2025 Universal Registration Document

Fair value hierarchy
€ millions
31 December 2024	Level 1	Level 2	Level 3	Total fair value
ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE
Foreign exchange derivatives	Foreign exchange derivatives	Foreign exchange derivatives 150.1	Foreign exchange derivatives	Foreign exchange derivatives 150.1
Sanofi shares	Sanofi shares 11,082.6	Sanofi shares	Sanofi shares	Sanofi shares 11,082.6
Galderma shares	Galderma shares 2,550.0	Galderma shares	Galderma shares	Galderma shares 2,550.0
Other securities	Other securities 23.2	Other securities	Other securities 554.6	Other securities 577.8
Marketable securities	Marketable securities 1,829.3	Marketable securities	Marketable securities	Marketable securities 1,829.3
TOTAL ASSETS AT FAIR VALUE	TOTAL ASSETS AT FAIR VALUE 15,485.1	TOTAL ASSETS AT FAIR VALUE 150.1	TOTAL ASSETS AT FAIR VALUE 554.6	TOTAL ASSETS AT FAIR VALUE 16,189.8
LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE
Foreign exchange derivatives	Foreign exchange derivatives	Foreign exchange derivatives 232.2	Foreign exchange derivatives	Foreign exchange derivatives 232.2
TOTAL LIABILITIES AT FAIR VALUE	TOTAL LIABILITIES AT FAIR VALUE —	TOTAL LIABILITIES AT FAIR VALUE 232.2	TOTAL LIABILITIES AT FAIR VALUE —	TOTAL LIABILITIES AT FAIR VALUE 232.2

Fair value hierarchy
€ millions
31 December 2023	Level 1	Level 2	Level 3	Total fair value
ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE	ASSETS AT FAIR VALUE
Foreign exchange derivatives	Foreign exchange derivatives	Foreign exchange derivatives 177.7	Foreign exchange derivatives	Foreign exchange derivatives 177.7
Sanofi shares	Sanofi shares 10,612.1	Sanofi shares	Sanofi shares	Sanofi shares 10,612.1
Other securities	Other securities 60.8	Other securities	Other securities 457.3	Other securities 518.1
Marketable securities	Marketable securities 624.1	Marketable securities	Marketable securities	Marketable securities 624.1
TOTAL ASSETS AT FAIR VALUE	TOTAL ASSETS AT FAIR VALUE 11,297.0	TOTAL ASSETS AT FAIR VALUE 177.7	TOTAL ASSETS AT FAIR VALUE 457.3	TOTAL ASSETS AT FAIR VALUE 11,932.0
LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE	LIABILITIES AT FAIR VALUE
Foreign exchange derivatives	Foreign exchange derivatives	Foreign exchange derivatives 127.1	Foreign exchange derivatives	Foreign exchange derivatives 127.1
TOTAL LIABILITIES AT FAIR VALUE	TOTAL LIABILITIES AT FAIR VALUE —	TOTAL LIABILITIES AT FAIR VALUE 127.1	TOTAL LIABILITIES AT FAIR VALUE —	TOTAL LIABILITIES AT FAIR VALUE 127.1

10.9 Oﬀsetting financial assets and financial liabilities

Financial assets and liabilities resulting from foreign exchange and/or interest rate hedging transactions entered into with the Group’s counterparty banks are not offset in the balance sheet since they are FBF (French Banking Federation) or ISDA (International Swaps and Derivatives Association) agreements that only provide for offsetting in the event of default by one of the parties to the agreement. Accordingly, they do not meet the offsetting criteria set out in IAS 32.

Had the agreements been offset at the level of each counterparty bank, assets and liabilities would have decreased by €136.4 million, €137.8 million and €105.5 million respectively in 2025, 2024 and 2023.

Note 11 Equity – Earnings per share

11.1 Share capital and additional paid in capital

Share capital consists of 533,783,028 shares with a par value of €0.20 at 31 December 2025 following the issue of 279,923 shares for the employee shareholding plan and 547,720 free shares and the cancellation of 1,356,636 shares.

Share capital consisted of 534,312,021 shares with a par value of €0.20 at 31 December 2024 following the issue of 230,423 shares for the employee shareholding plan and 664,680 free shares and the cancellation of 1,308,557 shares.

Share capital consisted of 534,725,475 shares with a par value of €0.20 at 31 December 2023, following the issue of 34,020 shares for the employee shareholding plan and 776,525 free shares and the cancellation of 1,271,632 shares.

11.2 Treasury shares

Accounting principles

Treasury shares are recorded at acquisition cost and deducted from equity. Capital gains/losses on disposal of these items net of tax are charged directly to equity and do not contribute to profit for the financial year.