Company: SNY
Filing Date: 2025-10-27
Form Type: 424B5
Source: 0001193125-25-250786
Chunk: 24

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 24
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 the assets of such subsidiary, holders of the notes will be effectively subordinated to creditors of the subsidiaries insofar as cash flows from those subsidiaries are relevant to meeting payment obligations under the notes. The terms and
conditions of the notes and the indenture under which they are issued do not limit the amount of liabilities that subsidiaries of Sanofi may incur. As of September 30, 2025, our outstanding financial debt amounted to €19.9 billion, of
which €19.6 billion represented the financial debt of Sanofi, as parent company, and €0.3 billion represented the financial debt of other Group entities. The latter corresponds to the financial debt of such other Group entities
after applying the relevant consolidation percentage and eliminating intragroup financial debt. In addition, certain subsidiaries are or may become subject to statutory or contractual restrictions on their ability to pay dividends or otherwise
distribute or lend cash to Sanofi which could also limit the amount of funds available to meet payment obligations under the notes.

Since the notes are unsecured, your right to receive payments will be effectively subordinated to the rights of any secured or preferred creditors.

The notes that we are offering will be unsecured. Although the indenture governing our notes contains a negative
pledge that prohibits Sanofi S.A. from pledging assets and granting other security to secure certain types of bonds or similar debt instruments unless Sanofi S.A. makes a similar pledge (or otherwise provides security approved by the bondholders) to
secure the notes offered pursuant to this prospectus supplement as described under “Description of Debt Securities We May Offer — Special Situations — Negative Pledge” of the attached prospectus and “Description of the
Notes — Special Situations — Negative Pledge” of this prospectus, we and our principal subsidiaries are otherwise entitled to pledge our assets to secure debts. If we default on the notes, then, to the extent we have previously
granted security over our assets to secure debts, and such secured debts are or become due and payable prior to such default on the notes being cured partially or fully by payment, the assets that secure those debts will then be used to satisfy the
obligations under that secured debt before we can make payment on the notes. However, the opening of court-administered insolvency proceedings triggers a stay on enforcement with respect to pledges that secure claims incurred prior to the opening of
such proceedings (subject to certain exceptions), but in the event of a sale of the assets within the context of judicial reorganization or