Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 404

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 404
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 tax consolidation. Deferred tax assets relating to tax loss carry-forwards as of December 31, 2024

amounted to € 3,010million , of which € 2,039million were not recognized (primarily composed of prior period tax liabilities

following progress of reviews with tax authorities and capital losses ). This compares with € 2,729million as of December 31, 2023

(of which € 1,203million were not recognized) and € 2,650million as of December 31, 2022 (of which € 1,144million were not

recognized).

The table below shows when tax losses available for carry-forward are due to expire:

| (€ million)                   | Tax losses available for carry-forward(a) |
| 2025                          |                                         1 |
| 2026                          |                                        17 |
| 2027                          |                                        12 |
| 2028                          |                                        30 |
| 2029                          |                                       187 |
| 2030 and later                |                                     9,565 |
| Total as of December 31, 2024 |                                     9,812 |
| Total as of December 31, 2023 |                                     8,933 |
| Total as of December 31, 2022 |                                     8,503 |

(a) Excluding tax loss carry-forwards on asset disposals. Such carry-forwards amounted to € 40million as of December 31, 2024 , € 5million as of

December 31, 2023 and € 5million as of December 31, 2022 .

Use of tax loss carry-forwards is limited to the entity in which they arose. In jurisdictions where tax consolidations are in place, tax

losses can be netted against taxable income generated by entities in the same tax consolidation.

Deferred tax assets not recognized because their future recovery was not regarded as probable given the expected results of the

entities in question and unagreed tax positions amounted to € 2,117million in 2024 , € 1,261million in 2023 and € 1,197million in

2022 .

| SANOFIFORM 20-F2024 | F-51 |

| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |

D.15. Consolidated shareholders’ equity

D.15.1. Share capital

As of December 31, 2024 , the share capital w as