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Derivative financial instruments | 6 Months Ended
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Jun. 30, 2026
Financial Instruments [Abstract] |
Derivative financial instruments | B.10. Derivative financial instruments B.10.1 Currency derivatives used to manage operating risk exposures The table below shows operating currency hedging instruments in place as of June 30, 2026. The notional amount is translated into euros at the relevant closing exchange rate.
June 30, 2026 |  |  | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value
Forward currency sales | 6,536 |  | (66) |  | 221 |  | (8) |  | (8) |  | 6,315 |  | (58) |
of which US dollar | 2,968 |  | (38) |  | — |  | — |  | — |  | 2,968 |  | (38) |
of which Singapore dollar | 555 |  | — |  | — |  | — |  | — |  | 555 |  | — |
of which Chinese yuan renminbi | 530 |  | (6) |  | — |  | — |  | — |  | 530 |  | (6) |
of which Brazilian real (a) | 422 |  | (9) |  | 221 |  | (8) |  | (8) |  | 201 |  | (1) |
of which Saudi Arabian riyal | 224 |  | (3) |  | — |  | — |  | — |  | 224 |  | (3) |
Forward currency purchases | 5,039 |  | 33 |  | — |  | — |  | — |  | 5,039 |  | 33 |
of which US dollar | 3,200 |  | 24 |  | — |  | — |  | — |  | 3,200 |  | 24 |
of which Singapore dollar | 596 |  | 2 |  | — |  | — |  | — |  | 596 |  | 2 |
of which Chinese yuan renminbi | 306 |  | 2 |  | — |  | — |  | — |  | 306 |  | 2 |
of which Turkish lira | 120 |  | 6 |  | — |  | — |  | — |  | 120 |  | 6 |
of which United Arab Emirates dirham | 120 |  | 1 |  | — |  | — |  | — |  | 120 |  | 1 |
Total | 11,575 |  | (33) |  | 221 |  | (8) |  | (8) |  | 11,354 |  | (25) |
(a) Includes forward sales with a notional amount of BRL 1,300 million expiring in 2027, designated as a cash flow hedge on the divestment of Medley in Brazil. The above positions mainly hedge material foreign currency cash flows arising after the end of the reporting period in relation to transactions carried out during the six months ended June 30, 2026 and recognized in the balance sheet at that date. Gains and losses on hedging in struments (forward contracts) are calculated and recognized in parallel with the recognition of gains and losses on the hedged items. Due to this hedging relationship, the commercial foreign exchange difference on those items (hedging instruments and hedged transactions) will be immaterial in the second half of 2026. B.10.2. Currency and interest rate derivatives used to manage financial exposure The cash pooling arrangements for foreign subsidiaries outside the eurozone, and some of Sanofi’s financing activities, expose certain Sanofi entities to financial foreign exchange risk (i.e. the risk of changes in the value of loans and borrowings denominated in a currency other than the functional currency of the lender or borrower). That foreign exchange exposure is hedged using derivative instruments (currency swaps or forward contracts) that alter the currency split of Sanofi’s debt once those instruments are taken into account. The table below shows financial currency hedging instruments in place as of June 30, 2026. The notional amount is translated into euros at the relevant closing exchange rate.
