Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 403

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 403
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 is liable for withholding taxes and other tax charges when dividends are distributed. Consequently, Sanofi recognizes a

deferred tax liability on the reserves of French and foreign subsidiaries (approximately € 64.9billion ) which it regards as likely to be distributed in the

foreseeable future. In determining the amount of the deferred tax liability as of December 31, 2024 , Sanofi took into account changes in the ownership

structure of certain subsidiaries, and the effects of changes in the taxation of dividends in France, following the ruling of the Court of Justice of

the European Union in the Steria case and the resulting amendments to the 2015 Finance Act. As of December 31, 2023, this line includes a deferred tax

liability arising from temporary differences on investments in subsidiaries which Sanofi expects will reverse in connection with the proposed separation

of the Opella business, as announced in October 2023 (see Note D.30.).

(c) Includes deferred tax assets related to restructuring provisions, amounting to € 319million as of December 31, 2024 , € 286million as of December 31,

2023 , and € 256million as of December 31, 2022 .

(d) Includes deferred taxes arising on the spread tax deduction of R&D expenses, amounting to € 2,053 million as of December 31, 2024 , € 1,331 million as of

December 31, 2023 , and € 742million as of December 31, 2022 .

The reserves of Sanofi subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no

deferred tax liability has therefore been recognized, totaled € 10.5billion as of December 31, 2024 , compared with € 10.0billion as

of December 31, 2023 and € 10.6billion as of December 31, 2022 .

Most of Sanofi’s tax loss carry-forwards are available indefinitely. For a description of policies on the recognition of deferred tax

assets, refer to Note B.22. For each tax consolidation, the recognition of deferred tax assets is determined on the basis of profit

forecasts that are consistent with Sanofi’s medium-term strategic plan, and taking into consideration the tax consequences of

the strategic opportunities available to Sanofi within the period of availability of tax loss carry-forwards and the specific

circumstances of each