☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Or | ||||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Or | ||||||
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class: | Trading Symbol | Name of each exchange on which registered: | ||||||
American Depositary Shares, each representing one half of one ordinary share, par value €2 per share | SNY | NASDAQ Global Select Market | ||||||
Ordinary shares, par value €2 per share | * | NASDAQ Global Select | ||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Emerging growth company | ☐ |
International Financial Reporting Standards | |||||||||||||||||
U.S. GAAP | ☐ | as issued by the International Accounting Standards Board | ☒ | Other | ☐ |
•projections of operating revenues, net income, business net income, earnings per share, business earnings per share, capital expenditures, cost savings, restructuring costs, positive or negative synergies, dividends, capital structure or other financial items or ratios; •statements of our profit forecasts, trends, plans, objectives or goals, including those relating to products, clinical trials, regulatory approvals and competition; and •statements about our future events and economic performance or that of France, the United States or any other countries in which we operate. |
ADR | American Depositary Receipt | ||||
ADS | American Depositary Share | ||||
AFEP | Association française des entreprises privées (French Association of Large Companies) | ||||
AMF | Autorité des marchés financiers (the French market regulator) | ||||
ANDA | Abbreviated New Drug Application | ||||
BLA | Biologic License Application | ||||
BMS | Bristol-Myers Squibb | ||||
CEO | Chief Executive Officer | ||||
CER | Constant exchange rates | ||||
CGU | Cash generating unit | ||||
CHC | Consumer Healthcare | ||||
CHMP | Committee for Medicinal Products for Human Use | ||||
COVALIS | Sanofi committee for internal occupational exposure limits | ||||
CVR | Contingent value right | ||||
European Federation of Pharmaceutical Industries and Associations | |||||
EMA | European Medicines Agency | ||||
EU | European Union | ||||
FCF | Free cash flow | ||||
FDA | US Food and Drug Administration | ||||
GAVI | Global Alliance for Vaccines and Immunisation | ||||
GBU | Global Business Unit | ||||
Groupement pour l'Élaboration et la Réalisation de Statistiques (French pharmaceutical industry statistics partnership) | |||||
GCP | Good clinical practices | ||||
GDP | Good distribution practices | ||||
GLP | Good laboratory practices | ||||
GLP-1 | Glucagon-like peptide-1 | ||||
GMP | Good manufacturing practices | ||||
Global Reporting Initiative | |||||
Hib | Haemophilus influenzae type b | ||||
HSE | Health, Safety and Environment | ||||
IASB | International Accounting Standards Board | ||||
ICH | International Council for Harmonization | ||||
IFPMA | International Federation of Pharmaceutical Manufacturers & Associations | ||||
IFRIC | International Financial Reporting Interpretations Committee | ||||
IFRS | International Financial Reporting Standards | ||||
IPV | Inactivated polio vaccine | ||||
ISIN | International Securities Identification Number | ||||
J-MHLW | Japanese Ministry of Health, Labor and Welfare | ||||
LSD | Lysosomal storage disorder | ||||
MEDEF | Mouvement des entreprises de France (French business confederation) | ||||
MS | Multiple sclerosis | ||||
NASDAQ | National Association of Securities Dealers Automated Quotations | ||||
NDA | New Drug Application | ||||
NHI | National Health Insurance (Japan) | ||||
NYSE | New York Stock Exchange | ||||
OECD | Organisation for Economic Co-operation and Development | ||||
OPV | Oral polio vaccine | ||||
OTC | Over the counter | ||||
PhRMA | Pharmaceutical Research and Manufacturers of America | ||||
PMDA | Pharmaceuticals and Medical Devices Agency (Japan) | ||||
PRV | Priority Review Voucher | ||||
PTE | Patent Term Extension | ||||
QIV | Quadrivalent influenza vaccine | ||||
R&D | Research and development | ||||
ROA | Return on assets | ||||
SA | Société anonyme (French public limited corporation) | ||||
SEC | US Securities and Exchange Commission | ||||
SPC | Supplementary Protection Certificate | ||||
TRIBIO | Sanofi Committee for Biological Risk Prevention (Biosafety, Biosecurity, Biosurveillance) | ||||
TSR | Total shareholder return | ||||
UNICEF | United Nations Children’s Emergency Fund | ||||
US | United States of America | ||||
WHO | World Health Organization |
1 | Item 10. | |||||
A. Share Capital | ||||||
Item 1. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 11. | ||||||
Item 4. | Item 12. | |||||
2 | ||||||
Item 5. | ||||||
Item 13. | ||||||
Item 14. | ||||||
Item 15. | ||||||
Item 6. | Item 16A. | |||||
Item 16B. | ||||||
Item 16C. | ||||||
Item 16D. | ||||||
Item 7. | ||||||
Item 16E. | ||||||
Item 16F. | ||||||
Item 8. | ||||||
Item 16G. | ||||||
Item 16H. | ||||||
Item 9. | ||||||
3 | ||||||
Item 17. | ||||||
Item 18. | ||||||
Item 19. |
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 4.A | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
Item 7. | ||||||||||||||
Item 8. | ||||||||||||||
Item 9. | ||||||||||||||
Item 10. | |||||||||||
Item 11. | |||||||||||
Item 12. | |||||||||||
Item 13. | |||||||||||
Item 14. | |||||||||||
Item 15. | |||||||||||
Item 16A. | |||||||||||
Item 16B. | |||||||||||
Item 16C. | |||||||||||
Item 16D. | |||||||||||
Item 16E. | |||||||||||
Item 16F. | |||||||||||
Item 16G. | |||||||||||
Item 16H. | |||||||||||
Item 16I. | |||||||||||
Item 17. | |||||||||||
Item 18. | |||||||||||
Item 19. | |||||||||||
1994 | |||||
FOUNDED |
GLOBAL HEALTHCARE | |||||||||||||||||||||||
LEADER | |||||||||||||||||||||||
90 COUNTRIES | MARKET CAP No. 5 | ||||||||||||||||||||||
WHERE WE OPERATE | IN THE CAC 40, DECEMBER 31, 2022 | ||||||||||||||||||||||
180 | ≈ 91,000 | ||||||||||||||||||||||
COUNTRIES WHERE WE DISTRIBUTE | EMPLOYEES | ||||||||||||||||||||||
€31.7bn | €10.3bn | €43.0bn | ||||||||||||
GROSS PROFIT | BUSINESS NET INCOME | NET SALES |
PART I | ||
ITEM 1. Identity of Directors, Senior Management and Advisers |
As of and for the year ended December 31, | |||||||||||||||
(€ million, except per share data) | 2019 | 2018 | 2017 | (a) | 2016 | (a) | 2015 | ||||||||
IFRS Income statement data(b) | |||||||||||||||
Net sales(c) | 36,126 | 34,463 | 35,072 | 33,809 | 34,060 | ||||||||||
Gross profit | 25,655 | 24,242 | 24,608 | 23,995 | 23,942 | ||||||||||
Operating income | 3,125 | 4,676 | 5,804 | 6,531 | 5,624 | ||||||||||
Net income excluding the exchanged/held-for-exchange Animal Health business | 2,938 | 4,423 | 3,894 | 4,486 | 4,512 | ||||||||||
Net income attributable to equity holders of Sanofi | 2,806 | 4,306 | 8,416 | 4,709 | 4,287 | ||||||||||
Basic earnings per share (€)(d): | |||||||||||||||
Net income excluding the exchanged/held-for-exchange Animal Health business | 2.33 | 3.46 | 3.00 | 3.42 | 3.38 | ||||||||||
Net income attributable to equity holders of Sanofi | 2.24 | 3.45 | 6.70 | 3.66 | 3.28 | ||||||||||
Diluted earnings per share (€)(e): | |||||||||||||||
Net income attributable to equity holders of Sanofi | 2.23 | 3.43 | 6.64 | 3.63 | 3.25 | ||||||||||
IFRS Balance sheet data | |||||||||||||||
Goodwill and other intangible assets | 61,091 | 66,124 | 53,344 | (g) | 51,166 | (g) | 51,583 | (g) | |||||||
Total assets | 112,736 | 111,408 | 99,813 | 104,679 | 102,321 | ||||||||||
Outstanding share capital | 2,508 | 2,491 | 2,508 | 2,544 | 2,603 | ||||||||||
Equity attributable to equity holders of Sanofi | 58,934 | 58,876 | 58,070 | 57,552 | 58,049 | ||||||||||
Long term debt | 20,131 | (f) | 22,007 | 14,326 | (g) | 16,815 | (g) | 13,118 | (g) | ||||||
Cash dividend paid per share (€)(h) | 3.15 | (i) | 3.07 | 3.03 | 2.96 | 2.93 | |||||||||
Cash dividend paid per share ($)(h) / (j) | 3.53 | (i) | 3.52 | 3.63 | 3.12 | 3.19 |
SANOFI FORM 20-F2022 | 1 |
PART I | ||
ITEM 3. Key Information |
2 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 | 3 |
PART I | ||
ITEM 3. Key Information |
4 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 | 5 |
PART I | ||
ITEM 3. Key Information |
6 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 | 7 |
PART I | ||
ITEM 3. Key Information |
SANOFIFORM 20-F |
PART I | |||
ITEM 3. |
Key Information |
SANOFI FORM 20-F2022 | 9 |
PART I | ||
ITEM 3. Key Information |
10 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 | 11 |
PART I | ||
ITEM 3. Key Information |
12 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 |
PART I | |||
14 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 3. Key Information |
SANOFI FORM 20-F2022 | 15 |
PART I | |||
SANOFIFORM 20-F |
PART I | ||
ITEM 4. Information on the company |
17 |
18 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 4. Information on the company |
SANOFI FORM 20-F2022 | 19 |
PART I | ||
ITEM 4. Information on the company |
20 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 4. Information on the company |
SANOFI FORM 20-F2022 | 21 |
PART I | ||
ITEM 4. Information on the company |
SANOFIFORM 20-F |
PART I | ||
ITEM 4. Information on the company |
SANOFI FORM 20-F2022 | 23 |
PART I | ||
ITEM 4. Information on the company |
24 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 4. Information on the company |
SANOFI FORM 20-F2022 | 25 |
PART I | ||
ITEM 4. Information on the company |
July 2019 |
Breakdown of sites by use | ||||||
Industrial | 61 | % | ||||
Research | 13 | % | Breakdown of sites by ownership status | |||
Offices | 15 | % | Leasehold | 21 | % | |
Logistics | 7 | % | Owned | 79 | % | |
Other | 5 | % |
(€ million) | 2019 | 2018 | Change on a reported basis | Change on a reported basis (%) | ||||
Aprovel® Europe | 113 | 108 | 5 | +4.6 | % | |||
Lantus® Europe | 584 | 684 | (100 | ) | -14.6 | % | ||
Lovenox® Europe | 709 | 870 | (161 | ) | -18.5 | % | ||
Plavix® Europe | 139 | 147 | (8 | ) | -5.4 | % | ||
Renagel® / Renvela® Europe | 51 | 60 | (9 | ) | -15.0 | % | ||
Ambien® United States | 42 | 45 | (3 | ) | -6.7 | % | ||
Lantus® United States | 1,149 | 1,614 | (465 | ) | -28.8 | % | ||
Lovenox® United States | 33 | 38 | (5 | ) | -13.2 | % | ||
Renagel® / Renvela® United States | 133 | 253 | (120 | ) | -47.4 | % | ||
Allegra® Japan | 115 | 112 | 3 | +2.7 | % | |||
Amaryl® Japan | 15 | 18 | (3 | ) | -16.7 | % | ||
Aprovel® Japan | 21 | 28 | (7 | ) | -25.0 | % | ||
Lantus® Japan | 25 | 29 | (4 | ) | -13.8 | % | ||
Myslee® Japan | 68 | 76 | (8 | ) | -10.5 | % | ||
Plavix® Japan | 131 | 156 | (25 | ) | -16.0 | % | ||
Taxotere® Japan | 7 | 9 | (2 | ) | -22.2 | % | ||
Total | 3,335 | 4,247 | (912 | ) | -21.5 | % |
(€ million) | December 31, 2019 | December 31, 2018 | ||
Business operating income | 9,758 | 8,884 | ||
Financial income and expenses | (264 | ) | (271 | ) |
Income tax expense | (2,005 | ) | (1,794 | ) |
Business net income | 7,489 | 6,819 |
(€ million) | 2019 | 2018 | ||
Net income attributable to equity holders of Sanofi | 2,806 | 4,306 | ||
Amortization of intangible assets(a) | 2,146 | 2,170 | ||
Impairment of intangible assets(b) | 3,604 | 718 | ||
Fair value remeasurement of contingent consideration | (238 | ) | (117 | ) |
Expenses arising from the impact of acquisitions on inventories | 3 | 114 | ||
Other expenses related to acquisitions | — | 28 | ||
Restructuring costs and similar items | 1,062 | 1,480 | ||
Other gains and losses, and litigation(c) | (327 | ) | (502 | ) |
Impact of IFRS 16 on lease accounting(d) | 37 | — | ||
Tax effects of the items listed above: | (1,866 | ) | (1,125 | ) |
amortization and impairment of intangible assets | (1,409 | ) | (692 | ) |
fair value remeasurement of contingent consideration | (6 | ) | 38 | |
expenses arising from the impact of acquisitions on inventories | — | (27 | ) | |
other expenses related to acquisitions | — | (6 | ) | |
restructuring costs and similar items | (311 | ) | (435 | ) |
other tax effects | (140 | ) | (3 | ) |
Other tax items(e) | — | (188 | ) | |
Share of items listed above attributable to non-controlling interests | (4 | ) | (2 | ) |
Investments accounted for using the equity method: restructuring costs and expenses arising from the impact of acquisitions | 165 | (76 | ) | |
Items relating to the Animal Health business(f) | 101 | 13 | ||
Business net income | 7,489 | 6,819 | ||
Average number of shares outstanding (million) | 1,249.9 | 1,247.1 | ||
Basic earnings per share (in euros) | 2.24 | 3.45 | ||
Reconciling items per share (in euros) | 3.75 | 2.02 | ||
Business earnings per share (in euros)(g) | 5.99 | 5.47 |
(€ million) | 2019 | as % of net sales | 2018 | as % of net sales | |||||
Net sales | 36,126 | 100.0 | % | 34,463 | 100.0 | % | |||
Other revenues | 1,505 | 4.2 | % | 1,214 | 3.5 | % | |||
Cost of sales | (11,976 | ) | (33.2 | )% | (11,435 | ) | (33.2 | )% | |
Gross profit | 25,655 | 71.0 | % | 24,242 | 70.3 | % | |||
Research and development expenses | (6,018 | ) | (16.7 | )% | (5,894 | ) | (17.1 | )% | |
Selling and general expenses | (9,883 | ) | (27.4 | )% | (9,859 | ) | (28.6 | )% | |
Other operating income | 825 | 484 | |||||||
Other operating expenses | (1,207 | ) | (548 | ) | |||||
Amortization of intangible assets | (2,146 | ) | (2,170 | ) | |||||
Impairment of intangible assets | (3,604 | ) | (718 | ) | |||||
Fair value remeasurement of contingent consideration | 238 | 117 | |||||||
Restructuring costs and similar items | (1,062 | ) | (1,480 | ) | |||||
Other gains and losses, and litigation | 327 | 502 | |||||||
Operating income | 3,125 | 8.7 | % | 4,676 | 13.6 | % | |||
Financial expenses | (444 | ) | (435 | ) | |||||
Financial income | 141 | 164 | |||||||
Income before tax and investments accounted for using the equity method | 2,822 | 7.8 | % | 4,405 | 12.8 | % | |||
Income tax expense | (139 | ) | (481 | ) | |||||
Share of profit/(loss) from investments accounted for using the equity method | 255 | 499 | |||||||
Net income excluding the exchanged/held- for-exchange Animal Health business | 2,938 | 8.1 | % | 4,423 | 12.8 | % | |||
Net income/(loss) of the exchanged/held-for-exchange Animal Health business(a) | (101 | ) | (13 | ) | |||||
Net income | 2,837 | 7.9 | % | 4,410 | 12.8 | % | |||
Net income attributable to non-controlling interests | 31 | 104 | |||||||
Net income attributable to equity holders of Sanofi | 2,806 | 7.8 | % | 4,306 | 12.5 | % | |||
Average number of shares outstanding (million) | 1,249.9 | 1,247.1 | |||||||
Average number of shares after dilution (million) | 1,257.1 | 1,255.2 | |||||||
▪ Basic earnings per share (in euros) | 2.24 | 3.45 | |||||||
▪ Basic earnings per share (in euros) excluding the exchanged/held-for-exchange Animal Health business | 2.33 | 3.46 | |||||||
▪ Diluted earnings per share (in euros) | 2.23 | 3.43 | |||||||
▪ Diluted earnings per share (in euros) excluding the exchanged/held-for-exchange Animal Health business | 2.31 | 3.44 |
(€ million) | 2019 | 2018 | Change | |||
Net sales | 36,126 | 34,463 | +4.8 | % | ||
Effect of exchange rates | (688 | ) | ||||
Net sales at constant exchange rates | 35,438 | 34,463 | +2.8 | % | ||
Impact of changes in structure (Zentiva(a) and Bioverativ(b)) | (268 | ) | ||||
Net sales at constant exchange rates and on a constant structure basis | 35,438 | 34,195 | +3.6 | % |
(€ million) | 2019 | 2018 | Change on a reported basis | Change at constant exchange rates | ||||
Sanofi Genzyme (Specialty Care) GBU(a)(b) | 9,195 | 7,226 | +27.2 | % | +22.4 | % | ||
Primary Care GBU(a) | 9,076 | 10,406 | -12.8 | % | -14.8 | % | ||
China & Emerging Markets GBU(c)(d) | 7,437 | 7,053 | +5.4 | % | +6.4 | % | ||
Total Pharmaceuticals | 25,708 | 24,685 | +4.1 | % | +2.2 | % | ||
Consumer Healthcare GBU | 4,687 | 4,660 | +0.6 | % | -0.8 | % | ||
Sanofi Pasteur (Vaccines) GBU | 5,731 | 5,118 | +12.0 | % | +9.3 | % | ||
Total net sales | 36,126 | 34,463 | +4.8 | % | +2.8 | % |
Europe(a) | United States | Rest of the world(b) | Emerging markets(c) | Total Franchise | ||||||||||||||||||||||||||||
(€ million) | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change on a reported basis | Change at CER | ||||||||||||||||
Aubagio® | 412 | 385 | +7.0 | % | 1,351 | 1,157 | +10.8 | % | 61 | 57 | +3.5 | % | 55 | 48 | +20.8 | % | 1,879 | 1,647 | +14.1 | % | +10.0 | % | ||||||||||
Lemtrada® | 94 | 167 | -43.7 | % | 151 | 189 | -24.3 | % | 11 | 19 | -47.4 | % | 25 | 27 | +3.7 | % | 281 | 402 | -30.1 | % | -31.6 | % | ||||||||||
Total Multiple Sclerosis | 506 | 552 | -8.3 | % | 1,502 | 1,346 | +5.9 | % | 72 | 76 | -9.2 | % | 80 | 75 | +14.7 | % | 2,160 | 2,049 | +5.4 | % | +1.8 | % | ||||||||||
Cerezyme® | 246 | 270 | -8.9 | % | 184 | 174 | +0.6 | % | 33 | 37 | -13.5 | % | 245 | 230 | +20.4 | % | 708 | 711 | -0.4 | % | +2.7 | % | ||||||||||
Cerdelga® | 73 | 51 | +43.1 | % | 118 | 98 | +14.3 | % | 10 | 7 | +42.9 | % | 5 | 3 | +100.0 | % | 206 | 159 | +29.6 | % | +26.4 | % | ||||||||||
Myozyme® | 382 | 374 | +1.9 | % | 331 | 284 | +10.6 | % | 59 | 58 | — | 146 | 124 | +26.6 | % | 918 | 840 | +9.3 | % | +8.3 | % | |||||||||||
Fabrazyme® | 184 | 175 | +5.1 | % | 410 | 383 | +1.6 | % | 121 | 115 | +0.9 | % | 98 | 82 | +29.3 | % | 813 | 755 | +7.7 | % | +5.3 | % | ||||||||||
Aldurazyme® | 78 | 76 | +1.3 | % | 51 | 44 | +11.4 | % | 25 | 24 | +4.2 | % | 70 | 62 | +19.4 | % | 224 | 206 | +8.7 | % | +9.2 | % | ||||||||||
Other | 64 | 62 | +3.2 | % | 89 | 89 | -6.7 | % | 93 | 95 | -5.4 | % | 50 | 41 | +26.8 | % | 296 | 287 | +3.1 | % | +0.7 | % | ||||||||||
Total Rare Diseases | 1,027 | 1,008 | +1.9 | % | 1,183 | 1,072 | +4.7 | % | 341 | 336 | -2.1 | % | 614 | 542 | +24.0 | % | 3,165 | 2,958 | +7.0 | % | +6.5 | % | ||||||||||
Jevtana® | 168 | 158 | +7.0 | % | 212 | 179 | +12.3 | % | 78 | 62 | +17.7 | % | 26 | 23 | +13.0 | % | 484 | 422 | +14.7 | % | +11.1 | % | ||||||||||
Thymoglobulin® | 36 | 37 | — | 198 | 162 | +16.0 | % | 24 | 23 | — | 96 | 75 | +30.7 | % | 354 | 297 | +19.2 | % | +16.5 | % | ||||||||||||
Eloxatin® | 2 | 2 | — | (6 | ) | — | — | 26 | 30 | -13.3 | % | 181 | 150 | +19.3 | % | 203 | 182 | +11.5 | % | +10.4 | % | |||||||||||
Mozobil® | 49 | 47 | +4.3 | % | 115 | 96 | +14.6 | % | 20 | 18 | -5.6 | % | 14 | 10 | +50.0 | % | 198 | 171 | +15.8 | % | +11.7 | % | ||||||||||
Taxotere® | 4 | 3 | +33.3 | % | (1 | ) | 1 | -200.0 | % | 26 | 28 | -3.6 | % | 144 | 134 | +5.2 | % | 173 | 166 | +4.2 | % | +3.0 | % | |||||||||
Other | 115 | 104 | +9.6 | % | 95 | 85 | +5.9 | % | 44 | 40 | +2.5 | % | 29 | 27 | +11.1 | % | 283 | 256 | +10.5 | % | +7.4 | % | ||||||||||
Total Oncology | 374 | 351 | +6.8 | % | 613 | 523 | +11.3 | % | 218 | 201 | +3.0 | % | 490 | 419 | +16.7 | % | 1,695 | 1,494 | +13.5 | % | +10.6 | % | ||||||||||
Dupixent® | 200 | 75 | +165.3 | % | 1,669 | 660 | +140.8 | % | 176 | 48 | +247.9 | % | 29 | 5 | +460.0 | % | 2,074 | 788 | +163.2 | % | +151.6 | % | ||||||||||
Kevzara® | 43 | 14 | +207.1 | % | 115 | 64 | +70.3 | % | 25 | 5 | +380.0 | % | 2 | — | — | 185 | 83 | +122.9 | % | +114.5 | % | |||||||||||
Total Immunology | 243 | 89 | +171.9 | % | 1,784 | 724 | +134.5 | % | 201 | 53 | +260.4 | % | 31 | 5 | +500.0 | % | 2,259 | 871 | +159.4 | % | +148.1 | % | ||||||||||
Eloctate® | — | — | — | 517 | 500 | -2.0 | % | 147 | 106 | +31.1 | % | 20 | 2 | +850.0 | % | 684 | 608 | +12.5 | % | +6.6 | % | |||||||||||
Alprolix® | — | — | — | 300 | 222 | +27.9 | % | 111 | 63 | +68.3 | % | 1 | — | — | 412 | 285 | +44.6 | % | +37.2 | % | ||||||||||||
Cablivi® | 22 | 4 | +450.0 | % | 34 | — | — | — | — | — | — | — | — | 56 | 4 | — | — | |||||||||||||||
Total Rare Blood Disorders | 22 | 4 | +450.0 | % | 851 | 722 | +11.8 | % | 258 | 169 | +45.0 | % | 21 | 2 | +900.0 | % | 1,152 | 897 | +28.4 | % | +22.0 | % | ||||||||||
Sanofi Genzyme (Specialty Care) | 2,172 | 2,004 | +8.4 | % | 5,933 | 4,387 | +28.4 | % | 1,090 | 835 | +24.7 | % | 1,236 | 1,043 | +24.4 | % | 10,431 | 8,269 | +26.1 | % | +22.7 | % | ||||||||||
Lantus® | 584 | 684 | -14.6 | % | 1,149 | 1,614 | -32.5 | % | 218 | 290 | -26.6 | % | 1,061 | 977 | +9.7 | % | 3,012 | 3,565 | -15.5 | % | -17.0 | % | ||||||||||
Toujeo® | 334 | 290 | +15.5 | % | 289 | 344 | -20.3 | % | 80 | 76 | +1.3 | % | 180 | 130 | +39.2 | % | 883 | 840 | +5.1 | % | +3.2 | % | ||||||||||
Apidra® | 129 | 136 | -5.1 | % | 46 | 74 | -41.9 | % | 39 | 38 | — | 130 | 109 | +22.9 | % | 344 | 357 | -3.6 | % | -3.6 | % | |||||||||||
Amaryl® | 15 | 17 | -11.8 | % | 2 | 2 | — | 24 | 28 | -17.9 | % | 293 | 288 | — | 334 | 335 | -0.3 | % | -2.1 | % | ||||||||||||
Admelog® | 15 | 7 | +114.3 | % | 235 | 86 | +158.1 | % | — | — | — | — | — | — | 250 | 93 | +168.8 | % | +155.9 | % | ||||||||||||
Other | 131 | 138 | -5.1 | % | 90 | 65 | +32.3 | % | 32 | 29 | +3.4 | % | 37 | 50 | -22,0% | 290 | 282 | +2.8 | % | +1.4 | % | |||||||||||
Total Diabetes | 1,208 | 1,272 | -5.0 | % | 1,811 | 2,185 | -21.5 | % | 393 | 461 | -17.1 | % | 1,701 | 1,554 | +10.3 | % | 5,113 | 5,472 | -6.6 | % | -8.2 | % | ||||||||||
Praluent® | 107 | 86 | +24.4 | % | 112 | 154 | -30.5 | % | 18 | 10 | +70.0 | % | 21 | 11 | +81.8 | % | 258 | 261 | -1.1 | % | -3.8 | % | ||||||||||
Multaq® | 40 | 43 | -7.0 | % | 295 | 296 | -5.4 | % | 4 | 4 | — | 8 | 7 | +14.3 | % | 347 | 350 | -0.9 | % | -5.1 | % | |||||||||||
Total Cardiovascular | 147 | 129 | +14.0 | % | 407 | 450 | -14.0 | % | 22 | 14 | +50.0 | % | 29 | 18 | +55.6 | % | 605 | 611 | -1.0 | % | -4.6 | % | ||||||||||
Plavix® | 139 | 147 | -4.8 | % | — | — | — | 199 | 218 | -12.4 | % | 996 | 1,075 | -8.6 | % | 1,334 | 1,440 | -7.4 | % | -8.8 | % | |||||||||||
Lovenox® | 709 | 870 | -18.4 | % | 33 | 38 | -18.4 | % | 75 | 81 | -8.6 | % | 542 | 476 | +13.7 | % | 1,359 | 1,465 | -7.2 | % | -7.4 | % | ||||||||||
Aprovel® | 113 | 108 | +4.6 | % | 26 | 10 | +150.0 | % | 65 | 69 | -8.7 | % | 470 | 465 | -0.2 | % | 674 | 652 | +3.4 | % | +2.0 | % | ||||||||||
Depakine® | 163 | 163 | — | — | — | — | 13 | 14 | -7.1 | % | 300 | 275 | +7.6 | % | 476 | 452 | +5.3 | % | +4.4 | % | ||||||||||||
Synvisc® / Synvisc one® | 25 | 25 | — | 211 | 217 | -7.8 | % | 12 | 13 | — | 61 | 58 | +1.7 | % | 309 | 313 | -1.3 | % | -5.1 | % | ||||||||||||
Renagel®/Renvela® | 51 | 60 | -15.0 | % | 133 | 253 | -50.2 | % | 32 | 31 | +3.2 | % | 95 | 67 | +38.8 | % | 311 | 411 | -24.3 | % | -26.5 | % | ||||||||||
Tritace® | 141 | 142 | -0.7 | % | — | — | — | 4 | 5 | — | 73 | 74 | -1.4 | % | 218 | 221 | -1.4 | % | -0.9 | % |
Europe(a) | United States | Rest of the world(b) | Emerging markets(c) | Total Franchise | ||||||||||||||||||||||||||||
(€ million) | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change at CER | 2019 | 2018 | Change on a reported basis | Change at CER | ||||||||||||||||
Stilnox® | 37 | 39 | -5.1 | % | 42 | 45 | -11.1 | % | 78 | 86 | -14.0 | % | 62 | 61 | +1.6 | % | 219 | 231 | -5.2 | % | -7.8 | % | ||||||||||
Allegra® | 10 | 8 | +25.0 | % | — | — | — | 118 | 116 | -4.3 | % | — | — | — | 128 | 124 | +3.2 | % | -2.4 | % | ||||||||||||
Generics | 130 | 568 | -77.1 | % | 152 | 124 | +16.9 | % | 123 | 113 | +1.8 | % | 670 | 685 | — | 1,075 | 1,490 | -27.9 | % | -27.9 | % | |||||||||||
Other established prescription products | 1,679 | 1,768 | -4.9 | % | 189 | 188 | -4.3 | % | 386 | 376 | -1.9 | % | 1,202 | 1,202 | +0.7 | % | 3,456 | 3,534 | -2.2 | % | -2.7 | % | ||||||||||
Total Established Prescription Products | 3,197 | 3,898 | -17.9 | % | 786 | 875 | -14.6 | % | 1,105 | 1,122 | -5.5 | % | 4,471 | 4,438 | +0.6 | % | 9,559 | 10,333 | -7.5 | % | -8.3 | % | ||||||||||
Total General Medicines | 4,552 | 5,299 | -14.0 | % | 3,004 | 3,510 | -18.8 | % | 1,520 | 1,597 | -8.4 | % | 6,201 | 6,010 | +3.3 | % | 15,277 | 16,416 | -6.9 | % | -8.2 | % | ||||||||||
Total China and Emerging Markets | — | — | — | — | — | — | — | — | — | 7,437 | 7,053 | +6.4 | % | — | — | — | — | |||||||||||||||
Total Pharmaceuticals | 6,724 | 7,303 | -7.9 | % | 8,937 | 7,897 | +7.4 | % | 2,610 | 2,432 | +3.0 | % | 7,437 | 7,053 | +6.4 | % | 25,708 | 24,685 | +4.1 | % | +2.2 | % | ||||||||||
Allergy, Cough and Cold | 324 | 347 | -6.3 | % | 323 | 303 | +0.7 | % | 160 | 135 | +13.3 | % | 372 | 339 | +8.0 | % | 1,179 | 1,124 | +4.9 | % | +2.2 | % | ||||||||||
Pain | 499 | 521 | -4.0 | % | 185 | 165 | +6.1 | % | 134 | 119 | +7.6 | % | 441 | 449 | +4.0 | % | 1,259 | 1,254 | +0.4 | % | +1.3 | % | ||||||||||
Digestive | 307 | 314 | -1.9 | % | 157 | 195 | -24.1 | % | 51 | 54 | -9.3 | % | 489 | 423 | +13.7 | % | 1,004 | 986 | +1.8 | % | — | |||||||||||
Nutritionals | 121 | 125 | -2.4 | % | 38 | 37 | -2.7 | % | 257 | 256 | -1.6 | % | 241 | 257 | -7.8 | % | 657 | 675 | -2.7 | % | -4.1 | % | ||||||||||
Other | 60 | 96 | -39.6 | % | 383 | 366 | -0.5 | % | 36 | 39 | -5.1 | % | 109 | 120 | -7.5 | % | 588 | 621 | -5.3 | % | -8.2 | % | ||||||||||
Total Consumer Healthcare | 1,311 | 1,403 | -6.4 | % | 1,086 | 1,066 | -3.6 | % | 638 | 603 | +2.7 | % | 1,652 | 1,588 | +4.7 | % | 4,687 | 4,660 | +0.6 | % | -0.8 | % | ||||||||||
Polio / Pertussis / Hib Vaccines | 299 | 296 | +1.0 | % | 380 | 397 | -9.6 | % | 159 | 156 | -3.2 | % | 1,108 | 900 | +23.4 | % | 1,946 | 1,749 | +11.3 | % | +9.8 | % | ||||||||||
Travel and Other Endemics Vaccines | 129 | 117 | +10.3 | % | 143 | 134 | +1.5 | % | 61 | 56 | +7.1 | % | 206 | 181 | +12.7 | % | 539 | 488 | +10.5 | % | +8.4 | % | ||||||||||
Meningitis/Pneumonia Vaccines | — | — | — | 507 | 466 | +3.4 | % | 14 | 16 | -12.5 | % | 161 | 127 | +29.1 | % | 682 | 609 | +12.0 | % | +8.4 | % | |||||||||||
Adult Booster Vaccines | 166 | 129 | +28.7 | % | 320 | 273 | +11.7 | % | 28 | 26 | — | 49 | 42 | +16.7 | % | 563 | 470 | +19.8 | % | +16.2 | % | |||||||||||
Influenza Vaccines | 218 | 177 | +23.7 | % | 1,289 | 1,233 | +0.2 | % | 88 | 81 | +4.9 | % | 296 | 217 | +35.0 | % | 1,891 | 1,708 | +10.7 | % | +7.3 | % | ||||||||||
Other | 5 | 9 | -66.7 | % | 94 | 74 | +20.3 | % | 6 | 7 | +71.4 | % | 5 | 4 | -25.0 | % | 110 | 94 | +17.0 | % | +13.8 | % | ||||||||||
Total Vaccines | 817 | 728 | +12.1 | % | 2,733 | 2,577 | +1.1 | % | 356 | 342 | +1.8 | % | 1,825 | 1,471 | +24.0 | % | 5,731 | 5,118 | +12.0 | % | +9.3 | % | ||||||||||
Total Sanofi | 8,852 | 9,434 | -6.1 | % | 12,756 | 11,540 | +5.0 | % | 3,604 | 3,377 | +2.8 | % | 10,914 | 10,112 | +8.7 | % | 36,126 | 34,463 | +4.8 | % | +2.8 | % |
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Project | Potential Indication | Change | Reason | ||||||||
SAR444200 – Anti-GPC3/TCR NANOBODY® VHH | Solid tumors | Added | Entered confirmatory development | ||||||||
SAR445877 – Anti-PD1 x IL15 fusion protein | Solid tumors | Added | Entered confirmatory development | ||||||||
SAR446309 – HER2 T cell engager (AMX-818) | Solid tumors | Added | Acquired from Amunix | ||||||||
SAR444419 – Anti-TNFa x IL6 NANOBODY® VHH | Inflammatory indication | Added | Entered confirmatory development | ||||||||
SAR444559 – Anti-CD38 mAb – Next generation | Inflammatory indication | Added | Entered confirmatory development | ||||||||
SAR446159 – Anti-alpha-synuclein x IGF1R mAb | Parkinson’s disease | Added | Entered confirmatory development(a) | ||||||||
Xenpozyme® – olipudase alfa | Acid sphingomyelinase deficiency | Removed | Commercialized | ||||||||
Enjaymo® – sutimlimab | Cold agglutinin disease | Removed | Commercialized | ||||||||
Libtayo® - cemiplimab | 1st line NSCLC(d) with chemotherapy | Removed | Commercialized(b) | ||||||||
Libtayo® - cemiplimab | 2nd line cervical cancer; Adjuvant CSCC(e) | Removed | Development discontinued(b) | ||||||||
amcenestrant – Selective estrogen receptor degrader | Breast cancer | Removed | Development discontinued | ||||||||
SAR442720 – SHP2 inhibitor | Solid tumors | Removed | Development discontinued(c) | ||||||||
SAR442999 – Anti-TNFa/IL23A NANOBODY® VHH | Inflammatory indication | Removed | Development discontinued | ||||||||
SAR443726 – Anti-IL13/OX40L NANOBODY® VHH | Atopic dermatitis | Removed | Development discontinued | ||||||||
SAR339375 – miRNA-21 | Alport syndrome | Removed | Development discontinued |
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Phase I | Phase II | Phase III/registration | |||||||||
Oncology | SAR444245 dose optimization (solid tumors) SAR441000 (solid tumors) SAR442257 (multiple myeloma/non Hodgkins lymphoma) SAR444881 (solid tumors) SAR445419 (acute myeloid leukemia) SAR443216 (gastric cancer) SAR443579 (acute myeloid leukemia) SAR445710 (solid tumors) SAR446309 (solid tumors) SAR444200 (solid tumors) SAR445877 (solid tumors) | alomfilimab (solid tumors) tusamitamab ravtansine + pembrolizumab (non-small cell lung cancer 1st line) tusamitamab ravtansine + ramucirumab (non-small cell lung cancer 2nd/3rd line) tusamitamab ravtansine (exploratory solid tumors) tusamitamab ravtansine + ramucirumab (gastric cancer) Sarclisa® (1st/2nd line acute myeloid leukemia/acute lymphoblastic leukemia) Sarclisa® + combinations (relapsed, refractory multiple myeloma) | tusamitamab ravtansine (non-small cell lung cancer 2nd/3rd line) Sarclisa® + combinations (1st line newly diagnosed multiple myeloma not eligible for transplant) Sarclisa® + combinations (1st line newly diagnosed multiple myeloma eligible for transplant) Sarclisa® + combinations (smoldering multiple myeloma) Sarclisa® subcutaneous + combinations (2nd/3rd line relapsed, refractory multiple myeloma) | ||||||||
Immunology & Inflammation | SAR441566 (inflammatory indication) SAR444656 (atopic dermatitis) SAR442970 (inflammatory indication) SAR443765 (inflammatory indication) SAR444336 (inflammatory indication) SAR444419 (inflammatory indication) SAR444559 (inflammatory indication) | amlitelimab (atopic dermatitis) amlitelimab (asthma) rilzabrutinib (IgG4 related disease) rilzabrutinib (atopic dermatitis) rilzabrutinib (asthma) rilzabrutinib (chronic spontaneous urticaria) eclitasertib (cutaneous lupus erythematosus) eclitasertib (ulcerative colitis) atuzabrutinib (atopic dermatitis) frexalimab (Sjogren’s syndrome) frexalimab (systemic lupus erythematosus) SAR445088 (antibody-mediated rejection) Kevzara® (polyarticular juvenile idiopathic arthritis) Kevzara® (systemic juvenile idiopathic arthritis) | itepekimab (chronic obstructive pulmonary disease) Dupixent® (bullous pemphigoid) Dupixent® (chronic spontaneous urticaria) Dupixent® (chronic obstructive pulmonary disease) Dupixent® (chronic inducible cold urticaria) Dupixent® (chronic rhinosinusitis without nasal polyposis) Dupixent® (allergic fungal rhinosinusitis) Dupixent® (chronic pruritis of unknown origin) | ||||||||
Neurology | SAR446159 (Parkinson’s disease) | frexalimab (multiple sclerosis) SAR445088 (chronic inflammatory demyelinating polyneuropathy) SAR443820 (amyotrophic lateral sclerosis) | tolebrutinib (relapsing multiple sclerosis) tolebrutinib (primary progressive multiple sclerosis) tolebrutinib (secondary progressive multiple sclerosis) | ||||||||
Rare Diseases | SAR442501 (achondroplasia) SAR443809 (rare renal diseases) SAR439459 (Osteogenesis imperfecta) | Nexviazyme® (Pompe disease – Infantile onset) venglustat (GM2 gangliosidosis) venglustat (Gaucher disease type 3) venglustat (Fabry disease) | |||||||||
Rare Blood Disorders | rilzabrutinib (warm autoimmune hemolytic anemia) SAR445088 (cold agglutinin disease) Sarclisa® (warm autoimmune hemolytic anemia) | ALTUVIIIOTM (hemophilia A) (a) fitusiran (hemophilia A&B) fitusiran (hemophilia A&B pediatric) rilzabrutinib (immune thrombocytopenia) |
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Phase I | Phase II | Phase III | Registration | ||||||||
mRNA quadrivalent influenza vaccine | Meningococcal B Vaccine Prevention of invasive disease caused by N.Meningitidis serogroup B | MenQuadfi Advanced generation meningococcal ACYW conjugated vaccine US/EU infants aged 6 weeks & above | Nirsevimab(a), mAb Passive prevention of RSV infections in all infants Licensed in EU and the UK; pending licensure in the US | ||||||||
mRNA RSV vaccine Prevention of RSV infections in older adults | 21-valent Pneumo Conjugate Vaccine (PCV21)(a) Prevention of pneumococcal disease | VRVg Purifiied vero rabies vaccine | Shan6® DTwP-HepB-Polio-Hib(b) Pediatric hexavalent vaccine Licensed in India and WHO pre-qualified | ||||||||
RSV vaccine (PhI/II) Prevention of RSV infections in toddlers aged 6 months & older | |||||||||||
Vero Yellow Fever vaccine (vYF) | |||||||||||
Fluzone® QIV HD Quadrivalent inactivated influenza vaccine – High dose for pediatric use |
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United States | European Union | Japan | |||||||||
Aubagio® (teriflunomide) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Later filed patent: coverage ranging through September 2030 | Later filed patent: coverage ranging through March 2024 | ||||||||||
Regulatory exclusivity: August 2024(a) (b) | |||||||||||
Alprolix® (eftrenonacog alfa) | Use: March 2028 with PTA* and PTE* | Compound: May 2024 (May 2029 with SPC* in most EU countries) | Compound: May 2024 (February 2026 with PTE*) | ||||||||
Later filed patents: coverage ranging through December 2037 (pending) | Later filed patents: coverage ranging through December 2037 (pending) | Later filed patents: coverage ranging through December 2037 (pending) | |||||||||
Regulatory exclusivity: March 2026 | Regulatory exclusivity: May 2028 | ||||||||||
Cerezyme® (imiglucerase) | Patent: expired | Patent: expired | Patent: expired | ||||||||
Dupixent® (dupilumab) | Compound: October 2027 (March 2031 with PTE*) | Compound: October 2029 (September 2032 with SPC*) | Compound: October 2029 (May 2034 with PTE*) | ||||||||
Later filed patents: coverage ranging through October 2041 (pending) | Later filed patents: coverage ranging through August 2040 (pending) | Later filed patents: coverage ranging through August 2040 (pending) | |||||||||
Regulatory exclusivity: March 2029 | Regulatory exclusivity: September 2027 | Regulatory exclusivity: January 2026 | |||||||||
Eloctate® (efmoroctocog alfa) | Compound: June 2028 with PTA* and PTE* | Use: May 2024 (November 2029 with SPC* in most EU countries) | Compound: May 2024 (August 2026 with PTE*) | ||||||||
Later filed patents: coverage ranging through December 2037 (pending) | Later filed patents: coverage ranging through December 2037 (pending) | Later filed patents: coverage ranging through December 2037 (pending) | |||||||||
Regulatory exclusivity: June 2026 | Regulatory exclusivity: November 2025 | ||||||||||
Fabrazyme® (agalsidase beta) | Patent: expired | Patent: expired | Patent: expired Generics/biosimilars on the market | ||||||||
Regulatory exclusivity: March 2028 pediatric indication (ages 2-8 with confirmed Fabry disease) | |||||||||||
Jevtana® (cabazitaxel) | Compound: Expired Later filed patents: coverage ranging through October 2030 NCE Regulatory exclusivity: December 2023 | Compound: expired Later filed patents: coverage ranging through May 2036 (pending) Regulatory exclusivity: expired | Compound: expired Later filed patents: coverage ranging through November 2030 Regulatory exclusivity: July 2022 | ||||||||
Lantus® (insulin glargine) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Later filed patents ranging through April 2033 | Later filed patent: June 2023 | Later filed patent: June 2023 | |||||||||
Generics/biosimilars on the market | Generics/biosimilars on the market | Generics/biosimilars on the market | |||||||||
Lovenox® (enoxaparin sodium) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Generics/biosimilars on the market | Generics/biosimilars on the market | ||||||||||
Lumizyme®/Myozyme® (alglucosidase alfa) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Plavix® (clopidogrel bisulfate) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Generics on the market | Generics on the market | Generics on the market | |||||||||
Toujeo® (insulin glargine) | Compound: expired | Compound: expired | Compound: expired | ||||||||
Later filed patents: coverage ranging through May 2031 | Later filed patents: coverage ranging through May 2031 | Later filed patents: coverage ranging through July 2033 with PTE* |
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Significant subsidiary | Date of incorporation | Country of incorporation | Principal activity | Financial and voting interest | ||||||||||
Aventis Inc. | July 1, 1968 | United States | Pharmaceuticals | 100 | % | |||||||||
Genzyme Corporation | November 21, 1991 | United States | Pharmaceuticals | 100 | % | |||||||||
Genzyme Europe B.V. | October 24, 1991 | Netherlands | Pharmaceuticals | 100 | % | |||||||||
Hoechst GmbH | July 8, 1974 | Germany | Pharmaceuticals | 100 | % | |||||||||
Sanofi-Aventis Deutschland GmbH | June 30, 1997 | Germany | Pharmaceuticals | 100 | % | |||||||||
Sanofi-Aventis Participations SAS | February 25, 2002 | France | Pharmaceuticals | 100 | % | |||||||||
Sanofi-Aventis Singapore Pte Ltd | May 14, 1997 | Singapore | Pharmaceuticals | 100 | % | |||||||||
Sanofi Biotechnology | December 23, 2013 | France | Pharmaceuticals | 100 | % | |||||||||
Sanofi Foreign Participations B.V. | April 29, 1998 | Netherlands | Pharmaceuticals | 100 | % | |||||||||
Sanofi Winthrop Industrie | December 11, 1972 | France | Pharmaceuticals | 100 | % | |||||||||
Sanofi Pasteur Inc. | January 18, 1977 | United States | Pharmaceuticals | 100 | % |
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Breakdown of sites by use | Breakdown of sites by ownership status | |||||||||||||
Industrial | 58 | % | Leasehold | 26 | % | |||||||||
Research | 16 | % | Owned | 74 | % | |||||||||
Offices | 14 | % | ||||||||||||
Logistics | 10 | % | ||||||||||||
Other | 2 | % |
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58 | ||||
SANOFIFORM 20-F |
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(€ million) | 2022 | 2021 | Change on a reported basis | Change on a reported basis (%) | |||||||||||||
Aprovel® Europe | 82 | 87 | (5) | -5.7 | % | ||||||||||||
Lantus® Europe | 426 | 474 | (48) | -10.1 | % | ||||||||||||
Lovenox® Europe | 658 | 703 | (45) | -6.4 | % | ||||||||||||
Plavix® Europe | 101 | 115 | (14) | -12.2 | % | ||||||||||||
Jevtana® Europe | 33 | 112 | (79) | -70.5 | % | ||||||||||||
Lantus® United States | 757 | 861 | (104) | -12.1 | % | ||||||||||||
Lovenox® United States | 17 | 29 | (12) | -41.4 | % | ||||||||||||
Aprovel® Japan | 22 | 15 | 7 | +46.7 | % | ||||||||||||
Lantus® Japan | 13 | 16 | (3) | -18.8 | % | ||||||||||||
Plavix® Japan | 53 | 75 | (22) | -29.3 | % | ||||||||||||
Total | 2,162 | 2,487 | (325) | -13.1 | % |
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(€ million) | December 31, 2022 | December 31, 2021 | ||||||
Business operating income | 13,040 | 10,714 | ||||||
Financial income and expenses | (234) | (328) | ||||||
Income tax expense | (2,465) | (2,173) | ||||||
Business net income | 10,341 | 8,213 |
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(€ million) | 2022 | 2021 | ||||||
Net income attributable to equity holders of Sanofi (IFRS) | 8,371 | 6,223 | ||||||
Amortization of intangible assets(a) | 2,053 | 1,580 | ||||||
Impairment of intangible assets(b) | (454) | 192 | ||||||
Fair value remeasurement of contingent consideration(d) | 53 | 4 | ||||||
Expenses arising from the impact of acquisitions on inventories | 3 | 4 | ||||||
Income from out-licensing(c) | (952) | — | ||||||
Restructuring costs and similar items | 1,336 | 820 | ||||||
Other gains and losses, and litigation(d) | 370 | 5 | ||||||
Tax effects of the items listed above: | (459) | (614) | ||||||
•amortization and impairment of intangible assets | (268) | (415) | ||||||
•fair value remeasurement of contingent consideration | (9) | (2) | ||||||
•restructuring costs and similar items | (231) | (200) | ||||||
•other tax effects | 49 | 3 | ||||||
Other items | 20 | (1) | ||||||
Business net income (non-IFRS Financial measure) | 10,341 | 8,213 | ||||||
Average number of shares outstanding (million) | 1,251.9 | 1,252.5 | ||||||
Basic earnings per share (€) | 6.69 | 4.97 | ||||||
Reconciling items per share (€) | 1.57 | 1.59 | ||||||
Business earnings per share (€) | 8.26 | 6.56 |
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(€ million) | 2022 | as % of net sales | 2021 | as % of net sales | |||||||||||||
Net sales | 42,997 | 100.0 | % | 37,761 | 100.0 | % | |||||||||||
Other revenues | 2,392 | 5.6 | % | 1,414 | 3.7 | % | |||||||||||
Cost of sales | (13,695) | -31.9 | % | (12,255) | -32.5 | % | |||||||||||
Gross profit | 31,694 | 73.7 | % | 26,920 | 71.3 | % | |||||||||||
Research and development expenses | (6,706) | -15.6 | % | (5,692) | -15.1 | % | |||||||||||
Selling and general expenses | (10,492) | -24.4 | % | (9,555) | -25.3 | % | |||||||||||
Other operating income | 1,969 | 859 | |||||||||||||||
Other operating expenses | (2,531) | (1,805) | |||||||||||||||
Amortization of intangible assets | (2,053) | (1,580) | |||||||||||||||
Impairment of intangible assets | 454 | (192) | |||||||||||||||
Fair value remeasurement of contingent consideration | 27 | (4) | |||||||||||||||
Restructuring costs and similar items | (1,336) | (820) | |||||||||||||||
Other gains and losses, and litigation | (370) | (5) | |||||||||||||||
Operating income | 10,656 | 24.8 | % | 8,126 | 21.5 | % | |||||||||||
Financial expenses | (440) | (368) | |||||||||||||||
Financial income | 206 | 40 | |||||||||||||||
Income before tax and investments accounted for using the equity method | 10,422 | 24.2 | % | 7,798 | 20.7 | % | |||||||||||
Income tax expense | (2,006) | (1,558) | |||||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | 68 | 39 | |||||||||||||||
Net income | 8,484 | 19.7 | % | 6,279 | 16.6 | % | |||||||||||
Net income attributable to non-controlling interests | 113 | 56 | |||||||||||||||
Net income attributable to equity holders of Sanofi | 8,371 | 19.5 | % | 6,223 | 16.5 | % | |||||||||||
Average number of shares outstanding (million) | 1,251.9 | 1,252.5 | |||||||||||||||
Average number of shares after dilution (million) | 1,256.9 | 1,257.9 | |||||||||||||||
•Basic earnings per share (€) | 6.69 | 4.97 | |||||||||||||||
•Diluted earnings per share (€) | 6.66 | 4.95 |
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(€ million) | 2022 | 2021 | Change | ||||||||
Net sales (IFRS) | 42,997 | 37,761 | +13.9 | % | |||||||
Effect of exchange rates | (2,585) | ||||||||||
Net sales at constant exchange rates (non-IFRS financial measure) | 40,412 | 37,761 | +7.0 | % | |||||||
(€ million) | 2022 | 2021 | Change on a reported basis | Change at constant exchange rates | ||||||||||
Pharmaceuticals segment | 30,688 | 26,970 | +13.8 | % | +6.9 | % | ||||||||
Vaccines GBU/segment | 7,229 | 6,323 | +14.3 | % | +6.3 | % | ||||||||
Consumer Healthcare GBU/segment | 5,080 | 4,468 | +13.7 | % | +8.6 | % | ||||||||
Total net sales | 42,997 | 37,761 | +13.9 | % | +7.0 | % | ||||||||
70 | SANOFI FORM 20-F2022 |
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(€ million) | Net sales | Change (CER) | Change (reported) | United States | Change (CER) | Europe | Change (CER) | Rest of the world | Change (CER) | ||||||||||||||||||||
Dupixent® | 8,293 | +43.8 | % | +58.0 | % | 6,346 | +41.6 | % | 940 | +44.4 | % | 1,007 | +56.6 | % | |||||||||||||||
Aubagio® | 2,031 | -4.3 | % | +3.9 | % | 1,420 | -3.8 | % | 511 | — | % | 100 | -26.0 | % | |||||||||||||||
Lemtrada® | 80 | -8.5 | % | -2.4 | % | 31 | -20.0 | % | 22 | -8.3 | % | 27 | +8.7 | % | |||||||||||||||
Kevzara® | 339 | +11.8 | % | +18.1 | % | 186 | +23.0 | % | 106 | +2.9 | % | 47 | — | % | |||||||||||||||
Total Neurology & Immunology | 2,450 | -2.5 | % | +5.4 | % | 1,637 | -1.8 | % | 639 | +0.2 | % | 174 | -15.7 | % | |||||||||||||||
Cerezyme® | 707 | +2.6 | % | +3.5 | % | 194 | -0.6 | % | 239 | -2.0 | % | 274 | +9.0 | % | |||||||||||||||
Cerdelga® | 288 | +6.7 | % | +13.4 | % | 160 | +7.6 | % | 111 | +5.7 | % | 17 | +5.9 | % | |||||||||||||||
Gaucher | 995 | +3.7 | % | +6.2 | % | 354 | +3.0 | % | 350 | +0.3 | % | 291 | +8.8 | % | |||||||||||||||
Fabrazyme® | 938 | +5.2 | % | +11.1 | % | 471 | +5.8 | % | 228 | +2.2 | % | 239 | +7.1 | % | |||||||||||||||
Xenpozyme® | 21 | +1900.0 | % | +2000.0 | % | 5 | — | % | 15 | +1400.0 | % | 1 | — | % | |||||||||||||||
Myozyme®/Lumizyme® | 958 | -8.8 | % | -4.5 | % | 318 | -24.1 | % | 408 | -0.5 | % | 232 | +1.8 | % | |||||||||||||||
Nexviazyme® | 196 | +952.9 | % | +1052.9 | % | 158 | +833.3 | % | 17 | +750.0 | % | 21 | — | % | |||||||||||||||
Pompe | 1,154 | +7.3 | % | +13.1 | % | 476 | +9.0 | % | 425 | +3.2 | % | 253 | +11.8 | % | |||||||||||||||
Aldurazyme® | 267 | +6.6 | % | +9.9 | % | 61 | — | % | 86 | +2.4 | % | 120 | +13.3 | % | |||||||||||||||
Elaprase® | 70 | -12.3 | % | -13.6 | % | — | — | % | — | — | % | 70 | -12.3 | % | |||||||||||||||
MPS | 337 | +1.9 | % | +4.0 | % | 61 | — | % | 86 | +2.4 | % | 190 | +2.2 | % | |||||||||||||||
Total Rare Diseases | 3,445 | +5.7 | % | +10.2 | % | 1,367 | +6.3 | % | 1,104 | +3.3 | % | 974 | +7.8 | % | |||||||||||||||
Jevtana® | 391 | -20.0 | % | -14.1 | % | 275 | -3.2 | % | 33 | -70.5 | % | 83 | -4.4 | % | |||||||||||||||
Fasturtec® | 177 | +8.6 | % | +16.4 | % | 113 | +12.2 | % | 48 | +4.3 | % | 16 | — | % | |||||||||||||||
Libtayo® | 88 | -34.1 | % | -31.8 | % | — | — | % | 70 | -34.3 | % | 18 | -33.3 | % | |||||||||||||||
Sarclisa® | 294 | +60.2 | % | +67.0 | % | 127 | +68.7 | % | 88 | +35.9 | % | 79 | +82.2 | % | |||||||||||||||
Total Oncology | 952 | -1.5 | % | +4.4 | % | 515 | +12.0 | % | 239 | -27.5 | % | 198 | +15.4 | % | |||||||||||||||
Alprolix® | 504 | +10.4 | % | +21.7 | % | 406 | +8.7 | % | — | — | % | 98 | +17.1 | % | |||||||||||||||
Eloctate® | 580 | -5.9 | % | +3.0 | % | 450 | -6.8 | % | — | — | % | 130 | -3.0 | % | |||||||||||||||
Cablivi® | 211 | +20.7 | % | +28.7 | % | 110 | +21.0 | % | 94 | +16.0 | % | 7 | +200.0 | % | |||||||||||||||
Enjaymo® | 22 | — | % | — | % | 17 | — | % | — | — | % | 5 | — | % | |||||||||||||||
Total Rare Blood Disorders | 1,317 | +5.6 | % | +15.4 | % | 983 | +3.8 | % | 94 | +16.0 | % | 240 | +8.7 | % | |||||||||||||||
Lovenox® | 1,310 | -13.8 | % | -11.8 | % | 17 | -48.3 | % | 658 | -5.8 | % | 635 | -19.9 | % | |||||||||||||||
Toujeo® | 1,117 | +9.8 | % | +15.3 | % | 283 | -3.1 | % | 421 | +7.1 | % | 413 | +23.7 | % | |||||||||||||||
Plavix® | 983 | +2.5 | % | +5.8 | % | 9 | -11.1 | % | 101 | -12.2 | % | 873 | +4.7 | % | |||||||||||||||
Multaq® | 383 | +4.3 | % | +16.4 | % | 347 | +5.5 | % | 16 | -27.3 | % | 20 | +26.7 | % | |||||||||||||||
Praluent® | 376 | +65.1 | % | +72.5 | % | 55 | +860.0 | % | 229 | +41.6 | % | 92 | +61.5 | % | |||||||||||||||
Thymoglobulin® | 446 | +16.9 | % | +27.4 | % | 269 | +15.5 | % | 34 | — | % | 143 | +24.8 | % | |||||||||||||||
Mozobil® | 261 | +4.3 | % | +12.0 | % | 154 | +6.2 | % | 67 | +11.7 | % | 40 | -11.4 | % | |||||||||||||||
Soliqua®/Suliqua® | 215 | +1.5 | % | +10.3 | % | 119 | -7.8 | % | 29 | — | % | 67 | +23.5 | % | |||||||||||||||
Rezurock® | 207 | +815.0 | % | +935.0 | % | 206 | +815.0 | % | 1 | — | % | — | — | % | |||||||||||||||
Other Core Assets | 1,091 | -0.2 | % | +5.0 | % | 194 | -30.8 | % | 361 | +3.4 | % | 536 | +14.4 | % | |||||||||||||||
Total Core Assets | 6,389 | +5.2 | % | +10.8 | % | 1,653 | +11.6 | % | 1,917 | +2.9 | % | 2,819 | +3.7 | % | |||||||||||||||
Lantus® | 2,259 | -14.4 | % | -9.4 | % | 757 | -22.1 | % | 426 | -10.1 | % | 1,076 | -10.4 | % | |||||||||||||||
Aprovel®/Avapro® | 478 | +7.6 | % | +14.1 | % | 7 | -40.0 | % | 82 | -5.7 | % | 389 | +12.7 | % | |||||||||||||||
Other Non-Core Assets | 4,485 | -7.7 | % | -5.2 | % | 412 | -10.7 | % | 1,129 | -11.6 | % | 2,944 | -5.6 | % | |||||||||||||||
Total Non-Core Assets | 7,222 | -9.0 | % | -5.5 | % | 1,176 | -18.6 | % | 1,637 | -10.9 | % | 4,409 | -5.5 | % | |||||||||||||||
Industrial Sales | 620 | -26.2 | % | -23.3 | % | 17 | -63.4 | % | 587 | -21.9 | % | 16 | -63.6 | % | |||||||||||||||
Total Pharmaceuticals | 30,688 | +6.9 | % | +13.8 | % | 13,694 | +15.9 | % | 7,157 | -0.8 | % | 9,837 | +2.8 | % | |||||||||||||||
Polio/Pertussis/Hib vaccines | 2,285 | +2.5 | % | +5.8 | % | 456 | -13.8 | % | 325 | +6.9 | % | 1,504 | +7.2 | % | |||||||||||||||
Booster vaccines (incl. Adacel®) | 587 | +11.3 | % | +20.3 | % | 330 | +4.3 | % | 154 | +5.5 | % | 103 | +55.6 | % | |||||||||||||||
Meningitis vaccines | 703 | -3.6 | % | +6.8 | % | 531 | -4.9 | % | 15 | +1400.0 | % | 157 | -8.2 | % | |||||||||||||||
Influenza vaccines | 2,977 | +2.4 | % | +13.3 | % | 1,737 | +8.2 | % | 681 | -6.4 | % | 559 | -0.4 | % | |||||||||||||||
Travel and endemics vaccines | 510 | +57.8 | % | +66.7 | % | 153 | +57.0 | % | 94 | +123.8 | % | 263 | +42.7 | % | |||||||||||||||
Other vaccines | 167 | +86.9 | % | +98.8 | % | 84 | — | % | 72 | +7100.0 | % | 11 | +22.2 | % | |||||||||||||||
Total Vaccines | 7,229 | +6.3 | % | +14.3 | % | 3,291 | +3.0 | % | 1,341 | +9.7 | % | 2,597 | +8.4 | % | |||||||||||||||
Allergy | 734 | +10.5 | % | +19.9 | % | 439 | +5.7 | % | 55 | +10.2 | % | 240 | +19.8 | % | |||||||||||||||
Cough, Cold and Flu | 478 | +46.3 | % | +49.4 | % | — | — | % | 263 | +69.2 | % | 215 | +24.4 | % | |||||||||||||||
Pain Care | 1,213 | +7.9 | % | +11.0 | % | 212 | -4.1 | % | 555 | +8.3 | % | 446 | +13.4 | % | |||||||||||||||
Digestive Wellness | 1,318 | +12.4 | % | +16.5 | % | 144 | +3.2 | % | 432 | +11.3 | % | 742 | +14.9 | % | |||||||||||||||
Physical Wellness | 324 | -3.7 | % | +0.3 | % | — | — | % | 23 | -20.7 | % | 301 | -2.0 | % | |||||||||||||||
Mental Wellness | 238 | +7.6 | % | +12.8 | % | 51 | -2.2 | % | 107 | +8.0 | % | 80 | +13.8 | % | |||||||||||||||
Personal Care | 586 | +2.3 | % | +12.9 | % | 453 | +2.3 | % | 1 | -75.0 | % | 132 | +5.0 | % | |||||||||||||||
Non-Core/Other | 189 | -27.4 | % | -27.0 | % | (9) | -200.0 | % | 65 | -27.5 | % | 133 | -18.8 | % | |||||||||||||||
Total Consumer Healthcare | 5,080 | +8.6 | % | +13.7 | % | 1,290 | +0.8 | % | 1,501 | +13.1 | % | 2,289 | +10.0 | % | |||||||||||||||
Total Sanofi | 42,997 | +7.0 | % | +13.9 | % | 18,275 | +12.2 | % | 9,999 | +2.4 | % | 14,723 | +4.8 | % |
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(€ million) | 2019 | 2018 | Change on a reported basis | Change at constant exchange rates | ||||
United States | 12,756 | 11,540 | +10.5 | % | +5.0 | % | ||
Emerging Markets(a) | 10,914 | 10,112 | +7.9 | % | +8.7 | % | ||
of which Asia | 4,393 | 3,962 | +10.9 | % | +8.5 | % | ||
of which Latin America | 2,734 | 2,612 | +4.7 | % | +11.2 | % | ||
of which Africa and Middle East | 2,307 | 2,232 | +3.4 | % | +1.7 | % | ||
of which Eurasia(b) | 1,312 | 1,152 | +13.9 | % | +17.2 | % | ||
Europe(c) | 8,852 | 9,434 | -6.2 | % | -6.1 | % | ||
Rest of the World(d) | 3,604 | 3,377 | +6.7 | % | +2.8 | % | ||
of which Japan | 1,908 | 1,710 | +11.6 | % | +4.6 | % | ||
of which South Korea | 449 | 432 | +3.9 | % | +4.2 | % | ||
Total net sales | 36,126 | 34,463 | +4.8 | % | +2.8 | % |
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(€ million) | 2022 | 2021 | Change on a reported basis | Change at constant exchange rates | ||||||||||
United States | 18,275 | 14,385 | +27.0 | % | +12.2 | % | ||||||||
Europe | 9,999 | 9,759 | +2.5 | % | +2.4 | % | ||||||||
Rest of the World | 14,723 | 13,617 | +8.1 | % | +4.8 | % | ||||||||
of which China | 3,123 | 2,720 | +14.8 | % | +6.2 | % | ||||||||
of which Japan | 1,613 | 1,657 | -2.7 | % | +3.1 | % | ||||||||
of which Brazil | 927 | 815 | +13.7 | % | -2.0 | % | ||||||||
of which Russia | 674 | 575 | +17.2 | % | +0.7 | % | ||||||||
Total net sales | 42,997 | 37,761 | +13.9 | % | +7.0 | % |
SANOFI FORM 20-F2022 | 75 |
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ITEM 5. Operating and financial review and prospects |
(€ million) | 2019 | 2018 | Change | (€ million) | 2022 | 2021 | Change | |||||||||||||
Other operating income | 825 | 484 | +341 | Other operating income | 1,969 | 859 | +1,110 | |||||||||||||
Other operating expenses | (1,207 | ) | (548 | ) | (659 | ) | Other operating expenses | (2,531) | (1,805) | -726 | ||||||||||
Other operating income/(expenses), net | (382 | ) | (64 | ) | (318 | ) | Other operating income/(expenses), net | (562) | (946) | +384 |
(€ million) | 2022 | 2021 | ||||||
