Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 402

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 402
---
 : zero ; December 31, 2022 : zero ). Cash

equivalents also include € 446million held by captive insurance and reinsurance companies in accordance with insurance regulations ( December 31,

2023 : € 476million ; December 31, 2022 : € 439million ).

| F-50 | SANOFIFORM 20-F2024 |

| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |

D.14. Net deferred tax position

An analysis of the net deferred tax position is set forth below:

| (€ million)                                                           |   2024 |    |   2023 |   2022 |
| Deferred taxes on:                                                    |        |    |        |        |
| Consolidation adjustments (intragroup margin in inventory)            |  1,927 |    |  1,525 |  1,388 |
| Provision for pensions and other employee benefits                    |    787 |    |    853 |    850 |
| Remeasurement of other acquired intangible assets                     | -2,079 | -a | -2,795 | -3,269 |
| Recognition of acquired property, plant and equipment at fair value   |    -10 |    |    -21 |    -24 |
| Equity interests in subsidiaries and investments in other entities(b) | -1,044 |    | -1,023 |   -617 |
| Tax losses available for carry-forward                                |    971 |    |  1,526 |  1,506 |
| Stock options and other share-based payments                          |    103 |    |     84 |     92 |
| Accrued expenses and provisions deductible at the time of payment(c)  |  2,277 |    |  1,994 |  1,859 |
| Other(d)                                                              |  2,869 |    |  2,427 |  1,755 |
| Net deferred tax asset/(liability)                                    |  5,801 |    |  4,570 |  3,540 |

( a ) A s of December 31, 2024 , includes remeasurements of the acquired intangible assets of Bioverativ ( € 987million ), Principia (€ 648million ), Ablynx

(€ 178million ) and Genzyme ( € 15million ).

(b) In some countries, Sanofi