Company: SNY
Filing Date: 2025-10-27
Form Type: 424B5
Source: 0001193125-25-250786
Chunk: 23

Company: Sanofi
Filing Date: 2025-10-27
Form: 424B5
Chunk 23
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 as the Benchmark continues to be
published, and the value of and return on the floating rate notes may be adversely affected.

We or our designee will make certain determinations, decisions and elections that could affect the return on, value of and market for the floating rate notes.

We or
our designee will make certain determinations with respect to the floating rate notes as further described under “Description of the Notes — Principal, Interest and Maturity — Floating Rate Notes.” For example, if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred, we or our designee will make certain determinations with respect to the floating rate notes in our or our designee’s sole discretion as further described under
“Description of the Notes — Principal, Interest and Maturity — Floating Rate Notes.” Any determination, decision or election pursuant to the benchmark replacement provisions not made by our designee will be made by us. Any of
these determinations may adversely affect the value of the floating rate notes, the return on the floating rate notes and the price at which holders can sell such floating rate notes. Moreover, certain determinations may require the exercise of
discretion and the making of subjective judgments, such as with respect to the occurrence or nonoccurrence of a Benchmark Transition Event and any Benchmark Replacement Conforming Changes.

When performing such functions, potential conflicts of interest may exist between us or our designee and you. All determinations, decisions
and elections by us or our designee will be conclusive for all purposes and binding on us and holders of the floating rate notes absent manifest error. Further, notwithstanding anything to the contrary in the documentation relating to the floating
rate notes, all determinations, decisions and elections by us or our designee will become effective without consent from the holders of the applicable the floating rate notes or any other party. These potentially subjective determinations may
adversely affect the value of the

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floating rate notes, the return on the floating rate notes and the price at which holders can sell such floating rate notes. For further information regarding these types of determinations, see
“Description of the Notes — Principal, Interest and Maturity — Floating Rate Notes.”

Direct creditors of our subsidiaries will generally have superior claims to cash flows from those subsidiaries.

Sanofi receives cash
flows from its subsidiaries which can be used to meet its payment obligations under the notes. Since the creditors of any of these subsidiaries generally have a right to receive payment that is superior to Sanofi’s right to receive payment
from