Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 13

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 13
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<div align='center'>11</div>

Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

Company stock held within a separately
managed account is valued at the closing price reported on the active market on which the individual securities are traded. This investment
is classified within Level 1 of the valuation hierarchy.

The methods described above may produce
a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the
Plan believes its valuation methods are appropriate and consistent with ASC 820 guidance, the use of different methodologies or assumptions
to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The availability of observable market
data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic
conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another.
In such instances, the transfer is reported at the end of the reporting period.

The following tables set forth by level,
within the fair value hierarchy, the Master Trust assets at fair value as of December 31, 2024 and 2023:

|                                               |     | 2024    
 Level 1 |             |     | Level 2 |   |     | Level 3 |   |     | Total |               |
|:----------------------------------------------|:----|:--------|------------:|:----|:--------|:--|:----|:--------|:--|:----|:------|--------------:|
| Participant-directed brokerage accounts       |     | $       | 166,382,492 |     | $       | – |     | $       | – |     | $     |   166,382,492 |
| Company stock                                 |     |         |  42,496,960 |     |         | – |     |         | – |     |       |    42,496,960 |
| Total investments in the fair value hierarchy |     | $       | 208,879,452 |     | $       | – |     | $       | – |     |       |               |
| Investments measured at net asset value (a)   |     |         |             |     |         |   |     |         |   |     |       | 7,760,185,697 |
| Total investments measured at fair value