Cover page
Cover page | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-31368 |
Entity Registrant Name | Sanofi |
Entity Incorporation, State or Country Code | I0 |
Entity Address, Address Line One | 54, rue La Boétie |
Entity Address, Postal Zip Code | 75008 |
Entity Address, City or Town | Paris |
Entity Address, Country | FR |
Contact Personnel Fax Number | 33 1 53 77 43 03 |
Entity Common Stock, Shares Outstanding | 1,263,560,695 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001121404 |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 54, rue La Boétie |
Entity Address, Postal Zip Code | 75008 |
Entity Address, City or Town | Paris |
Entity Address, Country | FR |
Contact Personnel Name | Roy Papatheodorou |
City Area Code | 33 |
Local Phone Number | 1 53 77 40 00 |
American Depositary Shares, each representing one half of one ordinary share, par value €2 per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing one half of one ordinary share, par value €2 per share |
Security Exchange Name | NASDAQ |
Ordinary shares, par value €2 per share | |
Entity Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value €2 per share |
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers Audit |
Auditor Firm ID | 1347 |
Auditor Location | Paris-La Défense |
Ernst & Young et Autres | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young et Autres |
Auditor Firm ID | 1704 |
Auditor Location | Neuilly-sur-Seine |
Consolidated balance sheets
Consolidated balance sheets - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets | |||||
Property, plant and equipment | € 10,028 | € 9,365 | [1] | € 9,717 | [1] |
Right-of-use assets | 1,948 | 1,198 | [1] | 1,300 | [1] |
Goodwill | 48,056 | 44,364 | [1] | 44,519 | [1] |
Other intangible assets | 21,407 | 18,341 | [1] | 16,509 | [1] |
Investments accounted for using the equity method | 250 | 201 | [1] | 3,591 | [1] |
Other non-current assets | 3,127 | 2,734 | [1] | 2,503 | [1] |
Non-current income tax assets | 175 | 248 | [1] | 164 | [1] |
Deferred tax assets | 4,598 | 4,176 | [1] | 5,391 | [1] |
Non-current assets | 89,589 | 80,627 | [1] | 83,694 | [1] |
Inventories | 8,715 | 8,352 | [1] | 7,994 | [1] |
Accounts receivable | 7,568 | 7,491 | [1] | 7,937 | [1] |
Other current assets | 3,571 | 2,737 | [1] | 2,445 | [1] |
Current income tax assets | 612 | 1,208 | [1] | 808 | [1] |
Cash and cash equivalents | 10,098 | 13,915 | [1] | 9,427 | [1] |
Current assets | 30,564 | 33,703 | [1] | 28,611 | [1] |
Assets held for sale or exchange | 89 | 83 | [1] | 325 | [1] |
Total assets | 120,242 | 114,413 | [1] | 112,630 | [1] |
Equity and liabilities | |||||
Equity attributable to equity holders of Sanofi | 68,681 | 63,106 | [2] | 59,056 | [2] |
Equity attributable to non-controlling interests | 350 | 146 | [2] | 174 | [2] |
Total equity | 69,031 | 63,252 | [2] | 59,230 | [2] |
Long-term debt | 17,123 | 19,745 | [2] | 20,131 | [2] |
Non-current lease liabilities | 1,839 | 931 | [2] | 987 | [2] |
Non-current liabilities related to business combinations and to non-controlling interests | 577 | 387 | [2] | 508 | [2] |
Non-current provisions and other non-current liabilities | 6,721 | 7,315 | [2] | 7,413 | [2] |
Non-current income tax liabilities | 2,039 | 1,733 | [2] | 1,680 | [2] |
Deferred tax liabilities | 1,617 | 1,770 | [2] | 2,294 | [2] |
Non-current liabilities | 29,916 | 31,881 | [2] | 33,013 | [2] |
Accounts payable | 6,180 | 5,295 | [2] | 5,313 | [2] |
Current liabilities related to business combinations and to non-controlling interests | 137 | 218 | [2] | 292 | [2] |
Current provisions and other current liabilities | 11,217 | 10,132 | [2] | 9,703 | [2] |
Current income tax liabilities | 309 | 604 | [2] | 258 | [2] |
Current lease liabilities | 269 | 232 | [2] | 261 | [2] |
Short-term debt and current portion of long-term debt | 3,183 | 2,767 | [2] | 4,554 | [2] |
Current liabilities | 21,295 | 19,248 | [2] | 20,381 | [2] |
Liabilities related to assets held for sale or exchange | 0 | 32 | [2] | 6 | [2] |
Total equity and liabilities | € 120,242 | € 114,413 | [2] | € 112,630 | [2] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated income statements
Consolidated income statements - EUR (€) € in Millions, shares in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Profit (loss) [abstract] | ||||||
Net sales | € 37,761 | € 36,041 | [1] | € 36,126 | [1] | |
Other revenues | 1,414 | 1,328 | [1] | 1,505 | [1] | |
Cost of sales | (12,255) | (12,159) | [1] | (11,979) | [1] | |
Gross profit | 26,920 | 25,210 | [1] | 25,652 | [1] | |
Research and development expenses | (5,692) | (5,530) | [1] | (6,020) | [1] | |
Selling and general expenses | (9,555) | (9,391) | [1] | (9,884) | [1] | |
Other operating income | 859 | 697 | [1] | 783 | [1] | |
Other operating expenses | (1,805) | (1,415) | [1] | (1,207) | [1] | |
Amortization of intangible assets | (1,580) | (1,681) | [1] | (2,146) | [1] | |
Impairment of intangible assets | (192) | (330) | [1] | (3,604) | [1] | |
Fair value remeasurement of contingent consideration | (4) | 124 | [1] | 238 | [1] | |
Restructuring costs and similar items | (820) | (1,089) | [1] | (1,088) | [1] | |
Other gains and losses, and litigation | (5) | 136 | [1] | 327 | [1] | |
Gain on Regeneron investment arising from transaction of May 29, 2020 | 0 | 7,382 | [1] | 0 | [1] | |
Operating income | 8,126 | 14,113 | [1] | 3,051 | [1] | |
Financial expenses | (368) | (388) | [1] | (440) | [1] | |
Financial income | 40 | 53 | [1] | 141 | [1] | |
Income before tax and investments accounted for using the equity method | 7,798 | 13,778 | [1] | 2,752 | [1] | |
Income tax expense | (1,558) | (1,807) | [1] | (121) | [1] | |
Share of profit/(loss) from investments accounted for using the equity method | 39 | 359 | [1] | 255 | [1] | |
Net income excluding the exchanged/held-for-exchange Animal Health business | 6,279 | 12,330 | [1] | 2,886 | [1] | |
Net (income)/loss of the exchanged/held-for-exchange Animal Health business | [2] | 0 | 0 | [3] | (101) | [3] |
Net income | 6,279 | 12,330 | [4] | 2,785 | [5] | |
Net income attributable to non-controlling interests | 56 | 36 | [4] | 31 | [3] | |
Net income attributable to equity holders of Sanofi | € 6,223 | € 12,294 | [1] | € 2,754 | [1] | |
Average number of shares outstanding (in shares) | 1,252.5 | 1,253.6 | [1] | 1,249.9 | [1] | |
Average number of shares after dilution (in shares) | 1,257.9 | 1,260.1 | [1] | 1,257.1 | [1] | |
Basic earnings per share (in euros per share) | € 4.97 | € 9.81 | [1] | € 2.20 | [1] | |
Basic earnings per share excluding the exchanged/held-for-exchange Animal Health business (in euros per share) | 4.97 | 9.81 | [1] | 2.28 | [1] | |
Diluted earnings per share (in euros per share) | 4.95 | 9.76 | [1] | 2.19 | [1] | |
Diluted earnings per share excluding the exchanged/held-for-exchange Animal Health business (in euros per share) | € 4.95 | € 9.76 | [1] | € 2.27 | [1] | |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[2] | Net income/losses arising from the divestment of the Animal Health business are presented separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations). | |||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[4] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[5] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated statements of comp
Consolidated statements of comprehensive income - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Statement of comprehensive income [abstract] | |||||
Net income | € 6,279 | € 12,330 | [1] | € 2,785 | [2] |
Attributable to equity holders of Sanofi | 6,223 | 12,294 | [3] | 2,754 | [3] |
Attributable to non-controlling interests | 56 | 36 | [1] | 31 | [4] |
Other comprehensive income: | |||||
Actuarial gains/(losses) | 686 | (267) | [1] | (336) | [1] |
Change in fair value of equity instruments included in financial assets and financial liabilities | 165 | 320 | [1] | 106 | [1] |
Tax effects | (54) | (39) | [1] | 101 | [1] |
Items not subsequently reclassifiable to profit or loss | 797 | 14 | [1] | (129) | [1] |
Change in fair value of debt instruments included in financial assets | (21) | 15 | [1] | 28 | [1] |
Change in fair value of cash flow hedges | (6) | 4 | [1] | (13) | [1] |
Change in currency translation differences | 2,459 | (3,976) | [1] | 751 | [1] |
Tax effects | 78 | (64) | [1] | 47 | [1] |
Items subsequently reclassifiable to profit or loss | 2,510 | (4,021) | [1] | 813 | [1] |
Other comprehensive income for the period, net of taxes | 3,307 | (4,007) | [2] | 684 | [1] |
Comprehensive income | 9,586 | 8,323 | [1] | 3,469 | [2] |
Comprehensive income, attributable to equity holders of Sanofi | 9,519 | 8,307 | [1] | 3,439 | [1] |
Comprehensive income, attributable to non-controlling interests | € 67 | € 16 | [1] | € 30 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[4] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated statements of chan
Consolidated statements of changes in equity - EUR (€) € in Millions | Total | Impact of applying IFRIC agenda decision on IAS 19 | [1] | Impact of applying IFRIC agenda decision on SaaS arrangements | Balance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Attributable to equity holders of Sanofi | Attributable to equity holders of Sanofi Impact of applying IFRIC agenda decision on IAS 19 | [1] | Attributable to equity holders of Sanofi Impact of applying IFRIC agenda decision on SaaS arrangements | [1] | Attributable to equity holders of Sanofi Balance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Share capital | Share capitalBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Additional paid-in capital | Additional paid-in capitalBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Treasury shares | Treasury sharesBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Reserves and retained earnings | Reserves and retained earningsImpact of applying IFRIC agenda decision on IAS 19 | [1] | Reserves and retained earningsImpact of applying IFRIC agenda decision on SaaS arrangements | [1] | Reserves and retained earningsBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Stock options and other share- based payments | Stock options and other share- based paymentsBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Other comprehensive income | Other comprehensive incomeBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | Attributable to non- controlling interests | Attributable to non- controlling interestsBalance at January 1, 2019 after impact of IFRIC agenda decisions on IAS 19 and SaaS arrangements | [1] | |||||||||||
Beginning balance at Dec. 31, 2018 | € 59,035 | € 171 | € (31) | [1] | € 59,175 | € 58,876 | € 171 | € (31) | € 59,016 | € 2,495 | € 2,495 | € 13 | € 13 | € (153) | € (153) | € 53,093 | € 171 | € (31) | € 53,233 | € 3,596 | € 3,596 | € (168) | € (168) | € 159 | € 159 | ||||||||||||||||||||||||
Other comprehensive income for the period | 684 | [2] | 685 | [1] | (128) | [1] | 813 | [1] | (1) | [1] | |||||||||||||||||||||||||||||||||||||||
Net income for the period | 2,785 | [1] | (16) | 2,754 | [1] | 2,754 | [1] | 31 | [1] | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income | [1] | 3,469 | 3,439 | 2,626 | 813 | 30 | |||||||||||||||||||||||||||||||||||||||||||
Dividend paid out of earnings | (3,834) | (3,834) | (3,834) | ||||||||||||||||||||||||||||||||||||||||||||||
Payment of dividends to non-controlling interests | (14) | 0 | (14) | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | [3] | (12) | (12) | (12) | |||||||||||||||||||||||||||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | [3] | 147 | 147 | 6 | 141 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares and vesting of existing restricted shares | [3],[4] | 0 | 0 | 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 | [5] | 30 | 30 | 30 | |||||||||||||||||||||||||||||||||||||||||||||
Change in non-controlling interests without loss of control | (8) | (7) | (7) | (1) | |||||||||||||||||||||||||||||||||||||||||||||
Other | [6] | 7 | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 59,230 | [7] | 59,056 | [1] | 2,508 | [1] | 147 | [1] | (9) | [1] | 51,902 | [1] | 3,863 | [1] | 645 | [1] | 174 | [1] | |||||||||||||||||||||||||||||||
Other comprehensive income for the period | [1] | (4,007) | (3,987) | 14 | (4,001) | (20) | |||||||||||||||||||||||||||||||||||||||||||
Net income for the period | 12,330 | [2] | € (14) | 12,294 | [1] | 12,294 | [1] | 36 | [1] | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 8,323 | [2] | 8,307 | [1] | 12,308 | [1] | (4,001) | [1] | 16 | [1] | |||||||||||||||||||||||||||||||||||||||
Dividend paid out of earnings | (3,937) | (3,937) | (3,937) | ||||||||||||||||||||||||||||||||||||||||||||||
Payment of dividends to non-controlling interests | (44) | 0 | (44) | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | [3] | (822) | (822) | (822) | |||||||||||||||||||||||||||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | [3] | 51 | 51 | 2 | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares and vesting of existing restricted shares | [3],[4] | 0 | 0 | 3 | (3) | 126 | (126) | ||||||||||||||||||||||||||||||||||||||||||
Value of services obtained from employees | 274 | 274 | 274 | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effects of the exercise of stock options | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Employee share ownership plan | 174 | 174 | 5 | 169 | |||||||||||||||||||||||||||||||||||||||||||||
Other changes arising from issuance of restricted shares | [5] | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 63,252 | [7] | 63,106 | [1] | 2,518 | [1] | 362 | [1] | (705) | [1] | 60,149 | [1] | 4,138 | [1] | (3,356) | [1] | 146 | [1] | |||||||||||||||||||||||||||||||
Other comprehensive income for the period | 3,307 | 3,296 | 797 | 2,499 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Net income for the period | 6,279 | 6,223 | 6,223 | 56 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 9,586 | 9,519 | 7,020 | 2,499 | 67 | ||||||||||||||||||||||||||||||||||||||||||||
Dividend paid out of earnings | (4,008) | (4,008) | (4,008) | ||||||||||||||||||||||||||||||||||||||||||||||
Payment of dividends to non-controlling interests | (49) | 0 | (49) | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | [3] | (382) | (382) | (382) | |||||||||||||||||||||||||||||||||||||||||||||
Share-based payment plans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | [3] | 11 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares and vesting of existing restricted shares | [3],[4] | 0 | 0 | 4 | (4) | 148 | (148) | ||||||||||||||||||||||||||||||||||||||||||
Value of services obtained from employees | 244 | 244 | 244 | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effects of the exercise of stock options | 23 | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Employee share ownership plan | 168 | 168 | 5 | 163 | |||||||||||||||||||||||||||||||||||||||||||||
Other changes in non-controlling interests | [8] | 186 | 0 | 186 | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | € 69,031 | € 68,681 | € 2,527 | € 532 | € (939) | € 63,013 | € 4,405 | € (857) | € 350 | ||||||||||||||||||||||||||||||||||||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See Notes D.15.1., D.15.3., D.15.4. and D.15.5. | ||||||||||||||||||||||||||||||||||||||||||||||||
[4] | This line includes the use of existing shares to fulfill vested rights under restricted share plans. | ||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Issuance of restricted shares to former employees of the Animal Health business and the European Generics business subsequent to the date of divestment. | ||||||||||||||||||||||||||||||||||||||||||||||||
[6] | This line includes the impact of the settlement of a put option granted to non-controlling interests in connection with a divestment. | ||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||||||||||||||||||||||||||||||||||||||||||||
[8] | This line includes changes in non-controlling interests arising from divestments and acquisitions. |
Consolidated statements of ch_2
Consolidated statements of changes in equity (Parenthetical) - € / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of changes in equity [abstract] | |||
Dividends paid, ordinary shares per share | € 3.20 | € 3.15 | € 3.07 |
Consolidated statements of cash
Consolidated statements of cash flows - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Statement of cash flows [abstract] | |||||||
Net income attributable to equity holders of Sanofi | € 6,223 | € 12,294 | [1] | € 2,754 | [1] | ||
Net (income)/loss of the exchanged/held-for-exchange Animal Health business | [2] | 0 | 0 | [1] | 101 | [1] | |
Net income attributable to non-controlling interests | 56 | 36 | [3] | 31 | [1] | ||
Share of undistributed earnings from investments accounted for using the equity method | (15) | (339) | [1] | (192) | [1] | ||
Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets | 3,351 | 3,671 | [1] | 7,445 | [1] | ||
Gains and losses on disposals of non-current assets, net of tax | [4] | (300) | (301) | [1] | (286) | [1] | |
Gain on Regeneron investment arising from transaction of May 29, 2020, net of tax | [5] | 0 | (6,880) | [1] | 0 | [1] | |
Net change in deferred taxes | (356) | (221) | [1] | (1,772) | [1] | ||
Net change in non-current provisions and other non-current liabilities | [6] | (37) | (133) | [1] | 107 | [1] | |
Cost of employee benefits (stock options and other share-based payments) | 244 | 274 | [1] | 252 | [1] | ||
