Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 17

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 17
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 investment contracts  |     |      | 477,633,581 |     |      | 528,951,659 |
| End of Year                     |     |      | 489,852,592 |     | $    | 554,464,591 |

| 4. | Income Tax Status |

The Internal Revenue Service (“IRS”)
has determined and informed the Company by a letter dated July 24, 2015, that the Plan and related trust are designed in accordance
with applicable sections of the IRC. In December 2016, the IRS began publishing a Required Amendments List for individually designed
plans that specifies changes in qualification requirements. The list is published annually and requires plans to be amended for each item
on the list, as applicable, to retain the Plan’s tax exempt status. The Plan has been amended since receiving the determination
letter, however, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed, and is currently being operated,
in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is
tax-exempt.

<div align='center'>15</div>

Sanofi U.S. 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, these transactions qualify as party-in-interest transactions.

The Master Trust invests in shares
of the parent company, Sanofi, through the Sanofi-US ADR Fund (the “fund”); therefore, these transactions qualify as party-in-interest
transactions. As of October 5, 2018, the “fund” was transitioned to individual share accounting at the direction
of the Plan sponsor.

During the year ended December 31, 2024,
the Master Trust made purchases of $-0-, sales