Income & expense related to (profit)/loss sharing under the Monoclonal Antibody Alliance | (2,325) | (1,253) | ||||||
Additional share of profit paid by Regeneron towards development costs (b) | 434 | 127 | ||||||
Reimbursement to Regeneron of selling expenses incurred | (476) | (303) | ||||||
Total: Monoclonal Antibody Alliance | (2,367) | (1,429) | ||||||
Immuno-Oncology Alliance | 16 | 68 | ||||||
Other (mainly Zaltrap® and Libtayo®)(a) | 1,120 | (12) | ||||||
Other operating income/(expenses), net related to the Regeneron Alliance | (1,231) | (1,373) |
(€ million) | 2019 | 2018 | ||
Income & Expense related to profit/loss sharing of the Antibodies Alliance | (253 | ) | 177 | |
Additional share of profit paid by Regeneron related to development costs | 21 | — | ||
Regeneron commercial operating expenses reimbursement | (449 | ) | (388 | ) |
Total: Antibody Alliance | (681 | ) | (211 | ) |
Immuno-Oncology Alliance | 62 | 4 | ||
Other (mainly Zaltrap®) | (14 | ) | (14 | ) |
Other operating income/(expenses), net, related to Regeneron Alliance | (633 | ) | (221 | ) |
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(as a percentage) | 2019 | 2018 | ||
Effective tax rate based on consolidated net income | 4.9 | % | 10.9 | % |
Tax effects: | ||||
Amortization and impairment of intangible assets | 4.3 | 1.3 | ||
Restructuring costs and similar items | 5.3 | 3.4 | ||
Other tax effects(a) | 7.5 | 6.0 | ||
Effective tax rate based on business net income | 22.0 | % | 21.6 | % |
(as a percentage) | 2022 | 2021 | ||||||
Effective tax rate based on consolidated net income | 19.2 | % | 20.0 | % | ||||
Tax effects: | ||||||||
Amortization and impairment of intangible assets | 0.4 | 0.5 | ||||||
Restructuring costs and similar items | (0.3) | 0.4 | ||||||
Other tax effects | 0.8 | — | ||||||
Effective tax rate based on business net income | 19.3 | % | 20.9 | % |
SANOFI FORM 20-F2022 | 77 |
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ITEM 5. Operating and financial review and prospects |
(€ million) | December 31, 2022 | December 31, 2021 | Change | |||||||||||
Pharmaceuticals | 11,043 | 9,409 | +17.4 | % | ||||||||||
As percentage of sales | 36.0 | % | +34.9 | % | ||||||||||
Vaccines | 3,168 | 2,609 | +21.4 | % | ||||||||||
As percentage of sales | 43.8 | % | +41.3 | % | ||||||||||
Consumer Healthcare | 1,810 | 1,493 | +21.2 | % | ||||||||||
As percentage of sales | 35.6 | % | +33.4 | % | ||||||||||
Other | (2,981) | (2,797) | +6.6 | % | ||||||||||
Business operating income (non-IFRS Financial measure) | 13,040 | 10,714 | +21.7 | % |
(€ million) | December 31, 2019 | December 31, 2018 | Change | |||
Pharmaceuticals | 8,969 | 8,488 | +5.7 | % | ||
Consumer Healthcare | 1,556 | 1,536 | +1.3 | % | ||
Vaccines | 2,195 | 1,954 | +12.3 | % | ||
Other | (2,962 | ) | (3,094 | ) | -4.3 | % |
Business operating income | 9,758 | 8,884 | +9.8 | % |
(€ million) | 2022 | 2021 | ||||||
Net cash provided by/(used in) operating activities | 10,526 | 10,522 | ||||||
Net cash provided by/(used in) investing activities | (2,075) | (7,298) | ||||||
Net cash provided by/(used in) financing activities | (5,821) | (7,056) | ||||||
Impact of exchange rates on cash and cash equivalents | 8 | 15 | ||||||
Net change in cash and cash equivalents | 2,638 | (3,817) |
(€ million) | 2019 | 2018 | ||
Net cash provided by/(used in) operating activities | 7,744 | 5,547 | ||
Net cash provided by/(used in) investing activities | (1,212 | ) | (12,866 | ) |
Net cash inflow from the exchange of the Animal Health business for BI’s Consumer Healthcare business | 154 | (6 | ) | |
Net cash provided by/(used in) financing activities | (4,193 | ) | 3,934 | |
Impact of exchange rates on cash and cash equivalents | 9 | 1 | ||
Net change in cash and cash equivalents | 2,502 | (3,390 | ) |
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(€ million) | 2022 | 2021 | ||||||
Net cash provided by operating activities (IFRS) | 10,526 | 10,522 | ||||||
Acquisitions of property, plant and equipment and software | (1,656) | (1,516) | ||||||
Acquisitions of intangible assets, equity interests and other non-current financial assets(a) | (824) | (1,488) | ||||||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax(a) | 1,531 | 667 | ||||||
Repayments of lease liabilities(b) | (291) | (149) | ||||||
Other items(c) | (803) | 60 | ||||||
Free cash flow (non-IFRS Financial measure) | 8,483 | 8,096 |
(€ million) | 2019 | 2018 | ||
Net cash provided by operating activities | 7,744 | 5,547 | ||
Acquisitions of property, plant and equipment and software | (1,405 | ) | (1,674 | ) |
Acquisitions of intangible assets, equity interests and other non-current financial assets(a) | (576 | ) | (635 | ) |
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax(a) | 490 | 522 | ||
Repayments of lease liabilities(b) | (267 | ) | — | |
Other items | 40 | 294 | ||
Free cash flow | 6,026 | 4,054 |
SANOFI FORM 20-F2022 | 79 |
ITEM 5. | ||
Operating and financial review and prospects |
(€ million) | 2022 | 2021 | ||||||
Long-term debt | 14,857 | 17,123 | ||||||
Short-term debt and current portion of long-term debt | 4,174 | 3,183 | ||||||
Interest rate and currency derivatives used to manage debt | 187 | -56 | ||||||
Total debt | 19,218 | 20,250 | ||||||
Cash and cash equivalents | -12,736 | -10,098 | ||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | -45 | -169 | ||||||
Net debt(a) (IFRS) | 6,437 | 9,983 | ||||||
Total equity | 75,152 | 69,031 | ||||||
Gearing ratio (non-IFRS financial measure) | 8.6 | % | 14.5 | % |
(€ million) | 2019 | 2018 | ||
Long-term debt | 20,131 | 22,007 | ||
Short-term debt and current portion of long-term debt | 4,554 | 2,633 | ||
Interest rate and currency derivatives used to manage debt | (117 | ) | (54 | ) |
Total debt | 24,568 | 24,586 | ||
Cash and cash equivalents | (9,427 | ) | (6,925 | ) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (34 | ) | (33 | ) |
Net debt(a) | 15,107 | 17,628 | ||
Total equity | 59,108 | 59,035 | ||
Gearing ratio | 25.6 | % | 29.9 | % |
80 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 5. Operating and financial review and prospects |
December 31, 2022 | Payments due by period | ||||||||||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||
Future contractual cash flows relating to debt and debt hedging instruments(a) | 20,617 | 4,230 | 3,769 | 4,529 | 8,089 | ||||||||||||
Principal payments related to lease liabilities(b) | 2,400 | 320 | 515 | 436 | 1,129 | ||||||||||||
Other lease obligations (with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced)(c) | 38 | 26 | 4 | 3 | 5 | ||||||||||||
Irrevocable purchase commitments(d) | |||||||||||||||||
•given | 10,921 | 5,957 | 2,922 | 1,062 | 980 | ||||||||||||
•received | (1,025) | (482) | (335) | (86) | (122) | ||||||||||||
Research & development license agreements | |||||||||||||||||
•Commitments related to R&D and other commitments | 259 | 197 | 39 | 10 | 13 | ||||||||||||
•Potential milestone payments(e) | 2,919 | 203 | 875 | 889 | 952 | ||||||||||||
Obligations relating to business combinations(f) | 604 | 104 | 145 | — | 355 | ||||||||||||
Estimated benefit payments on unfunded pensions and post employment benefits(g) | 1,188 | 74 | 116 | 139 | 859 | ||||||||||||
Total contractual obligations and other commitments | 37,921 | 10,629 | 8,050 | 6,982 | 12,260 | ||||||||||||
Undrawn general-purpose credit facilities | 8,000 | 4,000 | — | 4,000 | — | ||||||||||||
December 31, 2019 | Payments due by period | |||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||
Future contractual cash flows relating to debt and debt hedging instruments(a) | 26,591 | 4,678 | 5,520 | 4,633 | 11,760 | |||||
Principal payments related to lease liabilities(b) | 1,466 | 272 | 422 | 232 | 540 | |||||
Other lease obligations (with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced)(c) | 1,067 | 31 | 91 | 122 | 823 | |||||
Irrevocable purchase commitments(d) | 2,577 | 2,943 | 3,862 | 771 | ||||||
▪ given | 6,726 | 3,478 | 1,465 | 646 | 1,137 | |||||
▪ received | (648 | ) | (188 | ) | (115 | ) | (95 | ) | (250 | ) |
Research & development license agreements | ||||||||||
▪ Commitments related to R&D and other commitments | 784 | 500 | 264 | 9 | 11 | |||||
▪ Potential milestone payments(e) | 3,040 | 203 | 936 | 876 | 1,025 | |||||
▪ Obligations related to R&D license agreements reflected in the balance sheet | 224 | 69 | 53 | 19 | 83 | |||||
Obligations relating to business combinations(f) | 3,503 | 2,580 | 390 | 284 | 249 | |||||
Estimated benefit payments on unfunded pensions and post employment benefits(g) | 1,265 | 68 | 117 | 121 | 959 | |||||
Total contractual obligations and other commitments | 44,018 | 11,691 | 9,143 | 6,847 | 16,337 | |||||
Undrawn general-purpose credit facilities | 8,000 | 4,000 | 4,000 | — | — |
SANOFI FORM 20-F2022 |
PART I | |||
82 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
SANOFI FORM 20-F2022 | 83 |
PART I | ||
ITEM 6. Directors, senior management and employees |
84 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Definition of profile and skillset | Search | Selection | Appointment | |||||||||||||||||||||||||||||||||||
Independent directors | Appointments, Governance & CSR Committee defines the profile and skillset | Appointments, Governance & CSR Committee pre-selects three potential candidates from a long-list suggested by external consultants | Appointments, Governance & CSR Committee interviews two or three short-listed candidates | Appointments, Governance & CSR Committee recommends a candidate, and explains the reasons for its recommendation | ||||||||||||||||||||||||||||||||||
Directors representing employees | Designated by the trade unions in accordance with Sanofi's Articles of Association | |||||||||||||||||||||||||||||||||||||
SANOFI FORM 20-F2022 | 85 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Serge Weinberg | Diane Souza | Thomas Südhof | Emile Voest | Antoine Yver | ||||||||||||||||||||||||||||||||||||||||
Criterion 1: not an employee/executive officer in past 5 years | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 2: n | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 3: no significant business relationship | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 4: no close family ties | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 5: not an auditor | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 6: not held office for | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 7: no variable or performance-linked compensation | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Criterion 8: not a significant shareholder | YES | YES | YES | |||||||||||||||||||||||||||||||||||||||||
Deemed independent | YES | YES | YES |
Director | Age | Gender | Nationality | Number of shares | Number of directorships in listed companies(a) | Independent | First appointed | Term expires | Years of Board service | AC | AGC | CC | SC | SciC | ||||
Serge Weinberg, Chairman of the Board | 69 | M | French | 1,636 | 1 | Yes | 2009 | 2023 AGM | 10 | C | C | M | ||||||
Paul Hudson, Chief Executive Officer | 52 | M | British | 5,600 | No | 2019 | 2022 AGM | M | ||||||||||
Laurent Attal | 62 | M | French | 1,000 | 1 | No | 2012 | 2020 AGM | 7 | M | M | |||||||
Emmanuel Babeau | 53 | M | French | 500 | 3 | Yes | 2018 | 2022 AGM | 2 | M | ||||||||
Christophe Babule | 54 | M | French | 1,000 | 2 | No | 2019 | 2022 AGM | 1 | |||||||||
Bernard Charlès | 62 | M | French | 1,000 | 2 | Yes | 2017 | 2021 AGM | 3 | |||||||||
Claudie Haigneré | 62 | F | French | 1,000 | 1 | Yes | 2008 | 2020 AGM | 11 | M | M | |||||||
Patrick Kron | 66 | M | French | 1,000 | 4 | Yes | 2014 | 2022 AGM | 5 | M | C | M | ||||||
Fabienne Lecorvaisier | 57 | F | French | 1,000 | 2 | Yes | 2013 | 2021 AGM | 6 | C | ||||||||
Melanie Lee | 61 | F | British | 1,000 | 1 | Yes | 2017 | 2021 AGM | 3 | M | M | |||||||
Suet-Fern Lee | 62 | F | Singaporean | 1,000 | 2 | Yes | 2011 | 2023 AGM | 8 | |||||||||
Marion Palme(b) | 37 | F | German | 109 | 1 | No | 2017 | 2021 AGM | 3 | |||||||||
Carole Piwnica | 61 | F | Belgian | 1,000 | 4 | Yes | 2010 | 2020 AGM | 9 | M | ||||||||
Christian Senectaire(b) | 55 | M | French | 279 | 1 | No | 2017 | 2021 AGM | 3 | |||||||||
Diane Souza | 67 | F | American | 1,104 | 1 | Yes | 2016 | 2020 AGM | 4 | M | M | |||||||
Thomas Südhof | 64 | M | American/ German | 1,136 | 1 | Yes | 2016 | 2020 AGM | 4 | C | ||||||||
Independent directors | Female directors | Non-French directors | ||||||||||||||||
79% | 43% | 43% |
2022, | ||
86 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Areas of progress and vigilance identified in the 2021 evaluation | Actions taken in 2022 | ||||
The preparation of the Chairman's succession must be continued and accelerated, under the leadership of an independent director. | At the instigation of Serge Weinberg, and subsequently under the chairmanship of Giles Schnepp, the Appointments, Governance & CSR Committee carried out preparatory work with assistance from a consultancy firm, including consideration of the profile required for the new Chairman and discussions with Board members. That work was picked up and formalized by the Committee in 2022. Following the selection process, Frédéric Oudéa was appointed as non-voting member on September 2, 2022, with the intention of proposing that he be appointed as an independent director at the 2023 Annual General Meeting, and subsequently of appointing him to succeed Serge Weinberg as Chairman. | ||||
Implementation of the CSR strategy will have to be subject to tighter monitoring. | In 2022, the Appointments, Governance & CSR Committee held an extra meeting compared to previous years, giving it an opportunity to examine each of the four pillars of our CSR strategy as well as extra-financial ratings. | ||||
Strategic seminars should be more devoted to discussing strategy rather than reviewing activities. | The strategy seminars held in April and October 2022 each devoted half a day to Sanofi strategy. | ||||
The duration of the two executive sessions should be extended to allow for more in-depth discussion. | Executive sessions were extended from one hour to one and a half hours. | ||||
The induction program for new directors, made difficult due to the health crisis linked to COVID-19, will have to be reinforced. | Until 2021, the induction program for new directors was devised on an ad hoc basis. In 2022, Sanofi provided an induction session on risks for each new director. | ||||
Board members stated that COVID had not harmed the working of the Board but they expressed a desire for a rapid return to physical meetings as well as normal social activities. | The format of meetings returned to normal in 2022. |
SANOFI FORM 20-F2022 | 87 |
PART I | ||
ITEM 6. Directors, senior management and employees |
88 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Director | Age | Gender | Nationality | Number of shares | Number of directorships in listed companies(a) | Independent | First appointed | Term expires | Years of Board service | AC | AGC | CC | SC | SciC | ||||||||||||||||||||||||||||||
Serge Weinberg, Chairman of the Board | 72 | M | French | 1,636 | 2 | No | 2009 | 2023 AGM | 13 | M | C | M | ||||||||||||||||||||||||||||||||
Paul Hudson, Chief Executive Officer | 55 | M | British | 5,600 | 1 | No | 2019 | 2026 AGM | 3 | M | ||||||||||||||||||||||||||||||||||
Christophe Babule | 57 | M | French | 1,000 | 1 | No | 2019 | 2026 AGM | 3 | M | ||||||||||||||||||||||||||||||||||
Rachel Duan | 52 | F | Chinese | 1,000 | 4 | Yes | 2020 | 2024 AGM | 2 | M | ||||||||||||||||||||||||||||||||||
Carole Ferrand | 52 | F | French | 1,000 | 1 | Yes | 2022 | 2025 AGM | — | |||||||||||||||||||||||||||||||||||
Lise Kingo | 61 | F | Danish | 1,000 | 4 | Yes | 2020 | 2024 AGM | 2 | M | ||||||||||||||||||||||||||||||||||
Patrick Kron | 69 | M | French | 1,000 | 4 | Yes | 2014 | 2026 AGM | 8 | M | C | M | ||||||||||||||||||||||||||||||||
Wolfgang Laux(b) | 55 | M | German | 3,482 | 1 | No | 2021 | 2025 AGM | 1 | M | ||||||||||||||||||||||||||||||||||
Barbara Lavernos | 54 | F | French | 500 | 1 | No | 2021 | 2025 AGM | 1 | M | ||||||||||||||||||||||||||||||||||
Fabienne Lecorvaisier | 60 | F | French | 1,000 | 3 | Yes | 2013 | 2025 AGM | 9 | C | ||||||||||||||||||||||||||||||||||
Gilles Schnepp | 64 | M | French | 1,000 | 4 | Yes | 2020 | 2026 AGM | 2 | C | M | |||||||||||||||||||||||||||||||||
Diane Souza | 70 | F | American | 1,208 | 1 | Yes | 2016 | 2024 AGM | 6 | M | M | |||||||||||||||||||||||||||||||||
Thomas Südhof | 67 | M | American/ German | 1,170 | 1 | Yes | 2016 | 2024 AGM | 6 | C | ||||||||||||||||||||||||||||||||||
Yann Tran(b) | 57 | M | French | 1,235 | 1 | No | 2021 | 2025 AGM | 1 | |||||||||||||||||||||||||||||||||||
Emile Voest | 62 | M | Dutch | 500 | 1 | Yes | 2022 | 2025 AGM | — | M | ||||||||||||||||||||||||||||||||||
Antoine Yver | 64 | M | French/American/Swiss | 1,000 | 2 | Yes | 2022 | 2025 AGM | — | M | ||||||||||||||||||||||||||||||||||
Independent directors (c) | Female directors (c) | Non-French directors | ||||||||||||||||||||||||||||||||||||||||||
71% | 43% | 40% |
Non-voting member | Age | Gender | Nationality | Number of shares | Number of directorships in listed companies(a) | Independent | First appointed | Term expires | Years of Board service | AC | AGC | CC | SC | SciC | ||||||||||||||||||||||||||||||
Frédéric Oudéa | 59 | M | French | 500 | 3 | Yes | 2022 | N/A | — |
SANOFI FORM 20-F2022 | 89 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Scientific training | 3(c) | |||||||||||||||||||||||||||||||||||||
Healthcare/pharmaceutical industry experience | 5(d) | |||||||||||||||||||||||||||||||||||||
Senior executive role in international group(e) | 11(f) | |||||||||||||||||||||||||||||||||||||
Board membership in international group | 7(g) | |||||||||||||||||||||||||||||||||||||
International experience(h) | 11(i) | |||||||||||||||||||||||||||||||||||||
Mergers & acquisitions | 7(j) | |||||||||||||||||||||||||||||||||||||
Finance/Accounting | 5(k) |
90 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
SANOFI FORM 20-F2022 | 91 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Serge Weinberg | |||||
Date of birth: February 10, 1951 (aged 72) | |||||
Nationality: French | |||||
First appointed: December 2009 | |||||
Last reappointment: April 2019 | |||||
Term expires: 2023 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,636 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Director and Chairman of the Board of Directors | In French companies | |||||||
•Chairman of the Strategy Committee •Member of the Appointments, Governance and CSR Committee •Member of the Scientific Committee | Director of Kering * •Chairman of the Appointments and Governance Committee •Member of the Audit Committee •Member of the Remuneration Committee Chairman of Weinberg Capital Partners: •Chairman of Maremma •Manager of Alret | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•Permanent representative of Weinberg Capital Partners on the Board of Directors of ADIT (ended October 4, 2019) •Director of Madrigall (ended June 19, 2019) •Chairman of the Supervisory Boards of Financière Climater SAS (ended October 31, 2018) and Financière Tess SAS (ended October 4, 2019) •Chairman of Financière Piasa and Piasa Holding (ended October 5, 2018) | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Graduate in law, degree from the Institut d’Études Politiques | ||||||||
•Graduate of ENA (École Nationale d’Administration) | ||||||||
Since 2005 | Chairman of Weinberg Capital Partners | |||||||
2005-2010 | Vice Chairman of the Supervisory Board of Schneider Electric* | |||||||
2006-2009 | Chairman of the Board of Accor* | |||||||
1990-2005 | Various positions at PPR* Group (now Kering *) including Chairman of the Management Board for 10 years | |||||||
1987-1990 | Chief Executive Officer of Pallas Finance | |||||||
1982-1987 | Deputy General Manager of FR3 (French television channel) and then Chief Executive Officer of Havas Tourisme | |||||||
1976-1982 | Sous-préfet and then Chief of Staff of the French Budget Minister (1981) |
Competencies | ||||||||||||||
Senior executive in international group, Board membership in international group, International experience, Mergers & acquisitions |
92 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Paul Hudson | |||||
Date of birth: October 14, 1967 (aged 55) | |||||
Nationality: British | |||||
First appointed: September 2019 | |||||
Last reappointment: May 2022 | |||||
Term expires: 2026 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 5,600 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Chief Executive Officer | In French companies | |||||||
•Chairman of the Executive Committee •Director •Member of the Strategy Committee | •None | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Degree in economics from Manchester Metropolitan University, UK | ||||||||
•Diploma in marketing from the Chartered Institute of Marketing, UK | ||||||||
•Honorary Doctorate in Business Administration, Manchester Metropolitan University, UK | ||||||||
From September 1, 2019 | Chief Executive Officer of Sanofi* | |||||||
2016-2019 | CEO of Novartis Pharmaceuticals, member of Executive Committee | |||||||
2006-2016 | Various operational and managerial positions at AstraZeneca (including President, AstraZeneca US; Executive Vice President, North America; Representative Director & President, AstraZeneca KK, Japan; President of AstraZeneca Spain; and Vice-President and head of Primary Care United Kingdom) | |||||||
Before 2006 | Various operational and managerial positions at Schering-Plough, including Head of Global Marketing for biologicals. Various sales and marketing positions at GlaxoSmithKline UK and Sanofi-Synthélabo UK |
Competencies | ||||||||||||||
Healthcare/pharmaceutical industry experience, Senior executive role in international group, International experience, Mergers & acquisitions |
SANOFI FORM 20-F2022 | 93 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Christophe Babule | |||||
Date of birth: September 20, 1965 (aged 57) | |||||
Nationality: French | |||||
First appointed: February 2019 | |||||
Last reappointment: May 2022 | |||||
Term expires: 2026 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Director | In French companies | |||||||
•Member of the Audit Committee | •Director of the “L'Oréal Fund for Women” charitable endowment fund | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
L'Oréal* Group: | ||||||||
•Director of L'Oréal US Inc. (United States) |
Education and professional experience | ||||||||
•Education and professional experience | ||||||||
Since February 2019 | Chief Financial Officer at L'Oréal* | |||||||
Since 1988 | Various positions within the L’Oréal* Group, including as Director of Administration & Finance for China, then Mexico; Director of Internal Audit; and Administration & Financial Director for the Asia Pacific Zone |
Competencies | ||||||||||||||
Senior executive role in international groups, International experience, Mergers & acquisitions, Finance/Accounting, CSR |
94 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Rachel Duan | |||||
Date of birth: July 25, 1970 (aged 52) | |||||
Nationality: Chinese | |||||
First appointed: April 2020 | |||||
Term expires: 2024 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Compensation Committee | •Independent director of AXA* | |||||||
In foreign companies | ||||||||
•Independent director of HSBC* | ||||||||
•Independent director of Adecco Group* | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•MBA, University of Wisconsin-Madison (United States) | ||||||||
•Bachelor’s degree in Economics and International Trade, Shanghai International Studies University (China) | ||||||||
Since September 2021 | Independent Director, HSBC* | |||||||
Since April 2020 | Independent Director, Adecco Group* | |||||||
Since April 2018 | Independent Director, AXA* | |||||||
1996-2020 | Senior Vice President of General Electric* (United States) and President & CEO of GE Global Markets (China) | |||||||
Competencies | ||||||||||||||
Healthcare/pharmaceutical industry experience, Senior executive role in international groups, Board membership in international groups, International experience |
SANOFI FORM 20-F2022 | 95 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Carole Ferrand | |||||
Date of birth: April 2, 1970 (aged 52) | |||||
Nationality: French | |||||
First appointed: May 2022 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Audit Committee | •Honorary President and Director of Terra Nova (non-profit association) •President of Capgemini Ventures SAS | |||||||
In foreign companies | ||||||||
•Director of Capgemini Solutions Canada Inc. (Canada) •Director of Capgemini UK plc. (United Kingdom) •Director of CGS Holdings Ltd. (United Kingdom) •Director of Capgemini Espana SL (Spain) •Director of Altran Innovacion S.L.U (Spain) | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•Independent Director and Chair of the Audit Committee of Fnac Darty •Member of the Executive Committee of June 21 SAS •Director of Capgemini •Director of Sebdo, Le Point •Director of Archer Obligations (previously Artemis 21) •Director of Editions Tallandier •Member of the Audit Committee of Capgemini •Director of Collection Pinault-Paris | ||||||||
In foreign companies | ||||||||
•Director of June 21 SAS •Substitute of Alain de Marcellus, Capgemini Brasil SA (Brazil) •Director of Pallazzo Grassi (Italy) |
Education and professional experience | ||||||||
•HEC School of Management, Master's degree | ||||||||
Since 2018 | Chief Financial Officer of Capgemini | |||||||
2013-2018 | Financing Operations Director of Groupe Artémis | |||||||
2011-2012 | Chief Financial Officer of EuropaCorp | |||||||
2000-2011 | Chief Financial Officer and General Counsel of Sony France | |||||||
1992-2000 | Audit and Transaction Services at PricewaterhouseCoopers (PwC) |
Competencies | ||||||||||||||
Senior executive role in international groups, Board membership in international groups, Finance/Accounting |
96 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Lise Kingo | |||||
Date of birth: August 3, 1961 (aged 61) | |||||
Nationality: Danish | |||||
First appointed: April 2020 | |||||
Term expires: 2024 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Appointments, Governance & CSR Committee | •Independent director of Danone* | |||||||
In foreign companies | ||||||||
•Independent director of Covestro AG* (Germany) | ||||||||
•Independent director of Aker Horizons ASA* (Norway) | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | |||||||||||
•Bachelor’s degree in Religions and Ancient Greek Art, University of Aarhus (Denmark) | |||||||||||
•Bachelor’s degree in Marketing and Economics, Copenhagen Business School (Denmark) | |||||||||||
•Master’s degree in Responsibility & Business, University of Bath (United Kingdom) | |||||||||||
•Director Certification, INSEAD (France) | |||||||||||
Since 2022 | Independent Director, Danone* | ||||||||||
Since 2021 | Independent Director, Covestro AG* (Germany) | ||||||||||
Since 2021 | Independent Director, Aker Horizons ASA* (Norway) | ||||||||||
Since 2020 | Member of the Advisory Panel for Humanitarian and Development Coordination, Novo Nordisk Foundation (Denmark) | ||||||||||
Since 2020 | Chair of Blueprint for Denmark Initiative (Denmark) | ||||||||||
2015-2020 | Director of Principles for Responsible Investment, UN PRI (UK) | ||||||||||
2015-2020 | CEO & Executive Director of United Nations Global Compact (US) | ||||||||||
2014-2015 | Deputy chair of the Danish Foundation for Nature Preservation (Denmark) | ||||||||||
2013-2015 | Member of the “Scale for Good” Advisory Panel, Tesco Plc, (United Kingdom) | ||||||||||
2012-2015 | Chair of the Danish Council for Corporate Social Responsibility (Denmark) | ||||||||||
2012-2015 | Independent Director of Grieg Star Shipping (Norway) | ||||||||||
2010-2014 | Chair, Steno Diabetes Center (Denmark) | ||||||||||
2006-2015 | Professor of Sustainable Development and Innovation at Vrije Universiteit Amsterdam (Netherlands) | ||||||||||
2005-2009 | Independent Director and Deputy Chairwoman, GN Store Nord (Denmark) | ||||||||||
2002-2014 | Executive Vice President Corporate Relations & Chief of Staff at Novo Nordisk A/S (Denmark) | ||||||||||
1999-2002 | Senior Vice President, Stakeholder Relations at Novo Holding (Denmark) | ||||||||||
1995-2006 | Member of the HRH Prince of Wales Cambridge University Faculty for Sustainability Leadership (United Kingdom) | ||||||||||
1988-1999 | Various positions at the Bioindustrial Novo Industry Group, now Novozymes (Denmark), including Promotion Coordinator and Director, Corporate Environmental Affairs. |
Competencies | ||||||||||||||
Healthcare/pharmaceutical industry experience, Senior executive role in international groups, Board membership in international groups, International experience |
SANOFI FORM 20-F2022 | 97 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Patrick Kron | |||||
Date of birth: September 26, 1953 (aged 69) | |||||
Nationality: French | |||||
First appointed: May 2014 | |||||
Last reappointment: May 2022 | |||||
Term expires: 2026 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Chairman of the Compensation Committee •Member of the Appointments, Governance and CSR Committee •Member of the Strategy Committee | •Chairman of Imerys* •Chairman of Truffle Capital SAS •Chairman of PKC&I SAS: •Permanent representative of PKC&I on the Supervisory Board of Segula Technologies | |||||||
In foreign companies | ||||||||
•Director of Holcim* (Switzerland) | ||||||||
•Director of Viohalco* (Belgium) | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•Interim Chief Executive Officer of Imerys* | ||||||||
In foreign companies | ||||||||
•ElvalHalcor* (Greece) |
Education and professional experience | ||||||||
•Degree from École Polytechnique and École Nationale Supérieure des Mines de Paris | ||||||||
Since 2019 | Chairman of Imerys* (and Interim Chief Executive Officer from October 2019 to February 2020) | |||||||
Since 2016 | Chairman of Truffle Capital SAS | |||||||
Since 2016 | Chairman of PKC&I SAS | |||||||
2003-2016 | Chief Executive Officer, then Chairman and Chief Executive Officer, of Alstom* | |||||||
1998-2002 | Chairman of the Managing Board of Imerys | |||||||
1995-1997 | Manager of the Food and Health Care Packaging Sector at Pechiney, and Chief Operating Officer of American National Can Company in Chicago (United States) | |||||||
1993-1997 | Chairman and Chief Executive Officer of Carbone Lorraine | |||||||
1993 | Member of the Executive Committee of the Pechiney Group | |||||||
1988-1993 | Various senior operational and financial positions within the Pechiney Group | |||||||
1984-1988 | Operational responsibilities in one of the Pechiney Group’s biggest factories in Greece, then manager of the Greek subsidiary of Pechiney | |||||||
1979-1984 | Various positions at the French Ministry of Industry, including as project officer at the Direction régionale de l’Industrie, de la Recherche et de l’Environnement (DRIRE) and in the Ministry’s general directorate |
Competencies | ||||||||||||||
Senior executive role in international groups, Board membership in international group, International experience, Mergers & acquisitions |
98 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Wolfgang Laux | |||||
Date of birth: January 24, 1968 (aged 55) | |||||
Nationality: German | |||||
First appointed: April 2021 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 3,482 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Director representing the employees | In French companies | |||||||
•Member of the Compensation Committee | •None | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Post-doctoral research fellow at the State University of New York at Stony Brook (1998-2000) and at the University of Montpellier (1996-1997) •Ph.D. in organic chemistry from the University of Frankfurt am Main •Corporate Director’s Certificate from SciencesPo/IFA (Certificat Administrateur de Sociétés) •European Board Diploma by ecoDa | ||||||||
Since 2006 | Industrialization Coordinator at Sanofi Chimie headquarters, Croix-de-Berny and Gentilly (France) | |||||||
Since 2014 | Staff representative on the CFE-CGC ticket | |||||||
2016-2021 | Union delegate | |||||||
2014-2021 | Member of the Works Council, Sanofi Chimie headquarters | |||||||
2016-2019 | Member of the Committee on health, safety and working conditions (CHSCT) | |||||||
2000-2006 | Senior scientist in Process Development at the Frankfurt site of Höchst AG |
Competencies | ||||||||||||||
Scientific training, Healthcare/pharmaceutical industry experience, International experience. |
SANOFI FORM 20-F2022 | 99 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Barbara Lavernos | |||||
Date of birth: April 22, 1968 (aged 54) | |||||
Nationality: French | |||||
First appointed: April 2021 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 500 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Director | In French companies | |||||||
•Member of the Appointments, Governance and CSR Committee | •None | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•Director of Bpifrance Investment and Bpifrance Participations | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Graduate of the HEI chemical engineering school at Lille (HEI France) | ||||||||
Since May 2021 | Deputy CEO of L'Oréal* in charge of Research, Innovation and Technology | |||||||
February 2021-May 2021 | President Research, Innovation and Technologies at L’Oréal*– Member of the Executive Committee at L’Oréal* | |||||||
2018-2021 | Chief Technology and Operations Officer at L’Oréal* – Member of the Executive Committee at L’Oréal* | |||||||
2014-2018 | Executive Vice-President Operations at L’Oréal* – Member of the Executive Committee at L’Oréal* | |||||||
2011-2014 | Managing Director of Travel Retail at L'Oréal* | |||||||
2004-2011 | Global Chief Procurement Officer at L'Oréal* |
Competencies | ||||||||||||||
Senior executive role in international groups, International experience, Scientific training |
100 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Fabienne Lecorvaisier | |||||
Date of birth: August 27, 1962 (aged 60) | |||||
Nationality: French | |||||
First appointed: May 2013 | |||||
Last reappointment: April 2021 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Chair of the Audit Committee | Air Liquide Group*: •Director of Air Liquide International •Director of The Hydrogen Company | |||||||
Safran Group*: •Independent Director •Member of the Audit and Risk Committee | ||||||||
In foreign companies | ||||||||
Air Liquide Group*: •Executive Vice President of Air Liquide International Corporation •Director of American Air Liquide Holdings, Inc. | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
Air Liquide Group*: •Director of Air Liquide Finance, Air Liquide Eastern Europe, Aqualung International, Air Liquide Welding SA and SOAEO •Director of ANSA (Association Nationale des Sociétés par Actions) | ||||||||
In foreign companies | ||||||||
•Chairwoman of Air Liquide US LLC |
Education and professional experience | ||||||||
•Civil engineer, graduate of École Nationale des Ponts et Chaussées | ||||||||
Since July 2021 | Executive Vice President in charge of Sustainable Development, Public and International Affairs, Social Programs and General Secretariat of Air Liquide* | |||||||
July 2017-July 2021 | Executive Vice President of Air Liquide* | |||||||
Since 2008 | Executive Committee member of Air Liquide* | |||||||
2008-2021 | Chief Financial Officer of Air Liquide* | |||||||
1993-2008 | Various positions within Essilor* including Group Chief Financial Officer (2001-2007) and Chief Strategy and Acquisitions Officer (2007-2008) | |||||||
1990-1993 | Assistant General Manager of Banque du Louvre, Taittinger Group | |||||||
1989-1990 | Senior Banking Executive in charge of the LBO Department (Paris)/Corporate Finance Department (Paris and London) at Barclays | |||||||
1985-1989 | Member of the Corporate Finance Department, then Mergers and Acquisitions Department of Société Générale* |
Competencies | ||||||||||||||
Senior executive role in international groups, Board membership in international groups, International experience, Mergers & acquisitions, Finance/Accounting |
SANOFI FORM 20-F2022 | 101 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Gilles Schnepp | |||||
Date of birth: October 16, 1958 (aged 64) | |||||
Nationality: French | |||||
First appointed: May 2020 | |||||
Last reappointment: May 2022 | |||||
Term expires: 2026 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Chairman of the Appointments, Governance and CSR Committee •Member of the Strategy Committee | •Member of the Board of Directors of Saint Gobain* •Chairman of the Board of Directors of Danone* •Member of the Board of Directors of Socotec | |||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•Vice-Chairman of the Supervisory Board of PSA* | ||||||||
•Member of the Board of Directors of Legrand* | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Graduate of HEC business school | ||||||||
Since 2021 | Chairman of Danone* | |||||||
2006-2018 | Chairman & CEO of Legrand | |||||||
2004-2006 | CEO of Legrand | |||||||
2001-2004 | Deputy CEO of Legrand | |||||||
1989-2001 | Various positions within the Legrand Group | |||||||
1983 | Merrill Lynch |
Competencies | ||||||||||||||
Senior executive role in international groups, Board membership in international groups, International experience, Mergers & acquisitions, Finance/Accounting |
102 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Diane Souza | |||||
Date of birth: July 3, 1952 (aged 70) | |||||
Nationality: American | |||||
First appointed: May 2016 | |||||
Last reappointment: April 2020 | |||||
Term expires: 2024 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 2,416 American Depositary Receipts, equivalent to 1,208 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Compensation Committee •Member of the Audit Committee | •None | |||||||
In foreign companies | ||||||||
Amica Insurance Companies (United States): •Member of the Board of Directors •Member of the Compensation and Investment Committees | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
UnitedHealth Group: •Member of the Board of Directors of Unimerica Insurance Company, Unimerica Life Insurance Company of New York, National Pacific Dental, Inc., Nevada Pacific Dental, DBP Services of New York, IPA, Dental Benefits Providers of California, Inc., Dental Benefit Providers of Illinois, Inc., Dental Benefit Providers, Inc., Spectera, Inc. and Spectera of New York, IPA, Inc. United States Farm Credit East (United States) •Member of the Board of Directors |
Education and professional experience | ||||||||
•Degree in Accounting from University of Massachusetts | ||||||||
•Honorary doctorate in Business Administration from University of Massachusetts Dartmouth | ||||||||
•Certified Public Accountant | ||||||||
•Diploma in Dental Hygiene from Northeastern University, Forsyth School for Dental Hygienists | ||||||||
2008-2014 | Chief Operating Officer of OptumHealth Specialty Benefits (2008), then Chief Executive Officer of UnitedHealthcare Specialty Benefits (2009-2014) (United States) | |||||||
2007-2008 | Principal consultant at Strategic Business Solutions, LLC (United States) | |||||||
1994-2006 | Various positions at Aetna Inc. including Deputy Vice President Federal and State Taxes; Vice President and Chief Financial Officer, Large Case Pensions; Vice President and Head of Global Internal Audit Services; Vice President, National Customer Operations; and finally Vice President, Strategic Systems & Processes (United States) | |||||||
1988-1994 | Various positions at Price Waterhouse from Senior Tax Manager to Head of the Northeast Insurance Tax Region (United States) | |||||||
1980-1988 | Various positions at Deloitte Haskins & Sells, from Audit Staff Accountant to Senior Tax Manager-in-Charge (United States) | |||||||
1979 | Audit Staff Accountant at Price Waterhouse (United States) |
Competencies | ||||||||||||||
Healthcare/pharmaceutical industry experience, International experience, Mergers & acquisitions, Finance/Accounting |
SANOFI FORM 20-F2022 | 103 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Thomas Südhof | |||||
Date of birth: December 22, 1955 (aged 67) | |||||
Nationality: German and American | |||||
First appointed: May 2016 | |||||
Last reappointment: April 2020 | |||||
Term expires: 2024 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 2,485 American Depositary Receipts, equivalent to 1,242 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Chairman of the Scientific Committee | •None | |||||||
In foreign companies | ||||||||
•Independent director of CytoDel Inc. (United States) (since 2021) •Member of the Scientific Advisory Committee of NeuroCentria (United States) (since 2022) | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•Independent director of Abide Therapeutics (United States) (2019-2020) |
Education and professional experience | ||||||||
•Degree in medicine from the Faculty of Medicine of the University of Göttingen (Germany) | ||||||||
•Elected member of the National Academy of Sciences of the US (2002) | ||||||||
•Elected member of the National Academy of Medicine (2007) | ||||||||
•Bernard Katz Prize of the Biophysical Society, jointly with Reinhard Jahn (2008) | ||||||||
•Elected member of the American Academy of Arts and Sciences (2010) | ||||||||
•Nobel Prize for Physiology or Medicine, jointly with James Rothman and Randy Schekman (2013) | ||||||||
•Albert Lasker Prize for Basic Medical Research, jointly with Richard Scheller (2013) | ||||||||
•Elected foreign member of the German Academy Leopoldina (2015) | ||||||||
•Elected foreign member of the Royal Society of London for Improving Natural Knowledge (2017) | ||||||||
•Elected member of the Norwegian Society of Sciences | ||||||||
Since 2008 | Avram Goldstein Professor in the Molecular & Cellular Physiology, Neurosurgery, Psychiatry, and Neurology Department in the School of Medicine at Stanford University (United States) | |||||||
Since 2020 | Member of the Scientific Advisory Board of Danaher Corporation (United States) | |||||||
Since 2020 | Co-founder and member of the Scientific Advisory Board of Boost, Inc. and Recognify, Inc. (United States) | |||||||
Since 2020 | Member of the Scientific Advisory Board of NeuroCure, Charite, Berlin (Germany) | |||||||
Since 2019 | Member of the Scientific Advisory Board of the Neuroscience Department at the Institut Pasteur (France) | |||||||
Since 2019 | Member of the Scientific Advisory Board of the Chinese Institute for Brain Research, Beijing (China) | |||||||
Since 2019 | Advisor to Camden Venture Partners (United States) | |||||||
Since 2018 | Member of the Scientific Advisory Board of Jupiter, Inc. (United States) | |||||||
Since 2018 | Chairman of the Scientific Advisory Board of Capital Medical University, Beijing (China) | |||||||
Since 2018 | Member of the Scientific Advisory Board of Alector, Inc. (United States) | |||||||
Since 2017 | Member of the Scientific Advisory Board of Cytodel, Inc. (United States) | |||||||
Since 2017 | Member of the Scientific Advisory Board of the Chinese Academy of Sciences Institute of Guangzhou (China) | |||||||
Since 2016 | Member of the Scientific Advisory Board of the Picower Institute, MIT Boston (United States) | |||||||
Since 2016 | Member of the Scientific Advisory Board of Simcere, Inc. (China) | |||||||
Since 2014 | Member of the Scientific Advisory Board of Elysium, Inc. (United States) | |||||||
Since 2013 | Member of the Scientific Advisory Board of the Shemyakin-Ovchinnikov Institute of Bio-Organic Chemistry (Russia) | |||||||
Since 2002 | Co-founder and member of the Scientific Advisory Board of REATA Pharmaceuticals (United States) | |||||||
Since 1986 | Investigator at the Howard Hughes Medical Institute (United States) | |||||||
2017-2019 | Member of the Scientific Advisory Board of C-Bridge Everest Medical (China) |
104 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
2017-2018 | Member of the Scientific Advisory Board of Abide (United States) | |||||||
2014-2018 | Member of the Scientific Advisory Committee of the Institute of Cellular and Molecular Biology of A*Star (China) | |||||||
2014-2018 | Member of the Scientific Advisory Board of the Chinese Academy Institute of Biophysics (China) | |||||||
2014-2018 | Member of the Scientific Advisory Board of the Singapore National Research Foundation (Singapore) | |||||||
2014-2017 | Co-founder and member of the Scientific Advisory Board of Bluenobel, Inc. (China) | |||||||
2013-2016 | Member of the Review Board of Genentech Neuroscience (United States) | |||||||
2011-2019 | Co-founder and member of the Scientific Advisory Board of Circuit Therapeutics, Inc. (United States) | |||||||
1986-2008 | Professor and subsequently Chair of the Neuroscience Department at the University of Texas Southwestern Medical School (United States) | |||||||
1983-1986 | Postdoctoral Fellow, Dept. of Molecular Genetics, UT Southwestern Medical School (United States) | |||||||
1981-1982 | Intern at the University Hospital of Göttingen (Germany) | |||||||
1979 | Student on exchange clerkship program at Harvard Medical School (United States) | |||||||
1978-1981 | Research assistant at the Max Planck Institute for Biophysical Chemistry (Germany) |
Competencies | ||||||||||||||
Scientific training |
SANOFI FORM 20-F2022 | 105 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Yann Tran | |||||
Date of birth: December 5, 1965 (aged 57) | |||||
Nationality: French | |||||
First appointed: May 2021 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 1,235 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Director representing the employees | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•Coordinator for IndustriALL Europe on the Sanofi European Works Council | In French companies | |||||||
•Member of the French Strategy Committee for the Healthcare Industries and Technologies Sector | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•DEA in Biochemistry: Integrative Protein Biology from the University of Paris VII (France) | ||||||||
•Master's degree in Biochemical and Biological Engineering Sciences and Techniques from the University of Paris XII (France) | ||||||||
Since 2010 | Head of Labor Relations, France at Sanofi | |||||||
2021 | Coordinator for IndustriALL Europe on the Sanofi European Works Council | |||||||
2014-2021 | Federation delegate for the Pharmaceuticals industry, in charge of negotiating and monitoring of industry agreements and national collective agreements | |||||||
2014-2021 | FCE-CFDT federation delegate for social welfare | |||||||
2010-2021 | Trade union leader in labor relations in the Sanofi Group | |||||||
2010-2014 | Member of the Supervisory Board of Sanofi employee savings plans (PEG and PERCO) and member of the Sanofi Group Committee | |||||||
2006-2010 | Bioinformatics researcher at Sanofi R&D | |||||||
1995-2006 | Researcher in molecular biology at Sanofi and Aventis |
Competencies | ||||||||||||||
Scientific training, Healthcare/pharmaceutical industry experience |
106 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Emile Voest | |||||
Date of birth: August 20, 1959 (aged 63) | |||||
Nationality: Dutch | |||||
First appointed: May 2022 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held:500 |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Scientific Committee | •None | |||||||
In foreign companies | ||||||||
•Chairman of the Board of Cancer Core Europe •Board Member of the Center for Personalized Cancer Treatment •Member of the Supervisory Board of Hartwig Medical Foundation | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Ph.D. in Medicine, cum laude, University of Utrecht | ||||||||
Since 2021 | Founder of Mosaic Therapeutics and Strategic Advisor | |||||||
Since 2019 | Senior Group Leader of the Oncode Institute | |||||||
Since 2016 | Director of Cancer Core Europe | |||||||
Since 2015 | Founder and Member of Supervisory Board of the Hartwig Medical Foundation | |||||||
2015-2020 | ESMO (European Society for Medical Oncology) •Chair of the Publications Committee (2016-2020) •Member of the Executive Board (2015-2020) | |||||||
Since 2014 | The Netherlands Cancer Institute •Medical Oncologist (since 2014) •Executive Medical Director (2014-2020) and senior group leader | |||||||
2013-2016 | Co-founder and Non-Executive Medical Director of Hubrecht Organoid Technology | |||||||
Since 2010 | Co-founder and Member of the Executive Board of the Center for Personalized Cancer Treatment (CPCT) | |||||||
Since 1999 | Professor of Medical Oncology at UMC Utrecht |
Competencies | ||||||||||||||
Scientific training |
SANOFI FORM 20-F2022 | 107 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Antoine Yver | |||||
Date of birth: January 31, 1958 (aged 65) | |||||
Nationality: French, American, Swiss | |||||
First appointed: May 2022 | |||||
Term expires: 2025 | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 2,000 American Depositary Receipts, equivalent to 1,000 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Independent director | In French companies | |||||||
•Member of the Scientific Committee | •None | |||||||
In foreign companies | ||||||||
Board Member of Spotlight Therapeutics | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Doctor of Medicine and Pediatrics, University of Paris-Sud 11 | ||||||||
2021-2022 | Chairman of Development of Centessa Pharmaceuticals | |||||||
2016-2021 | EVP Global Head Oncology R&D at Daiichi Sankyo, Inc. | |||||||
2009-2016 | AstraZeneca •SVP Head Oncology Global Medicines Development & Lead China GMD (2013-2016) •VP Head Oncology Global Medicines Development & Lead China GMD (2012-2013) •VP Clinical Oncology & New Opportunities (2011-2012) •VP Clinical Oncology & Infection (2009-2011) | |||||||
2006-2009 | Executive Director in Oncology at the Schering-Plough Research Institute | |||||||
2005-2006 | Senior Director Oncology at Johnson & Johnson | |||||||
1990-2005 | Senior Director Clinical Research at Aventis | |||||||
1981-1990 | Medical doctor at the Assistance Publique des Hôpitaux de Paris |
Competencies | ||||||||||||||
Scientific training, Healthcare/pharmaceutical industry experience, Senior executive role in international groups, International experience |
108 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Frédéric Oudéa - Non-voting Board member | |||||
Date of birth: July 3, 1963 (aged 59) | |||||
Nationality: French | |||||
First appointed as a non-voting Board member: September 2022 | |||||
Appointment as a director proposed at the 2023 General Meeting | |||||
Business address: Sanofi - 46, avenue de la Grande Armée - 75017 Paris - France | |||||
Number of shares held: 500 shares |
Current directorships and appointments | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
Non-voting Board member | In French companies | |||||||
•Chief Executive Officer of Société Générale* •Board member of Capgemini* •Board member of ALD* | ||||||||
In foreign companies | ||||||||
•None | ||||||||
Past directorships expiring within the last five years | ||||||||
WITHIN THE SANOFI GROUP | OUTSIDE THE SANOFI GROUP | |||||||
•None | In French companies | |||||||
•None | ||||||||
In foreign companies | ||||||||
•None |
Education and professional experience | ||||||||
•Graduate of ENA (École Nationale d'Administration) •Degree from École Polytechnique | ||||||||
Since 2015 | Chief Executive Officer of Société Générale | |||||||
