Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 11

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 11
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 Year                            |     |                                  | 7,767,905,017 |   |     |   | 6,795,919,133 |   |     |                                  | 7,738,035,069 |   |     |   | 6,767,581,385 |   |
| End of Year                                  |     | $                                | 8,458,917,741 |   |     | $ | 7,767,905,017 |   |     | $                                | 8,428,400,542 |   |     | $ | 7,738,035,069 |   |

Investment Valuation and Income Recognition – The investments of the Master Trust are reported at fair value, except for the Stable Value Fund which is a FBRIC
and is required to be reported at contract value. Purchases and sales of investments within the Master Trust are recorded on the trade-date
basis (the day the order to buy or sell is executed). Interest income is recorded on the accrual basis, and dividend income is recorded
on the ex-dividend date.

Fair Value Measurements–
The accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the
inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels
of the fair value hierarchy are described below:

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Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

Level 1: Inputs to
the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability
to access.

Level 2: Inputs
to the valuation methodology include:

| · | Quoted prices for similar assets or liabilities in active markets; |

| · | Quoted prices for identical or similar assets or liabilities 
 in inactive markets;                                         |

| · | Inputs other than quoted prices that are observable for the 
 asset or liability;                                         |

| · | Inputs that are derived principally from or corroborated by observable market data by correlation or other 
 means.                                                                                                     |

If the asset or