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| Exhibit No. | Description | |||||||
| Exhibit 99.1 | Condensed half-year consolidated financial statements for 2025 |
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| Exhibit 99.2 | 2025 Half-year management report, Statutory Auditors’ Report and Responsibility Statement |
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Dated: July 31, 2025 |
SANOFI | |||||||||||||||||||
| By: | /s/ Alexandra Roger | |||||||||||||||||||
| Name: | Alexandra Roger | |||||||||||||||||||
| Title: | Head of Securities Law and Capital Markets | |||||||||||||||||||
Exhibit 99.1 |
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TABLE OF CONTENTS |
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SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
1 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | Note | June 30, 2025 | December 31, 2024 | ||||||||
Property, plant and equipment owned |
B.2. | 9,574 | 10,091 | ||||||||
Right-of-use assets |
1,433 | 1,510 | |||||||||
| Goodwill | B.3. | 40,283 | 43,384 | ||||||||
| Other intangible assets | B.3. | 20,431 | 22,629 | ||||||||
| Investments accounted for using the equity method | B.5. | 3,563 | 316 | ||||||||
| Other non-current assets | B.6. | 4,109 | 3,753 | ||||||||
| Non-current income tax assets | 541 | 560 | |||||||||
| Deferred tax assets | 8,008 | 7,967 | |||||||||
| Non-current assets | 87,942 | 90,210 | |||||||||
| Inventories | 9,618 | 9,431 | |||||||||
Accounts receivable |
B.7. | 7,810 | 7,677 | ||||||||
| Other current assets | 3,595 | 3,826 | |||||||||
| Current income tax assets | 397 | 724 | |||||||||
| Cash and cash equivalents | B.9. | 15,359 | 7,441 | ||||||||
Assets held for sale |
B.22. |
238 | 13,489 | ||||||||
| Current assets | 37,017 | 42,588 | |||||||||
Total assets |
124,959 | 132,798 | |||||||||
2 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
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Exhibit 99.1 |
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1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | Note | June 30, 2025 | December 31, 2024 | ||||||||
| Equity attributable to equity holders of Sanofi | 70,008 | 77,507 | |||||||||
| Equity attributable to non-controlling interests | 271 | 350 | |||||||||
| Total equity | B.8. | 70,279 | 77,857 | ||||||||
| Long-term debt | B.9. | 13,200 | 11,791 | ||||||||
| Non-current lease liabilities | 1,524 | 1,645 | |||||||||
| Non-current liabilities related to business combinations and to non-controlling interests | B.11. | 564 | 569 | ||||||||
| Non-current provisions and other non-current liabilities | B.12. |
7,116 | 8,096 | ||||||||
| Non-current income tax liabilities | 1,502 | 1,512 | |||||||||
| Deferred tax liabilities | 1,715 | 2,166 | |||||||||
| Non-current liabilities | 25,621 | 25,779 | |||||||||
| Accounts payable | 7,075 | 7,551 | |||||||||
| Current liabilities related to business combinations and to non-controlling interests | B.11. | — | 72 | ||||||||
| Current provisions and other current liabilities | 13,697 | 14,241 | |||||||||
| Current income tax liabilities | 724 | 697 | |||||||||
Current lease liabilities |
252 | 261 | |||||||||
| Short-term debt and current portion of long-term debt | B.9. | 7,309 | 4,209 | ||||||||
Liabilities related to assets held for sale |
B.22. |
2 | 2,131 | ||||||||
| Current liabilities | 29,059 | 29,162 | |||||||||
Total equity and liabilities |
124,959 | 132,798 | |||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
3 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | Note | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
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| Net sales | B.20. | 19,889 | 18,360 | ||||||||
| Other revenues | B.20. | 1,452 | 1,529 | ||||||||
| Cost of sales | (5,881) | (5,966) | |||||||||
| Gross profit | 15,460 | 13,923 | |||||||||
| Research and development expenses | (3,717) | (3,335) | |||||||||
| Selling and general expenses | (4,506) | (4,303) | |||||||||
| Other operating income | B.15. | 533 | 563 | ||||||||
| Other operating expenses | B.15. | (2,476) | (1,977) | ||||||||
| Amortization of intangible assets | B.3. | (777) | (898) | ||||||||
| Impairment of intangible assets | B.4. | (210) | 371 | ||||||||
| Fair value remeasurement of contingent consideration | B.6. B.11. | (61) | (66) | ||||||||
| Restructuring costs and similar items | B.16. | (430) | (1,060) | ||||||||
| Other gains and losses, and litigation | B.17. | (57) | (450) | ||||||||
| Operating income | 3,759 | 2,768 | |||||||||
| Financial expenses | B.18. | (361) | (583) | ||||||||
| Financial income | B.18. | 184 | 277 | ||||||||
| Income before tax and investments accounted for using the equity method | 3,582 | 2,462 | |||||||||
| Income tax expense | B.19. | (711) | (379) | ||||||||
| Share of profit/(loss) from investments accounted for using the equity method | 85 | (22) | |||||||||
| Net income from continuing operations | 2,956 | 2,061 | |||||||||
| Net income from discontinued operations | B.22 | 2,881 | 202 | ||||||||
| Net income | 5,837 | 2,263 | |||||||||
| Net income attributable to non-controlling interests | 25 | 17 | |||||||||
| Net income attributable to equity holders of Sanofi | 5,812 | 2,246 | |||||||||
| Average number of shares outstanding (million) | B.8.7. | 1,225.5 | 1,249.4 | ||||||||
| Average number of shares after dilution (million) | B.8.7. | 1,230.7 | 1,253.8 | ||||||||
•Basic earnings per share from continuing operations (€) |
2.40 | 1.64 | |||||||||
•Basic earnings per share from discontinued operations (€) |
2.34 | 0.16 | |||||||||
Basic earnings per share (€) |
4.74 | 1.80 | |||||||||
•Diluted earnings per share from continuing operations (€) |
2.39 | 1.63 | |||||||||
•Diluted earnings per share from discontinued operations (€) |
2.33 | 0.16 | |||||||||
Diluted earnings per share (€) |
4.72 | 1.79 | |||||||||
4 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
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Exhibit 99.1 |
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1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | Note | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
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| Net income | 5,837 | 2,263 | |||||||||
| Attributable to equity holders of Sanofi | 5,812 | 2,246 | |||||||||
| Attributable to non-controlling interests | 25 | 17 | |||||||||
| Other comprehensive income: | |||||||||||
•Actuarial gains/(losses) |
B.8.8. | 111 | 235 | ||||||||
•Change in fair value of equity instruments included in financial assets and financial liabilities |
B.8.8. | 222 | (10) | ||||||||
•Tax effects |
B.8.8. | (92) | (59) | ||||||||
Subtotal: items not subsequently reclassifiable to profit or loss from continuing operations (A) |
241 | 166 | |||||||||
•Change in fair value of debt instruments included in financial assets |
B.8.8. | 3 | (5) | ||||||||
•Change in fair value of cash flow hedges |
B.8.8. | (23) | (3) | ||||||||
•Change in currency translation differences |
B.8.8. | (5,203) | 1,040 | ||||||||
•Tax effects |
B.8.8. | (95) | 35 | ||||||||
Subtotal: items subsequently reclassifiable to profit or loss from continuing operations (B) |
(5,318) | 1,067 | |||||||||
Other comprehensive income/(loss) from continuing operations for the period, net of taxes (A+B) |
(5,077) | 1,233 | |||||||||
Other comprehensive income/(loss) for the period from discontinued operations, net of taxes (C) |
303 | (23) | |||||||||
| Comprehensive income | 1,063 | 3,496 | |||||||||
| Attributable to equity holders of Sanofi | 1,076 | 3,471 | |||||||||
•Continuing operations |
(2,097) | 3,264 | |||||||||
•Discontinued operations |
3,173 | 207 | |||||||||
| Attributable to non-controlling interests | (13) | 25 | |||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
5 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share-based payments | Other compre-hensive income |
Attribut-able to equity holders of Sanofi | Attribut-able to non-controlling interests | Total equity | ||||||||||||||||||||
Balance at January 1, 2024 |
2,530 | 313 | (1,184) | 67,499 | 4,944 | (62) | 74,040 | 313 | 74,353 | ||||||||||||||||||||
| Other comprehensive income for the period | — | — | — | 166 | — | 1,059 | 1,225 | 8 | 1,233 | ||||||||||||||||||||
| Net income for the period | — | — | — | 2,246 | — | — | 2,246 | 17 | 2,263 | ||||||||||||||||||||
| Comprehensive income for the period | — | — | — | 2,412 | — | 1,059 | 3,471 | 25 | 3,496 | ||||||||||||||||||||
Dividend paid out of 2023 earnings (€3.76 per share) |
— | — | — | (4,704) | — | — | (4,704) | — | (4,704) | ||||||||||||||||||||
| Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (31) | (31) | ||||||||||||||||||||
Share repurchase program (a) |
— | — | (302) | — | — | — | (302) | — | (302) | ||||||||||||||||||||
| Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options |
— | 7 | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares |
3 | (3) | 115 | (115) | — | — | — | — | — | ||||||||||||||||||||
•Value of services obtained from employees |
— | — | — | — | 173 | — | 173 | — | 173 | ||||||||||||||||||||
•Tax effects of share-based payments |
— | — | — | — | 4 | — | 4 | — | 4 | ||||||||||||||||||||
Other changes arising from issuance of restricted shares (c) |
— | — | — | 1 | — | — | 1 | — | 1 | ||||||||||||||||||||
Balance at June 30, 2024 |
2,533 | 317 | (1,371) | 65,093 | 5,121 | 997 | 72,690 | 307 | 72,997 | ||||||||||||||||||||
| Other comprehensive income for the period | — | — | — | (194) | — | 1,379 | 1,185 | 14 | 1,199 | ||||||||||||||||||||
