Bonds

COMPANY OVERVIEW

At a glance

December 31, 2023: net debt of €7,793 million (gross debt of €16,531 million after derivatives minus cash and cash equivalent of €8,738 million after derivatives)

Net debt is a non-GAAP measure
Gearing ratio: Debt, net of cash and cash equivalents, to total equity

€ MILLION202320222021
Long-term debt
14 347
14 857
17 123
Short-term debt and current portion of long-term debt
2 045
4 174
3 183
Interest rate and currency derivatives used to hedge debt
139
187
-56
Total debt
16 531
19 218
20 250
Cash and cash equivalents
-8 710
-12 736
-10 098
Interest rate and currency derivatives used to manage cash and cash equivalents
-28
-45
-169
Net debt*
7 793
6 437
9 983
Total equity
74 353
75 152
69 031
Gearing ratio
10.5%
8.6%
14.5%

*With effect from January 1, 2019, the first-time application of IFRS 16 means that lease liabilities are not included in net debt.

Gross debt structure at value on redemption as of December 31, 2023

Credit ratings

Credit ratings assess the credit worthiness of the Company and its ability to pay its debt.
Sanofi is followed by three credit rating agencies:

MOODY’SSTANDARD & POOR’SSCOPE RATINGS
Analyst
Marie Fischer-Sabatie
Nicolas Baudouin
Azza Chammem
Short-term rating
P-1
A-1+
S-1+
Long-term rating
A1
AA
AA
Outlook
Positive
Stable
Positive
Last update
March 29, 2024
April 26, 2023
April 11, 2023

Financing instruments

Public debt programs

SEC Shelf Registered

Program size : Not specified
Implemented in April 04, 2024

NeuCP Program (Negotiable European Commercial Papers)

Program size : €6 billion
Implemented on June 07, 2024

 

2024 Information Memorandum – June 07, 2024
2023 Information Memorandum – June 27, 2023
2022 Information Memorandum – June 14, 2022

USCP Program (US Commercial Papers)

Program size : $10 billion
Implemented in December 22, 2004

Outstanding bonds

ISSUANCE DATEOUTSTANDING AMOUNTMATURITYCOUPONISIN CODECORRESPONDING PROGRAM
September 10, 2014
EUR 1,510,000,000
September 10, 2026
1,750%
FR0012146801
EMTN
September 22, 2015
EUR 750,000,000
September 22, 2025
1,500%
FR0012969038
EMTN
April 5, 2016
EUR 600,000,000
April 5, 2024
0,625%
FR0013143997
EMTN
April 5, 2016
EUR 700,000,000
April 5, 2028
1,125%
FR0013144003
EMTN
September 13, 2016
EUR 1,150,000,000
January 13, 2027
0,500%
FR0013201639
EMTN
March 21, 2018
EUR 1,500,000,000
March 21, 2026
1,000%
FR0013324340
EMTN
March 21, 2018
EUR 2,000,000,000
March 21, 2030
1,375%
FR0013324357
EMTN
March 21, 2018
EUR 1,250,000,000
March 21, 2038
1,875%
FR0013324373
EMTN
June 19, 2018
USD 1,000,000,000
June 19, 2028
3,625%
US801060AD60
SEC REGISTERED
March 21, 2019
EUR 650,000,000
March 21, 2029
0,875%
FR0013409844
EMTN
March 21, 2019
EUR 500,000,000
March 21, 2034
1,250%
FR0013409851
EMTN
March 30, 2020
EUR 1,000,000,000
April 1, 2030
1,500%
FR0013505112
EMTN
March 30, 2020
EUR 1,000,000,000
April 1, 2025
1,000%
FR0013505104
EMTN
April 6, 2022
EUR 850,000,000
April 6, 2025
0,875%
FR0014009KS6
Standalone Prospectus
April 6, 2022
EUR 650,000,000
April 6, 2029
1,250%
FR0014009KQ0
Standalone Prospectus

Notes:

  • Private placements are not included in this list

  • Before derivative instruments
€850 million fixed rate notes, due April 2025 | Standalone Prospectus | Standalone Prospectus
Syndicated credit lines
SIZEMATURITY
EUR 4,000,000,000
December 6, 2027
EUR 4,000,000,000
March 7, 2029 (+ one remaining 1y-extension option)

Sustainable Finance

Sustainability-linked bond framework & Second Party Opinion

Sustainability-linked Bond Framework
Second party opinion (ISS ESG)