| June 30, 2026
(€ million) | Notional amount |  | Fair value | Maximum expiry date
Cross currency seller swaps | 1,523 |  |  | (37) |  |
of which US dollar | 1,523 |  | (a) | (37) |  | 2032
Forward currency sales | 16,423 |  |  | (272) |  |
of which US dollar | 13,361 |  | (b) | (241) |  | 2027
of which Pound sterling | 1,401 |  |  | (7) |  | 2026
of which Brazilian real | 204 |  | (c) | (9) |  | 2027
Forward currency purchases | 11,466 |  |  | 170 |  |
of which US dollar | 8,657 |  | (d) | 143 |  | 2027
of which Singapore dollar | 1,299 |  |  | 6 |  | 2026
of which Hungarian forint | 543 |  |  | 19 |  | 2026
Total | 29,412 |  |  | (139) |  |
(a)Comprises two cross currency swaps, (i) with a notional amount of $870 million, pay 4.16% receive EUR 2.50%, expiring 2029 and (ii) with a notional amount of $870 million, pay 4.53% receive EUR 3.00%, expiring 2032, designated as a hedge of Sanofi’s net investment in the United States. As of June 30, 2026, the fair value of the swaps was a liability of €37 million, with €33 million debited to Other comprehensive income under the cost of hedging accounting treatment and €4 million debited to financial result. (b)Includes forward sales with a notional amount of $12,275 million expiring in 2026 and 2027, designated as a hedge of Sanofi’s net investment in the United States. As of June 30, 2026, the fair value of these forward contracts represented a liability of €223 million, with €222 million debited to Other comprehensive income and €1 million debited to Financial expenses. (c) Includes forward sales with a notional amount of BRL 1,200 million expiring in 2027, designated as a hedge of Sanofi’s net investment in Brazil. As of June 30, 2026, the fair value of these forward contracts represented a liability of €9 million, with €10 million debited to Other comprehensive income, and €1 million credited to Financial income. (d) Includes forward purchases with a notional amount of $1,000 million expiring in 2026, designated as a fair value hedge of the exposure of $1,000 million of bond issues to fluctuations in the EUR/USD spot rate. As of June 30, 2026, the fair value of these contracts represented a liability of €6 million, with €6 million debited to Financial expenses; the impact on Other comprehensive income is immaterial. To optimize the cost of debt or reduce the volatility of debt, Sanofi uses derivative instruments (interest rate swaps and cross currency swaps) to alter the fixed/floating rate split of its net debt. The table below shows instruments of this type in place as of June 30, 2026:
|  |  |  |  |  |  |  | Of which designated as fair value hedges | Of which designated as cash flow hedges
(€ million) | 2026 | 2027 | 2028 | 2029 | 2030 and beyond | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |
pay 2.08% / receive Euribor 3M | — |  | 850 |  | — |  | — |  | — |  | 850 |  | (2) |  | — |  | — |  | 850 |  | (2) |  | (2) |
pay 3.77% / receive capitalized SOFR + 46bps | — |  | 438 |  | — |  | — |  | — |  | 438 |  | 4 |  | — |  | — |  | 438 |  | 4 |  | 4 |
pay capitalized SOFR USD/ receive 1.03% | — |  | — |  | 438 |  | — |  | — |  | 438 |  | (25) |  | 438 |  | (25) |  | — |  | — |  | — |
pay capitalized SOFR USD/ receive 1.32% | — |  | — |  | 438 |  |  | — |  | 438 |  | (22) |  | 438 |  | (22) |  |  |  | — |
pay 3.82% / receive capitalized SOFR USD + 54 bps | — |  | — |  | 438 |  | — |  | — |  | 438 |  | 7 |  | — |  | — |  | 438 |  | 7 |  | 7 |
pay capitalized Ester/receive 0.92% | — |  | — |  | — |  | 650 |  | — |  | 650 |  | (28) |  | 650 |  | (28) |  | — |  | — |  | — |
pay capitalized Ester / receive 2.53% | — |  | — |  | — |  | 750 |  | — |  | 750 |  | 2 |  | 750 |  | 2 |  | — |  | — |  | — |
pay capitalized Ester / receive 2.71% | — |  | — |  | — |  | — |  | 475 |  | 475 |  | 4 |  | 475 |  | 4 |  | — |  | — |  | — |
pay capitalized Ester / receive 2.91% | — |  | — |  | — |  | — |  | 475 |  | 475 |  | 7 |  | 475 |  | 7 |  | — |  | — |  | — |
Total | — |  | 1,288 |  | 1,313 |  | 1,400 |  | 950 |  | 4,951 |  | (52) |  | 3,226 |  | (62) |  | 1,726 |  | 10 |  | 10 |

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
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- Definition Financial Instruments [Abstract] + References No definition available. + Details
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