Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 432

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 432
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3 are due mainly to the Borne Law, which raises the retirement age to 64 and hence disqualifies some participants eligible under previous legislation (in light of the maximum period for portage workers). In 2024 , the agreement was renewed to cover the years 2024 to 2026 , and the new provisions charged in 2024 relate mainly to scope extensions in the job profiles affected by transformations; • a voluntary redundancy program announced in 2024 in connection with the reorganization of R&D operations to make Sanofi a leader in immunology, including an end-of-career paid leave plan and an end-of-career transition plan; and • collectively-agreed separation programs involving a number of legal entities announced at the end of June 2020 as part of the rollout of the “Play to Win” strategy; these include an end-of-career paid leave plan and an external retraining program, and were still ongoing during 2024 . The same applies to Sanofi-Aventis Recherche & Développement, which announced a voluntary redundancy program associated with R&D reorganization in 2020 , and implemented that program in 2021 . The provision includes the present values of: • gross annuities for self-funded plans; • employer’s social security charges on early retirement annuities for all plans (outsourced and self-funded); and • the levy charged on those annuities under the “Fillon” law (only for plans with termination of employment contracts). The average residual portage periods under these plans were 2.18 years, 2.22 years and 2.60 years as of December 31, 2024 , 2023 and 2022 , respectively. The main other countries covered by restructuring provisions are Germany, Japan and the United States.

| SANOFIFORM 20-F2024 | F-73 |

| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |

The timing of future termination benefit payments is as follows:

| December 31, 2024             |       | Benefit payments by period |             |             |                  |
|:------------------------------|------:|---------------------------:|------------:|------------:|-----------------:|
| (€ million)                   | Total |            Less than1 year | 1 to3 years | 3 to5 years | More than5 years |
| Employee termination benefits |       |                            |             |             |                  |
| •France                       |   862 |                        312 |