Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 170

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 170
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 (ii) updates to estimates of prior period tax liabilities following progress of reviews and closure of open issues with tax authorities in various jurisdictions. The table below reconciles our effective tax rate based on consolidated net income to our effective tax rate based on business net income:

| (as a percentage)                                          |  2024 |  2023 |
| Effective tax rate based on consolidated net income (IFRS) | 18.0% | 16.3% |
| Tax effects:                                               |       |       |
| Amortization and impairment of intangible assets           |  -0.4 |  -0.3 |
| Restructuring costs and similar items                      |   0.5 |   1.6 |
| Other tax effects                                          |   1.7 |   0.1 |
| Effective tax rate based on business net income (non-IFRS) | 19.8% | 17.7% |

15/ Share of profit/(loss) from investments accounted for using the equity method The line item Share of profit/(loss) from investments accounted for using the equity method showed net income of € 60 million in 2024 (after charging an impairment loss of €77 million on the equity-accounted investment in EUROAPI – see Note D.6.), compared with a net loss of € 136 million for 2023 .

| 78 | SANOFIFORM 20-F2024 |

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

16/ Net income from continuing operations Net income from continuing operations amounted to € 5,554 million in 2024 , compared with € 5,098 million in 2023 . 17/ Net income from discontinued operations Due to (i) the classification of Opella's assets and liabilities as held for sale since the announcement on October 21, 2024 of the opening of exclusive negotiations with CD&R for the transfer of those assets and liabilities and (ii) the assessment that Opella qualifies as a principal line of business within the meaning of IFRS 5, the net income or loss of Opella is presented in a separate line item, Net income from discontinued operations (see Notes D.1. and D.36. to our consolidated financial statements included at Item 18. of this annual report). This business reported net income of €64 million in 2024, compared with net income of €338 million in 2023. Net income from