Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 10

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 10
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. Brokerage commissions, transfer taxes
and other charges incurred in connection with the purchase and sale of securities are paid out of the funds to which such charges are
attributable.

Risks and Uncertainties –
The Plan provides for various investment options representing varied combinations of stocks, bonds, fixed income securities, mutual funds
and other investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit
risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such changes could materially affect participants’ account
balances and the amounts reported in the Statement of Net Assets available for Benefits.

| 3. | Investment in Master Trust |

The Master Trust comprises the investment
assets of the Plan and the Sanofi Puerto Rico Group Savings Plan. Certain investment assets of the Master Trust, related earnings (losses),
and expenses are allocated to all the plans that participate in the Master Trust based upon the total of each individual participant’s
share of the Master Trust.

At December 31, 2024 and
2023, the Plan’s interest in the Master Trust was approximately 99% of the total trust.

<div align='center'>9</div>

Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

The following tables present the investments
and other assets and changes in net assets of the Sanofi U.S. Group Savings Master Trust, and the Plan, as of and for the years December 31, 2024
and 2023:

| Investments at fair value        |     | Sanofi U.S. Group Savings Master 
 Trust                            
 2024                             |               |     | 2023 |               |     | Sanofi U.S. Group Savings Plan’s 
 Interest in Sanofi U.S. Group    
 Savings Master Trust             
 2024                             |               |     | 2023 |               |
|:---------------------------------|:----|:---------------------------------|--------------:|:----|:-----|--------------:|:----|:---------------------------------|--------------:|:----|:-----|--------------:|
| Self-directed brokerage accounts |     | $                                |   166,382,492 |     | $    |   142,015,446 |     | $                                |   166,382,492 |     | $    |