| Net income for the period | — | — | — | 3,314 | — | — | 3,314 | 41 | 3,355 | ||||||||||||||||||||
| Comprehensive income for the period | — | — | — | 3,120 | — | 1,379 | 4,499 | 55 | 4,554 | ||||||||||||||||||||
| Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (13) | (13) | ||||||||||||||||||||
Share repurchase program (a) |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Reduction in share capital |
(12) | (492) | 530 | (26) | — | — | — | — | — | ||||||||||||||||||||
| Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options |
1 | 25 | — | — | — | — | 26 | — | 26 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares |
— | — | 1 | (1) | — | — | — | — | — | ||||||||||||||||||||
•Employee share ownership plan |
4 | 150 | — | — | — | — | 154 | — | 154 | ||||||||||||||||||||
•Value of services obtained from employees |
— | — | — | — | 132 | — | 132 | — | 132 | ||||||||||||||||||||
•Tax effects of share-based payments |
— | — | — | — | 7 | — | 7 | — | 7 | ||||||||||||||||||||
| Change in non-controlling interests without loss of control | — | — | — | (1) | — | — | (1) | 1 | — | ||||||||||||||||||||
Balance at December 31, 2024 |
2,526 | — | (840) | 68,185 | 5,260 | 2,376 | 77,507 | 350 | 77,857 | ||||||||||||||||||||
6 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
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Exhibit 99.1 |
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1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | Share capital | Additional paid-in capital | Treasury shares | Reserves and retained earnings | Stock options and other share-based payments | Other compre-hensive income |
Attribut-able to equity holders of Sanofi | Attribut-able to non-controlling interests | Total equity | ||||||||||||||||||||
Balance at January 1, 2025 |
2,526 | — | (840) | 68,185 | 5,260 | 2,376 | 77,507 | 350 | 77,857 | ||||||||||||||||||||
| Other comprehensive income for the period | — | — | — | 243 | — | (4,979) | (4,736) | (38) | (4,774) | ||||||||||||||||||||
| Net income for the period | — | — | — | 5,812 | — | — | 5,812 | 25 | 5,837 | ||||||||||||||||||||
| Comprehensive income for the period | — | — | — | 6,055 | — | (4,979) | 1,076 | (13) | 1,063 | ||||||||||||||||||||
Dividend paid out of 2024 earnings (€3.92 per share) |
— | — | — | (4,772) | — | — | (4,772) | — | (4,772) | ||||||||||||||||||||
| Payment of dividends to non-controlling interests | — | — | — | — | — | — | — | (32) | (32) | ||||||||||||||||||||
Share repurchase program (a) |
— | — | (3,988) | — | — | — | (3,988) | — | (3,988) | ||||||||||||||||||||
Reduction in share capital (a) |
(74) | — | 3,868 | (3,794) | — | — | — | — | — | ||||||||||||||||||||
Tax on share cancellations (b) |
— | — | (15) | — | — | — | (15) | — | (15) | ||||||||||||||||||||
| Share-based payment plans: | |||||||||||||||||||||||||||||
•Exercise of stock options |
1 | 14 | — | — | — | — | 15 | — | 15 | ||||||||||||||||||||
•Issuance of restricted shares and vesting of existing restricted shares (a) |
3 | (3) | — | — | — | — | — | — | — | ||||||||||||||||||||
•Value of services obtained from employees |
— | — | — | — | 177 | — | 177 | — | 177 | ||||||||||||||||||||
•Tax effects of share-based payments |
— | — | — | — | (7) | — | (7) | — | (7) | ||||||||||||||||||||
Other changes arising from issuance of restricted shares (d) |
— | — | — | 15 | — | — | 15 | — | 15 | ||||||||||||||||||||
Other changes in non-controlling interests (e) |
— | — | — | — | — | — | — | (34) | (34) | ||||||||||||||||||||
Balance at June 30, 2025 |
2,456 | 11 | (975) | 65,689 | 5,430 | (2,603) | 70,008 | 271 | 70,279 | ||||||||||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
7 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | Note | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
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| Net income attributable to equity holders of Sanofi | 5,812 | 2,246 | |||||||||
Net (income)/loss from the discontinued Opella business |
(2,881) | (202) | |||||||||
| Non-controlling interests | 25 | 17 | |||||||||
| Share of undistributed earnings from investments accounted for using the equity method | (15) | 96 | |||||||||
| Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets | 1,779 | 1,242 | |||||||||
Gains and losses on disposals of non-current assets, net of tax (b) |
(266) | (229) | |||||||||
| Net change in deferred taxes | (539) | (749) | |||||||||
Net change in non-current provisions and other non-current liabilities (c) |
(212) | 1,002 | |||||||||
| Cost of employee benefits (stock options and other share-based payments) | 171 | 157 | |||||||||
| Impact of the workdown of acquired inventories remeasured at fair value | — | 7 | |||||||||
|
Other profit or loss items with no cash effect on cash flows generated
by operating activities (d)
|
106 | 21 | |||||||||
| Operating cash flow before changes in working capital | 3,980 | 3,608 | |||||||||
| (Increase)/decrease in inventories | (635) | (917) | |||||||||
| (Increase)/decrease in accounts receivable | (785) | 81 | |||||||||
| Increase/(decrease) in accounts payable | 187 | 78 | |||||||||
| Net change in other current assets and other current liabilities | 620 | (1,612) | |||||||||
Net cash provided by/(used in) continuing operating activities |
3,367 | 1,238 | |||||||||
Net cash provided by/(used in) operating activities of the discontinued Opella business |
188 | 184 | |||||||||
Net cash provided by/(used in) operating activities (e) |
3,555 | 1,422 | |||||||||
| Acquisitions of property, plant and equipment and intangible assets | B.2. - B.3. | (1,420) | (1,804) | ||||||||
Acquisitions of consolidated undertakings and investments accounted for using the equity method (f) |
B.1. | (538) | (1,885) | ||||||||
| Acquisitions of other equity investments | (423) | (208) | |||||||||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax (g) |
434 | 516 | |||||||||
Disposals of consolidated undertakings and investments accounted for using the equity method |
— | 42 | |||||||||
| Net change in other non-current assets | (32) | (16) | |||||||||
Net cash provided by/(used in) continuing investing activities |
(1,979) | (3,355) | |||||||||
Net cash provided by/(used in) investing activities of the discontinued Opella business |
(36) | (58) | |||||||||
Net cash inflow from the Opella transaction (h) |
B.1. |
10,742 | — | ||||||||
| Net cash provided by/(used in) investing activities | 8,727 | (3,413) | |||||||||
| Issuance of Sanofi shares | B.8.1. | 29 | 21 | ||||||||
| Dividends paid: | |||||||||||
•to equity holders of Sanofi |
(4,772) | (4,704) | |||||||||
•to non-controlling interests |
(27) | (25) | |||||||||
| Additional long-term debt contracted | B.9.1. | 2,993 | — | ||||||||
| Repayments of long-term debt | B.9.1. | (1,859) | (638) | ||||||||
Repayment of lease liabilities |
(124) | (136) | |||||||||
Net change in short-term debt and other financial instruments (i) |
3,322 | 5,876 | |||||||||
Acquisitions of treasury shares and related tax effect |
B.8.2 | (4,003) | (302) | ||||||||
Net cash provided by/(used in) continuing financing activities |
(4,441) | 92 | |||||||||
Net cash provided by/(used in) financing activities of the discontinued Opella business |
(48) | (3) | |||||||||
| Net cash provided by/(used in) financing activities | (4,489) | 89 | |||||||||
| Impact of exchange rates on cash and cash equivalents | (42) | (13) | |||||||||
Cash and cash equivalents reclassified to Assets held for sale as of December 31, 2024 |
167 | — | |||||||||
| Net change in cash and cash equivalents | 7,918 | (1,915) | |||||||||
| Cash and cash equivalents, beginning of period | 7,441 | 8,710 | |||||||||
| Cash and cash equivalents, end of period | B.9. | 15,359 | 6,795 | ||||||||
8 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
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Exhibit 99.1 |
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1. Condensed half-year consolidated financial statements | ||||||||
| June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
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•Income tax paid |
(1,355) | (1,434) | ||||||
•Interest paid |
(206) | (320) | ||||||
•Interest received |
170 | 261 | ||||||
•Dividends received from non-consolidated entities |
5 | — | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
9 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
10 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
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Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
11 |
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Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| Note | Type of financial instrument |
Measurement principle |
Level in fair value hierarchy | Valuation technique | Method used to determine fair value | ||||||||||||||||||||||||
| Market data | |||||||||||||||||||||||||||||
| Valuation model | Exchange rate | Interest rate | Volatilities | ||||||||||||||||||||||||||
| B.6. | Financial assets measured at fair value (quoted equity instruments) | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||||||||
| B.6. | Financial assets measured at fair value (quoted debt instruments) | Fair value | 1 |
Market value | Quoted market price | N/A | |||||||||||||||||||||||
| B.6. | Financial assets measured at fair value (unquoted equity instruments) | Fair value | 3 | Amortized cost/ Peer comparison (primarily) | If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. | ||||||||||||||||||||||||
| B.6. | 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. to the consolidated financial statements for the year ended December 31, 2024.
