rate and currency derivatives used to manage debt
   
 
10
 
  
 
137
 
     
Total debt
   
 
20,519
 
  
 
16,137
 
Cash and cash equivalents
   
 
(15,359
) 
  
 
(7,441
) 
Interest rate and currency derivatives used to manage cash and cash equivalents
   
 
(58
) 
  
 
76
 
Net debt
(a)
   
 
5,102
 
  
 
8,772
 
 
(a)
Net debt does not include lease liabilities, which amounted to €1,776 million as of June 30, 2025 and €1,906 million as of December 31, 2024.
Summary of Reconciliation of Carrying Amount to Value on Redemption
A reconciliation of the carrying amount of net debt in the balance sheet to value on redemption as of June 30, 2025 is shown below:
 
 
 (
€
million)
                    
Value on redemption
  
 
Carrying amount at
June 30, 2025
    
Amortized cost
    
Adjustment to debt
measured at fair
value
    
June 30, 2025
    
December 31, 2024
  
 
Long-term debt
  
 
13,200
 
  
 
39
 
  
 
78
 
  
 
13,317
 
  
 
11,940
 
Short-term debt and current portion of long-term debt
  
 
7,309
 
  
 
2
 
  
 
—
 
  
 
7,311
 
  
 
4,218
 
Interest rate and currency derivatives used to manage debt
  
 
10
 
  
 
—
 
  
 
(78
) 
  
 
(68
) 
  
 
13
 
           
Total debt
  
 
20,519
 
  
 
41
 
  
 
—
 
  
 
20,560
 
  
 
16,171
 
Cash and cash equivalents
  
 
(15,359
) 
  
 
—
 
  
 
—
 
  
 
(15,359
) 
  
 
(7,441
) 
Interest rate and currency derivatives used to manage cash and cash equivalents
  
 
(58
) 
  
 
—
 
  
 
—
 
  
 
(58
) 
  
 
76
 
Net debt
(a)
  
 
5,102
 
  
 
41
 
  
 
—
 
  
 
5,143
 
  
 
8,806
 
 
(a)
Net debt does not include lease liabilities, which amounted to €1,776 million as of June 30, 2025 and €1,906 million as of December 31, 2024.
Summary of Net Debt by Type Valuation of Redemption
The table below shows an analysis of net debt by type, at value on redemption:
 
 (
€
million)
   
June 30, 2025
           
December 31, 2024
  
  
non-current
     
current
    
Total
           
non-current
     
current
     
Total
  
             
Bond issues
   
 
13,259
 
   
 
2,322
 
  
 
15,581
 
     
 
11,876
 
   
 
2,716
 
   
 
14,592
 
Other bank borrowings
   
 
58
 
   
 
4,847
 (a)
 
  
 
4,905
 
     
 
64
 
   
 
1,290
 
   
 
1,354
 
Other borrowings
   
 
—
 
   
 
1
 
  
 
1
 
     
 
—
 
   
 
3
 
   
 
3
 
Bank credit balances
   
 
—
 
   
 
141
 
  
 
141
 
     
 
—
 
   
 
209
 
   
 
209
 
Interest rate and currency derivatives used to manage debt
   
 
—
 
   
 
(68
) 
  
 
(68
) 
     
 
—
 
   
 
13
 
   
 
13
 
             
Total debt
   
 
13,317
 
   
 
7,243
 
  
 
20,560
 
     
 
11,940
 
   
 
4,231
 
   
 
16,171
 
             
Cash and cash equivalents
   
 
—
 
   
 
(15,359
) 
  
 
(15,359
) 
     
 
—
 
   
 
(7,441
) 
   
 
(7,441
) 
Interest rate and currency derivatives used to manage cash and cash equivalents
   
 
—
 
   
 
(58
) 
  
 
(58
) 
     
 
—
 
   
 
76
 
   
 
76
 
Net debt
   
 
13,317
 
   
 
(8,174
) 
  
 
5,143
 
     
 
11,940
 
   
 
(3,134
) 
   
 
8,806
 
 
(a)
As of June 30, 2025, current other bank borrowings include €4,535 million related to the US commercial paper program and €230 million related to the Negotiable European Commercial Paper program in France.
 
Summary of Market Value of Net Debt
The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows:
 
 (
€
million)
   
June 30, 2025
     
December 31, 2024
  
Market value
   
 
4,589
 
   
 
8,165
 
Value on redemption
   
 
5,143
 
   
 
8,806