Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 15

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 15
---
 described above. |

| (c) | This category includes investments in a blend of diversified common collective trust funds designed to                                      
 remain appropriate for investors in terms of risk throughout a variety of life circumstances gauged upon an expected retirement date.       
 The funds share the common goal of growing principal in earlier years and then later preserving the principal balance closer to an expected 
 retirement date.                                                                                                                            |

Fully Benefit-Responsive investment Contracts (“FBRIC”) – The Master Trust entered into fully benefit-responsive investment contracts in the Stable
Value Fund that invest primarily in investment contracts issued by high-quality insurance companies and banks as rated by T. Rowe Price
Associates, Inc. These contracts meet the fully benefit-responsive contract criteria and therefore are reported at contract value.
Contract value is the relevant measure for FBRICs because this is the amount received by participants if they were to initiate permitted
transactions under the terms of the Plan. These are interest bearing contracts in which the principal and interest are guaranteed by the
issuing companies. Contract value represents contributions made to the investment contracts plus earnings, less participant withdrawals
and administrative expenses.

The Stable Value Fund invests in synthetic
guaranteed investment contracts (“SICs”) and separate account contracts. For investments in SICs, the Master Trust owns the
underlying investments, whereas for investments in the separate account contracts, the Master Trust receives title to the annuity contract,
but not the direct title to the assets in the separate account. SICs and separate account contracts are generally backed by fixed income
assets. The underlying investments wrapped within the SICs and separate account contracts are managed by third party fixed income managers
and include securities diversified across the broad fixed income market, such as, but not limited to, corporate bonds, mortgage related
securities, government bonds, asset-backed securities, cash, and cash equivalents.

SICs, backed by underlying assets,
are designed to provide principal protection and accrued interest over a specified period of time through benefit-responsive wrapper contracts
issued by a third party assuming that the underlying assets meet the requirements of the SIC. Separate account contracts are investment
contracts invested in insurance company separate accounts established for the sole benefit of the Stable Value Fund included within the
Master Trust. SICs and separate account contracts are wrapped by the financially responsible insurance company.

<div align='center'>14</div>

Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

The issuers