|
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| B.6. | 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. | ||||||||||||||||||||||||
| B.6. | 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 | |||||||||||||||||||||||
| B.6. | Financial assets designated at fair value held to meet obligations under deferred compensation plans | Fair value | 1 | Market value | Quoted market price | N/A | |||||||||||||||||||||||
| B.9. | Investments in mutual funds | Fair value | 1 | Market value | Net asset value | N/A | |||||||||||||||||||||||
| B.9. | 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. | ||||||||||||||||||||||||
| B.9. B.12. |
Financial liabilities |
Amortized cost (a) |
N/A | N/A | In the case of financial liabilities 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 financial liabilities 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). For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. |
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| B.9. | Lease liabilities | Amortized cost | N/A | N/A | Future lease payments are discounted using the incremental borrowing rate. | ||||||||||||||||||||||||
| B.10. | Forward currency contracts | Fair value | 2 | Revenue-based approach |
Present value of future cash flows | Mid Market Spot | < 1 year: Mid Money Market > 1 year: Mid Zero Coupon |
N/A | |||||||||||||||||||||
| B.10. | Interest rate swaps | Fair value | 2 | Revenue-based approach | Present value of future cash flows | Mid Market Spot | < 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon |
N/A | |||||||||||||||||||||
| B.10. | Cross-currency swaps | Fair value | 2 | Revenue-based approach |
Present value of future cash flows | Mid Market Spot | < 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon |
N/A | |||||||||||||||||||||
| B.11. | Liabilities related to business combinations and to non-controlling interests | 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 B.11. | ||||||||||||||||||||||||
12 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
13 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
14 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | June 30, 2025 | June 30, 2024 | ||||||
| Acquisitions | 702 | 591 | ||||||
| Biopharma | 663 | 535 | ||||||
| Of which Manufacturing & Supply | 453 | 366 | ||||||
Opella (discontinued operation, see Note B.1.) |
39 | 56 | ||||||
| Of which capitalized interest | 22 | 22 | ||||||
| (€ million) | Acquired R&D | Products, trademarks and other rights | Software | Total other intangible assets | ||||||||||
Gross value at January 1, 2025 |
12,866 | 66,348 | 1,852 | 81,066 | ||||||||||
Changes in scope of consolidation (b) |
500 | — | — | 500 | ||||||||||
| Acquisitions and other increases | 332 | 302 | 42 | 676 | ||||||||||
Disposals and other decreases |
(22) | (199) | (7) | (228) | ||||||||||
| Currency translation differences | (1,339) | (5,159) | (49) | (6,547) | ||||||||||
Transfers (a) |
(40) | (244) | (8) | (292) | ||||||||||
Gross value at June 30, 2025 |
12,297 | 61,048 | 1,830 | 75,175 | ||||||||||
Accumulated amortization and impairment at January 1, 2025 |
(4,497) | (52,507) | (1,433) | (58,437) | ||||||||||
| Amortization expense | — | (800) | (52) | (852) | ||||||||||
Impairment losses, net of reversals (c) |
(201) | (9) | — | (210) | ||||||||||
| Disposals and other decreases | 22 | 199 | 8 | 229 | ||||||||||
| Currency translation differences | 427 | 3,772 | 40 | 4,239 | ||||||||||
Transfers (a) |
— | 281 | 6 | 287 | ||||||||||
Accumulated amortization and impairment at June 30, 2025 |
(4,249) | (49,064) | (1,431) | (54,744) | ||||||||||
Carrying amount at January 1, 2025 |
8,369 | 13,841 | 419 | 22,629 | ||||||||||
Carrying amount at June 30, 2025 |
8,048 | 11,984 | 399 | 20,431 | ||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
15 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | % interest | June 30, 2025 | December 31, 2024 | ||||||||
OPAL JV Co (a) |
48.2 | 3,239 | — | ||||||||
EUROAPI (b) |
29.6 | 82 | 82 | ||||||||
Infraserv GmbH & Co. Höchst KG (c) |
31.2 | 93 | 102 | ||||||||
MSP Vaccine Company (d) |
50.0 | 79 | 81 | ||||||||
| Other investments | — | 70 | 51 | ||||||||
| Total | 3,563 | 316 | |||||||||
| (€ million) | June 30, 2025 | June 30, 2024 | ||||||
Sales (c) (d) |
29 | 59 | ||||||
Royalties and other income (c) (d) |
63 | 33 | ||||||
Purchases of goods and services (including research expenses) (c) (d) |
371 | 333 | ||||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||
Accounts receivable and other receivables (a) |
299 | 184 | ||||||
Other assets (b) |
189 | 189 | ||||||
| Accounts payable and other payables | 637 | 160 | ||||||
| (€ million) | June 30, 2025 |
||||
| Consolidated income statement | |||||
Net sales and other revenues (a) |
887 | ||||
Net income (a) |
24 | ||||
| Consolidated statement of comprehensive income | |||||
| Other comprehensive income | (1) | ||||
| Comprehensive income | 23 | ||||
16 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | June 30, 2025 | ||||
| Consolidated balance sheet | |||||
| Non-current assets | 16,179 | ||||
| Current assets | 2,937 | ||||
| Total assets | 19,116 | ||||
| Equity attributable to equity holders of OPAL JV Co | 5,754 | ||||
| Equity attributable to non-controlling interests | 541 | ||||
| Total equity | 6,295 | ||||
| Non-current liabilities | 11,039 | ||||
| Current liabilities | 1,782 | ||||
| Total liabilities | 12,821 | ||||
| Total equity and liabilities | 19,116 | ||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||
| Equity instruments at fair value through other comprehensive income | 2,105 | 1,559 | ||||||
| Debt instruments at fair value through other comprehensive income | 362 | 357 | ||||||
| Other financial assets at fair value through profit or loss | 965 | 1,027 | ||||||
| Pre-funded pension obligations | 146 | 156 | ||||||
| Long-term prepaid expenses | 143 | 152 | ||||||
| Long-term loans and advances and other non-current receivables | 382 | 502 | ||||||
| Derivative financial instruments | 6 | — | ||||||
| Total | 4,109 | 3,753 | ||||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||
| Gross value | 7,896 | 7,777 | ||||||
| Allowances | (86) | (100) | ||||||
| Carrying amount | 7,810 | 7,677 | ||||||
| (€ million) | Overdue accounts gross value | Overdue by <1 month |
Overdue by 1-3 months |
Overdue by 3-6 months |
Overdue by 6-12 months |
Overdue by > 12 months |
||||||||||||||
| As of June 30, 2025 | 386 | 122 | 103 | 73 | 48 | 40 | ||||||||||||||
| As of December 31, 2024 | 650 | 316 | 194 | 87 | 9 | 44 | ||||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
17 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
|
Number of shares
(million)
|
% of share capital for the period |
|||||||
| June 30, 2025 | 10.66 | 0.868 | % | |||||
| December 31, 2024 | 9.53 | 0.755 | % | |||||
| June 30, 2024 | 15.33 | 1.211 | % | |||||
| January 1, 2024 | 13.45 | 1.063 | % | |||||
| 2025 | |||||
| Type of plan | Performance share plan | ||||
| Date of Board meeting approving the plan | 30 April, 2025 | ||||
Total number of shares subject to a 3-year service period |
4,021,370 | ||||
| Of which with no market condition | 2,599,478 | ||||
Fair value per share awarded (a) |
€83.94 | ||||
| Of which with market conditions | 1,421,892 | ||||
Fair value per share awarded other than to the Chief Executive Officer (1,331,892 shares in total) (b) |
€79.25 | ||||
Fair value per share awarded to the Chief Executive Officer (90,000 shares) (b) |
€75.10 | ||||
| Fair value of plan at the date of grant (€ million) | 331 | ||||
18 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Total expense for restricted share plans (€ million) | 146 | 128 | ||||||
| Number of shares not yet fully vested | 11,550,347 | 11,192,984 | ||||||
Under 2025 plans |
4,020,451 | — | ||||||
| Under 2024 plans | 4,110,089 | 4,498,109 | ||||||
| Under 2023 plans | 3,313,588 | 3,652,352 | ||||||
| Under 2022 plans | 106,219 | 3,031,060 | ||||||
| Under 2021 plans | — | 11,463 | ||||||
| Range of exercise prices per share | Outstanding | Exercisable | ||||||||||||||||||
| 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 | 2.84 | 65.84 | 168,784 | 65.84 | |||||||||||||||
From €70.00 to €80.00 per share |
299,250 | 2.98 | 76.48 | 299,250 | 76.48 | |||||||||||||||
From €80.00 to €90.00 per share |
257,010 | 1.86 | 88.97 | 257,010 | 88.97 | |||||||||||||||
| Total | 725,044 | 725,044 | ||||||||||||||||||
(€ million) |
