Company: SNY
Filing Date: 2025-10-27
Form Type: 424B5
Source: 0001193125-25-250786
Chunk: 52

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 52
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 abnormal or exaggerated amount), and the withholding tax set out under Article 119 bis 2 of the French General Tax Code that may subsequently be levied as a result of such non deductibility, will apply in respect of a particular issue of notes if the Issuer can prove that the principal purpose and effect of such issue was not to allow the payments of interest or other revenues to be made in a Non-CooperativeState (the “Exemption”). Pursuant to the official tax guidelines issued by the French tax authorities (BOI-IR-DOMIC-10-20-20-60-20191220; BOI-INT-DG-20-50-20210224; BOI-INT-DG-20-50-20-20230606§290, BOI-INT-DG-20-50-30-20220614§150) (the “BOFIP”), an issue of debt securities will be deemed not to have such a purpose and effect, and accordingly will be able to benefit from the Exemption if such debt securities are:

| (i) | offered by means of a public offering within the meaning of Article                                                                                       
 L.411-1 of the French Monetary and Financial Code, or pursuant to an equivalent offer in a State other than a Non-Cooperative State. For this purpose, an 
 “equivalent offer” means any offer requiring the registration or submission of an offer document by or with a foreign securities market authority; or     |

| (ii) | admitted to trading on a regulated market or on a French or foreign multilateral securities trading system                                                                                                       
 provided that such market or system is not located in a Non-Cooperative State, and the operation of such market is carried out by a market operator or an investment services provider, or by such other similar 
 foreign entity, provided further that such market operator, investment services provider or entity is not located in a Non-Cooperative State; or                                                                 |

| (iii) | admitted, at the time of their issue, to the operations of a central depository, or to those of a settlement                                                                                                   
 and delivery systems operator for financial instruments within the meaning of Article L. 561-2 of the French Monetary and Financial Code, or of one or more similar foreign depositories or systems operators, 
 provided that such depository or systems operator is not located in a Non-Cooperative State.                                                                                                                   |

Since the notes will be cleared through a qualifying clearing system at the time of their issue, the notes (i)