Impact of the workdown of acquired inventories remeasured at fair value | 4 | 53 | [1] | 3 | [1] | ||
Other profit or loss items with no cash effect on cash flows generated by operating activities | [5] | (57) | (711) | [1] | (309) | [1] | |
Operating cash flow before changes in working capital and excluding the exchanged/held-for-exchange Animal Health business | 9,113 | 7,743 | [1] | 8,134 | [1] | ||
(Increase)/decrease in inventories | (357) | (593) | [1] | (547) | [1] | ||
(Increase)/decrease in accounts receivable | 185 | (134) | [1] | (462) | [1] | ||
Increase/(decrease) in accounts payable | 451 | 86 | [1] | 169 | [1] | ||
Net change in other current assets and other current liabilities | 1,130 | 316 | [1] | 421 | [1] | ||
Net cash provided by/(used in) operating activities excluding the exchanged/held-for-exchange Animal Health business | [7] | 10,522 | 7,418 | [1] | 7,715 | [1] | |
Acquisitions of property, plant and equipment and intangible assets | (2,043) | (2,083) | [1] | (1,787) | [1] | ||
Acquisitions of consolidated undertakings and investments accounted for using the equity method | [8] | (5,594) | (5,336) | [1] | (488) | [1] | |
Acquisitions of other equity investments | (311) | (137) | [1] | (38) | [1] | ||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax | [9] | 718 | 918 | [1] | 1,224 | [1] | |
Net proceeds from sale of Regeneron shares on May 29, 2020 | 0 | 10,370 | [1] | 0 | [1] | ||
Net change in other non-current assets | (68) | (113) | [1] | (94) | [1] | ||
Net cash provided by/(used in) investing activities excluding the exchanged/held-for-exchange Animal Health business | (7,298) | 3,619 | [1] | (1,183) | [1] | ||
Net cash inflow from the exchange of the Animal Health business for BI’s Consumer Healthcare business | 0 | 0 | [1] | 154 | [1] | ||
Issuance of Sanofi shares | 186 | 203 | [1] | 162 | [1] | ||
Dividends paid: | |||||||
to shareholders of Sanofi | (4,008) | (3,937) | [1] | (3,834) | [1] | ||
to non-controlling interests, excluding BMS | (48) | (44) | [1] | (14) | [1] | ||
Payments received/(made) on changes of ownership interest in a subsidiary without loss of control | 0 | 0 | [1] | (7) | [1] | ||
Additional long-term debt contracted | 0 | 2,019 | [1] | 1,997 | [1] | ||
Repayments of long-term debt | (2,241) | (3,952) | [1] | (2,067) | [1] | ||
Repayments of lease liabilities | (149) | (234) | [1] | (267) | [1] | ||
Net change in short-term debt and other financial instruments | [10] | (414) | 282 | [1] | (154) | [1] | |
Acquisitions of treasury shares | (382) | (822) | [1] | (9) | [1] | ||
Net cash provided by/(used in) financing activities excluding the exchanged/held-for-exchange Animal Health business | (7,056) | (6,485) | [1] | (4,193) | [1] | ||
Impact of exchange rates on cash and cash equivalents | 15 | (64) | [1] | 9 | [1] | ||
Net change in cash and cash equivalents | (3,817) | 4,488 | [1] | 2,502 | [1] | ||
Cash and cash equivalents, beginning of period | 13,915 | [11] | 9,427 | [11] | 6,925 | [1] | |
Cash and cash equivalents, end of period | € 10,098 | € 13,915 | [11] | € 9,427 | [11] | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Net income/losses arising from the divestment of the Animal Health business are presented separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations). | ||||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[4] | Includes non-current financial assets. | ||||||
[5] | The gain on the sale of Regeneron shares is presented net of taxes, including deferred taxes of €115 million. | ||||||
[6] | This line item includes contributions paid to pension funds (see Note D.19.1.). | ||||||
[7] | Including: 2021 2020 2019 • Income tax paid (1,280) (2,051) (1,695) • Interest paid (334) (315) (379) • Interest received 3 37 92 • Dividends received from non-consolidated entities 2 — — | ||||||
[8] | This line item includes payments made in respect of contingent consideration identified and recognized as a liability in business combinations. For 2021, it includes the net cash outflows on the acquisitions of Kymab, Kiadis, Tidal, Translate Bio, Kadmon and Origimm (see Note D.1.). For 2020, it includes the net cash outflows on the acquisitions of Synthorx and Principia (see Note D.2.1.). | ||||||
[9] | This line item includes proceeds from disposals of investments in consolidated entities and of other non-current financial assets. For 2021, it includes in particular the divestment of two activities relating to certain established prescription products for a total selling price (before taxes) of €187 million, and the divestment of certain Consumer Healthcare products for a selling price (before taxes) of €109 million. For 2020, it includes the sale to Baxter of operations relating to Seprafilm ® for a selling price (before taxes) of €311 million and the divestment of certain established prescription products for €97 million (before taxes), plus contingent consideration of €167 million (before taxes) relating to a past divestment. For 2019, it includes the proceeds from the divestments of Sanofi's entire equity interests in Alnylam for €706 million and in MyoKardia for €118 million (see Note D.7.1.). | ||||||
[10] | This line item includes realized foreign exchange differences on (i) cash and cash equivalents in non-functional currencies (primarily the US dollar) and (ii) derivative instruments used to manage such cash and cash equivalents. | ||||||
[11] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated statements of ca_2
Consolidated statements of cash flows (Parenthetical) € in Millions | 12 Months Ended | |||||
Dec. 31, 2021EUR (€)activity | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Income tax paid | € (1,280) | € (2,051) | € (1,695) | |||
Interest paid | (334) | (315) | (379) | |||
Interest received | 3 | 37 | 92 | |||
Dividends received from non-consolidated entities | € 2 | 0 | 0 | |||
Number of activities divested during period | activity | 2 | |||||
Proceeds from disposals of investments | [1] | € 718 | 918 | [2] | 1,224 | [2] |
Net proceeds from sale of Regeneron shares on May 29, 2020 | 0 | 10,370 | [2] | 0 | [2] | |
Regeneron | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Deferred income tax on disposal of investments | 115 | |||||
Pharmaceuticals | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Proceeds from disposals of investments | 187 | 97 | ||||
Consumer Healthcare | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Proceeds from disposals of investments | € 109 | |||||
Seprafilm | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Proceeds from disposals of investments | 311 | |||||
Contingent consideration relating to divestments | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Proceeds from disposals of investments | € 167 | |||||
Securities quoted in an active market | Alnylam Pharmaceuticals, Inc | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | 706 | |||||
Securities quoted in an active market | MyoKardia, Inc | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | € 118 | |||||
[1] | This line item includes proceeds from disposals of investments in consolidated entities and of other non-current financial assets. For 2021, it includes in particular the divestment of two activities relating to certain established prescription products for a total selling price (before taxes) of €187 million, and the divestment of certain Consumer Healthcare products for a selling price (before taxes) of €109 million. For 2020, it includes the sale to Baxter of operations relating to Seprafilm ® for a selling price (before taxes) of €311 million and the divestment of certain established prescription products for €97 million (before taxes), plus contingent consideration of €167 million (before taxes) relating to a past divestment. For 2019, it includes the proceeds from the divestments of Sanofi's entire equity interests in Alnylam for €706 million and in MyoKardia for €118 million (see Note D.7.1.). | |||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Introduction
Introduction | 12 Months Ended |
Dec. 31, 2021 | |
General Information About Financial Statements [Abstract] | |
Introduction | Introduction Sanofi, together with its subsidiaries (collectively “Sanofi”, “the Group” or “the Company”), is a global healthcare leader engaged in the research, development and marketing of therapeutic solutions focused on patient needs. Sanofi is listed in Paris (Euronext: SAN) and New York (Nasdaq: SNY). The consolidated financial statements for the year ended December 31, 2021, and the notes thereto, were signed off by the Sanofi Board of Directors on February 3, 2022. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | Basis of preparation A.1. International financial reporting standards (IFRS) The consolidated financial statements cover the twelve-month periods ended December 31, 2021, 2020 and 2019. In accordance with Regulation No. 1606/2002 of the European Parliament and Council of July 19, 2002 on the application of international accounting standards, Sanofi has presented its consolidated financial statements in accordance with IFRS since January 1, 2005. The term “IFRS” refers collectively to international accounting and financial reporting standards (IASs and IFRSs) and to interpretations of the interpretations committees (SIC and IFRIC) with mandatory application as of December 31, 2021. The consolidated financial statements of Sanofi as of December 31, 2021 have been prepared in compliance with IFRS as issued by the International Accounting Standards Board (IASB) and with IFRS as endorsed by the European Union as of December 31, 2021. IFRS as endorsed by the European Union as of December 31, 2021 are available under the heading “IFRS Financial Statements” via the following web link: https://www.efrag.org/Endorsement. The consolidated financial statements have been prepared in accordance with the IFRS general principles of fair presentation, going concern, accrual basis of accounting, consistency of presentation, materiality, and aggregation. A.2. New standards, amendments and interpretations A.2.1. New standards applicable from January 1, 2021 On March 31, 2021, the IASB issued “COVID-19-Related Rent Concessions beyond June 30, 2021”, an amendment to IFRS 16 effective from August 31, 2021 onwards. The amendment enables lessees, subject to certain conditions, to opt out of the requirement to determine whether a COVID-19-related rent concession is a lease modification . Application of this amendment had no material impact on Sanofi. In its March 2021 update, the IFRS IC published a final agenda decision clarifying how to account for costs of configuring or customising a supplier’s application software in a Software as a Service (SaaS) arrangement, which requires such costs to be recognized as an expense. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. The adjustment as of that date represented a negative amount of €31 million, with the opposite entry recognized in equity. The table below shows the impacts on line items in the consolidated balance sheet affected by this change in accounting policy for the two comparative financial periods: (€ million) December 31, 2019 December 31, 2020 Other intangible assets (a) (63) (80) Deferred tax assets 15 19 Non-current assets (48) (61) Total assets (48) (61) Equity attributable to equity holders of Sanofi (48) (b) (61) (c) Total equity and liabilities (48) (61) (a) The impact of €(80) million on Other intangible assets as of December 31, 2020 comprises: • an impact of €(115) million on the gross value of Other intangible assets, comprising (i) €(55) million as of January 1, 2019; (ii) €(30) million for the year ended December 31, 2019 (of which €(29) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; and (iii) €(30) million in the year ended December 31, 2020 (of which €(31) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; • an impact of €35 million on amortization and impairment of Other intangible assets, comprising (i) €15 million as of January 1, 2019; (ii) €7 million for the year ended December 2019; and (iii) €13 million for the year ended December 31, 2020. The impacts arising in the years ended December 31, 2019 and 2020 have been reflected within Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets in the consolidated statement of cash flows. (b) For the year ended December 31, 2019: includes impacts of €(22) million on income before taxes (operating income) and €(16) million on net income. (c) For the year ended December 31, 2020: includes impacts of €(18) million on income before taxes (operating income) and €(14) million on net income. In its April 2021 Update, the IFRS IC published a final agenda decision clarifying how to calculate the obligation relating to certain defined benefit plans under which the retirement benefit is (i) contingent on the employee being employed by the entity at the time of retirement; (ii) capped at a specified number of years of service; and (iii) linked to the employee's length of service at the date of retirement. In that decision, the IFRS IC took the view that the obligation should be recognized only over the years of service preceding the date of retirement in respect of which the employee generates entitlement to the benefit. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. The opposite entry to the adjustment as of that date was recognized in equity. The service cost (including past service cost), interest cost and actuarial gains and losses have been adjusted, as have the related deferred taxes. The impacts of the decision are presented in Note D.19.1., "Provisions for pensions and other post-employment benefits" . As a reminder, Sanofi early adopted in its consolidated financial statements for the year ended December 31, 2020 (with no material impact) the Phase 2 amendment to IFRS 9 relating to interest rate benchmark reform. A.2.2. New pronouncements issued by the IASB and applicable from 2022 or later This note describes standards, amendments and interpretations issued by the IASB that will have mandatory application in 2022 or subsequent years, and Sanofi’s position regarding future application. On May 14, 2020, the IASB issued “Reference to the Conceptual Framework”, an amendment to IFRS 3; “Proceeds before Intended Use”, an amendment to IAS 16; “Onerous Contracts — Cost of Fulfilling a Contract”, an amendment to IAS 37; and “Annual Improvements to IFRS standards 2018-2020”. Sanofi does not expect a material impact from those amendments, which are applicable at the earliest from January 1, 2022. Sanofi has not early adopted those amendments. On January 23, 2020, the IASB issued “Classification of Liabilities as Current or Non-current”, an amendment to IAS 1. On February 12, 2021, the IASB issued an amendment to IAS 1 concerning accounting policy disclosures, and an amendment to IAS 8 concerning the definition of accounting estimates. On May 7, 2021, the IASB issued an amendment to IAS 12 concerning deferred tax related to assets and liabilities arising from a single transaction. Sanofi does not expect any material impact from the application of these amendments, which are effective (subject to endorsement by the European Union) for annual reporting periods beginning on or after January 1, 2023. Sanofi will not early adopt these amendments. A.3. Use of estimates and judgments The preparation of financial statements requires management to make reasonable estimates and assumptions based on information available at the date of the finalization of the financial statements. Those estimates and assumptions may affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements, and disclosures of contingent assets and contingent liabilities as of the date of the review of the financial statements. Examples of estimates and assumptions include: • amounts deducted from sales for projected sales returns, chargeback incentives, rebates and price reductions (see Notes B.13. and D.23.); • impairment of property, plant and equipment and intangible assets (see Notes B.6. and D.5.); • the valuation of goodwill and the valuation and estimated useful life of acquired intangible assets (see Notes B.3.2., B.4., D.4. and D.5.); • the measurement of contingent consideration receivable in connection with asset divestments (see Notes B.8.5. and D.12.) and of contingent consideration payable (see Notes B.3. and D.18.); • the measurement of financial assets at amortized cost (see Note B.8.5.); • the amount of post-employment benefit obligations (see Notes B.23. and D.19.1.); • the amount of liabilities or provisions for restructuring, litigation, tax risks relating to corporate income taxes, and environmental risks (see Notes B.12., B.19., B.20., D.19. and D.22.); and • the amount of deferred tax assets resulting from tax losses available for carry-forward and deductible temporary differences (see Notes B.22. and D.14.). Actual results could differ from these estimates. A.4. Hyperinflation In 2021, Sanofi continued to account for subsidiaries based in Venezuela using the full consolidation method, on the basis that the criteria for control as specified in IFRS 10 (Consolidated Financial Statements) are still met. In 2018, following changes to the Venezuelan foreign exchange system, the “DICOM” rate was replaced by the “PETRO” rate (with a floating US dollar/bolivar parity) and the strong bolivar (“VEF”) was replaced by the sovereign bolivar (“VES”), reflecting a 1-for-100,000 devaluation. Finally, in October 2021 a new currency called the “Digital Bolivar” (VED) was introduced at a rate of 1 VED to 1,000,000 sovereign bolivars. Consequently, the contribution of the Venezuelan subsidiaries to the consolidated financial statements is immaterial. In Argentina and Lebanon, the cumulative rate of inflation over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in those countries. Consequently, Sanofi has treated Argentina (since July 1, 2018) and Lebanon (since January 1, 2020) as hyperinflationary economies, and applies IAS 29. The impact of the adjustments arising from applying IAS 29 to the financial statements of Sanofi subsidiaries in Argentina and Lebanon was immaterial as of December 31, 2021. For Lebanon, following the emergence of the Sayfara foreign exchange platform in 2021 and the evolution of the business model of Sanofi's Lebanese subsidiary, the hyperinflation treatment has been adjusted by applying the Sayrafa rate when translating the subsidiary's financial statements in order to reflect the impact at the level of the Sanofi consolidated financial statements. The impacts of these adjustments are not material. A.5. Withdrawal of the United Kingdom from the European Union The withdrawal of the United Kingdom from the European Union has not had a material impact on the consolidated financial statements. A.6. COVID-19 pandemic As a reminder, COVID-19 – confirmed as a pandemic by the World Health Organisation on March 11, 2020 – had no major impact on the Sanofi consolidated financial statements for the year ended December 31, 2020. Specifically, the pandemic did not create any uncertainties which appreciably called into question the estimates and assumptions made by management. From the first half of 2021, a return to normal activity levels was observed in the principal markets where Sanofi operates, which continued through the second half of the year. Sanofi will continue to monitor the situation, and to update management’s estimates and assumptions accordingly. Effect of the COVID-19 pandemic on accounts receivable As of December 31, 2021, Sanofi has identified nothing that would indicate a material increase in expected credit risk, especially as regards its principal customers. Effect of the COVID-19 pandemic on the liquidity position The COVID-19 pandemic did not have a negative impact on Sanofi’s liquidity position as of December 31, 2021. A.7. Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK On February 18, 2020, Sanofi and the US Department of Health and Human Services extended their research and development partnership to leverage Sanofi’s previous development work on a SARS vaccine to attempt to unlock a fast path forward for developing a COVID-19 vaccine. Under the terms of the collaboration, the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response within the US Department of Health and Human Services, is helping to fund the research and development undertaken by Sanofi. On April 14, 2020, Sanofi and GlaxoSmithKline (GSK) entered into a collaboration agreement to develop a recombinant COVID-19 vaccine candidate, with Sanofi contributing its S‑protein COVID-19 antigen (based on recombinant DNA technology) and GSK contributing its pandemic adjuvant technology. Sanofi is leading clinical development and the registration process for the vaccine. On July 31, 2020, the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK was selected by the US government’s Operation Warp Speed (OWS) program. Under the OWS, the US government is providing funds to support further development of the vaccine, including clinical trials and scaling-up of manufacturing capacity. The agreement also provides for the supply of 100 million doses of the vaccine, with payment due at the time vaccine doses are provided. Sanofi has recognized the funding received from the US government as a deduction from the development expenses incurred, in accordance with IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance). For 2021, the amount of government aid received from the US federal government and BARDA that was recognized as a deduction from development expenses was €147 million. For 2020, the amount of government aid received and recognized as a deduction from development expenses was immaterial. As regards delivery of the 100 million vaccine doses, Sanofi considers this to be a contract with a customer, to be accounted for in accordance with IFRS 15 (Revenue from Contracts with Customers). In September 2020, Sanofi and GSK signed pre-order contracts with the Canadian and UK governments and with the European Union for doses of the vaccine candidate. During 2021, Sanofi and GSK contractualized with the Canadian and UK governments and with the European Union on the number of doses ordered. In accordance with IFRS 15 (see Note B.13.1.), Sanofi recognizes revenue when control over the product is transferred to the customer (for vaccines, transfer of control is usually determined by reference to the terms of release and acceptance of batches of vaccine). As of December 31, 2021, the total amount received by Sanofi since signature of the vaccine pre-order contracts was €319 million. In accordance with IFRS 15, those payments are customer contract liabilities (i.e. an obligation for the entity to supply goods to a customer, for which consideration has been received from the customer). They are presented within “Customer contract liabilities” in the balance sheet (see Note D.19.5.), and within “Net change in other current assets and other current liabilities” in the statement of cash flows. On December 15, 2021, Sanofi and GSK announced positive preliminary data on their COVID-19 booster vaccine candidate and indicated that their Phase III trial was to continue, based on recommendations from an independent monitoring board. This latest phase in the development of the vaccine candidate has not altered the funding commitments made by the US government, or the pre-orders placed by Canada, the UK and the EU. A.8. Effects of climate change Risks associated with climate change as assessed to date, and the commitments made by Sanofi on carbon neutrality and cutting greenhouse gas emissions, do not have a material impact on the financial statements. A.9. Creation and proposed IPO of the new EUROAPI entity As previously announced, Sanofi is studying the possibility of an initial public offering (IPO) on Euronext Paris during the first half of 2022 of shares of the Sanofi subsidiary EUROAPI, subject to market conditions and obtaining required market authority approvals. The EUROAPI group, which was formed on completion of prior legal reorganization transactions in 2021, houses certain Sanofi group activities in the development, production and marketing of active pharmaceutical ingredients. Given the uncertainties notably around market conditions, Sanofi concluded that not all the IFRS 5 criteria for classifying the assets of the EUROAPI group within Assets held for sale or exchange in the consolidated balance sheet as of December 31, 2021 had been met. As of December 31, 2021, EUROAPI represented approximately 1% of the total consolidated assets of the Sanofi group, mainly in the form of (i) dedicated industrial facilities at the chemicals sites included in the spin-out and (ii) inventories of the active pharmaceutical ingredients manufactured and commercialized by EUROAPI as of that date. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policiesBasis of consolidation In accordance with IFRS 10 (Consolidated Financial Statements), the consolidated financial statements of Sanofi include the financial statements of entities that Sanofi controls directly or indirectly, regardless of the level of the equity interest in those entities. An entity is controlled when Sanofi has power over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the relevant activities of the entity are to be taken. Entities consolidated by Sanofi are referred to as “subsidiaries”. Entities that Sanofi controls by means other than voting rights are referred to as “consolidated structured entities”. In accordance with IFRS 11 (Joint Arrangements), Sanofi classifies its joint arrangements (i.e. arrangements in which Sanofi exercises joint control with one or more other parties) either as a joint operation or a joint venture. In the case of a joint operation, Sanofi recognizes the assets and liabilities of the operation in proportion to its rights and obligations relating to those assets and liabilities. Joint ventures are accounted for using the equity method. Sanofi exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of Sanofi and the other parties with whom control is shared. Sanofi exercises significant influence over an entity when it has the power to participate in the financial and operating policy decisions of that entity, but does not have the power to exercise control or joint control over those policies. In accordance with IAS 28 (Investments in Associates and Joint Ventures), the equity method is used to account for joint ventures (i.e. entities over which Sanofi exercises joint control) and for associates (i.e. entities over which Sanofi exercises significant influence). Under the equity method, the investment is initially recognized at cost, and subsequently adjusted to reflect changes in the net assets of the associate or joint venture. IAS 28 does not specify the treatment to be adopted on first-time application of the equity method to an investee following a step acquisition. Consequently, by reference to paragraph 10 of IAS 28, Sanofi has opted to apply the cost method, whereby the carrying amount of the investment represents the sum of the historical cost amounts for each step in the acquisition. As of the date on which the equity method is first applied, goodwill (which is included in the carrying amount of the investment) is determined for each acquisition step. The same applies to subsequent increases in the percentage interest in the equity-accounted investment. When the criteria of IFRS 5 are met, Sanofi recognizes the equity interest within the balance sheet line item Assets held for sale or exchange . The equity method is not applied to equity interests that are classified as held-for-sale assets. Transactions between consolidated companies are eliminated, as are intragroup profits. A list of the principal companies included in the consolidation in 2021 is presented in Note F. B.2.1. Accounting for foreign currency transactions in the financial statements of consolidated entities Non-current assets (other than receivables) and inventories acquired in foreign currencies are translated into the functional currency using the exchange rate prevailing at the acquisition date. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the end of the reporting period. The gains and losses resulting from foreign currency translation are recorded in the income statement. However, foreign exchange gains and losses arising from the translation of advances between consolidated subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future are recognized in equity, in the line item Change in currency translation differences . B.2.2. Foreign currency translation of the financial statements of foreign entities Sanofi presents its consolidated financial statements in euros (€). In accordance with IAS 21 (The Effects of Changes in Foreign Exchange Rates), each subsidiary accounts for its transactions in the currency that is most representative of its economic environment (the functional currency). All assets and liabilities are translated into euros using the exchange rate of the subsidiary’s functional currency prevailing at the end of the reporting period. Income statements are translated using a weighted average exchange rate for the period, except in the case of foreign subsidiaries in a hyperinflationary economy. The resulting currency translation difference is recognized as a separate component of equity in the consolidated statement of comprehensive income, and is recognized in the income statement only when the subsidiary is sold or is wholly or partially liquidated. B.3.1. Accounting for business combinations, transactions with non-controlling interests and loss of control Business combinations are accounted for in accordance with IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements). Business combinations are accounted for using the acquisition method. Under this method, the acquiree’s identifiable assets and liabilities that satisfy the recognition criteria of IFRS 3 (Business Combinations) are measured initially at their fair values at the date of acquisition, except for (i) non-current assets classified as held for sale (which are measured at fair value less costs to sell) and (ii) assets and liabilities that fall within the scope of IAS 12 (Income Taxes) and IAS 19 (Employee Benefits). Restructuring liabilities are recognized as a liability of the acquiree only if the acquiree has an obligation as of the acquisition date to carry out the restructuring. The principal accounting rules applicable to business combinations and transactions with non-controlling interests include: • acquisition-related costs are recognized as an expense on the acquisition date, as a component of Operating income ; • 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. Purchase price allocations are performed under the responsibility of management, with assistance from an independent valuer in the case of major acquisitions. IFRS 3 does not specify an accounting treatment for contingent consideration arising from a business combination made by an entity prior to the acquisition of control in that entity and carried as a liability in the acquired entity’s balance sheet. The accounting treatment applied by Sanofi to such a liability is to measure it at fair value as of the acquisition date and to report it in the line item Liabilities related to business combinations and to non-controlling interests , with subsequent remeasurements recognized in profit or loss. This treatment is consistent with the accounting applied to contingent consideration in the books of the acquirer. Finally, management may where it deems fit elect to apply the optional test to identify concentration of fair value permitted under IFRS 3 in order to determine whether a transaction is a business combination within the meaning of IFRS 3, or merely the acquisition of an asset or of a group of similar assets. B.3.2. Goodwill The excess of the cost of an acquisition over Sanofi’s interest in the fair value of the identifiable assets and liabilities of the acquiree is recognized as goodwill at the date of the business combination. Goodwill arising on the acquisition of subsidiaries is shown in a separate balance sheet line item, whereas goodwill arising on the acquisition of investments accounted for using the equity method is recorded in Investments accounted for using the equity method . Goodwill arising on foreign operations is expressed in the functional currency of the country concerned and translated into euros using the exchange rate prevailing at the end of the reporting period. In accordance with IAS 36 (Impairment of Assets), goodwill is carried at cost less accumulated impairment (see Note B.6.). Goodwill is tested for impairment annually and whenever events or circumstances indicate that impairment might exist. Such events or circumstances include significant changes more likely than not to have an other-than-temporary impact on the substance of the original investment. Other intangible assets are initially measured at acquisition cost or production cost, including any directly attributable costs of preparing the asset for its intended use, or (in the case of assets acquired in a business combination) at fair value as of the date of the business combination. Intangible assets are amortized on a straight line basis over their useful lives. The useful lives of other intangible assets are reviewed at the end of each reporting period. The effect of any adjustment to useful lives is recognized prospectively as a change in accounting estimate. Amortization of other intangible assets is recognized in the income statement within Amortization of intangible assets except for amortization charged against (i) acquired or internally-developed software and (ii) other rights of an industrial or operational nature, which is recognized in the relevant classification of expense by function. Sanofi does not own any intangible assets with an indefinite useful life, other than goodwill. Intangible assets (other than goodwill) are carried at cost less accumulated amortization and accumulated impairment, if any, in accordance with IAS 36 (see Note B.6.). B.4.1. Research and development not acquired in a business combination Internally generated research and development Under IAS 38, research expenses are recognized in profit or loss when incurred. Internally generated development expenses are recognized as an intangible asset if, and only if, all the following six criteria can be demonstrated: (a) the technical feasibility of completing the development project; (b) Sanofi’s intention to complete the project; (c) Sanofi’s ability to use the project; (d) the probability that the project will generate future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the project; and (f) the ability to measure the development expenditure reliably. Due to