Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 192

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 192
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31, 2024 , € 2,030 million as of December 31, 2023 and € 2,181 million as of December 31, 2022 “Net debt” is a non-IFRS financial measure used by management and investors to measure Sanofi’s overall net indebtedness. To assess our financing risk, we use the “gearing ratio”, a non-IFRS financial measure. This ratio (which we define as the ratio of net debt to total equity) increased from 10.5 % as of December 31, 2023 to 11.3 % as of December 31, 2024 . Analyses of debt as of December 31, 2024 , December 31, 2023 and December 31, 2022 by type, maturity, interest rate and currency, are provided in Note D.17.1. to our consolidated financial statements, included at Item 18. of this annual report.

| 90 | SANOFIFORM 20-F2024 |

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

We expect that the future cash flows generated by our operating activities will be sufficient to repay our debt. The financing arrangements in place as of December 31, 2024 at the Sanofi parent company level are not subject to covenants regarding financial ratios and do not contain any clauses linking fees to Sanofi’s credit rating. As of December 31, 2024 , we held 9.5 million of our own shares, recorded as a deduction from equity and representing 0.75 % of our share capital. As of December 31, 2023 , we were holding 13.5 million of our own shares, recorded as a deduction from equity and representing 1.06% of our share capital. Goodwill and Other intangible assets (€ 66,013 million in total) decreased by € 7,710 million , mainly following the reclassification of Opella assets on the line Assets held for sale, including goodwill for an amount of 7,255 million euros. Investments accounted for using the equity method (€ 316 million) decreased by € 108 million, mainly reflecting an impairment loss taken against the equity-accounted investment in EUROAPI to reflect the significant and lasting drop in the quoted market price of EUROAPI shares. Other non-current assets amounted to € 3,753 million, a year-on-year increase of € 535 million. Net deferred