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

Company: Sanofi
Filing Date: 2025-10-29
Form: 424B5
Chunk 25
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 supplement as described under “Description of Debt Securities We May Offer — Special Situations — Negative Pledge” of the attached prospectus and “Description of the
Notes — Special Situations — Negative Pledge” of this prospectus, we and our principal subsidiaries are otherwise entitled to pledge our assets to secure debts. If we default on the notes, then, to the extent we have previously
granted security over our assets to secure debts, and such secured debts are or become due and payable prior to such default on the notes being cured partially or fully by payment, the assets that secure those debts will then be used to satisfy the
obligations under that secured debt before we can make payment on the notes. However, the opening of court-administered insolvency proceedings triggers a stay on enforcement with respect to pledges that secure claims incurred prior to the opening of
such proceedings (subject to certain exceptions), but in the event of a sale of the assets within the context of judicial reorganization or judicial liquidation, secured creditors will benefit from priority rankings with respect to the distribution
of proceeds resulting from such sale. Indeed, in the event of a judicial liquidation, the holders of notes will be paid after any creditors that have a priority status under French law (including secured creditors and creditors preferred by laws of
mandatory application, such as, without limitation, tax authorities, social security authorities, workers, etc. ) and some creditors whose claims were incurred after the commencement of the insolvency proceedings, as discussed below. As a result,
there may not be enough proceeds resulting from asset sales to make payments on the notes. If there are enough proceeds resulting from asset sales to satisfy the obligations subsisting as a result of secured debt then outstanding and obligations
owing to preferred creditors and then outstanding, then the remaining amounts would be shared equally between all unsecured creditors (other than subordinated creditors), including holders of the notes, up to the aggregate amount of the debt owing
to such unsecured creditors.

We are not restricted in our ability to dispose of our assets by the terms of the notes.

We are generally permitted to sell or otherwise dispose of any, or of substantially all, of our assets to another corporation or other entity
under the terms of the notes. If we decide to dispose of a large amount of our assets, you will not be entitled to declare an acceleration of the maturity of the notes, and except in the case of the

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sale of substantially all of our assets as an entirety, or another similar transaction