the risks and uncertainties relating to regulatory approval and to the research and development process, the six criteria for capitalization are usually considered not to have been met until the product has obtained marketing approval from the regulatory authorities. Consequently, internally generated development expenses arising before marketing approval has been obtained, mainly the cost of clinical trials, are generally expensed as incurred within Research and development expenses . Some industrial development expenses (such as those incurred in developing a second-generation synthesis process) are incurred after marketing approval has been obtained, in order to improve the industrial process for an active ingredient. To the extent that the six IAS 38 criteria are considered as having been met, such expenses are recognized as an asset in the balance sheet within Other intangible assets as incurred. Similarly, some clinical trials, for example those undertaken to obtain a geographical extension for a molecule that has already obtained marketing approval in a major market, may in certain circumstances meet the six capitalization criteria under IAS 38, in which case the related expenses are recognized as an asset in the balance sheet within Other intangible assets . Separately acquired research and development Payments for separately acquired research and development are capitalized within Other intangible assets provided that they meet the definition of an intangible asset: a resource that is (i) controlled by Sanofi, (ii) expected to provide future economic benefits for Sanofi, and (iii) identifiable (i.e. it is either separable or arises from contractual or legal rights). Under paragraph 25 of IAS 38, the first condition for capitalization (the probability that the expected future economic benefits from the asset will flow to the entity) is considered to be satisfied for separately acquired research and development. Consequently, upfront and milestone payments to third parties related to pharmaceutical products for which marketing approval has not yet been obtained are recognized as intangible assets, and amortized on a straight line basis over their useful lives beginning when marketing approval is obtained. Payments under research and development arrangements relating to access to technology or to databases, and payments made to purchase generics dossiers, are also capitalized, and amortized over the useful life of the intangible asset. Subcontracting arrangements, payments for research and development services, and continuous payments under research and development collaborations which are unrelated to the outcome of that collaboration, are expensed over the service term. B.4.2. Other intangible assets not acquired in a business combination Licenses other than those related to pharmaceutical products and research projects, in particular software licenses, are capitalized at acquisition cost, including any directly attributable cost of preparing the software for its intended use. Software licenses are amortized on a straight line basis over their useful lives for Sanofi ( three Internally generated costs incurred to develop or upgrade software are capitalized if the IAS 38 recognition criteria are satisfied, and amortized on a straight line basis over the useful life of the software from the date on which the software is ready for use. B.4.3. Other intangible assets acquired in a business combination Other intangible assets acquired in a business combination which relate to in-process research and development and currently marketed products and are reliably measurable are identified separately from goodwill, measured at fair value, and capitalized within Other intangible assets in accordance with IFRS 3 (Business Combinations) and IAS 38 (Intangible Assets). The related deferred tax liability is also recognized if a deductible or taxable temporary difference exists. In-process research and development acquired in a business combination is amortized on a straight line basis over its useful life from the date of receipt of marketing approval. Rights to products currently marketed by Sanofi are amortized on a straight line basis over their useful lives, determined on the basis of cash flow forecasts which take into account the patent protection period of the marketed product. B.5.1. Property, plant and equipment owned Property, plant and equipment is initially measured and recognized at acquisition cost, including any directly attributable cost of preparing the asset for its intended use, or (in the case of assets acquired in a business combination) at fair value as of the date of the business combination. The component-based approach to accounting for property, plant and equipment is applied. Under this approach, each component of an item of property, plant and equipment with a cost which is significant in relation to the total cost of the item and which has a different useful life from the other components must be depreciated separately. After initial measurement, property, plant and equipment is carried at cost less accumulated depreciation and impairment, except for land which is carried at cost less impairment. Subsequent costs are not recognized as assets unless (i) it is probable that future economic benefits associated with those costs will flow to Sanofi and (ii) the costs can be measured reliably. Borrowing costs attributable to the financing of items of property, plant and equipment, and incurred during the construction period, are capitalized as part of the acquisition cost of the item. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the asset to which they relate. The depreciable amount of items of property, plant and equipment, net of any residual value, is depreciated on a straight line basis over the useful life of the asset. The useful life of an asset is usually equivalent to its economic life. The customary useful lives of property, plant and equipment are as follows: Buildings 15 to 40 years Fixtures 10 to 20 years Machinery and equipment 5 to 15 years Other 3 to 15 years Useful lives and residual values of property, plant and equipment are reviewed annually. The effect of any adjustment to useful lives or residual values is recognized prospectively as a change in accounting estimate. Depreciation of property, plant and equipment is recognized as an expense in the income statement, in the relevant classification of expense by function. B.5.2. Property, plant and equipment leased Effective from January 1, 2019 leases contracted by Sanofi have been accounted for in accordance with IFRS 16 (Leases). Sanofi recognizes a right-of-use asset and a lease liability for all of its lease contracts, except for (i) leases relating to low-value assets and (ii) short-term leases (12 months or less). Payments made in respect of leases not recognized on the balance sheet are recognized as an operating expense on a straight line basis over the lease term. On commencement of a lease, the liability for future lease payments is discounted at the incremental borrowing rate, which is a risk-free rate adjusted to reflect the specific risk profile of each Sanofi entity. Because lease payments are spread over the lease term, Sanofi applies a discount rate based on the duration of those payments. The payments used to determine the liability for future lease payments exclude non-lease components, but include fixed payments that Sanofi expects to make to the lessor over the estimated lease term. After commencement of the lease, the liability for future lease payments is reduced by the amount of the lease payments made, and increased to reflect interest on the liability. In the event of a reassessment or modification of future lease payments, the lease liability is remeasured. The right-of-use asset – which is initially measured at cost including direct costs of the lessee, prepayments made at or prior to the commencement date, less lease incentives received and restoration costs – is depreciated on a straight line basis over the lease term, and tested for impairment as required. Sanofi recognizes deferred taxes in respect of right-of-use assets and lease liabilities. Leasehold improvements are depreciated over their economic life, which is capped at the lease term as determined under IFRS 16. B.6.1. Impairment of property, plant and equipment and intangible assets In accordance with IAS 36 (Impairment of Assets), assets that generate separate cash flows and assets included in cash-generating units (CGUs) are assessed for impairment when events or changes in circumstances indicate that the asset or CGU may be impaired. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Under IAS 36, each CGU or group of CGUs to which goodwill is allocated must (i) represent the lowest level within the entity at which the goodwill is monitored for internal management purposes, and (ii) not be larger than an operating segment determined in accordance with IFRS 8 (Operating Segments), before application of the IFRS 8 aggregation criteria (see Note B.26.). Quantitative and qualitative indications of impairment (primarily relating to the status of the research and development portfolio, pharmacovigilance, patent litigation, and the launch of competing products) are reviewed at the end of each reporting period. If there is any internal or external indication of impairment, Sanofi estimates the recoverable amount of the asset or CGU. Other intangible assets not yet available for use (such as capitalized in-process research and development), and CGUs or groups of CGUs that include goodwill, are tested for impairment annually whether or not there is any indication of impairment, and more frequently if any event or circumstance indicates that they might be impaired. Such assets are not amortized. When there is an internal or external indication of impairment, Sanofi estimates the recoverable amount of the asset and recognizes an impairment loss if the carrying amount of the asset exceeds its recoverable amount. The recoverable amount of the asset is the higher of its fair value less costs to sell or its value in use. To determine value in use, Sanofi uses estimates of future cash flows generated by the asset or CGU, prepared using the same methods as those used in the initial measurement of the asset or CGU on the basis of medium-term strategic plans. In the case of goodwill, estimates of future cash flows are based on a five-year strategic plan, an extrapolation of the cash flows over a further five-year period, and a terminal value. In the case of other intangible assets, the period used is based on the economic life of the asset. Estimated cash flows are discounted at long-term market interest rates that reflect the best estimate by Sanofi of the time value of money, the risks specific to the asset or CGU, and economic conditions in the geographical regions in which the business activity associated with the asset or CGU is located. Certain assets and liabilities that are not directly attributable to a specific CGU are allocated between CGUs on a basis that is reasonable, and consistent with the allocation of the corresponding goodwill. Impairment losses arising on property, plant and equipment, on software and on certain rights are recognized in the relevant classification of expense by function. Impairment losses arising on other intangible assets are recognized within Impairment of intangible assets in the income statement. B.6.2. Impairment of investments accounted for using the equity method In accordance with IAS 28 (Investments in Associates and Joint Ventures), Sanofi determines whether investments accounted for using the equity method may be impaired based on indicators such as default in contractual payments, significant financial difficulties, probability of bankruptcy, or a prolonged or significant decline in quoted market price. If an investment is impaired, the amount of the impairment loss is determined by applying IAS 36 (see Note B.6.1.) and recognized in Share of profit/(loss) from investments accounted for using the equity method . B.6.3. Reversals of impairment losses charged against property, plant and equipment, intangible assets, and investments accounted for using the equity method At the end of each reporting period, Sanofi assesses whether events or changes in circumstances indicate that an impairment loss recognized in a prior period in respect of an asset (other than goodwill) or an investment accounted for using the equity method can be reversed. If this is the case, and the recoverable amount as determined based on the revised estimates exceeds the carrying amount of the asset, Sanofi reverses the impairment loss only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset. Reversals of impairment losses in respect of other intangible assets are recognized within the income statement line item Impairment of intangible assets , while reversals of impairment losses in respect of investments accounted for using the equity method are recognized within the income statement line item Share of profit/(loss) from investments accounted for using the equity method . Impairment losses taken against goodwill are never reversed, unless the goodwill is part of the carrying amount of an investment accounted for using the equity method. In accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations), non-current assets and groups of assets are classified as held for sale in the balance sheet if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. Within the meaning of IFRS 5, the term “sale” also includes exchanges for other assets. Non-current assets or asset groups held for sale must be available for immediate sale in their present condition, subject only to terms that are usual and customary for sales of such assets, and a sale must be highly probable. Criteria used to determine whether a sale is highly probable include: • the appropriate level of management must be committed to a plan to sell; • an active program to locate a buyer and complete the plan must have been initiated; • the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value; • 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. Before initial reclassification of the non-current asset (or asset group) to Assets held for sale or exchange , the carrying amounts of the asset (or of all the assets and liabilities in the asset group) must be measured in accordance with the applicable standards. Subsequent to reclassification to Assets held for sale or exchange , the non-current asset (or asset group) is measured at the lower of carrying amount or fair value less costs to sell, with any write-down recognized by means of an impairment loss. Once a non-current asset has been reclassified as held for sale or exchange, it is no longer depreciated or amortized. In a disposal of an equity interest leading to loss of control, all the assets and liabilities of the entity involved are classified as held-for-sale assets or liabilities within the balance sheet line items Assets held for sale or exchange or Liabilities related to assets held for sale or exchange , provided that the disposal satisfies the IFRS 5 classification criteria. The profit or loss generated by a held-for-sale asset group is reported in a separate line item in the income statement for the current period and for the comparative periods presented, provided that the asset group: • represents a separate major line of business or geographical area of operations; or • is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or • is a subsidiary acquired exclusively with a view to resale. In accordance with IFRS 10, transactions between companies that are held for sale or treated as discontinued operations and other consolidated companies are eliminated. Events or circumstances beyond Sanofi’s control may extend the period to complete the sale or exchange beyond one year without precluding classification of the asset (or disposal group) in Assets held for sale or exchange provided that there is sufficient evidence that Sanofi remains committed to the planned sale or exchange. Finally, in the event of changes to a plan of sale that requires an asset no longer to be classified as held for sale, IFRS 5 specifies the following treatment: • 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. B.8.1. Non-derivative financial assets In accordance with IFRS 9 (Financial Instruments) and IAS 32 (Financial Instruments: Presentation), Sanofi has adopted the classification of non-derivative financial assets described below. The classification used depends on (i) the characteristics of the contractual cash flows (i.e. whether they represent interest or principal) and (ii) the business model for managing the asset applied at the time of initial recognition. Financial assets at fair value through other comprehensive income These mainly comprise: • quoted and unquoted equity investments that Sanofi does not hold for trading purposes and that management has designated at “fair value through other comprehensive income” on initial recognition. Gains and losses arising from changes in fair value are recognized in equity within the statement of comprehensive income in the period in which they occur. When such instruments are derecognized, the previously-recognized changes in fair value remain within Other comprehensive income , as does the gain or loss on divestment. Dividends received are recognized in profit or loss for the period, within the line item Financial income ; and • debt instruments whose contractual cash flows represent payments of interest or repayments of principal, and which are managed with a view to collecting cash flows and selling the asset. Gains and losses arising from changes in fair value are recognized in equity within the statement of comprehensive income in the period in which they occur. When such assets are derecognized, the cumulative gains and losses previously recognized in equity are reclassified to profit or loss for the period within the line items Financial income or Financial expenses . Financial assets at fair value through profit or loss These mainly comprise: • contingent consideration already carried in the books of an acquired entity or granted in connection with a business combination; • instruments whose contractual cash flows represent payments of interest and repayments of principal, which are managed with a view to selling the asset; • instruments that management has designated at “fair value through profit or loss” on initial recognition; and • quoted and unquoted equity investments: equity instruments that are not held for trading and which management did not designate at “fair value through other comprehensive income” on initial recognition, and instruments that do not meet the IFRS definition of “equity instruments”. Gains and losses arising from changes in fair value are recognized in profit or loss within the line items Fi |
