Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 186

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 186
---
 of long-term debt, short-term debt and current portion of long-term debt, and interest rate and currency derivatives used to manage debt, minus (ii) the sum total of cash and cash equivalents and interest rate and currency derivatives used to manage cash and cash equivalents. Lease liabilities are not included in net debt. As of December 31, 2024 our net debt was € 8,772 million, compared with € 7,793 million as of December 31, 2023 and € 6,437 million as of December 31, 2022 . For an explanation of the increase in our net debt, refer to section “— B.2. Consolidated Balance Sheet and Debt” below. In order to assess our financing risk, we also use the “gearing ratio," a non-IFRS financial measure (see table in section “— B.2. Consolidated Balance Sheet and Debt” below). We define the gearing ratio as the ratio of net debt to total equity. As of December 31, 2024 , our gearing ratio was 11.3 %, compared with 10.5 % as of December 31, 2023 and 8.6% as of December 31, 2022 . Because our net debt and gearing ratio are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, these are non-IFRS measures that have no standardized meaning prescribed by IFRS.

| SANOFIFORM 20-F2024 | 87 |

| PART I                                               |
| ITEM 5. Operating and Financial Review and Prospects |

B.1. Consolidated statement of cash flows Generally, factors that affect our earnings – for example, pricing, volume, costs and exchange rates – flow through to cash from operations. The most significant source of cash from operations is sales of our branded medicines and vaccines. Receipts of royalty payments also contribute to cash from operations. Summarized consolidated statements of cash flows

| (€ million)(a)                                                                                              |   2024 |   2023 |   2022 |
| Net cash provided by/(used in) continuing operating activities                                              |  8,607 |  9,271 |  9,638 |
| Net cash provided by/(used in) operating activities of the discontinued Opella