Company: SNY
Filing Date: 2025-10-29
Form Type: 424B5
Source: 0001193125-25-255563
Chunk: 83

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 83
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 an investment in the debt securities.

The credit ratings ascribed to us and the debt securities are intended to reflect our ability to meet our payment obligations generally, and
in respect of our debt securities. They may not reflect the potential impact of all risks related to structure and other factors on the value of the debt securities. In addition, actual or anticipated changes in our credit ratings may be expected to
affect the market value of our debt securities. U.S. federal regulations applicable to ratings agencies may change and lead to changes in the manner in which the ratings agencies conduct their business.

French insolvency law may supersede certain provisions of the indenture and the commencement of insolvency proceedings would have a material adverse effect on the debt securities.

As a French company, Sanofi S.A. would be subject to French insolvency law,
including court-assisted pre-insolvency proceedings (ad hoc mandate (mandat ad hoc)or conciliation proceedings (procédure de conciliation)), court-administered insolvency
proceedings under French law (such as safeguard proceedings

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( procédure de sauvegarde), accelerated safeguard proceedings ( procédure de sauvegarde accélérée) and judicial reorganization or liquidation proceedings ( redressement or liquidation judiciaire)). In general, French insolvency legislation favors the continuation of a business and protection of employment over the payment of creditors and could limit the ability of holders of debt securities to enforce their rights under the debt securities. Under French insolvency law, the opening of court-administered insolvency proceedings triggers a stay on payments of claims incurred prior to the opening of such proceedings, subject to limited exceptions. One of the main features of these proceedings is that negotiations about any restructuring plan are carried out within classes gathering together the affected parties, consisting of the debtor’ creditors whose rights are being directly affected by the draft restructuring plan (the “Affected Parties”). For Sanofi S.A., the setting up of such classes would be mandatory. If Sanofi S.A. were subject to any of such proceedings and classes of Affected Parties were established, all holders of debt securities issued by Sanofi S.A. (including holders of debt securities issued under the indenture) would be gathered into one or several classes, as the case may be, with other unsecured creditors of Sanofi S.A. Each class would be called to deliberate on a draft accelerated safeguard plan ( projet de plan de sauvegarde accélérée), a draft safeguard plan ( projet