Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 188

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 188
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 a decrease of € 1,442 million, versus a decrease of € 3,727 million in 2023 . Net cash flows of the discontinued Opella business represented a net cash inflow of € 353 million in 2024, versus a net cash outflow of € 267 million in 2023. The net change in cash and cash equivalents during 2024 (after the € 167 million impact on cash and cash equivalents of the reclassification of the Opella business to Assets held for sale ), was a decrease of € 1,269 million; this compares with a decrease of € 4,026 million in 2023. “Free cash flow” (a non-IFRS measure) for the year ended December 31, 2024 was € 5,955 million, a decrease from the 2023 figure of € 7,409 million. For details of the arrangements in place to manage our liquidity needs for current operations as of December 31, 2024 , refer to Note 17.1.(b) to our consolidated financial statements, included at Item 18. of this annual report.

(1) Above a cap of €500 million per transaction. (2) Non-IFRS financial measure, as defined in “— Segment Information — Business Net income” above. (3) Not exceeding a cap of €500 million per transaction.

| 88 | SANOFIFORM 20-F2024 |

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

Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 Net cash provided by/used in continuing operating activities represented a net cash inflow of € 9,271 million in 2023 , compared with € 9,638 million in 2022 . The year-on-year decrease was due mainly to a lower level of operating cash flow before changes in working capital (€ 8,858 million in 2023 versus € 10,432 million in 2022 ) and a net increase of € 413 million in the working capital requirement in 2024 (versus a net decrease of € 794 million in 2022 ). Net cash provided by/used in continuing investing activities represented a net cash outflow of € 4,950 million in 2023 versus a net outflow of € 2,117 million in 2022 . For 2022 , the net cash outflow was mainly due