Principal alliances
Principal alliances | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Principal alliances | Principal alliances C.1. Alliance arrangements with Regeneron Pharmaceuticals, Inc. (Regeneron) Collaboration agreements on human therapeutic antibodies In November 2007, Sanofi and Regeneron signed two agreements (amended in November 2009) relating to human therapeutic antibodies: (i) the Discovery and Preclinical Development Agreement, and (ii) the License and Collaboration Agreement, relating to clinical development and commercialization. Under the License and Collaboration Agreement, Sanofi had an option to develop and commercialize antibodies discovered by Regeneron under the Discovery and Preclinical Development Agreement. Discovery and development Because Sanofi decided not to exercise its option to extend the Discovery and Preclinical Development Agreement, that agreement expired on December 31, 2017. As a result of Sanofi’s exercise of an option with respect to an antibody under the Discovery and Preclinical Development Agreement, such antibody became a "Licensed Product" under the License and Collaboration Agreement, pursuant to which Sanofi and Regeneron co-develop the antibody with Sanofi initially being wholly responsible for funding the development program. On receipt of the first positive Phase III trial results for any antibody being developed under the License and Collaboration Agreement, the subsequent development costs for that antibody are split 80% Sanofi, 20% Regeneron. Amounts received from Regeneron under the License and Collaboration Agreement are recognized by Sanofi as a reduction in the line item Research and development expenses . Co-development with Regeneron of the antibodies Dupixent ® , Kevzara ® and REGN3500 (SAR440340 - itepekimab) is ongoing under the License and Collaboration Agreement as of December 31, 2021. Once a product begins to be commercialized, and provided that the share of quarterly results under the agreement represents a profit, Sanofi is entitled to an additional portion of Regeneron’s profit-share (capped at 10% of Regeneron’s share of quarterly profits) until Regeneron has paid 50% of the cumulative development costs incurred by the parties in the collaboration (see footnote g(ii) to the table provided in Note D.21.1., “Off balance sheet commitments relating to operating activities”). On the later of (i) 24 months before the scheduled launch date or (ii) the first positive Phase III trial results, Sanofi and Regeneron share the commercial expenses of the antibodies co-developed under the License and Collaboration Agreement. Commercialization Sanofi is the lead party with respect to the commercialization of all co-developed antibodies, and Regeneron has certain option rights to co-promote the antibodies. Regeneron has exercised its co-promotion rights in the United States and in certain other countries. Sanofi recognizes all sales of the antibodies. Profits and losses arising from commercial operations in the United States are split 50/50. Outside the United States, Sanofi is entitled to between 55% and 65% of profits depending on sales of the antibodies, and bears 55% of any losses. The share of profits and losses due to or from Regeneron under the agreement is recognized within the line items Other operating income or Other operating expenses , which are components of Operating income . In addition, Regeneron is entitled to receive payments contingent on the attainment of specified levels of aggregate sales on all antibodies outside the United States, on a rolling twelve-month basis. A liability for those payments is recognized in the balance sheet when it is probable that the specified level of aggregate sales will be met. The opposite entry for that liability is capitalized within Other intangible assets in the balance sheet. A payment was made in 2021 following the attainment of $1.5 billion of sales of all antibodies outside the United States on a rolling twelve-month basis. Amendments to the collaboration agreements In January 2018, Sanofi and Regeneron signed a set of amendments to their collaboration agreements, including an amendment that allowed for the funding of additional programs on Dupixent ® and REGN3500 (SAR440340 – itepekimab) with an intended focus on extending the current range of indications, finding new indications, and improving co-morbidity between multiple pathologies. Effective April 1, 2020, Sanofi and Regeneron signed a Cross License and Commercialization Agreement for Praluent ® , whereby Sanofi obtained sole ex-US rights to Praluent ® , and Regeneron obtained sole US rights to Praluent ® along with a right to 5% royalties on Sanofi’s sales of Praluent ® outside the United States. Each party is solely responsible for the development, manufacturing and commercialization of Praluent ® in their respective territories. Although each company has responsibility for supplying Praluent ® in its respective territory, the companies have entered into agreements to support manufacturing needs for each other. Effective September 30, 2021, Sanofi and Regeneron signed an amendment to their collaboration agreement in order to specify allocations of responsibilities and associated resources between the two parties in connection with the co-promotion of Dupixent ® in certain countries. The terms of the collaboration relating to REGN3500 (SAR440340 – itepekimab) are unchanged. Immuno-oncology (IO) collaboration agreements On July 1, 2015, Sanofi and Regeneron signed two agreements – the IO Discovery and Development Agreement and the IO License and Collaboration Agreement (IO LCA) – relating to new antibody cancer treatments in the field of immuno-oncology. The Amended IO Discovery Agreement, effective from December 31, 2018, was terminated through a Letter Amendment dated March 16, 2021 in which Sanofi formalized its opt-out from the BCMAxCD3 and MUC16xCD3 programs. Libtayo ® (cemiplimab) Under the 2015 IO LCA as amended in January 2018, Sanofi and Regeneron committed funding of no more than $1,640 million, split on a 50/ 50 basis ($820 million per company), for the development of REGN2810 (cemiplimab, trademark Libtayo ® ), a PD-1 inhibitor antibody. The funding was raised to $1,840 million by way of amendment effective on September 30, 2021. Regeneron is responsible for the commercialization of Libtayo ® in the United States, and Sanofi in all other territories. Sanofi has exercised its option to co-promote Libtayo ® in the United States. In 2021, Regeneron exercised its option to co-promote Libtayo ® in certain other countries. The IO LCA also provided for a one-time milestone payment of $375 million by Sanofi to Regeneron in the event that sales of a PD-1 product were to exceed, in the aggregate, $2 billion in any consecutive 12-month period. Under the IO LCA Sanofi and Regeneron share equally in profits and losses in connection with the commercialization of collaboration products, except that Sanofi is entitled to an additional portion of Regeneron’s profit-share (capped at 10% of Regeneron’s share of quarterly profits) until Regeneron has paid 50% of the cumulative development costs incurred by the parties under the IO Discovery Agreement, as amended. In September 2018, the US Food and Drug Administration (FDA) approved Libtayo ® (cemiplimab) for the treatment of patients with metastatic cutaneous squamous cell carcinoma (CSCC) or locally advanced CSCC who are not candidates for curative surgery or curative radiation. Libtayo ® is the first and only product specifically approved and available in the United States for advanced stage CSCC. In July 2019, the European Medicines Agency (EMA) granted marketing authorization for Libtayo ® for patients with metastatic or locally advanced CSCC who are not candidates for surgery. In February 2021, the FDA approved Libtayo ® for patients with locally advanced basal cell carcinoma (BCC), granted accelerated approval for patients with metastatic BCC, and approved Libtayo ® for first-line monotherapy for patients with advanced non-small cell lung cancer (NSCLC) with PD-L1 expression of at least 50%. In June 2021, the EMA approved Libtayo ® as a first-line treatment for patients with advanced NSCLC with PD-L1 expression of at least 50% and for advanced basal cell carcinoma. The extensive clinical program for Libtayo ® is focused on difficult-to-treat cancers. In skin cancer, this includes trials in adjuvant and neoadjuvant CSCC. Libtayo ® is also being investigated in pivotal trials in NSCLC (in combination with chemotherapy) and cervical cancer, as well as in combination with either conventional or novel therapeutic approaches for other solid tumors and blood cancers. These potential uses are investigational, and their safety and efficacy have not been evaluated by any regulatory authority. Investor agreement In January 2014, Sanofi and Regeneron amended the investor agreement entered into by the two companies in 2007. Under the terms of the amendment, Sanofi accepted various restrictions, including “standstill” provisions that contractually prohibit Sanofi from seeking to directly or indirectly exert control of Regeneron or acquiring more than 30% of Regeneron’s capital stock (consisting of the outstanding shares of common stock and the shares of Class A stock). This prohibition remains in place until the earlier of (i) the later of the fifth anniversaries of the expiration or earlier termination of the Zaltrap ® collaboration agreement with Regeneron (related to the development and commercialization of Zaltrap ® ) or the collaboration agreement with Regeneron on monoclonal antibodies (see “Collaboration agreements on human therapeutic antibodies” above), each as amended and (ii) other specified events. Sanofi also agreed to vote as recommended by Regeneron’s Board of Directors, except that it could elect to vote proportionally with the votes cast by all of Regeneron’s other shareholders with respect to certain change-of-control transactions, and to vote in its sole discretion with respect to liquidation or dissolution, stock issuances equal to or exceeding 20% of the outstanding shares or voting rights of Regeneron’s Class A Stock and Common Stock (taken together), and new equity compensation plans or amendments if not materially consistent with Regeneron’s historical equity compensation practices. Sanofi began to account for its interest in Regeneron using the equity method in April 2014. Starting in 2018 Sanofi began to sell a small amount of shares of Regeneron stock pursuant to a Letter Agreement entered into with Regeneron. On May 29, 2020, Sanofi announced the closing of its sale of 13 million shares of Regeneron common stock in a registered offering and a private sale to Regeneron (see Note D.2.). At the same date an amendment to the Investor Agreement became effective, which stipulates inter alia that (i) the “standstill” provisions in the Investor Agreement, which contractually prohibit Sanofi from seeking to directly or indirectly exert control of Regeneron, will continue to apply; (ii) the voting commitments contained in the Investor Agreement will continue to apply to shares held by Sanofi; (iii) Sanofi will no longer have the right to designate an independent board member on the Regeneron Board of Directors. Pursuant to subsequent sales, as of December 31, 2021 Sanofi held 279,766 shares of Regeneron stock. C.2. Alliance arrangements with Bristol-Myers Squibb (BMS) Two of Sanofi’s leading products were jointly developed with BMS: the anti-hypertensive agent irbesartan (Aprovel ® /Avapro ® /Karvea ® ) and the anti-atherothrombosis treatment clopidogrel bisulfate (Plavix ® /Iscover ® ). On September 27, 2012, Sanofi and BMS signed an agreement relating to their alliance following the loss of exclusivity of Plavix ® and Avapro ® /Avalide ® in many major markets. Under the terms of this agreement, effective January 1, 2013, BMS returned to Sanofi its rights to Plavix ® and Avapro ® /Avalide ® in all markets worldwide with the exception of Plavix ® in the United States and Puerto Rico (“Territory B”), giving Sanofi sole control and freedom to operate commercially in respect of those products. In exchange, BMS received royalty payments on Sanofi’s sales of branded and unbranded Plavix ® and Avapro ® /Avalide ® worldwide (except for Plavix ® in Territory B) until 2018, and also received a payment of $200 million from Sanofi in December 2018, part of which is for buying out the non-controlling interests. Rights to Plavix ® in Territory B remained unchanged and continued to be governed by the terms of the original agreement until February 28, 2020. In all of the territories managed by Sanofi (including the United States and Puerto Rico for Avapro ® /Avalide ® ) as defined in the new agreement, Sanofi recognized in its consolidated financial statements the revenue and expenses generated by its own operations. Since January 2019 onwards, there has no longer been any share of profits reverting to BMS (previously presented within Net income attributable to non-controlling interests in the income statement). In Territory B for Plavix ® , which was managed by BMS, the Plavix ® business was conducted through the Territory B partnerships, which were jointly owned by BMS and Sanofi. Sanofi recognized its share of profits and losses within the line item Share of profit/(loss) from investments accounted for using the equity method . On February 28, 2020, Sanofi purchased all BMS’s interests (50.1%) in each of the Territory B partnerships for a cumulative purchase price of $12 million. Following a transition period, Sanofi has been commercializing Plavix ® under its own label since July 1, 2020. |
Principal changes in the scope