Since 2010 | Chairman of the Steering Committee on Regulatory Capital of the Institute of International Finance | |||||||
2009-2015 | Chief Executive Officer and Chairman of the Board of Société Générale | |||||||
2008-2009 | Chief Executive Officer of Société Générale | |||||||
2003-2008 | Group Chief Financial Officer of Société Générale | |||||||
2002-2003 | Deputy Group Chief Financial Officer of Société Générale | |||||||
1998-2002 | Head of global supervision and development of the Equity Department of Société Générale | |||||||
1995-1998 | Assistant Manager, then Manager of the Corporate Banking department in London at Société Générale |
Competencies | ||||||||||||||
Senior executive role in international groups, Board membership in international groups, Finance/Accounting |
SANOFI FORM 20-F2022 | 109 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Annual General Meeting of April 30, 2021 | Annual General Meeting of May 3, 2022 | Annual General Meeting of May 25, 2023 | |||||||||
End of term of office | Marion Palme Christian Senectaire Laurent Attal Bernard Charlès | Melanie Lee(a) Carole Piwnica(a) | Serge Weinberg(c) | ||||||||
Renewal of term of office | Fabienne Lecorvaisier Melanie Lee | Paul Hudson Christophe Babule Patrick Kron Gilles Schnepp | None | ||||||||
Proposed new appointments | Barbara Lavernos | Carole Ferrand(b) Emile Voest(b) Antoine Yver(b) | Frédéric Oudéa(c) | ||||||||
Co-opted | Gilles Schnepp | None | None | ||||||||
Other | Wolfgang Laux Yann Tran | None | None |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
SANOFI FORM 20-F2022 | 111 |
PART I | ||
ITEM 6. Directors, senior management and employees |
112 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
•discusses the financial, accounting and tax impacts of the proposed compensation policy with the Chairman of the Audit Committee; •plays an active role at meetings of the Appointments, Governance and CSR Committee and the Strategy Committee (to both of which he belongs), thereby gaining assurance that the proposed performance criteria are consistent and appropriate in light of Sanofi’s strategic ambitions. The compensation |
SANOFI FORM 20-F2022 | 113 |
PART I | ||
ITEM 6. Directors, senior management and employees |
114 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Compensation per meeting | ||||||||||||||
Directors resident in France | Directors resident outside France but within Europe | Directors resident outside Europe | Chairman/Chairwoman | |||||||||||
Board of Directors | € | €8,250 | €11,000 | N/A | ||||||||||
Audit Committee | €8,250 | €8,250 | €8,250 | €11,000 | ||||||||||
Compensation Committee | €5,500 | €8,250 | €11,000 | |||||||||||
Appointments, Governance and CSR Committee | €5,500 | €8,250 | €8,250 | €8,250 | ||||||||||
Strategy Committee | €5,500 | €8,250 | €11,000 | Determined by reference to place of residence | ||||||||||
€5,500 | €8,250 | €11,000 | Determined by reference to place of residence | |||||||||||
SANOFI FORM 20-F2022 | 115 |
PART I | ||
ITEM 6. Directors, senior management and employees |
SANOFI FORM 20-F2022 |
SANOFI FORM 20-F2022 | 117 |
PART I | ||
ITEM 6. Directors, senior management and employees |
•removal from office for gross or serious misconduct (faute grave ou lourde) |
118 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Voluntary | Forced departure | Retirement | |||||||||
Termination benefit(a) | / | 24 months of fixed compensation as of the date of leaving office + 24 months of most recent individual variable compensation received(d) – Amounts received as non-compete indemnity | / | ||||||||
Non-compete indemnity(b) | 12 months of fixed compensation as of the date of leaving office + 12 months of most recent individual variable compensation received prior to leaving office | 12 months of fixed compensation as of date of leaving office + 12 months of most recent individual variable compensation received prior to leaving office(e) | / | ||||||||
Top-up pension(c) | / | / | Annual contribution of up to 25% of reference compensation | ||||||||
Performance share plans not yet vested | Forfeited in full | Rights retained | Rights retained prorata to period of employment within Sanofi |
(a) The amount of the termination benefit is reduced by any indemnity received as consideration for the non-compete undertaking, such that the aggregate amount of those two benefits may never exceed two years of total fixed and variable compensation. (b) The Board of Directors may decide to release the Chief Executive Officer from the non-compete undertaking for some or all of the 12-month period. In that case, the non-compete indemnity would not be due, or would be scaled down proportionately. (c) Defined-contribution pension plan, within the scope of Article 82 of the French General Tax Code. Subject to fulfillment of the performance condition, assessed annually. (d) Subject to fulfillment of the performance condition assessed over the three financial years preceding departure from office, as described above. (e) Subject to the Board of Directors enforcing the non-compete undertaking, the amount of the termination benefit is reduced by any indemnity received as consideration for the non-compete undertaking, such that the aggregate amount of those two benefits may never exceed two years of total fixed and variable compensation. (f) In this case, the Chief Executive Officer remains subject to the terms of the plans, including the performance conditions and the non-compete clause. |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
2023 | 2022 | ||||
• Annual variable compensation: –To reflect shareholder expectations, Sanofi is from now on disclosing the content of the qualitative criteria. •Variable equity-based compensation: –In order to link share-based compensation (long-term compensation) to the execution of the Group's CSR strategy, measurable and material CSR criteria have been introduced into performance share plans awarded in or after 2023. •Clawback Policy: –Pursuant to Section 10D-1 of the Exchange Act, SEC regulations and NASDAQ listing rules, the Board of Directors will adopt a clause allowing for the recovery of some or all of the components of the Chief Executive Officer's compensation that are wholly or partially contingent on the attainment of financial performance criteria based on erroneous financial information (see above). | •Annual fixed compensation: –Annual fixed compensation is increased to €1,400,000 gross with effect from 2022. •Annual variable compensation: –Sanofi now publishes the content of the individual CSR performance objective (sub-criteria). •Variable equity-based compensation: –The external criterion based on Total Shareholder Return (TSR) will no longer be measured in absolute value (ranking) but in relative terms (variation from the previous ranking), with the caveat that for the Chief Executive Officer any TSR-linked payment will remain contingent on Sanofi achieving a rank greater than or equal to the median of the TSR panel. |
Executive officer | Contract of employment | Top-up pension plan | Indemnities or benefits payable or potentially payable on cessation of office | Indemnities payable under non-compete clause | ||||||||||
Chairman of the Board | No | No | No | No | ||||||||||
Chief Executive Officer | No | Yes | Yes | Yes |
120 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
(€) | Compensation in respect of 2019 | Compensation in respect of 2018 | ||||||||||||
Name | Fixed portion | Variable portion | Total amount (fixed + variable portion) | Total gross compensation apportioned on a pro rata basis* | Fixed portion | Variable portion | Total gross compensation | |||||||
Laurent Attal | 30,000 | 117,500 | 147,500 | 140,051 | 30,000 | 77,500 | 107,500 | |||||||
Emmanuel Babeau(a) | 30,000 | 90,000 | 120,000 | 113,940 | 20,000 | 46,500 | 66,500 | |||||||
Christophe Babule(b) | 26,965 | 50,000 | 76,965 | 73,078 | — | — | — | |||||||
Robert Castaigne(c) | — | — | — | — | 10,000 | 70,000 | 80,000 | |||||||
Bernard Charlès | 30,000 | 55,000 | 85,000 | 80,708 | 30,000 | 45,000 | 75,000 | |||||||
Claudie Haigneré | 30,000 | 87,500 | 117,500 | 111,566 | 30,000 | 77,500 | 107,500 | |||||||
Patrick Kron | 30,000 | 137,500 | 167,500 | 159,041 | 30,000 | 102,500 | 132,500 | |||||||
Fabienne Lecorvaisier | 30,000 | 115,000 | 145,000 | 137,678 | 30,000 | 97,500 | 127,500 | |||||||
Melanie Lee(d) | 30,000 | 115,000 | 145,000 | 137,678 | 30,000 | 76,500 | 106,500 | |||||||
Suet-Fern Lee(e) | 30,000 | 95,000 | 125,000 | 118,449 | 30,000 | 87,500 | 117,500 | |||||||
Christian Mulliez(f) | 3,035 | 12,500 | 15,535 | 15,535 | 30,000 | 87,500 | 117,500 | |||||||
Marion Palme(d)(g) | 30,000 | 50,000 | 80,000 | 75,960 | 30,000 | 64,500 | 94,500 | |||||||
Carole Piwnica(d) | 30,000 | 110,000 | 140,000 | 132,930 | 30,000 | 70,000 | 100,000 | |||||||
Christian Senectaire(h)(i) | 30,000 | 57,500 | 87,500 | 83,081 | 30,000 | 60,000 | 90,000 | |||||||
Diane Souza(e) | 30,000 | 205,000 | 235,000 | 223,133 | 30,000 | 152,500 | 182,500 | |||||||
Thomas Südhof(e) | 30,000 | 125,000 | 155,000 | 147,173 | 30,000 | 90,000 | 120,000 | |||||||
Total | 420,000 | 1,422,500 | 1,842,500 | 1,750,000 | 420,000 | 1,205,000 | 1,625,000 | |||||||
Total | 1,750,000 | 1,625,000 |
(€) | Compensation in respect of 2022 | Compensation in respect of 2021 | |||||||||||||||||||||
Name | Fixed portion | Variable portion | Total amount (variable + fixed portion) | Total gross compensation apportioned on a pro rata basis(*) | Fixed portion | Variable portion | Total gross compensation | ||||||||||||||||
Laurent Attal (a) | N/A | N/A | — | N/A | 10,000 | 33,000 | 43,000 | ||||||||||||||||
Christophe Babule | 30,000 | 129,250 | 159,250 | 134,912 | 30,000 | 99,000 | 129,000 | ||||||||||||||||
Bernard Charlès (b) | N/A | N/A | — | N/A | 10,000 | 16,500 | 26,500 | ||||||||||||||||
Rachel Duan (c) | 30,000 | 115,500 | 145,500 | 123,263 | 30,000 | 88,000 | 118,000 | ||||||||||||||||
Carole Ferrand | 20,000 | 82,500 | 102,500 | 86,835 | N/A | N/A | N/A | ||||||||||||||||
Lise Kingo (d) | 30,000 | 140,250 | 170,250 | 144,231 | 30,000 | 68,750 | 98,750 | ||||||||||||||||
Patrick Kron | 30,000 | 134,750 | 164,750 | 139,571 | 30,000 | 118,250 | 148,250 | ||||||||||||||||
Wofgang Laux (e)(f) | 30,000 | 88,000 | 118,000 | 99,966 | 20,000 | 22,000 | 42,000 | ||||||||||||||||
Barbara Lavernos | 30,000 | 99,000 | 129,000 | 109,285 | 20,000 | 27,500 | 47,500 | ||||||||||||||||
Fabienne Lecorvaisier | 30,000 | 143,000 | 173,000 | 146,560 | 30,000 | 115,500 | 145,500 | ||||||||||||||||
Melanie Lee (g) | 10,000 | 46,750 | 56,750 | 56,750 | 30,000 | 107,250 | 137,250 | ||||||||||||||||
Marion Palme (h) | N/A | N/A | — | N/A | 10,000 | N/A | 10,000 | ||||||||||||||||
Carole Piwnica (g) | 10,000 | 35,750 | 45,750 | 45,750 | 30,000 | 85,250 | 115,250 | ||||||||||||||||
Gilles Schnepp | 30,000 | 154,000 | 184,000 | 155,879 | 30,000 | 121,000 | 151,000 | ||||||||||||||||
Christian Senectaire | N/A | N/A | — | N/A | 10,000 | 22,000 | 32,000 | ||||||||||||||||
Diane Souza (c) | 30,000 | 206,250 | 236,250 | 200,144 | 30,000 | 137,500 | 167,500 | ||||||||||||||||
Thomas Südhof (c) | 30,000 | 203,500 | 233,500 | 197,814 | 30,000 | 115,500 | 145,500 | ||||||||||||||||
Yann Tran (f)(i)(j) | 30,000 | 77,000 | 107,000 | 90,647 | 20,000 | 22,000 | 42,000 | ||||||||||||||||
Emile Voest (d)(k) | 20,000 | 101,750 | 121,750 | 103,143 | N/A | N/A | N/A | ||||||||||||||||
Antoine Yver (c)(k) | 20,000 | 137,500 | 157,500 | 133,429 | N/A | N/A | N/A | ||||||||||||||||
Frédéric Oudéa (l) | 10,000 | 27,500 | 37,500 | 31,769 | N/A | N/A | N/A | ||||||||||||||||
Total | 420,000 | 1,922,250 | 2,342,250 | 1,999,948 | 400,000 | 1,199,000 | 1,599,000 | ||||||||||||||||
Total | 1,999,948 |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
(€) | 2019 | 2018 | ||
Compensation awarded for the year (details provided in the following table) | 708,040 | 708,362 | ||
Valuation of stock options awarded during the year | N/A | N/A | ||
Valuation of performance shares awarded during the year | N/A | N/A | ||
Valuation of other long-term compensation plans | N/A | N/A | ||
Total | 708,040 | 708,362 |
(€) | 2,022 | 2,021 | ||||||
Compensation awarded for the year (details provided in the following table) | 807,740 | 807,740 | ||||||
Valuation of stock options awarded during the year | N/A | N/A | ||||||
Valuation of performance shares awarded during the year | N/A | N/A | ||||||
Valuation of other long-term compensation plans | N/A | N/A | ||||||
Total | 807,740 | 807,740 |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
2019 | 2018 | 2022 | 2021 | |||||||||||||||||||
(€) | Amounts due | Amounts paid | Amounts due | Amounts paid | (€) | Amounts due | Amounts paid | Amounts due | Amounts paid | |||||||||||||
Fixed compensation(a) | 700,000 | 700,000 | 700,000 | 700,000 | Fixed compensation(a) | 800,000 | 800,000 | |||||||||||||||
Annual variable compensation | N/A | N/A | N/A | N/A | Annual variable compensation | N/A | N/A | |||||||||||||||
Exceptional compensation | N/A | N/A | N/A | N/A | Exceptional compensation | N/A | N/A | |||||||||||||||
Attendance fees | N/A | N/A | N/A | N/A | ||||||||||||||||||
Compensation for serving as a director | Compensation for serving as a director | N/A | N/A | |||||||||||||||||||
Benefits in kind | 8,040 | 8,040 | 8,362 | 8,362 | Benefits in kind | 7,740 | 7,740 | |||||||||||||||
Total | 708,040 | 708,040 | 708,362 | 708,362 | Total | 807,740 |
(€) | 2019(a) | 2018 | ||
Compensation awarded for the year (details provided in the following table) | 1,961,000 | 3,056,122 | ||
Valuation of stock options awarded during the year(b) | 1,716,000 | 1,390,400 | ||
Valuation of performance shares awarded during the year(c) | 3,395,000 | 2,829,500 | ||
Valuation of other long-term compensation plans | N/A | N/A | ||
Total | 7,072,000 | 7,276,022 |
2019 | 2018 | |||||||
(€) | Amounts due | Amounts paid | Amounts due | Amounts paid | ||||
Fixed compensation | 800,000(b) | 800,000(b) | 1,200,000 | 1,200,000 | ||||
Annual variable compensation(a) | 1,161,000 | 1,855,800 | 1,855,800 | 1,792,800 | ||||
Exceptional compensation | N/A | N/A | N/A | N/A | ||||
Compensation for serving as a director | N/A | N/A | N/A | N/A | ||||
Benefits in kind | 7,689 | 322 | 322 | 322 | ||||
Total | 1,961,000 | 2,656,122 | 3,056,122 | 2,993,122 |
Criterion | Type | Weight | Target / Maximum (as% of fixed compensation) | Assessment | Comments | Payout (as% of fixed compensation) | ||
Financial objectives (40%) | Sales | Quantitative | 13.3% | 19.95% / 33.25% | Below target | Confidential target | 144.39 | |
Business net income(a) | Quantitative | 26.7% | 40.05% / 66.75% | Above target | 157.80 | |||
Individual objectives (60%) | Operational transformation | Qualitative | 15% | 22.5% / 37.5% | On target | Transformation initiatives in line with the objectives | ||
Pipeline of products | Qualitative | 12.5% | 18.75% / 31.25% | Above target | Progress in the pipeline above objectives | |||
Organization and staff relations | Qualitative | 10% | 15% / 25% | Below target | Results below objectives | 139.65 | ||
New products | Quantitative | 10% | 15% / 25% | On target | Good performance of Dupixent® Insufficient performance of Eloctate® and Praluent® | |||
External growth | Quantitative | 7.5% | 11.25% / 18.75% | Below target | Insufficient performance of partnerships and acquisitions | |||
CSR | Qualitative | 5 | % | 7.5%/ 12.5% | Below target | Insufficient progress | ||
Total | 100 | % | 150% / 250% | 145.125(b) |
Source | Plan date | Type of option | Valuation of options (€) | Number of options granted during the period | Exercise price (€) | Exercise period | |||
Sanofi | 04/30/2019 | Subscription options | 1,716,000 | 220,000 | 76.71 | 05/02/2023 04/30/2029 |
Source | Date of plan | Type of option | Valuation of options (€) | Number of options initially granted | Number of options vested* | Exercise price (€) | Exercise period | |||
Sanofi | 05/10/2017 | Subscription options | 2,686,200 | 220,000 | 177,430 | 88.97 | 05/11/2021 05/10/2027 | |||
Sanofi | 05/02/2018 | Subscription options | 1,390,400 | 220,000 | N/A (not yet vested) | 65.84 | 05/03/2022 05/02/2028 | |||
Sanofi | 04/30/2019 | Subscription options | 1,716,000 | 220,000 | N/A (not yet vested) | 76.71 | 05/02/2023 04/30/2029 |
Source | Plan date | Valuation of performance shares (€) | Number of performance shares awarded during the period | Vesting date | Availability date | Performance conditions | ||
Sanofi | 04/30/2019 | 3,395,000 | 50,000 | 04/30/2022 | 04/30/2022 | Yes |
Source | Date of the plan | Valuation of performance shares (€) | Number of performance shares initially awarded | Number of performance shares vested | Vesting date | Availability date | ||
Sanofi | 05/10/2017 | 4,075,000 | 50,000 | 40,325 | 05/10/2020 | 05/11/2020 | ||
Sanofi | 05/02/2018 | 2,829,500 | 50,000 | N/A (not yet vested) | 05/02/2021 | 05/03/2021 |
(€) | 2022 | 2021 | ||||||
Compensation awarded for the year (details provided in the following table) | 3,750,797 | 5,731,332 | ||||||
Valuation of performance shares awarded during the year(a) | 6,967,950 | 5,347,500 | ||||||
Total | 10,718,747 | 11,078,832 |
2019(a) | 2022 | 2021 | ||||||||||||||||||||||||||||
(€) | Amounts due | Amounts paid | (€) | Amounts due | Amounts paid | Amounts due | Amounts paid | |||||||||||||||||||||||
Fixed compensation(b) | 433,333 | 433,333 | ||||||||||||||||||||||||||||
Annual variable compensation(c) | 650,000 | — | ||||||||||||||||||||||||||||
Fixed compensation(a) | Fixed compensation(a) | 1,400,000 | 1,400,000 | 1,300,000 | (a) | 1,300,000 | ||||||||||||||||||||||||
Annual variable compensation(b) | Annual variable compensation(b) | 2,337,300 | 2,308,800 | 2,308,800 | 2,213,250 | |||||||||||||||||||||||||
Cash bonus (sign-on bonus)(b) | Cash bonus (sign-on bonus)(b) | N/A | 2,013,534 | (d) | 2,013,534 | (c) | 2,011,750 | |||||||||||||||||||||||
Exceptional compensation | N/A | N/A | Exceptional compensation | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Compensation for serving as a director | N/A | N/A | Compensation for serving as a director | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Benefits in kind | 77,400 | 77,400 | Benefits in kind | 13,497 | 8,998 | 8,998 | 8,998 | |||||||||||||||||||||||
Total | 1,160,733 | 510,733 | Total | 3,750,797 | 5,731,332 | 5,631,332 | 5,533,998 |
(a) Fixed compensation due in respect of a given year is paid during that year. |
SANOFI FORM 20-F2022 |
Criterion | Type | Weight | Target/Maximum (as % of fixed compensation) | Attainment level | Comments | Payout (as % of fixed compensation) | |||||||||||||||||
Financial objectives | |||||||||||||||||||||||
Sales growth | Quantitative | 10% | 15% / 25% | 114.25% | Confidential target, Performance above budget | 17.14 | % | ||||||||||||||||
Business net income (a) | Quantitative | 10% | 15% / 25% | 132.49% | Confidential target, Performance above budget | 19.87 | % | ||||||||||||||||
Free cash flow | Quantitative | 10% | 15% / 25% | 118.49% | Confidential target, Performance above budget | 17.77 | % | ||||||||||||||||
Business operating income margin | Quantitative | 10% | 15% / 25% | 102.0 % | Confidential target, Performance equal to budget | 15.30 | % | ||||||||||||||||
Growth in new key assets | Quantitative | 10% | 15% / 25% | 108.98% | Dupixent® and vaccines over budget, China under budget | 16.35 | % |
124 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Criterion | Type | Weight | Target/Maximum (as % of fixed compensation) | Attainment level | Comments | Payout (as % of fixed compensation) | |||||||||||||||||
Individual objectives | |||||||||||||||||||||||
Business Transformation | Quantitative/ Qualitative | 15% | 22.5% / 37.5% | 100.50% | Specialty Care: •Dupixent® sales: performance above target (quantitative) •Market leadership achieved in the US for Dupixent® •On track to achieve pre-launch awareness goal on tolebrutinib •Strong external engagement with key stakeholders, including Key Opinion Leaders (KOLs) | 22.61 | % | ||||||||||||||||
Vaccines: •Completion of critical activities to finalize the creation of the mRNA Center of Excellence (CoE) and advance mRNA + lipid nanoparticle (LNP) technology and pipeline across vaccines and specialty care •Translate Bio integration completed with high retention rate of Translate Bio employees •Prelaunch of Beyfortus® (Nirsevimab) on track with key regulatory and commercial milestones achieved | |||||||||||||||||||||||
General Medicines: •Drive growth of core assets almost at budget (quantitative), •Successful launch of Rezurock® in the US •New business models implemented in Europe, Eurasia, Africa and Indonesia in 2022 •Portfolio simplification, reaching 122 Product Families at year end, exceeding the 2022 target | |||||||||||||||||||||||
CHC: •Acceleration on digital, e-commerce sales below budget (quantitative) •Carve-in: Deployment of standalone CHC with minimal business disruption (quantitative) •Shift in timelines for Cialis® and Tamiflu® switches due to ongoing discussions with FDA | |||||||||||||||||||||||
Industrial Affairs: •IA transformation executed on plan •Dupixent® 2022 growth enabled by supply (quantitative) •Global launches: Enjaymo® successfully approved and launched, Olipudase successfully approved and launched, Rezurock® growth, ALTUVIIIOTM (Efanesoctocog alpha): US submission completed and on track to launch •Acceleration of IA performance through Digital: 4 pilot sites successfully launched for Sanofi Manufacturing System (SMS) 2.0 | |||||||||||||||||||||||
Digital: •Contribution to BOI above budget target due to value creation (quantitative) •Increase Health Care Provider engagement from digital: target met in all markets where digital solutions have been deployed •Completion of all major digital, data and technology foundations (harmonized enterprise governance / single source of truth) •Commercial deployments slightly ahead of schedule |
SANOFI FORM 20-F2022 | 125 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Criterion | Type | Weight | Target/Maximum (as % of fixed compensation) | Attainment level | Comments | Payout (as % of fixed compensation) | |||||||||||||||||
People & Culture | Quantitative/ Qualitative | 7.5% | 11.25% / 18.75% | 98.00% | •Number of women recruited to positions at Level 5 and above - slightly below target (quantitative) •Strong progress in embedding Play to Win culture (engagement score increased) (quantitative) •Great progress in strengthening the succession pipeline for Key Value Driving Roles •New Employee Value Proposition built and launched in line with overall rebrand initiative in Q1 •Acceleration of the processes’ simplification (above the original goal) | 11.03 | % | ||||||||||||||||
CSR | Further reinforce and expand on the CSR agenda | Quantitative/ Qualitative | 15% | 22.5% / 37.5% | 110.00% | •CO2 emissions reduced by 3.8% above target (Scopes 1&2) (quantitative) •Leaders to citizens launched with completion of eLearning by senior leaders (quantitative) •Successful launch of the Global Health Unit (GHU) in July 2022: Launch of non-profit Impact brand for 30 medicines in low-income countries, first concrete investment in Dec 2022 •Reached 185K patients with Non-Communicable Diseases (NCDs) over target (quantitative) | 24.75 | % | |||||||||||||||
Image and Reputation & Compliance | •Successful launch of Sanofi’s ambition, purpose and brand identity (adoption of a single company ambition and a unifying purpose for all 4 GBUs, adoption of a single brand integrating Genzyme and Pasteur under One Sanofi) | ||||||||||||||||||||||
Compliance / Ethics & Business Integrity | •Development of the new Code of Conduct | ||||||||||||||||||||||
Development pipeline | Quantitative | 12.5% | 18.75% / 31.25% | 118.0% | •R&D (Pharma + Vaccines) has achieved above execution focused KPI : 22 entries into M1, 12 development candidates M2, 9 assets entered clinical trials (FIH), 6 Ph 3 studies have been initiated, 7 submissions have been completed •14 approvals (vs 11 in 2021), among which are 2 NMEs (pharma) and 3 vaccines •Progress in R&D productivity •Reinforcement of the pipeline through Business Development or Acquisitions: 16 pharma and 6 vaccines partnerships signed, Acquisition and full integration of Amunix (pharma) and Origimm Bio (vaccines) •Modernization of our portfolio management solutions for long-term portfolio projections and simulations to support strategic decision and workforce planning | 22.13 | % | ||||||||||||||||
Total | 100% | 150% / 250% | 111.30% | 166.95 | % |
126 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
BNI actual-to-budget attainment level (“B”) | BNI allocation rate | ||||
If B < 95% | 0% | ||||
If B = 95% | 50% | ||||
If B is > 95% but < 98% | (50 + [(B - 95) x 16])% | ||||
If B is ≥ 98% but ≤ 105% | B% | ||||
If B is > 105% but < 110% | (105 + [(B - 105) x 3])% | ||||
If B is ≥ 110% | 120% |
FCF actual-to-budget attainment level (“F”) | FCF allocation rate | ||||
If F is ≤ 70% | 0% | ||||
If F is > 70% but < 80% | [(F - 70) x 5]% | ||||
If F = 80% | 50% | ||||
If F is > 80% but < 100% | (50 + [(F – 80) x 2.5])% | ||||
If F = 100% | 100% | ||||
If F is > 100% but < 120% | F% | ||||
If F is ≥ 120% | 120% |
SANOFI FORM 20-F2022 | 127 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Sanofi's improvement in the rankings | TSR allocation rate | ||||
+3 or more | 150 | % | |||
+2 | 100 | % | |||
+1 | 50 | % | |||
No improvement | — | % |
Attainment level | Allocation rate | |||||||||||||
BNI | ROA | TSR | ||||||||||||
May 2, 2018 plans | 2018-2020: 100.7% | 2018-2020: 87.9% | 2018-2020: 0% (8th of 11) | 2018-2020: 76.72% i.e. 168,784 stock options and 38,360 performance shares | ||||||||||
BNI | FCF | TSR | ||||||||||||
April 30, 2019 plans | 2019-2021: 101.99% | 2019-2021: 127.67% | 2018-2020: 50% (6th of 11) | 2019-2021: 97.00% i.e. 213,400 stock options and 48,500 performance shares | ||||||||||
April 28, 2020 plans | 2020-2022: 103.27% | 2020-2022: 117.67% | 2020-2022: 0% | 2020-2022: 86.94% i.e. 65,205 performance shares |
Source | Plan date | Valuation of performance shares (€) | Number of performance shares awarded during the period | Vesting date | Availability date(a) | Performance conditions | ||||||||||||||
Sanofi | 05/03/2022 | 6,967,950 | 82,500 | 05/03/2025 | 05/03/2025 | Yes |
128 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Source | Plan date | Valuation of performance shares (€) | Number of performance shares awarded during the period | Vesting date | Availability date | Performance conditions | ||||||||||||||
Sanofi | — | — | None | — | — | – |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
Chief Executive Officer(a) | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||
Ratio versus average compensation | 93.8 | 106.6 | 110.6 | 111.4 | 124.6 | ||||||||||||
Change in % | 13.6 | % | 3.8 | % | 0.7 | % | 11.8 | % | |||||||||
Ratio versus median compensation | 120.3 | 135.4 | 142.8 | 142.1 | 159.2 | ||||||||||||
Change in % | 12.5 | % | 5.5 | % | -0.5 | % | 12.0 | % | |||||||||
Chairman of the Board (Serge Weinberg) | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||
Ratio versus average compensation | 9.2 | 9.2 | 10.0 | 10.1 | 9.4 | ||||||||||||
Change in % | -0.1 | % | 8.4 | % | 1.7 | % | -7.3 | % | |||||||||
Ratio versus median compensation | 11.8 | 11.7 | 12.9 | 12.9 | 12.0 | ||||||||||||
Change in % | -1.1 | % | 10.1 | % | 0.5 | % | -7.1 | % |
Chief Executive Officer (1)(2) | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | |
Ratio versus average compensation | 129.6 | 102.0 | 128.1 | 93.8 | 106.6 | |
Ratio versus median compensation | 168.7 | 131.2 | 165.0 | 120.3 | 135.4 | |
Chairman of the Board (Serge Weinberg) | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | |
Ratio versus average compensation | 9.2 | 9.4 | 9.2 | 9.2 | 9.2 | |
Ratio versus median compensation | 12.0 | 12.1 | 11.8 | 11.8 | 11.7 |
130 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
2017 | 2018 vs 2017 | 2019 vs 2018 (a) | 2020 vs 2019 (b) | 2021 2020(c) | FY 2022 vs 2021 | |||||||||||||||
Chief Executive Officer (in € thousand) | ||||||||||||||||||||
Compensation | 9,916 | 7,213 | 8,200 | 8,958 | 8,870 | 10,690 | ||||||||||||||
Change in € thousand | (2,703) | 987 | 758 | (89) | 1,820 | |||||||||||||||
Change in % | -27.26 | % | 13.69 | % | 9.25 | % | -0.99 | % | 20.52 | % | ||||||||||
Chairman of the Board (in € thousand) | ||||||||||||||||||||
Compensation | 708.35 | 708.36 | 708.19 | 807.72 | 807.74 | 807.74 | ||||||||||||||
Change in € thousand | 0.01 | (0.17) | 99.52 | 0.02 | — | |||||||||||||||
Change in % | — | % | -0.02 | % | 14.05 | % | — | % | — | % | ||||||||||
Average employee compensation on FTE basis (in € thousand) | ||||||||||||||||||||
Compensation | 77.40 | 76.87 | 76.93 | 80.97 | 79.59 | 85.83 | ||||||||||||||
Change in € thousand | (0.53) | 0.06 | 4.03 | (1.37) | 6.23 | |||||||||||||||
Change in % | -0.69 | % | 0.08 | % | 5.24 | % | -1.69 | % | 7.83 | (c) | ||||||||||
Business net income (in € million) | ||||||||||||||||||||
Business net income | 6,943 | 6,411 | 7,050 | 7,346 | 8,213 | 10,341 | ||||||||||||||
Change in € thousand | (532) | 639 | 296 | 867 | 2,128 | |||||||||||||||
Change in % | -7.66 | % | 9.97 | % | 4.20 | % | 11.80 | % | 25.91 | % |
Chief Executive Officer (in € thousand) | FY 2015(1) | FY 2016 vs FY 2015 | FY 2017 vs FY 2016 | FY 2018 vs FY 2017 | FY 2019 vs FY 2018(1) | FY 2019 | ||||||
Compensation | 9,931 | 7,693 | 9,916 | 7,213 | 8,200 | 8,200 | ||||||
Change in € thousand | -2,163 | 2,720 | -2,703 | 0.987 | ||||||||
Change in % | -23 | % | 38 | % | -27 | % | 14 | % | ||||
Chairman of the Board (in € thousand) | ||||||||||||
Compensation | 708.22 | 708.35 | 708.35 | 708.36 | 708.19 | 708.19 | ||||||
Change in € thousand | 0.13 | 0 | 0.01 | 0.17 | ||||||||
Change in % | 0.02 | % | 0 | % | 0 | % | -0.02 | % | ||||
Average employee compensation on FTE basis (in € thousand) | ||||||||||||
Compensation | 76.59 | 75.42 | 77.4 | 76.87 | 76.93 | 76.93 | ||||||
Change in € thousand | -1.17 | 1.98 | -0.53 | 0.06 | ||||||||
Change in % | -1.53 | % | 2.62% | -0.69 | % | 0.08 | % | |||||
Business net income (in € thousand) | ||||||||||||
Business net income | 7,371,000 | 7,308,000 | 6,943,000 | 6,819,000 | 7,489,000 | 7,489,000 | ||||||
Change in € thousand | -63,000 | -365,000 | -124,000 | 670,000 | ||||||||
Change in % | -0.85 | % | -4.99 | % | -1.79 | % | 9.83 | % |
SANOFI FORM 20-F2022 | 131 |
PART I | ||
ITEM 6. Directors, senior management and employees |
2023 individual objectives | 2022 individual objectives * | ||||||||||
Business transformation (CHC, Vaccines, General Medicines, Manufacturing & Supply, Digital & Information Systems, Specialty Care) | 15% | Business transformation | 15% | ||||||||
People and Culture (Diversity, Culture, Succession Pipeline, Simplification) | 7.5% | Organization and people | 7.5% | ||||||||
Development pipeline M1 (Lead selection), M2 (Candidate selection), First in Human, Pivotal Studies, Submissions, Approvals | 12.5% | Development pipeline | 12.5% | ||||||||
CSR –Enhancement and progress on CSR program: CO2 emissions, Affordable Access, Development of Sanofi Global Health Unit (GHU) –Image & Reputation: ongoing rollout of new corporate branding), –Compliance/ Ethics & Business Integrity: launch of new Code of Conduct | 15% | CSR | 15% |
132 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
If | 0 | % | ||||
If | ||||||
If | (50 + [( | |||||
If | ||||||
If | (105 + [( | |||||
If |
FCF actual-to-budget attainment level | FCF allocation rate | |||||
If F is | 0 | % | ||||
If F is > | [(F – | |||||
If F | % | |||||
If F is > 80% but < 100% | ||||||
If F | ||||||
If F is > 100% but < 120% | F% | |||||
If F is |
134 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
Paragraph of the AFEP-MEDEF Code | Recommendation of the AFEP-MEDEF | Application by Sanofi | ||||||
The evaluation has three objectives: | ||||||||
More generally, the issue of competence and individual contribution to the work of the Board and its Committees is addressed on a continuous basis, with a specific review when a director is up for reappointment as a Board member or appointment as a Committee member. | ||||||||
In any event, no benefit can be paid over the age of 65. | Under the compensation policy for our Chief Executive Officer, he undertakes in the event he leaves the Company not to join a competitor of the Company as an employee or corporate officer, or to provide services to or cooperate with such a competitor. In return for this undertaking, he receives an indemnity corresponding to one year’s total compensation based on his fixed compensation effective on the day he ceases to hold office and the last individual variable compensation received prior to that date. The indemnity is payable in 12 monthly installments. However, the Board of Directors may decide at the time the Chief Executive Officer leaves office (regardless of his age) to release him from the non-compete undertaking for some or all of the 12-month period. In such a case, the non-compete indemnity would not be due for the period of time waived by the Company. |
SANOFI FORM 20-F2022 | 135 |
PART I | ||
ITEM 6. Directors, senior management and employees |
management | |||
•Review of the individual company and consolidated financial statements for the •Review of •Projected 2022 accounting close, presentation of 2023 budget, 2023-2025 financial forecasts. •Proposed dividend for 2021, in particular the proposal to |
•Delegation of authority to the Chief Executive Officer to issue bonds and •Renewal of the share repurchase |
•Recording the amount of share capital, reducing the share capital through cancellation of treasury shares, and amending the Articles of Association |
accordingly. | |||||
•Drafting a new chapter in the Play to Winstrategy. •Situation in Ukraine. •Alliances (Innovent, IGM). •EUROAPI project and the spin-off of EUROAPI. •Updates on Zantac® litigation. •Update on the agreement to transfer worldwide exclusive license rights for Libtayo® to Regeneron. •Update on Industrial Affairs (now Manufacturing and Supply). •Update on Digital. •Review of the |
the Scientific Committee. •Update on risks, review of Sanofi's 2022 risk management activity report and risk profile analysis. •Review of acquisition projects. •Relocation of Sanofi's headquarters to 46, avenue de la Grande Armée, Paris 17th. | |||||
•Composition of the Board –proposal to renew the terms of –appointment of Carole Ferrand to the Audit Committee, |
Compensation Committee, and Emile Voest and Antoine Yver to the Scientific Committee; and – |
the •Review of •Review of director |
•Reviews of the Board of Directors’ Management Report, the report on corporate governance, and the reports of the statutory |
•Adoption of |
Annual evaluation of the work of the Board and its |
•Review of previously-approved related party agreements. •Update on the Action 2022 employee share ownership plan. |
SANOFI FORM 20-F2022 |
•Determination of |
the compensation of corporate officers (note that the Board deliberates in executive session without the corporate officers present: the situation of the Chairman of the Board of Directors is dealt with first in his absence, and then the Chief Executive Officer's compensation is dealt with in the presence of the Chairman but with the Chief Executive Officer absent): –review of Paul Hudson's fixed compensation and determination of the objectives of his variable compensation for 2022; and –determination of the 2022 compensation of the Chairman of the Board of Directors. •Allocation of the amount of directors' compensation for 2021, and principles for allocating directors' compensation for 2022. •Review of the fixed and variable compensation of the Executive Committee for 2021 and 2022. •Adoption of the performance share plans for 2022, and determination of the fulfilment of performance conditions of previous equity-based compensation plans. | |||||
•Monitoring of progress on •Monitoring of objectives for gender balance on executive bodies, and |
•Monitoring of |
Composition as of December 31, 2022 | ||||||||
Chair | Fabienne Lecorvaisier (independent director) | Fabienne Lecorvaisier (independent director) | ||||||
Members | Diane Souza (independent director) Christophe Babule | Diane Souza (independent director) Christophe Babule Carole Ferrand (independent director)(a) | ||||||
Proportion of independent directors: 66% (2/3) | Proportion of independent directors: 75% (3/4) |
Appointments, Governance and CSR Committee | ||||||||
Composition as of January 1, 2022 | Composition as of December 31, 2022 | |||||||
Chair | Gilles Schnepp (independent director) | Gilles Schnepp (independent director) | ||||||
Members | Serge Weinberg Patrick Kron (independent director) Melanie Lee (independent director) Lise Kingo (independent director) | Serge Weinberg Patrick Kron (independent director) Lise Kingo (independent director) Barbara Lavernos(a) | ||||||
Proportion of independent directors: 80% (4/5) | Proportion of independent directors: 60% (3/5) |
SANOFI FORM 20-F2022 | 137 |
ITEM 6. Directors, senior management and employees |
Compensation Committee | |||||||||
Composition as of January 1, | Composition as of December 31, | ||||||||
Chair | |||||||||
Members | Carole Piwnica (independent director) Diane Souza (independent director) Rachel Duan (independent director) | Diane Souza (independent director) | |||||||
Proportion of independent directors: 100% (4/4) | Proportion of independent directors: 75% (3/4) |
Composition as of January 1, | Composition as of December 31, | |||||||||
Chair | Serge Weinberg | Serge Weinberg | ||||||||
Members | Paul Hudson Patrick Kron (independent director) | Gilles Schnepp (independent director) | Paul Hudson Patrick Kron (independent director) Gilles Schnepp (independent director) | |||||||
Proportion of independent directors: 50% (2/4) | Proportion of independent directors: 50% (2/4) |
Scientific Committee | ||||||||||
Composition as of December 31, 2022 | ||||||||||
Chair | Thomas Südhof (independent director) | Thomas Südhof (independent director) | ||||||||
Members | Melanie Lee (independent director) Serge Weinberg | Emile Voest (independent director)(a) Antoine Yver (independent director)(a) Serge Weinberg | ||||||||
Proportion of independent directors: 66% (2/3) | Proportion of independent directors: 75% (3/4) | |||||||||
138 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
•Preliminary review of the individual company and consolidated financial statements for the •Analysis of gross sales relative to net sales, and •Update on the |
EUROAPI project. •Sanofi’s financial position, indebtedness and |
liquidity. | |||||
•Review of the work of the Internal Control function and evaluation of that work for |
litigation. • •Update on digital, including cybersecurity. •Update on the process for supervising outsourced activities. •Reporting on guarantees and |
Strategy and compensation | |||||
•Presentation of the 2023 budget. •Assessment of fulfilment of |
plans. | |||||
•Update on |
the data protection compliance program. •Presentation of the new 2026 Ethics & Business Integrity strategy. •Review of the European Green Taxonomy indicators. | |||
• |
•Review of and budget for non-audit services |
SANOFI FORM 20-F2022 | 139 |
PART I | ||
ITEM 6. Directors, senior management and employees |
•Components of the compensation of |
•Review of |
•Consideration of potential CSR criteria to be applied to equity-based compensation starting from 2023, in conjunction with the |
•Allocation of the amount of |
2021, and review of the compensation policy applicable to directors. |
•Review of the |
•Governance roadshow campaign |
advisors. •Compensation for the non-voting member of the Board. | |||||
•Review of •Implementation of share-based compensation plans awarded in previous years (level of attainment of performance conditions for 2019 plans. •Status report on |
shares, and proposal for off-cycle awards. | |||||
•Status report and analysis on 2022 employee share ownership plan. •Consideration of |
Plan Action 2023. | |||||
•Monitoring of •New SEC rules on clawback clauses. |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
•Succession planning for the Chairman, the Chief Executive Officer and the •Changes in the |
its Committees. •Review of expiring terms of office, and appointment of directors. •Implementation of the process for onboarding the future Chairman, short-listing of candidates, and recommendation to appoint Frédéric Oudéa as a non-voting member of the Board. | |||||
•Annual evaluation of the work of the Board and its |
Committees. •Review of the |
•The governance roadshow campaign | |||||
CSR | •Update on the four pillars of Sanofi's CSR strategy: –Ensuring Affordable Access to Healthcare; –Innovating for Unmet Needs; –Planet Care; and –Building an Inclusive Workplace. •Update on extra-financial ratings. •Equity-based compensation plans (consideration of potential CSR criteria to be applied to equity-based compensation from 2023, in conjunction with the Compensation Committee). |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
Director | Attendance rate at Board meetings | Attendance rate at Committee meetings | |||||||||
Serge Weinberg, Chairman of the Board | 100 | % | 100 | % | |||||||
Paul Hudson, Chief Executive Officer | 100 | % | 100 | % | |||||||
Christophe Babule | 93 | % | 100 | % | |||||||
Rachel Duan | 100 | % | 100 | % | |||||||
Carole Ferrand (a) | 100 | % | 100 | % | (b) | ||||||
Lise Kingo | 100 | % | 100 | % | |||||||
Patrick Kron | 93 | % | 92 | % | |||||||
Wolfgang Laux | 100 | % | 100 | % | (c) | ||||||
Barbara Lavernos | 93 | % | 100 | % | (d) | ||||||
Fabienne Lecorvaisier | 86 | % | 100 | % | |||||||
Melanie Lee (e) | 60 | % | 100 | % | |||||||
Carole Piwnica (e) | 80 | % | 100 | % | |||||||
Gilles Schnepp | 100 | % | 100 | % | |||||||
Diane Souza | 100 | % | 100 | % | |||||||
Thomas Südhof | 100 | % | 100 | % | |||||||
Yann Tran | 100 | % | — | % | |||||||
Emile Voest (a) | 100 | % | 100 | % | (f) | ||||||
Antoine Yver (a) | 100 | % | 100 | % | (f) | ||||||
Frédéric Oudéa (g) | 100 | % | 100 | % |
Director | Attendance rate at Board meetings | Attendance rate at Committee meetings | Overall attendance rate |
Serge Weinberg, Chairman of the Board | 100% | 100% | 100% |
Paul Hudson, Chief Executive Officer | 100% | 100% | 100% |
Laurent Attal | 100% | 100% | 100% |
Emmanuel Babeau | 77% | 100% | 88% |
Christophe Babule | 92% | — | 92% |
Bernard Charlès | 92% | — | 92% |
Claudie Haigneré | 100% | 92% | 94% |
Patrick Kron | 92% | 100% | 98% |
Fabienne Lecorvaisier | 92% | 100% | 96% |
Melanie Lee | 100% | 100% | 100% |
Suet-Fern Lee | 85% | — | 85% |
Christian Mulliez(1) | 100% | — | 100% |
Marion Palme | 92% | — | 92% |
Carole Piwnica | 100% | 100% | 100% |
Christian Senectaire | 100% | — | 100% |
Diane Souza | 100% | 100% | 100% |
Thomas Südhof | 85% | 100% | 92% |
Average attendance rate at Board meetings | Average attendance rate at Committee meetings | ||||||||||
95 | % | 99.5 | % |
Average attendance rate at Board and Committee meetings | Average attendance rate at Board meetings | Average attendance rate at Committee meetings |
96% | 94% | 99% |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||
2019 | % | 2018 | % | 2017 | % | 2022 | % | 2021 | % | 2020 | % | |||||||||||||||||||||
Europe | 45,710 | 45.5 | % | 46,256 | 44.4 | % | 48,358 | 45.4 | % | Europe | 35,815 | 39.1 | % | 47,039 | 49.3 | % | 46,761 | 47.0 | % | |||||||||||||
Emerging Markets | 36,427 | 36.3 | % | 38,672 | 37.1 | % | 38,401 | 36.0 | % | |||||||||||||||||||||||
United States | 12,592 | 12.5 | % | 13,434 | 12.9 | % | 13,810 | 13.0 | % | United States | 12,444 | 13.6 | % | 13,030 | 13.7 | % | 12,972 | 13.0 | % | |||||||||||||
Rest of the World | 5,680 | 5.7 | % | 5,864 | 5.6 | % | 5,997 | 5.6 | % | Rest of the World | 43,314 | 47.3 | % | 35,373 | 37.1 | % | 39,679 | 39.9 | % | |||||||||||||
Total | 100,409 | 100.0 | % | 104,226 | 100.0 | % | 106,566 | 100.0 | % | Total | 91,573 | 100.0 | % | 95,442 | 100.0 | % | 99,412 | 100.0 | % |
As of December 31, | As of December 31, | |||||||||||||||||||||||||
2019 | % | 2018 | % | 2017 | % | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||
Sales Force | 26,178 | 26.1 | % | 28,914 | 27.8 | % | 30,284 | 28.4 | % | Sales Force | 19,613 | 21,113 | 25,203 | 26,178 | ||||||||||||
Research and Development | 15,538 | 15.5 | % | 15,140 | 14.5 | % | 14,764 | 13.9 | % | Research and Development | 16,487 | 16,223 | 15,446 | 15,538 | ||||||||||||
Production | 37,873 | 37.7 | % | 38,790 | 37.2 | % | 40,417 | 37.9 | % | Production | 34,310 | 37,431 | 37,935 | 37,873 | ||||||||||||
Marketing and Support Functions | 20,820 | 20.7 | % | 21,382 | 20.5 | % | 21,101 | 19.8 | % | Marketing and Support Functions | 21,163 | 20,675 | 20,828 | 20,820 | ||||||||||||
Total | 100,409 | 100.0 | % | 104,226 | 100 | % | 106,566 | 100 | % | Total | 91,573 | 95,442 | 99,412 | 100,409 |
SANOFI FORM 20-F2022 | 143 |
PART I | ||
ITEM 6. Directors, senior management and employees |
144 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 6. Directors, senior management and employees |
Source | Date of shareholder authorization | Date of grant | Total number of options granted | to corporate officers(a) | to the 10 employees awarded the most options(b) | Start date of exercise period | Expiry date | Exercise price (€) | Number of shares subscribed as of 12/31/2022 | Number of options canceled as of 12/31/2022(c) | Number of options outstanding | ||||||||||||||||||||||||
Sanofi | May 6, 2011 | March 5, 2012 | 574,050 | — | 274,500 | March 6, 2016 | March 5, 2022 | 56.44 | 478,107 | 95,943 | — | ||||||||||||||||||||||||
Sanofi | May 6, 2011 | March 5, 2012 | 240,000 | 240,000 | — | March 6, 2016 | March 5, 2022 | 56.44 | 204,720 | 35,280 | — | ||||||||||||||||||||||||
Sanofi | May 6, 2011 | March 5, 2013 | 548,725 | — | 261,000 | March 6, 2017 | March 5, 2023 | 72.19 | 361,571 | 109,065 | 78,089 | ||||||||||||||||||||||||
Sanofi | May 6, 2011 | March 5, 2013 | 240,000 | 240,000 | — | March 6, 2017 | March 5, 2023 | 72.19 | 175,920 | 64,080 | — | ||||||||||||||||||||||||
Sanofi | May 3, 2013 | March 5, 2014 | 769,250 | — | 364,500 | March 6, 2018 | March 5, 2024 | 73.48 | 354,023 | 102,625 | 312,602 | ||||||||||||||||||||||||
Sanofi | May 3, 2013 | March 5, 2014 | 240,000 | 240,000 | — | March 6, 2018 | March 5, 2024 | 73.48 | — | 46,560 | 193,440 | ||||||||||||||||||||||||
Sanofi | May 3, 2013 | June 24, 2015 | 12,500 | — | 12,500 | June 25, 2019 | June 24, 2025 | 89.38 | 1,500 | 8,500 | 2,500 | ||||||||||||||||||||||||
Sanofi | May 3, 2013 | June 24, 2015 | 202,500 | — | 202,500 | June 25, 2019 | June 24, 2025 | 89.38 | 45,000 | — | 157,500 | ||||||||||||||||||||||||
Sanofi | May 3, 2013 | June 24, 2015 | 220,000 | 220,000 | — | June 25, 2019 | June 24, 2025 | 89.38 | — | 41,536 | 178,464 | ||||||||||||||||||||||||
Sanofi | May 4, 2016 | May 4, 2016 | 17,750 | — | 17,750 | May 5, 2020 | May 4, 2026 | 75.9 | 4,500 | 9,750 | 3,500 | ||||||||||||||||||||||||
Sanofi | May 4, 2016 | May 4, 2016 | 165,000 | — | 165,000 | May 5, 2020 | May 4, 2026 | 75.9 | 82,500 | — | 82,500 | ||||||||||||||||||||||||
Sanofi | May 4, 2016 | May 4, 2016 | 220,000 | 220,000 | — | May 5, 2020 | May 4, 2026 | 75.9 | — | 41,250 | 178,750 | ||||||||||||||||||||||||
Sanofi | May 10, 2017 | May 10, 2017 | 158,040 | — | 157,140 | May 11, 2021 | May 10, 2027 | 88.97 | 22,754 | 44,276 | 91,010 | ||||||||||||||||||||||||
Sanofi | May 10, 2017 | May 10, 2017 | 220,000 | 220,000 | — | May 11, 2021 | May 10, 2027 | 88.97 | — | 42,570 | 177,430 | ||||||||||||||||||||||||
Sanofi | May 2, 2018 | May 2, 2018 | 220,000 | 220,000 | — | May 3, 2022 | May 2, 2028 | 65.84 | — | 51,216 | 168,784 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 30, 2019 | 220,000 | 220,000 | — | May 2, 2023 | April 30, 2029 | 76.71 | — | 6,600 | 213,400 |
Source | Date of shareholder authorization | Date of grant | Total number of options granted | - to corporate officers(a) | to the 10 employees awarded the most options(b) | Start date of exercise period | Expiry date | Exercise price (€) | Number of shares subscribed as of 12/31/2019 | Number of options canceled as of 12/31/2019(c) | Number of options outstanding | ||||||
Sanofi-aventis | 04/17/2009 | 03/01/2010 | 7,316,355 | — | 665,000 | 03/03/2014 | 02/28/2020 | 54,12 | 5,815,645 | 687,240 | 813,470 | ||||||
Sanofi-aventis | 04/17/2009 | 03/01/2010 | 805,000 | 275,000 | 805,000 | 03/03/2014 | 02/28/2020 | 54,12 | 755,000 | 50,000 | — | ||||||
Sanofi-aventis | 04/17/2009 | 03/09/2011 | 574,500 | — | 395,000 | 03/10/2015 | 03/09/2021 | 50,48 | 399,829 | 35,454 | 139,217 | ||||||
Sanofi-aventis | 04/17/2009 | 03/09/2011 | 300,000 | 300,000 | — | 03/10/2015 | 03/09/2021 | 50,48 | 292,200 | 7,800 | — | ||||||
Sanofi | 05/06/2011 | 03/05/2012 | 574,050 | — | 274,500 | 03/06/2016 | 03/05/2022 | 56,44 | 275,783 | 95,021 | 203,246 | ||||||
Sanofi | 05/06/2011 | 03/05/2012 | 240,000 | 240,000 | — | 03/06/2016 | 03/05/2022 | 56,44 | 204,720 | 35,280 | — | ||||||
Sanofi | 05/06/2011 | 03/05/2013 | 548,725 | — | 261,000 | 03/06/2017 | 03/05/2023 | 72,19 | 182,425 | 108,607 | 257,693 | ||||||
Sanofi | 05/06/2011 | 03/05/2013 | 240,000 | 240,000 | — | 03/06/2017 | 03/05/2023 | 72,19 | — | 64,080 | 175,920 | ||||||
Sanofi | 05/03/2013 | 03/05/2014 | 769,250 | — | 364,500 | 03/06/2018 | 03/05/2024 | 73,48 | 188,450 | 101,875 | 478,925 | ||||||
Sanofi | 05/03/2013 | 03/05/2014 | 240,000 | 240,000 | — | 03/06/2018 | 03/05/2024 | 73,48 | — | 46,560 | 193,440 | ||||||
Sanofi | 05/03/2013 | 06/24/2015 | 12,500 | — | 12,500 | 06/25/2019 | 06/24/2025 | 89,38 | — | 5,000 | 7,500 | ||||||
Sanofi | 05/03/2013 | 06/24/2015 | 202,500 | — | 202,500 | 06/25/2019 | 06/24/2025 | 89,38 | — | — | 202,500 | ||||||
Sanofi | 05/03/2013 | 06/24/2015 | 220,000 | 220,000 | — | 06/25/2019 | 06/24/2025 | 89,38 | — | 41,536 | 178,464 | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 17,750 | — | 17,750 | 05/05/2020 | 05/04/2026 | 75,90 | — | 4,750 | 13,000 | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 165,000 | — | 165,000 | 05/05/2020 | 05/04/2026 | 75,90 | — | — | 165,000 | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 220,000 | 220,000 | — | 05/05/2020 | 05/04/2026 | 75,90 | 41,250 | — | 178,750 | ||||||
Sanofi | 05/10/2017 | 05/10/2017 | 158,040 | — | 157,140 | 05/11/2021 | 05/10/2027 | 88,97 | — | 3,145 | 154,895 | ||||||
Sanofi | 05/10/2017 | 05/10/2017 | 220,000 | 220,000 | — | 05/11/2021 | 05/10/2027 | 88,97 | — | — | 220,000 | ||||||
Sanofi | 05/02/2018 | 05/02/2018 | 220,000 | 220,000 | — | 05/03/2022 | 05/03/2028 | 65,84 | — | — | 220,000 | ||||||
Sanofi | 04/30/2019 | 04/30/2019 | 220,000 | 220,000 | — | 05/01/2023 | 04/30/2029 | 76,71 | — | — | 220,000 |
SANOFI FORM 20-F2022 |
Source | Date of shareholder authorization | Date of award | Total number of shares awarded | to corporate officers(a) | to the 10 employees awarded the most shares(b) | Start date of vesting period(c) | Vesting date | End of lock-up period | Number of shares vested as of 12/31/2022 | Number of rights canceled as of 12/31/2022(d) | Number of shares not yet vested | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 30, 2019 | 50,000 | 50,000 | — | April 30, 2019 | May 1, 2022 | May 2, 2022 | 48,500 | 1,500 | 0 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 30, 2019 | 1,243,434 | — | 142,541 | April 30, 2019 | May 1, 2022 | May 2, 2022 | 1,176,358 | 67,076 | — | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 30, 2019 | 2,504,148 | — | 219,990 | April 30, 2019 | May 1, 2022 | May 2, 2022 | 1,841,498 | 662,650 | — | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 28, 2020 | 75,000 | 75,000 | — | April 28, 2020 | May 1, 2023 | May 2, 2023 | — | — | 75,000 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 28, 2020 | 328,113 | — | 120,951 | April 28, 2020 | May 1, 2023 | May 2, 2023 | 0 | 45 118 | 282,995 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 28, 2020 | 400,495 | — | 151,761 | April 28, 2020 | May 1, 2023 | May 2, 2023 | — | 116,832 | 283,663 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 28, 2020 | 753,720 | — | 19,027 | April 28, 2020 | May 1, 2023 | May 2, 2023 | 285 | 32,820 | 720,615 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | April 28, 2020 | 1,783,173 | — | 26,542 | April 28, 2020 | May 1, 2023 | May 2, 2023 | 559 | 394,855 | 1,387,759 | ||||||||||||||||||||||||
