Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 299

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 299
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 and also invests its cash and cash equivalents in those currencies. Sanofi also operates cash pooling arrangements to manage the surplus cash and short-term liquidity needs of foreign subsidiaries located outside the euro zone. To optimize the cost of debt or reduce the volatility of debt and manage its exposure to financial foreign exchange risk, Sanofi uses derivative instruments (interest rate swaps, currency swaps, foreign exchange swaps and forward contracts) that alter the fixed/floating rate split and the currency split of its net debt. The projected full-year sensitivity to interest rate fluctuations of our debt, net of cash and cash equivalents for 2025 is as follows:

| Change in short-term interest rates | Impact on pre-tax net income(€ million) | Impact on pre-tax income/(expense)recognized directly in equity(€ million) |
| +100 bp                             |                                      34 | —                                                                          |
| +25 bp                              |                                       8 | —                                                                          |
| -25 bp                              |                                      -8 | —                                                                          |
| -100 bp                             |                                     -34 | —                                                                          |

Stock market risk It is our policy not to trade on the stock market for speculative purposes.

| SANOFIFORM 20-F2024 | 177 |

| PART I                                                          |
| ITEM 12. Description of Securities other than Equity Securities |

Item 12. Description of Securities other than Equity Securities 12.A. Debt securities Not applicable. 12.B. Warrants and rights Not applicable. 12.C. Other securities Not applicable. 12.D. American depositary shares General JPMorgan Chase Bank, NA (“JPMorgan”), as depositary, issues Sanofi ADSs in certificated form (evidenced by an ADR) or book- entry form. Each ADR is a certificate evidencing a specific number of Sanofi ADSs. Each Sanofi ADS represents one-half of one Sanofi ordinary share (or the right to receive one-half of one Sanofi ordinary share) deposited with the Paris, France office of BNP Paribas, as custodian. Each Sanofi ADS also represents an interest in any other securities, cash or other property that may be held by the depositary under the Second Amended and Restated Deposit Agreement between Sanofi and JPMorgan dated February 13, 2015, as amended by Amendment No. 1 dated July 23, 2020 (“Amendment No. 1”), Amendment No. 2 dated December 18, 2023 ("Amendment No. 2"), and