Company: SNY
Filing Date: 2025-10-29
Form Type: 424B5
Source: 0001193125-25-255563
Chunk: 60

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 60
---
 such amounts (in accordance with your regular method of tax accounting for U.S. federal income tax purposes). This treatment should apply to
both the fixed rate notes and the floating rate notes because the latter should qualify as “variable rate debt instruments” for U.S. federal income tax purposes.

In addition, if any note is issued for an amount less than the principal amount and the difference is at least a statutorily defined de minimis amount (specifically, the de minimis amount is 0.25% of the principal amount of such note multiplied by the number of complete years to maturity for such note), you will be required to include the difference in income under the original
issue discount rules (which generally require accruing that discount on a constant yield basis). It is anticipated, and this discussion assumes, that the notes will be issued with less than a de minimis amount of original issue discount for
U.S. federal income tax purposes.

In the event that non-U.S. withholding taxes are imposed on
interest payments on the notes, subject to applicable limitations and the Final FTC Treasury Regulations (as defined below), you generally may claim the amount of any such withholding taxes as a foreign tax credit (or deduction in lieu of such
credit). Certain U.S. Treasury Regulations addressing foreign tax credits (the “Final FTC Treasury Regulations”) impose additional requirements for foreign taxes to be eligible for a foreign tax credit if the relevant taxpayer does not
elect to apply the benefits of an applicable income tax treaty, and there can be no assurance that those requirements will be satisfied. Recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable
requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Final FTC Treasury Regulations) for taxable years ending before the date that a notice or other guidance
withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). The calculation of foreign tax credits involves the application of complex rules that depend on a U.S. holder’s particular
circumstances. You should consult your own tax advisor with regard to the availability of a foreign tax credit with respect to any withholding tax.

Purchase, Sale and Retirement of Notes

Initially, your tax basis in a note generally will equal the cost of the note to you.

When you sell or exchange a note, or if a note that you hold is retired or otherwise disposed of, you generally will recognize gain or loss
equal to the difference between the amount you