June 30, 2025 (6 months) | June 30, 2024 (6 months) | ||||||
| Average number of shares outstanding | 1,225.5 | 1,249.4 | ||||||
| Adjustment for stock options with dilutive effect | 0.1 | 0.1 | ||||||
| Adjustment for restricted shares | 5.1 | 4.3 | ||||||
| Average number of shares used to compute diluted earnings per share | 1,230.7 | 1,253.8 | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
19 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | ||||||
| Actuarial gains/(losses): | ||||||||
▪Actuarial gains/(losses) excluding investments accounted for using the equity method |
105 | 235 | ||||||
▪Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes |
1 | — | ||||||
▪Tax effects |
(25) | (57) | ||||||
Equity instruments included in financial assets and financial liabilities: |
||||||||
▪Change in fair value (excluding investments accounted for using the equity method) |
222 | (10) | ||||||
▪Change in fair value (investments accounted for using the equity method, net of taxes) |
— | — | ||||||
▪Equity risk hedging instruments designated as fair value hedges |
— | — | ||||||
▪Tax effects |
(60) | (2) | ||||||
| Items not subsequently reclassifiable to profit or loss | 243 | 166 | ||||||
| Debt instruments included in financial assets: | ||||||||
▪Change in fair value (excluding investments accounted for using the equity method) (a) |
3 | (5) | ||||||
▪Change in fair value (investments accounted for using the equity method, net of taxes) |
— | — | ||||||
▪Tax effects |
— | 1 | ||||||
Cash flow hedges and fair value hedges: |
||||||||
▪Change in fair value (excluding investments accounted for using the equity method) (b) |
(23) | (4) | ||||||
▪Change in fair value (investments accounted for using the equity method, net of taxes) |
— | 1 | ||||||
▪Tax effects |
6 | 1 | ||||||
| Change in currency translation differences: | ||||||||
▪Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) (c) |
(5,266) | 1,167 | ||||||
▪Currency translation differences (investments accounted for using the equity method) |
(26) | (1) | ||||||
▪Hedges of net investments in foreign operations |
390 | (126) | ||||||
▪Tax effects |
(101) | 33 | ||||||
| Items subsequently reclassifiable to profit or loss | (5,017) | 1,067 | ||||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||
| Long-term debt | 13,200 | 11,791 | ||||||
| Short-term debt and current portion of long-term debt | 7,309 | 4,209 | ||||||
| Interest rate and currency derivatives used to manage debt | 10 | 137 | ||||||
| Total debt | 20,519 | 16,137 | ||||||
| Cash and cash equivalents | (15,359) | (7,441) | ||||||
| Interest rate and currency derivatives used to manage cash and cash equivalents | (58) | 76 | ||||||
Net debt (a) |
5,102 | 8,772 | ||||||
20 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | Value on redemption | ||||||||||||||||
|
Carrying amount at
June 30, 2025
|
Amortized cost | Adjustment to debt measured at fair value | June 30, 2025 | December 31, 2024 | |||||||||||||
| Long-term debt | 13,200 | 39 | 78 | 13,317 | 11,940 | ||||||||||||
| Short-term debt and current portion of long-term debt | 7,309 | 2 | — | 7,311 | 4,218 | ||||||||||||
| Interest rate and currency derivatives used to manage debt | 10 | — | (78) | (68) | 13 | ||||||||||||
| Total debt | 20,519 | 41 | — | 20,560 | 16,171 | ||||||||||||
| Cash and cash equivalents | (15,359) | — | — | (15,359) | (7,441) | ||||||||||||
| Interest rate and currency derivatives used to manage cash and cash equivalents | (58) | — | — | (58) | 76 | ||||||||||||
Net debt (a) |
5,102 | 41 | — | 5,143 | 8,806 | ||||||||||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| non-current | current | Total | non-current | current | Total | |||||||||||||||||||||
| Bond issues | 13,259 | 2,322 | 15,581 | 11,876 | 2,716 | 14,592 | ||||||||||||||||||||
| Other bank borrowings | 58 | 4,847 | (a) |
4,905 | 64 | 1,290 | 1,354 | |||||||||||||||||||
| Other borrowings | — | 1 | 1 | — | 3 | 3 | ||||||||||||||||||||
| Bank credit balances | — | 141 | 141 | — | 209 | 209 | ||||||||||||||||||||
| Interest rate and currency derivatives used to manage debt | — | (68) | (68) | — | 13 | 13 | ||||||||||||||||||||
| Total debt | 13,317 | 7,243 | 20,560 | 11,940 | 4,231 | 16,171 | ||||||||||||||||||||
| Cash and cash equivalents | — | (15,359) | (15,359) | — | (7,441) | (7,441) | ||||||||||||||||||||
| Interest rate and currency derivatives used to manage cash and cash equivalents | — | (58) | (58) | — | 76 | 76 | ||||||||||||||||||||
| Net debt | 13,317 | (8,174) | 5,143 | 11,940 | (3,134) | 8,806 | ||||||||||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
21 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||
| Market value | 4,589 | 8,165 | ||||||
| Value on redemption | 5,143 | 8,806 | ||||||
22 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| June 30, 2025 | 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 | 6,619 | 133 | — | — | — | 6,619 | 133 | ||||||||||||||||
| of which US dollar | 3,351 | 100 | — | — | — | 3,351 | 100 | ||||||||||||||||
of which Singapore dollar |
539 | 10 | — | — | — | 539 | 10 | ||||||||||||||||
of which Chinese yuan renminbi |
480 | 14 | — | — | — | 480 | 14 | ||||||||||||||||
| of which Japanese yen | 253 | 9 | — | — | — | 253 | 9 | ||||||||||||||||
of which pound sterling |
173 | 2 | — | — | — | 173 | 2 | ||||||||||||||||
| Forward currency purchases | 4,418 | (84) | — | — | — | 4,418 | (84) | ||||||||||||||||
| of which US dollar | 2,540 | (55) | — | — | — | 2,540 | (55) | ||||||||||||||||
| of which Singapore dollar | 610 | (15) | — | — | — | 610 | (15) | ||||||||||||||||
of which Chinese yuan renminbi |
277 | (5) | — | — | — | 277 | (5) | ||||||||||||||||
of which Turkish lira |
159 | (4) | — | — | — | 159 | (4) | ||||||||||||||||
of which United Arab Emirates dirham |
120 | (5) | — | — | — | 120 | (5) | ||||||||||||||||
| Total | 11,037 | 49 | — | — | — | 11,037 | 49 | ||||||||||||||||
| June 30, 2025 | ||||||||||||||
| (€ million) | Notional amount | Fair value | Maximum expiry date | |||||||||||
Cross currency seller swaps |
1,476 | 5 | ||||||||||||
| of which US dollar | 1,476 | (a) |
5 | 2032 | ||||||||||
| Forward currency sales | 7,723 | 176 | ||||||||||||
| of which US dollar | 6,007 | (b) |
148 | 2025 | ||||||||||
of which Pound sterling |
601 | 7 | 2025 | |||||||||||
of which Japanese yen |
303 | 9 | 2025 | |||||||||||
| Forward currency purchases | 3,609 | (44) | ||||||||||||
| of which Singapore dollar | 1,289 | (14) | 2025 | |||||||||||
| of which US dollar | 1,094 | (c) |
(33) | 2026 | ||||||||||
| of which Hungarian forint | 639 | 7 | 2025 | |||||||||||
| Total | 12,808 | 137 | ||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
23 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| Of which designated as fair value hedges | Of which designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||
| (€ million) | 2025 | 2026 | 2027 | 2028 | 2029 and beyond |
Total | Fair value | Notional amount | Fair value | Notional amount | Fair value | Of which recognized in equity | ||||||||||||||||||||||||||
| Interest rate swaps | ||||||||||||||||||||||||||||||||||||||
pay capitalized SOFR USD / receive 1.17% |
— | — | — | 848 | 848 | (54) | 848 | (54) | — | |||||||||||||||||||||||||||||
pay 2.08% / receive Euribor 3m |
— | 850 | — | — | 850 | (7) | 850 | (7) | (3) | |||||||||||||||||||||||||||||
pay capitalized Ester / receive 0.92% |
— | — | — | — | 650 | 650 | (27) | 650 | (27) | — | — | — | ||||||||||||||||||||||||||
| Total | — | — | 850 | 848 | 650 | 2,348 | (88) | 1,498 | (81) | 850 | (7) | (3) | ||||||||||||||||||||||||||
| (€ million) | MSD contingent consideration (European Vaccines business) | Shire contingent consideration arising from acquisition of Translate Bio | Other | Total (a) |
||||||||||
Balance at January 1, 2025 |
72 | 568 | 1 | 641 | ||||||||||
| Payments made | (72) | — | — | (72) | ||||||||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (b) |
1 | 71 | — | 72 | ||||||||||
| Currency translation differences | (1) | (76) | — | (77) | ||||||||||
Balance at June 30, 2025 |
— | 563 | 1 | 564 | ||||||||||
| Of which: | ||||||||||||||
•Current portion |
— | |||||||||||||
•Non-current portion |
564 | |||||||||||||
24 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | June 30, 2025 |
December 31, 2024 |
||||||
| Provisions | 5,003 | 5,762 | ||||||
Other non-current liabilities (a) |
2,113 | 2,334 | ||||||
| Total | 7,116 | 8,096 | ||||||
