Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 166

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 166
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 gross profit to net sales) decreased, reaching 75.7 % in 2024 , versus 76.7 % in 2023 . The lower gross margin was primarily due to the lack of COVID-19 revenues in 2024. 3/ Research and development expenses Research and development (R&D) expenses amounted to € 7,394 million in 2024 , versus € 6,507 million in 2023 , an increase of 13.6 %, reflecting an acceleration in immunology, neurology, vaccines and digital R&D, while spend on oncology was reduced. R&D expenses represented 18.0 % of net sales in 2024 , versus 17.2 % in 2023 . 4/ Selling and general expenses Selling and general expenses amounted to € 9,183 million in 2024 ( 22.4 % of net sales), versus € 8,933 million in 2023 ( 23.6 % of net sales), a 2.8% year-on-year increase. 5/ Other operating income and expenses Other operating income amounted to € 1,089 million in 2024 (versus € 979 million in 2023 ), and other operating expenses to € 4,382 million (versus € 3,443 million in 2023 ). Overall, this represented a net expense of € 3,293 million in 2024 , compared with a net expense of € 2,464 million in 2023 .

| (€ million)                            |   2024 |   2023 | Change |
| Other operating income                 |  1,089 |    979 |    110 |
| Other operating expenses               | -4,382 | -3,443 |   -939 |
| Other operating income/(expenses), net | -3,293 | -2,464 |   -829 |

The increase of € 829 million mainly reflects an increase in the share of profits generated by the monoclonal antibody alliance with Regeneron under the collaboration agreement (see Note C.1. to our consolidated financial statements), the principal factor being increased sales of Dupixent. The net contribution of items related to Regeneron to this line item is as follows:

| (€ million)                                                                              |   2024 |   2023 |
| Income & expense related to (profit)/loss sharing under the Monoclonal Antibody Alliance | -4,143 | -