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v3.26.1

Debt, cash and cash equivalents (Tables) | 6 Months Ended
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Jun. 30, 2026
Cash and cash equivalents [abstract] |
Summary of Changes in Financial Position | Changes in financial position during the period were as follows:
(€ million) | June 30, 2026 | December 31, 2025
Long-term debt | 14,646 |  | 14,248 |
Short-term debt and current portion of long-term debt | 7,026 |  | 4,342 |
Interest rate and currency derivatives used to manage debt | 221 |  | 112 |
Total debt | 21,893 |  | 18,702 |
Cash and cash equivalents | (6,350) |  | (7,657) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (30) |  | (37) |
Net debt (a) | 15,513 |  | 11,008 |
(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.
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, 2026 is shown below:
(€ million) |  |  |  | Value on redemption
Carrying amount at June 30, 2026 | Amortized cost | Adjustment to debt measured at fair value | June 30, 2026 | December 31, 2025
Long-term debt | 14,646 |  | 44 |  | 61 |  | 14,751 |  | 14,360 |
Short-term debt and current portion of long-term debt | 7,026 |  | 1 |  | — |  | 7,027 |  | 4,344 |
Interest rate and currency derivatives used to manage debt | 221 |  | — |  | (131) |  | 90 |  | 12 |
Total debt | 21,893 |  | 45 |  | (70) |  | 21,868 |  | 18,716 |
Cash and cash equivalents | (6,350) |  | — |  | — |  | (6,350) |  | (7,657) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (30) |  | — |  | — |  | (30) |  | (37) |
Net debt (a) | 15,513 |  | 45 |  | (70) |  | 15,488 |  | 11,022 |
(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.
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, 2026 |  | December 31, 2025
non-current | current |  | Total |  | non-current | current | Total
Bond issues (a) | 14,702 |  | 3,599 |  |  | 18,301 |  |  | 14,306 |  | 3,165 |  | 17,471 |
Other bank borrowings | 49 |  | 3,291 |  | (b) | 3,340 |  |  | 54 |  | 936 |  | 990 |
Other borrowings | — |  | 1 |  |  | 1 |  |  | — |  | 1 |  | 1 |
Bank credit balances | — |  | 136 |  |  | 136 |  |  | — |  | 242 |  | 242 |
Interest rate and currency derivatives used to manage debt | — |  | 90 |  |  | 90 |  |  | — |  | 12 |  | 12 |
Total debt | 14,751 |  | 7,117 |  |  | 21,868 |  |  | 14,360 |  | 4,356 |  | 18,716 |
Cash and cash equivalents | — |  | (6,350) |  |  | (6,350) |  |  | — |  | (7,657) |  | (7,657) |
Interest rate and currency derivatives used to manage cash and cash equivalents | — |  | (30) |  |  | (30) |  |  | — |  | (37) |  | (37) |
Net debt | 14,751 |  | 737 |  |  | 15,488 |  |  | 14,360 |  | (3,338) |  | 11,022 |
(a) These amounts include $3 billion designated as a hedge of Sanofi’s net investment in the United States. (b) As of Ju ne 30, 2026, current other bank borrowings include €3,217 million related to the US commercial paper program.
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, 2026 | December 31, 2025
Market value | 14,989 |  | 10,424 |
Value on redemption | 15,488 |  | 11,022 |

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