Principal changes in the scope of consolidation in 2021 | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Principal changes in the scope of consolidation in 2021 | Presentation of the financial statementsPrincipal changes in the scope of consolidation in 2021 Acquisition of Kymab On April 8, 2021, Sanofi acquired the entire share capital of Kymab for an upfront payment of $1.1 billion (€973 million) and up to $350 million contingent upon reaching certain development milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the KY1005 project, currently in Phase II clinical development, and relating to the human monoclonal antibody OX40L, an essential regulator of the immune system) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €965 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €932 million. Acquisition of Kiadis On November 2, 2020, Sanofi and Kiadis, a biopharmaceutical company developing novel "off-the-shelf" natural killer (NK) cell therapies for patients with life-threatening diseases, entered into a definitive agreement whereby Sanofi was to make a public offer to acquire the entire share capital of Kiadis, i.e. 61 million shares, at a cash price of €5.45 per share. The acquisition was approved unanimously by the Boards of Directors of Sanofi and Kiadis, and 95.03% of the share capital of Kiadis had been tendered into the offer as of April 16, 2021. As of the end of the post-closing acceptance period on April 29, 2021, Sanofi held 97.39% of the share capital of Kiadis, and launched a statutory public buy-out procedure in order to obtain 100% of the share capital. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the K-NK technology platform) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €341 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €326 million. Acquisition of Tidal On April 9, 2021, Sanofi acquired Tidal Therapeutics, a privately owned, pre-clinical stage biotech company with a unique mRNA-based approach for in vivo reprogramming of immune cells. The new technology platform will expand Sanofi’s research capabilities in immuno-oncology and inflammatory diseases, and may have applicability to other disease areas as well. Tidal Therapeutics was acquired for an upfront payment of $160 million (€136 million), and up to $310 million contingent upon reaching certain development milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the unique mRNA-based in vivo reprogramming technology) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €130 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €135 million. Acquisition of Translate Bio On August 3, 2021, Sanofi entered into a definitive agreement with Translate Bio, a clinical-stage mRNA therapeutics company, under which Sanofi was to acquire all outstanding shares of Translate Bio for $38 per share. The Sanofi and Translate Bio Boards of Directors unanimously approved the transaction. The acquisition of Translate Bio by Sanofi was completed on September 14, 2021, with Sanofi holding the entire share capital of Translate Bio upon expiration of the squeeze-out procedure. The provisional purchase price allocation, as presented in the table below, led to the recognition of goodwill of €2,179 million: (€ million) Fair value at acquisition date Other intangible assets 396 Deferred tax liabilities (93) Other current and non-current assets and liabilities 174 Cash and cash equivalents 247 Shire contingent consideration liability (see Note D.18.) (323) Net assets of Translate Bio 401 Goodwill 2,179 Purchase price 2,580 The other intangible assets mainly comprise a messenger RNA technological platform applied to the development of vaccines and therapeutic agents. Goodwill mainly represents the effects of expected future synergies and other benefits to be derived from the integration of Translate Bio into the Sanofi group, in particular by accelerating the delivery of development programs. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. Translate Bio has no commercial operations, and has made a negative contribution of €72 million to Sanofi’s consolidated net income since the acquisition date. Acquisition-related costs recognized in profit or loss in 2021 were mainly recorded within the line item Other operating expenses , and amounted to €13 million. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €2,333 million . Under the terms of the collaboration agreement between Sanofi and Translate Bio as announced on June 23, 2020, Sanofi held an equity interest of approximately 5% in Translate Bio. As of the date when Sanofi obtained control of Translate Bio, that interest was remeasured at the purchase price of $38 per share. The change in fair value was recognized within Other comprehensive income , in accordance with paragraph 42 of IFRS 3 (see Note D.7.). Acquisition of Kadmon On September 8, 2021, Sanofi entered into a definitive merger agreement with Kadmon, a biopharmaceutical company that discovers, develops and markets transformative therapies for disease areas with significant unmet medical needs. Shareholders of Kadmon common stock received $9.50 per share in cash, representing a transaction valued at $1.9 billion on a fully-diluted basis. The Sanofi and Kadmon Boards of Directors unanimously approved the transaction. The acquisition of Kadmon by Sanofi was completed on November 9, 2021, with Sanofi holding the entire share capital of Kadmon upon expiration of the squeeze-out procedure. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was therefore accounted for as an asset acquisition given that the principal asset (belumosudil, commercialized in the United States under the brand name Rezurock™) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €1,739 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €1,575 million. Acquisition of Origimm On December 3, 2021, Sanofi acquired the entire share capital of Origimm Biotechnology GmbH, a privately owned Austrian biotechnology company specializing in the discovery of virulent skin microbiome components and antigens from bacteria that cause skin diseases such as acne, for an upfront payment of €55 million and up to €95 million contingent upon reaching certain development and regulatory milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was therefore accounted for as an asset acquisition given that the principal asset (the group of Propionibacterium acnes antigens) concentrates substantially all of the fair value of the acquired set of activities and assets. Nearly €55 million of the acquisition price paid was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows for the year ended December 31, 2021 is a net cash outflow of €50 million. D.2.1. Principal changes in the scope of consolidation in 2020 Acquisition of Principia On August 17, 2020, Sanofi and Principia Biopharma Inc. (“Principia”), a late-stage biopharmaceutical company focused on developing treatments for autoimmune diseases, entered into a definitive agreement under which Sanofi was to acquire all the outstanding shares of Principia for $100 per share. The transaction was approved unanimously by the Boards of Directors of Sanofi and Principia. Sanofi's acquisition of Principia was completed on September 28, 2020, with Sanofi holding the entire share capital of Principia upon expiration of the squeeze-out procedure. The final purchase price allocation, as presented in the table below, led to the recognition of goodwill of €912 million: (€ 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 The other intangible assets mainly comprise: • rilzabrutinib (PRN 1008), a molecule undergoing clinical trials for various indications in immuno-inflammatory diseases and rare blood disorders; and • tolebrutinib (PRN 2246/SAR442168), a molecule currently undergoing clinical trials for the treatment of multiple sclerosis and other diseases of the central nervous system. Goodwill represents (i) the pipeline of future products in pre-clinical research and development; (ii) the capacity to draw on a specialized structure to refresh the existing product portfolio; and (iii) the competencies of Principia staff. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. No material adjustment was required on completion of the final purchase price allocation. Acquisition of Synthorx On December 9, 2019, Sanofi and Synthorx Inc. (“Synthorx”), a clinical-stage biotechnology company focused on prolonging and improving the lives of people suffering from cancer and autoimmune disorders, entered into a definitive agreement under which Sanofi was to acquire all of the outstanding shares of Synthorx for $68 per share. The transaction was unanimously approved by both the Sanofi and Synthorx Boards of Directors. On December 23, 2019, Sanofi launched a public tender offer to acquire all of the outstanding ordinary shares of Synthorx for $68 per share in cash, without interest and net of any applicable withholding taxes. The acquisition of Synthorx was completed on January 23, 2020, with Sanofi holding the entire share capital of Synthorx upon expiration of the squeeze-out procedure. The final purchase price allocation, as presented in the table below, led to the recognition of goodwill of €930 million: (€ 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 The other intangible assets mainly comprise THOR-707, a molecule currently in Phase I clinical trials that stimulates T lymphocytes, and as such has potential as a cancer immunotherapy. Goodwill represents (i) the pipeline of future products in pre-clinical research and development; (ii) the capacity to draw on a specialized structure to refresh the existing product portfolio; (iii) the competencies of Synthorx staff; (iv) benefits derived from the creation of new growth platforms; and (v) expected future synergies and other benefits from the combination of Synthorx and Sanofi. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. No material adjustment was required on completion of the final purchase price allocation. Transaction related to the equity-accounted investment in Regeneron From the beginning of April 2014, Sanofi accounted for its investment in Regeneron using the equity method. As from that date, in accordance with the Investor Agreement as amended in early 2014, Sanofi had the right to designate a member of the Regeneron Board of Directors. On May 29, 2020, Sanofi closed the transaction announced on May 25, 2020 involving the sale of its equity investment in Regeneron (with the exception of 400,000 shares), through (i) a registered public offering in the United States and internationally and (ii) a share repurchase by Regeneron. Sanofi divested 13 million shares of Regeneron common stock (of which 10.6 million were sold by Sanofi) through the public offering at a price of $515 per share, raising a total amount of $6,703 million; and Regeneron repurchased 9.8 million of its own shares of common stock directly from Sanofi for $5,000 million, at the offer price less a subscription discount ($509.85 per share). The total sale proceeds (before transaction-related costs) amounted to €10,575 million. At the same time, Sanofi as a result of this transaction lost the right to designate a member of the Regeneron Board of Directors under the amended Investor Agreement. Finally, as of May 29, 2020 Sanofi retained ownership of 400,000 Regeneron shares in order to continue to partially fund its commitments to invest in the development programs for cemiplimab (REGN2810) and dupilumab, in line with the 2018 Letter Agreement under which Sanofi is permitted to sell up to 1.4 million shares through the end of 2020. As of December 31, 2021, Sanofi had sold 779,320 Regeneron shares under that agreement. The number of Regeneron shares retained by Sanofi is 279,766 as of December 31, 2021 (see Note C.1.). Sanofi’s equity investment in Regeneron was accounted for by the equity method until May 29, 2020. As of that date, the carrying amount of the investment was €3,668 million; that amount was reversed out on closing of the transaction. Before tax effects, the gain on the divestment amounted to €7,382 million, including (i) a gain of €318 million arising on the currency translation reserve associated with Regeneron, which was taken to profit or loss in accordance with IAS 21; (ii) the deduction of transaction-related costs of €64 million; and (iii) a gain of €157 million on the remeasurement of the 400,000 retained shares at their quoted market price as of May 29, 2020 ($612.81). In accordance with IFRS 9 (Financial Instruments), the retained shares were classified in the “Equity instruments at fair value through other comprehensive income” category on the transaction date, at a value of €221 million (see Note D.7.). The tax charge arising on the transaction was €502 million. Given the material impact of this transaction, and to facilitate users’ understanding of the financial statements, the pre-tax gain on this transaction is presented as a separate line item in the consolidated income statement, Gain on Regeneron investment arising from the transaction of May 29, 2020 . The net cash inflow from the transaction was €10,370 million, which (for the reason cited above) is presented as a separate line item in the consolidated statement of cash flows, Net proceeds from sale of Regeneron shares on May 29, 2020. Sale of Seprafilm ® On November 27, 2019, Sanofi entered into a definitive agreement to sell Seprafilm ® to Baxter. The sale was completed on February 14, 2020. Sanofi recognized a pre-tax gain of €129 million. The impact of this sale, reflected in the line item Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax within the consolidated statement of cash flows, was a net cash inflow before tax of €311 million. D.2.2. Principal changes in the scope of consolidation in 2019 The impacts of the acquisitions carried out in 2019 were not material to the Sanofi consolidated financial statements, and Sanofi did not divest any material operations or companies during the year. |
Principal changes in the scop_2
Principal changes in the scope of consolidation in 2020 and 2019 | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Principal changes in the scope of consolidation in 2020 and 2019 | Presentation of the financial statementsPrincipal changes in the scope of consolidation in 2021 Acquisition of Kymab On April 8, 2021, Sanofi acquired the entire share capital of Kymab for an upfront payment of $1.1 billion (€973 million) and up to $350 million contingent upon reaching certain development milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the KY1005 project, currently in Phase II clinical development, and relating to the human monoclonal antibody OX40L, an essential regulator of the immune system) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €965 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €932 million. Acquisition of Kiadis On November 2, 2020, Sanofi and Kiadis, a biopharmaceutical company developing novel "off-the-shelf" natural killer (NK) cell therapies for patients with life-threatening diseases, entered into a definitive agreement whereby Sanofi was to make a public offer to acquire the entire share capital of Kiadis, i.e. 61 million shares, at a cash price of €5.45 per share. The acquisition was approved unanimously by the Boards of Directors of Sanofi and Kiadis, and 95.03% of the share capital of Kiadis had been tendered into the offer as of April 16, 2021. As of the end of the post-closing acceptance period on April 29, 2021, Sanofi held 97.39% of the share capital of Kiadis, and launched a statutory public buy-out procedure in order to obtain 100% of the share capital. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the K-NK technology platform) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €341 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €326 million. Acquisition of Tidal On April 9, 2021, Sanofi acquired Tidal Therapeutics, a privately owned, pre-clinical stage biotech company with a unique mRNA-based approach for in vivo reprogramming of immune cells. The new technology platform will expand Sanofi’s research capabilities in immuno-oncology and inflammatory diseases, and may have applicability to other disease areas as well. Tidal Therapeutics was acquired for an upfront payment of $160 million (€136 million), and up to $310 million contingent upon reaching certain development milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was accounted for as an asset acquisition given that the principal asset (the unique mRNA-based in vivo reprogramming technology) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €130 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €135 million. Acquisition of Translate Bio On August 3, 2021, Sanofi entered into a definitive agreement with Translate Bio, a clinical-stage mRNA therapeutics company, under which Sanofi was to acquire all outstanding shares of Translate Bio for $38 per share. The Sanofi and Translate Bio Boards of Directors unanimously approved the transaction. The acquisition of Translate Bio by Sanofi was completed on September 14, 2021, with Sanofi holding the entire share capital of Translate Bio upon expiration of the squeeze-out procedure. The provisional purchase price allocation, as presented in the table below, led to the recognition of goodwill of €2,179 million: (€ million) Fair value at acquisition date Other intangible assets 396 Deferred tax liabilities (93) Other current and non-current assets and liabilities 174 Cash and cash equivalents 247 Shire contingent consideration liability (see Note D.18.) (323) Net assets of Translate Bio 401 Goodwill 2,179 Purchase price 2,580 The other intangible assets mainly comprise a messenger RNA technological platform applied to the development of vaccines and therapeutic agents. Goodwill mainly represents the effects of expected future synergies and other benefits to be derived from the integration of Translate Bio into the Sanofi group, in particular by accelerating the delivery of development programs. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. Translate Bio has no commercial operations, and has made a negative contribution of €72 million to Sanofi’s consolidated net income since the acquisition date. Acquisition-related costs recognized in profit or loss in 2021 were mainly recorded within the line item Other operating expenses , and amounted to €13 million. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €2,333 million . Under the terms of the collaboration agreement between Sanofi and Translate Bio as announced on June 23, 2020, Sanofi held an equity interest of approximately 5% in Translate Bio. As of the date when Sanofi obtained control of Translate Bio, that interest was remeasured at the purchase price of $38 per share. The change in fair value was recognized within Other comprehensive income , in accordance with paragraph 42 of IFRS 3 (see Note D.7.). Acquisition of Kadmon On September 8, 2021, Sanofi entered into a definitive merger agreement with Kadmon, a biopharmaceutical company that discovers, develops and markets transformative therapies for disease areas with significant unmet medical needs. Shareholders of Kadmon common stock received $9.50 per share in cash, representing a transaction valued at $1.9 billion on a fully-diluted basis. The Sanofi and Kadmon Boards of Directors unanimously approved the transaction. The acquisition of Kadmon by Sanofi was completed on November 9, 2021, with Sanofi holding the entire share capital of Kadmon upon expiration of the squeeze-out procedure. