Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063672
Chunk: 12

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 12
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 the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs tovaluation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1: Inputs
to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the
ability to access.

Level 2: Inputs
to the valuation methodology include:

| · | Quoted prices for similar assets or liabilities in active markets; |

| · | Quoted prices for identical or similar assets or liabilities 
 in inactive markets;                                         |

| · | Inputs other than quoted prices that are observable for the 
 asset or liability;                                         |

| · | Inputs that are derived principally from or corroborated by observable market data by correlation or other 
 means.                                                                                                     |

If theasset orliability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3:Inputs
to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 inputs include management’s
own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about
risk).

The asset’s or liability’s
fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair
value measurement. The valuation technique used needs to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation
methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024
and 2023. Except for an interest bearing cash account maintained by the trustee all of the Plan’s assets are invested in the Master
Trust.

Self-Directed Brokerage Accounts – These accounts consist of over-the-counter publicly traded mutual funds that are valued using quoted
market prices of the underlying investments as reported in the active market in which the mutual funds are traded. They are classified
within Level 1 of the valuation hierarchy.

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Sanofi Puerto Rico Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

Common Collective Trust Funds –These funds are