Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 196

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 196
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 partner or upon the granting of approvals or licenses. Because of the uncertain nature of development work, it is impossible to predict (i) whether Sanofi will exercise further options for products, or (ii) whether the expected milestones will be achieved, or (iii) the number of compounds that will reach the relevant milestones. It is therefore impossible to estimate the maximum aggregate amount that Sanofi will actually pay in the future under existing collaboration agreements. Given the nature of its business, it is highly unlikely that Sanofi will exercise all options for all products or that all milestones will be achieved. The main collaboration agreements relating to development projects are described in Note D.21.1. to our consolidated financial statements, included at Item 18. of this annual report. Milestone payments relating to development projects under these agreements included in the table above exclude projects still in the research phase (€ 14.4 billion in 2024 , € 16.8 billion in 2023 ) and payments contingent upon the attainment of sales targets once a product is on the market (€ 15.2 billion in 2024 , € 17.9 billion in 2023 ).

| 92 | SANOFIFORM 20-F2024 |

| PART I                                               |
| ITEM 5. Operating and Financial Review and Prospects |

C. Research and development, patents and licenses, etc. Our research and development teams utilize our deep expertise to contribute to the growth of our business. As of December 31, 2024 , we had 8,940 employees engaged in research and development activities. In the years ended December 31, 2022 , 2023 and 2024 we spent € 6,501 million, € 6,507 million and € 7,394 million, respectively, on research and development. For a discussion of our research and development activities, see “Item 4. Information on the Company — B. Business Overview” and section “— A. Operating Results” above. D. Trend information For a discussion of trends, see “Item 4. Information on the Company — Business Overview” and sections “— A. Operating Results” and “— Liquidity and Capital Resources” above . E. Critical accounting estimates For a discussion of our critical accounting estimates, see Note A.3 o f our consolidated financial statements included in Item 18. of this annual report.

| SANOFIFORM 20-F2024 | 93 |

| PART I                                             |
| ITEM 6. Directors,