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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of operating segments [abstract]  
Schedule of Segment Results
Segment results are shown in the table below:
 
   
June 30, 2025 (6 months)
  
 (
€
million)
  
Biopharma
    
Other
    
Total
  
                   
    
June 30,
2025
    
Change vs.
June 30,
2024 on a
reported
basis (IFRS)
    
Change vs.
June 30,
2024 at
constant
exchange
rates
(non-IFRS)
    
June 30,
2025
    
Change vs.
June 30,
2024 on a
reported
basis (IFRS)
    
Change vs.
June 30,
2024 at
constant
exchange
rates
(non-IFRS)
    
June 30,
2025
    
Change vs.
June 30,
2024 on a
reported
basis (IFRS)
    
Change vs.
June 30,
2024 at
constant
exchange
rates
(non-IFRS)
  
                   
Net sales
  
 
19,889
 
  
 
+8.3
% 
  
 
+9.9
% 
  
 
 
 
  
 
—
%
 
  
 
 
 
  
 
19,889
 
  
 
+8.3
%
 
  
 
+9.9
%
 
                   
Other revenues
  
 
1,246
 
  
 
-7.8
% 
  
 
-6.4
% 
  
 
206
 
  
 
+16.4
% 
  
 
+15.3
% 
  
 
1,452
 
  
 
-5.0
% 
  
 
-3.9
% 
Cost of sales
  
 
(5,753
) 
  
 
-1.6
% 
  
 
-0.1
% 
  
 
(128
) 
  
 
+16.4
% 
  
 
+14.5
% 
  
 
(5,881
) 
  
 
-1.3
% 
  
 
+0.2
% 
Research and development expenses
  
 
(3,716
) 
  
 
+11.5
% 
  
 
+12.3
% 
  
 
(1
) 
  
 
—
% 
  
 
—
% 
  
 
(3,717
) 
  
 
+11.5
% 
  
 
+12.3
% 
Selling and general expenses
  
 
(4,447
) 
  
 
+4.7
% 
  
 
+5.9
% 
  
 
(59
) 
  
 
+5.4
% 
  
 
+5.4
% 
  
 
(4,506
) 
  
 
+4.7
% 
  
 
+5.9
% 
Other operating income and expenses
  
 
(1,941
) 
      
 
(2
) 
      
 
(1,943
) 
    
Share of profit/(loss) from investments accounted for using the equity method
  
 
77
 
      
 
—
 
      
 
77
 
    
Net income attributable to
non-controlling
interests
  
 
(8
) 
      
 
—
 
      
 
(8
) 
    
Business operating income
  
 
5,347
 
  
 
+8.8
% 
  
 
+11.0
% 
  
 
16
 
  
 
-27.3
% 
  
 
-27.3
% 
  
 
5,363
 
  
 
+8.6
% 
  
 
+10.8
% 
 As % of net sales
  
 
26.9
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
  27.0%
 
  
 
 
 
  
 
 
 
 
    
June 30, 2024 (6 months) (a)
  
   
 (
€
million)
   
  Biopharma
    
  Other
    
  Total
  
       
Net sales
   
 
18,360
 
  
 
 
 
  
 
18,360
 
       
Other revenues
   
 
1,352
 
  
 
177
 
  
 
1,529
 
Cost of sales
   
 
(5,849
) 
  
 
(110
) 
  
 
(5,959
) 
Research and development expenses
   
 
(3,334
) 
  
 
(1
) 
  
 
(3,335
) 
Selling and general expenses
   
 
(4,247
) 
  
 
(56
) 
  
 
(4,303
) 
Other operating income and expenses
   
 
(1,426
) 
  
 
12
 
  
 
(1,414
) 
Share of profit/(loss) from investments accounted for using the equity method
   
 
66
 
  
 
—
 
  
 
66
 
Net income attributable to
non-controlling
interests
   
 
(6
) 
  
 
—
 
  
 
(6
) 
Business operating income
   
 
4,916
 
  
 
22
 
  
 
4,938
 
 
(a)
Figures for the 2024 comparative period have been
re-presented
on a consistent basis to reflect the classification of Opella as a discontinued operation.
Schedule of Reconciliation Between Business Operating Income for the Segments and Income Before Tax and Investments Accounted for Using the Equity Method
The table below, presented in compliance with IFRS 8, shows a reconciliation between “Business operating income” and
Income before tax and investments accounted for using the equity method
:
 
 (
€
million)
   
