Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 134

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 134
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 sales erosion in 2025 (see products listed in the table above). In addition, we have experienced generic competition for Aubagio in the United States since March 2023 and in Europe since October 2023, with a greater impact in 2024. The same pattern occurred for Mozobil with generic competition in United States since July 2023, and in Europe since early 2024.

(1) From 2024, Net sales excludes sales of Consumer Healthcare products, reclassified within Net income from discontinued operations for the three years presented.

| 60 | SANOFIFORM 20-F2024 |

| PART I                                               |
| ITEM 5. Operating and Financial Review and Prospects |

In 2024 , aggregate consolidated net sales of those products in Europe, the United States and Japan amounted to € 1,494 million; this comprised € 1,262 million in Europe, € 187 million in the United States and € 33 million in Japan. The negative impact on our 2025 net sales is likely to represent a substantial portion of those sales, but the actual impact will depend on a number of factors, such as the impact of generics and biosimilars on sales of our molecules, but also the market entry of generics of other molecules that are in competition with our products. In China, the authorities have implemented a range of healthcare cost containment measures, including the Volume Based Procurement (VBP) reverse auction that particularly impacts our insulin-based products, Plavix, Aprovel, and Lovenox (see also “Item 4. Information on the Company — B. Business Overview — B.5.4. Pricing & Reimbursement”). A large number of molecules were selected to submit tenders under successive waves of the VBP program, with the successful bidders being awarded a high level of market share in return for offering lower prices. The recent tenth round of VBP results was very unfavorable to multinational companies like Sanofi. Domestic generic companies won almost 100% of the bids due to further aggressive price reductions. A.1.3. Purchase accounting effects Our results of operations and financial condition for the years ended December 31, 2024 , 2023 and 2022, have been significantly affected by our past acquisitions (acquisition of Genzyme in April 2011, exchange of our Animal Health business (Merial) for Boehringer Ingelheim’s CHC business in January 2017, acquisition of Bioverativ in