Company: SNY
Filing Date: 2025-10-29
Form Type: 424B5
Source: 0001193125-25-255563
Chunk: 19

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 19
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OR. The volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repurchase agreement market. The Federal Reserve Bank of New York has at times conducted operations in the
overnight U.S. Treasury repurchase agreement market in order to help maintain the federal funds rate within a target range. There can be no assurance that the Federal Reserve Bank of New York will or will not continue to conduct such operations in
the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to
holders of the floating rate notes. In addition, although changes in Compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the floating rate notes may fluctuate more than floating
rate securities that are linked to less volatile rates.

The amount of interest payable on the 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