| (€ million) | Provisions for pensions & other post-employment benefits | Provisions for other long-term benefits | Restructuring provisions | Other provisions | Total | |||||||||||||||
Balance at January 1, 2025 |
1,992 | 821 | 799 | 2,150 | 5,762 | |||||||||||||||
| Increases in provisions and other liabilities | 69 | (a) |
78 | 175 | 293 | 615 | ||||||||||||||
| Provisions utilized | (167) | (a) |
(61) | (10) | (378) | (616) | ||||||||||||||
| Reversals of unutilized provisions | (17) | (a) |
— | (2) | (178) | (197) | ||||||||||||||
Transfers (b) |
(4) | — | (158) | (93) | (255) | |||||||||||||||
| Net interest related to employee benefits, and unwinding of discount | 37 | 1 | 2 | 20 | 60 | |||||||||||||||
| Currency translation differences | (94) | (74) | (4) | (83) | (255) | |||||||||||||||
Actuarial gains and losses on defined-benefit plans (B.12.1.) |
(111) | — | — | — | (111) | |||||||||||||||
Balance at June 30, 2025 |
1,705 | 765 | 802 | 1,731 | 5,003 | |||||||||||||||
| (€ million) | June 30, 2025 (6 months) | (c) |
June 30, 2024 (6 months) | (c) |
||||||||||
| Actuarial gains/(losses) on plan assets | (45) | (138) | ||||||||||||
| Actuarial gains/(losses) on benefit obligations | 152 | (a) |
373 | (b) |
||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
25 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
26 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | ||||||
| Income & expense related to profit/loss sharing under the Monoclonal Antibody Alliance | (2,475) | (1,934) | ||||||
| Additional share of profit paid by Regeneron towards development costs | 494 | 389 | ||||||
| Reimbursement to Regeneron of selling expenses incurred | (346) | (292) | ||||||
| Total: Monoclonal Antibody Alliance | (2,327) | (1,837) | ||||||
Other (mainly Zaltrap and Libtayo) |
66 | 92 | ||||||
| Other operating income/(expenses), net related to Regeneron | (2,261) | (1,745) | ||||||
| of which amount presented in “Other operating income” | 70 | 96 | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
27 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
||||||
Employee-related expenses |
201 | 810 | ||||||
Charges, gains or losses on assets(b) |
109 | (27) | ||||||
Costs of transformation programs |
80 | 114 | ||||||
| Other restructuring costs | 40 | 163 | ||||||
| Total | 430 | 1,060 | ||||||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
||||||
Cost of debt (b) |
(219) | (306) | ||||||
Interest income (c) |
162 | 239 | ||||||
| Cost of net debt | (57) | (67) | ||||||
| Non-operating foreign exchange gains/(losses) | 1 | — | ||||||
Unwinding of discounting of provisions (d) |
(22) | (19) | ||||||
| Net interest cost related to employee benefits | (37) | (39) | ||||||
| Net interest expense on lease liabilities | (22) | (20) | ||||||
Other (e) |
(40) | (161) | ||||||
| Net financial income/(expenses) | (177) | (306) | ||||||
| comprising: Financial expenses | (361) | (583) | ||||||
| Financial income | 184 | 277 | ||||||
28 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024
(6 months) (a)
|
||||||
| Current taxes | (1,202) | (1,108) | ||||||
| Deferred taxes | 491 | 729 | ||||||
| Total | (711) | (379) | ||||||
| Income before tax and investments accounted for using the equity method | 3,582 | 2,462 | ||||||
| (as a percentage) | June 30, 2025 (6 months)(b) |
June 30, 2024 (6 months)(a)(b) |
||||||
| Standard tax rate applicable in France | 25.8 | 25.8 | ||||||
Difference between the standard French tax rate and the rates applicable to Sanofi (c) |
(7.3) | (15.5) | ||||||
| Revisions to tax exposures and settlements of tax disputes | 2.3 | 2.3 | ||||||
Other (d) |
(1.0) | 2.8 | ||||||
| Effective tax rate | 19.8 | 15.4 | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
29 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | Europe | United States | Other countries |
June 30, 2025 | Europe | United States |
Other countries |
June 30, 2024 (a) |
|||||||||||||||||||||
Total Group |
4,144 | 9,535 | 6,210 | 19,889 | 4,072 | 8,292 | 5,996 | 18,360 | |||||||||||||||||||||
Immunology |
|||||||||||||||||||||||||||||
| of which | Dupixent | 944 | 5,283 | 1,085 | 7,312 | 770 | 4,437 | 931 | 6,138 | ||||||||||||||||||||
Rare diseases |
|||||||||||||||||||||||||||||
| of which | ALTUVIIIO |
— | 456 | 86 | 542 | — | 259 | 21 | 280 | ||||||||||||||||||||
| Nexviazyme/Nexviadyme | 132 | 195 | 60 | 387 | 95 | 174 | 51 | 320 | |||||||||||||||||||||
Cablivi |
55 | 71 | 10 | 136 | 43 | 60 | 10 | 113 | |||||||||||||||||||||
Xenpozyme |
44 | 47 | 19 | 110 | 24 | 37 | 11 | 72 | |||||||||||||||||||||
Neurology |
|||||||||||||||||||||||||||||
of which |
Aubagio |
40 | 76 | 22 | 138 | 95 | 96 | 18 | 209 | ||||||||||||||||||||
Oncology |
|||||||||||||||||||||||||||||
| of which | Sarclisa |
83 | 119 | 74 | 276 | 64 | 100 | 63 | 227 | ||||||||||||||||||||
Other medicines |
|||||||||||||||||||||||||||||
| of which | Rezurock |
23 | 220 | 20 | 263 | 12 | 188 | 7 | 207 | ||||||||||||||||||||
Tzield |
1 | 27 | 1 | 29 | 1 | 20 | — | 21 | |||||||||||||||||||||
| Industrial sales | 241 | 1 | 9 | 251 | 273 | 1 | — | 274 | |||||||||||||||||||||
Vaccines |
|||||||||||||||||||||||||||||
| of which | Polio/Pertussis/ Hib Vaccines |
223 | 320 | 818 | 1,361 | 248 | 311 | 789 | 1,348 | ||||||||||||||||||||
| Meningitis, travel and endemics vaccines | 96 | 319 | 194 | 609 | 97 | 301 | 185 | 583 | |||||||||||||||||||||
| RSV vaccine (Beyfortus) | 85 | 68 | 203 | 356 | 7 | 116 | 77 | 200 | |||||||||||||||||||||
| Influenza Vaccines | 52 | 54 | 108 | 214 | 30 | 16 | 142 | 188 | |||||||||||||||||||||
| Total net sales | 4,144 | 9,535 | 6,210 | 19,889 | 4,072 | 8,292 | 5,996 | 18,360 | |||||||||||||||||||||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024 (6 months)(a) |
||||||
VaxServe sales of non-Sanofi products |
842 | 854 | ||||||
Sales to Opella (b) |
61 | 95 | ||||||
Royalties |
68 | 62 | ||||||
Other(c) |
275 | 341 | ||||||
Total Biopharma Other revenues |
1,246 | 1,352 | ||||||
Sales / Revenues from Opella products(d) |
206 | 177 | ||||||
Total Other revenues |
1,452 | 1,529 | ||||||
30 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
31 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| June 30, 2025 (6 months) | |||||||||||||||||||||||||||||
| (€ million) | Biopharma | Other |
Total | ||||||||||||||||||||||||||
| June 30, 2025 | Change vs. June 30, 2024 on a reported basis (IFRS) |
Change vs. June 30, 2024 at constant exchange rates (non-IFRS) |
June 30, 2025 | Change vs. June 30, 2024 on a reported basis (IFRS) |
Change vs. June 30, 2024 at constant exchange rates (non-IFRS) |
June 30, 2025 | Change vs. June 30, 2024 on a reported basis (IFRS) |
Change vs. June 30, 2024 at constant exchange rates (non-IFRS) |
|||||||||||||||||||||
| Net sales | 19,889 | +8.3 | % | +9.9 | % | — | % | 19,889 | +8.3 | % | +9.9 | % | |||||||||||||||||
| Other revenues | 1,246 | -7.8 | % | -6.4 | % | 206 | +16.4 | % | +15.3 | % | 1,452 | -5.0 | % | -3.9 | % | ||||||||||||||
| Cost of sales | (5,753) | -1.6 | % | -0.1 | % | (128) | +16.4 | % | +14.5 | % | (5,881) | -1.3 | % | +0.2 | % | ||||||||||||||
| Research and development expenses | (3,716) | +11.5 | % | +12.3 | % | (1) | — | % | — | % | (3,717) | +11.5 | % | +12.3 | % | ||||||||||||||
| Selling and general expenses | (4,447) | +4.7 | % | +5.9 | % | (59) | +5.4 | % | +5.4 | % | (4,506) | +4.7 | % | +5.9 | % | ||||||||||||||
| Other operating income and expenses | (1,941) | (2) | (1,943) | ||||||||||||||||||||||||||
| Share of profit/(loss) from investments accounted for using the equity method | 77 | — | 77 | ||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | (8) | — | (8) | ||||||||||||||||||||||||||
| Business operating income | 5,347 | +8.8 | % | +11.0 | % | 16 | -27.3 | % | -27.3 | % | 5,363 | +8.6 | % | +10.8 | % | ||||||||||||||
As % of net sales |
26.9 | % | 27.0 | % | |||||||||||||||||||||||||
| June 30, 2024 (6 months) (a) | |||||||||||
| (€ million) | Biopharma | Other |
Total | ||||||||
| Net sales | 18,360 | 18,360 | |||||||||
| Other revenues | 1,352 | 177 | 1,529 | ||||||||
| Cost of sales | (5,849) | (110) | (5,959) | ||||||||
| Research and development expenses | (3,334) | (1) | (3,335) | ||||||||
| Selling and general expenses | (4,247) | (56) | (4,303) | ||||||||
| Other operating income and expenses | (1,426) | 12 | (1,414) | ||||||||
| Share of profit/(loss) from investments accounted for using the equity method | 66 | — | 66 | ||||||||
