Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 185

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 185
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 2022 , based on an average number of shares outstanding of 1,251.7 million in 2023 and 1,251.9 million in 2022 . Diluted earnings per share for 2023 was € 4.30 versus € 6.66 for 2022 , based on an average number of shares after dilution of 1,256.4 million in 2023 and 1,256.9 million in 2022 . A.3.3. Segment results Our business operating income, as defined in Note D.35. (“Segment information”) to our consolidated financial statements included at Item 18. of this annual report, was € 11,178 million in 2023 compared with € 12,793 million in 2022 (a decrease of 12.6% ). It represented 29.6 % in 2023 compared with 34.0 % in 2022. Our business operating income (non-IFRS) is reconciled with our operating income (IFRS) in Note "D.35. Segment information — D.35.1.2. Business operating income" of the financial statements included at Item 18. of this annual report. The table below sets forth our business operating income for the years ended December 31, 2023 and 2022:

| (€ million)                          | December 31,2023 | December 31,2022 | Change |
| Biopharma operating segment          |           11,155 |           12,764 | -12.6% |
| As percentage of sales               |            29.5% |            33.9% |        |
| Other                                |               23 |               29 | -20.7% |
| Business operating income (non-IFRS) |           11,178 |           12,793 | -12.6% |
| As percentage of sales               |            29.6% |            34.0% |        |

B. Liquidity and capital resources Our operations generate significant positive cash flows. We fund our day-to-day investments (with the exception of significant acquisitions) primarily with operating cash flow, and pay regular dividends on our shares. “Net debt” is a non-IFRS financial indicator which is reviewed by our management, and which we believe provides useful information to measure our overall liquidity and capital resources. We define “net debt” as (i) the sum total