Sanofi | April 30, 2019 | October 28, 2020 | 73,027 | — | 73,027 | October 28, 2020 | October 29, 2023 | October 30, 2023 | — | 5,878 | 67,149 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | April 30, 2021 | 1,614,023 | — | 19,407 | April 30, 2021 | May 1, 2024 | May 1, 2024 | 447 | 233,035 | 1,380,541 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | April 30, 2021 | 701,824 | — | 163,877 | April 30, 2021 | May 1, 2024 | May 1, 2024 | — | 108,906 | 592,918 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | April 30, 2021 | 595,878 | — | 10,918 | April 30, 2021 | May 1, 2024 | May 1, 2024 | — | 27,090 | 568,788 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | April 30, 2021 | 497,695 | — | 150,339 | April 30, 2021 | May 1, 2024 | May 1, 2024 | — | 30,932 | 466,763 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | April 30, 2021 | 75,000 | 75,000 | — | April 30, 2021 | May 1, 2024 | May 1, 2024 | — | — | 75,000 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | October 27, 2021 | 13,521 | — | 13,521 | October 27, 2021 | October 28, 2024 | October 28, 2024 | — | — | 13,521 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | May 3, 2022 | 2,000,627 | — | 25,882 | May 3, 2022 | May 3, 2025 | May 4, 2025 | — | 70,060 | 1,930,567 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | May 3, 2022 | 1,146,431 | — | 192,542 | May 3, 2022 | May 3, 2025 | May 4, 2025 | — | 53,552 | 1,092,879 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | May 3, 2022 | 82,500 | 82,500 | — | May 3, 2022 | May 3, 2025 | May 4, 2025 | — | — | 82,500 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | Dec. 14, 2022 | 90,580 | — | 77,111 | Dec. 14, 2022 | Dec. 14, 2025 | Dec. 15, 2025 | — | — | 90,580 | ||||||||||||||||||||||||
Sanofi | April 30, 2021 | Dec. 14, 2022 | 10,335 | — | 10,335 | Dec. 14, 2022 | Dec. 14, 2025 | Dec. 15, 2025 | — | — | 10,335 |
Source | Date of shareholder authorization | Date of award | Total number of options awarded | - to corporate officers(a) | to the 10 employees awarded the most shares(b) | Start date of vesting period(c) | Vesting date | End of lock-up period | Number of shares vested as of 12/31/2019 | Number of rights canceled as of 12/31/2019(d) | Number of shares not yet vested | ||||||
Sanofi | 05/04/2012 | 03/05/2014 | 1,236,720 | — | 28,060 | 03/05/2014 | 03/06/2017 | 03/06/2019 | 1,200,470 | 36,250 | — | ||||||
Sanofi | 05/04/2012 | 03/05/2014 | 2,605,515 | — | 35,400 | 03/05/2014 | 03/06/2018 | 03/06/2018 | 2,136,600 | 476,215 | — | ||||||
Sanofi | 05/04/2012 | 03/05/2014 | 20,900 | — | 11,300 | 03/05/2014 | 03/06/2018 | 03/06/2018 | 16,900 | 5,500 | — | ||||||
Sanofi | 05/04/2012 | 03/05/2014 | 45,000 | 45,000 | — | 03/05/2014 | 03/06/2017 | 03/06/2019 | 36,270 | 8,730 | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 1,121,070 | — | 63,000 | 06/24/2015 | 06/25/2018 | 06/25/2020 | 1,082,870 | 39,050 | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 129,000 | — | 129,000 | 06/24/2015 | 06/25/2018 | 06/25/2020 | 104,000 | 25,000 | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 36,350 | — | 14,950 | 06/24/2015 | 06/25/2019 | 06/25/2019 | 32,700 | 5,850 | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 2,307,120 | — | 84,500 | 06/24/2015 | 06/25/2019 | 06/25/2019 | 1,846,550 | 460,570 | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 124,500 | — | 124,500 | 06/24/2015 | 06/25/2019 | 06/25/2019 | 124,500 | — | |||||||
Sanofi | 05/04/2015 | 06/24/2015 | 66,000 | 66,000 | — | 06/24/2015 | 06/25/2019 | 06/25/2019 | 66,000 | — | — | ||||||
Sanofi | 05/04/2015 | 06/24/2015 | 45,000 | 45,000 | — | 06/24/2015 | 06/25/2019 | 06/25/2019 | 36,504 | 8,496 | — | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 1,289,825 | — | 74,400 | 05/04/2016 | 05/05/2019 | 05/05/2019 | 1,235,975 | 53,850 | — | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 2,533,100 | — | 113,750 | 05/04/2016 | 05/05/2019 | 05/05/2019 | 2,135,525 | 397,575 | — | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 132,000 | — | 132,000 | 05/04/2016 | 05/05/2019 | 05/05/2019 | 107,000 | 25,000 | — | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 93,000 | — | 93,000 | 05/04/2016 | 05/05/2019 | 05/05/2019 | 93,000 | — | — | ||||||
Sanofi | 05/04/2016 | 05/04/2016 | 50,000 | 50,000 | — | 05/04/2016 | 05/05/2019 | 05/05/2019 | 40,625 | 9,375 | — | ||||||
Sanofi | 05/04/2016 | 05/10/2017 | 1,174,270 | — | 150,363 | 05/10/2017 | 05/11/2020 | 05/11/2020 | 539 | 79,099 | 1,094,632 | ||||||
Sanofi | 05/04/2016 | 05/10/2017 | 2,363,195 | — | 155,203 | 05/10/2017 | 05/11/2020 | 05/11/2020 | 3,454 | 376,471 | 1,983,270 | ||||||
Sanofi | 05/04/2016 | 05/10/2017 | 50,000 | 50,000 | — | 05/10/2017 | 05/11/2020 | 05/11/2020 | — | — | 50,000 | ||||||
Sanofi | 05/04/2016 | 05/02/2018 | 1,513,074 | — | 144,372 | 05/02/2018 | 05/03/2021 | 05/03/2021 | — | 53,678 | 1,459,396 | ||||||
Sanofi | 05/04/2016 | 05/02/2018 | 2,827,142 | — | 272,447 | 05/02/2018 | 05/03/2021 | 05/03/2021 | 1,899 | 325,234 | 2,500,009 | ||||||
Sanofi | 05/04/2016 | 05/02/2018 | 50,000 | 50,000 | — | 05/02/2018 | 05/03/2021 | 05/03/2021 | — | — | 50,000 | ||||||
Sanofi | 05/04/2016 | 07/30/2018 | 141,669 | — | 39,874 | 07/30/2018 | 07/31/2021 | 07/31/2021 | — | 33,279 | 108,390 | ||||||
Sanofi | 04/30/2019 | 04/30/2019 | 50,000 | 50,000 | — | 04/30/2019 | 05/01/2022 | 05/02/2022 | — | — | 50,000 | ||||||
Sanofi | 04/30/2019 | 04/30/2019 | 1,243,434 | — | 142,541 | 04/30/2019 | 05/01/2022 | 05/02/2022 | — | 4,262 | 1,239,172 | ||||||
Sanofi | 04/30/2019 | 04/30/2019 | 2,504,148 | — | 219,990 | 04/30/2019 | 05/01/2022 | 05/02/2022 | — | 130,514 | 2,373,634 |
(b) In office at the date of grant. (c) Subject to the conditions set. (d) No rights were cancelled due to partial non-fulfilment of performance conditions. |
SANOFIFORM 20-F |
PART I | ||
ITEM 6. | ||
Directors, senior management and employees |
SANOFI FORM 20-F2022 | 147 |
ITEM 7. | ||
Major shareholders and related party transactions |
Total number of issued shares | Number of actual voting rights (excluding treasury shares)(d) | Theoretical number of voting rights (including treasury shares)(e) | ||||||||||||||||||
Number | % | Number | % | Number | % | |||||||||||||||
L’Oréal | 118,227,307 | 9.38 | 236,454,614 | 16.81 | 236,454,614 | 16.67 | ||||||||||||||
BlackRock(a) | 89,036,452 | 7.06 | 89,036,452 | 6.33 | 89,036,452 | 6.28 | ||||||||||||||
Employees(b) | 25,384,441 | 2.01 | 55,766,082 | 3.97 | 55,766,082 | 3.93 | ||||||||||||||
Public | 1,015,992,138 | 80.58 | 1,025,036,142 | 72.89 | 1,025,036,142 | 72.26 | ||||||||||||||
Treasury shares(c) | 12,195,470 | 0.97 | — | — | 12,195,470 | 0.86 | ||||||||||||||
Total | 1,260,835,808 | 100 | 1,406,293,290 | 100 | 1,418,488,760 | 100 |
Total number of issued shares | Number of actual voting rights (excluding treasury shares)(d) | Theoretical number of voting rights (including treasury shares)(e) | ||||||||
Number | % | Number | % | Number | % | |||||
L’Oréal | 118,227,307 | 9.43 | 236,454,614 | 16.85 | 236,454,614 | 16.82 | ||||
BlackRock(a) | 73,870,739 | 5.90 | 73,870,739 | 5.26 | 73,870,739 | 5.26 | ||||
Employees(b) | 20,371,851 | 1.62 | 38,989,291 | 2.78 | 38,989,291 | 2.77 | ||||
Public | 1,038,490,255 | 82.80 | 1,054,002,919 | 75.11 | 1,054,002,919 | 74.93 | ||||
Treasury shares(c) | 3,101,336 | 0.25 | — | — | 3,101,336 | 0.22 | ||||
Total | 1,254,061,488 | 100 | 1,403,317,563 | 100 | 1,406,418,899 | 100 |
148 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 7. Major shareholders and related party transactions |
SANOFIFORM 20-F |
PART I | ||
ITEM 8. | ||
Financial information |
2022 | (a) | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||
Dividend per Share (€) | 3.56 | 3.33 | (c) | 3.2 | 3.15 | 2.96 | |||||||||||||||||
Dividend per Share ($)(b) | 3.91 | 3.53 | 3.52 | 3.63 | 3.12 |
2019 | (a) | 2018 | 2017 | 2016 | 2015 | ||||||
Dividend per Share (in €) | 3.15 | 3.07 | 3.03 | 2.96 | 2.93 | ||||||
Dividend per Share (in $)(b) | 3.53 | 3.52 | 3.63 | 3.12 | 3.19 |
150 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 8. Financial information |
SANOFIFORM 20-F | 151 |
PART I | ||
ITEM 8. | ||
Financial information |
152 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 9. | ||
The offer and listing |
Calendar period | Shares, as traded on Euronext Paris | ADSs, as traded on the NYSE and NASDAQ | ||||||
High | Low | High | Low | |||||
(price per share in €) | (price per ADS in $) | |||||||
Monthly | ||||||||
February 2020 | 95.06 | 82.50 | 51.72 | 45.32 | ||||
January 2020 | 93.34 | 86.61 | 51.84 | 47.72 | ||||
December 2019 | 91.58 | 81.4 | 50.9 | 45.17 | ||||
November 2019 | 85.5 | 81.13 | 47.28 | 44.92 | ||||
October 2019 | 86.42 | 80.28 | 47.47 | 44.14 | ||||
September 2019 | 85.9 | 77.72 | 47.11 | 42.98 | ||||
August 2019 | 78.66 | 71.74 | 43.37 | 40 | ||||
2019 | ||||||||
Full Year | 91.58 | 71.74 | 50.9 | 40 | ||||
Fourth quarter | 91.58 | 80.28 | 50.9 | 44.14 | ||||
Third quarter | 85.9 | 71.74 | 47.11 | 40 | ||||
Second quarter | 79.8 | 71.74 | 44.74 | 40.19 | ||||
First quarter | 80.28 | 72.08 | 45.57 | 40.65 | ||||
2018 | ||||||||
Full Year | 80.44 | 62.88 | 45.62 | 37.43 | ||||
Fourth quarter | 80.44 | 72.92 | 45.62 | 41.01 | ||||
Third quarter | 77.32 | 68.05 | 45.12 | 39.71 | ||||
Second quarter | 69.99 | 63.25 | 41.5 | 37.43 | ||||
First quarter | 75.23 | 62.88 | 45.86 | 38.14 | ||||
2017 | ||||||||
Full Year | 92.97 | 71.85 | 50.65 | 39.42 | ||||
2016 | ||||||||
Full Year | 79.13 | 62.5 | 44.5 | 36.81 | ||||
2015 | ||||||||
Full Year | 101.1 | 72.94 | 54.98 | 41.13 |
SANOFIFORM 20-F |
PART I | ||
ITEM 10. | ||
Additional information |
SANOFIFORM 20-F |
PART I | ||
ITEM 10. | ||
Additional information |
•authorizing the issuance of: –shares giving access to our share capital or giving the right to receive debt instruments, or –other securities giving access to our share capital; •establishing any other rights to equity securities; •selling or transferring substantially all of our assets; and •the voluntary liquidation of our Company. |
SANOFI FORM 20-F2022 | 155 |
PART I | ||
ITEM 10. Additional information |
156 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 10. Additional information |
•for holders of registered shares: in the registered shareholder account held by the Company or on its behalf by an agent appointed by it; and •for holders of bearer shares: in the bearer shareholder account held by the accredited financial intermediary with whom such holders have deposited their shares; such financial intermediaries shall deliver to holders of bearer shares a shareholding certificate (attestation de participation) |
SANOFI FORM 20-F2022 | 157 |
PART I | ||
ITEM 10. Additional information |
158 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 10. Additional information |
SANOFI FORM 20-F2022 | 159 |
PART I | ||
ITEM 10. Additional information |
160 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 10. Additional information |
SANOFI FORM 20-F2022 | 161 |
PART I | ||
ITEM 10. Additional information |
162 | SANOFIFORM 20-F |
PART I | ||
ITEM 11. | ||
Quantitative and qualitative disclosures about market risk |
(€ million) | Cash and cash equivalents (excluding mutual funds) | (a) | Notional amounts of currency hedges | (b) | Fair value of currency hedges | Notional amounts of interest rate hedges | (b) | Fair value of interest rate hedges | General corporate purpose credit facilities | ||||||||||||||||||||
AA | 319 | 1,280 | 5 | — | — | 500 | |||||||||||||||||||||||
AA- | 707 | 5,668 | 26 | 880 | (65) | 1,000 | |||||||||||||||||||||||
A+ | 655 | 9,237 | 57 | 774 | (76) | 3,500 | |||||||||||||||||||||||
A | 290 | 4,585 | 20 | 437 | (52) | 2,000 | |||||||||||||||||||||||
A- | 42 | 638 | 4 | 343 | (38) | 1,000 | |||||||||||||||||||||||
BBB+ | — | — | — | — | — | — | |||||||||||||||||||||||
Unallocated | 166 | — | — | — | — | — | |||||||||||||||||||||||
Total | 2,179 | 21,408 | 113 | 2,434 | (232) | 8,000 | |||||||||||||||||||||||
% / rating of dominant counterparty | 30.0%/AA- | 16.8%/A+ | 20.3%/A+ | 6%/A |
(€ million) | Cash and cash equivalents (excluding mutual funds) | (a) | Notional amounts of currency hedges | (b) | Notional amounts of interest rate hedges | (b) | General corporate purpose credit facilities | ||||
AA | 6 | 1,166 | 250 | 500 | |||||||
AA- | 444 | 5,816 | 896 | 1,500 | |||||||
A+ | 1,903 | 12,218 | 1,795 | (c) | 3,500 | ||||||
A | 634 | 4,194 | 650 | 1,500 | |||||||
A- | 137 | 886 | — | 500 | |||||||
BBB+ | 260 | 546 | — | 500 | |||||||
BBB | 89 | — | — | — | |||||||
Unallocated | 101 | — | — | — | |||||||
Total | 3,574 | 24,826 | 3,591 | 8,000 | |||||||
% / rating of dominant counterparty | 18 % /A+ | 12% /AA- | 22 % /AA- | 6 % /BBB+ |
SANOFI FORM 20-F2022 | 163 |
PART I | ||
ITEM 11. Quantitative and qualitative disclosures about market risk |
(€ million) | Notional amount | Fair value | (€ million) | Notional amount | Fair value | |||||
Forward currency sales | 3,372 | (10) | Forward currency sales | 5,403 | 49 | |||||
of which US dollar | 1,186 | 3 | of which US dollar | 2,732 | 56 | |||||
of which Chinese yuan renminbi | 447 | 0 | of which Chinese yuan renminbi | 576 | 2 | |||||
of which Japanese yen | of which Japanese yen | 240 | (5) | |||||||
of which Singapore dollar | 410 | 0 | of which Singapore dollar | 180 | 1 | |||||
of which Russian rouble | 184 | (3) | ||||||||
of which Saudi riyal | 133 | 1 | ||||||||
of which Korean won | of which Korean won | 179 | (14) | |||||||
Forward currency purchases | 1,835 | (5) | Forward currency purchases | 3,459 | (27) | |||||
of which US dollar | 602 | (6) | of which US dollar | 2,047 | (21) | |||||
of which Singapore dollar | 525 | 1 | of which Singapore dollar | 375 | (7) | |||||
of which Chinese yuan renminbi | 130 | 0 | of which Chinese yuan renminbi | 142 | — | |||||
of which Hungarian forint | 60 | 0 | ||||||||
of which Russian rouble | 49 | 0 | ||||||||
of which Korean won | of which Korean won | 130 | 4 | |||||||
of which Taiwan dollar | of which Taiwan dollar | 84 | — | |||||||
Total | 5,207 | (15) | Total | 8,862 | 22 |
164 | SANOFI FORM 20-F2022 |
PART I | ||
ITEM 11. Quantitative and qualitative disclosures about market risk |
(€ million) | Notional amount | Fair value | Expiry | |||||||||||
Forward currency sales | 7,559 | 66 | ||||||||||||
of which US dollar | 6,114 | (a) | 59 | 2023 | ||||||||||
of which Pound sterling | 384 | 7 | 2023 | |||||||||||
of which Chinese yuan renminbi | 203 | 2 | 2023 | |||||||||||
Forward currency purchases | 4,997 | 24 | ||||||||||||
of which US dollar | 2,011 | (b) (c) | (4) | 2023 | ||||||||||
of which Singapore dollar | 2,154 | (d) | 22 | 2023 | ||||||||||
of which Japanese yen | 205 | 4 | 2023 | |||||||||||
Total | 12,556 | 90 |
(€ million) | Notional amount | Fair value | Expiry | |
Forward currency sales | 8,515 | 40 | ||
of which US dollar | 6,331 (1) | 51 | 2020 | |
of which Japanese yen | 516 | (5 | ) | 2020 |
of which Pound sterling | 297 | 1 | 2020 | |
Forward currency purchases | 10,975 | 78 | ||
of which US dollar | 7,363 | 42 | 2020 | |
of which Singapore dollar | 2,332 | 32 | ||
of which Chinese yuan renminbi | 270 | 2 | 2020 | |
Total | 19,490 | 118 |
(b) Includes forward purchases with a notional amount of $1,000 million expiring in 2023, designated as a fair value hedge of the exposure of $1,000 million of bond issues to fluctuations in the EUR/USD spot rate. As of December 31, 2022, the fair value of the contracts was an asset of €3 million, the opposite entry for €0.6 million of which was debited to “Other comprehensive income” under the cost of hedging accounting treatment. (c) Includes receiver currency swaps with a notional amount of $1,000 million expiring in 2023, designated as a fair value hedge of the exposure of an equivalent amount of intragroup current accounts to fluctuations in the EUR/USD spot rate. As of December 31, 2022, the fair value of the swaps was a liability of €2 million, the opposite entry for €1.4 million of which was credited to “Other comprehensive income” under the cost of hedging accounting treatment. (d) Includes forward purchases with a notional amount of SGD1,500 million expiring in 2023, designated as a fair value hedge of the exposure of an equivalent amount of intragroup current accounts to fluctuations in the EUR/SGD spot rate. As of December 31, 2022, the fair value of the contracts was an asset of €33 million, the opposite entry for €2.5 million of which was credited to “Other comprehensive income” under the cost of hedging accounting. |
SANOFI FORM 20-F2022 | 165 |
PART I | ||
ITEM 11. Quantitative and qualitative disclosures about market risk |
Change in short-term interest rates | Impact on pre-tax net income (€ million) | Impact on pre-tax income/(expense) recognized directly in equity (€ million) | ||||||||
+100 bp | — | |||||||||
+25 bp | — | |||||||||
-25 bp | — | |||||||||
-100 bp | — |
166 | ||||
SANOFIFORM 20-F |
PART I | ||
ITEM 12. | ||
Description of Securities other than Equity Securities |
Associated Fee | Depositary Action | ||||
$5.00 or less per 100 ADSs (or portion thereof) | Execution and delivery of ADRs for distributions and dividends in shares and rights to subscribe for additional shares or rights of any other nature and surrender of ADRs for the purposes of withdrawal, including the termination of the deposit agreement. | ||||
$0.05 or less per ADS (or portion thereof) | Any cash distribution made pursuant to the deposit agreement, including, among other things: | ||||
$0.05 or less per ADS per calendar year (or portion thereof) | Services performed in administering the ADRs (which fee may be charged on a periodic basis during each calendar year) | ||||
Registration fees in effect for the registration of transfers of shares generally on the share register of the company or foreign registrar and applicable to transfers of shares to or from the name of JPMorgan or its nominee to the custodian or its nominee on the making of deposits and withdrawals | As applicable | ||||
A fee equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities | Distributions of securities other than cash, shares or rights | ||||
A fee for the reimbursement of such fees, charges and expenses as are incurred by JPMorgan, its agents (and their agents), including BNP Paribas, as custodian (by deductions from cash dividends or other cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them) | Compliance with foreign exchange control regulations or any law or regulation relating to foreign investment, servicing of shares or other deposited securities, sale of securities, delivery of deposited securities or otherwise | ||||
Expenses incurred by JPMorgan |
SANOFIFORM 20-F | 167 |
ITEM 12. Description of Securities other than Equity Securities |
168 | ||||
SANOFIFORM 20-F |
PART II | |||
SANOFI FORM 20-F2022 |
170 | SANOFI FORM 20-F2022 |
PART II | ||
ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Period | (A) Total Number of Shares Purchased | (B) Average Price Paid per Share | (C) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(a) | (D) Approximate Value of Shares that May Yet Be Purchased Under the Plans or Programs(b) | ||||||||||
January 2022 | 3,976,992 | 90.21 | 3,976,992 | 18,285 | ||||||||||
December 2022 | 1,510,000 | 90.62 | 1,510,000 | 18,817 | ||||||||||
Total | 5,486,992 |
Period | (A) Total Number of Shares Purchased | (B) Average Price Paid per Share | (C) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(a) | (D) Approximate Value of Shares that May Yet Be Purchased Under the Plans or Programs(b) | ||||
April 2019 | 147,793 | 79.18 | 147,793 | 14,537 |
SANOFI FORM 20-F2022 | 171 |
PART II | ||
ITEM 16G. Corporate Governance |
172 | SANOFI FORM 20-F2022 |
PART II | ||
ITEM 16H. Mine Safety Disclosure | ||
SANOFIFORM 20-F | 173 |
PART III | ||
ITEM 17. Financial Statements | ||
The total amount of long-term debt securities authorized under any instrument does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. We hereby agree to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of the Company or of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed. | |||||
List of significant subsidiaries, see “Item 4. Information on the Company | |||||
23.3 |
Sanofi | |||||
By: | /s/ PAUL HUDSON | ||||
Name: | Paul Hudson | ||||
Title: | Chief Executive Officer |
174 | ||||
SANOFIFORM 20-F |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Report of Independent Registered Public Accounting Firms | ||
SANOFIFORM 20-F |
Report of Independent Registered Public Accounting Firms |
Description of the Matter | Other intangible assets amounted to The principal considerations for our determination that auditing the recoverable amount of other intangible assets is especially challenging, subjective, and required complex auditor judgment related to the significant judgments made by management when developing the significant assumptions utilized in the future cash flow projections as described above. | ||||
How We Addressed the Matter in Our Audit | Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These audit procedures included obtaining an understanding of the process and assessing the design and testing the operating effectiveness of controls relating to management’s other intangible assets impairment assessment, including controls over the significant assumptions used in the impairment testing of the other intangible assets. These audit procedures also included, among others, evaluating the appropriateness of the discounted cash flow model; testing the completeness, accuracy, and relevance of underlying data used in the model; and evaluating the significant assumptions used by management as described above. Evaluating management’s assumptions involved evaluating whether the assumptions used by management were reasonable by considering the current and past performance of other intangible assets in comparison to management’s previous forecasts and current trends, the consistency of |
Description of the Matter | As described in Notes B.13.1. and D.23. to the consolidated financial statements, products sold in the United States are covered by various Government and State programs (of which Medicaid and Medicare are the most significant) and are subject to commercial agreements with healthcare authorities and certain customers and distributors. Estimates of discounts and rebates incentives (hereinafter the The principal considerations for our determination that auditing the | ||||
How We Addressed the Matter in Our Audit | Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These audit procedures included obtaining an understanding of the process and assessing the design and testing the operating effectiveness of controls relating to management’s estimates of the provisions for |
176 | ||||
SANOFIFORM 20-F |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Report of Independent Registered Public Accounting Firms | ||
Description of the Matter | Provisions for product liability risks, litigation and other risks were recorded in an amount of The pharmaceutical industry is highly regulated, which increases the inherent risk of litigation and arbitration. The Company is involved in litigation, arbitration and other legal proceedings. These proceedings are typically related to litigation concerning The principal considerations for our determination that auditing the provision for product liability risks, litigation and other, | ||||
How We Addressed the Matter in Our Audit | Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These audit procedures included obtaining an understanding of the process and assessing the design and testing the operating effectiveness of controls relating to management’s evaluation of the provisions for product liability risks, litigation and other, |
Description of the Matter | As described in Notes B.22. The principal considerations for our determination that auditing uncertain tax positions is especially challenging, subjective and required complex auditor judgment related to the significant judgment by management when determining the liability for uncertain tax positions, including a high degree of estimation uncertainty of certain assumptions and interpretations of the tax laws and regulations underlying the positions. | ||||
How We Addressed the Matter in Our Audit | Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These audit procedures included obtaining an understanding of the process and assessing the design and testing the operating effectiveness of controls relating to the identification and recognition of the liability for uncertain tax positions, management’s assessment and interpretation of tax laws and its evaluation of which tax positions may not be sustained upon audit and controls over measurement of the liability. These procedures also included, among others, testing the completeness and accuracy of the underlying data used in the calculation of the liability for uncertain tax positions and evaluating the assumptions used by management when determining its tax positions, the status of |
/s/ PricewaterhouseCoopers Audit | /s/ Ernst & Young et Autres | |||||||
SANOFI FORM 20-F2022 | ||||
177 |
Report of Independent Registered Public Accounting Firms |
/s/ PricewaterhouseCoopers Audit | /s/ Ernst & Young et Autres | |||||||
178 | ||||
SANOFIFORM 20-F |
SANOFIFORM 20-F | F-1 |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Consolidated balance sheets - assets |
(€ million) | Note | December 31, 2022 | December 31, 2021 | December 31, 2020 | (a) | |||||||||||||||
Property, plant and equipment | D.3.1. | 9,869 | 10,028 | 9,365 | ||||||||||||||||
Right-of-use assets | D.3.2. | 1,815 | 1,948 | 1,198 | ||||||||||||||||
Goodwill | D.4. | 49,892 | 48,056 | 44,364 | ||||||||||||||||
Other intangible assets | D.4. | 21,640 | 21,407 | 18,341 | ||||||||||||||||
Investments accounted for using the equity method | D.6. | 677 | 250 | 201 | ||||||||||||||||
Other non-current assets | D.7. | 3,095 | 3,127 | 2,734 | ||||||||||||||||
Non-current income tax assets | 242 | 175 | 248 | |||||||||||||||||
Deferred tax assets | D.14. | 5,381 | 4,598 | 4,176 | ||||||||||||||||
Non-current assets | 92,611 | 89,589 | 80,627 | |||||||||||||||||
Inventories | D.9. | 8,960 | 8,715 | 8,352 | ||||||||||||||||
Accounts receivable | D.10. | 8,424 | 7,568 | 7,491 | ||||||||||||||||
Other current assets | D.11. | 3,532 | 3,571 | 2,737 | ||||||||||||||||
Current income tax assets | 374 | 612 | 1,208 | |||||||||||||||||
Cash and cash equivalents | D.13. - D.17.1. | 12,736 | 10,098 | 13,915 | ||||||||||||||||
Current assets | 34,026 | 30,564 | 33,703 | |||||||||||||||||
Assets held for sale or exchange | D.8. | 85 | 89 | 83 | ||||||||||||||||
Total assets | 126,722 | 120,242 | 114,413 |
(€ million) | Note | December 31, 2019 | December 31, 2018 | December 31, 2017 | (a) | |||
Property, plant and equipment | D.3. | 9,717 | 9,651 | 9,579 | ||||
Right-of-use assets(b) | D.3. | 1,300 | — | — | ||||
Goodwill | D.4. | 44,519 | 44,235 | 40,264 | ||||
Other intangible assets | D.4. | 16,572 | 21,889 | 13,080 | ||||
Investments accounted for using the equity method | D.6. | 3,591 | 3,402 | 2,847 | ||||
Other non-current assets | D.7. | 2,667 | 2,971 | 3,364 | ||||
Deferred tax assets | D.14. | 5,434 | 4,613 | 4,291 | ||||
Non-current assets | 83,800 | 86,761 | 73,425 | |||||
Inventories | D.9. | 7,994 | 7,477 | 6,818 | ||||
Accounts receivable | D.10. | 7,937 | 7,260 | 7,216 | ||||
Other current assets | D.11. | 3,253 | 2,917 | 2,005 | ||||
Cash and cash equivalents | D.13. - D.17.1. | 9,427 | 6,925 | 10,315 | ||||
Current assets | 28,611 | 24,579 | 26,354 | |||||
Assets held for sale or exchange | D.8. | 325 | 68 | 34 | ||||
Total assets | 112,736 | 111,408 | 99,813 |
SANOFI FORM 20-F2022 |
(€ million) | Note | December 31, 2022 | December 31, 2021 | December 31, 2020 | (a) | |||||||||||||||
Equity attributable to equity holders of Sanofi | D.15. | 74,784 | 68,681 | 63,106 | ||||||||||||||||
Equity attributable to non-controlling interests | D.16. | 368 | 350 | 146 | ||||||||||||||||
Total equity | 75,152 | 69,031 | 63,252 | |||||||||||||||||
Long-term debt | D.17.1. | 14,857 | 17,123 | 19,745 | ||||||||||||||||
Non-current lease liabilities | D.17.2. | 1,904 | 1,839 | 931 | ||||||||||||||||
Non-current liabilities related to business combinations and to non-controlling interests | D.18. | 674 | 577 | 387 | ||||||||||||||||
Non-current provisions and other non-current liabilities | D.19. | 6,341 | 6,721 | 7,315 | ||||||||||||||||
Non-current income tax liabilities | D.19.4. | 1,979 | 2,039 | 1,733 | ||||||||||||||||
Deferred tax liabilities | D.14. | 1,841 | 1,617 | 1,770 | ||||||||||||||||
Non-current liabilities | 27,596 | 29,916 | 31,881 | |||||||||||||||||
Accounts payable | 6,813 | 6,180 | 5,295 | |||||||||||||||||
Current liabilities related to business combinations and to non-controlling interests | D.18. | 105 | 137 | 218 | ||||||||||||||||
Current provisions and other current liabilities | D.19.5. | 12,021 | 11,217 | 10,132 | ||||||||||||||||
Current income tax liabilities | 574 | 309 | 604 | |||||||||||||||||
Current lease liabilities | D.17.2. | 277 | 269 | 232 | ||||||||||||||||
Short-term debt and current portion of long-term debt | D.17.1. | 4,174 | 3,183 | 2,767 | ||||||||||||||||
Current liabilities | 23,964 | 21,295 | 19,248 | |||||||||||||||||
Liabilities related to assets held for sale or exchange | D.8. | 10 | — | 32 | ||||||||||||||||
Total equity and liabilities | 126,722 | 120,242 | 114,413 |
SANOFI FORM 20-F2022 | F-3 |
(€ million) | Note | 2022 | 2021 | 2020 | (a) | |||||||||||||||
Net sales | D.35.1. | 42,997 | 37,761 | 36,041 | ||||||||||||||||
Other revenues | 2,392 | 1,414 | 1,328 | |||||||||||||||||
Cost of sales | (13,695) | (12,255) | (12,159) | |||||||||||||||||
Gross profit | 31,694 | 26,920 | 25,210 | |||||||||||||||||
Research and development expenses | (6,706) | (5,692) | (5,530) | |||||||||||||||||
Selling and general expenses | (10,492) | (9,555) | (9,391) | |||||||||||||||||
Other operating income | D.25. | 1,969 | 859 | 697 | ||||||||||||||||
Other operating expenses | D.26. | (2,531) | (1,805) | (1,415) | ||||||||||||||||
Amortization of intangible assets | D.4. | (2,053) | (1,580) | (1,681) | ||||||||||||||||
Impairment of intangible assets | D.5. | 454 | (192) | (330) | ||||||||||||||||
Fair value remeasurement of contingent consideration | D.12. - D.18. | 27 | (4) | 124 | ||||||||||||||||
Restructuring costs and similar items | D.27. | (1,336) | (820) | (1,089) | ||||||||||||||||
Other gains and losses, and litigation | D.28. | (370) | (5) | 136 | ||||||||||||||||
Gain on Regeneron investment arising from transaction of May 29, 2020 | D.2. | — | — | 7,382 | ||||||||||||||||
Operating income | 10,656 | 8,126 | 14,113 | |||||||||||||||||
Financial expenses | D.29. | (440) | (368) | (388) | ||||||||||||||||
Financial income | D.29. | 206 | 40 | 53 | ||||||||||||||||
Income before tax and investments accounted for using the equity method | D.35.1. | 10,422 | 7,798 | 13,778 | ||||||||||||||||
Income tax expense | D.30. | (2,006) | (1,558) | (1,807) | ||||||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | D.31. | 68 | 39 | 359 | ||||||||||||||||
Net income | 8,484 | 6,279 | 12,330 | |||||||||||||||||
Net income attributable to non-controlling interests | D.32. | 113 | 56 | 36 | ||||||||||||||||
Net income attributable to equity holders of Sanofi | 8,371 | 6,223 | 12,294 | |||||||||||||||||
Average number of shares outstanding (million) | D.15.9. | 1,251.9 | 1,252.5 | 1,253.6 | ||||||||||||||||
Average number of shares after dilution (million) | D.15.9. | 1,256.9 | 1,257.9 | 1,260.1 | ||||||||||||||||
•Basic earnings per share (in euros) | 6.69 | 4.97 | 9.81 | |||||||||||||||||
•Diluted earnings per share (in euros) | 6.66 | 4.95 | 9.76 | |||||||||||||||||
(€ million) | Note | December 31, 2019 | December 31, 2018 | December 31, 2017 | (a) | |||
Equity attributable to equity holders of Sanofi | D.15. | 58,934 | 58,876 | 58,070 | ||||
Equity attributable to non-controlling interests | D.16. | 174 | 159 | 169 | ||||
Total equity | 59,108 | 59,035 | 58,239 | |||||
Long-term debt | D.17.1. | 20,131 | 22,007 | 14,326 | ||||
Non-current lease liabilities(b) | D.17.2. | 987 | — | — | ||||
Non-current liabilities related to business combinations and to non-controlling interests | D.18. | 508 | 963 | 1,026 | ||||
Non-current provisions and other non-current liabilities | D.19. | 9,321 | 8,613 | 9,154 | ||||
Deferred tax liabilities | D.14. | 2,294 | 3,414 | 1,605 | ||||
Non-current liabilities | 33,241 | 34,997 | 26,111 | |||||
Accounts payable | 5,313 | 5,041 | 4,633 | |||||
Current liabilities related to business combinations and to non-controlling interests | D.18. | 292 | 341 | 343 | ||||
Current provisions and other current liabilities | D.19.5. | 9,961 | 9,361 | 9,212 | ||||
Current lease liabilities(b) | D.17.2. | 261 | — | — | ||||
Short-term debt and current portion of long-term debt | D.17.1. | 4,554 | 2,633 | 1,275 | ||||
Current liabilities | 20,381 | 17,376 | 15,463 | |||||
Liabilities related to assets held for sale or exchange | D.8. | 6 | — | — | ||||
Total equity and liabilities | 112,736 | 111,408 | 99,813 |
(€ million) | Note | 2019 | 2018 | 2017 | (a) | |||
Net sales | D.35.1. | 36,126 | 34,463 | 35,072 | ||||
Other revenues | 1,505 | 1,214 | 1,149 | |||||
Cost of sales | (11,976 | ) | (11,435 | ) | (11,613 | ) | ||
Gross profit | 25,655 | 24,242 | 24,608 | |||||
Research and development expenses | (6,018 | ) | (5,894 | ) | (5,472 | ) | ||
Selling and general expenses | (9,883 | ) | (9,859 | ) | (10,072 | ) | ||
Other operating income | D.25. | 825 | 484 | 237 | ||||
Other operating expenses | D.26. | (1,207 | ) | (548 | ) | (233 | ) | |
Amortization of intangible assets | (2,146 | ) | (2,170 | ) | (1,866 | ) | ||
Impairment of intangible assets | D.5. | (3,604 | ) | (718 | ) | (293 | ) | |
Fair value remeasurement of contingent consideration | D.12. - D.18. | 238 | 117 | (159 | ) | |||
Restructuring costs and similar items | D.27. | (1,062 | ) | (1,480 | ) | (731 | ) | |
Other gains and losses, and litigation | D.28. | 327 | 502 | (215 | ) | |||
Operating income | 3,125 | 4,676 | 5,804 | |||||
Financial expenses | D.29. | (444 | ) | (435 | ) | (420 | ) | |
Financial income | D.29. | 141 | 164 | 147 | ||||
Income before tax and investments accounted for using the equity method | D.35.1. | 2,822 | 4,405 | 5,531 | ||||
Income tax expense | D.30. | (139 | ) | (481 | ) | (1,722 | ) | |
Share of profit/(loss) from investments accounted for using the equity method | D.31. | 255 | 499 | 85 | ||||
Net income excluding the exchanged/held-for-exchange Animal Health business | 2,938 | 4,423 | 3,894 | |||||
Net income/(loss) of the exchanged/held-for-exchange Animal Health business(b) | D.2. | (101 | ) | (13 | ) | 4,643 | ||
Net income | 2,837 | 4,410 | 8,537 | |||||
Net income attributable to non-controlling interests | D.32. | 31 | 104 | 121 | ||||
Net income attributable to equity holders of Sanofi | 2,806 | 4,306 | 8,416 | |||||
Average number of shares outstanding (million) | D.15.9. | 1,249.9 | 1,247.1 | 1,256.9 | ||||
Average number of shares after dilution (million) | D.15.9. | 1,257.1 | 1,255.2 | 1,266.8 | ||||
▪ Basic earnings per share (in euros) | 2.24 | 3.45 | 6.70 | |||||
▪ Basic earnings per share excluding the exchanged/held-for-exchange Animal Health business (in euros) | 2.33 | 3.46 | 3.00 | |||||
▪ Diluted earnings per share (in euros) | 2.23 | 3.43 | 6.64 | |||||
▪ Diluted earnings per share excluding the exchanged/held-for-exchange Animal Health business (in euros) | 2.31 | 3.44 | 2.98 |
F-4 | SANOFIFORM 20-F |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Consolidated statements of comprehensive income |
(€ million) | Note | 2022 | 2021 | 2020 | (a) | ||||||||||||
Net income | 8,484 | 6,279 | 12,330 | ||||||||||||||
Attributable to equity holders of Sanofi | 8,371 | 6,223 | 12,294 | ||||||||||||||
Attributable to non-controlling interests | 113 | 56 | 36 | ||||||||||||||
Other comprehensive income: | |||||||||||||||||
•Actuarial gains/(losses) | D.15.7. | 654 | 686 | (267) | |||||||||||||
•Change in fair value of equity instruments included in financial assets and financial liabilities | D.15.7. | 13 | 165 | 320 | |||||||||||||
•Tax effects | D.15.7. | (216) | (54) | (39) | |||||||||||||
Sub-total: items not subsequently reclassifiable to profit or loss (A) | 451 | 797 | 14 | ||||||||||||||
•Change in fair value of debt instruments included in financial assets | D.15.7. | (77) | (21) | 15 | |||||||||||||
•Change in fair value of cash flow hedges | D.15.7. | 7 | (6) | 4 | |||||||||||||
•Change in currency translation differences | D.15.7. | 2,278 | 2,459 | (3,976) | |||||||||||||
•Tax effects | D.15.7. | 105 | 78 | (64) | |||||||||||||
Sub-total: items subsequently reclassifiable to profit or loss (B) | 2,313 | 2,510 | (4,021) | ||||||||||||||
Other comprehensive income for the period, net of taxes (A+B) | 2,764 | 3,307 | (4,007) | ||||||||||||||
Comprehensive income | 11,248 | 9,586 | 8,323 | ||||||||||||||
Attributable to equity holders of Sanofi | 11,130 | 9,519 | 8,307 | ||||||||||||||
Attributable to non-controlling interests | 118 | 67 | 16 |
(€ million) | Note | 2019 | 2018 | 2017 | (a) | |||
Net income | 2,837 | 4,410 | 8,537 | |||||
Attributable to equity holders of Sanofi | 2,806 | 4,306 | 8,416 | |||||
Attributable to non-controlling interests | 31 | 104 | 121 | |||||
Other comprehensive income: | ||||||||
▪ Actuarial gains/(losses) | D.15.7. | (382 | ) | 201 | (28 | ) | ||
▪ Change in fair value of equity instruments included in financial assets(b) | D.15.7. | 106 | (537 | ) | — | |||
▪ Tax effects | D.15.7. | 113 | 31 | (90 | ) | |||
Sub-total: items not subsequently reclassifiable to profit or loss (A) | (163 | ) | (305 | ) | (118 | ) | ||
▪ Change in fair value of available-for-sale financial assets(b) | D.15.7. | — | — | 838 | ||||
▪ Change in fair value of debt instruments included in financial assets(b) | D.15.7. | 28 | (4 | ) | — | |||
▪ Change in fair value of cash flow hedges | D.15.7. | (13 | ) | 3 | (24 | ) | ||
▪ Change in currency translation differences | D.15.7. | 751 | 1,194 | (3,239 | ) | |||
▪ Tax effects | D.15.7. | 47 | 71 | (137 | ) | |||
Sub-total: items subsequently reclassifiable to profit or loss (B) | 813 | 1,264 | (2,562 | ) | ||||
Other comprehensive income for the period, net of taxes (A+B) | 650 | 959 | (2,680 | ) | ||||
Comprehensive income | 3,487 | 5,369 | 5,857 | |||||
Attributable to equity holders of Sanofi | 3,457 | 5,269 | 5,751 | |||||
Attributable to non-controlling interests | 30 | 100 | 106 |
SANOFIFORM 20-F | F-5 |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Consolidated statements of changes in equity |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi (a) | Attributable to non- controlling interests | Total equity | ||||||||||||||||||||
Balance at January 1, 2020(a) | 2,508 | 147 | (9) | 51,902 | 3,863 | 645 | 59,056 | 174 | 59,230 | ||||||||||||||||||||
Other comprehensive income for the period(a) | — | — | — | 14 | — | (4,001) | (3,987) | (20) | (4,007) | ||||||||||||||||||||
Net income for the period(a) | — | — | — | 12,294 | — | — | 12,294 | 36 | 12,330 | ||||||||||||||||||||
Comprehensive income for the period(a) | — | — | — | 12,308 | — | (4,001) | 8,307 | 16 | 8,323 | ||||||||||||||||||||
Dividend paid out of 2019 earnings (€3.15 per share) | — | — | — | (3,937) | — | — | (3,937) | — | (3,937) | ||||||||||||||||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (44) | (44) | ||||||||||||||||||||
Share repurchase program(b) | — | — | (822) | — | — | — | (822) | — | (822) | ||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options(b) | 2 | 49 | — | — | — | — | 51 | — | 51 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares(b)/(d) | 3 | (3) | 126 | (126) | — | — | — | — | — | ||||||||||||||||||||
•Employee share ownership plan(b) | 5 | 169 | — | — | — | — | 174 | — | 174 | ||||||||||||||||||||
•Value of services obtained from employees | — | — | — | — | 274 | — | 274 | — | 274 | ||||||||||||||||||||
•Tax effects of the exercise of stock options | — | — | — | — | 1 | — | 1 | — | 1 | ||||||||||||||||||||
Other changes arising from issuance of restricted shares(c) | — | — | — | 2 | — | — | 2 | — | 2 | ||||||||||||||||||||
Balance at December 31, 2020 | 2,518 | 362 | (705) | 60,149 | 4,138 | (3,356) | 63,106 | 146 | 63,252 |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi | Attributable to non- controlling interests | Total equity | |||||||||
Balance at January 1, 2017(a) | 2,584 | 932 | (1,503 | ) | 50,543 | 3,032 | 1,964 | 57,552 | 170 | 57,722 | ||||||||
Other comprehensive income for the period | — | — | — | (117 | ) | — | (2,548 | ) | (2,665 | ) | (15 | ) | (2,680 | ) | ||||
Net income for the period(a) | — | — | — | 8,416 | — | — | 8,416 | 121 | 8,537 | |||||||||
Comprehensive income for the period(a) | — | — | — | 8,299 | — | (2,548 | ) | 5,751 | 106 | 5,857 | ||||||||
Dividend paid out of 2016 earnings (€2.96 per share) | — | — | — | (3,710 | ) | — | — | (3,710 | ) | — | (3,710 | ) | ||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (99 | ) | (99 | ) | |||||||
Share repurchase program(b) | — | — | (2,159 | ) | — | — | — | (2,159 | ) | — | (2,159 | ) | ||||||
Reduction in share capital(b) | (94 | ) | (1,185 | ) | 3,648 | (2,369 | ) | — | — | — | — | — | ||||||
Share-based payment plans: | ||||||||||||||||||
▪ Exercise of stock options(b) | 8 | 215 | — | — | — | — | 223 | — | 223 | |||||||||
▪ Issuance of restricted shares(b) | 7 | (7 | ) | — | — | — | — | — | — | — | ||||||||
▪ Employee share ownership plan(b) | 3 | 103 | — | — | — | — | 106 | — | 106 | |||||||||
▪ Value of services obtained from employees | — | — | — | — | 263 | — | 263 | — | 263 | |||||||||
▪ Tax effects of the exercise of stock options | — | — | — | — | 3 | — | 3 | — | 3 | |||||||||
Other changes arising from issuance of restricted shares(c) | — | — | — | 16 | — | — | 16 | — | 16 | |||||||||
Change in non-controlling interests without loss of control | — | — | — | 25 | — | — | 25 | (1 | ) | 24 | ||||||||
Change in non-controlling interests arising from divestment | — | — | — | — | — | — | — | (7 | ) | (7 | ) | |||||||
Balance at December 31, 2017(a) | 2,508 | 58 | (14 | ) | 52,804 | 3,298 | (584 | ) | 58,070 | 169 | 58,239 |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi | Attributable to non- controlling interests | Total equity | ||||||||||||||||||||
Balance at January 1, 2021(a) | 2,518 | 362 | (705) | 60,149 | 4,138 | (3,356) | 63,106 | 146 | 63,252 | ||||||||||||||||||||
Other comprehensive income for the period | — | — | — | 797 | — | 2,499 | 3,296 | 11 | 3,307 | ||||||||||||||||||||
Net income for the period | — | — | — | 6,223 | — | — | 6,223 | 56 | 6,279 | ||||||||||||||||||||
Comprehensive income for the period | — | — | — | 7,020 | — | 2,499 | 9,519 | 67 | 9,586 | ||||||||||||||||||||
Dividend paid out of 2020 earnings (€3.20 per share) | — | — | — | (4,008) | — | — | (4,008) | — | (4,008) | ||||||||||||||||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (49) | (49) | ||||||||||||||||||||
Share repurchase program(b) | — | — | (382) | — | — | — | (382) | — | (382) | ||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options(b) | — | 11 | — | — | — | — | 11 | — | 11 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares(b)/(d) | 4 | (4) | 148 | (148) | — | — | — | — | — | ||||||||||||||||||||
•Employee share ownership plan(b) | 5 | 163 | — | — | — | — | 168 | — | 168 | ||||||||||||||||||||
•Value of services obtained from employees | — | — | — | — | 244 | — | 244 | — | 244 | ||||||||||||||||||||
•Tax effects of the exercise of stock options | — | — | — | — | 23 | — | 23 | — | 23 | ||||||||||||||||||||
Other changes in non-controlling interests(e) | — | — | — | — | — | — | — | 186 | 186 | ||||||||||||||||||||
Balance at December 31, 2021 | 2,527 | 532 | (939) | 63,013 | 4,405 | (857) | 68,681 | 350 | 69,031 |
F-6 | SANOFIFORM 20-F |
2022 CONSOLIDATED FINANCIAL STATEMENTS | ||
Consolidated statements of changes in equity |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi | Attributable to non- controlling interests | Total equity | ||||||||||||||||||||
Balance at January 1, 2022 | 2,527 | 532 | (939) | 63,013 | 4,405 | (857) | 68,681 | 350 | 69,031 | ||||||||||||||||||||
Other comprehensive income for the period | — | — | — | 451 | — | 2,308 | 2,759 | 5 | 2,764 | ||||||||||||||||||||
Net income for the period | — | — | — | 8,371 | — | — | 8,371 | 113 | 8,484 | ||||||||||||||||||||
Comprehensive income for the period | — | — | — | 8,822 | — | 2,308 | 11,130 | 118 | 11,248 | ||||||||||||||||||||
Dividend paid out of 2021 earnings (€3.33 per share) | — | — | — | (4,168) | — | — | (4,168) | — | (4,168) | ||||||||||||||||||||
Effect of the distribution of an exceptional supplementary dividend of 58% of the shares of EUROAPI to the equity holders of Sanofi(f) | — | — | — | (793) | — | — | (793) | — | (793) | ||||||||||||||||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (100) | (100) | ||||||||||||||||||||
Share repurchase program(b) | — | — | (497) | — | — | — | (497) | — | (497) | ||||||||||||||||||||
Reduction in share capital(b) | (13) | (587) | 600 | — | — | — | — | — | — | ||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options(b) | 1 | 34 | — | — | — | — | 35 | — | 35 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares(b)/(d) | 3 | (3) | 130 | (130) | — | — | — | — | — | ||||||||||||||||||||
•Employee share ownership plan(b) | 4 | 149 | — | — | — | — | 153 | — | 153 | ||||||||||||||||||||
•Value of services obtained from employees | — | — | — | — | 245 | — | 245 | — | 245 | ||||||||||||||||||||
•Tax effects of the exercise of stock options | — | — | — | — | 8 | — | 8 | — | 8 | ||||||||||||||||||||
Other changes | — | — | — | (10) | — | — | (10) | — | (10) | ||||||||||||||||||||
Balance at December 31, 2022 | 2,522 | 125 | (706) | 66,734 | 4,658 | 1,451 | 74,784 | 368 | 75,152 |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi | Attributable to non- controlling interests | Total equity | |||||||||
Balance at January 1, 2018(a) | 2,508 | 58 | (14 | ) | 52,804 | 3,298 | (584 | ) | 58,070 | 169 | 58,239 | |||||||
First-time application of IFRS 9(d) | — | — | — | 839 | — | (852 | ) | (13 | ) | — | (13 | ) | ||||||
Other comprehensive income for the period | — | — | — | (305 | ) | — | 1,268 | 963 | (4 | ) | 959 | |||||||
Net income for the period | — | — | — | 4,306 | — | — | 4,306 | 104 | 4,410 | |||||||||
Comprehensive income for the period | — | — | — | 4,001 | — | 1,268 | 5,269 | 100 | 5,369 | |||||||||
Dividend paid out of 2017 earnings (€3.03 per share) | — | — | — | (3,773 | ) | — | — | (3,773 | ) | — | (3,773 | ) | ||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (97 | ) | (97 | ) | |||||||
Share repurchase program(b) | — | — | (1,100 | ) | — | — | — | (1,100 | ) | — | (1,100 | ) | ||||||
Reduction in share capital(b) | (24 | ) | (213 | ) | 880 | (643 | ) | — | — | — | — | — | ||||||
Share-based payment plans: | ||||||||||||||||||
▪ Exercise of stock options(b) | 2 | 57 | — | — | — | — | 59 | — | 59 | |||||||||
▪ Issuance of restricted shares and vesting of existing restricted shares(b)/(e) | 4 | (4 | ) | 80 | (80 | ) | — | — | — | — | — | |||||||
▪ Employee share ownership plan(b) | 5 | 115 | — | — | — | — | 120 | — | 120 | |||||||||
▪ Proceeds from sale of treasury shares on exerciseof stock options | — | — | 1 | — | — | — | 1 | — | 1 | |||||||||
▪ Value of services obtained from employees | — | — | — | — | 284 | — | 284 | — | 284 | |||||||||
▪ Tax effects of the exerciseof stock options | — | — | — | — | 14 | — | 14 | — | 14 | |||||||||
Other changes arising from issuance of restricted shares(c) | — | — | — | 13 | — | — | 13 | — | 13 | |||||||||
Change in non-controlling interests without loss of control | — | — | — | (68 | ) | — | — | (68 | ) | 3 | (65 | ) | ||||||
Change in non-controlling interests arising from divestment | — | — | — | — | — | — | — | (16 | ) | (16 | ) | |||||||
Balance at December 31, 2018 | 2,495 | 13 | (153 | ) | 53,093 | 3,596 | (168 | ) | 58,876 | 159 | 59,035 |
SANOFIFORM 20-F | F-7 |
(€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share- based payments | Other comprehensive income | Attributable to equity holders of Sanofi | Attributable to non- controlling interests | Total equity | |||||||||
Balance at January 1, 2019 | 2,495 | 13 | (153 | ) | 53,093 | 3,596 | (168 | ) | 58,876 | 159 | 59,035 | |||||||
Other comprehensive income for the period | — | — | — | (162 | ) | — | 813 | 651 | (1 | ) | 650 | |||||||
Net income for the period | — | — | — | 2,806 | — | — | 2,806 | 31 | 2,837 | |||||||||
Comprehensive income for the period | — | — | — | 2,644 | — | 813 | 3,457 | 30 | 3,487 | |||||||||
Dividend paid out of 2018 earnings (€3.07 per share) | — | — | — | (3,834 | ) | — | — | (3,834 | ) | — | (3,834 | ) | ||||||
Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (14 | ) | (14 | ) | |||||||
Share repurchase program(b) | — | — | (12 | ) | — | — | — | (12 | ) | — | (12 | ) | ||||||
Share-based payment plans: | ||||||||||||||||||
▪ Exercise of stock options(b) | 6 | 141 | — | — | — | — | 147 | — | 147 | |||||||||
▪ Issuance of restricted shares and vesting of existing restricted shares(b)/(e) | 7 | (7 | ) | 153 | (153 | ) | — | — | — | — | — | |||||||
▪ Proceeds from sale of treasury shares on exercise of stock options | — | — | 3 | — | — | — | 3 | — | 3 | |||||||||
▪ Value of services obtained from employees | — | — | — | — | 252 | — | 252 | — | 252 | |||||||||
▪ Tax effects of the exercise of stock options | — | — | — | — | 15 | — | 15 | — | 15 | |||||||||
Other changes arising from issuance of restricted shares(c) | — | — | — | 30 | — | — | 30 | — | 30 | |||||||||
Change in non-controlling interests without loss of control | — | — | — | (7 | ) | — | — | (7 | ) | (1 | ) | (8 | ) | |||||
Change in non-controlling interests arising from divestment | — | — | — | 7 | — | — | 7 | — | 7 | |||||||||
Balance at December 31, 2019 | 2,508 | 147 | (9 | ) | 51,780 | 3,863 | 645 | 58,934 | 174 | 59,108 |
2022 CONSOLIDATED FINANCIAL STATEMENTS | |||
(€ million) | Note | 2022 | 2021 | 2020 | (j) | ||||||||||||
Net income attributable to equity holders of Sanofi | 8,371 | 6,223 | 12,294 | ||||||||||||||
Non-controlling interests | D.32. | 113 | 56 | 36 | |||||||||||||
Share of undistributed earnings from investments accounted for using the equity method | (48) | (15) | (339) | ||||||||||||||
Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets | 3,420 | 3,351 | 3,671 | ||||||||||||||
Gains and losses on disposals of non-current assets, net of tax(a) | (711) | (300) | (301) | ||||||||||||||
Gain on Regeneron investment arising from transaction of May 29, 2020, net of tax(b) | D.2. | — | — | (6,880) | |||||||||||||
Net change in deferred taxes | (578) | (356) | (221) | ||||||||||||||
