Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063672
Chunk: 9

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 9
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 distributions and allocated administrative expenses.

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Sanofi Puerto Rico Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

The Stable Value Fund (see Note 3)
is a FBRIC and is therefore measured at contract value. Contract value is the relevant measurement attribute for that portion of the net
assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract
value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.

Notes Receivable fromParticipants – Notes receivablefrom participants represent loans recorded at their unpaid principal balance plus accrued interest. Interest income generated on the notes receivable is recorded when earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. The loans are secured by the vested balance in the participant accounts. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default based on Plan provisions, the participant loan balance is reduced and a benefit payment is recorded.

Benefit Payments – Benefits are recorded when paid.

Fees and Administrative Expenses – All external third-party expenses and internal expenses relating to the administration of the Master Trust and managing the funds established thereunder are borne by the participating plans, unless they are paid by the Company. Brokerage commissions,transfer taxes and other charges incurred in connection with the purchase and sale of securities are paid out of the funds to which such charges are attributable.

Risks and Uncertainties –The Plan provides for various investment options representing varied combinations of stocks, bonds, fixed income securities, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changescould materially affect participants’ account balances and the amounts reported in the Statement of Net Assets available for Benefits.

| 3. | Investment in Master Trust |

The Master Trust comprises the investment
assets of the Plan and the Sanofi U.S. Group Savings Plan. Certain investment assets of the Master Trust, related earnings (losses), and
expenses are allocated to all the plans that participate in the Master Trust based upon the total of each individual participant’s
share of the Master Trust.

At December 31, 2024 and 2023, the Plan