Company: SNY
Filing Date: 2025-10-29
Form Type: 424B5
Source: 0001193125-25-255563
Chunk: 24

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 24
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 holders of the floating rate notes absent manifest error. Further, notwithstanding anything to the contrary in the documentation relating to the floating
rate notes, all determinations, decisions and elections by us or our designee will become effective without consent from the holders of the applicable the floating rate notes or any other party. These potentially subjective determinations may
adversely affect the value of the

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floating rate notes, the return on the floating rate notes and the price at which holders can sell such floating rate notes. For further information regarding these types of determinations, see
“Description of the Notes — Principal, Interest and Maturity — Floating Rate Notes.”

Direct creditors of our subsidiaries will generally have superior claims to cash flows from those subsidiaries.

Sanofi receives cash
flows from its subsidiaries which can be used to meet its payment obligations under the notes. Since the creditors of any of these subsidiaries generally have a right to receive payment that is superior to Sanofi’s right to receive payment
from the assets of such subsidiary, holders of the notes will be effectively subordinated to creditors of the subsidiaries insofar as cash flows from those subsidiaries are relevant to meeting payment obligations under the notes. The terms and
conditions of the notes and the indenture under which they are issued do not limit the amount of liabilities that subsidiaries of Sanofi may incur. As of September 30, 2025, our outstanding financial debt amounted to €19.9 billion, of
which €19.6 billion represented the financial debt of Sanofi, as parent company, and €0.3 billion represented the financial debt of other Group entities. The latter corresponds to the financial debt of such other Group entities
after applying the relevant consolidation percentage and eliminating intragroup financial debt. In addition, certain subsidiaries are or may become subject to statutory or contractual restrictions on their ability to pay dividends or otherwise
distribute or lend cash to Sanofi which could also limit the amount of funds available to meet payment obligations under the notes.

Since the notes are unsecured, your right to receive payments will be effectively subordinated to the rights of any secured or preferred creditors.

The notes that we are offering will be unsecured. Although the indenture governing our notes contains a negative
pledge that prohibits Sanofi S.A. from pledging assets and granting other security to secure certain types of bonds or similar debt instruments unless Sanofi S.A. makes a similar pledge (or otherwise provides security approved by the bondholders) to
secure the notes offered pursuant to this prospectus