Net change in non-current provisions and other non-current liabilities(c) | 280 | (37) | (133) | ||||||||||||||
Cost of employee benefits (stock options and other share-based payments) | D.15.2. . - D.15.3. - D.15.8. | 245 | 244 | 274 | |||||||||||||
Impact of the workdown of acquired inventories remeasured at fair value | D.35.1. | 3 | 4 | 53 | |||||||||||||
Other profit or loss items with no cash effect on cash flows generated by operating activities(d) | 138 | (57) | (711) | ||||||||||||||
Operating cash flow before changes in working capital | 11,233 | 9,113 | 7,743 | ||||||||||||||
(Increase)/decrease in inventories | (927) | (357) | (593) | ||||||||||||||
(Increase)/decrease in accounts receivable | (777) | 185 | (134) | ||||||||||||||
Increase/(decrease) in accounts payable | 452 | 451 | 86 | ||||||||||||||
Net change in other current assets and other current liabilities | 545 | 1,130 | 316 | ||||||||||||||
Net cash provided by/(used in) operating activities(e) | 10,526 | 10,522 | 7,418 | ||||||||||||||
Acquisitions of property, plant and equipment and intangible assets | D.3. - D.4. | (2,201) | (2,043) | (2,083) | |||||||||||||
Acquisitions of consolidated undertakings and investments accounted for using the equity method(f) | D.1. - D.18. | (992) | (5,594) | (5,336) | |||||||||||||
Acquisitions of other equity investments | D.7. | (488) | (311) | (137) | |||||||||||||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax(g) | 1,488 | 676 | 918 | ||||||||||||||
Disposal of consolidated undertakings and investments accounted for using the equity method, net of tax(h) | 134 | 42 | — | ||||||||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | D.2. | — | — | 10,370 | |||||||||||||
Net change in other non-current assets | (16) | (68) | (113) | ||||||||||||||
Net cash provided by/(used in) investing activities | (2,075) | (7,298) | 3,619 | ||||||||||||||
Issuance of Sanofi shares | D.15.1. | 188 | 186 | 203 | |||||||||||||
Dividends paid: | |||||||||||||||||
•to shareholders of Sanofi | (4,168) | (4,008) | (3,937) | ||||||||||||||
•to non-controlling interests | (99) | (48) | (44) | ||||||||||||||
Additional long-term debt contracted | D.17.1. | 1,549 | — | 2,019 | |||||||||||||
Repayments of long-term debt | D.17.1. | (2,718) | (2,241) | (3,952) | |||||||||||||
Repayments of lease liabilities | (291) | (149) | (234) | ||||||||||||||
Net change in short-term debt and other financial instruments(i) | 215 | (414) | 282 | ||||||||||||||
Acquisitions of treasury shares | D.15.4. | (497) | (382) | (822) | |||||||||||||
Net cash provided by/(used in) financing activities | (5,821) | (7,056) | (6,485) | ||||||||||||||
Impact of exchange rates on cash and cash equivalents | 8 | 15 | (64) | ||||||||||||||
Net change in cash and cash equivalents | 2,638 | (3,817) | 4,488 | ||||||||||||||
Cash and cash equivalents, beginning of period | 10,098 | 13,915 | 9,427 | ||||||||||||||
Cash and cash equivalents, end of period | D.13. | 12,736 | 10,098 | 13,915 |
(€ million) | Note | 2019 | 2018 | 2017 | (a) | ||||
Net income attributable to equity holders of Sanofi | 2,806 | 4,306 | 8,416 | ||||||
Net (income)/loss of the exchanged/held-for-exchange Animal Health business | 101 | 13 | (4,643 | ) | |||||
Non-controlling interests, excluding BMS(b) | D.32. | 31 | 22 | 38 | |||||
Share of undistributed earnings from investments accounted for using the equity method | (192 | ) | (471 | ) | (47 | ) | |||
Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets(c) | 7,452 | 4,279 | 3,686 | ||||||
Gains and losses on disposals of non-current assets, net of tax(d) | (286 | ) | (797 | ) | (97 | ) | |||
Net change in deferred taxes | (1,753 | ) | (727 | ) | (909 | ) | |||
Net change in non-current provisions and other non-current liabilities(e) | 58 | (265 | ) | 321 | |||||
Cost of employee benefits (stock options and other share-based payments) | D.15.2. - D.15.3. - D.15.8. | 252 | 284 | 263 | |||||
Impact of the workdown of acquired inventories remeasured at fair value | D.35.1. | 3 | 114 | 166 | |||||
Other profit or loss items with no cash effect | (309 | ) | 69 | 38 | |||||
Operating cash flow before changes in working capital and excluding the exchanged/held-for-exchange Animal Health business | 8,163 | 6,827 | 7,232 | ||||||
(Increase)/decrease in inventories | (547 | ) | (701 | ) | (144 | ) | |||
(Increase)/decrease in accounts receivable | (462 | ) | (35 | ) | (529 | ) | |||
Increase/(decrease) in accounts payable | 169 | 270 | 577 | ||||||
Net change in other current assets and other current liabilities | 421 | (814 | ) | 243 | |||||
Net cash provided by/(used in) operating activities excluding the exchanged/held-for-exchange Animal Health business(f) | 7,744 | 5,547 | 7,379 | ||||||
Acquisitions of property, plant and equipment and intangible assets | D.3. - D.4. | (1,816 | ) | (1,977 | ) | (1,956 | ) | ||
Acquisitions of consolidated undertakings and investments accounted for using the equity method(g)/(i) | D.1. - D.18. | (488 | ) | (12,857 | ) | (1,151 | ) | ||
Acquisitions of other equity investments | D.7. | (38 | ) | (137 | ) | (61 | ) | ||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax(h) | 1,224 | 2,163 | 535 | ||||||
Net change in other non-current assets | (94 | ) | (58 | ) | (263 | ) | |||
Net cash provided by/(used in) investing activities excluding the exchanged/held-for-exchange Animal Health business | (1,212 | ) | (12,866 | ) | (2,896 | ) | |||
Net cash inflow from the exchange of the Animal Health business for BI’s Consumer Healthcare business(j) | D.2. | 154 | (6 | ) | 3,535 | ||||
Issuance of Sanofi shares | D.15.1. | 162 | 177 | 319 | |||||
Dividends paid: | |||||||||
▪ to shareholders of Sanofi | (3,834 | ) | (3,773 | ) | (3,710 | ) | |||
▪ to non-controlling interests, excluding BMS(b) | (14 | ) | (14 | ) | (15 | ) | |||
Payments received/(made) on changes of ownership interest in a subsidiary without loss of control | (7 | ) | (77 | ) | (37 | ) | |||
Additional long-term debt contracted | D.17.1 | 1,997 | 9,677 | 41 | |||||
Repayments of long-term debt | D.17.1 | (2,067 | ) | (787 | ) | (2,368 | ) | ||
Repayments of lease liabilities(c) | (267 | ) | — | — | |||||
Net change in short-term debt | (154 | ) | (168 | ) | 30 | ||||
Acquisitions of treasury shares | D.15.4. | (9 | ) | (1,101 | ) | (2,162 | ) | ||
Net cash provided by/(used in) financing activities excluding the exchanged/held-for-exchange Animal Health business | (4,193 | ) | 3,934 | (7,902 | ) | ||||
Impact of exchange rates on cash and cash equivalents | 9 | 1 | (74 | ) | |||||
Net change in cash and cash equivalents | 2,502 | (3,390 | ) | 42 | |||||
Cash and cash equivalents, beginning of period | 6,925 | 10,315 | 10,273 | ||||||
Cash and cash equivalents, end of period | D.13. | 9,427 | 6,925 | 10,315 |
F-8 | ||||
SANOFIFORM 20-F |
2022 CONSOLIDATED FINANCIAL STATEMENTS | |||
(e) Including:
(f) This line item includes payments made in respect of contingent consideration identified and recognized as a liability in business combinations. For 2022, it includes the net cash outflow on the acquisition of Amunix (see Note D.1.). For 2021, it includes the net cash outflows on the acquisitions of Kymab, Kiadis, Tidal, Translate Bio, Kadmon and Origimm (see Note D.2.1.). For 2020, it includes the net cash outflows on the acquisitions of Synthorx and Principia (see Note D.2.2.). (g) For 2022, 2021 and 2020, this line item mainly comprises disposals of assets and activities related to portfolio streamlining and disposals of equity and debt instruments. For 2020, it also includes the sale to Baxter of operations relating to Seprafilm® for a selling price (before taxes) of €311 million. (see Note D.7.1.). |
2019 | 2018 | 2017 | ||||
▪ Income tax paid | (1,695 | ) | (2,058 | ) | (1,734 | ) |
▪ Interest paid | (379 | ) | (313 | ) | (255 | ) |
▪ Interest received | 92 | 72 | 56 | |||
▪ Dividends received from non-consolidated entities | — | 1 | 8 |
(h) For 2022, this line item includes the net cash inflows (before taxes) of €101 million on the divestment of EUROAPI (see Note D.1). |
SANOFIFORM 20-F | F-9 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | December 31, 2018 as published | Impact of first-time application of IFRS 16 | January 1, 2019 | |||||
(IAS 17) | Reclassification | Initial recognition | (IFRS 16) | |||||
Property, plant and equipment | 9,651 | (23 | ) | — | 9,628 | |||
Right-of-use assets | — | (66 | ) | 1,497 | 1,431 | |||
Other current and non current assets | 5,888 | (11 | ) | — | 5,877 | |||
Short-term debt and long-term debt | (24,640 | ) | 22 | — | (24,618 | ) | ||
Current and non-current lease liabilities | — | (22 | ) | (1,324 | ) | (1,346 | ) | |
Provisions and other current and non-current liabilities | (17,974 | ) | 100 | (173 | ) | (18,047 | ) |
(€ million) | 2018 | 2017 | ||
Commitments under operating leases(a) | 2,427 | 1,452 |
F-10 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-12 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFIFORM 20-F | F-13 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
•acquisition-related costs are recognized as an expense, •contingent consideration is recognized in equity if the contingent payment is settled by delivery of a fixed number of the acquirer’s equity instruments; otherwise, it is recognized in Liabilities related to business combinations. Contingent consideration is recognized at fair value at the acquisition date irrespective of the probability of payment. If the contingent consideration was originally recognized as a financial liability, subsequent adjustments to the liability are recognized in profit or loss in the line item Fair value remeasurement of contingent consideration, unless the adjustment is made within the twelve months following the acquisition date and relates to facts and circumstances existing as of that date; •goodwill may be calculated on the basis of either (i) the entire fair value of the acquiree, or (ii) a share of the fair value of the acquiree proportionate to the interest acquired. This option is elected for each acquisition individually. |
F-14 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-15 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Buildings | 15 to 40 years | ||||
Fixtures | 10 to 20 years | ||||
Machinery and equipment | 5 to 15 years | ||||
Other | 3 to 15 years |
F-16 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||
•completion of the sale should be foreseeable within the twelve months following the date of reclassification to Assets held for sale or exchange; and •actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
•the assets and liabilities previously classified as held for sale are reclassified to the appropriate balance sheet line items, with no restatement of comparative periods; •each asset is measured at the lower of (a) its carrying amount before the asset was reclassified as held for sale, adjusted for any depreciation, amortization or revaluation that would have been recognized if the asset had not been reclassified as held for sale, or (b) its recoverable amount at the date of reclassification; •the backlog of depreciation, amortization and impairment not recognized while non-current assets were classified as held for sale must be reported in the same income statement line item that was used to report impairment losses arising on initial reclassification of assets as held for sale and gains or losses arising on the sale of such assets. In the consolidated income statement, those impacts are reported within the line item Other gains and losses, and litigation; •the net income of a business previously classified as discontinued or as held for sale or exchange and reported on a separate line in the income statement must be reclassified and included in net income from continuing operations, for all periods presented; •in addition, segment information relating to the income statement and the statement of cash flows (acquisitions of non-current assets) must be disclosed in the notes to the financial statements in accordance with IFRS 8 (Operating Segments), and must also be restated for all prior periods presented. |
SANOFI FORM 20-F2022 | F-19 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||
SANOFIFORM 20-F | F-21 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Note | Type of financial instrument | Measurement principle | Level in fair value hierarchy | Valuation technique | Method used to determine fair value | ||||||||||||||||||
Valuation model | Market data | ||||||||||||||||||||||
Exchange rate | Interest rate | ||||||||||||||||||||||
D.7. | Financial assets measured at fair value (quoted equity instruments) | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||
D.7. | Financial assets measured at fair value (quoted debt instruments) | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||
D.7. | Financial assets measured at fair value (unquoted equity instruments) | Fair value | 3 | If cost ceases to be a representative measure of fair value, an internal valuation is carried out, based mainly on comparables. | |||||||||||||||||||
D.7. | Financial assets measured at fair value (contingent consideration receivable) | Fair value | 3 | Revenue-based approach | The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. | ||||||||||||||||||
D.7. | Financial assets measured at fair value held to meet obligations under post-employment benefit plans | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||
D.7. | Financial assets designated at fair value held to meet obligations under deferred compensation plans | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||
D.7. | Long-term loans and advances and other non-current receivables | Amortized cost | N/A | N/A | The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. | ||||||||||||||||||
Investments in mutual funds | Fair value | 1 | Market value | Net asset value | N/A | ||||||||||||||||||
Negotiable debt instruments, commercial paper, instant access deposits and term deposits | Amortized cost | N/A | N/A | Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. | |||||||||||||||||||
D.17.1. | Debt | Amortized cost(a) | N/A | N/A | In the case of debt with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements. For debt with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments). | ||||||||||||||||||
Lease liabilities | Amortized cost | N/A | N/A | The liability for future lease payments is discounted using the incremental borrowing rate. | |||||||||||||||||||
D.20. | Forward currency contracts | Fair value | 2 | Present value of future cash flows | Mid Market | < 1 year: Mid Money Market > 1 year: Mid Zero Coupon | |||||||||||||||||
D.20. | Interest rate swaps | Fair value | 2 | Revenue-based approach | Present value of future cash flows | Mid Market Spot | < 1 year: Mid Money Market and LIFFE interest rate futures > 1 year: Mid Zero Coupon | ||||||||||||||||
D.20. | Cross-currency swaps | Fair value | 2 | Present value of future cash flows | Mid Market Spot | < 1 year: Mid Money Market and LIFFE interest rate futures > 1 year: Mid Zero Coupon | |||||||||||||||||
D.18. | Liabilities related to business combinations and to non-controlling interests (CVRs) | Fair value | 1 | Market value | Quoted market price | ||||||||||||||||||
D.18. | Liabilities related to business combinations and to non-controlling interests (other than CVRs) | Fair value | 3 | Revenue-based approach | Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note |
F-22 | SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-23 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||
SANOFI FORM 20-F2022 | F-25 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 |
SANOFI FORM 20-F2022 | F-27 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-28 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
•the implementation of any stock option plan giving entitlement to purchase shares in the Sanofi parent company; •the allotment or sale of shares to employees under statutory profit sharing schemes and employee savings plans; •the consideration-free allotment of shares (i.e. restricted share plans); •the cancellation of some or all of the repurchased shares; •market-making in the secondary market by an investment services provider under a liquidity contract in compliance with the ethical code recognized by the Autorité des marchés financiers (AMF); •the delivery of shares on the exercise of rights attached to securities giving access to the capital by redemption, conversion, exchange, presentation of a warrant or any other means; •the delivery of shares (in exchange, as payment, or otherwise) in connection with mergers and acquisitions; •the execution by an investment services provider of purchases, sales or transfers by any means, in particular via off-market trading; or •any other purpose that is or may in the future be authorized under the applicable laws and regulations. |
SANOFI FORM 20-F2022 | F-29 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-30 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFIFORM 20-F | F-31 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | (a) | ||||
Carrying amount(b) | 3,342 | 3,055 | 2,496 | |||||
Equity interest | 21.2 | % | 21.7 | % | 22.2 | % | ||
Acquisitions of shares | — | — | 184 | |||||
Disposals of shares(c) | 33 | 24 | — |
(€ million) | Fair value at acquisition date | |||||
Other intangible assets | ||||||
Other current and non-current assets and liabilities | ||||||
118 | ||||||
Deferred taxes, net | (81) | |||||
Net assets of Amunix | 517 | |||||
Goodwill | 609 | |||||
Purchase price | 1,126 |
F-32 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-33 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-34 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Fair value at acquisition date | |||||
Other intangible assets | 396 | |||||
Deferred tax liabilities | (93) | |||||
Other current and non-current assets and liabilities | 235 | |||||
Cash and cash equivalents | 247 | |||||
Shire contingent consideration liability (see Note D.18.) | ||||||
Net assets of | ||||||
Goodwill | ||||||
Purchase price |
SANOFI FORM 20-F2022 | F-35 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Fair value at acquisition date | ||||
Other intangible assets | 2,534 | ||||
Other current and non-current assets and liabilities | (38) | ||||
Cash and cash equivalents | 186 | ||||
Net deferred tax position | (436) | ||||
Net assets of Principia | 2,246 | ||||
Goodwill | 912 | ||||
Purchase price | 3,158 | ||||
(€ million) | Fair value at acquisition date | ||||
Other intangible assets | 1,549 | ||||
Other current and non-current assets and liabilities | 36 | ||||
Net deferred tax position | (269) | ||||
Net assets of Synthorx | 1,316 | ||||
Goodwill | 930 | ||||
Purchase price | 2,246 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-37 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Land | Buildings | Machinery and equipment | Fixtures, fittings and other | Property, plant and equipment in process | Total | ||||||||||||||
Gross value at January 1, 2020 | 255 | 7,282 | 11,053 | 2,587 | 2,391 | 23,568 | ||||||||||||||
Changes in scope of consolidation | — | 6 | 3 | 1 | — | 10 | ||||||||||||||
Acquisitions and other increases | — | 16 | 40 | 46 | 1,208 | 1,310 | ||||||||||||||
Disposals and other decreases | (11) | (173) | (177) | (123) | (3) | (487) | ||||||||||||||
Currency translation differences | (13) | (264) | (276) | (67) | (91) | (711) | ||||||||||||||
Transfers(a) | 5 | (39) | 484 | 80 | (1,051) | (521) | ||||||||||||||
Gross value at December 31, 2020 | 236 | 6,828 | 11,127 | 2,524 | 2,454 | 23,169 | ||||||||||||||
Changes in scope of consolidation | — | 11 | 15 | 2 | 2 | 30 | ||||||||||||||
Acquisitions and other increases | — | 10 | 51 | 39 | 1,404 | 1,504 | ||||||||||||||
Disposals and other decreases | (3) | (75) | (153) | (80) | (3) | (314) | ||||||||||||||
Currency translation differences | 6 | 169 | 155 | 34 | 79 | 443 | ||||||||||||||
Transfers(a) | 1 | 227 | 453 | 136 | (839) | (22) | ||||||||||||||
Gross value at December 31, 2021 | 240 | 7,170 | 11,648 | 2,655 | 3,097 | 24,810 | ||||||||||||||
Changes in scope of consolidation | (17) | (294) | (1,480) | (163) | (150) | (2,104) | ||||||||||||||
Acquisitions and other increases | — | 11 | 54 | 41 | 1,642 | 1,748 | ||||||||||||||
Disposals and other decreases | (1) | (161) | (240) | (155) | (2) | (559) | ||||||||||||||
Currency translation differences | 17 | 122 | 144 | 29 | 35 | 347 | ||||||||||||||
Transfers(a) | (2) | 480 | 722 | 108 | (1,626) | (318) | ||||||||||||||
Gross value at December 31, 2022 | 237 | 7,328 | 10,848 | 2,515 | 2,996 | 23,924 | ||||||||||||||
Accumulated depreciation & impairment at January 1, 2020 | (11) | (4,065) | (7,660) | (1,984) | (131) | (13,851) | ||||||||||||||
Depreciation expense | — | (356) | (605) | (182) | — | (1,143) | ||||||||||||||
Impairment losses, net of reversals | — | (24) | (12) | (7) | — | (43) | ||||||||||||||
Disposals and other decreases | 1 | 168 | 166 | 117 | 8 | 460 | ||||||||||||||
Currency translation differences | — | 127 | 169 | 49 | — | 345 | ||||||||||||||
Transfers(a) | — | 252 | 150 | 26 | — | 428 | ||||||||||||||
Accumulated depreciation & impairment at December 31, 2020 | (10) | (3,898) | (7,792) | (1,981) | (123) | (13,804) | ||||||||||||||
Depreciation expense | — | (306) | (592) | (167) | — | (1,065) | ||||||||||||||
Impairment losses, net of reversals | �� | (3) | (22) | (2) | (12) | (39) | ||||||||||||||
Disposals and other decreases | — | 74 | 149 | 75 | 1 | 299 | ||||||||||||||
Currency translation differences | — | (80) | (99) | (29) | — | (208) | ||||||||||||||
Transfers(a) | 1 | 23 | 16 | (11) | 6 | 35 | ||||||||||||||
Accumulated depreciation & impairment at December 31, 2021 | (9) | (4,190) | (8,340) | (2,115) | (128) | (14,782) | ||||||||||||||
Changes in scope of consolidation | — | 201 | 1,202 | 130 | — | 1,533 | ||||||||||||||
Depreciation expense | — | (356) | (622) | (164) | — | (1,142) | ||||||||||||||
Impairment losses, net of reversals | (1) | (50) | (58) | (2) | (75) | (186) | ||||||||||||||
Disposals and other decreases | — | 133 | 201 | 153 | 31 | 518 | ||||||||||||||
Currency translation differences | — | (52) | (69) | (22) | 5 | (138) | ||||||||||||||
Transfers(a) | — | 89 | 49 | 5 | (1) | 142 | ||||||||||||||
Accumulated depreciation & impairment at December 31, 2022 | (10) | (4,225) | (7,637) | (2,015) | (168) | (14,055) | ||||||||||||||
Carrying amount at December 31, 2020 | 226 | 2,930 | 3,335 | 543 | 2,331 | 9,365 | ||||||||||||||
Carrying amount at December 31, 2021 | 231 | 2,980 | 3,308 | 540 | 2,969 | 10,028 | ||||||||||||||
Carrying amount at December 31, 2022 | 227 | 3,103 | 3,211 | 500 | 2,828 | 9,869 |
(€ million) | Land | Buildings | Machinery and equipment | Fixtures, fittings and other | Property, plant and equipment in process | Total | ||||||
Gross value at January 1, 2017 | 327 | 6,958 | 10,034 | 2,421 | 2,137 | 21,877 | ||||||
Changes in scope of consolidation | 22 | 23 | 11 | 6 | 7 | 69 | ||||||
Acquisitions and other increases | — | 10 | 63 | 54 | 1,267 | 1,394 | ||||||
Disposals and other decreases | (10 | ) | (124 | ) | (261 | ) | (125 | ) | (111 | ) | (631 | ) |
Currency translation differences | (21 | ) | (326 | ) | (278 | ) | (75 | ) | (84 | ) | (784 | ) |
Transfers(a) | — | 227 | 576 | 169 | (919 | ) | 53 | |||||
Gross value at December 31, 2017 | 318 | 6,768 | 10,145 | 2,450 | 2,297 | 21,978 | ||||||
Changes in scope of consolidation | — | 6 | 11 | 4 | 1 | 22 | ||||||
Acquisitions and other increases | — | 22 | 48 | 71 | 1,318 | 1,459 | ||||||
Disposals and other decreases | (23 | ) | (227 | ) | (272 | ) | (127 | ) | (20 | ) | (669 | ) |
Currency translation differences | — | 57 | 26 | 17 | 11 | 111 | ||||||
Transfers(a) | (12 | ) | 257 | 510 | 164 | (1,123 | ) | (204 | ) | |||
Gross value at December 31, 2018 | 283 | 6,883 | 10,468 | 2,579 | 2,484 | 22,697 | ||||||
Acquisitions and other increases | — | 10 | 50 | 56 | 1,145 | 1,261 | ||||||
Disposals and other decreases | (3 | ) | (42 | ) | (148 | ) | (114 | ) | (12 | ) | (319 | ) |
Currency translation differences | 6 | 80 | 64 | 17 | 33 | 200 | ||||||
Transfers(a) | (31 | ) | 351 | 619 | 49 | (1,259 | ) | (271 | ) | |||
Gross value at December 31, 2019 | 255 | 7,282 | 11,053 | 2,587 | 2,391 | 23,568 | ||||||
Accumulated depreciation & impairment at January 1, 2017 | (7 | ) | (3,427 | ) | (6,480 | ) | (1,757 | ) | (187 | ) | (11,858 | ) |
Depreciation expense | — | (329 | ) | (595 | ) | (197 | ) | — | (1,121 | ) | ||
Impairment losses, net of reversals | (11 | ) | (45 | ) | (177 | ) | (6 | ) | (15 | ) | (254 | ) |
Disposals and other decreases | — | 94 | 239 | 117 | 107 | 557 | ||||||
Currency translation differences | 1 | 140 | 147 | 53 | 2 | 343 | ||||||
Transfers(a) | (3 | ) | (45 | ) | (19 | ) | (14 | ) | 15 | (66 | ) | |
Accumulated depreciation & impairment at December 31, 2017 | (20 | ) | (3,612 | ) | (6,885 | ) | (1,804 | ) | (78 | ) | (12,399 | ) |
Depreciation expense | — | (351 | ) | (595 | ) | (191 | ) | — | (1,137 | ) | ||
Impairment losses, net of reversals | (8 | ) | (24 | ) | (40 | ) | (11 | ) | (12 | ) | (95 | ) |
Disposals and other decreases | 8 | 170 | 235 | 110 | 3 | 526 | ||||||
Currency translation differences | — | (29 | ) | (15 | ) | (14 | ) | — | (58 | ) | ||
Transfers(a) | 1 | 50 | 70 | (4 | ) | — | 117 | |||||
Accumulated depreciation & impairment at December 31, 2018 | (19 | ) | (3,796 | ) | (7,230 | ) | (1,914 | ) | (87 | ) | (13,046 | ) |
Depreciation expense | — | (357 | ) | (586 | ) | (194 | ) | — | (1,137 | ) | ||
Impairment losses, net of reversals | (4 | ) | (33 | ) | (4 | ) | (2 | ) | (55 | ) | (98 | ) |
Disposals and other decreases | 2 | 54 | 140 | 106 | 11 | 313 | ||||||
Currency translation differences | — | (40 | ) | (40 | ) | (12 | ) | — | (92 | ) | ||
Transfers(a) | 10 | 107 | 60 | 32 | — | 209 | ||||||
Accumulated depreciation & impairment at December 31, 2019 | (11 | ) | (4,065 | ) | (7,660 | ) | (1,984 | ) | (131 | ) | (13,851 | ) |
Carrying amount at December 31, 2017 | 298 | 3,156 | 3,260 | 646 | 2,219 | 9,579 | ||||||
Carrying amount at December 31, 2018 | 264 | 3,087 | 3,238 | 665 | 2,397 | 9,651 | ||||||
Carrying amount at December 31, 2019 | 244 | 3,217 | 3,393 | 603 | 2,260 | 9,717 |
F-38 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | (€ million) | 2022 | 2021 | 2020 | ||||||||||
Acquisitions | 1,261 | 1,459 | 1,394 | Acquisitions | 1,748 | 1,504 | 1,310 | ||||||||||
Pharmaceuticals | 846 | 1,014 | 1,005 | Pharmaceuticals | 1,049 | 1,007 | 831 | ||||||||||
Industrial facilities | 682 | 769 | 741 | Industrial facilities | 597 | 534 | 634 | ||||||||||
Research sites | 87 | 14 | 138 | Research sites | 153 | 277 | 152 | ||||||||||
Other | 77 | 231 | 126 | Other | 299 | 199 | 45 | ||||||||||
Vaccines | 405 | 440 | 379 | Vaccines | 629 | 421 | 384 | ||||||||||
Consumer Healthcare | 10 | 5 | 10 | Consumer Healthcare | 70 | 73 | 95 | ||||||||||
Capitalized interest | 14 | 21 | 20 | Capitalized interest | 17 | 14 | 11 |
(€ million) | 2019 | 2018 | 2017 | |||
Firm orders of property, plant and equipment | 398 | 535 | 508 | |||
Property, plant and equipment pledged as security for liabilities | 107 | 123 | 128 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Firm orders of property, plant and equipment | 861 | 769 | 708 | ||||||||
Property, plant and equipment pledged as security for liabilities | — | 9 | — |
(€ million) | 2019 | 2018 | 2017 | |||
Net impairment losses | 98 | 94 | 254 | |||
of which property, plant & equipment related to Dengue vaccine | — | — | 87 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Net impairment losses on property, plant and equipment(a) | 186 | 39 | 43 |
(€ million) | 2018 | 2017 | ||
Land | — | 4 | ||
Buildings | 73 | 102 | ||
Other property, plant and equipment | 14 | 9 | ||
Total gross value | 87 | 115 | ||
Accumulated depreciation and impairment | (64 | ) | (87 | ) |
Carrying amount | 23 | 28 |
(€ million) | 2018 | 2017 | ||
Future minimum lease payments due under finance leases | 25 | 39 | ||
of which interest | 3 | 7 |
SANOFIFORM 20-F | F-39 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Right-of-use assets | |||||
Gross value at January 1, | ||||||
Changes in scope of consolidation | 15 | |||||
Acquisitions and other increases | 340 | |||||
Disposals and other decreases | (121) | |||||
Currency translation differences | (85) | |||||
Transfers(a) | (21) | |||||
Gross value at December 31, 2020 | 1,711 | |||||
Changes in scope of consolidation | 93 | |||||
Acquisitions and other increases(b) | 963 | |||||
Disposals and other decreases | (91) | |||||
Currency translation differences | 76 | |||||
Transfers(a) | (7) | |||||
Gross value at December 31, 2021 | 2,745 | |||||
Changes in scope of consolidation | (26) | |||||
Acquisitions and other increases | ||||||
Disposals and other decreases | ||||||
Currency translation differences | ||||||
Transfers(a) | (8) | |||||
Gross value at December 31, | ||||||
Accumulated depreciation & impairment at January 1, | ||||||
Depreciation and impairment | ||||||
Disposals and other decreases | ||||||
Currency translation differences | 22 | |||||
Transfers(a) | 3 | |||||
Accumulated depreciation & impairment at December 31, | ||||||
Depreciation and impairment charged in the period | (315) | |||||
Disposals and other decreases | 40 | |||||
Currency translation differences | (15) | |||||
Transfers(a) | 6 | |||||
Accumulated depreciation & impairment at December 31, 2021 | (797) | |||||
Changes in scope of consolidation | 14 | |||||
Depreciation and impairment charged in the period | (341) | |||||
Disposals and other decreases | 82 | |||||
Currency translation differences | (17) | |||||
Transfers(a) | 2 | |||||
Accumulated depreciation & impairment at December 31, 2022 | (1,057) | |||||
Carrying amount at December 31, |
1,198 | |||||
Carrying amount at December 31, 2022 | 1,815 |
F-40 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Goodwill | |||||
Balance at January 1, | ||||||
Acquisitions during the period | ||||||
Other movements during the period(a) | ||||||
Currency translation differences | ||||||
Balance at December 31, | ||||||
Acquisitions during the period | ||||||
Other movements during the period | ||||||
Currency translation differences | ||||||
Balance at December 31, |
48,056 | ||||
609 | |||||
Other movements during the period(a) | |||||
Currency translation differences | 1,485 | ||||
Balance at December 31, | 49,892 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Acquired R&D | Products, trademarks and other rights | Software | Total other intangible assets | |||||||||||||
Gross value at January 1, 2020(a) | 5,730 | 63,953 | 1,613 | 71,296 | |||||||||||||
Changes in scope of consolidation | 3,951 | 132 | — | 4,083 | |||||||||||||
Acquisitions and other increases(a) | 654 | 58 | 106 | 818 | |||||||||||||
Disposals and other decreases | (44) | (243) | (46) | (333) | |||||||||||||
Currency translation differences(a) | (593) | (2,926) | (38) | (3,557) | |||||||||||||
Transfers(b) | (98) | 100 | (2) | — | |||||||||||||
Gross value at December 31, 2020(a) | 9,600 | 61,074 | 1,633 | 72,307 | |||||||||||||
Changes in scope of consolidation(c) | 1,805 | 1,821 | — | 3,626 | |||||||||||||
Acquisitions and other increases | 339 | 159 | 118 | 616 | |||||||||||||
Disposals and other decreases | (313) | (173) | (16) | (502) | |||||||||||||
Currency translation differences | 560 | 2,234 | 24 | 2,818 | |||||||||||||
Transfers(b) | (784) | 791 | (7) | — | |||||||||||||
Gross value at December 31, 2021 | 11,207 | 65,906 | 1,752 | 78,865 | |||||||||||||
Changes in scope of consolidation(c) | — | 499 | (35) | 464 | |||||||||||||
Acquisitions and other increases | 277 | 195 | 99 | 571 | |||||||||||||
Disposals and other decreases | (72) | (423) | (48) | (543) | |||||||||||||
Currency translation differences | 518 | 1,994 | 21 | 2,533 | |||||||||||||
Transfers(b) | (1,576) | 1,408 | (6) | (174) | |||||||||||||
Gross value at December 31, 2022 | 10,354 | 69,579 | 1,783 | 81,716 | |||||||||||||
Accumulated amortization & impairment at January 1, 2020(a) | (3,396) | (50,314) | (1,077) | (54,787) | |||||||||||||
Amortization expense(a) | — | (1,707) | (112) | (1,819) | |||||||||||||
Impairment losses, net of reversals(d) | (328) | (2) | — | (330) | |||||||||||||
Disposals and other decreases | 44 | 232 | 45 | 321 | |||||||||||||
Currency translation differences | 158 | 2,460 | 31 | 2,649 | |||||||||||||
Transfers(b) | 14 | (14) | — | — | |||||||||||||
Accumulated amortization & impairment at December 31, 2020(a) | (3,508) | (49,345) | (1,113) | (53,966) | |||||||||||||
Amortization expense | — | (1,621) | (119) | (1,740) | |||||||||||||
Impairment losses, net of reversals(d) | (150) | (42) | — | (192) | |||||||||||||
Disposals and other decreases | 313 | 133 | 16 | 462 | |||||||||||||
Currency translation differences | (132) | (1,869) | (21) | (2,022) | |||||||||||||
Accumulated amortization & impairment at December 31, 2021 | (3,477) | (52,744) | (1,237) | (57,458) | |||||||||||||
Changes in scope of consolidation | — | — | 11 | 11 | |||||||||||||
Amortization expense (e) | — | (2,099) | (97) | (2,196) | |||||||||||||
Impairment losses, net of reversals(d) | (1,107) | 1,561 | — | 454 | |||||||||||||
Disposals and other decreases | 75 | 411 | 39 | 525 | |||||||||||||
Currency translation differences | (7) | (1,567) | (17) | (1,591) | |||||||||||||
Transfers(a) | 388 | (214) | 5 | 179 | |||||||||||||
Accumulated amortization & impairment at December 31, 2022 | (4,128) | (54,652) | (1,296) | (60,076) | |||||||||||||
Carrying amount at December 31, 2020 | 6,092 | 11,729 | 520 | 18,341 | |||||||||||||
Carrying amount at December 31, 2021 | 7,730 | 13,162 | 515 | 21,407 | |||||||||||||
Carrying amount at December 31, 2022 | 6,226 | 14,927 | 487 | 21,640 |
(€ million) | Acquired R&D | Products, trademarks and other rights | Software | Total other intangible assets | ||||
Gross value at January 1, 2017 | 3,649 | 53,107 | 1,326 | 58,082 | ||||
Changes in scope of consolidation | — | 4,546 | 1 | 4,547 | ||||
Acquisitions and other increases | 317 | 212 | 170 | 699 | ||||
Disposals and other decreases | (39 | ) | (450 | ) | (62 | ) | (551 | ) |
Currency translation differences | (200 | ) | (3,814 | ) | (51 | ) | (4,065 | ) |
Transfers(a) | (48 | ) | 37 | (16 | ) | (27 | ) | |
Gross value at December 31, 2017 | 3,679 | 53,638 | 1,368 | 58,685 | ||||
Changes in scope of consolidation | 3,632 | 6,889 | 2 | 10,523 | ||||
Acquisitions and other increases | 367 | 16 | 251 | 634 | ||||
Disposals and other decreases | (44 | ) | (920 | ) | (75 | ) | (1,039 | ) |
Currency translation differences | 218 | 1,757 | 10 | 1,985 | ||||
Transfers(a) | (430 | ) | 420 | 3 | (7 | ) | ||
Gross value at December 31, 2018 | 7,422 | 61,800 | 1,559 | 70,781 | ||||
Acquisitions and other increases | 272 | 19 | 184 | 475 | ||||
Disposals and other decreases | (236 | ) | (569 | ) | (50 | ) | (855 | ) |
Currency translation differences | 86 | 889 | 10 | 985 | ||||
Transfers(a) | (1,814 | ) | 1,814 | (5 | ) | (5 | ) | |
Gross value at December 31, 2019 | 5,730 | 63,953 | 1,698 | 71,381 | ||||
Accumulated amortization & impairment at January 1, 2017 | (2,290 | ) | (43,997 | ) | (916 | ) | (47,203 | ) |
Amortization expense | — | (1,886 | ) | (112 | ) | (1,998 | ) | |
Impairment losses, net of reversals(b) | (95 | ) | (215 | ) | (3 | ) | (313 | ) |
Disposals and other decreases | 39 | 443 | 64 | 546 | ||||
Currency translation differences | 142 | 3,138 | 35 | 3,315 | ||||
Transfers(a) | — | 41 | 7 | 48 | ||||
Accumulated amortization & impairment at December 31, 2017 | (2,204 | ) | (42,476 | ) | (925 | ) | (45,605 | ) |
Amortization expense | — | (2,188 | ) | (115 | ) | (2,303 | ) | |
Impairment losses, net of reversals(b) | (456 | ) | (264 | ) | (10 | ) | (730 | ) |
Disposals and other decreases | 36 | 840 | 68 | 944 | ||||
Currency translation differences | (54 | ) | (1,146 | ) | (6 | ) | (1,206 | ) |
Transfers(a) | — | 6 | 2 | 8 | ||||
Accumulated amortization & impairment at December 31, 2018 | (2,678 | ) | (45,228 | ) | (986 | ) | (48,892 | ) |
Amortization expense | — | (2,167 | ) | (134 | ) | (2,301 | ) | |
Impairment losses, net of reversals(b) | (847 | ) | (2,757 | ) | (23 | ) | (3,627 | ) |
Disposals and other decreases | 158 | 488 | 51 | 697 | ||||
Currency translation differences | (31 | ) | (648 | ) | (8 | ) | (687 | ) |
Transfers(a) | 2 | (2 | ) | 1 | 1 | |||
Accumulated amortization & impairment at December 31, 2019 | (3,396 | ) | (50,314 | ) | (1,099 | ) | (54,809 | ) |
Carrying amount at December 31, 2017 | 1,475 | 11,162 | 443 | 13,080 | ||||
Carrying amount at December 31, 2018 | 4,744 | 16,572 | 573 | 21,889 | ||||
Carrying amount at December 31, 2019 | 2,334 | 13,639 | 599 | 16,572 |
SANOFI FORM 20-F2022 |
(€ million) | Gross value | Accumulated amortization & impairment | Carrying amount at December 31, 2022 | Amortization period (years)(a) | Residual amortization period (years)(b) | Carrying amount at December 31, 2021 | Carrying amount at December 31, 2020 | ||||||||||||||||
Genzyme | 10,490 | (9,869) | 621 | 10 | 2 | 1,032 | 1,485 | ||||||||||||||||
Boehringer Ingelheim Consumer Healthcare | 3,633 | (1,596) | 2,037 | 17 | 12 | 2,213 | 2,489 | ||||||||||||||||
Aventis | 34,684 | (34,626) | 58 | 9 | 10 | 73 | 110 | ||||||||||||||||
Chattem | 1,360 | (786) | 574 | 23 | 11 | 593 | 602 | ||||||||||||||||
Protein Sciences | 857 | (359) | 498 | 13 | 8 | 532 | 554 | ||||||||||||||||
Ablynx | 1,966 | (609) | 1,357 | 14 | 10 | 1,494 | 1,861 | ||||||||||||||||
Bioverativ | 7,955 | (3,119) | 4,836 | 13 | 9 | 3,065 | 3,240 | ||||||||||||||||
Kadmon | 1,882 | (180) | 1,702 | 12 | 11 | 1,750 | — | ||||||||||||||||
Total: principal marketed products | 62,827 | (51,144) | 11,683 | 10,752 | 10,341 |
(€ million) | Gross value | Accumulated amortization & impairment | Carrying amount at December 31, 2019 | Amortization period (years)(a) | Residual amortization period (years)(b) | Carrying amount at December 31, 2018 | Carrying amount at December 31, 2017 | |||||
Genzyme | 10,285 | (8,190 | ) | 2,095 | 10 | 4 | 2,988 | 3,834 | ||||
Boehringer Ingelheim Consumer Healthcare | 3,735 | (1,036 | ) | 2,699 | 16 | 14 | 3,237 | 3,442 | ||||
Aventis | 34,076 | (33,857 | ) | 219 | 9 | 5 | 409 | 584 | ||||
Chattem | 1,302 | (591 | ) | 711 | 23 | 14 | 748 | 766 | ||||
Protein Sciences | 818 | (151 | ) | 667 | 13 | 11 | 715 | 744 | ||||
Ablynx | 2,279 | (250 | ) | 2,029 | 13 | 12 | 376 | — | ||||
Bioverativ | 6,960 | (3,172 | ) | 3,788 | 13 | 12 | 6,385 | — | ||||
Total: principal marketed products | 59,455 | (47,247 | ) | 12,208 | 14,858 | 9,370 |
(€ million) | 2019 | 2018 | 2017 | |||
Cost of sales | 11 | 21 | 28 | |||
Research and development expenses | 3 | 4 | 22 | |||
Selling and general expenses | 114 | 87 | 53 | |||
Other operating expenses | 6 | 3 | 9 | |||
Total | 134 | 115 | 112 |
(€ million) | 2022 | 2021 | 2020 | (a) | ||||||||||
Cost of sales | 10 | 18 | 19 | |||||||||||
Research and development expenses | 1 | 3 | 2 | |||||||||||
Selling and general expenses | 82 | 98 | 87 | |||||||||||
Other operating expenses | 4 | — | 4 | |||||||||||
Total | 97 | 119 | 112 |
SANOFIFORM 20-F | F-43 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Total | ||||
Goodwill | 36,565 | 6,594 | 1,360 | 44,519 |
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Total | ||||||||||
Goodwill | 39,421 | 6,690 | 3,781 | 49,892 |
F-44 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | |||
Impairment of other intangible assets (excluding software) | 3,604 | 720 | 310 | |||
Marketed products | 2,757 | 264 | 213 | |||
Pharmaceuticals(a) | 2,405 | 258 | 23 | |||
Vaccines(b) | — | 6 | 190 | |||
CHC(c) | 352 | — | — | |||
Research and development projects(d) | 847 | 454 | 80 | |||
Other(e) | — | 2 | 17 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Impairment of other intangible assets, net of reversals (excluding software) | (454) | 192 | 330 | ||||||||
Marketed products | (1,561) | 42 | 2 | ||||||||
Pharmaceuticals (a) | (1,542) | 1 | 2 | ||||||||
Vaccines | 16 | — | — | ||||||||
Consumer Healthcare | (35) | 41 | — | ||||||||
Research and development projects (a) / (b) | 1,107 | 150 | 328 | ||||||||
(€ million) | % interest | 2022 | 2021 | 2020 | ||||||||||
EUROAPI(a) | 30.1 | 392 | — | — | ||||||||||
Infraserv GmbH & Co. Höchst KG(b) | 31.2 | 97 | 80 | 72 | ||||||||||
MSP Vaccine Company(c) | 50.0 | 104 | 88 | 44 | ||||||||||
Other investments | — | 84 | 82 | 85 | ||||||||||
Total | 677 | 250 | 201 |
(€ million) | % interest | 2019 | 2018 | 2017 | (a) | ||||
Regeneron Pharmaceuticals, Inc.(b) | 21.2 | 3,342 | 3,055 | 2,496 | |||||
Onduo LLC | 19.9 | — | 108 | 141 | |||||
Infraserv GmbH & Co. Höchst KG(c) | 31.2 | 70 | 73 | 73 | |||||
Entities and companies managed by Bristol-Myers Squibb(d) | 49.9 | 37 | 40 | 38 | |||||
Other investments | — | 142 | 126 | 99 | |||||
Total | 3,591 | 3,402 | 2,847 |
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||
2022 | 2021 | 2020 | |||||||||||||||||||||
(€ million) | Joint ventures | Associates | Joint ventures | Associates | Joint ventures | Associates | |||||||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | 74 | (6) | 26 | 13 | 4 | 355 | (a) | ||||||||||||||||
Share of other comprehensive income from investments accounted for using the equity method | (2) | (3) | (6) | — | 8 | (311) | |||||||||||||||||
Total | 72 | (9) | 20 | 13 | 12 | 44 |
2019 | 2018 | 2017 | (a) | |||||||||
(€ million) | Joint ventures | Associates | Joint ventures | Associates | Joint ventures | Associates | ||||||
Share of profit/(loss) from investments accounted for using the equity method | 15 | 240 | 17 | 482 | 20 | 65 | ||||||
Share of other comprehensive income from investments accounted for using the equity method | (7 | ) | 90 | (7 | ) | 105 | 22 | (303 | ) | |||
Total | 8 | 330 | 10 | 587 | 42 | (238 | ) |
(€ million) | 2022 | (b) | 2021 | 2020 | ||||||||||
Sales | 131 | 70 | 75 | |||||||||||
Royalties and other income(a) | 81 | 66 | 97 | |||||||||||
Accounts receivable and other receivables | 174 | 116 | 50 | |||||||||||
Purchases and other expenses (including research expenses)(a) | 477 | 178 | 747 | |||||||||||
Accounts payable and other payables | 132 | 28 | 15 |
(€ million) | 2019 | 2018 | 2017 | |||
Sales | 24 | 35 | 33 | |||
Royalties and other income(a) | 270 | 116 | 100 | |||
Accounts receivable and other receivables(a) | 151 | 89 | 85 | |||
Purchases and other expenses (including research expenses)(a) | 1,334 | 1,143 | 777 | |||
Accounts payable and other payables(a) | 342 | 544 | 217 |
(€ million) | 2019 | 2018 | 2017 | (a) | |||
Net sales and other revenues | 7,023 | 5,680 | 5,079 | ||||
Net income | 1,882 | 2,476 | 702 | ||||
Other comprehensive income for the period, net of taxes | 113 | (33 | ) | 12 | |||
Comprehensive income | 1,995 | 2,443 | 714 |
(€ million) | December 31, 2019 | December 31, 2018 | December 31, 2017 | (a) | |||
Current assets | 6,858 | 5,621 | 3,615 | ||||
Non-current assets | 6,627 | 4,731 | 3,966 | ||||
Total assets | 13,485 | 10,352 | 7,581 | ||||
Current liabilities | 1,870 | 1,258 | 983 | ||||
Non-current liabilities | 925 | 772 | 1,340 | ||||
Total liabilities | 2,795 | 2,030 | 2,323 | ||||
Consolidated shareholders’ equity of Regeneron | 10,690 | 8,322 | 5,258 |
(€ million) | December 31, 2019 | December 31, 2018 | December 31, 2017 | (a) | |||
% interest | 21 | % | 22 | % | 22 | % | |
Share of equity attributable to Sanofi | 2,263 | 1,806 | 1,167 | ||||
Goodwill | 839 | 858 | 810 | ||||
Fair value remeasurements of assets and liabilities at the acquisition date | 811 | 873 | 938 | ||||
Other items(b) | (571 | ) | (482 | ) | (419 | ) | |
Carrying amount of the investment in Regeneron | 3,342 | 3,055 | 2,496 |
2019 | 2018 | 2017 | ||||
Quoted stock market price per share ($) | 375.48 | 373.50 | 375.96 | |||
Market value of investment in Regeneron ($ million) | 8,767 | 8,835 | 8,978 | |||
Market value of investment in Regeneron (€ million) | 7,820 | 7,702 | 7,487 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Equity instruments at fair value through other comprehensive income (D.7.1.) | 936 | 823 | 588 | ||||||||
Debt instruments at fair value through other comprehensive income (D.7.2.) | 329 | 447 | 426 | ||||||||
Other financial assets at fair value through profit or loss (D.7.3.) | 823 | 902 | 890 | ||||||||
Pre-funded pension obligations (Note D.19.1.) | 269 | 408 | 177 | ||||||||
Long-term prepaid expenses(a) | 286 | 59 | 92 | ||||||||
Long-term loans and advances and other non-current receivables(b) | 452 | 485 | 537 | ||||||||
Derivative financial instruments (Note D.20.) | — | 3 | 24 | ||||||||
Total | 3,095 | 3,127 | 2,734 |
(€ million) | 2019 | 2018 | 2017 | (a) | 2017 | ||||
Available-for-sale financial assets | — | — | — | 2,182 | |||||
Financial assets recognized under the fair value option | — | — | — | 336 | |||||
Equity instruments at fair value through other comprehensive income | 380 | 1,037 | 1,389 | — | |||||
Debt instruments at fair value through other comprehensive income | 403 | 359 | 199 | — | |||||
Other financial assets at fair value through profit or loss | 892 | 733 | 944 | — | |||||
Pre-funded pension obligations (Note D.19.1.) | 155 | 77 | 53 | 53 | |||||
Long-term prepaid expenses | 115 | 126 | 17 | 17 | |||||
Long-term loans and advances and other non-current receivables (b) | 685 | 620 | 699 | 713 | |||||
Derivative financial instruments (Note D.20.) | 37 | 19 | 63 | 63 | |||||
Total | 2,667 | 2,971 | 3,364 | 3,364 |
SANOFI FORM 20-F2022 |
•the sale in June 2022 of the residual equity interest in Regeneron (see Note C.1.). for $174 million, the entire loss on which was recorded within Other comprehensive income; and •the acquisition of an equity interest in Innovent Biologics, in connection with a strategic collaboration agreement to intensify development in oncology medicines signed in August 2022, which had a fair value of €250 million as of that date and €228 million as of December 31, 2022. The main changes in quoted equity investments included in this category in previous years are described below: •in 2021, following completion of the acquisition of Translate Bio on September 14, 2021 (see Note D.2.1.), the equity interest of approximately 5% in Translate Bio previously held by Sanofi ceased to be accounted for as an equity instrument at fair value through other comprehensive income; •in 2020: –following the sale of 22.8 million shares of Regeneron common stock on May 29, 2020 (see Note D.2.2.), Sanofi ceased to exercise significant influence over Regeneron, and this investment ceased to be accounted for using the equity method (see Note D.6.). In accordance with IFRS 9 (Financial Instruments), the 400,000 shares retained by Sanofi were classified in the “Equity instruments at fair value through other comprehensive income” category as of May 29, 2020, at a carrying amount of €221 million. As of December 31, 2020, Sanofi held 279,766 Regeneron shares with a carrying amount of €111 million, –an equity injection was made into Translate Bio under the terms of the collaboration and license agreement announced on June 23, 2020, which had a carrying amount of €74 million as of December 31, 2021 and represented an equity interest of approximately 8% of Translate Bio as of that date, –Sanofi owns equity interests in quoted biotechnology companies. Movements in the quoted market prices of the shares held in those companies generated a net gain of €357 million, recognized in “Equity instruments at fair value through other comprehensive income”. |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||
Assets held for sale or exchange | 325 | 68 | 34 | ||||
Liabilities related to assets held for sale or exchange | 6 | — | — |
(€ million) | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||
Assets held for sale or exchange | 85 | 89 | 83 | ||||||||
Liabilities related to assets held for sale or exchange | 10 | — | 32 |
2019 | 2018 | 2017 | (a) | |||||||||||||||
(€ million) | Gross value | Allowances | Carrying amount | Gross value | Allowances | Carrying amount | Gross value | Allowances | Carrying amount | |||||||||
Raw materials | 1,163 | (76 | ) | 1,087 | 1,099 | (83 | ) | 1,016 | 1,041 | (79 | ) | 962 | ||||||
Work in process | 5,104 | (582 | ) | 4,522 | 4,637 | (549 | ) | 4,088 | 4,348 | (656 | ) | 3,692 | ||||||
Finished goods | 2,629 | (244 | ) | 2,385 | 2,533 | (160 | ) | 2,373 | 2,342 | (178 | ) | 2,164 | ||||||
Total | 8,896 | (902 | ) | 7,994 | 8,269 | (792 | ) | 7,477 | 7,731 | (913 | ) | 6,818 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||
(€ million) | Gross value | Allowances | Carrying amount | Gross value | Allowances | Carrying amount | Gross value | Allowances | Carrying amount | ||||||||||||||||||||
Raw materials | 1,613 | (139) | 1,474 | 1,344 | (66) | 1,278 | 1,051 | (76) | 975 | ||||||||||||||||||||
Work in process | 5,663 | (678) | 4,985 | 5,579 | (554) | 5,025 | 5,398 | (542) | 4,856 | ||||||||||||||||||||
Finished goods | 2,748 | (247) | 2,501 | 2,696 | (284) | 2,412 | 2,739 | (218) | 2,521 | ||||||||||||||||||||
Total | 10,024 | (1,064) | 8,960 | 9,619 | (904) | 8,715 | 9,188 | (836) | 8,352 |
(€ million) | December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||
Gross value | 8,090 | 7,430 | 7,405 | |||||
Allowances | (153 | ) | (170 | ) | (a) | (189 | ) | |
Carrying amount | 7,937 | 7,260 | 7,216 |
(€ million) | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||
Gross value | 8,537 | 7,705 | 7,633 | ||||||||
Allowances | (113) | (137) | (142) | ||||||||
Carrying amount | 8,424 | 7,568 | 7,491 |
F-48 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Overdue accounts | Overdue by | Overdue by | Overdue by | Overdue by | Overdue by | |||||||
(€ million) | gross value | <1 month | 1 to 3 months | 3 to 6 months | 6 to 12 months | > 12 months | ||||||
December 31, 2019 | 642 | 269 | 171 | 61 | 36 | 105 | ||||||
December 31, 2018 | 547 | 257 | 172 | 36 | 21 | 61 | ||||||
December 31, 2017 | 644 | 247 | 143 | 113 | 48 | 93 |
Overdue accounts | Overdue by | Overdue by | Overdue by | Overdue by | Overdue by | |||||||||||||||
(€ million) | gross value | <1 month | 1 to 3 months | 3 to 6 months | 6 to 12 months | > 12 months | ||||||||||||||
December 31, 2022 | 452 | 118 | 161 | 87 | 35 | 51 | ||||||||||||||
December 31, 2021 | 455 | 169 | 151 | 67 | 12 | 56 | ||||||||||||||
December 31, 2020 | 549 | 271 | 97 | 52 | 34 | 95 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Tax receivables, other than corporate income taxes | 658 | 802 | 687 | ||||||||
Prepaid expenses | 714 | 615 | 525 | ||||||||
Other receivables(a) | 1,290 | 805 | 567 | ||||||||
Interest rate derivatives measured at fair value (see Note D.20.) | — | 11 | — | ||||||||
Currency derivatives measured at fair value (see Note D.20.) | 206 | 284 | 58 | ||||||||
Other current financial assets(b) | 664 | 1,054 | 900 | ||||||||
Total | 3,532 | 3,571 | 2,737 |
(€ million) | 2019 | 2018 | 2017 | |||
Taxes payable | 1,411 | 1,458 | 832 | |||
Other receivables(a) | 735 | 627 | 627 | |||
Prepaid expenses(b) | 493 | 469 | 336 | |||
Interest rate derivatives measured at fair value (see Note D.20.) | 4 | 30 | — | |||
Currency derivatives measured at fair value (see Note D.20.) | 184 | 134 | 133 | |||
Other current financial assets (c) | 426 | 199 | 77 | |||
Total | 3,253 | 2,917 | 2,005 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
2019 | 2018 | 2017 | |||||||||||||||||
Level in the fair value hierarchy | Level in the fair value hierarchy | Level in the fair value hierarchy | |||||||||||||||||
(€ million) | Note | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||