| Net income attributable to non-controlling interests | (6) | — | (6) | ||||||||
| Business operating income | 4,916 | 22 | 4,938 | ||||||||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) (a) | ||||||
| Business operating income | 5,363 | 4,938 | ||||||
Share of profit/(loss) from investments accounted for using the equity method(b) |
(77) | (66) | ||||||
Net income attributable to non-controlling interests(c) |
8 | 6 | ||||||
Amortization and impairment of intangible assets(d) |
(987) | (527) | ||||||
| Fair value remeasurement of contingent consideration | (61) | (66) | ||||||
Expense arising from the impact of acquisitions on inventories(e) |
— | (7) | ||||||
Restructuring costs and similar items(f) |
(430) | (1,060) | ||||||
Other gains and losses, and litigation(g) |
(57) | (450) | ||||||
| Operating income | 3,759 | 2,768 | ||||||
| Financial expenses | (361) | (583) | ||||||
| Financial income | 184 | 277 | ||||||
| Income before tax and investments accounted for using the equity method | 3,582 | 2,462 | ||||||
32 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.1 |
||||||||
1. Condensed half-year consolidated financial statements | ||||||||
Biopharma |
||||||||
| (€ million) | June 30, 2025 | June 30, 2024 | ||||||
Investments accounted for using the equity method (a) |
483 | 229 | ||||||
| Acquisitions of property, plant and equipment | 845 | 882 | ||||||
| Acquisitions of other intangible assets | 575 | 922 | ||||||
Net sales |
||||||||
(€ million) |
June 30, 2025 | June 30, 2024 (a) | ||||||
Europe |
4,144 | 4,072 | ||||||
| of which France | 835 | 855 | ||||||
| United States | 9,535 | 8,292 | ||||||
Rest of the World |
6,210 | 5,996 | ||||||
of which China |
1,388 | 1,406 | ||||||
Total |
19,889 | 18,360 | ||||||
| (€ million) | June 30, 2025 | December 31, 2024 | ||||||||||||||||||
Property, plant and equipment |
Goodwill |
Other intangible assets |
Property, plant and equipment |
Goodwill |
Other intangible assets |
|||||||||||||||
Europe |
5,438 | — | 3,167 | 5,550 | — | 3,307 | ||||||||||||||
of which France |
2,953 | — | — | 3,112 | — | — | ||||||||||||||
| United States | 2,080 | — | 16,725 | 2,411 | — | 18,711 | ||||||||||||||
Rest of the World |
2,056 | — | 539 | 2,130 | — | 611 | ||||||||||||||
of which China |
83 | — | — | 96 | — | — | ||||||||||||||
Total |
9,574 | 40,283 | 20,431 | 10,091 | 43,384 | 22,629 | ||||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
33 |
||||
Exhibit 99.1 | ||
1. Condensed half-year consolidated financial statements | ||
| (€ million) | December 31, 2024 | ||||
| Assets | |||||
| Property, plant and equipment owned | 760 | ||||
| Right-of-use assets | 116 | ||||
| Goodwill | 7,255 | ||||
| Other intangible assets | 2,928 | ||||
| Inventories | 600 | ||||
| Accounts receivable | 989 | ||||
Other assets |
841 | ||||
| Total assets held for sale | 13,489 | ||||
| Liabilities | |||||
Lease liabilities |
112 | ||||
| Non-current provisions and other non-current liabilities | 204 | ||||
| Accounts payable | 797 | ||||
| Current provisions and other current liabilities | 570 | ||||
Other liabilities |
448 | ||||
| Total liabilities related to assets held for sale | 2,131 | ||||
| (€ million) | June 30, 2025 | June 30, 2024 | ||||||
Net sales and other revenues (a) |
1,736 | 2,645 | ||||||
Operating income (a) |
266 | 277 | ||||||
Gain on disposal of Opella before tax |
2,781 | — | ||||||
Income before tax and investments accounted for using the equity method, including gain on disposal of Opella before tax |
3,039 | 278 | ||||||
Income tax expense (b) |
(158) | (85) | ||||||
| Net income from discontinued operations (Opella) | 2,881 | 202 | ||||||
| (€ million) | June 30, 2025 | June 30, 2024 | ||||||
| Net income from discontinued operations (Opella) | 2,881 | 202 | ||||||
Average number of shares outstanding (million) |
1,225.5 | 1,249.4 | ||||||
| Average number of shares after dilution (million) | 1,230.7 | 1,253.8 | ||||||
Basic earnings per share (in euros) |
2.34 | 0.16 | ||||||
Diluted earnings per share (in euros) |
2.33 | 0.16 | ||||||
34 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
||||
Exhibit 99.2 |
||||||||
TABLE OF CONTENTS |
|||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
35 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
36 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
37 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
38 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
39 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
40 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
41 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
42 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) | June 30, 2025 (6 months) | as % of net sales | June 30, 2024 (6 months) (a) | as % of net sales | ||||||||||
| Net sales | 19,889 | 100.0 | % | 18,360 | 100.0 | % | ||||||||
| Other revenues | 1,452 | 7.3 | % | 1,529 | 8.3 | % | ||||||||
| Cost of sales | (5,881) | -29.6 | % | (5,966) | -32.5 | % | ||||||||
| Gross profit | 15,460 | 77.7 | % | 13,923 | 75.8 | % | ||||||||
| Research and development expenses | (3,717) | -18.7 | % | (3,335) | -18.2 | % | ||||||||
| Selling and general expenses | (4,506) | -22.7 | % | (4,303) | -23.4 | % | ||||||||
| Other operating income | 533 | 563 | ||||||||||||
| Other operating expenses | (2,476) | (1,977) | ||||||||||||
| Amortization of intangible assets | (777) | (898) | ||||||||||||
| Impairment of intangible assets | (210) | 371 | ||||||||||||
| Fair value remeasurement of contingent consideration | (61) | (66) | ||||||||||||
| Restructuring costs and similar items | (430) | (1,060) | ||||||||||||
| Other gains and losses, and litigation | (57) | (450) | ||||||||||||
| Operating income | 3,759 | 18.9 | % | 2,768 | 15.1 | % | ||||||||
| Financial expenses | (361) | (583) | ||||||||||||
| Financial income | 184 | 277 | ||||||||||||
| Income before tax and investments accounted for using the equity method | 3,582 | 18.0 | % | 2,462 | 13.4 | % | ||||||||
| Income tax expense | (711) | (379) | ||||||||||||
| Share of profit/(loss) from investments accounted for using the equity method | 85 | (22) | ||||||||||||
| Net income from continuing operations | 2,956 | 14.9 | % | 2,061 | 11.2 | % | ||||||||
| Net income from discontinued operations | 2,881 | 14.5 | % | 202 | 1.1 | % | ||||||||
| Net income | 5,837 | 29.3 | % | 2,263 | 12.3 | % | ||||||||
| Net income attributable to non-controlling interests | 25 | 17 | ||||||||||||
| Net income attributable to equity holders of Sanofi | 5,812 | 29.2 | % | 2,246 | 12.2 | % | ||||||||
| Average number of shares outstanding (million) | 1,225.5 | 1,249.4 | ||||||||||||
| Average number of shares after dilution (million) | 1,230.7 | 1,253.8 | ||||||||||||
•Basic earnings per share from continuing operations (€) |
2.40 | 1.64 | ||||||||||||
•Basic earnings per share from discontinued operations (€) |
2.34 | 0.16 | ||||||||||||
Basic earnings per share (in euros) |
4.74 | 1.80 | ||||||||||||
•Diluted earnings per share from continuing operations (€) |
2.39 | 1.63 | ||||||||||||
•Diluted earnings per share from discontinued operations (€) |
2.33 | 0.16 | ||||||||||||
Diluted earnings per share (in euros) |
4.72 | 1.79 | ||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
43 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
44 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) (a) | ||||||
Net income attributable to equity holders of Sanofi (IFRS) |
5,812 | 2,246 | ||||||
Net (income)/loss from the discontinued Opella business (b) |
(2,881) | (202) | ||||||
| Amortization of intangible assets | 777 | 898 | ||||||
Impairment of intangible assets(c) |
210 | (371) | ||||||
| Fair value remeasurement of contingent consideration | 68 | 72 | ||||||
| Expenses arising from the impact of acquisitions on inventories | — | 7 | ||||||
| Restructuring costs and similar items | 430 | 1,060 | ||||||
Other gains and losses, and litigation(d) |
57 | 450 | ||||||
Financial (income)/expenses relating to financial liabilities accounted for at amortized cost and subject to periodic remeasurement(e) |
50 | 176 | ||||||
| Tax effects of the items listed above: | (384) | (577) | ||||||
•amortization and impairment of intangible assets |
(173) | (48) | ||||||
•fair value remeasurement of contingent consideration |
(14) | (17) | ||||||
•tax effects of restructuring costs and similar items |
(113) | (343) | ||||||
•other items |
(84) | (169) | ||||||
Other tax effects |
11 | 7 | ||||||
