Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 132

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 132
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0.2 billion); and (iii) contribute capital to a new publicly traded company (New Inhibrx) (at least $0.2 billion). Since the closing of the merger, Inhibrx has become a wholly owned subsidiary of Sanofi. Additionally, Sanofi retains a minority stake (approximately 8%) in New Inhibrx. On September 10, 2024, in the presence of President Macron, Sanofi broke ground on a new production unit in Neuville-sur- Saône (Rhône-Alpes), named Modulus , to produce upcoming vaccines and biological drugs. Modulus has the unique capability of adapting to produce up to four vaccines or biopharmaceuticals simultaneously and can be reconfigured within days or weeks to switch technological platforms (live attenuated viral vaccines, recombinant protein vaccines, or mRNA-based vaccines, as well as biotechnology-derived treatments like enzymes or monoclonal antibodies), whereas such changes typically take several months

(1) Non-IFRS financial measure: see definition in “— Presentation of Net Sales” below. (2) Non-IFRS financial measure: see definition in “— Segment Information — Business Net Income” below.

| SANOFIFORM 20-F2024 | 59 |

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

or even years in conventional factories. Sanofi invested nearly €500 million in Modulus, which is expected to be operational by the end of 2025, following certification of the facilities and validation of manufacturing processes. Sanofi plans to produce some of its future biopharmaceuticals and vaccines there. On October 21, 2024, Sanofi and Clayton, Dubilier & Rice (CD&R) announced that they had entered exclusive negotiations for the Proposed Opella Transaction as defined under "Item 4 –B.3. Opella." The opening of the exclusive negotiations relating to the Proposed Opella Transaction, and the signature of a put option agreement as of that date (leading to loss of the control previously exercised by Sanofi over Opella), triggered the reclassification of the Opella business as a discontinued operation for the 2024 financial year. Opella meets the criteria for a discontinued operation under IFRS 5, and the post-tax profit or loss from Opella is now presented separately within the line item Net income/(loss) from discontinued operations in Sanofi's consolidated income statement. This presentation in a separate line item of the income statement applies