Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 139

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 139
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 in 2022. Because our “Business operating income” is not a standardized measure, it may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Although management uses this non-IFRS measure to set goals and measure performance, it has no standardized meaning prescribed by IFRS. This non-IFRS measure is presented solely to permit investors to more fully understand how Sanofi’s management assesses underlying performance. This non-IFRS measure is not, and should not be viewed as, a substitute for IFRS measures, and should be viewed in conjunction with IFRS measures of our performance and financial position. Consequently, there may be limitations on the usefulness of this measure to investors.

| 62 | SANOFIFORM 20-F2024 |

| PART I                                               |
| ITEM 5. Operating and Financial Review and Prospects |

3/ Business net income (non-IFRS financial measure) Sanofi also presents "Business net income", a non-GAAP financial measure that is not included in our financial statements. We believe that reporting this indicator enhances understanding of our operational performance by our management and investors. “Business net income” represents “Business operating income,” less (i) net financial expenses (except those related to financial liabilities accounted for at amortized cost and subject to periodic remeasurement in accordance with paragraph B5.4.6 of IFRS 9) and (ii) income tax expense related to “Business operating income”. “Business net income” is a non-IFRS financial measure; it is reconciled with IFRS Net income attributable to equity holders of Sanofi , which amounted to € 5,560 million for 2024 versus € 5,400 million for 2023 and € 8,371 million for 2022. Our “Business net income” for 2024 was €8,912 million, 1.8 % lower than in 2023 ( €9,076 million). That represents 21.7% of our net sales, compared with 24.0% in 2023 and 26.8% in 2022. The table below reconciles Net income attributable to equity holders of Sanofi to our “Business net income”:

| (€ million)                                                                                                                           |    2024 | 2023(g) | 2022(g) |
| Net income attributable to equity holders of Sanofi (IFRS)                                                                            |