Financial assets measured at fair value | |||||||||||||||||||
Quoted equity investments | D.7. | 114 | — | — | 859 | — | — | 1,361 | — | — | |||||||||
Unquoted equity investments | D.7. | — | — | 290 | — | — | 197 | — | — | 72 | |||||||||
Quoted debt securities | D.7. | 403 | — | — | 359 | — | — | 199 | — | — | |||||||||
Unquoted debt securities | D.7. | — | — | 52 | — | — | 61 | — | — | 51 | |||||||||
Contingent consideration relating to divestments | D.7. | — | — | 492 | — | — | 373 | — | — | 342 | |||||||||
Financial assets held to meet obligations under post-employment benefit plans | D.7. | — | — | — | — | — | — | 198 | — | — | |||||||||
Financial assets held to meet obligations under deferred compensation plans | D.7. | 442 | — | — | 364 | — | — | 359 | — | — | |||||||||
Non-current derivatives | D.7. | — | 37 | — | — | 19 | — | — | 63 | — | |||||||||
Current derivatives | D.11. | — | 188 | — | — | 164 | — | — | 133 | — | |||||||||
Mutual fund investments | D.13. | 5,304 | — | — | 3,189 | — | — | 7,207 | — | — | |||||||||
Total financial assets measured at fair value | 6,263 | 225 | 834 | 4,771 | 183 | 631 | 9,324 | 196 | 465 | ||||||||||
Financial liabilities measured at fair value | |||||||||||||||||||
CVRs issued in connection with the acquisition of Genzyme | D.18. | — | — | — | 99 | — | — | 75 | — | — | |||||||||
Bayer contingent purchase consideration arising from the acquisition of Genzyme | D.18. | — | — | 156 | — | — | 472 | — | — | 701 | |||||||||
MSD contingent consideration (European vaccines business) | D.18. | — | — | 385 | — | — | 410 | — | — | 420 | |||||||||
Other contingent consideration arising from business combinations | D.18. | — | — | 259 | — | — | 301 | — | — | 81 | |||||||||
Liabilities related to non-controlling interests | D.18. | — | — | — | — | — | 22 | — | — | 92 | |||||||||
Non-current derivatives | — | 10 | — | — | 7 | — | — | 16 | — | ||||||||||
Current derivatives | D.19.5. | — | 89 | — | — | 90 | — | — | 58 | — | |||||||||
Total financial liabilities measured at fair value | — | 99 | 800 | 99 | 97 | 1,205 | 75 | 74 | 1,294 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Level in the fair value hierarchy | Level in the fair value hierarchy | Level in the fair value hierarchy | ||||||||||||||||||||||||||||||
(€ million) | Note | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Financial assets measured at fair value | ||||||||||||||||||||||||||||||||
Quoted equity investments | D.7.1. | 387 | — | — | 396 | — | — | 439 | — | — | ||||||||||||||||||||||
Unquoted equity investments | D.7.1. | — | — | 549 | — | — | 427 | — | — | 149 | ||||||||||||||||||||||
Quoted debt securities | D.7.2. | 329 | — | — | 447 | — | — | 426 | — | — | ||||||||||||||||||||||
Unquoted debt securities not meeting the definition of equity instruments | D.7.3. | — | — | 115 | — | — | 78 | — | — | 63 | ||||||||||||||||||||||
Contingent consideration relating to divestments | D.7.3. | — | — | 303 | — | — | 378 | — | — | 483 | ||||||||||||||||||||||
Financial assets held to meet obligations under deferred compensation plans | D.7.3. and D.11. | 512 | — | — | 549 | — | — | 454 | — | — | ||||||||||||||||||||||
Non-current derivatives | D.7. | — | — | — | — | 3 | — | — | 24 | — | ||||||||||||||||||||||
Current derivatives | D.11. | — | 206 | — | — | 295 | — | — | 58 | — | ||||||||||||||||||||||
Mutual fund investments | D.13. | 9,537 | — | — | 5,057 | — | — | 8,703 | — | — | ||||||||||||||||||||||
Total financial assets measured at fair value | 10,765 | 206 | 967 | 6,449 | 298 | 883 | 10,022 | 82 | 695 | |||||||||||||||||||||||
Financial liabilities measured at fair value | ||||||||||||||||||||||||||||||||
Bayer contingent purchase consideration arising from the acquisition of Genzyme | D.18. | — | — | 26 | — | — | 59 | — | — | 104 | ||||||||||||||||||||||
MSD contingent consideration (European vaccines business) | D.18. | — | — | 204 | — | — | 269 | — | — | 312 | ||||||||||||||||||||||
Shire contingent consideration arising from the acquisition of Translate Bio | D.18. | — | — | 380 | — | — | 354 | — | — | — | ||||||||||||||||||||||
Contingent consideration arising from acquisition of Amunix | D.18. | — | — | 165 | — | — | — | — | — | — | ||||||||||||||||||||||
Other contingent consideration arising from business combinations and acquisitions | D.18. | — | — | 4 | — | — | 32 | — | — | 189 | ||||||||||||||||||||||
Non-current derivatives | D.19. | — | 232 | — | — | 6 | — | — | 92 | — | ||||||||||||||||||||||
Current derivatives | D.19.5 | — | 94 | — | — | 79 | — | — | 205 | — | ||||||||||||||||||||||
Total financial liabilities measured at fair value | — | 326 | 779 | — | 85 | 714 | — | 297 | 605 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Cash | 1,385 | 1,358 | 1,144 | ||||||||
Cash equivalents(a) | 11,351 | 8,740 | 12,771 | ||||||||
Cash and cash equivalents | 12,736 | 10,098 | 13,915 |
(€ million) | 2019 | 2018 | 2017 | |||
Cash | 701 | 661 | 472 | |||
Cash equivalents(a) | 8,726 | 6,264 | 9,843 | |||
Cash and cash equivalents | 9,427 | 6,925 | 10,315 |
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | (d) | ||||||||||||||||
Deferred taxes on: | ||||||||||||||||||||
Consolidation adjustments (intragroup margin in inventory) | 1,388 | 1,292 | 1,142 | |||||||||||||||||
Provision for pensions and other employee benefits | 850 | 1,117 | 1,156 | |||||||||||||||||
Remeasurement of other acquired intangible assets | (3,269) | (a) | (3,079) | (3,083) | ||||||||||||||||
Recognition of acquired property, plant and equipment at fair value | (24) | (26) | (27) | |||||||||||||||||
Equity interests in subsidiaries and investments in other entities(b) | (617) | (590) | (522) | |||||||||||||||||
Tax losses available for carry-forward | 1,506 | 1,516 | 1,327 | |||||||||||||||||
Stock options and other share-based payments | 92 | 88 | 89 | |||||||||||||||||
Accrued expenses and provisions deductible at the time of payment(c) | 1,859 | 1,585 | 1,399 | |||||||||||||||||
Other | 1,755 | 1,078 | 925 | |||||||||||||||||
Net deferred tax asset/(liability) | 3,540 | 2,981 | 2,406 |
(€ million) | 2019 | 2018 | 2017 | |||
Deferred taxes on: | ||||||
Consolidation adjustments (intragroup margin in inventory) | 1,270 | 1,195 | 969 | |||
Provision for pensions and other employee benefits | 1,327 | 1,166 | 1,263 | |||
Remeasurement of other acquired intangible assets(a) | (2,656 | ) | (3,740 | ) | (1,713 | ) |
Recognition of acquired property, plant and equipment at fair value | (33 | ) | (31 | ) | (36 | ) |
Equity interests in subsidiaries and investments in other entities(b) | (421 | ) | (437 | ) | (592 | ) |
Tax losses available for carry-forward | 1,323 | 1,341 | 1,059 | |||
Stock options and other share-based payments | 142 | 110 | 88 | |||
Accrued expenses and provisions deductible at the time of payment(c) | 1,405 | 1,394 | 1,342 | |||
Other(d) | 783 | 201 | 306 | |||
Net deferred tax asset/(liability) | 3,140 | 1,199 | 2,686 |
(€ million) | Tax losses available for carry-forward(a) | ||||
2023 | — | ||||
2024 | 3 | ||||
2025 | 21 | ||||
2026 | 28 | ||||
2027 | 102 | ||||
2028 and later | 8,349 | ||||
Total as of December 31, 2022 | 8,503 | ||||
Total as of December 31, 2021 | 7,644 | ||||
Total as of December 31, 2020 | 6,515 |
(€ million) | Tax losses available for carry-forward(a) | |
2020 | 8 | |
2021 | 88 | |
2022 | 52 | |
2023 | 29 | |
2024 | 54 | |
2025 and later | 6,170 | |
Total as of December 31, 2019 | 6,401 | |
Total as of December 31, 2018 | 6,100 | |
Total as of December 31, 2017 | 5,164 |
SANOFIFORM 20-F | F-51 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Number of shares (million) | % of share capital for the period | |||
December 31, 2019 | 0.02 | 0.002 | % | |
December 31, 2018 | 1.94 | 0.156 | % | |
December 31, 2017 | 0.17 | 0.014 | % | |
January 1, 2017 | 20.08 | 1.554 | % |
Number of shares (million) | % of share capital for the period | |||||||
December 31, 2022 | 8.20 | 0.650 | % | |||||
December 31, 2021 | 11.02 | 0.872 | % | |||||
December 31, 2020 | 8.28 | 0.658 | % | |||||
January 1, 2020 | 0.02 | 0.002 | % |
Date | Transaction | Number of shares | |||||||
December 31, | |||||||||
During | Capital increase by exercise of stock subscription options(a) | ||||||||
During | Capital increase by issuance of restricted shares(b) | ||||||||
Board meeting of July 28, | Capital increase reserved for employees | ||||||||
During | Capital increase by exercise of stock subscription options(a) | ||||||||
During | Capital increase by issuance of restricted shares(b) | ||||||||
Board meeting of July | Capital increase reserved for employees | ||||||||
During | Capital increase by exercise of stock subscription options(a) | ||||||||
During | Capital increase by issuance of restricted shares(b) | ||||||||
1,499,987 | |||||
2,027,057 | ||||||||
treasury shares | (6,742,380) | |||||||
December 31, 2022 | 1,260,835,732 |
F-52 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
2022 | 2021 | 2020 | ||||||||||||||||||
Type of plan | Performance share plans | Performance share plans | Performance share plans | Performance share plans | Performance share plans | Performance share plans | ||||||||||||||
Date of Board meeting approving the plan | May 3, 2022 | December 14, 2022 | April 30, 2021 | October 27, 2021 | April 28, 2020 | October 28, 2020 | ||||||||||||||
Service period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | ||||||||||||||
Total number of shares awarded | 3,344,432 | 109,981 | 3,484,420 | 13,521 | 3,340,501 | 73,027 | ||||||||||||||
Of which with no market condition | 2,000,627 | 10,335 | 2,209,901 | — | 2,536,893 | — | ||||||||||||||
Fair value per share awarded(a) | €91.19 | €79.17 | €77.27 | — | €82.36 | — | ||||||||||||||
Of which with market condition | 1,343,805 | 99,646 | 1,274,519 | 13,521 | 803,608 | 73,027 | ||||||||||||||
Fair value per share awarded other than to the Chief Executive Officer(b) | €86.65 | €69.60 | €71.30 | €68.45 | €76.11 | €63.18 | ||||||||||||||
Fair value per share awarded other than to the Chief Executive Officer - additional shares(c) | €49.00 | €54.70 | — | — | — | — | ||||||||||||||
Fair value per share awarded to the Chief Executive Officer(b) | €84.46 | — | €71.30 | — | €76.11 | — | ||||||||||||||
Fair value of plan at the date of grant (€ million) | 294 | 8 | 262 | 1 | 270 | 5 |
2019 | 2018 | 2017 | ||||||
Type of plan | Performance share plan | Performance share plan | Performance share plan | Performance share plan | ||||
Date of Board meeting approving the plan | April 30, 2019 | July 30, 2018 | May 2, 2018 | May 10, 2017 | ||||
Service period | 3 years | 3 years | 3 years | 3 years | ||||
Total number of shares awarded | 3,797,582 | 141,669 | 4,390,216 | 3,587,465 | ||||
Fair value per share awarded (€)(a) | 67.90 | 64.35 | 56.59 | 81.50 | ||||
Fair value of plan at the date of grant (€ million) | 258 | 9 | 248 | 292 |
2019 | 2018 | 2017 | ||||
Total expense for restricted share plans (€ million) | 247 | 248 | 238 | |||
Number of shares not yet fully vested | 10,908,503 | 13,576,464 | 12,867,519 | |||
Under 2019 plans | 3,662,806 | — | — | |||
Under 2018 plans | 4,117,795 | 4,406,593 | — | |||
Under 2017 plans | 3,127,902 | 3,314,391 | 3,468,576 | |||
Under 2016 plans | — | 3,690,226 | 3,798,073 | |||
Under 2015 plans | — | 2,165,254 | 3,438,420 | |||
Under 2014 plans | — | — | 2,162,450 |
2022 | 2021 | 2020 | |||||||||
Total expense for restricted share plans (€ million) | 206 | 193 | 222 | ||||||||
Number of shares not yet fully vested | 9,121,573 | 9,507,849 | 10,546,612 | ||||||||
Under 2022 plans | 3,206,861 | — | — | ||||||||
Under 2021 plans | 3,097,531 | 3,364,895 | — | ||||||||
Under 2020 plans | 2,817,181 | 3,014,496 | 3,284,558 | ||||||||
Under 2019 plans | — | 3,128,458 | 3,375,717 | ||||||||
Under 2018 plans | — | — | 3,886,337 | ||||||||
2022 | 2021 | 2020 | |||||||||
Date of Board meeting approving the plan | February 3, 2022 | February 4, 2021 | February 5, 2020 | ||||||||
Subscription price (€)(a) | 80.21 | 69.38 | 70.67 | ||||||||
Subscription period | June 9-29, 2022 | June 7-25, 2021 | June 8-26, 2020 | ||||||||
Number of shares subscribed | 1,909,008 | 2,438,590 | 2,467,101 | ||||||||
Number of shares issued immediately as employer’s contribution | 118,049 | 124,112 | 123,615 |
2018 | 2017 | |||
Date of Board meeting approving the plan | March 6, 2018 | March 2, 2017 | ||
Subscription price (€)(a) | 52.66 | 70.01 | ||
Subscription period | June 11-29, 2018 | June 19-30, 2017 | ||
Number of shares subscribed | 2,298,783 | 1,528,982 | ||
Number of shares issued immediately as employer’s contribution | 102,401 | 92,116 |
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2018 | 2017 | ||
Expense recognized | 32 | 21 | ||
of which employer’s contribution | 7 | 8 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Expense recognized | 39 | 51 | 52 | ||||||||
of which employer’s contribution | 11 | 11 | 11 |
(in number of shares and € million) | 2019 | 2018 | 2017 | |||||||||
Number of shares | Value | Number of shares | Value | Number of shares | Value | |||||||
2019 program | — | — | — | — | — | — | ||||||
2018 program | 147,793 | 12 | 6,884,792 | 501 | — | — | ||||||
2017 program | — | — | 8,489,873 | 602 | 8,428,935 | 702 | ||||||
2016 program | — | — | — | — | 18,426,601 | 1,453 |
(in number of shares and € million) Year of authorization | 2022 | 2021 | 2020 | |||||||||||||||||
Number of shares | Value | Number of shares | Value | Number of shares | Value | |||||||||||||||
2022 program | 1,510,000 | 137 | — | — | — | — | ||||||||||||||
2021 program | 3,976,992 | 360 | 2,765,388 | 242 | — | — | ||||||||||||||
2020 program | — | — | 1,758,569 | 140 | 5,685,426 | 461 | ||||||||||||||
2019 program | — | — | — | — | 3,982,939 | 361 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Attributable to equity holders of Sanofi | 1,499 | (865) | (3,384) | ||||||||||||||
Attributable to non-controlling interests | (37) | (42) | (55) | ||||||||||||||
Total | 1,462 | (907) | (3,439) |
(€ million) | 2019 | 2018 | 2017 | |||
Attributable to equity holders of Sanofi | 632 | (167 | ) | (1,439 | ) | |
Attributable to non-controlling interests | (36 | ) | (36 | ) | (32 | ) |
Total | 596 | (203 | ) | (1,471 | ) |
F-54 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Actuarial gains/(losses): | |||||||||||||||||
•Actuarial gains/(losses) excluding investments accounted for using the equity method (see Note D.19.1.) | 650 | 685 | (266) | ||||||||||||||
•Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes | 4 | 1 | (1) | ||||||||||||||
•Tax effects | (212) | (36) | 45 | ||||||||||||||
Equity instruments included in financial assets and financial liabilities: | |||||||||||||||||
•Change in fair value (excluding investments accounted for using the equity method) | (4) | 154 | 358 | ||||||||||||||
•Change in fair value (investments accounted for using the equity method, net of taxes) | — | — | (14) | ||||||||||||||
•Equity risk hedging instruments designated as fair value hedges | 17 | 11 | (24) | ||||||||||||||
•Tax effects | (4) | (18) | (84) | ||||||||||||||
Items not subsequently reclassifiable to profit or loss | 451 | 797 | 14 | ||||||||||||||
Debt instruments included in financial assets: | |||||||||||||||||
•Change in fair value (excluding investments accounted for using the equity method)(b) | (77) | (21) | 15 | ||||||||||||||
•Tax effects | 15 | 5 | (3) | ||||||||||||||
Cash flow and fair value hedges: | |||||||||||||||||
•Change in fair value (excluding investments accounted for using the equity method)(c) | 5 | (6) | 4 | ||||||||||||||
•Change in fair value (investments accounted for using the equity method, net of taxes) | 2 | — | — | ||||||||||||||
▪Tax effects | (1) | 2 | (2) | ||||||||||||||
Change in currency translation differences: | |||||||||||||||||
•Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method)(d) | 2,643 | 2,719 | (3,870) | ||||||||||||||
•Currency translation differences (investments accounted for using the equity method)(d) | (11) | (6) | 32 | ||||||||||||||
•Currency translation differences related to the investment in Regeneron and reclassified to profit or loss(e) | — | — | (318) | ||||||||||||||
•Hedges of net investments in foreign operations(d) | (354) | (254) | 180 | ||||||||||||||
•Tax effects(e) | 91 | 71 | (59) | ||||||||||||||
Items subsequently reclassifiable to profit or loss | 2,313 | 2,510 | (4,021) |
(€ million) | 2019 | 2018 | (a) | 2017 | (a) | |||
Actuarial gains/(losses): | ||||||||
▪ Actuarial gains/(losses) excluding investments accounted for using the equity method (see Note D.19.1.) | (377 | ) | 201 | (30 | ) | |||
▪ Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes | (5 | ) | — | 2 | ||||
▪ Tax effects | 161 | (69 | ) | (90 | ) | |||
Equity instruments included in financial assets(b): | ||||||||
▪ Change in fair value (excluding investments accounted for using the equity method) | 26 | (529 | ) | — | ||||
▪ Change in fair value (investments accounted for using the equity method, net of taxes) | 80 | (8 | ) | — | ||||
▪ Tax effects | (48 | ) | 100 | — | ||||
Items not subsequently reclassifiable to profit or loss | (163 | ) | (305 | ) | (118 | ) | ||
Available-for-sale financial assets(c) | ||||||||
▪ Change in fair value (excluding investments accounted for using the equity method) | — | — | 837 | |||||
▪ Change in fair value (investments accounted for using the equity method, net of taxes) | — | — | 1 | |||||
▪ Tax effects | — | — | (145 | ) | ||||
Debt instruments included in financial assets(b): | ||||||||
▪ Change in fair value (excluding investments accounted for using the equity method)(d) | 28 | (4 | ) | — | ||||
▪ Change in fair value (investments accounted for using the equity method, net of taxes) | — | — | — | |||||
▪ Tax effects | (5 | ) | — | — | ||||
Cash flow hedges: | ||||||||
▪ Change in fair value (excluding investments accounted for using the equity method)(e) | (13 | ) | 3 | (24 | ) | |||
▪ Change in fair value (investments accounted for using the equity method, net of taxes) | — | — | — | |||||
▪ Tax effects | 4 | (1 | ) | 8 | ||||
Change in currency translation differences: | ||||||||
▪ Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method)(e)(f) | 850 | 1,273 | (2,956 | ) | ||||
▪ Currency translation differences (investments accounted for using the equity method)(e) | 64 | 106 | (283 | ) | ||||
▪ Hedges of net investments in foreign operations(e) | (163 | ) | (185 | ) | — | |||
▪ Tax effects(e) | 48 | 72 | — | |||||
Items subsequently reclassifiable to profit or loss | 813 | 1,264 | (2,562 | ) |
2019 | 2018 | 2017 | ||||
Date of Board meeting approving the plan | April 30, 2019 | May 2, 2018 | May 10, 2017 | |||
Total number of options granted | 220,000 | 220,000 | 378,040 | |||
Exercise price (€) | 76.71 | 65.84 | 88.97 | |||
Vesting period | 4 years | 4 years | 4 years | |||
Plan expiry date | April 30, 2029 | May 2, 2028 | May 10, 2027 | |||
Fair value of the plan (€ million) | 2 | 1 | 5 | |||
Fair value per option granted (€) | 7.80 | 6.32 | 12.21 | |||
Assumptions used to determine fair value | ||||||
Dividend yield | 4.31 | % | 4.87 | % | 3.56 | % |
Volatility of Sanofi shares, computed on a historical basis | 22.48 | % | 23.10 | % | 23.74 | % |
Risk-free interest rate | 0.15 | % | 0.36 | % | 0.27 | % |
Plan maturity | 8 years | 7 years | 7 years |
2019 | 2018 | 2017 | ||||
Expense recognized through equity (€ million) | 5 | 4 | 4 | |||
of which expense for the current-year plan | 1.7 | 0.2 | 0.7 | |||
Unrecognized cost of unvested options (€ million) | 0.3 | 4 | 8 | |||
Weighted average amortization period of unrecognized cost | 1.2 years | 2.3 years | 2.5 years | |||
Current income tax gain relating to exercise of stock options (€ million) | 4 | 1 | 6 |
Source | Date of grant | Number of options granted | Start date of exercise period | Expiry date | Exercise price (€) | Number of options outstanding as of 12/31/2019 | |||
Synthélabo | 03/30/1999 | 716,040 | 03/31/2004 | 03/30/2019 | 38.08 | — | |||
Total |
SANOFIFORM 20-F | F-55 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Source | Date of grant | Number of options granted | Start date of exercise period | Expiry date | Exercise price (€) | Number of options outstanding as of 12/31/2019 | |||
Sanofi-aventis | 03/01/2010 | 8,121,355 | 03/03/2014 | 02/28/2020 | 54.12 | 813,470 | |||
Sanofi-aventis | 03/09/2011 | 874,500 | 03/10/2015 | 03/09/2021 | 50.48 | 139,217 | |||
Sanofi-aventis | 03/05/2012 | 814,050 | 03/06/2016 | 03/05/2022 | 56.44 | 203,246 | |||
Sanofi | 03/05/2013 | 788,725 | 03/06/2017 | 03/05/2023 | 72.19 | 433,613 | |||
Sanofi | 03/05/2014 | 1,009,250 | 03/06/2018 | 03/05/2024 | 73.48 | 672,365 | |||
Sanofi | 06/24/2015 | 435,000 | 06/25/2019 | 06/24/2025 | 89.38 | 388,464 | |||
Sanofi | 05/04/2016 | 402,750 | 05/05/2020 | 05/04/2026 | 75.90 | 356,750 | |||
Sanofi | 05/10/2017 | 378,040 | 05/11/2021 | 05/10/2027 | 88.97 | 374,895 | |||
Sanofi | 05/02/2018 | 220,000 | 05/03/2022 | 05/02/2028 | 65.84 | 220,000 | |||
Sanofi | 04/30/2019 | 220,000 | 05/02/2023 | 04/30/2029 | 76.71 | 220,000 | |||
Total | 3,822,020 |
Source | Date of grant | Number of options granted | Start date of exercise period | Expiry date | Exercise price (€) | Number of options outstanding as of 12/31/2022 | ||||||||||||||
Sanofi-Aventis | 03/05/2012 | 814,050 | 03/06/2016 | 03/05/2022 | 56.44 | — | ||||||||||||||
Sanofi | 03/05/2013 | 788,725 | 03/06/2017 | 03/05/2023 | 72.19 | 78,089 | ||||||||||||||
Sanofi | 03/05/2014 | 1,009,250 | 03/06/2018 | 03/05/2024 | 73.48 | 506,042 | ||||||||||||||
Sanofi | 06/24/2015 | 435,000 | 06/25/2019 | 06/24/2025 | 89.38 | 338,464 | ||||||||||||||
Sanofi | 05/04/2016 | 402,750 | 05/05/2020 | 05/04/2026 | 75.90 | 264,750 | ||||||||||||||
Sanofi | 05/10/2017 | 378,040 | 05/11/2021 | 05/10/2027 | 88.97 | 268,440 | ||||||||||||||
Sanofi | 05/02/2018 | 220,000 | 05/03/2022 | 05/02/2028 | 65.84 | 168,784 | ||||||||||||||
Sanofi | 04/30/2019 | 220,000 | 05/02/2023 | 04/30/2029 | 76.71 | 213,400 | ||||||||||||||
Total | 1,837,969 |
Number of options | Weighted average exercise price per share (€) | Total (€ million) | |||||||||
Options outstanding at January 1, 2020 | 3,822,020 | 70.58 | 270 | ||||||||
Options exercisable | 2,650,375 | 67.14 | 178 | ||||||||
Options exercised | (868,655) | 59.20 | (52) | ||||||||
Options cancelled(a) | (91,305) | 87.73 | (8) | ||||||||
Options forfeited | (282,790) | 54.12 | (15) | ||||||||
Options outstanding at December 31, 2020 | 2,579,270 | 75.61 | 195 | ||||||||
Options exercisable | 1,845,050 | 74.51 | 137 | ||||||||
Options exercised | (190,076) | 59.53 | (11) | ||||||||
Options cancelled(a) | (51,216) | 65.84 | (3) | ||||||||
Options forfeited | (10) | 50.48 | — | ||||||||
Options outstanding at December 31, 2021 | 2,337,968 | 77.13 | 180 | ||||||||
Options exercisable | 1,949,184 | 78.15 | 152 | ||||||||
Options exercised | (490,373) | 71.39 | (35) | ||||||||
Options cancelled(a) | (9,626) | 80.56 | (1) | ||||||||
Options outstanding at December 31, 2022 | 1,837,969 | 78.64 | 145 | ||||||||
Options exercisable | 1,624,569 | 78.89 | 128 |
Number of options | Weighted average exercise price per share (€) | Total (€ million) | ||||
Options outstanding at January 1, 2017 | 12,065,802 | 59.03 | 713 | |||
Options exercisable | 9,646,903 | 54.67 | 527 | |||
Options granted | 378,040 | 88.97 | 33 | |||
Options exercised | (3,796,788 | ) | 58.92 | (224 | ) | |
Options cancelled(a) | (130,312 | ) | 69.06 | (9 | ) | |
Options forfeited | (627,722 | ) | 62.33 | (39 | ) | |
Options outstanding at December 31, 2017 | 7,889,020 | 60.08 | 474 | |||
Options exercisable | 5,812,165 | 52.93 | 308 | |||
Options granted | 220,000 | 65.84 | 14 | |||
Options exercised | (1,192,838 | ) | 50.02 | (60 | ) | |
Options cancelled(a) | (66,609 | ) | 82.03 | (5 | ) | |
Options outstanding at December 31, 2018 | 6,849,573 | 61.81 | 423 | |||
Options exercisable | 5,468,214 | 56.80 | 311 | |||
Options granted | 220,000 | 76.71 | 17 | |||
Options exercised | (2,816,123 | ) | 53.18 | (150 | ) | |
Options cancelled(a) | (48,005 | ) | 72.84 | (3 | ) | |
Options forfeited | (383,425 | ) | 44.90 | (17 | ) | |
Options outstanding at December 31, 2019 | 3,822,020 | 70.58 | 270 | |||
Options exercisable | 2,650,375 | 67.14 | 178 |
(a) Mainly due to the grantees leaving Sanofi. |
Outstanding | Exercisable | ||||||||||||||||
Range of exercise prices per share | Number of options | Weighted average residual life (years) | Weighted average exercise price per share (€) | Number of options | Weighted average exercise price per share (€) | ||||||||||||
From €60.00 to €70.00 per share | 168,784 | 5.34 | 65.84 | 168,784 | 65.84 | ||||||||||||
From €70.00 to €80.00 per share | 1,062,281 | 2.68 | 74.64 | 848,881 | 74.12 | ||||||||||||
From €80.00 to €90.00 per share | 606,904 | 3.31 | 89.20 | 606,904 | 89.20 | ||||||||||||
Total | 1,837,969 | 1,624,569 |
Outstanding | Exercisable | ||||||||
Range of exercise prices per share | Number of options | Weighted average residual life (years) | Weighted average exercise price per share (€) | Number of options | Weighted average exercise price per share (€) | ||||
From €50.00 to €60.00 per share | 1,155,933 | 0.64 | 54.09 | 1,155,933 | 54.09 | ||||
From €60.00 to €70.00 per share | 220,000 | 8.35 | 65.84 | — | — | ||||
From €70.00 to €80.00 per share | 1,682,728 | 5.06 | 74.08 | 1,105,978 | 72.97 | ||||
From €80.00 to €90.00 per share | 763,359 | 6.41 | 89.18 | 388,464 | 89.38 | ||||
Total | 3,822,020 | 2,650,375 |
F-56 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(million) | 2019 | 2018 | 2017 | |||
Average number of shares outstanding | 1,249.9 | 1,247.1 | 1,256.9 | |||
Adjustment for stock options with dilutive effect | 0.8 | 1.3 | 2.7 | |||
Adjustment for restricted shares | 6.4 | 6.8 | 7.2 | |||
Average number of shares used to compute diluted earnings per share | 1,257.1 | 1,255.2 | 1,266.8 |
(million) | 2022 | 2021 | 2020 | ||||||||
Average number of shares outstanding | 1,251.9 | 1,252.5 | 1,253.6 | ||||||||
Adjustment for stock options with dilutive effect | 0.3 | 0.3 | 0.4 | ||||||||
Adjustment for restricted shares | 4.7 | 5.1 | 6.1 | ||||||||
Average number of shares used to compute diluted earnings per share | 1,256.9 | 1,257.9 | 1,260.1 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Long-term debt | 14,857 | 17,123 | 19,745 | ||||||||
Short-term debt and current portion of long-term debt | 4,174 | 3,183 | 2,767 | ||||||||
Interest rate and currency derivatives used to manage debt | 187 | (56) | 119 | ||||||||
Total debt | 19,218 | 20,250 | 22,631 | ||||||||
Cash and cash equivalents | (12,736) | (10,098) | (13,915) | ||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (45) | (169) | 74 | ||||||||
Net debt(a) | 6,437 | 9,983 | 8,790 |
(€ million) | 2019 | 2018 | 2017 | |||
Long-term debt | 20,131 | 22,007 | 14,326 | |||
Short-term debt and current portion of long-term debt | 4,554 | 2,633 | 1,275 | |||
Interest rate and currency derivatives used to manage debt | (117 | ) | (54 | ) | (133 | ) |
Total debt | 24,568 | 24,586 | 15,468 | |||
Cash and cash equivalents | (9,427 | ) | (6,925 | ) | (10,315 | ) |
Interest rate and currency derivatives used to manage cash and cash equivalents | (34 | ) | (33 | ) | 8 | |
Net debt(a) | 15,107 | 17,628 | 5,161 |
Value on redemption | ||||||||||||||||||||
(€ million) | Carrying amount at December 31, 2022 | Amortized cost | Adjustment to debt measured at fair value | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||||||||
Long-term debt | 14,857 | 51 | 235 | 15,143 | 17,176 | 19,794 | ||||||||||||||
Short-term debt and current portion of long-term debt | 4,174 | — | 4 | 4,178 | 3,183 | 2,767 | ||||||||||||||
Interest rate and currency derivatives used to manage debt | 187 | — | (235) | (48) | (45) | 142 | ||||||||||||||
Total debt | 19,218 | 51 | 4 | 19,273 | 20,314 | 22,703 | ||||||||||||||
Cash and cash equivalents | (12,736) | — | — | (12,736) | (10,098) | (13,915) | ||||||||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (45) | — | — | (45) | (169) | 74 | ||||||||||||||
Net debt | 6,437 | 51 | 4 | 6,492 | 10,047 | 8,862 |
Value on redemption | ||||||||||||
(€ million) | Carrying amount at December 31, 2019 | Amortized cost | Adjustment to debt measured at fair value | December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||
Long-term debt | 20,131 | 101 | (52 | ) | 20,180 | 22,071 | 14,309 | |||||
Short-term debt and current portion of long-term debt | 4,554 | — | (1 | ) | 4,553 | 2,613 | 1,275 | |||||
Interest rate and currency derivatives used to manage debt | (117 | ) | — | 31 | (86 | ) | (12 | ) | (83 | ) | ||
Total debt | 24,568 | 101 | (22 | ) | 24,647 | 24,672 | 15,501 | |||||
Cash and cash equivalents | (9,427 | ) | — | — | (9,427 | ) | (6,925 | ) | (10,315 | ) | ||
Interest rate and currency derivatives used to manage cash and cash equivalents | (34 | ) | — | — | (34 | ) | (33 | ) | 8 | |||
Net debt | 15,107 | 101 | (22 | ) | 15,186 | 17,714 | 5,194 |
SANOFI FORM 20-F2022 | F-57 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Cash flows from financing activities | Non-cash items | |||||||||||||||||||||||||
(€ million) | December 31, 2021 | Repayments | New borrowings | Other cash flows | Currency translation differences(a) | Reclassification from non-current to current | Other items(b) | December 31, 2022 | ||||||||||||||||||
Long-term debt | 17,123 | (11) | 1,549 | — | 56 | (3,632) | (228) | 14,857 | ||||||||||||||||||
Short-term debt and current portion of long-term debt | 3,183 | (2,707) | — | 43 | 20 | 3,632 | 3 | 4,174 | ||||||||||||||||||
Interest rate and currency derivatives used to manage debt | (56) | — | — | (373) | 366 | 7 | 243 | 187 | ||||||||||||||||||
Total debt | 20,250 | (2,718) | 1,549 | (330) | 442 | 7 | 18 | 19,218 |
Cash flows from financing activities | Non-cash items | |||||||||||||||
(€ million) | December 31, 2018 | Repayments | New borrowings | Other cash flows | Currency translation differences | Reclassification from non-current to current | Other items(a) | December 31, 2019 | ||||||||
Long-term debt | 22,007 | (12 | ) | 1,997 | — | 93 | (3,964 | ) | 10 | 20,131 | ||||||
Short-term debt and current portion of long-term debt | 2,633 | (2,055 | ) | — | 24 | 14 | 3,964 | (26 | ) | 4,554 | ||||||
Interest rate and currency derivatives used to manage debt | (54 | ) | — | — | (177 | ) | 130 | — | (16 | ) | (117 | ) | ||||
Total debt | 24,586 | (2,067 | ) | 1,997 | (153 | ) | 237 | — | (32 | ) | 24,568 |
Cash flows from financing activities | Non-cash items | |||||||||||||||||||||||||
(€ million) | December 31, 2020 | Repayments | New borrowings | Other cash flows | Currency translation differences(a) | Reclassification from non-current to current | Other items(b) | December 31, 2021 | ||||||||||||||||||
Long-term debt | 19,745 | (38) | — | — | 124 | (2,704) | (4) | 17,123 | ||||||||||||||||||
Short-term debt and current portion of long-term debt | 2,767 | (2,203) | — | (615) | 248 | 2,704 | 282 | 3,183 | ||||||||||||||||||
Interest rate and currency derivatives used to manage debt | 119 | — | — | (197) | 9 | — | 13 | (56) | ||||||||||||||||||
Total debt | 22,631 | (2,241) | — | (812) | 381 | — | 291 | 20,250 |
F-58 | SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Cash flows from financing activities | Non-cash items | |||||||||||||||||||||||||
(€ million) | December 31, 2019 | Repayments | New borrowings | Other cash flows | Currency translation differences (a) | Reclassification from non-current to current | Other items(b) | December 31, 2020 | ||||||||||||||||||
Long-term debt | 20,131 | — | 2,019 | — | (152) | (2,285) | 32 | 19,745 | ||||||||||||||||||
Short-term debt and current portion of long-term debt | 4,554 | (3,952) | — | 86 | (219) | 2,285 | 13 | 2,767 | ||||||||||||||||||
Interest rate and currency derivatives used to manage debt | (117) | — | — | 196 | (14) | — | 54 | 119 | ||||||||||||||||||
Total debt | 24,568 | (3,952) | 2,019 | 282 | (385) | — | 99 | 22,631 |
2019 | 2018 | 2017 | ||||||||||||||||
(€ million) | Non- current | Current | Total | Non- current | Current | Total | Non- current | Current | Total | |||||||||
Bond issues | 20,128 | 4,079 | 24,207 | 21,983 | 2,181 | 24,164 | 14,195 | 820 | 15,015 | |||||||||
Other bank borrowings | 40 | 156 | 196 | 57 | 176 | 233 | 81 | 203 | 284 | |||||||||
Finance lease obligations(b) | — | — | — | 18 | 4 | 22 | 20 | 11 | 31 | |||||||||
Other borrowings | 13 | 12 | 25 | 13 | 3 | 16 | 13 | 4 | 17 | |||||||||
Bank credit balances | — | 305 | 305 | — | 249 | 249 | — | 237 | 237 | |||||||||
Interest rate and currency derivatives used to manage debt | — | (86 | ) | (86 | ) | — | (12 | ) | (12 | ) | (3 | ) | (80 | ) | (83 | ) | ||
Total debt | 20,181 | 4,466 | 24,647 | 22,071 | 2,601 | 24,672 | 14,306 | 1,195 | 15,501 | |||||||||
Cash and cash equivalents | — | (9,427 | ) | (9,427 | ) | — | (6,925 | ) | (6,925 | ) | — | (10,315 | ) | (10,315 | ) | |||
Interest rate and currency derivatives used to manage cash and cash equivalents | (6 | ) | (28 | ) | (34 | ) | — | (33 | ) | (33 | ) | — | 8 | 8 | ||||
Net debt(a) | 20,175 | (4,989 | ) | 15,186 | 22,071 | (4,357 | ) | 17,714 | 14,306 | (9,112 | ) | 5,194 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||
(€ million) | Non- current | Current | Total | Non- current | Current | Total | Non- current | Current | Total | ||||||||||||||||||||
Bond issues | 15,044 | 3,817 | 18,861 | 17,118 | 2,828 | 19,946 | 19,698 | 2,280 | 21,978 | ||||||||||||||||||||
Other bank borrowings | 99 | 187 | 286 | 21 | 163 | 184 | 96 | 200 | 296 | ||||||||||||||||||||
Other borrowings | — | 6 | 6 | 37 | 3 | 40 | – | 2 | 2 | ||||||||||||||||||||
Bank credit balances | — | 168 | 168 | – | 189 | 189 | – | 285 | 285 | ||||||||||||||||||||
Interest rate and currency derivatives used to manage debt | — | (48) | (48) | – | (45) | (45) | 57 | 85 | 142 | ||||||||||||||||||||
Total debt | 15,143 | 4,130 | 19,273 | 17,176 | 3,138 | 20,314 | 19,851 | 2,852 | 22,703 | ||||||||||||||||||||
Cash and cash equivalents | — | (12,736) | (12,736) | – | (10,098) | (10,098) | – | (13,915) | (13,915) | ||||||||||||||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | — | (45) | (45) | – | (169) | (169) | 6 | 68 | 74 | ||||||||||||||||||||
Net debt(a) | 15,143 | (8,651) | 6,492 | 17,176 | (7,129) | 10,047 | 19,857 | (10,995) | 8,862 |
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount (€ million) | ||
Sanofi | FR0011560333 | September 2013 | September 2020 | 1.875 | % | 1,000 | |
Sanofi | FR0011625433 | November 2013 | November 2023 | 2.50 | % | 1,000 | |
Sanofi | FR0012146777 | September 2014 | March 2022 | 1.125 | % | 1,000 | |
Sanofi | FR0012146801 | September 2014 | September 2026 | 1.75 | % | 1,510 | |
Sanofi | FR0012969020 | September 2015 | September 2021 | 0.875 | % | 500 | |
Sanofi | FR0012969038 | September 2015 | September 2025 | 1.50 | % | 750 | |
Sanofi | FR0013143997 | April 2016 | April 2024 | 0.625 | % | 600 | |
Sanofi | FR0013144003 | April 2016 | April 2028 | 1.125 | % | 700 | |
Sanofi | FR0013201613 | September 2016 | January 2020 | 0 | % | 1,000 | |
Sanofi | FR0013201621 | September 2016 | September 2022 | 0 | % | 850 | |
Sanofi | FR0013201639 | September 2016 | January 2027 | 0.5 | % | 1,150 | |
Sanofi | FR0013324316 | March 2018 | March 2020 | E3M + 0.15% | 1,000 | ||
Sanofi | FR0013324324 | March 2018 | March 2020 | 0 | % | 500 | |
Sanofi | FR0013324332 | March 2018 | March 2023 | 0.5 | % | 1,750 | |
Sanofi | FR0013324340 | March 2018 | March 2026 | 1 | % | 1,500 | |
Sanofi | FR0013324357 | March 2018 | March 2030 | 1.375 | % | 2,000 | |
Sanofi | FR0013324373 | March 2018 | March 2038 | 1.875 | % | 1,250 | |
Sanofi | FR0013409836 | March 2019 | March 2022 | 0 | % | 850 | |
Sanofi | FR0013409844 | March 2019 | March 2029 | 0.875 | % | 650 | |
Sanofi | FR0013409851 | March 2019 | March 2034 | 1.25 | % | 500 |
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount (€ million) | ||||||||||||
Sanofi | FR0011625433 | November 2013 | November 2023 | 2.5 | % | 1,000 | |||||||||||
Sanofi | FR0014009KS6 | April 2022 | April 2025 | 0.875 | % | 850 | |||||||||||
Sanofi | FR0012146801 | September 2014 | September 2026 | 1.75 | % | 1,510 | |||||||||||
Sanofi | FR0014009KQ0 | April 2022 | April 2029 | 1.25 | % | 650 | |||||||||||
Sanofi | FR0012969038 | September 2015 | September 2025 | 1.5 | % | 750 | |||||||||||
Sanofi | FR0013143997 | April 2016 | April 2024 | 0.625 | % | 600 | |||||||||||
Sanofi | FR0013144003 | April 2016 | April 2028 | 1.125 | % | 700 | |||||||||||
Sanofi | FR0013201639 | September 2016 | January 2027 | 0.5 | % | 1,150 | |||||||||||
Sanofi | FR0013505104 | March 2020 | April 2025 | 1 | % | 1,000 | |||||||||||
Sanofi | FR0013505112 | March 2020 | April 2030 | 1.5 | % | 1,000 | |||||||||||
Sanofi | FR0013324332 | March 2018 | March 2023 | 0.5 | % | 1,750 | |||||||||||
Sanofi | FR0013324340 | March 2018 | March 2026 | 1 | % | 1,500 | |||||||||||
Sanofi | FR0013324357 | March 2018 | March 2030 | 1.375 | % | 2,000 | |||||||||||
Sanofi | FR0013324373 | March 2018 | March 2038 | 1.875 | % | 1,250 | |||||||||||
Sanofi | FR0013409844 | March 2019 | March 2029 | 0.875 | % | 650 | |||||||||||
Sanofi | FR0013409851 | March 2019 | March 2034 | 1.25 | % | 500 |
SANOFIFORM 20-F | F-59 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount ($ million) | ||
Sanofi | US80105NAG07 | March 2011 | March 2021 | 4 | % | 2,000 | |
Genzyme Corp.(a) | US372917AS37 | June 2010 | June 2020 | 5 | % | 500 | |
Sanofi | US801060AC87 | June 2018 | June 2023 | 3.375 | % | 1,000 | |
Sanofi | US801060AD60 | June 2018 | June 2028 | 3.625 | % | 1,000 |
Issuer | ISIN code | Issue date | Maturity | Annual interest rate | Amount ($ million) | ||||||||||||
Sanofi | US801060AC87 | June 2018 | June 2023 | 3.375 | % | 1,000 | |||||||||||
Sanofi | US801060AD60 | June 2018 | June 2028 | 3.625 | % | 1,000 |
December 31, 2022 | Current | Non-current | |||||||||||||||||||||
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | ||||||||||||||||
Bond issues | 18,861 | 3,817 | 600 | 2,600 | 4,160 | — | 7,684 | ||||||||||||||||
Other bank borrowings | 286 | 187 | 61 | — | — | — | 38 | ||||||||||||||||
Other borrowings | 6 | 6 | — | — | — | — | — | ||||||||||||||||
Bank credit balances | 168 | 168 | — | — | — | — | — | ||||||||||||||||
Interest rate and currency derivatives used to manage debt | (48) | (48) | — | — | — | — | — | ||||||||||||||||
Total debt | 19,273 | 4,130 | 661 | 2,600 | 4,160 | — | 7,722 | ||||||||||||||||
Cash and cash equivalents | (12,736) | (12,736) | — | — | — | — | — | ||||||||||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (45) | (45) | — | — | — | — | — | ||||||||||||||||
Net debt(a) | 6,492 | (8,651) | 661 | 2,600 | 4,160 | — | 7,722 |
December 31, 2019 | Current | Non-current | ||||||||||||
(€ million) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and later | |||||||
Bond issues | 24,207 | 4,079 | 2,284 | 2,700 | 3,642 | 600 | 10,902 | |||||||
Other bank borrowings | 196 | 156 | 6 | 6 | 23 | 5 | — | |||||||
Finance lease obligations(b) | — | — | — | — | — | — | — | |||||||
Other borrowings | 25 | 12 | — | — | — | — | 13 | |||||||
Bank credit balances | 305 | 305 | — | — | — | — | — | |||||||
Interest rate and currency derivatives used to manage debt | (86 | ) | (86 | ) | — | — | — | — | — | |||||
Total debt | 24,647 | 4,466 | 2,290 | 2,706 | 3,665 | 605 | 10,915 | |||||||
Cash and cash equivalents | (9,427 | ) | (9,427 | ) | — | — | — | — | — | |||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (34 | ) | (28 | ) | (6 | ) | — | — | — | — | ||||
Net debt(a) | 15,186 | (4,989 | ) | 2,284 | 2,706 | 3,665 | 605 | 10,915 |
December 31, 2018 | Current | Non-current | ||||||||||||
(€ million) | Total | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 and later | |||||||
Bond issues | 24,164 | 2,181 | 3,936 | 2,243 | 1,850 | 3,622 | 10,332 | |||||||
Other bank borrowings | 233 | 176 | 15 | 3 | 3 | 28 | 8 | |||||||
Finance lease obligations | 22 | 4 | 3 | 3 | 3 | 4 | 5 | |||||||
Other borrowings | 16 | 3 | — | — | — | — | 13 | |||||||
Bank credit balances | 249 | 249 | — | — | — | — | — | |||||||
Interest rate and currency derivatives used to manage debt | (12 | ) | (12 | ) | — | — | — | — | — | |||||
Total debt | 24,672 | 2,601 | 3,954 | 2,249 | 1,856 | 3,654 | 10,358 | |||||||
Cash and cash equivalents | (6,925 | ) | (6,925 | ) | — | — | — | — | — | |||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (33 | ) | (33 | ) | — | — | — | — | — | |||||
Net debt | 17,714 | (4,357 | ) | 3,954 | 2,249 | 1,856 | 3,654 | 10,358 |
December 31, 2017 | Current | Non-current | ||||||||||||
(€ million) | Total | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 and later | |||||||
Bond issues | 15,015 | 820 | 2,050 | 2,417 | 2,168 | 1,850 | 5,710 | |||||||
Other bank borrowings | 284 | 203 | 8 | 25 | 4 | 4 | 40 | |||||||
Finance lease obligations | 31 | 11 | 3 | 2 | 3 | 3 | 9 | |||||||
Other borrowings | 17 | 4 | — | — | — | — | 13 | |||||||
Bank credit balances | 237 | 237 | — | — | — | — | — | |||||||
Interest rate and currency derivatives used to manage debt | (83 | ) | (80 | ) | (2 | ) | (1 | ) | — | — | — | |||
Total debt | 15,501 | 1,195 | 2,059 | 2,443 | 2,175 | 1,857 | 5,772 | |||||||
Cash and cash equivalents | (10,315 | ) | (10,315 | ) | — | — | — | — | — | |||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 8 | 8 | — | — | — | — | — | |||||||
Net debt | 5,194 | (9,112 | ) | 2,059 | 2,443 | 2,175 | 1,857 | 5,772 |
December 31, 2021 | Current | Non-current | |||||||||||||||||||||
(€ million) | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later | ||||||||||||||||
Bond issues | 19,946 | 2,828 | 3,629 | 600 | 1,750 | 4,160 | 6,979 | ||||||||||||||||
Other bank borrowings | 184 | 163 | 18 | 2 | 1 | – | — | ||||||||||||||||
Finance lease obligations | – | – | – | – | – | – | – | ||||||||||||||||
Other borrowings | 40 | 3 | – | – | – | – | 37 | ||||||||||||||||
Bank credit balances | 189 | 189 | – | – | – | – | – | ||||||||||||||||
Interest rate and currency derivatives used to manage debt | (45) | (45) | – | – | – | – | – | ||||||||||||||||
Total debt | 20,314 | 3,138 | 3,647 | 602 | 1,751 | 4,160 | 7,016 | ||||||||||||||||
Cash and cash equivalents | (10,098) | (10,098) | – | – | – | – | – | ||||||||||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | (169) | – | – | – | – | – | ||||||||||||||||
Net debt | 10,047 | (7,129) | 3,647 | 602 | 1,751 | 4,160 | 7,016 |
F-60 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
December 31, 2020 | Current | Non-current | |||||||||||||||||||||
(€ million) | Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and later | ||||||||||||||||
Bond issues | 21,978 | 2,280 | 2,700 | 3,569 | 600 | 1,750 | 11,079 | ||||||||||||||||
Other bank borrowings | 296 | 200 | 73 | 6 | 2 | 6 | 9 | ||||||||||||||||
Finance lease obligations | – | – | – | – | – | – | – | ||||||||||||||||
Other borrowings | 2 | 2 | – | – | – | – | – | ||||||||||||||||
Bank credit balances | 285 | 285 | – | – | – | – | – | ||||||||||||||||
Interest rate and currency derivatives used to manage debt | 142 | 85 | 57 | – | – | – | – | ||||||||||||||||
Total debt | 22,703 | 2,852 | 2,830 | 3,575 | 602 | 1,756 | 11,088 | ||||||||||||||||
Cash and cash equivalents | (13,915) | (13,915) | – | – | – | – | – | ||||||||||||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 74 | 68 | 6 | – | – | – | – | ||||||||||||||||
Net debt | 8,862 | (10,995) | 2,836 | 3,575 | 602 | 1,756 | 11,088 |
(€ million) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and later | |||||||
Fixed-rate debt | 23,207 | 3,079 | 2,284 | 2,700 | 3,642 | 600 | 10,902 | |||||||
of which euro | 19,193 | |||||||||||||
of which US dollar | 4,014 | |||||||||||||
% fixed-rate | 94 | % | ||||||||||||
Floating-rate debt | 1,526 | 1,473 | 6 | 6 | 23 | 5 | 13 | |||||||
of which euro | 1,048 | |||||||||||||
of which US dollar | 50 | |||||||||||||
% floating-rate | 6 | % | ||||||||||||
Debt | 24,733 | 4,552 | 2,290 | 2,706 | 3,665 | 605 | 10,915 | |||||||
Cash and cash equivalents | (9,427 | ) | (9,427 | ) | ||||||||||
of which euro | (5,032 | ) | ||||||||||||
of which US dollar | (3,845 | ) | ||||||||||||
% floating-rate | 100 | % | ||||||||||||
Net debt | 15,306 | (4,875 | ) | 2,290 | 2,706 | 3,665 | 605 | 10,915 |
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | ||||||||||||||||
Fixed-rate debt | 18,861 | 3,817 | 600 | 2,600 | 4,160 | — | 7,684 | ||||||||||||||||
of which euro | 16,993 | ||||||||||||||||||||||
of which US dollar | 1,868 | ||||||||||||||||||||||
% fixed-rate | 98 | % | |||||||||||||||||||||
Floating-rate debt | 460 | 361 | 61 | — | — | — | 38 | ||||||||||||||||
of which euro | 60 | ||||||||||||||||||||||
of which US dollar | 15 | ||||||||||||||||||||||
% floating-rate | 2 | % | |||||||||||||||||||||
Debt | 19,321 | 4,178 | 661 | 2,600 | 4,160 | — | 7,722 | ||||||||||||||||
Cash and cash equivalents | (12,736) | (12,736) | — | — | — | — | — | ||||||||||||||||
of which euro | (3,908) | ||||||||||||||||||||||
of which US dollar | (8,391) | ||||||||||||||||||||||
% floating-rate | 100 | % | |||||||||||||||||||||
Net debt | 6,585 | (8,558) | 661 | 2,600 | 4,160 | — | 7,722 |
SANOFI FORM 20-F2022 | F-61 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and later | |||||||
Fixed-rate debt | 21,713 | 2,985 | 2,284 | 1,300 | 3,642 | 600 | 10,902 | |||||||
of which euro | 18,732 | |||||||||||||
of which US dollar | 2,981 | |||||||||||||
% fixed-rate | 88 | % | ||||||||||||
Floating-rate debt | 2,934 | 1,481 | 6 | 1,406 | 23 | 5 | 13 | |||||||
of which euro | 1,359 | |||||||||||||
of which US dollar | 50 | |||||||||||||
of which Japanese yen | 410 | |||||||||||||
% floating-rate | 12 | % | ||||||||||||
Debt | 24,647 | 4,466 | 2,290 | 2,706 | 3,665 | 605 | 10,915 | |||||||
Cash and cash equivalents | (9,461 | ) | (9,455 | ) | (6 | ) | ||||||||
of which euro | (2,400 | ) | ||||||||||||
of which US dollar | (3,845 | ) | ||||||||||||
of which Singapore dollar | (2,245 | ) | ||||||||||||
of which Chinese yuan renminbi | (322 | ) | ||||||||||||
% floating-rate | 100 | % | ||||||||||||
Net debt | 15,186 | (4,989 | ) | 2,284 | 2,706 | 3,665 | 605 | 10,915 |
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | ||||||||||||||||
Fixed-rate debt | 16,386 | 1,342 | 600 | 2,600 | 4,160 | — | 7,684 | ||||||||||||||||
of which euro | 13,944 | ||||||||||||||||||||||
of which US dollar | 2,443 | ||||||||||||||||||||||
% fixed-rate | 85 | % | |||||||||||||||||||||
Floating-rate debt | 2,886 | 2,787 | 61 | — | — | — | 38 | ||||||||||||||||
of which euro | 592 | ||||||||||||||||||||||
of which US dollar | 950 | ||||||||||||||||||||||
% floating-rate | 15 | % | |||||||||||||||||||||
Debt | 19,273 | 4,130 | 661 | 2,600 | 4,160 | — | 7,722 | ||||||||||||||||
Cash and cash equivalents | (12,781) | (12,781) | — | — | — | — | — | ||||||||||||||||
of which euro | (4,046) | ||||||||||||||||||||||
of which US dollar | (5,797) | ||||||||||||||||||||||
of which Singapore dollar | (2,155) | ||||||||||||||||||||||
% floating-rate | 100 | % | |||||||||||||||||||||
Net debt | 6,492 | (8,651) | 661 | 2,600 | 4,160 | — | 7,722 |
(€ million) | 2018 | % | 2017 | % | ||||
Fixed-rate debt | 18,864 | 76 | % | 9,746 | 63 | % | ||
Floating-rate debt | 5,808 | 24 | % | 5,755 | 37 | % | ||
Debt | 24,672 | 100 | % | 15,501 | 100 | % | ||
Cash and cash equivalents | (6,958 | ) | (10,307 | ) | ||||
Net debt | 17,714 | 5,194 |
(€ million) | 2021 | % | 2020 | % | ||||||||||
Fixed-rate debt | 17,612 | 87 | % | 20,713 | 91 | % | ||||||||
Floating-rate debt | 2,702 | 13 | % | 1,990 | 9 | % | ||||||||
Debt | 20,314 | 100 | % | 22,703 | 100 | % | ||||||||
Cash and cash equivalents | (10,267) | (13,841) | ||||||||||||
Net debt | 10,047 | 8,862 |
Change in short-term interest rates | Impact on pre-tax net income (€ million) | Impact on pre-tax income/(expense) recognized directly in equity (€ million) | ||||||||
+100 bp | — | |||||||||
+25 bp | ||||
-25 bp | (25) | — | ||||||
(98) | — |
(€ million) | Before derivative instruments | After derivative instruments | ||||||
Euro | 13,145 | 10,489 | ||||||
US dollar | (6,508) | (2,404) | ||||||
Singapore dollar | — | (2,155) | ||||||
Pound sterling | — | 359 | ||||||
Mexican peso | — | 98 | ||||||
Other currencies | (52) | 105 | ||||||
Net debt | 6,585 | 6,492 |
(€ million) | Before derivative instruments | After derivative instruments | ||
Euro | 15,209 | 17,691 | ||
US dollar | 219 | (813 | ) | |
Singapore dollar | (16 | ) | (2,245 | ) |
Japanese yen | — | 410 | ||
Chinese yuan renminbi | (56 | ) | (322 | ) |
Other currencies | (50 | ) | 465 | |
Net debt | 15,306 | 15,186 |
F-62 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2018 | 2017 | ||
Euro | 16,511 | 3,410 | ||
US dollar | 2,197 | 4,683 | ||
Other currencies | (994 | ) | (2,899 | ) |
Net debt | 17,714 | 5,194 |
(€ million) | 2021 | 2020 | ||||||
Euro | 13,129 | 13,725 | ||||||
US dollar | (669) | (3,304) | ||||||
Other currencies | (2,413) | (1,559) | ||||||
Net debt | 10,047 | 8,862 |
(€ million) | 2019 | 2018 | 2017 | |||
Market value | 16,370 | 18,003 | 5,650 | |||
Value on redemption | 15,186 | 17,714 | 5,194 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Market value | 5,227 | 11,024 | 10,500 | ||||||||
Value on redemption | 6,492 | 10,047 | 8,862 |
December 31, 2022 | Payments due by period | ||||||||||||||||||||||
(€ million) | Total | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | ||||||||||||||||
Debt | 20,408 | 4,206 | 868 | 2,803 | 3,184 | 1,283 | 8,064 | ||||||||||||||||
Principal | 18,932 | 3,928 | 661 | 2,601 | 3,011 | 1,151 | 7,580 | ||||||||||||||||
Interest(a) | 1,476 | 278 | 207 | 202 | 173 | 132 | 484 | ||||||||||||||||
Net cash flows related to derivative instruments | 209 | 24 | 60 | 38 | 31 | 31 | 25 | ||||||||||||||||
Total | 20,617 | 4,230 | 928 | 2,841 | 3,215 | 1,314 | 8,089 |
December 31, 2019 | Total | Payments due by period | ||||||||||||
(€ million) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 and later | ||||||||
Debt | 26,708 | 4,775 | 2,588 | 2,952 | 3,862 | 771 | 11,760 | |||||||
Principal | 24,596 | 4,417 | 2,305 | 2,710 | 3,646 | 604 | 10,914 | |||||||
Interest(a) | 2,112 | 358 | 283 | 242 | 216 | 167 | 846 | |||||||
Net cash flows related to derivative instruments | (117 | ) | (97 | ) | (11 | ) | (9 | ) | — | — | — | |||
Total | 26,591 | 4,678 | 2,577 | 2,943 | 3,862 | 771 | 11,760 |
December 31, 2021 | Payments due by period | ||||||||||||||||||||||
(€ million) | Total | 2022 | 2023 | 2024 | 2023 | 2026 | 2027 and later | ||||||||||||||||
Debt | 21,728 | 3,330 | 3,826 | 791 | 1,937 | 3,176 | 8,668 | ||||||||||||||||
Principal | 20,086 | 3,055 | 3,588 | 601 | 1,751 | 3,011 | 8,080 | ||||||||||||||||
Interest(a) | 1,642 | 275 | 238 | 190 | 186 | 165 | 588 | ||||||||||||||||
Net cash flows related to derivative instruments | (51) | (59) | (1) | 2 | 2 | 2 | 3 | ||||||||||||||||
Total | 21,677 | 3,271 | 3,825 | 793 | 1,939 | 3,178 | 8,671 |
December 31, 2020 | Payments due by period | ||||||||||||||||||||||
(€ million) | Total | 2021 | 2022 | 2023 | 2024 | 2023 | 2026 and later | ||||||||||||||||
Debt | 24,339 | 2,943 | 3,019 | 3,808 | 791 | 1,937 | 11,841 | ||||||||||||||||
Principal | 22,392 | 2,622 | 2,757 | 3,571 | 601 | 1,751 | 11,090 | ||||||||||||||||
Interest(a) | 1,947 | 321 | 262 | 237 | 190 | 186 | 751 | ||||||||||||||||
Net cash flows related to derivative instruments | 163 | 135 | 28 | – | – | – | – | ||||||||||||||||
Total | 24,502 | 3,078 | 3,047 | 3,808 | 791 | 1,937 | 11,841 |
December 31, 2018 | Payments due by period | |||||||||||||
(€ million) | Total | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 and later | |||||||
Debt | 26,881 | 2,855 | 4,300 | 2,519 | 2,088 | 3,856 | 11,263 | |||||||