June 30, 2025
(6 months)
    
June 30, 2024
(6 months) (a)
  
Business operating income
   
 
5,363
 
  
 
4,938
 
Share of profit/(loss) from investments accounted for using the equity method
(b)
   
 
(77
) 
  
 
(66
) 
Net income attributable to
non-controlling
interests
(c)
   
 
8
 
  
 
6
 
Amortization and impairment of intangible assets
(d)
   
 
(987
) 
  
 
(527
) 
Fair value remeasurement of contingent consideration
   
 
(61
) 
  
 
(66
) 
Expense arising from the impact of acquisitions on inventories
(e)
   
 
—
 
  
 
(7
) 
Restructuring costs and similar items
(f)
   
 
(430
) 
  
 
(1,060
) 
Other gains and losses, and litigation
(g)
   
 
(57
) 
  
 
(450
) 
     
Operating income
   
 
3,759
 
  
 
2,768
 
     
Financial expenses
   
 
(361
) 
  
 
(583
) 
Financial income
   
 
184
 
  
 
277
 
     
Income before tax and investments accounted for using the equity method
   
 
3,582
 
  
 
2,462
 
 
(a)
Figures for the 2024 comparative period have been
re-presented
on a consistent basis to reflect the classification of Opella as a discontinued operation.
(b)
Joint ventures and associates with which Sanofi has entered into a strategic alliance.
(c)
Excludes (i) restructuring costs and (ii) other adjustments attributable to
non-controlling
interests.
(d)
The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €210 million in the first half of 2025 linked to research and development projects. As of June 30, 2024, this line includes a net reversal of impairment losses amounting to €371 million, mainly due to an increase in the expected recoverable amounts of certain marketed products and other rights.
(e)
This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date.
(f)
See Note B.16.
(g)
See Note B.17.
Schedule of Acquisition of Intangible Assets, Property, Plant and Equipment and Investments Accounted for Using the Equity Method by Segment
Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period.
 
    
Biopharma
  
 (
€
million)
   
June 30, 2025
     
June 30, 2024
  
     
 Investments accounted for using the equity method
(a)
   
 
483
 
   
 
229
 
 Acquisitions of property, plant and equipment
   
 
845
 
   
 
882
 
 Acquisitions of other intangible assets
   
 
575
 
   
 
922
 
 
(a)
Carrying amount at the end of the reporting period.
Summary of Geographical Information on Net Sales and Non-Current Assets
The geographical information on net sales provided below is based on the geographical location of the customer.
 
    
Net sales
  
 
 (
€
million)
   
June 30, 2025
     
June 30, 2024 (a)
  
     
 Europe
   
 
4,144
 
   
 
4,072
 
 of which France
   
 
835
 
   
 
855
 
 United States
   
 
9,535
 
   
 
8,292
 
 Rest of the World
   
 
6,210
 
   
 
5,996
 
 of which China
   
 
1,388
 
   
 
1,406
 
 Total
   
 
19,889
 
   
 
18,360
 
 
(a)
Figures for 2024 comparative period have been
re-presented
on a consistent basis to reflect the classification of Opella as a discontinued operation.
In accordance with IFRS 8, the
non-current
assets reported below exclude financial instruments, deferred tax assets,
pre-funded
pension obligations, and
right-of-use
assets as determined under IFRS 16.
 
 (
€
million)
   
June 30, 2025
     
December 31, 2024
  
  
Property, plant
and equipment
     
Goodwill
     
Other
intangible
assets
     
Property, plant
and equipment
     
Goodwill
     
Other
intangible
assets
  
 Europe
   
 
5,438
 
   
 
—
 
   
 
3,167
 
   
 
5,550
 
   
 
—
 
   
 
3,307
 
 of which France
   
 
2,953
 
   
 
—
 
   
 
—
 
   
 
3,112
 
   
 
—
 
   
 
—
 
 United States
   
 
2,080
 
   
 
—
 
   
 
16,725
 
   
 
2,411
 
   
 
—
 
   
 
18,711
 
 Rest of the World
   
 
2,056
 
   
 
—
 
   
 
539
 
   
 
2,130
 
   
 
—
 
   
 
611
 
 of which China
   
 
83
 
   
 
—
 
   
 
—
 
   
 
96
 
   
 
—
 
   
 
—
 
 Total
   
 
9,574
 
   
 
40,283
 
   
 
20,431
 
   
 
10,091
 
   
 
43,384
 
   
 
22,629