Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 14

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 14
---
 |     |         |             |     |         |   |     |         |   |     | $     | 7,969,065,149 |

<div align='center'>12</div>

Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

|                                               |     | 2023    
 Level 1 |             |     | Level 2 |   |     | Level 3 |   |     | Total |               |
|:----------------------------------------------|:----|:--------|------------:|:----|:--------|:--|:----|:--------|:--|:----|:------|--------------:|
| Participant-directed brokerage accounts       |     | $       | 142,015,446 |     | $       | – |     | $       | – |     | $     |   142,015,446 |
| Company Stock                                 |     |         |  50,742,243 |     |         | – |     |         | – |     |       |    50,742,243 |
| Total investments in the fair value hierarchy |     | $       | 192,757,689 |     | $       | – |     | $       | – |     |       |               |
| Investments measured at net asset value (a)   |     |         |             |     |         |   |     |         |   |     |       | 7,020,682,737 |
| Total investments measured at fair value      |     |         |             |     |         |   |     |         |   |     | $     | 7,213,440,426 |

| (a) | In accordance with ASC Subtopic 820-10, certain investments that were measured at net asset value per                                       
 share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended 
 to permit reconciliation of the fair value hierarchy to the line items presented in the net assets available for benefits of the Master     
 Trust.                                                                                                                                      |

Investments Measured at NAV –
The following tables summarize investments for which fair value is measured using the net asset value per share practical expedient as
of December 31, 2024 and 2023. There are no participating redemption restrictions for these investments; the redemption notice
period is applicable only to the Master Trust.

| December