Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 251

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 251
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 valuation at the date of grant is not necessarily indicative of the value of stock options and performance shares at the end of the vesting period, especially if the performance conditions are not met; • since Olivier Brandicourt (our previous Chief Executive Officer) received the same number of stock options and performance shares each year from 2016 to 2019, fluctuations in the Sanofi share price had a significant impact on the pay ratio during this period; • 2018 and 2019 figures have been restated for comparative purposes, to (i) exclude Sanofi’s equity-accounted share of Regeneron’s net profits (see Note D.1. to our consolidated financial statements, included at Item 18. of this annual report) and (ii) include the effects of IFRS 16; • regular benchmarking reviews are conducted to ensure that the level of compensation awarded to our employees and CEO is competitive and consistent with pharmaceutical industry levels. Comparison of compensation of Sanofi executive officers with employee compensation* (parent company and all direct and indirect subsidiaries located in France), and year-on-year change in compensation of corporate officers and employees with reference to the company’s performance

| Chief Executive Officer(a)                 | 2020vs 2019 | 2021vs 2020 | 2022vs 2021 | 2023vs 2022 | 2024vs 2023 |
| Change in compensation (%)                 |        9.2% |       -1.0% |       20.5% |       -1.5% |        1.7% |
| Ratio versus average employee compensation |      110.64 |      111.44 |      124.55 |      124.49 |      124.42 |
| Year-on-year change in ratio (%)           |        3.8% |        0.7% |       11.8% |       -0.1% |       -0.1% |
| Ratio to median employee compensation      |      142.78 |      142.11 |      159.17 |      159.97 |      158.01 |
| Year-on-year change in ratio (%)           |        5.5% |       -0.5% |       12.0% |        0.5% |       -1.2% |
| Chairman of the Board(b)                   | 2020vs 2019 | 202