Principal | 24,550 | 2,477 | 3,955 | 2,250 | 1,858 | 3,653 | 10,357 | |||||||
Interest(a) | 2,331 | 378 | 345 | 269 | 230 | 203 | 906 | |||||||
Net cash flows related to derivative instruments | (50 | ) | (45 | ) | (8 | ) | (1 | ) | 4 | — | — | |||
Total | 26,831 | 2,810 | 4,292 | 2,518 | 2,092 | 3,856 | 11,263 |
SANOFI FORM 20-F2022 |
December 31, 2017 | Payments due by period | |||||||||||||
(€ million) | Total | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 and later | |||||||
Debt | 16,682 | 1,441 | 2,301 | 2,650 | 2,307 | 1,950 | 6,033 | |||||||
Principal | 15,509 | 1,201 | 2,062 | 2,444 | 2,175 | 1,857 | 5,770 | |||||||
Interest(a) | 1,173 | 240 | 239 | 206 | 132 | 93 | 263 | |||||||
Net cash flows related to derivative instruments | (127 | ) | (118 | ) | (28 | ) | 1 | 8 | 10 | — | ||||
Total | 16,555 | 1,323 | 2,273 | 2,651 | 2,315 | 1,960 | 6,033 |
Undiscounted future minimum lease payments | ||||||||||||||||||||
(€ million) | Total | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years | Discounting effect | ||||||||||||||
Total lease liabilities as of December 31, 2022 | 2,181 | 320 | 515 | 436 | 1,129 | (219) | ||||||||||||||
Total lease liabilities as of December 31, 2021 | 2,108 | 314 | 476 | 362 | 1,184 | (228) | ||||||||||||||
Total lease liabilities as of December 31, 2020 | 1,163 | 247 | 357 | 225 | 482 | (148) |
Undiscounted future minimum lease payments | |||||||||||
(€ million) | Total (a) | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years | Discounting effect | |||||
Total lease liabilities | 1,248 | 272 | 422 | 232 | 540 | (218 | ) |
(€ million) | Bayer contingent consideration arising from the acquisition of Genzyme | MSD contingent consideration (European Vaccines business) | Shire contingent consideration arising from the acquisition of Translate Bio | Contingent consideration arising from acquisition of Amunix | Other | Total(a) | ||||||||||||||||||||
Balance at January 1, 2020 | 156 | 385 | — | — | 259 | 800 | ||||||||||||||||||||
Payments made | (42) | (78) | — | — | (2) | (122) | ||||||||||||||||||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) | 9 | 9 | — | — | (53) | (35) | ||||||||||||||||||||
Other movements | (8) | — | — | — | (2) | (10) | ||||||||||||||||||||
Currency translation differences | (11) | (4) | — | — | (13) | (28) | ||||||||||||||||||||
Balance at December 31, 2020 | 104 | 312 | — | — | 189 | 605 | ||||||||||||||||||||
New transactions(c) | — | — | 323 | — | 37 | 360 | ||||||||||||||||||||
Payments made(d) | (31) | (75) | — | — | (152) | (258) | ||||||||||||||||||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) | (18) | 26 | 19 | — | (31) | (4) | ||||||||||||||||||||
Other movements | — | — | — | — | (14) | (14) | ||||||||||||||||||||
Currency translation differences | 4 | 6 | 12 | — | 3 | 25 | ||||||||||||||||||||
Balance at December 31, 2021 | 59 | 269 | 354 | — | 32 | 714 | ||||||||||||||||||||
New transactions | — | — | — | 156 | — | 156 | ||||||||||||||||||||
Payments made | (29) | (79) | — | — | (28) | (136) | ||||||||||||||||||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(b) | (9) | 14 | 2 | (2) | — | 5 | ||||||||||||||||||||
Other movements | — | — | — | — | — | — | ||||||||||||||||||||
Currency translation differences | 5 | — | 24 | 11 | — | 40 | ||||||||||||||||||||
Balance at December 31, 2022 | 26 | 204 | 380 | 165 | 4 | 779 |
(€ million) | Liabilities related to non-controlling interests(a) | CVRs issued in connection with the acquisition of Genzyme(b) | Bayer contingent consideration arising from the acquisition of Genzyme | MSD contingent consideration (European Vaccines business) | Other | Total(c) | ||||||
Balance at January 1, 2017 | 123 | 85 | 1,013 | 354 | 1 | 1,576 | ||||||
New transactions(e) | — | — | — | — | 85 | 85 | ||||||
Payments made | — | — | (165 | ) | — | (61 | ) | (226 | ) | |||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(d) | — | 1 | (28 | ) | 71 | (1 | ) | 43 | ||||
Other movements | (28 | ) | — | — | — | 57 | 29 | |||||
Currency translation differences | (3 | ) | (11 | ) | (119 | ) | (5 | ) | — | (138 | ) | |
Balance at December 31, 2017 | 92 | 75 | 701 | 420 | 81 | 1,369 | ||||||
New transactions(f) | — | — | — | — | 228 | 228 | ||||||
Payments made | (70 | ) | — | (147 | ) | (57 | ) | (55 | ) | (329 | ) | |
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(d) | — | 19 | (109 | ) | 50 | 3 | (37 | ) | ||||
Other movements | — | — | — | — | 24 | 24 | ||||||
Currency translation differences | — | 5 | 27 | (3 | ) | 20 | 49 | |||||
Balance at December 31, 2018 | 22 | 99 | 472 | 410 | 301 | 1,304 | ||||||
Payments made | — | — | (113 | ) | (69 | ) | (55 | ) | (237 | ) | ||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount)(d) | — | 49 | (214 | ) | 38 | 81 | (46 | ) | ||||
Other movements | (22 | ) | (153 | ) | — | — | (73 | ) | (248 | ) | ||
Currency translation differences | — | 5 | 11 | 6 | 5 | 27 | ||||||
Balance at December 31, 2019 | — | — | 156 | 385 | 259 | 800 |
F-64 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
December 31, 2022 | Total | Payments due by period | |||||||||||||||
(€ million) | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years | |||||||||||||
Commitments relating to contingent consideration in connection with business combinations(a) | 604 | 104 | 145 | — | 355 |
December 31, 2019 | Total | Payments due by period | ||||||||
(€ million) | Less than 1 year | From 1 to 3 years | From 3 to 5 years | More than 5 years | ||||||
Commitments relating to contingent consideration in connection with business combinations (a) | 3,503 | 2,580 | 390 | 284 | 249 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Provisions | 5,822 | 6,430 | 6,998 | ||||||||||||||
Other non-current liabilities(b) | 519 | 291 | 317 | ||||||||||||||
Total | 6,341 | 6,721 | 7,315 |
(€ million) | 2019 | 2018 | 2017 | |||
Provisions | 7,353 | 6,883 | 7,198 | |||
Other non-current liabilities | 1,968 | 1,730 | 1,956 | |||
Total | 9,321 | 8,613 | 9,154 |
SANOFIFORM 20-F | F-65 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Provisions for pensions and other post-employment benefits (D.19.1.) | (b) | Provisions for other long-term benefits | Restructuring provisions (D.19.2.) | Other provisions (D.19.3.) | Total | |||||||||||||||||
Balance at January 1, 2020 | 3,599 | 855 | 600 | 2,071 | 7,125 | ||||||||||||||||||
Changes in scope of consolidation | (3) | — | — | 8 | 5 | ||||||||||||||||||
Increases in provisions | 256 | (a) | 169 | 688 | 369 | 1,482 | |||||||||||||||||
Provisions utilized | (566) | (a) | (109) | (5) | (113) | (793) | |||||||||||||||||
Reversals of unutilized provisions | (226) | (a) | (5) | (42) | (245) | (518) | |||||||||||||||||
Transfers | 12 | — | (369) | (64) | (421) | ||||||||||||||||||
Net interest related to employee benefits, and unwinding of discount | 55 | 2 | 1 | 8 | 66 | ||||||||||||||||||
Currency translation differences | (117) | (33) | (5) | (59) | (214) | ||||||||||||||||||
Actuarial gains and losses on defined-benefit plans | 266 | — | — | — | 266 | ||||||||||||||||||
Balance at December 31, 2020 | 3,276 | 879 | 868 | 1,975 | 6,998 | ||||||||||||||||||
Changes in scope of consolidation | (2) | — | — | 37 | 35 | ||||||||||||||||||
Increases in provisions | 247 | (a) | 156 | 67 | 261 | 731 | |||||||||||||||||
Provisions utilized | (222) | (a) | (122) | (8) | (107) | (459) | |||||||||||||||||
Reversals of unutilized provisions | (13) | (a) | (7) | (35) | (145) | (200) | |||||||||||||||||
Transfers | (13) | (3) | (370) | (39) | (425) | ||||||||||||||||||
Net interest related to employee benefits, and unwinding of discount | 42 | 2 | — | 9 | 53 | ||||||||||||||||||
Currency translation differences | 80 | 30 | 2 | 33 | 145 | ||||||||||||||||||
Actuarial gains and losses on defined-benefit plans | (448) | — | — | — | (448) | ||||||||||||||||||
Balance at December 31, 2021 | 2,947 | 935 | 524 | 2,024 | 6,430 | ||||||||||||||||||
Changes in scope of consolidation | (96) | (28) | — | (76) | (200) | ||||||||||||||||||
Increases in provisions | 193 | (a) | 40 | 521 | 531 | 1,285 | |||||||||||||||||
Provisions utilized | (275) | (a) | (119) | (12) | (122) | (528) | |||||||||||||||||
Reversals of unutilized provisions | (66) | (a) | (20) | (11) | (191) | (288) | |||||||||||||||||
Transfers | 10 | 4 | (265) | (23) | (274) | ||||||||||||||||||
Net interest related to employee benefits, and unwinding of discount | 43 | 4 | 5 | 12 | 64 | ||||||||||||||||||
Currency translation differences | 63 | 28 | (1) | 23 | 113 | ||||||||||||||||||
Actuarial gains and losses on defined-benefit plans | (780) | — | — | — | (780) | ||||||||||||||||||
Balance at December 31, 2022 | 2,039 | 844 | 761 | 2,178 | 5,822 |
(€ million) | Provisions for pensions and other post-employment benefits (D.19.1.) | Provisions for other long-term benefits | Restructuring provisions (D.19.2.) | Other provisions (D.19.3.) | Total | |||||||
Balance at January 1, 2017 | 4,377 | 720 | 744 | 1,853 | 7,694 | |||||||
Changes in scope of consolidation | 86 | 3 | — | 13 | 102 | |||||||
Increases in provisions | 269 | (a) | 163 | 105 | 428 | (b) | 965 | |||||
Provisions utilized | (732 | ) | (a) | (97 | ) | (7 | ) | (123 | ) | (959 | ) | |
Reversals of unutilized provisions | (18 | ) | (a) | (5 | ) | (42 | ) | (106 | ) | (171 | ) | |
Transfers | 16 | 1 | (282 | ) | (75 | ) | (340 | ) | ||||
Net interest related to employee benefits, and unwinding of discount | 87 | 4 | 3 | 27 | 121 | |||||||
Unrealized gains and losses | — | — | — | 1 | 1 | |||||||
Currency translation differences | (156 | ) | (39 | ) | (7 | ) | (43 | ) | (245 | ) | ||
Actuarial gains and losses on defined-benefit plans(c) | 30 | — | — | — | 30 | |||||||
Balance at December 31, 2017 | 3,959 | 750 | 514 | 1,975 | 7,198 | |||||||
Changes in scope of consolidation | (6 | ) | (2 | ) | — | 37 | 29 | |||||
Increases in provisions | 251 | (a) | 93 | 387 | 306 | (b) | 1,037 | |||||
Provisions utilized | (529 | ) | (a) | (101 | ) | (3 | ) | (160 | ) | (793 | ) | |
Reversals of unutilized provisions | (36 | ) | (a) | (5 | ) | (15 | ) | (190 | ) | (246 | ) | |
Transfers | (22 | ) | 10 | (251 | ) | (26 | ) | (289 | ) | |||
Net interest related to employee benefits, and unwinding of discount | 70 | 4 | — | 24 | 98 | |||||||
Unrealized gains and losses | — | — | — | — | — | |||||||
Currency translation differences | 36 | 12 | — | 2 | 50 | |||||||
Actuarial gains and losses on defined-benefit plans(c) | (201 | ) | — | — | — | (201 | ) | |||||
Balance at December 31, 2018 | 3,522 | 761 | 632 | 1,968 | 6,883 | |||||||
Changes in scope of consolidation | (1 | ) | — | — | — | (1 | ) | |||||
Increases in provisions | 213 | (a) | 189 | 393 | 554 | (b) | 1,349 | |||||
Provisions utilized | (285 | ) | (a) | (102 | ) | (3 | ) | (132 | ) | (522 | ) | |
Reversals of unutilized provisions | (209 | ) | (a) | (3 | ) | (15 | ) | (511 | ) | (d) | (738 | ) |
Transfers | 92 | (3 | ) | (411 | ) | 168 | (154 | ) | ||||
Net interest related to employee benefits, and unwinding of discount | 83 | 5 | 3 | 18 | 109 | |||||||
Unrealized gains and losses | — | — | — | — | — | |||||||
Currency translation differences | 35 | 8 | 1 | 6 | 50 | |||||||
Actuarial gains and losses on defined-benefit plans(c) | 377 | — | — | — | 377 | |||||||
Balance at December 31, 2019 | 3,827 | 855 | 600 | 2,071 | 7,353 |
(b) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods, as described in Note A.2.1. to the consolidated financial statements for the year ended December 31, 2021. |
F-66 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-67 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
France | Germany | US | UK | France | Germany | US | UK | France | Germany | US | UK | |||||||||||||||||||||||||||
Discount rate(a)/(b) | 3.55% to 3.75% | 3.55% to 3.75% | 4.90% | 4.75% | 0.10% to 1.10% | 0.10% to 1.10% | 2.70% | 1.90% | 0.00% or 0.55% | 0.00% or 0.55% | 2.40% | 1.35% | ||||||||||||||||||||||||||
General inflation rate(c) | 2.50% | 2.50% | — | 3.25% | 1.95% | 1.95% | — | 3.30% | 1.45% | 1.45% | — | 2.95% | ||||||||||||||||||||||||||
Pension benefit indexation | 2.50% | 2.50% | — | 3.00% | 1.95% | 1.95% | — | 3.15% | 1.45% | 1.45% | — | 2.85% | ||||||||||||||||||||||||||
Healthcare cost inflation rate(d) | — | — | 3.29% to 6.56% | — | — | — | 3.50% to 4.50% | — | — | — | 3.50% to 4.50% | — | ||||||||||||||||||||||||||
Retirement age | 62 to 67 | 63 | 55 to 70 | 60 to 65 | 62 to 67 | 62 | 55 to 70 | 60 to 65 | 62 to 67 | 62 | 55 to 70 | 60 to 65 | ||||||||||||||||||||||||||
Mortality table | TGH/ TGF 05 | Heubeck RT 2018 G | RP2012 Proj. MP2021 White Collar | SAPS S3 | TGH/ TGF 05 | Heubeck RT 2018 G | RP2012 Proj. MP2020 White Collar | SAPS S3 | TGH/ TGF 05 | Heubeck RT 2018 G | RP2012 Proj. G. Scale MP2019 White Collar | SAPS S2 |
2019 | 2018 | 2017 | ||||||||||||||||||||||||||
France | Germany | USA | UK | France | Germany | USA | UK | France | Germany | USA | UK | |||||||||||||||||
Discount rate(a)/(b) | 0.25% or 0.75% | 0.25% or 0.75% | 3.00 | % | 2.00 | % | 1.25% or 1.75% | 1.25% or 1.75% | 4.00 | % | 3.00 | % | 0.75% or 1.25% | 0.75% or 1.25% | 3.50 | % | 2.50 | % | ||||||||||
General inflation rate(c) | 1.30 | % | 1.30 | % | 2.00 | % | 2.85 | % | 1.50 | % | 1.50 | % | 2.00 | % | 3.10 | % | 1.50 | % | 1.50 | % | 2.00 | % | 3.10 | % | ||||
Pension benefit indexation | 1.25% to 2.25% | 1.30 | % | — | 2.80 | % | 1.25% to 2.25% | 1.50 | % | — | 3.00 | % | 1.25% to 2.25% | 1.50 | % | — | 3.10 | % | ||||||||||
Healthcare cost inflation rate | 2.00 | % | — | (d) | 5.52 | % | 4.35 | % | (e) | 2.00 | % | — | (d) | 5.66 | % | 1.50 | % | 2.00 | % | — | (d) | 5.81 | % | 1.50 | % | |||
Retirement age | 62 to 67 | 62 | 55 to 70 | 60 to 65 | 62 to 67 | 62 | 55 to 70 | 60 to 65 | 62 to 67 | 62 | 55 to 70 | 60 | ||||||||||||||||
Mortality table | TGH/ TGF 05 | Heubeck RT 2018 G | RP2014 G. Scale MP2018 | SAPS S2 | TGH/ TGF 05 | Heubeck RT 2018 G | RP2014 G. Scale MP2018 | SAPS S2 | TGH/ TGF 05 | Heubeck RT 2005 G | RP2014 G. Scale MP2016 | SAPS S2 |
(b) The |
2019 | 2018 | 2017 | ||||||||||
(years) | France | Germany | USA | UK | France | Germany | USA | UK | France | Germany | USA | UK |
Weighted average duration | 13 | 15 | 14 | 17 | 13 | 15 | 13 | 17 | 13 | 15 | 14 | 17 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(years) | France | Germany | US | UK | France | Germany | US | UK | France | Germany | US | UK | ||||||||||||||||||||||||||
Weighted average duration | 10 | 12 | 11 | 13 | 12 | 16 | 15 | 17 | 13 | 16 | 16 | 18 |
(€ million) | Pensions and other post-employment benefits, by principal country | |||||||||||||||||||||
Measurement of defined-benefit obligation | Change in assumption | UK | ||||||||||||||||||||
Discount rate | -0.50 | % | + | + | + | + | ||||||||||||||||
General inflation rate | +0.50 | % | + | + | + | |||||||||||||||||
Pension benefit indexation | +0.50 | % | + | + | — | + | ||||||||||||||||
Healthcare cost inflation rate | +0.50 | % | — | + | — | |||||||||||||||||
Mortality table | +1 year |
F-68 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Pensions and other post-employment benefits | ||||||||||||||
(€ million) | 2022 | 2021 | 2020 | (a) | ||||||||||
Measurement of the obligation: | ||||||||||||||
Beginning of period | 12,175 | 12,456 | 13,094 | |||||||||||
Current service cost | 193 | 227 | 221 | |||||||||||
Interest cost | 206 | 148 | 192 | |||||||||||
Actuarial losses/(gains) due to changes in demographic assumptions | (219) | (162) | 52 | |||||||||||
Actuarial losses/(gains) due to changes in financial assumptions | (3,006) | (210) | 936 | |||||||||||
Actuarial losses/(gains) due to experience adjustments | 177 | (120) | (26) | |||||||||||
Plan amendments, curtailments or settlements not specified in the terms of the plan(b) | (229) | (4) | (938) | |||||||||||
Plan settlements specified in the terms of the plan | (84) | (66) | (75) | |||||||||||
Benefits paid | (463) | (503) | (545) | |||||||||||
Changes in scope of consolidation and transfers | (114) | (8) | (12) | |||||||||||
Currency translation differences | 15 | 417 | (443) | |||||||||||
Obligation at end of period | 8,651 | 12,175 | 12,456 | |||||||||||
Fair value of plan assets: | ||||||||||||||
Beginning of period | 9,651 | 9,358 | 9,651 | |||||||||||
Interest income on plan assets | 163 | 106 | 138 | |||||||||||
Difference between actual return and interest income on plan assets | (2,398) | 207 | 696 | |||||||||||
Administration costs | (6) | (7) | (14) | |||||||||||
Plan settlements specified in the terms of the plan | (84) | (66) | (75) | |||||||||||
Plan settlements not specified in the terms of the plan | (161) | (9) | (739) | |||||||||||
Contributions from plan members | 6 | 6 | 6 | |||||||||||
Employer’s contributions | 238 | 176 | 490 | |||||||||||
Benefits paid | (426) | (458) | (469) | |||||||||||
Changes in scope of consolidation and transfers | (32) | (6) | — | |||||||||||
Currency translation differences | (52) | 344 | (326) | |||||||||||
Fair value of plan assets at end of period | 6,899 | 9,651 | 9,358 | |||||||||||
Net amount shown in the balance sheet: | ||||||||||||||
Net obligation | 1,752 | 2,524 | 3,098 | |||||||||||
Effect of asset ceiling | 18 | 15 | 1 | |||||||||||
Net amount shown in the balance sheet at end of period | 1,770 | 2,539 | 3,099 | |||||||||||
Amounts recognized in the balance sheet: | ||||||||||||||
Pre-funded obligations (see Note D.7.)(c) | (269) | (408) | (177) | |||||||||||
Obligations provided for | 2,039 | 2,947 | 3,276 | |||||||||||
Net amount recognized at end of period | 1,770 | 2,539 | 3,099 | |||||||||||
Benefit cost for the period: | ||||||||||||||
Current service cost | 193 | 227 | 221 | |||||||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan(b) | (68) | 5 | (199) | |||||||||||
Net interest (income)/cost | 43 | 42 | 55 | |||||||||||
Contributions from plan members | (6) | (6) | (7) | |||||||||||
Administration costs and taxes paid during the period | 6 | 7 | 14 | |||||||||||
Expense recognized directly in profit or loss | 168 | 276 | 84 | |||||||||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses)(d) | (650) | (685) | 266 | |||||||||||
Expense/(gain) for the period | (482) | (409) | 350 |
Pensions and other post-employment benefits | |||||||
(€ million) | 2019 | 2018 | 2017 | ||||
Measurement of the obligation: | |||||||
Beginning of period | 12,055 | 13,012 | 13,088 | ||||
Current service cost | 199 | 231 | 233 | ||||
Interest cost | 293 | 260 | 293 | ||||
Actuarial losses/(gains) due to changes in demographic assumptions | (61 | ) | 204 | (74 | ) | ||
Actuarial losses/(gains) due to changes in financial assumptions | 1,481 | (841 | ) | 543 | |||
Actuarial losses/(gains) due to experience adjustments | (119 | ) | (14 | ) | 61 | ||
Plan amendments, curtailments or settlements not specified in the terms of the plan | (259 | ) | (a) | (96 | ) | (55 | ) |
Plan settlements specified in the terms of the plan | (78 | ) | (83 | ) | (108 | ) | |
Benefits paid | (504 | ) | (647 | ) | (574 | ) | |
Changes in scope of consolidation and transfers | 13 | (46 | ) | 145 | |||
Currency translation differences | 302 | 75 | (540 | ) | |||
Obligation at end of period | 13,322 | 12,055 | 13,012 | ||||
Fair value of plan assets: | |||||||
Beginning of period | 8,610 | 9,106 | 8,741 | ||||
Interest income on plan assets | 211 | 190 | 206 | ||||
Difference between actual return and interest income on plan assets | 926 | (450 | ) | 501 | |||
Administration costs | (7 | ) | (8 | ) | (9 | ) | |
Plan settlements specified in the terms of the plan | (78 | ) | (83 | ) | (109 | ) | |
Plan settlements not specified in the terms of the plan | (64 | ) | (78 | ) | (70 | ) | |
Contributions from plan members | 6 | 6 | 6 | ||||
Employer’s contributions | 250 | 392 | 582 | ||||
Benefits paid | (470 | ) | (510 | ) | (424 | ) | |
Changes in scope of consolidation and transfers | — | 6 | 66 | ||||
Currency translation differences | 267 | 39 | (384 | ) | |||
Fair value of plan assets at end of period | 9,651 | 8,610 | 9,106 | ||||
Net amount shown in the balance sheet: | |||||||
Net obligation | 3,671 | 3,445 | 3,906 | ||||
Effect of asset ceiling | 1 | — | — | ||||
Net amount shown in the balance sheet at end of period | 3,672 | 3,445 | 3,906 | ||||
Amounts recognized in the balance sheet: | |||||||
Pre-funded obligations (see Note D.7.) | (155 | ) | (77 | ) | (53 | ) | |
Obligations provided for | 3,827 | 3,522 | 3,959 | ||||
Net amount recognized at end of period | 3,672 | 3,445 | 3,906 | ||||
Benefit cost for the period: | |||||||
Current service cost | 199 | 231 | 233 | ||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (195 | ) | (a) | (18 | ) | 15 | |
Net interest (income)/cost | 83 | 70 | 87 | ||||
Contributions from plan members | (6 | ) | (6 | ) | (6 | ) | |
Administration costs and taxes paid during the period | 7 | 8 | 9 | ||||
Expense recognized directly in profit or loss | 88 | 285 | 338 | ||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) | 377 | (201 | ) | 30 | |||
Expense/(gain) for the period | 465 | 84 | 368 |
SANOFIFORM 20-F | F-69 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||
December 31, 2022 | France | Germany | US | UK | Other | Total | ||||||||||||||
Measurement of obligation | 1,324 | 2,730 | 1,546 | 2,080 | 971 | 8,651 | ||||||||||||||
Fair value of plan assets | 697 | 2,317 | 860 | 2,175 | 850 | 6,899 | ||||||||||||||
Effect of asset ceiling | — | — | — | — | (18) | (18) | ||||||||||||||
Net amount shown in the balance sheet at end of period | 627 | 413 | 686 | (95) | 139 | 1,770 |
(€ million) | Pensions and other post-employment benefits by geographical region | (€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||||||||||||
December 31, 2019 | France | Germany | USA | UK | Other | Total | ||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | France | Germany | US | UK | Other | Total | |||||||||||||||||||||||||
Measurement of obligation | 2,077 | 3,470 | 2,948 | 3,388 | 1,439 | 13,322 | Measurement of obligation | 1,657 | 3,576 | 2,099 | 3,414 | 1,429 | 12,175 | |||||||||||||||||||
Fair value of plan assets | 956 | 2,516 | 1,774 | 3,258 | 1,147 | 9,651 | Fair value of plan assets | 838 | 2,808 | 1,127 | 3,629 | 1,249 | 9,651 | |||||||||||||||||||
Effect of asset ceiling | — | — | — | — | 1 | 1 | Effect of asset ceiling | — | — | — | — | (15) | (15) | |||||||||||||||||||
Net amount shown in the balance sheet at end of period | 1,121 | 954 | 1,174 | 130 | 293 | 3,672 | Net amount shown in the balance sheet at end of period | 819 | 768 | 972 | (215) | 195 | 2,539 |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||
December 31, 2018 | France | Germany | USA | UK | Other | Total | ||||||
Measurement of obligation | 2,091 | 3,262 | 2,597 | 2,858 | 1,247 | 12,055 | ||||||
Fair value of plan assets | 931 | 2,217 | 1,622 | 2,862 | 978 | 8,610 | ||||||
Net amount shown in the balance sheet at end of period | 1,160 | 1,045 | 975 | (4 | ) | 269 | 3,445 |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||
December 31, 2017 | France | Germany | USA | UK | Other | Total | ||||||
Measurement of obligation | 2,363 | 3,611 | 2,699 | 3,032 | 1,307 | 13,012 | ||||||
Fair value of plan assets | 991 | 2,390 | 1,775 | 2,926 | 1,024 | 9,106 | ||||||
Net amount shown in the balance sheet at end of period | 1,372 | 1,221 | 924 | 106 | 283 | 3,906 |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||
December 31, 2020 | France | Germany | US | UK | Other | Total | ||||||||||||||
Measurement of obligation | 1,778 | 3,580 | 2,091 | 3,561 | 1,446 | 12,456 | ||||||||||||||
Fair value of plan assets | 906 | 2,661 | 1,077 | 3,536 | 1,178 | 9,358 | ||||||||||||||
Effect of asset ceiling | — | — | — | — | (1) | (1) | ||||||||||||||
Net amount shown in the balance sheet at end of period | 872 | 919 | 1,014 | 25 | 269 | 3,099 |
2019 | 2018 | 2017 | ||||
Securities quoted in an active market | 87.4 | % | 99.2 | % | 98.0 | % |
Cash and cash equivalents | 1.8 | % | 1.4 | % | 2.2 | % |
Equity instruments | 22.6 | % | 22.3 | % | 25.2 | % |
Bonds and similar instruments | 55.8 | % | 66.5 | % | 64.1 | % |
Real estate | 3.8 | % | 4.2 | % | 3.3 | % |
Derivatives | — | % | — | % | 0.1 | % |
Commodities | 0.9 | % | 0.7 | % | 0.8 | % |
Other | 2.5 | % | 4.1 | % | 2.3 | % |
Other securities | 12.6 | % | 0.8 | % | 2.0 | % |
Hedge funds | — | % | — | % | 0.1 | % |
Insurance policies | 12.6 | % | 0.8 | % | 1.9 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % |
2022 | 2021 | 2020 | |||||||||
Securities quoted in an active market | 84.4 | % | 86.9 | % | 94.8 | % | |||||
Cash and cash equivalents | 0.7 | % | 0.7 | % | 3.5 | % | |||||
Equity instruments | 21.7 | % | 25.0 | % | 24.8 | % | |||||
Bonds and similar instruments | 52.4 | % | 53.8 | % | 59.9 | % | |||||
Real estate | 4.0 | % | 4.0 | % | 3.4 | % | |||||
Derivatives | 0.1 | % | — | % | — | % | |||||
Commodities | 0.9 | % | 1.0 | % | 0.9 | % | |||||
Other | 4.6 | % | 2.4 | % | 2.3 | % | |||||
Other securities | 15.6 | % | 13.1 | % | 5.2 | % | |||||
Hedge funds | — | % | — | % | 0.4 | % | |||||
Insurance policies | 15.6 | % | 13.1 | % | 4.8 | % | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
F-70 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||
Service cost for 2022 | France | Germany | US | UK | Other | Total | ||||||||||||||
Current service cost | 61 | 44 | 50 | — | 38 | 193 | ||||||||||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (60) | 2 | 1 | (6) | (5) | (68) | ||||||||||||||
Net interest cost/(income) including administration costs and taxes paid during the period | 10 | 7 | 30 | (7) | 9 | 49 | ||||||||||||||
Contributions from plan members | — | — | — | — | (6) | (6) | ||||||||||||||
Expense/(gain) recognized directly in profit or loss | 11 | 53 | 81 | (13) | 36 | 168 | ||||||||||||||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (156) | (204) | (382) | 130 | (38) | (650) | ||||||||||||||
Expense/(gain) for the period | (145) | (151) | (301) | 117 | (2) | (482) |
(€ million) | Pensions and other post-employment benefits by geographical region | (€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||||||||||||
Service cost for 2019 | France | Germany | USA | UK | Other | Total | ||||||||||||||||||||||||||
Service cost for 2021 | Service cost for 2021 | France | Germany | US | UK | Other | Total | |||||||||||||||||||||||||
Current service cost | 62 | 42 | 42 | — | 53 | 199 | Current service cost | 72 | 47 | 57 | — | 51 | 227 | |||||||||||||||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (193 | ) | 13 | (12 | ) | (2 | ) | (1 | ) | (195 | ) | (Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 2 | — | — | 3 | — | 5 | ||||||||||||||
Net interest cost/(income) including administration costs and taxes paid during the period | 20 | 17 | 40 | 2 | 11 | 90 | Net interest cost/(income) including administration costs and taxes paid during the period | 5 | 5 | 27 | 3 | 9 | 49 | |||||||||||||||||||
Contributions from plan members | — | — | — | — | (6 | ) | (6 | ) | Contributions from plan members | — | — | — | — | (6) | (6) | |||||||||||||||||
Expense/(gain) recognized directly in profit or loss | (111 | ) | 72 | 70 | — | 57 | 88 | Expense/(gain) recognized directly in profit or loss | 80 | 52 | 84 | 6 | 54 | 276 | ||||||||||||||||||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 89 | (4 | ) | 148 | 133 | 11 | 377 | Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (106) | (113) | (157) | (236) | (73) | (685) | ||||||||||||||||||
Expense/(gain) for the period | (22 | ) | 68 | 218 | 133 | 68 | 465 | Expense/(gain) for the period | (26) | (61) | (73) | (230) | (19) | (409) |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||
Service cost for 2018 | France | Germany | USA | UK | Other | Total | ||||||
Current service cost | 78 | 51 | 46 | — | 56 | 231 | ||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (5 | ) | (20 | ) | 3 | 5 | (1 | ) | (18 | ) | ||
Net interest cost/(income) including administration costs and taxes paid during the period | 17 | 12 | 35 | 4 | 10 | 78 | ||||||
Contributions from plan members | — | — | — | — | (6 | ) | (6 | ) | ||||
Expense/(gain) recognized directly in profit or loss | 90 | 43 | 84 | 9 | 59 | 285 | ||||||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (155 | ) | (13 | ) | (38 | ) | 7 | (2 | ) | (201 | ) | |
Expense/(gain) for the period | (65 | ) | 30 | 46 | 16 | 57 | 84 |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||
Service cost for 2017 | France | Germany | USA | UK | Other | Total | ||||||
Current service cost | 74 | 50 | 53 | — | 56 | 233 | ||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (23 | ) | 7 | 44 | — | (13 | ) | 15 | ||||
Net interest cost/(income) including administration costs and taxes paid during the period | 22 | 16 | 40 | 8 | 10 | 96 | ||||||
Contributions from plan members | — | — | — | — | (6 | ) | (6 | ) | ||||
Expense/(gain) recognized directly in profit or loss | 73 | 73 | 137 | 8 | 47 | 338 | ||||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) | 35 | (33 | ) | 77 | (48 | ) | (1 | ) | 30 | |||
Expense/(gain) for the period | 108 | 40 | 214 | (40 | ) | 46 | 368 |
(€ million) | Pensions and other post-employment benefits by geographical region | |||||||||||||||||||
Service cost for 2020 | France | Germany | US | UK | Other | Total | ||||||||||||||
Current service cost | 65 | 49 | 51 | — | 56 | 221 | ||||||||||||||
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | (87) | 10 | (123) | — | 1 | (199) | ||||||||||||||
Net interest cost/(income) including administration costs and taxes paid during the period | 7 | 13 | 34 | 5 | 10 | 69 | ||||||||||||||
Contributions from plan members | — | — | — | — | (7) | (7) | ||||||||||||||
Expense/(gain) recognized directly in profit or loss | (15) | 72 | (38) | 5 | 60 | 84 | ||||||||||||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) | 23 | 121 | 22 | 115 | (15) | 266 | ||||||||||||||
Expense/(gain) for the period | 8 | 193 | (16) | 120 | 45 | 350 |
(€ million) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
France | Germany | US | UK | France | Germany | US | UK | France | Germany | US | UK | |||||||||||||||||||||||||||
Actuarial gains/(losses) arising during the period | 156 | 205 | 382 | (131) | 106 | 113 | 156 | 237 | (23) | (121) | (22) | (115) | ||||||||||||||||||||||||||
Comprising: | ||||||||||||||||||||||||||||||||||||||
Gains/(losses) on experience adjustments(a) | (120) | (620) | (287) | (1,328) | 60 | 182 | 23 | 35 | 28 | 76 | 214 | 341 | ||||||||||||||||||||||||||
Gains/(losses) on demographic assumptions | — | — | 129 | 54 | — | — | 51 | 125 | 9 | — | (42) | (14) | ||||||||||||||||||||||||||
Gains/(losses) on financial assumptions | 276 | 825 | 540 | 1,143 | 46 | (69) | 82 | 77 | (60) | (197) | (194) | (442) |
(€ million) | 2019 | 2018 | 2017 | |||||||||||||||||||||
France | Germany | USA | UK | France | Germany | USA | UK | France | Germany | USA | UK | |||||||||||||
Actuarial gains/(losses) arising during the period(a) | (89 | ) | 5 | (148 | ) | (133 | ) | 155 | 13 | 38 | (7 | ) | (35 | ) | 33 | (77 | ) | 48 | ||||||
Comprising: | ||||||||||||||||||||||||
Gains/(losses) on experience adjustments(b) | 149 | 331 | 210 | 242 | 21 | (154 | ) | (131 | ) | (118 | ) | 35 | 159 | 76 | 114 | |||||||||
Gains/(losses) on demographic assumptions | — | — | — | 63 | (7 | ) | (67 | ) | 7 | (144 | ) | — | — | 20 | 53 | |||||||||
Gains/(losses) on financial assumptions | (238 | ) | (326 | ) | (358 | ) | (438 | ) | 141 | 234 | 162 | 255 | (70 | ) | (126 | ) | (173 | ) | (119 | ) |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Net pre-tax actuarial loss | (2,090) | (2,738) | (3,423) |
(€ million) | 2019 | 2018 | 2017 | |||
Net pre-tax actuarial loss | (3,207 | ) | (2,834 | ) | (3,035 | ) |
SANOFI FORM 20-F2022 | F-71 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | |||
Present value of wholly or partially funded obligations in respect of pension and other post-employment benefit plans | 12,057 | 10,995 | 11,915 | |||
Present value of unfunded obligations | 1,265 | 1,060 | 1,097 | |||
Total | 13,322 | 12,055 | 13,012 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Present value of wholly or partially funded obligations in respect of pension and other post-employment benefit plans | 7,463 | 10,416 | 10,734 | ||||||||
Present value of unfunded obligations | 1,188 | 1,759 | 1,722 | ||||||||
Total | 8,651 | 12,175 | 12,456 |
(€ million) | 2019 | 2018 | 2017 | |||
Cost of sales | 46 | 67 | 63 | |||
Research and development expenses | 25 | 77 | 48 | |||
Selling and general expenses | (22 | ) | 84 | 95 | ||
Other operating (income)/expenses, net | (3 | ) | (21 | ) | — | |
Restructuring costs | (41 | ) | 8 | 45 | ||
Financial expenses | 83 | 70 | 87 | |||
Total | 88 | 285 | 338 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Cost of sales | 55 | 77 | 77 | ||||||||
Research and development expenses | 52 | 65 | 63 | ||||||||
Selling and general expenses | 81 | 87 | 88 | ||||||||
Other operating (income)/expenses, net | (2) | (1) | (140) | ||||||||
Restructuring costs | (61) | 6 | (59) | ||||||||
Financial expenses | 43 | 42 | 55 | ||||||||
Total | 168 | 276 | 84 |
(€ million) | France | Germany | USA | UK | Other | Total | ||||||
Employer’s contributions in 2020 (estimate): | ||||||||||||
2020 | — | — | — | 4 | 42 | 46 |
(€ million) | France | Germany | US | UK | Other | Total | ||||||||||||||
Employer’s contributions in 2023 (estimate): | ||||||||||||||||||||
2023 | — | — | — | 4 | 34 | 38 |
(€ million) | France | Germany | USA | UK | Other | Total | ||||||
Estimated future benefit payments: | ||||||||||||
2020 | 120 | 190 | 173 | 126 | 67 | 676 | ||||||
2021 | 118 | 196 | 152 | 130 | 59 | 655 | ||||||
2022 | 65 | 202 | 152 | 134 | 63 | 616 | ||||||
2023 | 77 | 207 | 154 | 138 | 67 | 643 | ||||||
2024 | 89 | 213 | 147 | 142 | 70 | 661 | ||||||
2025 to 2029 | 544 | 1,083 | 737 | 779 | 392 | 3,535 |
(€ million) | France | Germany | US | UK | Other | Total | ||||||||||||||
Estimated future benefit payments | ||||||||||||||||||||
2023 | 99 | 195 | 118 | 125 | 59 | 596 | ||||||||||||||
2024 | 67 | 203 | 106 | 129 | 53 | 558 | ||||||||||||||
2025 | 72 | 209 | 107 | 134 | 53 | 575 | ||||||||||||||
2026 | 75 | 212 | 110 | 138 | 57 | 592 | ||||||||||||||
2027 | 94 | 219 | 100 | 142 | 59 | 614 | ||||||||||||||
2028 to 2032 | 505 | 1,135 | 499 | 784 | 323 | 3,246 |
Total | Payments due by period | |||||||||
(€ million) | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||
Estimated payments | 1,265 | 68 | 117 | 121 | 959 |
Total | Payments due by period | ||||||||||||||||
(€ million) | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||
Estimated payments | 1,188 | 74 | 116 | 139 | 859 |
F-72 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | ||||||||
Balance, beginning of period | 1,118 | 1,499 | 1,390 | ||||||||
Of which: | |||||||||||
•Classified in non-current liabilities | 524 | 868 | 600 | ||||||||
•Classified in current liabilities | 594 | 631 | 790 | ||||||||
Change in provisions recognized in profit or loss for the period | 636 | 183 | 767 | ||||||||
Provisions utilized(a) | (522) | (571) | (663) | ||||||||
Transfers | — | 1 | 20 | ||||||||
Unwinding of discount | 5 | — | 1 | ||||||||
Currency translation differences | (4) | 6 | (16) | ||||||||
Balance, end of period | 1,233 | 1,118 | 1,499 | ||||||||
Of which: | |||||||||||
•Classified in non-current liabilities | 761 | 524 | 868 | ||||||||
•Classified in current liabilities | 472 | 594 | 631 |
(€ million) | 2019 | 2018 | 2017 | |||
Balance, beginning of period | 1,572 | 1,086 | 1,420 | |||
Of which: | ||||||
▪ Classified in non-current liabilities | 632 | 514 | 744 | |||
▪ Classified in current liabilities | 940 | 572 | 676 | |||
Change in provisions recognized in profit or loss for the period | 760 | 1,035 | 297 | |||
Provisions utilized | (897 | ) | (605 | ) | (616 | ) |
Transfers | (51 | ) | 54 | 7 | ||
Unwinding of discount | 3 | — | 3 | |||
Currency translation differences | 3 | 2 | (25 | ) | ||
Balance, end of period | 1,390 | 1,572 | 1,086 | |||
Of which: | ||||||
▪ Classified in non-current liabilities | 600 | 632 | 514 | |||
▪ Classified in current liabilities | 790 | 940 | 572 |
SANOFIFORM 20-F | F-73 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
December 31, 2022 | Total | Benefit payments by period | |||||||||||||||
(€ million) | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||
Employee termination benefits | |||||||||||||||||
•France | 804 | 185 | 412 | 207 | — | ||||||||||||
•Other countries | 235 | 189 | 36 | 8 | 2 | ||||||||||||
Total | 1,039 | 374 | 448 | 215 | 2 |
December 31, 2019 | Total | Benefit payments by period | |||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | Benefit payments by period | |||||||||||||||||||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | (€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||||||
Employee termination benefits | Employee termination benefits | ||||||||||||||||||||||||||
▪ France | 694 | 314 | 268 | 110 | 2 | ||||||||||||||||||||||
▪ Other countries | 431 | 343 | 79 | 6 | 3 | ||||||||||||||||||||||
•France | •France | 614 | 269 | 288 | 53 | 4 | |||||||||||||||||||||
•Other countries | •Other countries | 329 | 207 | 106 | 14 | 2 | |||||||||||||||||||||
Total | 1,125 | 657 | 347 | 116 | 5 | Total | 943 | 476 | 394 | 67 | 6 |
December 31, 2018 | Benefit payments by period | ||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | Benefit payments by period | |||||||||||||||||||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | (€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||||||
Employee termination benefits | Employee termination benefits | ||||||||||||||||||||||||||
▪ France | 623 | 302 | 242 | 71 | 8 | ||||||||||||||||||||||
▪ Other countries | 272 | 187 | 62 | 6 | 17 | ||||||||||||||||||||||
•France | •France | 889 | 295 | 457 | 124 | 13 | |||||||||||||||||||||
•Other countries | •Other countries | 371 | 195 | 149 | 18 | 9 | |||||||||||||||||||||
Total | 895 | 489 | 304 | 77 | 25 | Total | 1,260 | 490 | 606 | 142 | 22 |
December 31, 2017 | Benefit payments by period | |||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||
Employee termination benefits | ||||||||||
▪ France | 588 | 257 | 281 | 49 | 1 | |||||
▪ Other countries | 274 | 197 | 70 | 5 | 2 | |||||
Total | 862 | 454 | 351 | 54 | 3 |
(€ million) | 2019 | 2018 | 2017 | |||
Environmental risks | 737 | 680 | 686 | |||
Product liability risks, litigation and other | 1,334 | 1,288 | 1,289 | |||
Total | 2,071 | 1,968 | 1,975 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Environmental risks | 526 | 650 | 713 | ||||||||
Product liability risks, litigation and other | 1,652 | 1,374 | 1,262 | ||||||||
Total | 2,178 | 2,024 | 1,975 |
(€ million) | 2019 | 2018 | 2017 | |||
Non-current liabilities related to income taxes(a) | 1,666 | 1,407 | 1,614 | |||
Other non-current liabilities(b) | 302 | 323 | 342 | |||
Total | 1,968 | 1,730 | 1,956 |
SANOFI FORM 20-F2022 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Taxes payable, other than corporate income taxes | 420 | 428 | 347 | ||||||||
Employee-related liabilities | 2,158 | 2,126 | 2,042 | ||||||||
Restructuring provisions (see Note D.19.2.) | 472 | 594 | 631 | ||||||||
Interest rate derivatives (see Note D.20.) | — | 1 | — | ||||||||
Currency derivatives (see Note D.20.) | 94 | 62 | 205 | ||||||||
Equity derivatives (see Note D.20.) | — | 16 | — | ||||||||
Amounts payable for acquisitions of non-current assets | 714 | 559 | 467 | ||||||||
Customer contract liabilities(a) | 264 | 319 | 252 | ||||||||
Other current liabilities(b) | 7,899 | 7,112 | 6,188 | ||||||||
Total | 12,021 | 11,217 | 10,132 |
(€ million) | 2019 | 2018 | 2017 | (a) | |||
Taxes payable | 613 | 733 | 1,180 | ||||
Employee-related liabilities | 1,978 | 1,989 | 1,922 | ||||
Restructuring provisions (see Note D.19.2.) | 790 | 940 | 572 | ||||
Interest rate derivatives (see Note D.20.) | 2 | — | — | ||||
Currency derivatives (see Note D.20.) | 87 | 90 | 58 | ||||
Amounts payable for acquisitions of non-current assets | 413 | 497 | 387 | ||||
Other current liabilities(b) | 6,078 | 5,112 | 5,093 | ||||
Total | 9,961 | 9,361 | 9,212 |
(€ million) | Non-current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Market value at December 31, 2019 (net) | Market value at December 31, 2018 (net) | Market value at December 31, 2017 (net) | |||||||||
Currency derivatives | 6 | 184 | 190 | — | (87 | ) | (87 | ) | 103 | 44 | 71 | |||||||
operating | — | 16 | 16 | — | (31 | ) | (31 | ) | (15 | ) | 7 | 3 | ||||||
financial | 6 | 168 | 174 | — | (56 | ) | (56 | ) | 118 | 37 | 68 | |||||||
Interest rate derivatives | 31 | 4 | 35 | (6 | ) | (2 | ) | (8 | ) | 27 | 42 | 51 | ||||||
Equity derivatives | — | — | — | (4 | ) | — | (4 | ) | (4 | ) | ||||||||
Total | 37 | 188 | 225 | (10 | ) | (89 | ) | (99 | ) | 126 | 86 | 122 |
(€ million) | Non-current assets | Current assets | Total assets | Non-current liabilities | Current liabilities | Total liabilities | Market value at December 31, 2022 (net) | Market value at December 31, 2021 (net) | Market value at December 31, 2020 (net) | ||||||||||||||||||||
Currency derivatives | — | 206 | 206 | — | (94) | (94) | 112 | 222 | (209) | ||||||||||||||||||||
operating | — | 88 | 88 | — | (66) | (66) | 22 | 10 | 7 | ||||||||||||||||||||
financial | — | 118 | 118 | — | (28) | (28) | 90 | 212 | (216) | ||||||||||||||||||||
Interest rate derivatives | — | — | — | (232) | — | (232) | (232) | 7 | 20 | ||||||||||||||||||||
Equity derivatives | — | — | — | — | — | — | — | (16) | (26) | ||||||||||||||||||||
Total | — | 206 | 206 | ( 232) | ( 94) | ( 326) | ( 120) | 213 | ( 215) |
SANOFIFORM 20-F | F-75 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
December 31, 2019 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | |||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | ||||
Forward currency sales | 3,372 | (10 | ) | 3,372 | (10 | ) | |||||
of which US dollar | 1,186 | 3 | 1,186 | 3 | |||||||
of which Chinese yuan renminbi | 447 | — | 447 | — | |||||||
of which Singapore dollar | 410 | — | 410 | — | |||||||
of which Russian rouble | 184 | (3 | ) | 184 | (3 | ) | |||||
of which Saudi riyal | 133 | 1 | 133 | 1 | |||||||
Forward currency purchases | 1,835 | (5 | ) | 1,835 | (5 | ) | |||||
of which US dollar | 602 | (6 | ) | 602 | (6 | ) | |||||
of which Singapore dollar | 525 | 1 | 525 | 1 | |||||||
of which Chinese yuan renminbi | 130 | — | 130 | — | |||||||
of which Hungarian forint | 60 | — | 60 | — | |||||||
of which Russian rouble | 49 | — | 49 | — | |||||||
Total | 5,207 | (15 | ) | 5,207 | (15 | ) |
December 31, 2022 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | |||||||||||||||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | ||||||||||||||||
Forward currency sales | 5,403 | 49 | — | — | — | 5,403 | 49 | ||||||||||||||||
of which US dollar | 2,732 | 56 | — | — | — | 2,732 | 56 | ||||||||||||||||
of which Chinese yuan renminbi | 576 | 2 | — | — | — | 576 | 2 | ||||||||||||||||
of which Japanese yen | 240 | (5) | — | — | — | 240 | (5) | ||||||||||||||||
of which Singapore dollar | 180 | 1 | — | — | — | 180 | 1 | ||||||||||||||||
of which Korean won | 179 | (14) | — | — | — | 179 | (14) | ||||||||||||||||
Forward currency purchases | 3,459 | (27) | — | — | — | 3,459 | (27) | ||||||||||||||||
of which US dollar | 2,047 | (21) | — | — | — | 2,047 | (21) | ||||||||||||||||
of which Singapore dollar | 375 | (7) | — | — | — | 375 | (7) | ||||||||||||||||
of which Chinese yuan renminbi | 142 | — | — | — | — | 142 | — | ||||||||||||||||
of which Korean won | 130 | 4 | — | — | — | 130 | 4 | ||||||||||||||||
of which Taiwan dollar | 84 | — | — | — | — | 84 | — | ||||||||||||||||
Total | 8,862 | 22 | — | — | — | 8,862 | 22 |
December 31, 2018 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | ||||||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | |||||||
Forward currency sales | 4,002 | — | — | — | — | 4,002 | — | |||||||
of which US dollar | 1,723 | (7 | ) | — | — | — | 1,723 | (7 | ) | |||||
of which Singapore dollar | 652 | 1 | — | — | — | 652 | 1 | |||||||
of which Chinese yuan renminbi | 451 | (1 | ) | — | — | — | 451 | (1 | ) | |||||
of which Saudi riyal | 100 | 1 | — | — | — | 100 | 1 | |||||||
of which Russian rouble | 88 | 5 | — | — | — | 88 | 5 | |||||||
Forward currency purchases | 2,036 | 7 | — | — | — | 2,036 | 7 | |||||||
of which US dollar | 514 | 8 | — | — | — | 514 | 8 | |||||||
of which Singapore dollar | 500 | 1 | — | — | — | 500 | 1 | |||||||
of which Japanese yen | 197 | 3 | — | — | — | 197 | 3 | |||||||
of which Chinese yuan renminbi | 163 | (1 | ) | — | — | — | 163 | (1 | ) | |||||
of which Canadian dollar | 106 | (2 | ) | — | — | — | 106 | (2 | ) | |||||
Total | 6,038 | 7 | — | — | — | 6,038 | 7 |
December 31, 2021 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | |||||||||||||||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | ||||||||||||||||
Forward currency sales | 3,912 | 4 | – | – | – | 3,912 | 4 | ||||||||||||||||
of which US dollar | 1,392 | 5 | – | – | – | 1,392 | 5 | ||||||||||||||||
of which Chinese yuan renminbi | 665 | (2) | – | – | – | 665 | (2) | ||||||||||||||||
of which Singapore dollar | 355 | (1) | – | – | – | 355 | (1) | ||||||||||||||||
of which Japanese yen | 199 | 3 | – | – | – | 199 | 3 | ||||||||||||||||
of which Taiwan dollar | 122 | (1) | – | – | – | 122 | (1) | ||||||||||||||||
Forward currency purchases | 2,374 | 6 | – | – | – | 2,374 | 6 | ||||||||||||||||
of which US dollar | 833 | (2) | – | – | – | 833 | (2) | ||||||||||||||||
of which Singapore dollar | 696 | 7 | – | – | – | 696 | 7 | ||||||||||||||||
of which Chinese yuan renminbi | 255 | — | – | – | – | 255 | — | ||||||||||||||||
of which Hungarian forint | 77 | — | – | – | – | 77 | — | ||||||||||||||||
of which Russian rouble | 72 | (1) | – | – | – | 72 | (1) | ||||||||||||||||
Total | 6,286 | 10 | – | – | – | 6,286 | 10 |
F-76 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
December 31, 2017 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | ||||||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | |||||||
Forward currency sales | 3,592 | 11 | — | — | — | 3,592 | 11 | |||||||
of which US dollar | 1,043 | 15 | — | — | — | 1,043 | 15 | |||||||
of which Singapore dollar | 870 | 1 | — | — | — | 870 | 1 | |||||||
of which Chinese yuan | 327 | (1 | ) | — | — | — | 327 | (1 | ) | |||||
of which Japanese yen | 248 | 1 | — | — | — | 248 | 1 | |||||||
of which Saudi riyal | 144 | 2 | — | — | — | 144 | 2 | |||||||
Forward currency purchases | 1,649 | (8 | ) | — | — | — | 1,649 | (8 | ) | |||||
of which Japanese yen | 373 | (3 | ) | — | — | — | 373 | (3 | ) | |||||
of which Singapore dollar | 360 | (4 | ) | — | — | — | 360 | (4 | ) | |||||
of which US dollar | 205 | (2 | ) | — | — | — | 205 | (2 | ) | |||||
of which Chinese yuan | 196 | — | — | — | — | 196 | — | |||||||
of which Hungarian forint | 81 | 1 | — | — | — | 81 | 1 | |||||||
Total | 5,241 | 3 | — | — | — | 5,241 | 3 |
December 31, 2020 | Of which derivatives designated as cash flow hedges | Of which derivatives not eligible for hedge accounting | |||||||||||||||||||||
(€ million) | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | Notional amount | Fair value | ||||||||||||||||
Forward currency sales | 3,477 | 7 | — | — | — | 3,477 | 7 | ||||||||||||||||
of which US dollar | 1,367 | 10 | — | — | — | 1,367 | 10 | ||||||||||||||||
of which Chinese yuan renminbi | 521 | 2 | — | — | — | 521 | 2 | ||||||||||||||||
of which Singapore dollar | 287 | (1) | — | — | — | 287 | (1) | ||||||||||||||||
of which Japanese yen | 143 | 1 | — | — | — | 143 | 1 | ||||||||||||||||
of which Mexican peso | 121 | — | — | — | — | 121 | — | ||||||||||||||||
Forward currency purchases | 1,932 | — | — | — | — | 1,932 | — | ||||||||||||||||
of which US dollar | 580 | (1) | — | — | — | 580 | (1) | ||||||||||||||||
of which Singapore dollar | 571 | (1) | — | — | — | 571 | (1) | ||||||||||||||||
of which Chinese yuan renminbi | 286 | 1 | — | — | — | 286 | 1 | ||||||||||||||||
of which Russian rouble | 61 | — | — | — | — | 61 | — | ||||||||||||||||
of which Japanese yen | 55 | — | — | — | — | 55 | — | ||||||||||||||||
Total | 5,409 | 7 | — | — | — | 5,409 | 7 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
(€ million) | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry | |||||||||||||||||||||||
Forward currency sales | 7,559 | 66 | 7,655 | 15 | 5,064 | 10 | ||||||||||||||||||||||||||
of which US dollar | 6,114 | (a) | 59 | 2023 | 5,384 | 23 | 2022 | 3,721 | 20 | 2021 | ||||||||||||||||||||||
of which Pound sterling | 384 | 7 | 2023 | 309 | (2) | 2022 | 257 | (6) | 2021 | |||||||||||||||||||||||
of which Chinese yuan renminbi | 203 | 2 | 2023 | 70 | (2) | 2022 | 26 | — | 2021 | |||||||||||||||||||||||
Forward currency purchases | 4,997 | 24 | 9,293 | 197 | 9,004 | (226) | ||||||||||||||||||||||||||
of which US dollar | 2,011 | (b) (c) | (4) | 2023 | 4,816 | 128 | 2022 | 6,068 | (200) | 2021 | ||||||||||||||||||||||
of which Singapore dollar | 2,154 | (d) | 22 | 2023 | 2,910 | 75 | 2022 | 2,250 | (27) | 2021 | ||||||||||||||||||||||
of which Japanese yen | 205 | 4 | 2023 | 235 | (2) | 2022 | 68 | — | 2021 | |||||||||||||||||||||||
Total | 12,556 | 90 | 16,948 | 212 | 14,068 | (216) |
2019 | 2018 | 2017 | ||||||||||||||
(€ million) | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry | Notional amount | Fair value | Expiry | |||||||
Forward currency sales | 8,515 | 40 | 7,762 | 17 | 5,074 | 86 | ||||||||||
of which US dollar | 6,331 | (a) | 51 | 2020 | 5,500 | 38 | 2019 | 3,542 | 50 | 2018 | ||||||
of which Japanese yen | 516 | (5 | ) | 2020 | 973 | (24 | ) | 2019 | 867 | 34 | 2018 | |||||
of which Pound sterling | 297 | 1 | 2020 | 184 | — | 2019 | 20 | — | 2018 | |||||||
Forward currency purchases | 10,975 | 78 | 7,291 | 20 | 4,657 | (18 | ) | |||||||||
of which US dollar | 7,363 | 42 | 2020 | 4,165 | (17 | ) | 2019 | 242 | (10 | ) | 2018 | |||||
of which Singapore dollar | 2,332 | 32 | 2,022 | 33 | 2019 | 2,281 | (23 | ) | 2018 | |||||||
of which Chinese yuan renminbi | 270 | 2 | 2020 | 427 | — | 2019 | 158 | 3 | 2018 | |||||||
Total | 19,490 | 118 | 15,053 | 37 | 9,731 | 68 |
SANOFIFORM 20-F | F-77 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Notional amounts by expiry date as of December 31, 2019 | Of which designated as fair value hedges | Of which designated as cash flow hedges | ||||||||||||||||||||||||
(€ million) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | |||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
pay capitalized Eonia / receive 0.06% | — | — | 2,000 | — | — | — | 2,000 | 28 | 2,000 | 28 | — | — | — | |||||||||||||
pay -0.57% / receive capitalized Eonia | — | — | 600 | — | — | — | 600 | 3 | — | — | 600 | 3 | 3 | |||||||||||||
pay 1.81% / receive 3-month US dollar Libor | 446 | — | — | — | — | — | 446 | (2 | ) | — | — | 446 | (2 | ) | — | |||||||||||
pay 3-month US dollar Libor / receive 2.22% | 446 | — | — | — | — | — | 446 | 4 | 446 | 4 | — | — | — | |||||||||||||
receive capitalized Eonia / pay 1.48%(a) | — | — | 42 | 57 | — | — | 99 | (6 | ) | 99 | (6 | ) | — | — | — | |||||||||||
Total | 892 | — | 2,642 | 57 | — | — | 3,591 | 27 | 2,545 | 26 | 1,046 | 1 | 3 |
Notional amounts by expiry date as of December 31, 2022 | Of which designated as fair value hedges | Of which designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||||
(€ million) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | ||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||
pay SOFR USD/receive 1.03% | — | — | — | — | — | 467 | 467 | (62) | 467 | (62) | — | — | — | ||||||||||||||||||||||||||||
pay SOFR USD/receive 1.32% | — | — | — | — | — | 467 | 467 | (56) | 467 | (56) | — | — | — | ||||||||||||||||||||||||||||