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was therefore accounted for as an asset acquisition given that the principal asset (belumosudil, commercialized in the United States under the brand name Rezurock™) concentrates substantially all of the fair value of the acquired set of activities and assets. Of the total acquisition price paid, €1,739 million was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows is a net cash outflow of €1,575 million. Acquisition of Origimm On December 3, 2021, Sanofi acquired the entire share capital of Origimm Biotechnology GmbH, a privately owned Austrian biotechnology company specializing in the discovery of virulent skin microbiome components and antigens from bacteria that cause skin diseases such as acne, for an upfront payment of €55 million and up to €95 million contingent upon reaching certain development and regulatory milestones. Sanofi elected to apply the optional test to identify concentration of fair value under paragraph B7A of IFRS 3. The transaction was therefore accounted for as an asset acquisition given that the principal asset (the group of Propionibacterium acnes antigens) concentrates substantially all of the fair value of the acquired set of activities and assets. Nearly €55 million of the acquisition price paid was allocated to Other intangible assets in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. The impact of this acquisition as reflected within the line item Acquisitions of consolidated undertakings and investments accounted for using the equity method in the consolidated statement of cash flows for the year ended December 31, 2021 is a net cash outflow of €50 million. D.2.1. Principal changes in the scope of consolidation in 2020 Acquisition of Principia On August 17, 2020, Sanofi and Principia Biopharma Inc. (“Principia”), a late-stage biopharmaceutical company focused on developing treatments for autoimmune diseases, entered into a definitive agreement under which Sanofi was to acquire all the outstanding shares of Principia for $100 per share. The transaction was approved unanimously by the Boards of Directors of Sanofi and Principia. Sanofi's acquisition of Principia was completed on September 28, 2020, with Sanofi holding the entire share capital of Principia upon expiration of the squeeze-out procedure. The final purchase price allocation, as presented in the table below, led to the recognition of goodwill of €912 million: (€ 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 The other intangible assets mainly comprise: • rilzabrutinib (PRN 1008), a molecule undergoing clinical trials for various indications in immuno-inflammatory diseases and rare blood disorders; and • tolebrutinib (PRN 2246/SAR442168), a molecule currently undergoing clinical trials for the treatment of multiple sclerosis and other diseases of the central nervous system. Goodwill represents (i) the pipeline of future products in pre-clinical research and development; (ii) the capacity to draw on a specialized structure to refresh the existing product portfolio; and (iii) the competencies of Principia staff. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. No material adjustment was required on completion of the final purchase price allocation. Acquisition of Synthorx On December 9, 2019, Sanofi and Synthorx Inc. (“Synthorx”), a clinical-stage biotechnology company focused on prolonging and improving the lives of people suffering from cancer and autoimmune disorders, entered into a definitive agreement under which Sanofi was to acquire all of the outstanding shares of Synthorx for $68 per share. The transaction was unanimously approved by both the Sanofi and Synthorx Boards of Directors. On December 23, 2019, Sanofi launched a public tender offer to acquire all of the outstanding ordinary shares of Synthorx for $68 per share in cash, without interest and net of any applicable withholding taxes. The acquisition of Synthorx was completed on January 23, 2020, with Sanofi holding the entire share capital of Synthorx upon expiration of the squeeze-out procedure. The final purchase price allocation, as presented in the table below, led to the recognition of goodwill of €930 million: (€ 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 The other intangible assets mainly comprise THOR-707, a molecule currently in Phase I clinical trials that stimulates T lymphocytes, and as such has potential as a cancer immunotherapy. Goodwill represents (i) the pipeline of future products in pre-clinical research and development; (ii) the capacity to draw on a specialized structure to refresh the existing product portfolio; (iii) the competencies of Synthorx staff; (iv) benefits derived from the creation of new growth platforms; and (v) expected future synergies and other benefits from the combination of Synthorx and Sanofi. The goodwill generated on this acquisition did not give rise to any deduction for income tax purposes. No material adjustment was required on completion of the final purchase price allocation. Transaction related to the equity-accounted investment in Regeneron From the beginning of April 2014, Sanofi accounted for its investment in Regeneron using the equity method. As from that date, in accordance with the Investor Agreement as amended in early 2014, Sanofi had the right to designate a member of the Regeneron Board of Directors. On May 29, 2020, Sanofi closed the transaction announced on May 25, 2020 involving the sale of its equity investment in Regeneron (with the exception of 400,000 shares), through (i) a registered public offering in the United States and internationally and (ii) a share repurchase by Regeneron. Sanofi divested 13 million shares of Regeneron common stock (of which 10.6 million were sold by Sanofi) through the public offering at a price of $515 per share, raising a total amount of $6,703 million; and Regeneron repurchased 9.8 million of its own shares of common stock directly from Sanofi for $5,000 million, at the offer price less a subscription discount ($509.85 per share). The total sale proceeds (before transaction-related costs) amounted to €10,575 million. At the same time, Sanofi as a result of this transaction lost the right to designate a member of the Regeneron Board of Directors under the amended Investor Agreement. Finally, as of May 29, 2020 Sanofi retained ownership of 400,000 Regeneron shares in order to continue to partially fund its commitments to invest in the development programs for cemiplimab (REGN2810) and dupilumab, in line with the 2018 Letter Agreement under which Sanofi is permitted to sell up to 1.4 million shares through the end of 2020. As of December 31, 2021, Sanofi had sold 779,320 Regeneron shares under that agreement. The number of Regeneron shares retained by Sanofi is 279,766 as of December 31, 2021 (see Note C.1.). Sanofi’s equity investment in Regeneron was accounted for by the equity method until May 29, 2020. As of that date, the carrying amount of the investment was €3,668 million; that amount was reversed out on closing of the transaction. Before tax effects, the gain on the divestment amounted to €7,382 million, including (i) a gain of €318 million arising on the currency translation reserve associated with Regeneron, which was taken to profit or loss in accordance with IAS 21; (ii) the deduction of transaction-related costs of €64 million; and (iii) a gain of €157 million on the remeasurement of the 400,000 retained shares at their quoted market price as of May 29, 2020 ($612.81). In accordance with IFRS 9 (Financial Instruments), the retained shares were classified in the “Equity instruments at fair value through other comprehensive income” category on the transaction date, at a value of €221 million (see Note D.7.). The tax charge arising on the transaction was €502 million. Given the material impact of this transaction, and to facilitate users’ understanding of the financial statements, the pre-tax gain on this transaction is presented as a separate line item in the consolidated income statement, Gain on Regeneron investment arising from the transaction of May 29, 2020 . The net cash inflow from the transaction was €10,370 million, which (for the reason cited above) is presented as a separate line item in the consolidated statement of cash flows, Net proceeds from sale of Regeneron shares on May 29, 2020. Sale of Seprafilm ® On November 27, 2019, Sanofi entered into a definitive agreement to sell Seprafilm ® to Baxter. The sale was completed on February 14, 2020. Sanofi recognized a pre-tax gain of €129 million. The impact of this sale, reflected in the line item Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax within the consolidated statement of cash flows, was a net cash inflow before tax of €311 million. D.2.2. Principal changes in the scope of consolidation in 2019 The impacts of the acquisitions carried out in 2019 were not material to the Sanofi consolidated financial statements, and Sanofi did not divest any material operations or companies during the year. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment D.3.1. Property, plant and equipment owned Property, plant and equipment owned by Sanofi is comprised of the following items: (€ million) Land Buildings Machinery Fixtures, Property, plant Total Gross value at January 1, 2019 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 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 Accumulated depreciation & impairment at January 1, 2019 (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) 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) Carrying amount at December 31, 2019 244 3,217 3,393 603 2,260 9,717 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 (a) This line mainly comprises property, plant and equipment in process brought into service during the period, but also includes the effect of the reclassification of assets to Assets held for sale or exchange, and for 2019 the reclassification of assets held under finance leases to Right-of-use assets on first-time application of IFRS 16. The table below sets forth acquisitions and capitalized interest by operating segment for the years ended December 31, 2021, 2020 and 2019: (€ million) 2021 2020 2019 Acquisitions 1,504 1,310 1,261 Pharmaceuticals 1,007 831 846 Industrial facilities 534 634 682 Research sites 277 152 87 Other 199 45 77 Vaccines 421 384 405 Consumer Healthcare 73 95 10 Capitalized interest 14 11 14 Off balance sheet commitments relating to property, plant and equipment as of December 31, 2021, 2020 and 2019 are set forth below: (€ million) 2021 2020 2019 Firm orders of property, plant and equipment 769 708 398 Property, plant and equipment pledged as security for liabilities 9 — 107 The table below sets forth the net impairment losses recognized in each of the last three financial periods: (€ million) 2021 2020 2019 Net impairment losses on property, plant and equipment 39 43 98 D.3.2. Property, plant and equipment leased – right-of-use assets Right-of-use assets relating to property, plant and equipment leased by Sanofi are analyzed in the table below: (€ million) Right-of-use assets Gross value at January 1, 2019 1,439 Acquisitions and other increases 157 Disposals and other decreases (31) Currency translation differences 18 Gross value at December 31, 2019 1,583 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 Accumulated depreciation & impairment at January 1, 2019 (8) Depreciation and amortization expense (282) Disposals and other decreases 7 Accumulated depreciation & impairment at December 31, 2019 (283) Depreciation and amortization expense (299) Disposals and other decreases 44 Currency translation differences 22 Transfers (a) 3 Accumulated depreciation & impairment at December 31, 2020 (513) Depreciation and amortization expense (315) Disposals and other decreases 40 Currency translation differences (15) Transfers (a) 6 Accumulated depreciation & impairment at December 31, 2021 (797) Carrying amount at December 31, 2019 1,300 Carrying amount at December 31, 2020 1,198 Carrying amount at December 31, 2021 1,948 (a) This line also includes the effect of the reclassification of assets to "Assets held for sale or exchange". (b) In December 2018, Sanofi signed two leases on real estate assets in the United States (at Cambridge, Massachusetts) for an initial lease term of 15 years. The first lease, relating to office space, began in April 2021; Sanofi recognized a right-of-use asset of €320 million, as well as the lease liability. The second lease, relating to laboratory facilities, began on July 1, 2021; Sanofi recognized a right-of-use asset of €424 million, as well as the lease liability. Leased assets are mainly comprised of office and industrial premises (95%) and the vehicle fleet (5%) as of December 31, 2021. Annual lease costs on short term leases and low value asset leases amounted to €25 million in the year ended December 31, 2021, €27 million in the year ended December 31, 2020, and €50 million in the year ended December 31, 2019. Variable lease payments, sub-leasing activities, and sale-and-leaseback transactions were immaterial. Total cash outflows on leases (excluding annual lease costs on short term leases and low value asset leases) amounted to €302 million in the year ended December 31, 2021, €269 million in the year ended December 31, 2020, and €302 million in the year ended December 31, 2019. A maturity analysis of the lease liability is disclosed in Note D.17.2. Commitments related to short-term leases and low value asset leases, including future payments for lease contracts committed but not yet commenced, are disclosed in Note D.21. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets Movements in goodwill comprise: (€ million) Goodwill Balance at January 1, 2019 44,235 Acquisitions during the period — Other movements during the period (a) (244) Currency translation differences 528 Balance at December 31, 2019 44,519 Acquisitions during the period 1,843 Other movements during the period (a) (75) Currency translation differences (1,923) Balance at December 31, 2020 44,364 Acquisitions during the period 2,179 Other movements during the period (a) (89) Currency translation differences 1,602 Balance at December 31, 2021 48,056 (a) This line includes the amount of goodwill allocated to divested operations in accordance with paragraph 86 of IAS 36. Acquisition of Translate Bio (2021) The provisional purchase price allocation for Translate Bio resulted in the recognition of intangible assets (other than goodwill) of €396 million as of the acquisition date (September 14, 2021), and of goodwill provisionally measured at €2,179 million as of the acquisition date (see Note D.1.). Acquisition of Principia (2020) The final purchase price allocation for Principia resulted in the recognition of intangible assets (other than goodwill) of €2,534 million as of the acquisition date (September 28, 2020), and of goodwill measured at €912 million as of the acquisition date (see Note D.2.1.). Acquisition of Synthorx (2020) The final purchase price allocation for Synthorx resulted in the recognition of intangible assets (other than goodwill) totaling €1,549 million as of the acquisition date (January 23, 2020), and of goodwill measured at €930 million as of the acquisition date (see Note D.2.1.). Movements in other intangible assets comprise: (€ million) Acquired R&D Products, Software Total other Gross Value at January 1, 2019 (a) 7,422 61,800 1,504 70,726 Acquisitions and other increases (a) 272 19 155 446 Disposals and other decreases (236) (569) (50) (855) Currency translation differences (a) 86 889 9 984 Transfers (b) (1,814) 1,814 (5) (5) Gross value at December 31, 2019 (a) 5,730 63,953 1,613 71,296 Changes in scope of consolidation (c) 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 Accumulated amortization & impairment at January 1, 2019 (a) (2,678) (45,228) (971) (48,877) Amortization expense (a) — (2,167) (127) (2,294) Impairment losses, net of reversals (d) (847) (2,757) (23) (3,627) Disposals and other decreases 158 488 51 697 Currency translation differences (31) (648) (8) (687) Transfers (b) 2 (2) 1 1 Accumulated amortization & impairment at December 31, 2019 (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) Carrying amount at December 31, 2019 2,334 13,639 536 16,509 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). (b) The “Transfers” line mainly relates to acquired R&D that came into commercial use during the period and is being amortized from that date. (c) The "Changes in scope of consolidation" line corresponds to the fair value of intangible assets recognized in connection with acquisitions made during the period (see Notes D.1. and D.2.1.). (d) See Note D.5. “Products, trademarks and other rights” mainly comprise: • “marketed products”, with a carrying amount of €11.7 billion as of December 31, 2021 (versus €11.4 billion as of December 31, 2020 and €13.3 billion as of December 31, 2019) and a weighted average amortization period of approximately 10 years; • “technological platforms”, with a carrying amount of €1.2 billion as of December 31, 2021 (versus €0.2 billion as of December 31, 2020 and €0.2 billion as of December 31, 2019) and a weighted average amortization period of approximately 18 years; and • “trademarks”, with a carrying amount of €0.1 billion as of December 31, 2021 (versus €0.1 billion as of December 31, 2020 and €0.1 billion as of December 31, 2019) and a weighted average amortization period of approximately 13 years. The table below provides information about the principal “marketed products”, which were recognized in connection with major acquisitions made by Sanofi and represented 92% of the carrying amount of that item as of December 31, 2021: (€ million) Gross Accumulated Carrying amount at December 31, 2021 Amortization period (years) (a) Residual amortization period (years) (b) Carrying amount at December 31, 2020 Carrying amount at December 31, 2019 Genzyme 10,177 (9,145) 1,032 10 3 1,485 2,095 Boehringer Ingelheim 3,647 (1,434) 2,213 17 13 2,489 2,699 Aventis 33,687 (33,614) 73 9 8 110 219 Chattem 1,280 (687) 593 23 12 602 711 Protein Sciences 806 (274) 532 13 9 554 667 Ablynx 1,966 (472) 1,494 14 11 1,861 2,029 Bioverativ 6,841 (3,776) 3,065 13 10 3,240 3,788 Kadmon 1,771 (21) 1,750 12 12 — — Total: principal marketed products 60,175 (49,423) 10,752 10,341 12,208 (a) Weighted averages. The amortization periods for these products vary between 1 and 25 years. (b) Weighted averages. Acquisitions of other intangible assets (excluding software) during 2021 amounted to €498 million. Transfers during 2021 include the Translate Bio mRNA technological platform, which was brought into service during the period. During 2020, some of the acquired research and development came into commercial use, and started being amortized from the date of marketing approval; the main items involved were Sarclisa ® , indicated for the treatment of relapsed refractory multiple myeloma, and the meningococcal vaccine MenQuadfi ® . During 2019, some of the acquired research and development came into commercial use, and started being amortized from the date of marketing approval; the item involved was the acquired thrombotic thrombocytopenic purpura (aTTP) treatment Cablivi ® . Amortization of other intangible assets is recognized in the income statement within the line item Amortization of intangible assets , except for amortization of software and other rights of an industrial or operational nature which is recognized in the relevant classification of expense by function. An analysis of amortization of software is shown in the table below: (€ million) 2021 2020 (a) 2019 (a) Cost of sales 18 19 11 Research and development expenses 3 2 3 Selling and general expenses 98 87 107 Other operating expenses — 4 6 Total 119 112 127 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). |
