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

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 27
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 judicial reorganization or liquidation proceedings
(redressement or liquidation judiciaire)). In general, French insolvency legislation favors the continuation of a business and protection of employment while addressing the payment of creditors, which could limit the ability of holders of
notes to enforce their rights under the notes.

Under French insolvency law, the opening of court-administered insolvency proceedings
triggers a stay on payments of claims incurred prior to the opening of such proceedings, subject to limited exceptions. One of the main features of these proceedings (excluding judicial liquidation proceedings) is that negotiations about any
restructuring plan may be carried out within classes gathering together the affected parties, consisting of (i) the debtor’s creditors whose rights are being directly affected by the draft restructuring plan and (ii) equity holders
where their rights are affected by the draft restructuring plan (such creditors and equity holders, collectively, the “Affected Parties”). For Sanofi S.A., the setting up of such classes would be mandatory.

S-20

If Sanofi S.A. were subject to any of such proceedings and classes of Affected Parties were established, all holders of debt securities issued by Sanofi S.A. (including holders of notes issued under the indenture) would be gathered into one or several classes, as the case may be, with other unsecured creditors of Sanofi S.A. Each class would be called to deliberate on a draft accelerated safeguard plan ( projet de plan de sauvegarde accélérée), a draft safeguard plan ( projet de plan de sauvegarde) or a draft judicial reorganization plan ( projet de plan de redressement) with respect to Sanofi S.A. which:

| • |     | would have to take into account any known subordination/intercreditor agreements entered into by the creditors                                                            
 prior to the opening of the proceedings (as the case may be) and could be subject to any deviation from the absolute priority rule as may be authorized by the court; and |

| • |     | would provide the terms and conditions of the debt restructuring (which could in particular provide for a                        
 rescheduling and/or a partial or full write-off of the amount due under the notes and/or debt-to-equity swaps and/or the sale of 
 part of the business) in compliance with the creditors’ best—interest – test (critère du meilleur intérêt des créanciers).       |

Should the plan be approved by any class of Affected Parties by a majority vote, consisting of at