Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063672
Chunk: 18

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 18
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; however, the Plan is required to provide a one-year redemption notice to liquidate its entire interest in the fund.

The following represents the disaggregation
of contract value between types of investment contracts held by the Master Trust for the FBRIC at December 31, 2024 and 2023:

| Stable value fund               |     | 2024 |             |     | 2023 |             |
|:--------------------------------|:----|:-----|------------:|:----|:-----|------------:|
| Cash reserves common trust fund |     | $    |  12,219,011 |     | $    |  25,512,932 |
| Synthetic investment contracts  |     |      | 477,633,581 |     |      | 528,951,659 |
| End of Year                     |     | $    | 489,852,592 |     | $    | 554,464,591 |

| 4. | Income Tax Status |

On August 25, 2014, the Plan
received a determination letter from the Puerto Rico Department of Treasury stating that the Plan, as then designed, was qualified under
Sections 1165(a) and 1165(e) of the Puerto Rico Internal Revenue Code of 1994 (the “PR Code”). The Plan has been amended and
restated since receiving the determination letter. However, the Plan Administrator believes the Plan is currently designed and being operated
in compliance with the applicable requirements of the PR Code and, therefore, believes that the Plan, as amended and restated, is qualified
and the related trust is tax exempt.

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Sanofi Puerto Rico Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

Accounting principles generally accepted
in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the
organization has taken an uncertain position that more likely than not would not be sustained upon examination by the applicable taxing
authorities. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods
in progress.

| 5. | Related Party and Party-in-Interest Transactions |

Certain Master Trust investments are
shares of mutual funds managed by T. Rowe Price Trust Company, the trustee of the Plan. T. Rowe Price Retirement Plan Services Inc. is
the recordkeeper of the Plan. Therefore