Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 180

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 180
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20-F2024 |

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

4/ Selling and general expenses Selling and general expenses amounted to € 8,933 million in 2023 ( 23.6% of net sales), versus € 8,739 million in 2022 ( 23.2% of net sales), a 2.2% increase. 5/ Other operating income and expenses Other operating income amounted to € 979 million in 2023 (versus € 1,814 million in 2022 ), and other operating expenses to € 3,443 million (versus € 2,523 million in 2022 ). Overall, this represented a net expense of € 2,464 million in 2023 , compared with a net expense of € 709 million in 2022 .

| (€ million)                            |   2023 |   2022 | Change |
| Other operating income                 |    979 |  1,814 |   -835 |
| Other operating expenses               | -3,443 | -2,523 |   -920 |
| Other operating income/(expenses), net | -2,464 |   -709 | -1,755 |

The increase of € 1,755 million mainly reflects an increase in the share of profits generated by the monoclonal antibody alliance with Regeneron under the collaboration agreement, the principal factors being (i) increased sales of Dupixent and (ii) the impact in 2022 of the recognition of the proceeds arising from the restructuring of the immuno-oncology (IO) collaboration agreement between Sanofi and Regeneron (see Note C.1. to our consolidated financial statements). The net contribution of items related to Regeneron to this line item is as follows:

| (€ million)                                                                              |   2023 |   2022 |
| Income & expense related to (profit)/loss sharing under the Monoclonal Antibody Alliance | -3,321 | -2,325 |
| Additional share of profit paid by Regeneron towards development costs(a)                |    668 |    434 |
| Reimbursement to Regeneron of selling expenses incurred                                  |   -543 |   -476 |
| Total: Monoclonal Antibody Alliance                                                      | -3,196 | -2,367 |
| Immuno-Oncology Alliance                                                                 |      — |     16 |
|