Other items (f) |
2 | 93 | ||||||
Business net income (non-IFRS) |
4,152 | 3,859 | ||||||
| Average number of shares outstanding (million) | 1,225.5 | 1,249.4 | ||||||
Basic earnings per share (IFRS) (in euros) |
4.74 | 1.80 | ||||||
Reconciling items per share (in euros) (g) |
(1.35) | 1.29 | ||||||
Business earnings per share (non-IFRS) (in euros) |
3.39 | 3.09 | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
45 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
46 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) (a) | Change | ||||||||
| Net sales | 19,889 | 18,360 | +8.3 | % | |||||||
| Effect of exchange rates | 286 | ||||||||||
| Net sales at constant exchange rates | 20,175 | 18,360 | +9.9 | % | |||||||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Change on a reported basis |
Change at constant exchange rates |
||||||||||
| Biopharma segment | 19,889 | 18,360 | +8.3 | % | +9.9 | % | ||||||||
| Total net sales | 19,889 | 18,360 | +8.3 | % | +9.9 | % | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
47 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
| (€ million) | Total sales | Change (reported) | Change (CER) | United States | Change (CER) | Europe | Change (CER) | Rest of the world |
Change (CER) | ||||||||||||||||||||
| Immunology | |||||||||||||||||||||||||||||
| Dupixent | 7,312 | +19.1 | % | +20.7 | % | 5,283 | +20.7 | % | 944 | +22.3 | % | 1,085 | +19.2 | % | |||||||||||||||
| Kevzara | 245 | +29.6 | % | +30.7 | % | 151 | +46.7 | % | 65 | +10.2 | % | 29 | +12.0 | % | |||||||||||||||
| Rare diseases | |||||||||||||||||||||||||||||
| Fabrazyme | 525 | — | % | +1.0 | % | 261 | +0.8 | % | 134 | +3.9 | % | 130 | -1.5 | % | |||||||||||||||
ALTUVIIIO (*) |
542 | +93.6 | % | +95.4 | % | 456 | +78.4 | % | — | — | % | 86 | +304.8 | % | |||||||||||||||
Nexviazyme / Nexviadyme (*) |
387 | +20.9 | % | +21.6 | % | 195 | +13.2 | % | 132 | +38.9 | % | 60 | +17.6 | % | |||||||||||||||
| Cerezyme | 363 | -10.8 | % | -8.6 | % | 91 | -4.2 | % | 119 | -5.6 | % | 153 | -13.0 | % | |||||||||||||||
| Alprolix | 305 | +12.5 | % | +13.7 | % | 240 | +7.6 | % | — | — | % | 65 | +43.5 | % | |||||||||||||||
| Myozyme | 275 | -25.9 | % | -24.8 | % | 91 | -24.6 | % | 97 | -33.1 | % | 87 | -13.5 | % | |||||||||||||||
| Aldurazyme | 163 | +1.2 | % | +1.9 | % | 36 | +2.8 | % | 43 | -4.4 | % | 84 | +5.0 | % | |||||||||||||||
| Cerdelga | 166 | +0.6 | % | +1.2 | % | 89 | -1.1 | % | 68 | +4.6 | % | 9 | — | % | |||||||||||||||
| Eloctate | 135 | -29.3 | % | -28.8 | % | 97 | -22.8 | % | — | — | % | 38 | -40.6 | % | |||||||||||||||
| Cablivi (*) | 136 | +20.4 | % | +20.4 | % | 71 | +18.3 | % | 55 | +25.6 | % | 10 | +10.0 | % | |||||||||||||||
Xenpozyme (*) |
110 | +52.8 | % | +54.2 | % | 47 | +27.0 | % | 44 | +83.3 | % | 19 | +81.8 | % | |||||||||||||||
Qfitlia (Fitusiran) (*) |
1 | — | % | — | % | 1 | — | % | — | — | % | — | — | % | |||||||||||||||
| Neurology | |||||||||||||||||||||||||||||
| Aubagio | 138 | -34.0 | % | -33.0 | % | 76 | -18.8 | % | 40 | -57.9 | % | 22 | +22.2 | % | |||||||||||||||
| Oncology | |||||||||||||||||||||||||||||
| Sarclisa (*) | 276 | +21.6 | % | +22.5 | % | 119 | +20.0 | % | 83 | +29.7 | % | 74 | +19.0 | % | |||||||||||||||
| Jevtana | 141 | +0.7 | % | +0.7 | % | 108 | +9.0 | % | 2 | -50.0 | % | 31 | -16.7 | % | |||||||||||||||
| Fasturtec | 88 | +2.3 | % | +3.5 | % | 57 | +1.8 | % | 25 | +4.3 | % | 6 | +14.3 | % | |||||||||||||||
Other medicines |
|||||||||||||||||||||||||||||
| Lantus | 876 | +15.4 | % | +17.7 | % | 395 | +47.8 | % | 149 | -14.9 | % | 332 | +9.9 | % | |||||||||||||||
| Toujeo | 692 | +9.1 | % | +10.3 | % | 126 | +8.5 | % | 248 | +2.9 | % | 318 | +17.4 | % | |||||||||||||||
| Plavix | 473 | — | % | +1.9 | % | 3 | — | % | 44 | -4.3 | % | 426 | +2.6 | % | |||||||||||||||
| Lovenox | 447 | -13.7 | % | -11.0 | % | 9 | +50.0 | % | 247 | -19.0 | % | 191 | -1.0 | % | |||||||||||||||
| Rezurock (*) | 263 | +27.1 | % | +28.0 | % | 220 | +18.1 | % | 23 | +91.7 | % | 20 | +185.7 | % | |||||||||||||||
| Praluent | 267 | +8.1 | % | +8.5 | % | — | — | % | 209 | +22.9 | % | 58 | -23.4 | % | |||||||||||||||
| Thymoglobulin | 248 | +0.8 | % | +2.4 | % | 154 | — | % | 21 | +10.5 | % | 73 | +5.7 | % | |||||||||||||||
| Aprovel | 212 | -0.5 | % | +0.9 | % | 3 | +50.0 | % | 35 | -5.4 | % | 174 | +1.7 | % | |||||||||||||||
| Multaq | 160 | -1.2 | % | -0.6 | % | 145 | +1.4 | % | 5 | -16.7 | % | 10 | -18.2 | % | |||||||||||||||
| Soliqua/iGlarLixi | 136 | +19.3 | % | +21.1 | % | 44 | +15.8 | % | 26 | +13.0 | % | 66 | +28.3 | % | |||||||||||||||
| Tzield (*) | 29 | +38.1 | % | +38.1 | % | 27 | +35.0 | % | 1 | — | % | 1 | — | % | |||||||||||||||
| Mozobil | 16 | -65.2 | % | -63.0 | % | 2 | -60.0 | % | 5 | -82.1 | % | 9 | -23.1 | % | |||||||||||||||
Other |
1,971 | -12.9 | % | -10.4 | % | 176 | -16.7 | % | 584 | -12.1 | % | 1,211 | -8.6 | % | |||||||||||||||
| Industrial Sales | 251 | -8.4 | % | -8.0 | % | 1 | — | % | 241 | -11.0 | % | 9 | — | % | |||||||||||||||
| Vaccines | |||||||||||||||||||||||||||||
RSV vaccine (Beyfortus) (*) |
356 | +78.0 | % | +79.0 | % | 68 | -43.1 | % | 85 | +1114.3 | % | 203 | +168.8 | % | |||||||||||||||
Polio / Pertussis / Hib Vaccines & Boosters |
1,361 | +1.0 | % | +2.4 | % | 320 | +3.9 | % | 223 | -10.1 | % | 818 | +5.8 | % | |||||||||||||||
| Influenza Vaccines | 214 | +13.8 | % | +15.4 | % | 54 | +237.5 | % | 52 | +73.3 | % | 108 | -21.8 | % | |||||||||||||||
Meningitis, Travel and Endemics Vaccines |
609 | +4.5 | % | +5.5 | % | 319 | +7.3 | % | 96 | -2.1 | % | 194 | +6.5 | % | |||||||||||||||
Biopharma |
19,889 | +8.3 | % | +9.9 | % | 9,535 | +16.4 | % | 4,144 | +1.8 | % | 6,210 | +6.4 | % | |||||||||||||||
Launches (*) |
2,100 | +45.8 | % | +46.9 | % | 1,204 | +27.1 | % | 423 | +71.5 | % | 473 | +100.0 | % | |||||||||||||||
48 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
49 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) | Change on a reported basis | Change at constant exchange rates | ||||||||||
| United States | 9,535 | 8,292 | +15.0 | % | +16.4 | % | ||||||||
| Europe | 4,144 | 4,072 | +1.8 | % | +1.8 | % | ||||||||
| Rest of the World | 6,210 | 5,996 | +3.6 | % | +6.4 | % | ||||||||
| of which China | 1,388 | 1,406 | -1.3 | % | +0.1 | % | ||||||||
| Total net sales | 19,889 | 18,360 | +8.3 | % | +9.9 | % | ||||||||
50 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) | June 30, 2025 | June 30, 2024 | Change | ||||||||
| Other operating income | 533 | 563 | (30) | ||||||||
| Other operating expenses | (2,476) | (1,977) | (499) | ||||||||
| Other operating income/(expenses), net | (1,943) | (1,414) | (529) | ||||||||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024 (6 months) |
||||||
| Income & expense related to (profit)/loss sharing under the Monoclonal Antibody Alliance | (2,475) | (1,934) | ||||||
| Additional share of profit paid by Regeneron towards development costs | 494 | 389 | ||||||
| Reimbursement to Regeneron of selling expenses incurred | (346) | (292) | ||||||
| Total: Monoclonal Antibody Alliance | (2,327) | (1,837) | ||||||
Other (mainly Zaltrap and Libtayo) |
66 | 92 | ||||||
| Other operating income/(expenses), net related to Regeneron Alliance | (2,261) | (1,745) | ||||||
| of which amount presented in “Other operating income” | 70 | 96 | ||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
51 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
52 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) | June 30, 2025 (6 months) |
June 30, 2024 (6 months) (a) |
Change | ||||||||
Biopharma segment operating income (IFRS) |
5,347 | 4,916 | +8.8 | % | |||||||
As percentage of sales |
26.9 | % | 26.8 | % | |||||||
| Other | 16 | 22 | -27.3 | % | |||||||
| Business operating income (non-IFRS) | 5,363 | 4,938 | +8.6 | % | |||||||
As percentage of sales |
27.0 | % | 26.9 | % | |||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
53 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
| (€ million) | June 30, 2025 (6 months) | June 30, 2024 (6 months) (a) | ||||||
| Net cash provided by/(used in) continuing operating activities | 3,367 | 1,238 | ||||||
Net cash provided by/(used in) operating activities of the discontinued Opella business |
188 | 184 | ||||||
| Net cash provided by/(used in) operating activities | 3,555 | 1,422 | ||||||
| Net cash provided by/(used in) continuing investing activities | (1,979) | (3,355) | ||||||
Net cash provided by/(used in) investing activities of the discontinued Opella business |