pay capitalized Ester/receive 0.69% | — | — | 850 | — | — | — | 850 | (43) | 850 | (43) | — | — | — | ||||||||||||||||||||||||||||
pay capitalized Ester/receive 0.92% | — | — | — | — | — | 650 | 650 | (71) | 650 | (71) | — | — | — | ||||||||||||||||||||||||||||
Total | — | — | 850 | — | — | 1,584 | 2,434 | (232) | 2,434 | (232) | — | — | — |
Notional amounts by expiry date as of December 31, 2021 | Of which designated as fair value hedges | Of which designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||||
(€ million) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | ||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||
pay capitalized EONIA/receive 0.06% | 2,000 | — | — | — | — | — | 2,000 | 10 | 2,000 | 10 | — | — | — | ||||||||||||||||||||||||||||
pay -0.57%/receive capitalized EONIA | 600 | — | — | — | — | — | 600 | 1 | — | — | 600 | 1 | — | ||||||||||||||||||||||||||||
pay SOFR USD/receive 1.03% | — | — | — | — | — | 440 | 440 | (5) | 440 | (5) | — | — | — | ||||||||||||||||||||||||||||
pay SOFR USD/receive 1.32% | — | — | — | — | — | 440 | 440 | 3 | 440 | 3 | — | — | — | ||||||||||||||||||||||||||||
receive capitalized EONIA/pay 1.48%(a) | 42 | 57 | — | — | — | — | 99 | (3) | 99 | (3) | — | — | — | ||||||||||||||||||||||||||||
Total | 2,642 | 57 | — | — | — | 880 | 3,579 | 7 | 2,979 | 6 | 600 | 1 | — |
Notional amounts by expiry date as of December 31, 2018 | Of which designated as fair value hedges | Of which designated as cash flow hedges | ||||||||||||||||||||||||
(€ million) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | |||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
pay capitalized Eonia / receive 1.58% | 1,550 | — | — | — | — | — | 1,550 | 30 | 1,550 | 30 | — | — | — | |||||||||||||
pay capitalized Eonia / receive 0.06% | — | — | — | 2,000 | — | — | 2,000 | 15 | 2,000 | 15 | — | — | — | |||||||||||||
pay 1.81% / receive 3-month US dollar Libor | — | 436 | — | — | — | — | 436 | 5 | — | — | 436 | 5 | 7 | |||||||||||||
pay 3-month US dollar Libor / receive 2.22% | — | 436 | — | — | — | — | 436 | (1 | ) | 436 | (1 | ) | — | — | — | |||||||||||
receive capitalized Eonia / pay 1.48% | — | — | — | 42 | 57 | — | 99 | (6 | ) | 99 | (6 | ) | — | — | — | |||||||||||
Total | 1,550 | 872 | — | 2,042 | 57 | — | 4,521 | 42 | 4,085 | 38 | 436 | 5 | 7 |
Notional amounts by expiry date as of December 31, 2020 | Of which designated as fair value hedges | Of which designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||||
(€ million) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and later | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | ||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||||||||
pay capitalized EONIA/receive 0.06% | — | 2,000 | — | — | — | — | 2,000 | 23 | 2,000 | 23 | — | — | — | ||||||||||||||||||||||||||||
pay -0.57%/receive capitalized EONIA | — | 600 | — | — | — | — | 600 | 1 | — | — | 600 | 1 | 1 | ||||||||||||||||||||||||||||
receive capitalized Eonia/pay 1.48%(a) | — | 42 | 57 | — | — | — | 99 | (4) | 99 | (4) | — | — | — | ||||||||||||||||||||||||||||
Total | — | 2,642 | 57 | — | — | — | 2,699 | 20 | 2,099 | 19 | 600 | 1 | 1 |
Notional amounts by expiry date as of December 31, 2017 | Of which designated as fair value hedges | Of which designated as cash flow hedges | ||||||||||||||||||||||||
(€ million) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | |||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
pay capitalized Eonia / receive 1.58% | — | 1,550 | — | — | — | — | 1,550 | 58 | 1,550 | 58 | — | — | — | |||||||||||||
pay capitalized Eonia / receive 0.06% | — | — | — | — | 1,800 | — | 1,800 | (6 | ) | 1,800 | (6 | ) | — | — | — | |||||||||||
pay 1.81% / receive 3-month US dollar Libor | — | — | 417 | — | — | — | 417 | 2 | — | — | 417 | 2 | 4 | |||||||||||||
pay 3-month US dollar Libor / receive 2.22% | — | — | 417 | — | — | — | 417 | 3 | 417 | 3 | — | — | — | |||||||||||||
receive capitalized Eonia / pay 1.48% | — | — | — | — | 42 | 57 | 99 | (6 | ) | 99 | (6 | ) | — | — | — | |||||||||||
Total | — | 1,550 | 834 | — | 1,842 | 57 | 4,283 | 51 | 3,866 | 49 | 417 | 2 | 4 |
F-78 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | |||||||||
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | |||||||
Gross carrying amounts before offset (a) | 225 | (99 | ) | 183 | (97 | ) | 196 | (74 | ) | |||
Gross amounts offset (in accordance with IAS 32) (b) | — | — | — | — | — | — | ||||||
Net amounts as reported in the balance sheet (a) - (b) = (c) | 225 | (99 | ) | 183 | (97 | ) | 196 | (74 | ) | |||
Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) | — | — | ||||||||||
Financial instruments | (89 | ) | 89 | (81 | ) | 81 | (67 | ) | 67 | |||
Fair value of financial collateral | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
Net exposure (c) + (d) | 136 | (10 | ) | 102 | (16 | ) | 129 | (7 | ) |
(€ million) | 2022 | 2021 | 2020 | |||||||||||||||||
Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities | |||||||||||||||
Gross carrying amounts before offset (a) | 206 | (326) | 298 | (85) | 82 | (297) | ||||||||||||||
Gross amounts offset (in accordance with IAS 32) (b) | — | — | — | — | — | — | ||||||||||||||
Net amounts as reported in the balance sheet (a) - (b) = (c) | 206 | (326) | 298 | (85) | 82 | (297) | ||||||||||||||
Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) | — | — | ||||||||||||||||||
Financial instruments | (160) | 160 | (67) | 67 | (81) | 81 | ||||||||||||||
Fair value of financial collateral | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||
Net exposure (c) + (d) | 46 | (166) | 231 | (18) | 1 | (216) |
December 31, 2022 | Payments due by period | ||||||||||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced(a)(b) | 38 | 26 | 4 | 3 | 5 | ||||||||||||
Irrevocable purchase commitments(c) | |||||||||||||||||
•given(d) | 10,921 | 5,957 | 2,922 | 1,062 | 980 | ||||||||||||
•received | (1,025) | (482) | (335) | (86) | (122) | ||||||||||||
Research and development license agreements - commitments given | |||||||||||||||||
•commitments related to R&D and other commitments(e) | 259 | 197 | 39 | 10 | 13 | ||||||||||||
•contingent milestone payments in connection with development programs in progress(f) | 2,919 | 203 | 875 | 889 | 952 | ||||||||||||
Total - net commitments given(g) | 13,112 | 5,901 | 3,505 | 1,878 | 1,828 |
December 31, 2019 | Payments due by period | |||||||||
(€ million) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced(a)(b) | 1,067 | 31 | 91 | 122 | 823 | |||||
Irrevocable purchase commitments(c) | ||||||||||
▪ given(d) | 6,726 | 3,478 | 1,465 | 646 | 1,137 | |||||
▪ received | (648 | ) | (188 | ) | (115 | ) | (95 | ) | (250 | ) |
Research and development license agreements - commitments given | ||||||||||
▪ commitments related to R&D and other commitments(e) | 784 | 500 | 264 | 9 | 11 | |||||
▪ probable milestone payments(f) | 3,040 | 203 | 936 | 876 | 1,025 | |||||
Total - net commitments given (g) | 10,969 | 4,024 | 2,641 | 1,558 | 2,746 |
SANOFI FORM 20-F2022 | F-79 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-80 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
•Innate Pharma (2016): collaboration and licensing agreement to apply Innate Pharma’s new proprietary technology to the development of innovative bispecific antibody formats engaging natural killer (NK) cells to kill tumor cells through the activating receptor NKp46; •Eli Lilly and Company (2014): agreement to pursue regulatory approval for non-prescription Cialis® (tadalafil). |
December 31, 2019 | Total | Expiry | ||||||||
(€ million) | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||
General-purpose credit facilities | 8,000 | 4,000 | 4,000 | — | — |
December 31, 2022 | Total | Expiry | |||||||||||||||
(€ million) | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||
General-purpose credit facilities | 8,000 | 4,000 | — | 4,000 | — |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Guarantees given: | 3,815 | 3,794 | 3,291 | ||||||||
•Guarantees provided to banks in connection with credit facilities | 1,007 | 1,042 | 695 | ||||||||
•Other guarantees given | 2,808 | 2,752 | 2,596 | ||||||||
Guarantees received | (1,229) | (1,149) | (964) |
(€ million) | 2019 | 2018 | 2017 | |||
Guarantees given: | 3,103 | 3,010 | 2,986 | |||
▪ Guarantees provided to banks in connection with credit facilities | 1,263 | 1,307 | 1,318 | |||
▪ Other guarantees given | 1,840 | 1,703 | 1,668 | |||
Guarantees received | (703 | ) | (190 | ) | (181 | ) |
SANOFI FORM 20-F2022 | F-81 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-82 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-83 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-84 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-85 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-86 | ||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFI FORM 20-F2022 | F-87 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
F-88 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Government and State programs(a) | Managed care and GPO programs(b) | Chargeback incentives | Rebates and discounts | Sales returns | Other deductions | Total | |||||||||||||||||||
Balance at January 1, 2020 | 2,178 | 726 | 312 | 1,330 | 621 | 51 | 5,218 | |||||||||||||||||||
Provision related to current period sales | 5,970 | 2,752 | 4,633 | 6,221 | 628 | 110 | 20,314 | |||||||||||||||||||
Net change in provision related to prior period sales | (54) | — | — | (113) | (34) | — | (201) | |||||||||||||||||||
Payments made | (5,552) | (2,556) | (4,604) | (5,838) | (512) | (112) | (19,174) | |||||||||||||||||||
Currency translation differences | (35) | (14) | (8) | (43) | (15) | (3) | (118) | |||||||||||||||||||
Balance at December 31, 2020 | (c) | 2,507 | 908 | 333 | 1,557 | 688 | 46 | 6,039 | ||||||||||||||||||
Changes in scope of consolidation | 3 | — | — | (2) | 1 | — | 2 | |||||||||||||||||||
Provision related to current period sales | 5,855 | 3,037 | 3,813 | 6,330 | 582 | 97 | 19,714 | |||||||||||||||||||
Net change in provision related to prior period sales | (136) | (3) | (4) | (152) | 56 | (3) | (242) | |||||||||||||||||||
Payments made | (5,561) | (2,979) | (3,828) | (6,291) | (697) | (105) | (19,461) | |||||||||||||||||||
Currency translation differences | (72) | (32) | (11) | (17) | (20) | (1) | (153) | |||||||||||||||||||
Balance at December 31, 2021 | (c) | 2,596 | 931 | 303 | 1,425 | 610 | 34 | 5,899 | ||||||||||||||||||
Provision related to current period sales | 6,744 | 3,246 | 4,147 | 7,244 | 578 | 182 | 22,141 | |||||||||||||||||||
Net change in provision related to prior period sales | (120) | (47) | (21) | (138) | (8) | 19 | (315) | |||||||||||||||||||
Payments made | (6,824) | (3,208) | (4,093) | (6,809) | (599) | (166) | (21,699) | |||||||||||||||||||
Currency translation differences | 207 | 99 | 26 | 83 | 48 | 1 | 464 | |||||||||||||||||||
Balance at December 31, 2022 | (c) | 2,603 | 1,021 | 362 | 1,805 | 629 | 70 | 6,490 |
(€ million) | Government and State programs(a) | Managed care and GPO programs(b) | Chargeback incentives | Rebates and discounts | Sales returns | Other deductions | Total | ||||||||
Balance at January 1, 2017 | 2,398 | 771 | 280 | 1,111 | 550 | 3 | 5,113 | ||||||||
Provision related to current period sales | 5,131 | 2,027 | 4,069 | 5,897 | 537 | 29 | 17,690 | ||||||||
Net change in provision related to prior period sales | (46 | ) | (11 | ) | (8 | ) | 30 | (11 | ) | — | (46 | ) | |||
Payments made | (5,129 | ) | (2,031 | ) | (3,925 | ) | (5,897 | ) | (466 | ) | (26 | ) | (17,474 | ) | |
Currency translation differences | (268 | ) | (93 | ) | (39 | ) | (74 | ) | (63 | ) | — | (537 | ) | ||
Balance at December 31, 2017 | (c) | 2,086 | 663 | 377 | 1,067 | 547 | 6 | 4,746 | |||||||
Changes in scope of consolidation | 37 | 2 | — | (123 | ) | — | 2 | (82 | ) | ||||||
Provision related to current period sales | 4,624 | 2,038 | 3,620 | 5,942 | 465 | 56 | 16,745 | ||||||||
Net change in provision related to prior period sales | (2 | ) | (4 | ) | (1 | ) | (11 | ) | (35 | ) | 3 | (50 | ) | ||
Payments made | (4,673 | ) | (2,055 | ) | (3,714 | ) | (5,732 | ) | (448 | ) | (54 | ) | (16,676 | ) | |
Currency translation differences | 76 | 30 | 12 | (3 | ) | 17 | — | 132 | |||||||
Balance at December 31, 2018 | (c) | 2,148 | 674 | 294 | 1,140 | 546 | 13 | 4,815 | |||||||
Provision related to current period sales | 5,542 | 2,563 | 4,649 | 5,888 | 554 | 96 | 19,292 | ||||||||
Net change in provision related to prior period sales | (27 | ) | — | (1 | ) | (6 | ) | (27 | ) | 14 | (47 | ) | |||
Payments made | (5,529 | ) | (2,528 | ) | (4,637 | ) | (5,719 | ) | (465 | ) | (72 | ) | (18,950 | ) | |
Currency translation differences | 44 | 17 | 7 | 27 | 13 | — | 108 | ||||||||
Balance at December 31, 2019 | (c) | 2,178 | 726 | 312 | 1,330 | 621 | 51 | 5,218 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Salaries | 7,145 | 6,625 | 6,508 | ||||||||
Social security charges (including defined-contribution pension plans) | 2,098 | 1,929 | 1,874 | ||||||||
Stock options and other share-based payment expense | 245 | 244 | 274 | ||||||||
Defined-benefit plans(a) | 236 | 273 | 162 | ||||||||
Other employee benefits | 267 | 269 | 261 | ||||||||
Total | 9,991 | 9,340 | 9,079 |
(€ million) | 2019 | 2018 | 2017 | (a) | ||||
Salaries | 6,590 | 6,547 | 6,592 | |||||
Social security charges (including defined-contribution pension plans) | 1,949 | 1,954 | 1,977 | |||||
Stock options and other share-based payment expense | 252 | 282 | 258 | |||||
Defined-benefit pension plans | 119 | 261 | 275 | |||||
Other employee benefits | 229 | 225 | 219 | |||||
Total | 9,139 | 9,269 | 9,321 |
SANOFI FORM 20-F2022 | F-89 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | ||||||||
Income & expense related to sharing of (profits)/losses under the Monoclonal Antibody Alliance | (2,325) | (1,253) | (727) | ||||||||
Additional share of profit paid by Regeneron towards development costs (b) | 434 | 127 | 75 | ||||||||
Reimbursement to Regeneron of selling expenses incurred | (476) | (303) | (349) | ||||||||
Total - Monoclonal Antibody Alliance | (2,367) | (1,429) | (1,001) | ||||||||
Immuno-Oncology Alliance | 16 | 68 | 89 | ||||||||
Other (mainly Zaltrap® and Libtayo®)(a) | 1,120 | (12) | (14) | ||||||||
Other operating income/(expenses), net related to the Regeneron Alliance | (1,231) | (1,373) | (926) | ||||||||
of which amount presented in Other operating income (Note D.25.) | 1,147 | 195 | 164 |
(€ million) | 2019 | 2018 | ||
Income & Expense related to profit/loss sharing of the Antibodies Alliance | (253 | ) | 177 | |
Additional share of profit paid by Regeneron related to development costs | 21 | — | ||
Regeneron commercial operating expenses reimbursement | (449 | ) | (388 | ) |
Total: Antibody Alliance | (681 | ) | (211 | ) |
Immuno-Oncology Alliance | 62 | 4 | ||
Other (mainly Zaltrap®) | (14 | ) | (14 | ) |
Other operating income/(expenses), net, related to Regeneron Alliance | (633 | ) | (221 | ) |
of which amount presented in Other operating income (Note D.25.) | 82 | 4 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Employee-related expenses | 507 | 193 | 697 | ||||||||||||||
Charges, gains or losses on assets(b) | 261 | 110 | 149 | ||||||||||||||
Compensation for early termination of contracts (other than contracts of employment) | 1 | 34 | 40 | ||||||||||||||
Transformation programs costs | 547 | 463 | 191 | ||||||||||||||
Others | 20 | 20 | 12 | ||||||||||||||
Total | 1,336 | 820 | 1,089 |
(€ million) | 2019 | 2018 | 2017 | |||
Employee-related expenses | 791 | 517 | 336 | |||
Expenses related to property, plant and equipment and to inventories | 106 | 162 | 221 | |||
Compensation for early termination of contracts (other than contracts of employment) | 49 | 352 | 61 | |||
Decontamination costs | 27 | 5 | (4 | ) | ||
Other restructuring costs | 89 | 444 | 117 | |||
Total | 1,062 | 1,480 | 731 |
F-90 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Cost of debt(b) | (365) | (313) | (328) | ||||||||||||||
Interest income(c) | 241 | 54 | 103 | ||||||||||||||
Cost of net debt | (124) | (259) | (225) | ||||||||||||||
Non-operating foreign exchange gains/(losses) | (4) | 2 | (6) | ||||||||||||||
Unwinding of discounting of provisions(d) | (20) | (11) | (11) | ||||||||||||||
Net interest cost related to employee benefits | (47) | (44) | (57) | ||||||||||||||
Gains/(losses) on disposals of financial assets | 1 | 3 | 6 | ||||||||||||||
Net interest expense on lease liabilities | (40) | (35) | (38) | ||||||||||||||
Other | — | 16 | (4) | ||||||||||||||
Net financial income/(expenses) | (234) | (328) | (335) | ||||||||||||||
comprising: Financial expenses | (440) | (368) | (388) | ||||||||||||||
Financial income | 206 | 40 | 53 |
(€ million) | 2019 | 2018 | 2017 | (a) | ||||
Cost of debt(b) | (318 | ) | (396 | ) | (326 | ) | ||
Interest income(c) | 146 | 123 | 89 | |||||
Cost of net debt | (172 | ) | (273 | ) | (237 | ) | ||
Non-operating foreign exchange gains/(losses) | 1 | 6 | (5 | ) | ||||
Unwinding of discounting of provisions(d) | (25 | ) | (24 | ) | (33 | ) | ||
Net interest cost related to employee benefits | (87 | ) | (75 | ) | (92 | ) | ||
Gains/(losses) on disposals of financial assets | — | 63 | 96 | |||||
Impairment losses on financial assets, net of reversals | — | — | (7 | ) | ||||
Net interest expense on lease liabilities(e) | (39 | ) | — | — | ||||
Other | 19 | 32 | 5 | |||||
Net financial income/(expenses) | (303 | ) | (271 | ) | (273 | ) | ||
comprising: Financial expenses | (444 | ) | (435 | ) | (420 | ) | ||
Financial income | 141 | 164 | 147 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Current taxes | (2,774) | (1,908) | (1,913) | ||||||||||||||
Deferred taxes | 768 | 350 | 106 | ||||||||||||||
Total | (2,006) | (1,558) | (1,807) | ||||||||||||||
Income before tax and investments accounted for using the equity method | 10,422 | 7,798 | 13,778 |
(€ million) | 2019 | 2018 | 2017 | (a) | |||
Current taxes | (1,892 | ) | (1,212 | ) | (2,631 | ) | |
Deferred taxes | 1,753 | 731 | 909 | ||||
Total | (139 | ) | (481 | ) | (1,722 | ) | |
Income before tax and investments accounted for using the equity method | 2,822 | 4,405 | 5,531 |
(as a percentage) | 2022 | 2021 | 2020 | ||||||||
Standard tax rate applicable in France | 25.8 | 28.4 | 32.0 | ||||||||
Difference between the standard French tax rate and the rates applicable to Sanofi(a) | (6.5) | (9.5) | (18.2) | ||||||||
Revisions to tax exposures and settlements of tax disputes | (0.8) | 1.0 | 0.5 | ||||||||
Fair value remeasurement of contingent consideration | (0.2) | — | — | ||||||||
Other items(b) | 0.9 | 0.1 | (1.2) | ||||||||
Effective tax rate | 19.2 | 20.0 | 13.1 |
(as a percentage) | 2019 | 2018 | 2017 | (a) | |||
Standard tax rate applicable in France | 34.4 | 34.4 | 34.4 | ||||
Difference between the standard French tax rate and the rates applicable to Sanofi(b) | (22.9 | ) | (17.4 | ) | (12.4 | ) | |
Contribution on distributed income (3%) and associated changes(c) | — | — | (8.2 | ) | |||
Revisions to tax exposures and settlements of tax disputes | 4.8 | (1.4 | ) | 2.2 | |||
Impact of US tax reform(d) | — | (4.3 | ) | 21.6 | |||
Impacts of past acquisitions and divestitures | (6.2 | ) | — | 0.6 | |||
Fair value remeasurement of contingent considerations(e) | (2.6 | ) | 0.2 | 1.1 | |||
Other items(f) | (2.6 | ) | (0.6 | ) | (8.2 | ) | |
Effective tax rate | 4.9 | 10.9 | 31.1 |
SANOFI FORM 20-F2022 | F-91 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2019 | 2018 | 2017 | |||
Regeneron(a) | 245 | 484 | 82 | |||
BMS co-promotion entities(b) | 5 | 12 | 13 | |||
Other investments accounted for using the equity method | 5 | 3 | (10 | ) | ||
Total | 255 | 499 | 85 |
(€ million) | 2022 | 2021 | 2020 | ||||||||
Share of net income attributable to other non-controlling interests | 113 | 56 | 36 | ||||||||
Total | 113 | 56 | 36 |
(€ million) | 2019 | 2018 | 2017 | |||
Share of co-promotion profits attributable to BMS(a) | — | 83 | 84 | |||
Share of net income attributable to other non-controlling interests | 31 | 21 | 37 | |||
Total | 31 | 104 | 121 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Short-term benefits(b) | 31 | 33 | 36 | ||||||||||||||
Post-employment benefits | 2 | 2 | 3 | ||||||||||||||
Share-based payment | 19 | 20 | 18 | ||||||||||||||
Total recognized in profit or loss | 52 | 55 | 57 |
(€ million) | 2019 | 2018 | 2017 | |||
Short-term benefits(a) | 31 | 38 | 31 | |||
Post-employment benefits(b) | (16 | ) | 9 | 8 | ||
Share-based payment | 30 | 33 | 15 | |||
Total recognized in profit or loss | 45 | 80 | 54 |
(€ million) | 2022 | 2021 | 2020 | (a) | |||||||||||||
Aggregate top-up pension obligation in favor of certain corporate officers and of Executive Committee members | 10 | 28 | 32 | ||||||||||||||
Aggregate termination benefits and lump-sum retirement benefits in favor of key management personnel | 5 | 7 | 5 |
(€ million) | 2019 | 2018 | 2017 | |||
Aggregate top-up pension obligation | 48 | 59 | 68 | |||
Aggregate termination benefits and lump-sum retirement benefits | 5 | 10 | 9 |
F-92 | SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | Europe | United States | Other countries | 2022 | Europe | United States | Other countries | 2021 | Europe | United States | Other countries | 2020 | |||||||||||||||||||||||||||||
Pharmaceuticals | 7,157 | 13,694 | 9,837 | 30,688 | 7,201 | 10,484 | 9,285 | 26,970 | 6,819 | 9,635 | 9,220 | 25,674 | |||||||||||||||||||||||||||||
Dupixent® | 940 | 6,346 | 1,007 | 8,293 | 649 | 3,971 | 629 | 5,249 | 386 | 2,808 | 340 | 3,534 | |||||||||||||||||||||||||||||
Neurology & Immunology | 639 | 1,637 | 174 | 2,450 | 638 | 1,482 | 204 | 2,324 | 578 | 1,631 | 185 | 2,394 | |||||||||||||||||||||||||||||
of which | Aubagio® | 511 | 1,420 | 100 | 2,031 | 512 | 1,312 | 131 | 1,955 | 473 | 1,448 | 124 | 2,045 | ||||||||||||||||||||||||||||
Rare Diseases | 1,104 | 1,367 | 974 | 3,445 | 1,069 | 1,142 | 915 | 3,126 | 1,010 | 1,122 | 879 | 3,011 | |||||||||||||||||||||||||||||
of which | Cerezyme® | 239 | 194 | 274 | 707 | 244 | 173 | 266 | 683 | 249 | 177 | 264 | 690 | ||||||||||||||||||||||||||||
Fabrazyme® | 228 | 471 | 239 | 938 | 223 | 395 | 226 | 844 | 200 | 406 | 211 | 817 | |||||||||||||||||||||||||||||
Myozyme®/ Lumizyme® | 408 | 318 | 232 | 958 | 410 | 373 | 220 | 1,003 | 389 | 359 | 200 | 948 | |||||||||||||||||||||||||||||
Oncology | 239 | 515 | 198 | 952 | 327 | 410 | 175 | 912 | 299 | 368 | 131 | 798 | |||||||||||||||||||||||||||||
of which | Jevtana® | 33 | 275 | 83 | 391 | 112 | 253 | 90 | 455 | 187 | 246 | 103 | 536 | ||||||||||||||||||||||||||||
Rare Blood Disorders | 94 | 983 | 240 | 1,317 | 81 | 842 | 218 | 1,141 | 41 | 837 | 339 | 1,217 | |||||||||||||||||||||||||||||
of which | Alprolix® | — | 406 | 98 | 504 | — | 332 | 82 | 414 | — | 320 | 146 | 466 | ||||||||||||||||||||||||||||
Eloctate® | — | 450 | 130 | 580 | — | 429 | 134 | 563 | — | 445 | 193 | 638 | |||||||||||||||||||||||||||||
Core Assets | 1,917 | 1,653 | 2,819 | 6,389 | 1,868 | 1,315 | 2,585 | 5,768 | 1,759 | 1,413 | 2,409 | 5,581 | |||||||||||||||||||||||||||||
of which | Lovenox® | 658 | 17 | 635 | 1,310 | 703 | 29 | 754 | 1,486 | 656 | 30 | 665 | 1,351 | ||||||||||||||||||||||||||||
Toujeo® | 421 | 283 | 413 | 1,117 | 394 | 259 | 316 | 969 | 374 | 267 | 292 | 933 | |||||||||||||||||||||||||||||
Plavix® | 101 | 9 | 873 | 983 | 115 | 9 | 805 | 929 | 126 | 10 | 777 | 913 | |||||||||||||||||||||||||||||
Non-Core Assets | 1,637 | 1,176 | 4,409 | 7,222 | 1,846 | 1,281 | 4,515 | 7,642 | 2,088 | 1,389 | 4,849 | 8,326 | |||||||||||||||||||||||||||||
of which | Lantus® | 426 | 757 | 1,076 | 2,259 | 474 | 861 | 1,159 | 2,494 | 537 | 929 | 1,195 | 2,661 | ||||||||||||||||||||||||||||
Other non-core assets | 1,129 | 412 | 2,944 | 4,485 | 1,285 | 410 | 3,034 | 4,729 | 1,451 | 438 | 3,222 | 5,111 | |||||||||||||||||||||||||||||
Industrial sales | 587 | 17 | 16 | 620 | 723 | 41 | 44 | 808 | 658 | 67 | 88 | 813 | |||||||||||||||||||||||||||||
Vaccines | 1,341 | 3,291 | 2,597 | 7,229 | 1,225 | 2,762 | 2,336 | 6,323 | 973 | 2,759 | 2,241 | 5,973 | |||||||||||||||||||||||||||||
of which | Polio/Pertussis/ Hib Vaccines | 325 | 456 | 1,504 | 2,285 | 306 | 470 | 1,383 | 2,159 | 331 | 412 | 1,363 | 2,106 | ||||||||||||||||||||||||||||
Influenza Vaccines | 681 | 1,737 | 559 | 2,977 | 729 | 1,366 | 533 | 2,628 | 441 | 1,575 | 456 | 2,472 | |||||||||||||||||||||||||||||
Consumer Healthcare(a) | 1,501 | 1,290 | 2,289 | 5,080 | 1,333 | 1,139 | 1,996 | 4,468 | 1,359 | 1,071 | 1,964 | 4,394 | |||||||||||||||||||||||||||||
of which | Allergy | 55 | 439 | 240 | 734 | 49 | 371 | 192 | 612 | 51 | 361 | 205 | 617 | ||||||||||||||||||||||||||||
Pain Care | 555 | 212 | 446 | 1,213 | 515 | 196 | 382 | 1,093 | 481 | 181 | 389 | 1,051 | |||||||||||||||||||||||||||||
Digestive Wellness | 432 | 144 | 742 | 1,318 | 389 | 124 | 618 | 1,131 | 371 | 85 | 532 | 988 | |||||||||||||||||||||||||||||
Total net sales | 9,999 | 18,275 | 14,723 | 42,997 | 9,759 | 14,385 | 13,617 | 37,761 | 9,151 | 13,465 | 13,425 | 36,041 |
(€ million) | Europe | United States | Other countries | 2019 | Europe | United States | Other countries | 2018 | Europe | United States | Other countries | 2017 | ||||||||||||||
Pharmaceuticals | 6,724 | 8,937 | 10,047 | 25,708 | 7,303 | 7,897 | 9,485 | 24,685 | 7,485 | 8,152 | 9,536 | 25,173 | ||||||||||||||
Primary care | 4,552 | 3,004 | 7,721 | 15,277 | 5,299 | 3,510 | 7,607 | 16,416 | 5,620 | 4,949 | 7,926 | 18,495 | ||||||||||||||
of which | Lantus® | 584 | 1,149 | 1,279 | 3,012 | 684 | 1,614 | 1,267 | 3,565 | 760 | 2,542 | 1,323 | 4,625 | |||||||||||||
Toujeo® | 334 | 289 | 260 | 883 | 290 | 344 | 206 | 840 | 217 | 455 | 144 | 816 | ||||||||||||||
Praluent® | 107 | 112 | 39 | 258 | 86 | 154 | 21 | 261 | 46 | 116 | 9 | 171 | ||||||||||||||
Multaq® | 40 | 295 | 12 | 347 | 43 | 296 | 11 | 350 | 42 | 286 | 11 | 339 | ||||||||||||||
Lovenox® | 709 | 33 | 617 | 1,359 | 870 | 38 | 557 | 1,465 | 951 | 58 | 565 | 1,574 | ||||||||||||||
Plavix® | 139 | — | 1,195 | 1,334 | 147 | — | 1,293 | 1,440 | 150 | 1 | 1,319 | 1,470 | ||||||||||||||
Generics | 130 | 152 | 793 | 1,075 | 568 | 124 | 798 | 1,490 | 751 | 150 | 868 | 1,769 | ||||||||||||||
Specialty Care | 2,172 | 5,933 | 2,326 | 10,431 | 2,004 | 4,387 | 1,878 | 8,269 | 1,865 | 3,203 | 1,610 | 6,678 | ||||||||||||||
of which | Aubagio® | 412 | 1,351 | 116 | 1,879 | 385 | 1,157 | 105 | 1,647 | 387 | 1,084 | 96 | 1,567 | |||||||||||||
Cerezyme® | 246 | 184 | 278 | 708 | 270 | 174 | 267 | 711 | 281 | 177 | 273 | 731 | ||||||||||||||
Myozyme®/ Lumizyme® | 382 | 331 | 205 | 918 | 374 | 284 | 182 | 840 | 352 | 262 | 175 | 789 | ||||||||||||||
Fabrazyme® | 184 | 410 | 219 | 813 | 175 | 383 | 197 | 755 | 163 | 369 | 190 | 722 | ||||||||||||||
Eloctate® | — | 517 | 167 | 684 | — | 500 | 108 | 608 | — | — | — | — | ||||||||||||||
Jevtana® | 168 | 212 | 104 | 484 | 158 | 179 | 85 | 422 | 148 | 159 | 79 | 386 | ||||||||||||||
Dupixent® | 200 | 1,669 | 205 | 2,074 | 75 | 660 | 53 | 788 | 2 | 216 | 1 | 219 | ||||||||||||||
Consumer Healthcare | 1,311 | 1,086 | 2,290 | 4,687 | 1,403 | 1,066 | 2,191 | 4,660 | 1,410 | 1,133 | 2,255 | 4,798 | ||||||||||||||
of which | Allergy, Cough & Cold | 324 | 323 | 532 | 1,179 | 347 | 303 | 474 | 1,124 | 350 | 367 | 488 | 1,205 | |||||||||||||
Pain | 499 | 185 | 575 | 1,259 | 521 | 165 | 568 | 1,254 | 513 | 167 | 581 | 1,261 | ||||||||||||||
Digestive | 307 | 157 | 540 | 1,004 | 314 | 195 | 477 | 986 | 307 | 188 | 459 | 954 | ||||||||||||||
Nutritionals | 121 | 38 | 498 | 657 | 125 | 37 | 513 | 675 | 118 | 40 | 527 | 685 | ||||||||||||||
Vaccines | 817 | 2,733 | 2,181 | 5,731 | 728 | 2,577 | 1,813 | 5,118 | 630 | 2,570 | 1,901 | 5,101 | ||||||||||||||
of which | Polio/Pertussis/ Hib Vaccines | 299 | 380 | 1,267 | 1,946 | 296 | 397 | 1,056 | 1,749 | 300 | 435 | 1,092 | 1,827 | |||||||||||||
Influenza Vaccines | 218 | 1,289 | 384 | 1,891 | 177 | 1,233 | 298 | 1,708 | 113 | 1,128 | 348 | 1,589 | ||||||||||||||
Total net sales | 8,852 | 12,756 | 14,518 | 36,126 | 9,434 | 11,540 | 13,489 | 34,463 | 9,525 | 11,855 | 13,692 | 35,072 |
•the amounts reported in the line items Restructuring costs and similar items, Fair value remeasurement of contingent consideration relating to business combinations (IFRS 3) and Other gains and losses, and litigation (gains and losses on major disposals of assets, asset groups ore operations, and costs related to major litigation) are eliminated; •expenses arising from the remeasurement of inventories following a business combination (IFRS 3) are eliminated; •amortization and impairment losses charged against intangible assets (other than software and other rights of an industrial or operational nature) are eliminated; •upfront payments and regulatory milestone payments recognized within the line item Other operating incomeand related to transactions outside the ordinary activities of Sanofi are eliminated; •the share of profits/losses from investments accounted for using the equity method is added, to the extent that this relates to joint ventures and associates with which Sanofi has a strategic alliance (for 2020, excludes Regeneron up to and including May 29, 2020; see Note D.2.); |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
2022 | |||||||||||||||||
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Other(a) | Total Sanofi | ||||||||||||
Net sales | 30,688 | 7,229 | 5,080 | — | 42,997 | ||||||||||||
Other revenues | 657 | 1,666 | 62 | 7 | 2,392 | ||||||||||||
Cost of sales | (7,511) | (4,101) | (1,827) | (253) | (13,692) | ||||||||||||
Research and development expenses | (5,067) | (936) | (187) | (516) | (6,706) | ||||||||||||
Selling and general expenses | (5,923) | (870) | (1,478) | (2,221) | (10,492) | ||||||||||||
Other operating income and expenses | (1,800) | 132 | 152 | 2 | (1,514) | ||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | 28 | 48 | 12 | — | 88 | ||||||||||||
Net income attributable to non-controlling interests | (29) | — | (4) | — | (33) | ||||||||||||
Business operating income | 11,043 | 3,168 | 1,810 | (2,981) | 13,040 |
2021 | |||||||||||||||||
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Other(a) | Total Sanofi | ||||||||||||
Net sales | 26,970 | 6,323 | 4,468 | — | 37,761 | ||||||||||||
Other revenues | 264 | 1,095 | 55 | — | 1,414 | ||||||||||||
Cost of sales | (6,965) | (3,430) | (1,606) | (250) | (12,251) | ||||||||||||
Research and development expenses | (4,330) | (712) | (153) | (497) | (5,692) | ||||||||||||
Selling and general expenses | (5,326) | (805) | (1,388) | (2,036) | (9,555) | ||||||||||||
Other operating income and expenses | (1,172) | 128 | 111 | (13) | (946) | ||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | 17 | 11 | 11 | — | 39 | ||||||||||||
Net income attributable to non-controlling interests | (49) | (1) | (5) | (1) | (56) | ||||||||||||
Business operating income | 9,409 | 2,609 | 1,493 | (2,797) | 10,714 |
2020(a)(b) | |||||||||||||||||
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Other(c) | Total Sanofi | ||||||||||||
Net sales | 25,674 | 5,973 | 4,394 | — | 36,041 | ||||||||||||
Other revenues | 128 | 1,141 | 59 | — | 1,328 | ||||||||||||
Cost of sales | (6,982) | (3,312) | (1,528) | (284) | (12,106) | ||||||||||||
Research and development expenses | (4,171) | (682) | (153) | (524) | (5,530) | ||||||||||||
Selling and general expenses | (4,927) | (789) | (1,419) | (2,256) | (9,391) | ||||||||||||
Other operating income and expenses | (487) | 3 | 53 | (130) | (561) | ||||||||||||
Share of profit/(loss) from investments accounted for using the equity method | 5 | 2 | 9 | — | 16 | ||||||||||||
Net income attributable to non-controlling interests | (33) | — | (5) | — | (38) | ||||||||||||
Business operating income | 9,207 | 2,336 | 1,410 | (3,194) | 9,759 |
December 31, 2019 | ||||||||||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Other | Total Sanofi | |||||
Net sales | 25,708 | 4,687 | 5,731 | — | 36,126 | |||||
Other revenues | 229 | 1 | 1,275 | — | 1,505 | |||||
Cost of sales | (6,745 | ) | (1,582 | ) | (3,380 | ) | (267 | ) | (11,974 | ) |
Research and development expenses | (4,622 | ) | (148 | ) | (653 | ) | (599 | ) | (6,022 | ) |
Selling and general expenses | (5,375 | ) | (1,563 | ) | (786 | ) | (2,156 | ) | (9,880 | ) |
Other operating income and expenses | (633 | ) | 192 | (1 | ) | 60 | (382 | ) | ||
Share of profit/(loss) from investments accounted for using the equity method | 428 | (17 | ) | 9 | — | 420 | ||||
Net income attributable to non-controlling interests | (21 | ) | (14 | ) | — | — | (35 | ) | ||
Business operating income | 8,969 | 1,556 | 2,195 | (2,962 | ) | 9,758 |
December 31, 2018 | ||||||||||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Other | Total Sanofi | |||||
Net sales | 24,685 | 4,660 | 5,118 | — | 34,463 | |||||
Other revenues | 252 | — | 962 | — | 1,214 | |||||
Cost of sales | (6,738 | ) | (1,539 | ) | (2,854 | ) | (190 | ) | (11,321 | ) |
Research and development expenses | (4,572 | ) | (143 | ) | (555 | ) | (624 | ) | (5,894 | ) |
Selling and general expenses | (5,431 | ) | (1,534 | ) | (710 | ) | (2,156 | ) | (9,831 | ) |
Other operating income and expenses | (37 | ) | 101 | (4 | ) | (124 | ) | (64 | ) | |
Share of profit/(loss) from investments accounted for using the equity method | 425 | 1 | (3 | ) | — | 423 | ||||
Net income attributable to non-controlling interests | (96 | ) | (10 | ) | — | — | (106 | ) | ||
Business operating income | 8,488 | 1,536 | 1,954 | (3,094 | ) | 8,884 |
December 31, 2017(a) | ||||||||||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Other | Total Sanofi | |||||
Net sales | 25,173 | 4,798 | 5,101 | — | 35,072 | |||||
Other revenues | 287 | — | 862 | — | 1,149 | |||||
Cost of sales | (6,766 | ) | (1,612 | ) | (2,798 | ) | (271 | ) | (11,447 | ) |
Research and development expenses | (4,056 | ) | (123 | ) | (557 | ) | (736 | ) | (5,472 | ) |
Selling and general expenses | (5,649 | ) | (1,645 | ) | (728 | ) | (2,050 | ) | (10,072 | ) |
Other operating income and expenses | 34 | 94 | (107 | ) | (17 | ) | 4 | |||
Share of profit/(loss) from investments accounted for using the equity method | 212 | 1 | 1 | — | 214 | |||||
Net income attributable to non-controlling interests | (110 | ) | (15 | ) | — | — | (125 | ) | ||
Business operating income | 9,125 | 1,498 | 1,774 | (3,074 | ) | 9,323 |
SANOFI FORM 20-F2022 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2022 | 2021 | 2020 | (h) | |||||||||||||
Business operating income | 13,040 | 10,714 | 9,759 | ||||||||||||||
Share of profit/(loss) from investments accounted for using the equity method(a) | (88) | (39) | (16) | ||||||||||||||
Net income attributable to non-controlling interests(b) | 33 | 56 | 38 | ||||||||||||||
Amortization and impairment of intangible assets (c) | (1,599) | (1,772) | (2,011) | ||||||||||||||
Fair value remeasurement of contingent consideration | 27 | (4) | 124 | ||||||||||||||
Expenses arising from the impact of acquisitions on inventories(d) | (3) | (4) | (53) | ||||||||||||||
Restructuring costs and similar items | (1,336) | (820) | (1,089) | ||||||||||||||
Other gains and losses, and litigation(e) | (370) | (5) | 136 | ||||||||||||||
Gain on divestment of Regeneron shares on May 29, 2020(f) | — | — | 7,225 | ||||||||||||||
Income from out-licensing(g) | 952 | — | — | ||||||||||||||
Operating income | 10,656 | 8,126 | 14,113 | ||||||||||||||
Financial expenses | (440) | (368) | (388) | ||||||||||||||
Financial income | 206 | 40 | 53 | ||||||||||||||
Income before tax and investments accounted for using the equity method | 10,422 | 7,798 | 13,778 |
(€ million) | 2019 | 2018 | 2017 | (a) | |||
Business operating income | 9,758 | 8,884 | 9,323 | ||||
Share of profit/(loss) from investments accounted for using the equity method(b) | (420 | ) | (423 | ) | (214 | ) | |
Net income attributable to non-controlling interests(c) | 35 | 106 | 125 | ||||
Amortization and impairment of intangible assets | (5,750 | ) | (2,888 | ) | (2,159 | ) | |
Fair value remeasurement of contingent consideration | 238 | 117 | (159 | ) | |||
Expenses arising from the impact of acquisitions on inventories(d) | (3 | ) | (114 | ) | (166 | ) | |
Restructuring costs and similar items | (1,062 | ) | (1,480 | ) | (731 | ) | |
Other expenses related to business combinations | — | (28 | ) | — | |||
Other gains and losses, and litigation(e) | 327 | 502 | (215 | ) | |||
IFRS 16 adjustment (excluding interest expense on lease liabilities) | 2 | — | — | ||||
Operating income | 3,125 | 4,676 | 5,804 | ||||
Financial expenses | (444 | ) | (435 | ) | (420 | ) | |
Financial income | 141 | 164 | 147 | ||||
Income before tax and investments accounted for using the equity method | 2,822 | 4,405 | 5,531 |
(f) This line |
2022 | ||||||||||||||
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Total | ||||||||||
Investments accounted for using the equity method | 536 | 104 | 37 | 677 | ||||||||||
Acquisitions of property, plant and equipment | 1,025 | 504 | 77 | 1,606 | ||||||||||
Acquisitions of other intangible assets | 463 | 111 | 21 | 595 |
2019 | ||||||||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Total | ||||
Investments accounted for using the equity method | 3,547 | 4 | 40 | 3,591 | ||||
Acquisitions of property, plant and equipment | 851 | 10 | 462 | 1,323 | ||||
Acquisitions of other intangible assets | 321 | 51 | 121 | 493 |
2018 | ||||||||
(€ million) | Pharmaceuticals | Consumer Healthcare | Vaccines | Total | ||||
Investments accounted for using the equity method | 3,352 | 20 | 30 | 3,402 | ||||
Acquisitions of property, plant and equipment | 1,046 | 5 | 364 | 1,415 | ||||
Acquisitions of other intangible assets | 434 | 7 | 121 | 562 |
(€ million) | 2017 | |||||||
Pharmaceuticals | Consumer Healthcare | Vaccines | Total | |||||
Investments accounted for using the equity method(a) | 2,815 | 19 | 13 | 2,847 | ||||
Acquisitions of property, plant and equipment | 1,033 | 9 | 346 | 1,388 | ||||
Acquisitions of other intangible assets | 367 | 9 | 192 | 568 |
2021 | ||||||||||||||
(€ million) | Pharmaceuticals | Vaccines | Consumer Healthcare | Total | ||||||||||
Investments accounted for using the equity method | 159 | 91 | — | 250 | ||||||||||
Acquisitions of property, plant and equipment | 1,024 | 382 | 73 | 1,479 | ||||||||||
Acquisitions of other intangible assets(a) | 450 | 108 | 6 | 564 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
(€ million) | 2020 | |||||||||||||
Pharmaceuticals | Vaccines | Consumer Healthcare | Total | |||||||||||
Investments accounted for using the equity method | 154 | 47 | — | 201 | ||||||||||
Acquisitions of property, plant and equipment | 755 | 404 | 95 | 1,254 | ||||||||||
Acquisitions of other intangible assets(a) | 501 | 322 | 6 | 829 |
2022 | ||||||||||||||||||||
(€ million) | Total | Europe | of which France | North America | of which United States | Other countries | ||||||||||||||
Net sales | 42,997 | 9,999 | 2,296 | 18,984 | 18,275 | 14,014 | ||||||||||||||
Non-current assets: | ||||||||||||||||||||
•property, plant and equipment owned | 9,869 | 5,365 | 2,875 | 3,284 | 2,457 | 1,220 | ||||||||||||||
•goodwill | 49,892 | — | — | — | — | — | ||||||||||||||
▪other intangible assets | 21,640 | 6,257 | — | 14,178 | — | 1,205 |
2019 | ||||||||||||
(€ million) | Total | Europe | of which France | North America | of which United States | Other countries | ||||||
Net sales | 36,126 | 8,852 | 2,261 | 13,370 | 12,756 | 13,904 | ||||||
Non-current assets: | ||||||||||||
▪ property, plant and equipment owned | 9,717 | 5,824 | 3,141 | 2,862 | 2,264 | 1,031 | ||||||
▪ goodwill | 44,519 | — | — | — | — | — | ||||||
▪ other intangible assets | 16,572 | 6,941 | — | 7,825 | — | 1,806 |
2021 | ||||||||||||||||||||
Total | Europe | of which France | North America | of which United States | Other countries | |||||||||||||||
Net sales | 37,761 | 9,759 | 2,256 | 15,075 | 14,385 | 12,927 | ||||||||||||||
Non-current assets: | ||||||||||||||||||||
•property, plant and equipment owned | 10,028 | 5,959 | 3,253 | 2,998 | 2,234 | 1,071 | ||||||||||||||
•goodwill | 48,056 | — | — | — | — | — | ||||||||||||||
•other intangible assets(a) | 21,407 | 7,059 | — | 13,187 | — | 1,161 |
(€ million) | 2020 | |||||||||||||||||||
Total | Europe | of which France | North America | of which United States | Other countries | |||||||||||||||
Net sales | 36,041 | 9,151 | 2,223 | 14,060 | 13,465 | 12,830 | ||||||||||||||
Non-current assets: | ||||||||||||||||||||
•property, plant and equipment owned | 9,365 | 5,895 | 3,189 | 2,542 | 1,899 | 928 | ||||||||||||||
•goodwill | 44,364 | — | — | — | — | — | ||||||||||||||
•other intangible assets(a) | 18,341 | 6,208 | — | 10,665 | — | 1,468 |
2018 | ||||||||||||
(€ million) | Total | Europe | of which France | North America | of which United States | Other countries | ||||||
Net sales | 34,463 | 9,434 | 2,319 | 12,193 | 11,540 | 12,836 | ||||||
Non-current assets: | ||||||||||||
▪ property, plant and equipment owned | 9,651 | 5,871 | 3,163 | 2,719 | 2,238 | 1,061 | ||||||
▪ goodwill | 44,235 | — | — | — | — | — | ||||||
▪ other intangible assets | 21,889 | 8,058 | — | 11,190 | — | 2,641 |
(€ million) | 2017 | |||||||||||
Total | Europe | of which France | North America | of which United States | Other countries | |||||||
Net sales(a) | 35,072 | 9,525 | 2,330 | 12,460 | 11,855 | 13,087 | ||||||
Non-current assets: | ||||||||||||
▪ property, plant and equipment owned | 9,579 | 5,969 | 3,180 | 2,560 | 2,142 | 1,050 | ||||||
▪ goodwill | 40,264 | — | — | — | — | — | ||||||
▪ other intangible assets | 13,080 | 6,171 | — | 5,210 | — | 1,699 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Ernst & Young | PricewaterhouseCoopers | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(€ million) | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||
Audit: Statutory audit of separate and consolidated financial statements(a) | 14.2 | 89 | % | 13.9 | 82 | % | 14.1 | 97 | % | 13.8 | 97 | % | ||||||||||||||
Services other than statutory audit(b) | 1.8 | 11 | % | 3.0 | 18 | % | 0.5 | 3 | % | 0.4 | 3 | % | ||||||||||||||
Audit-related services(c) | 1.5 | 2.8 | 0.5 | 0.4 | ||||||||||||||||||||||
Tax | 0.0 | — | 0.0 | — | ||||||||||||||||||||||
Other | 0.3 | 0.2 | — | — | ||||||||||||||||||||||
Total | 16.0 | 100 | % | 16.9 | 100 | % | 14.6 | 100 | % | 14.2 | 100 | % |
Ernst & Young | PricewaterhouseCoopers | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(€ million) | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||
Audit: | ||||||||||||||||
Statutory audit of separate and consolidated financial statements(a) | 14.0 | 90 | % | 16.6 | 77 | % | 14.6 | 99 | % | 16.8 | 94 | % | ||||
Services other than statutory audit(b) | 1.6 | 10 | % | 5.0 | 23 | % | 0.2 | 1 | % | 1.0 | 6 | % | ||||
Audit-related services(c) | 0.9 | 4.0 | 0.2 | 0.7 | ||||||||||||
Tax | — | — | — | — | ||||||||||||
Other | 0.7 | 1.0 | — | 0.3 | ||||||||||||
Total | 15.6 | 100 | % | 21.6 | 100 | % | 14.8 | 100 | % | 17.8 | 100 | % |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Europe | Financial interest (%) as of December 31, | |||||||
Hoechst GmbH | Germany | 100.0 | ||||||
Sanofi-Aventis Deutschland GmbH | Germany | 100.0 | ||||||
A. Nattermann & Cie. GmbH | Germany | 100.0 | ||||||
Sanofi-Aventis GmbH | Austria | 100.0 | ||||||
Sanofi Belgium | Belgium | 100.0 | ||||||
Ablynx N.V. | Belgium | 100.0 | ||||||
Genzyme Flanders BVBA | Belgium | 100.0 | ||||||
Sanofi A/S | Denmark | 100.0 | ||||||
Sanofi-Aventis S.A. | Spain | 100.0 | ||||||
100.0 | ||||||||
Sanofi Oy | 100.0 | |||||||
France | 100.0 | |||||||
Sanofi-Aventis France | France | 100.0 | ||||||
Sanofi Winthrop Industrie | France | 100.0 | ||||||
Sanofi-Aventis Recherche & Développement | France | 100.0 | ||||||
Sanofi-Aventis Groupe | France | 100.0 | ||||||
Sanofi Chimie | France | 100.0 | ||||||
France | 100.0 | |||||||
France | 100.0 | |||||||
Aventis Pharma S.A. | France | 100.0 | ||||||
Sanofi Biotechnology | France | 100.0 | ||||||
Sanofi Mature IP | France | 100.0 | ||||||
Sanofi Pasteur NVL | France | 100.0 | ||||||
Sanofi Pasteur Europe | France | 100.0 | ||||||
100.0 | ||||||||
Sanofi Pasteur Merieux S.A.S. | France | 100.0 | ||||||
Sanofi 2015 D SAS | France | 100.0 | ||||||
Opella Healthcare International SAS | France | 100.0 | ||||||
Opella Healthcare France SAS | France | 100.0 | ||||||
Opella Healthcare Group SAS | France | 100.0 | ||||||
Sanofi-Aventis A.E.B.E. | Greece | 100.0 | ||||||
Sanofi-Aventis Private Co, Ltd | Hungary | |||||||
Chinoin Private Co. Ltd | Hungary | |||||||
Opella Healthcare Hungary Commercial K.F.T | Hungary | 100.0 | ||||||
Carraig Insurance DAC | Ireland | 100.0 | ||||||
Genzyme Ireland Limited | Ireland | 100.0 | ||||||
Ireland | 100.0 | |||||||
Sanofi | Italy | 100.0 | ||||||
Opella Healthcare Italy S.R.L. | Italy | 100.0 | ||||||
Genzyme Global Sarl | 100.0 | |||||||
Genzyme Luxembourg Sarl | Luxembourg | 100.0 | ||||||
Sanofi-Aventis Norge AS | Norway | 100.0 | ||||||
Genzyme Europe B.V. | Netherlands | 100.0 | ||||||
Sanofi Foreign Participations B.V. | Netherlands | 100.0 | ||||||
Sanofi-Aventis Sp. z.o.o. | Poland | 100.0 | ||||||
Opella Healthcare Poland sp.Z.O.O | Poland | 100.0 | ||||||
Sanofi Pasteur Sp. z.o.o. | Poland | 100.0 | ||||||
Sanofi Produtos Farmaceuticos Lda | Portugal | 100.0 | ||||||
Sanofi-Aventis, s.r.o. | Czech Republic | 100.0 | ||||||
Opella Healthcare Czech s.r.o | Czech Republic | 100.0 | ||||||
Sanofi Romania SRL | Romania | 100.0 | ||||||
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Europe | Financial interest (%) as of December 31, | |||||||
Opella Healthcare Romania S.R.L. | Romania | 100.0 | ||||||
Sanofi-Aventis UK Holdings Limited | United Kingdom | 100.0 | ||||||
Aventis Pharma Limited | United Kingdom | 100.0 | ||||||
Sanofi-Synthelabo UK Ltd | United Kingdom | 100.0 | ||||||
Aventis Pharma Holdings Ltd | United Kingdom | 100.0 | ||||||
Opella Healthcare UK Limited | United Kingdom | 100.0 | ||||||
AO Sanofi Russia | Russia | 100.0 | ||||||
100.0 | ||||||||
Sanofi AB | Sweden | 100.0 | ||||||
Sanofi-Aventis (Suisse) SA | Switzerland | 100.0 | ||||||
Genzyme Global Sarl Baar Intellectual Property Branch | Switzerland | 100.0 | ||||||
Sanofi Ilac Sanayi ve Ticaret A.S. | Turkey | 100.0 | ||||||
Sanofi Pasteur Asi Ticaret A.S. | Turkey | 100.0 | ||||||
Sanofi Saglik Urunleri Limited Sirketi | Turkey | 100.0 | ||||||
United States | Financial interest (%) as of December 31, | |||||||
Genzyme Therapeutic Products Limited Partnership | United States | 100.0 | ||||||
Aventis Inc. | United States | 100.0 | ||||||
Sanofi US Services Inc. | United States | 100.0 | ||||||
Sanofi-Aventis U.S. LLC | United States | 100.0 | ||||||
Chattem, Inc. | United States | 100.0 | ||||||
Aventisub LLC | United States | 100.0 | ||||||
Genzyme Corporation | United States | 100.0 | ||||||
Sanofi Pasteur Inc. | United States | 100.0 | ||||||
VaxServe, Inc. | United States | 100.0 | ||||||
United States | 100.0 | |||||||
Bioverativ | United States | 100.0 | ||||||
Bioverativ Therapeutics Inc. | United States | 100.0 | ||||||
Principia Biopharma Inc. | United States | 100.0 | ||||||
Sanofi Research Invest LLC | United States | 100.0 | ||||||
Sanofi Bioverativ Holdings LLC | United States | 100.0 | ||||||
RPR US Ltd. | United States | 100.0 | ||||||
Kadmon Holdings, Inc. | United States | 100.0 | ||||||
Kadmon Corporation, LLC | United States | 100.0 | ||||||
Amunix | United States | 100.0 | ||||||
Synthorx, Inc | United States | 100.0 | ||||||
Translate Bio, Inc | United States | 100.0 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Other Countries | Financial interest (%) as of December 31, | |||||||
Sanofi-Aventis South Africa (Pty) Ltd | South Africa | 100.0 | ||||||
Sanofi-Aventis Algérie | Algeria | 100.0 | ||||||
Sanofi Arabia Trading Company Limited | Saudi Arabia | 75.0 | ||||||
Sanofi-Aventis Argentina S.A. | Argentina | 100.0 | ||||||
Genzyme de Argentina S.A. | Argentina | 100.0 | ||||||
Opella Healthcare Argentina S.A.U. | Argentina | 100.0 | ||||||
Sanofi-Aventis Healthcare Pty Ltd | Australia | 100.0 | ||||||
Sanofi-Aventis Australia Pty Ltd | Australia | 100.0 | ||||||
Sanofi Medley Farmaceutica Ltda | Brazil | 100.0 | ||||||
Sanofi-Aventis Canada Inc. | Canada | 100.0 | ||||||
Sanofi Pasteur Limited | Canada | 100.0 | ||||||
Merieux Canada Holdings ULC (Canada) | Canada | 100.0 | ||||||
Sanofi-Aventis de Chile S.A. | Chile | 100.0 | ||||||
Sanofi (Hangzhou) Pharmaceuticals Co., Ltd | China | 100.0 | ||||||
Sanofi (China) Investment Co., Ltd | China | 100.0 | ||||||
Sanofi (Beijing) Pharmaceuticals Co.Ltd | China | 100.0 | ||||||
Sanofi Pasteur Biologies Co., Ltd | China | 100.0 | ||||||
Shenzhen Sanofi pasteur Biological Products Co, Ltd | China | 100.0 | ||||||
100.0 | ||||||||
Genfar S.A. | Colombia | 100.0 | ||||||
Sanofi-Aventis de Colombia S.A. | Colombia | 100.0 | ||||||
Sanofi-Aventis Korea Co. Ltd | South Korea | 100.0 | ||||||
Sanofi Pasteur Ltd | South Korea | 100.0 | ||||||
Opella healthcare Korea Inc. | South Korea | 100.0 | ||||||
Sanofi-Aventis Gulf FZE | United Arab Emirates | 100.0 | ||||||
Egypt | ||||||||
Hong Kong | 100.0 | |||||||
Sanofi India Limited | India | 60.4 | ||||||
Sanofi Healthcare India Private Limited | India | 99.9 | ||||||
Sanofi-Aventis Israël Ltd | Israel | 100.0 | ||||||
Sanofi K.K. | Japan | 100.0 | ||||||
SSP Co.,Ltd | Japan | 100.0 | ||||||
Sanofi-Aventis (Malaysia) SDN. BHD. | Malaysia | 100.0 | ||||||
Sanofi-Aventis Maroc | Morocco | 100.0 | ||||||
Sanofi-Aventis de Mexico S.A. de C.V. | Mexico | 100.0 | ||||||
Sanofi Pasteur S.A. de C.V. | Mexico | 100.0 | ||||||
Azteca Vacunas, S.A. de C.V. | Mexico | 100.0 | ||||||
Sanofi-Aventis Pakistan Limited | Pakistan | 52.9 | ||||||
Sanofi-Aventis de Panama S.A. | Panama | 100.0 | ||||||
Sanofi-Aventis del Peru S.A. | Peru | 100.0 | ||||||
Puerto Rico | 100.0 | |||||||
Sanofi-Aventis Philippines Inc. | Philippines | 100.0 | ||||||
Opella Healthcare Philippines Inc. | Philippines | 100.0 | ||||||
Sanofi-Aventis Singapore Pte. Ltd | Singapore | 100.0 | ||||||
Aventis Pharma (Manufacturing) Pte. Ltd | Singapore | 100.0 | ||||||
Sanofi Manufacturing Pte Ltd | Singapore | 100.0 | ||||||
Sanofi Taiwan Co., Ltd | Taiwan | 100.0 | ||||||
Sanofi-Aventis (Thailand) Ltd | Thailand | 100.0 | ||||||
Sanofi-Aventis de Venezuela S.A. | Venezuela | 100.0 | ||||||
Vietnam | 100.0 | |||||||
Sanofi Vietnam Shareholding Company Limited | Vietnam | 85.0 |
SANOFIFORM 20-F |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
Financial interest (%) as of December 31, | ||||||||
GlaxoSmithKline Consumer Healthcare, L.P. | United States | 11.7 | ||||||
Infraserv GmbH & Co. Höchst KG | Germany | 31.2 | ||||||
Maphar | Morocco | 48.3 | ||||||
MCM Vaccine B.V. | Netherlands | 50.0 | ||||||
MSP Vaccine Company (formerly MCM company) | United States | 50.0 | ||||||
F-102 | |||||||
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SANOFI FORM 20-F2022 | F-103 |
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F-104 | SANOFI FORM 20-F2022 |
English translation and language consultancy: Stephen Reynolds & Jane Lambert. Photo credits: Front cover: © Akos Stiller/Capa Pictures – Key Figures : © Vincent Fournier - p. 92 : © Yann Audic - p. 93 : © Jean Chiscano - p. 94 : © Alain BUU - p. 95 : © GE China - p. 96 : © Christel Sasso/Capa Pictures - p. 97 : © Lisbeth Holten, Denmark - p. 98 : Christel Sasso/Capa Pictures - p. 99 : © Julien LUTT/Capa Pictures - p. 100 : © Pierre-Olivier / Capa Pictures - p. 101 : © Marie Etchegoyen/Capa Pictures - p. 102 : © Legrand - p. 103 : © Franck Parisot - p. 104 : © Augustin Detienne/Capa Pictures - p. 106 : © Julien LUTT/Capa Pictures - p.107 : ©Oscar Timmers/Capa Pictures – p. 108 : © Jennifer Altman/Capa Pictures - p. 109 : © Jean-Marie Cras | ||||||||