Company: SNY
Filing Date: 2025-10-27
Form Type: 424B5
Source: 0001193125-25-250786
Chunk: 25

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 25
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 judicial liquidation, secured creditors will benefit from priority rankings with respect to the distribution
of proceeds resulting from such sale. Indeed, in the event of a judicial liquidation, the holders of notes will be paid after any creditors that have a priority status under French law (including secured creditors and creditors preferred by laws of
mandatory application, such as, without limitation, tax authorities, social security authorities, workers, etc. ) and some creditors whose claims were incurred after the commencement of the insolvency proceedings, as discussed below. As a result,
there may not be enough proceeds resulting from asset sales to make payments on the notes. If there are enough proceeds resulting from asset sales to satisfy the obligations subsisting as a result of secured debt then outstanding and obligations
owing to preferred creditors and then outstanding, then the remaining amounts would be shared equally between all unsecured creditors (other than subordinated creditors), including holders of the notes, up to the aggregate amount of the debt owing
to such unsecured creditors.

We are not restricted in our ability to dispose of our assets by the terms of the notes.

We are generally permitted to sell or otherwise dispose of any, or of substantially all, of our assets to another corporation or other entity
under the terms of the notes. If we decide to dispose of a large amount of our assets, you will not be entitled to declare an acceleration of the maturity of the notes, and except in the case of the

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sale of substantially all of our assets as an entirety, or another similar transaction, as described in “Description of Debt Securities We May Offer — Special Situations —
Mergers and Similar Events” of the attached prospectus, those assets will no longer be available to support our notes.

Our credit ratings may not reflect all risks of an investment in the notes.

The credit ratings ascribed to us and the notes are
intended to reflect our ability to meet our payment obligations generally, and in respect of the notes. They may not reflect the potential impact of all risks related to structure and other factors on the value of the notes. In addition, actual or
anticipated changes in our credit ratings may be expected to affect the market value of the notes. U.S. federal regulations applicable to ratings agencies may change and lead to changes in the manner in which the ratings agencies conduct their
business.

In certain instances, it may be possible for the indenture governing the notes to be amended and for the compliance with certain covenants and for certain defaults thereunder to be waived