Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 298

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 298
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 counterparties using money-market products with instant access or with a maturity of less than three months. As of December 31, 2024 , cash and cash equivalents amounted to € 7,441 million , and short-term investments predominantly comprised: • collective investments in euro and US dollar denominated money-market mutual funds. All such funds can be traded on a daily basis and the amount invested in each fund may not exceed 10% of the aggregate amount invested in such funds; and • amounts invested directly with banks and non-financial institutions in the form of instant access deposits, term deposits, and Negotiable European Commercial Paper with a maturity of no more than three months. As of December 31, 2024 we also had €8 billion of undrawn general corporate purpose confirmed credit facilities, half of which expires in December 2027 and half in March 2030. Those credit facilities are not subject to financial covenant ratios. Our policy is to diversify our sources of funding through public or private issuances of debt securities, in the United States (shelf registration statement) and Europe (Euro Medium Term Note program). In addition, our A-1+/P-1 short-term rating gives us access to commercial paper programs in the United States, and to Negotiable European Commercial Paper programs in France. The average maturity of our total debt was 3.56 years as of December 31, 2024 , compared with 4.45 years as of December 31, 2023 . Average drawdowns under the Negotiable European Commercial Paper program during 2024 were €0.1 billion (with a maximum of €0.4 billion); the average maturity of those drawdowns was two months. As of December 31, 2024, this program was not being utilized; Average drawdowns under the US Commercial Paper program during 2024 were €5.8 billion (with a maximum of €8.9 billion); the average maturity of those drawdowns was three months. As of December 31, 2024 , drawdowns under the program amounted to €1.3 billion. In the event of a liquidity crisis, we could be exposed to difficulties in calling up our available cash, a scarcity of sources of funding including the above-mentioned programs, and/or a deterioration in their terms. This situation could damage our capacity to refinance our debt or to issue new debt on reasonable terms. Interest rate risk Sanofi issues debt in two currencies, the euro and the US dollar,