(36) | (58) | ||||||
Net cash inflow from the Opella transaction (b) |
10,742 | — | ||||||
| Net cash provided by/(used in) investing activities | 8,727 | (3,413) | ||||||
| Net cash provided by/(used in) continuing financing activities | (4,441) | 92 | ||||||
| Net cash provided by/(used in) financing activities of the discontinued Opella business | (48) | (3) | ||||||
| Net cash provided by/(used in) financing activities | (4,489) | 89 | ||||||
| Impact of exchange rates on cash and cash equivalents | (42) | (13) | ||||||
Cash and cash equivalents reported as held for sale as of December 31, 2024 |
167 | — | ||||||
| Net change in cash and cash equivalents | 7,918 | (1,915) | ||||||
| Cash and cash equivalents, beginning of period | 7,441 | 8,710 | ||||||
| Cash and cash equivalents, end of period | 15,359 | 6,795 | ||||||
54 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| (€ million) |
June 30, 2025
(6 months)
|
June 30, 2024
(6 months)(a)
|
||||||
Net cash provided by/(used in) operating activities(b) |
3,555 | 1,422 | ||||||
Net cash provided by/(used in) operating activities of the discontinued Opella business |
(188) | (184) | ||||||
| Acquisitions of property, plant and equipment and software | (873) | (911) | ||||||
Acquisitions of intangible assets, equity interests and other non-current financial assets(c) |
(986) | (506) | ||||||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax(c) |
434 | 518 | ||||||
| Repayment of lease liabilities | (124) | (136) | ||||||
| Other items | 640 | 225 | ||||||
Free cash flow(d) |
2,458 | 428 | ||||||
| (€ million) | June 30, 2025 | December 31, 2024 |
||||||
| Long-term debt | 13,200 | 11,791 | ||||||
| Short-term debt and current portion of long-term debt | 7,309 | 4,209 | ||||||
| Interest rate and currency derivatives used to manage debt | 10 | 137 | ||||||
Total debt (IFRS) |
20,519 | 16,137 | ||||||
| Cash and cash equivalents | (15,359) | (7,441) | ||||||
| Interest rate and currency derivatives used to manage cash and cash equivalents | (58) | 76 | ||||||
Net debt (a) (non-IFRS) |
5,102 | 8,772 | ||||||
| Total equity | 70,279 | 77,857 | ||||||
Gearing ratio (non-IFRS) |
7.3 | % | 11.3 | % | ||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
55 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
56 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
57 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
58 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
59 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
| Registration | ||||||||
| Name | Description | Indication | ||||||
Dupixent (a) |
IL4xIL13 mAb |
Bullous pemphigoid (EU, JP, CN)
Chronic spontaneous urticaria (EU)
|
||||||
Qfitlia (1) |
RNAi targeting anti-thrombin | Hemophilia A and B (CN) | ||||||
| rilzabrutinib | BTK inhibitor | Immune thrombocytopenia (US, EU, CN) | ||||||
| Cerezyme | Enzyme replacement therapy | Gaucher disease type 3 (US) | ||||||
| tolebrutinib | BTK inhibitor | Non-relapsing secondary progressive MS (US, EU) | ||||||
| Sarclisa | CD38 mAb | NDMM, TE (HD7) (EU) | ||||||
| Phase 3 | ||||||||||||||||||||
| Name | Description | Indication | Name | Description | Indication | |||||||||||||||
Immunology |
Neurology |
|||||||||||||||||||
Dupixent(a) |
IL4xIL13 mAb |
•Chronic pruritus of unknown origin
•Lichen simplex chronicus
|
tolebrutinib | BTK inhibitor | Primary progressive MS |
|||||||||||||||
itepekimab(a) (2) |
IL33 mAb |
•Chronic obstructive pulmonary disease
•Chronic rhinosinusitis with nasal polyps
|
frexalimab(b) |
CD40L mAb |
•Relapsing MS
•Non-relapsing secondary progressive MS
|
|||||||||||||||
| amlitelimab | OX40L mAb | Atopic dermatitis | riliprubart | C1s inhibitor |
•SOC-refractory CIDP
•IVIg-treated CIDP
|
|||||||||||||||
| Rezurock | ROCK2 inhibitor | Chronic lung allograft dysfunction |
Oncology | |||||||||||||||||
| Tzield | CD3 mAb | Type 1 diabetes | Sarclisa | CD38 mAb | NDMM, TE (HD7) (US) NDMM, TE (IsKia) Smoldering MM (ITHACA) |
|||||||||||||||
Rare diseases |
CD38 mAb subcutaneous | Relapsed/refractory MM (IRAKLIA) | ||||||||||||||||||
| Nexviazyme | Enzyme replacement therapy | Infantile-onset Pompe disease |
Vaccines |
|||||||||||||||||
| venglustat | Oral GCS inhibitor |
•Fabry disease
•Gaucher disease type 3
|
Fluzone HD | Multivalent inactivated vaccine | Flu (50 years+) | |||||||||||||||
| SP0087 | Vero cell vaccine | Rabies | ||||||||||||||||||
| SP0125 | Live attenuated vaccine | RSV (toddlers) | ||||||||||||||||||
SP0202(c) |
21-valent conjugate vaccine | Pneumococcal disease | ||||||||||||||||||
SP0218 |
Vero cell vaccine |
Yellow fever |
||||||||||||||||||
60 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
| Phase 2 | ||||||||||||||||||||
| Name | Description | Indication | Name | Description | Indication | |||||||||||||||
| Immunology | Rare diseases | |||||||||||||||||||
Dupixent(a) |
IL4xIL13 mAb | Ulcerative colitis | rilzabrutinib |
BTK inhibitor |
Warm autoimmune hemolytic anemia |
|||||||||||||||
itepekimab(a) |
IL33 mAb |
•Bronchiectasis
•Chronic rhinosinusitis without nasal polyps
|
SAR447537 |
AAT fusion protein |
Alpha-1 antitrypsin deficiency |
|||||||||||||||
| amlitelimab | OX40L mAb |
•Alopecia areata
•Asthma
•Celiac disease
•Systemic sclerosis
|
frexalimab rilzabrutinib brivekimig |
CD40L mAb
BTK inhibitor
TNFaxOX40L NANOBODY® VHH
|
Focal segmental glomerulosclerosis/
minimal change disease
|
|||||||||||||||
| rilzabrutinib | BTK inhibitor |
•Asthma
•Chronic spontaneous urticaria
•IgG4-related disease
|
Oncology | |||||||||||||||||
frexalimab (b) |
CD40L mAb |
•Systemic lupus erythematosus
•Type 1 diabetes
|
Sarclisa | CD38 mAb | Relapsed/refractory MM | |||||||||||||||
| balinatunfib | Oral TNFR1 signaling inhibitor |
•Rheumatoid arthritis
•Crohn’s disease
•Ulcerative colitis
|
SAR447873(e) |
SSTR targeting alpha-emitter therapy | Gastroenteropancreatic neuroendocrine tumors | |||||||||||||||
| lunsekimig | IL13xTSLP NANOBODY® VHH |
•Asthma
•High-risk asthma
•Atopic dermatitis
•Chronic rhinosinusitis with nasal polyps
|
SAR445877 | PD1xIL15 fusion protein | Solid tumors | |||||||||||||||
eclitasertib(c) |
RIPK1 inhibitor | Ulcerative colitis | Vaccines | |||||||||||||||||
| brivekimig | TNFaxOX40L NANOBODY® VHH |
•Hidradenitis suppurativa
•Type 1 diabetes
|
SP0230 |
5-valent (ACWY+B) vaccine |
Meningitis | |||||||||||||||
duvakitug(e) |
TL1A mAb |
•Crohn’s disease
•Ulcerative colitis
|
SP0256 (1) |
mRNA vaccine | RSV (older adults) | |||||||||||||||
| riliprubart | C1s inhibitor | Antibody-mediated rejection | SP0268 | mRNA vaccine | Acne | |||||||||||||||
| SP0289 | mRNA vaccine | Flu (H5 pandemic) | ||||||||||||||||||
| SP0335 | Inactivated adjuvanted vaccine | Flu (H5 pandemic) | ||||||||||||||||||
| Phase 1 | ||||||||||||||||||||
| Name | Description | Indication | Name | Description | Indication | |||||||||||||||
Immunology |
Oncology | |||||||||||||||||||
| SAR444336 | Non-beta IL2 SynthorinTM |
Inflammatory indication | SAR445953 (h) |
CEACAM5-Topo1 ADC | Colorectal cancer | |||||||||||||||
SAR445399(1) |
IL1R3 mAb | Inflammatory indication | SAR446523 | GPRC5D mAb | Multiple myeloma | |||||||||||||||
SAR445514 (f) |
Trifunctional anti-BCMA NK cell engager | Inflammatory indication | Vaccines | |||||||||||||||||
| SAR446422 | CD28xOX40 bispecific Ab | Inflammatory indication | SP0237 | mRNA vaccine | Flu | |||||||||||||||
| SAR446959 | MMP13xADAMTS5xCAP NANOBODY® VHH |
Knee osteoarthritis | SP0287 | Fluzone HD+Nuvaxovid | Flu+COVID-19 | |||||||||||||||
| SAR448501 | CD20 bispecific mAb | Inflammatory indication | SP0287 | Flublok+Nuvaxovid | Flu+COVID-19 | |||||||||||||||
Neurology |
SP0256 (2) |
mRNA vaccine | RSV+hMPV (older adults) | |||||||||||||||||
SAR446159 (g) |
SynucleinxIGF1R mAb | Parkinson’s disease | SP0291 | mRNA vaccine | RSV+hMPV+PIV3 (older adults) | |||||||||||||||
| SAR402663 | AAV2-sFLT01 gene therapy | Wet age-related macular degeneration | SP0269 | mRNA vaccine | Chlamydia | |||||||||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
61 |
||||
Exhibit 99.2 | ||
2. Half-year management report | ||
| The statutory auditors French original signed by | |||||
| PricewaterhouseCoopers Audit | Forvis Mazars SA | ||||
Anne-Claire Ferrié Amélie Graffan |
Loïc Wallaert Ariane Mignon | ||||
62 |
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
|||||||
Exhibit 99.2 |
||||||||
2. Half-year management report | ||||||||
SANOFI HALF-YEAR FINANCIAL REPORT 2025 |
63 |
||||
