Company: SNY
Filing Date: 2025-10-27
Form Type: 424B5
Source: 0001193125-25-250786
Chunk: 19

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 19
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 floating rate notes is set only once per period based on Compounded SOFR, which rate may fluctuate substantially.

The amount of interest payable on the floating rate
notes is determined by reference to Compounded SOFR. This floating rate may be volatile over time, which could result in holders of the floating rate notes experiencing a decline in their receipt of interest and also could cause a decline in the
market price of the floating rate notes. We have no control over a number of factors that may affect market rates, including geopolitical conditions and economic, financial, political, regulatory, judicial or other events that affect the markets
generally and that are important in determining the existence, magnitude and longevity of market rate risk. Furthermore, you should note that historical levels, fluctuations and trends of Compounded SOFR are not necessarily indicative of future
levels. Any historical upward or downward trend in Compounded SOFR is not an indication that Compounded SOFR is more or less likely to increase or decrease at any time during the life of the floating rate notes, and you should not take the
historical levels of Compounded SOFR as an indication of its future performance. You should further note that, although the actual level of SOFR on a floating rate interest payment date or at other times during an interest period (as defined herein)
may be higher than Compounded SOFR on the interest determination date (as defined herein) on which the interest rate is determined for such interest period, holders of the floating rate notes will not benefit from the level of SOFR except as it is a
component of Compounded SOFR. As a result, changes in SOFR may not result in a comparable change in the market value of the floating rate notes.

Any failure of SOFR to maintain market acceptance could adversely affect the floating rate notes.

If SOFR does not maintain market acceptances as a widely used benchmark, the trading price of the floating rate notes may be lower than those
of securities that are linked to rates that are more widely used. Similarly, market terms for floating-rate debt securities linked to SOFR, such as the spread over the base rate reflected in interest rate provisions or the manner of compounding the
base rate, may evolve over time, and trading prices of the floating rate notes may be lower than those of later-issued SOFR-based debt securities as a result. Holders of the floating rate notes may not be able to sell the floating rate notes at all
or may not be able to sell the floating rate notes at prices that will