Impairment of intangible assets
Impairment of intangible assets and property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Of Assets [Abstract] | |
Impairment of intangible assets and property, plant and equipment | Impairment of intangible assets and property, plant and equipment Goodwill In accordance with IAS 36, goodwill is allocated to groups of cash generating units (CGUs) at a level corresponding to the Pharmaceuticals, Consumer Healthcare and Vaccines segments. When testing goodwill annually for impairment, the recoverable amount is determined for each segment on the basis of value in use, determined using discounted estimates of the future cash flows in accordance with the policies described in Note B.6.1. The allocation of goodwill as of December 31, 2021 is shown below: (€ million) Pharmaceuticals Consumer Healthcare Vaccines Total Goodwill 37,902 6,567 3,587 48,056 The value in use of each segment was determined by applying an after-tax discount rate to estimated future after-tax cash flows. A separate discount rate is used for each segment to reflect the specific economic conditions of that segment. The rates used for impairment testing in 2021 were 7.25% for the Pharmaceuticals segment, 7.00% for the Consumer Healthcare segment and 7.25% for the Vaccines segment; an identical value in use for Sanofi as a whole would be obtained by applying a uniform 7.2% rate to all three segments. The pre-tax discount rates applied to estimated pre-tax cash flows are calculated by iteration from the previously-determined value in use. Those pre-tax discount rates were 9.5% for the Pharmaceuticals segment, 9.1% for the Consumer Healthcare segment and 9.9% for the Vaccines segment, and equate to a uniform rate of 9.6% for Sanofi as a whole. The assumptions used in testing goodwill for impairment are reviewed annually. Apart from the discount rate, the principal assumptions used in 2021 were as follows: • the perpetual growth rates applied to future cash flows were zero for the Pharmaceuticals and Vaccines segments, and 1% for the Consumer Healthcare segment; • Sanofi also applies assumptions on the probability of success of current research and development projects, and more generally on its ability to renew the product portfolio in the longer term. Value in use (determined as described above) is compared with the carrying amount, and this comparison is then subjected to sensitivity analyses by reference to the principal parameters, including: • changes in the discount rate; • changes in the perpetual growth rate; and • fluctuations in operating margin. No impairment of goodwill would need to be recognized in the event of a reasonably possible change in the assumptions used in 2021. A value in use calculation for each of the segments would not result in an impairment loss using: • a discount rate up to 4.1 percentage points above the rates actually used; or • a perpetual growth rate up to 15.3 percentage points below the rates actually used; or • an operating margin up to 8.8 percentage points below the rates actually used. No impairment losses were recognized against goodwill in the years ended December 31, 2021, 2020 or 2019. Other intangible assets When there is evidence that an asset may have become impaired, the asset’s value in use is calculated by applying an after-tax discount rate to the estimated future after-tax cash flows from that asset. For the purposes of impairment testing, the tax cash flows relating to the asset are determined using a notional tax rate incorporating the notional tax benefit that would result from amortizing the asset if its value in use were regarded as its depreciable amount for tax purposes. Applying after-tax discount rates to after-tax cash flows gives the same values in use as would be obtained by applying pre-tax discount rates to pre-tax cash flows. The after-tax discount rates used in 2021 for impairment testing of other intangible assets in the Pharmaceuticals, Consumer Healthcare and Vaccines segments were obtained by adjusting Sanofi’s weighted average cost of capital to reflect specific country and business risks, giving after-tax discount rates in a range from 7.25% to 8.25%. In most instances, there are no market data that would enable fair value less costs to sell to be determined other than by means of developing a similar estimate based on future cash flows. Consequently, recoverable amount is in substance equal to value in use. The estimates used to determine value in use are sensitive to assumptions specific to the nature of the asset and to Sanofi's activities. Apart from the discount rate, the principal assumptions used in 2021 were as follows: • mid-term and long-term sales forecasts; • perpetual growth or attrition rates, when applicable; and • probability of success of current research and development projects. The assumptions used in testing intangible assets for impairment are reviewed at least annually. In 2021, 2020 and 2019, impairment testing of other intangible assets (excluding software) resulted in the recognition of net impairment losses as shown below: (€ million) 2021 2020 2019 Impairment of other intangible assets (excluding software) 192 330 3,604 Marketed products 42 2 2,757 Pharmaceuticals (a) 1 2 2,405 Consumer Healthcare (b) 41 — 352 Research and development projects (c) 150 328 847 (a) Impairment losses recognized in the year ended December 31, 2019 include €2,236 million on products in the Eloctate ® franchise and €163 million on the marketed product Lemtrada ® . (b) The impairment loss of €352 million recognized in the year ended December 31, 2019 related to Zantac ® . (c) For 2021, this line relates to the discontinuation of the development of sutimlimab in the treatment of Immune Thrombocytopenic Purpura (ITP), and to the termination of various research projects in Vaccines. For 2020, this line mainly comprises impairment losses taken against R&D programs within the Specialty Care GBU, and the discontinuation of certain R&D programs and collaboration agreements in Diabetes. For 2019, it relates mainly to (i) the allocation of the impairment loss recognized for the Eloctate ® franchise to the BIVV001 project (see (a) above), and (ii) the termination of the development program for sotagliflozin (€275 million). Property, plant and equipment Impairment losses taken against property, plant and equipment are disclosed in Note D.3. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Investments accounted for using the equity method | Investments accounted for using the equity method Investments accounted for using the equity method comprise associates and joint ventures (see Note B.1.), and are set forth below. (€ million) % interest 2021 2020 2019 Regeneron Pharmaceuticals, Inc. (a) — — — 3,342 Infraserv GmbH & Co. Höchst KG (b) 31.2 80 72 70 MSP Vaccine Company (c) 50.0 88 44 36 Entities and companies managed by Bristol-Myers Squibb (d) 100.0 — — 37 Other investments — 82 85 106 Total 250 201 3,591 (a) Following the transaction of May 29, 2020 as described in Note D.2.1. above, which resulted in the divestment of 22.8 million Regeneron shares, Sanofi no longer exercises significant influence over Regeneron. As of that date, Sanofi retained 0.4 million Regeneron shares, classified in the “Equity instruments at fair value through other comprehensive income” category (see Note D.7.1.). As of December 31, 2021, Sanofi h eld 279,766 Regeneron shares. (b) Joint venture. (c) Joint venture. MSP Vaccine Company owns 100% of MCM Vaccine B.V. (d) On February 28, 2020, Sanofi acquired from Bristol-Myers Squibb the remaining 50.1% equity interest not yet held by Sanofi in the three partnerships that organize the commercialization of Plavix ® in the United States and Puerto Rico, for a total consideration of $12 million. The acquisition was accounted for in accordance with IFRS 3 (Business Combinations). The table below shows Sanofi’s overall share of (i) profit or loss and (ii) other comprehensive income from investments accounted for using the equity method, showing the split between associates and joint ventures in accordance with IFRS 12 (the amounts for each individual associate or joint venture are not material): 2021 2020 2019 (€ million) Joint ventures Associates Joint ventures Associates Joint ventures Associates Share of profit/(loss) from investments accounted for using the equity method 26 13 4 355 (a) 15 240 Share of other comprehensive income from investments accounted for using the equity method (6) — 8 (311) (7) 90 Total 20 13 12 44 8 330 (a) Includes €343 million for Sanofi's share of the net income of Regeneron up to and including May 29, 2020 (see Note D.2.1.). The financial statements include arm’s length commercial transactions between Sanofi and some equity-accounted investments that are classified as related parties. The principal transactions and balances with related parties are summarized below: (€ million) 2021 2020 2019 Sales 70 75 24 Royalties and other income (a) 66 97 270 Accounts receivable and other receivables 116 50 151 Purchases and other expenses (including research expenses) (a) 178 747 1,334 Accounts payable and other payables 28 15 342 (a) For 2020, these amounts include transactions between Sanofi and Regeneron for the period from January 1 through May 29, 2020. The table above does not include the repurchase by Regeneron of its own shares from Sanofi (see Note D.2.1.). There were no funding commitments to associates and joint ventures as of December 31, 2021 and in December 31, 2020, compared with €67 million as of December 31, 2019. For off balance sheet commitments of an operational nature involving joint ventures, see Note D.21.1. Regeneron As mentioned in Note D.2.1., as a result of the sale of 22.8 million shares of Regeneron common stock on May 29, 2020, Sanofi ceased to exercise significant influence over Regeneron, and this investment is no longer accounted for using the equity method. Key items from the 2019 consolidated financial statements of Regeneron, after adjustments to comply with IFRS (including those required to align on elective accounting treatments adopted by Sanofi) but before fair value remeasurements, are set forth below: (€ million) 2019 Net sales and other revenues 7,023 Net income 1,882 Other comprehensive income for the period, net of taxes 113 Comprehensive income 1,995 (€ million) December 31, 2019 Current assets 6,858 Non-current assets 6,627 Total assets 13,485 Current liabilities 1,870 Non-current liabilities 925 Total liabilities 2,795 Consolidated shareholders’ equity of Regeneron 10,690 The table below shows a reconciliation to the carrying amount of the investment: (€ million) December 31, 2019 % interest 21 % Share of equity attributable to Sanofi 2,263 Goodwill 839 Fair value remeasurements of assets and liabilities at the acquisition date 811 Other items (a) (571) Carrying amount of the investment in Regeneron 3,342 (a) Mainly comprises the difference arising from Sanofi’s share of the accumulated profits and losses and other changes in the net assets of Regeneron for the periods prior to first-time application of the equity method, and thereafter (i) Sanofi’s share of the stock option expense recognized against equity in the books of Regeneron, and of the deferred taxes recognized against equity in respect of that expense in accordance with IAS 12 paragraph 68.C. and (ii) the effects of the elimination of internal profits between Sanofi and Regeneron. The market value of Sanofi’s investment in Regeneron as of December 31, 2019, based on the quoted stock market price per share in US dollars, is shown below: 2019 Quoted stock market price per share ($) 375.48 Market value of investment in Regeneron ($ million) 8,767 Market value of investment in Regeneron (€ million) 7,820 |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current assets | Other non-current assets Other non-current assets comprise: (€ million) 2021 2020 2019 Equity instruments at fair value through other comprehensive income (D.7.1.) 823 588 380 Debt instruments at fair value through other comprehensive income (D.7.2.) 447 426 403 Other financial assets at fair value through profit or loss (D.7.3.) 902 890 892 Pre-funded pension obligations (Note D.19.1.) 408 177 155 Long-term prepaid expenses 59 92 115 Long-term loans and advances and other non-current receivables 485 537 521 Derivative financial instruments (Note D.20.) 3 24 37 Total 3,127 2,734 2,503 D.7.1. Equity instruments at fair value through other comprehensive income Quoted equity investments The line “Equity instruments at fair value through other comprehensive income” includes equity investments quoted in an active market with a carrying amount of €396 million as of December 31, 2021, €439 million as of December 31, 2020 and €114 million as of December 31, 2019. The main change in the quoted equity investments included in the “Equity instruments at fair value through other comprehensive income” category during the year ended December 31, 2021 is described below: • following finalization of the acquisition of Translate Bio on September 14, 2021 (see Note D.1.), the equity interest of approximately 5% in Translate Bio previously held by Sanofi is no longer accounted for as an equity instrument at fair value through other comprehensive income. The main changes in the quoted equity investments included in the “Equity instruments at fair value through other comprehensive income” category during the year ended December 31, 2020 are described below: • as mentioned in Note D.2.1., following the sale of 22.8 million shares of Regeneron common stock on May 29, 2020, Sanofi ceased to exercise significant influence over Regeneron, and this investment is no longer 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, with a carrying amount of €74 million as of December 31, 2020 and representing 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” . The main changes in the quoted equity investments included in the “Equity instruments at fair value through other comprehensive income” category during the year ended December 31, 2019 are described below: • on May 2, 2019, further to the announcement on April 8, 2019 of amendments to the terms of the agreement governing Sanofi’s equity interest in Alnylam, Sanofi divested its entire holding of 10.6 million Alnylam shares, representing approximately 10% of Alnylam's equity capital. Proceeds from the divestment amounted to €706 million, net of taxes. The loss on the divestment was recognized in full in Other comprehensive income ; • the entire equity interest held by Sanofi in MyoKardia, Inc. was divested during the first half of 2019. Proceeds from the divestment amounted to €118 million, net of taxes. The gain arising on the divestment was recognized in full in Other comprehensive income ; • following the restructuring of Onduo LLC, finalized November 11, 2019, Sanofi received from Onduo a dividend in the form of DexCom shares valued at $122 million. A 10% decline in stock prices of the quoted equity investments included within “Equity instruments at fair value through other comprehensive income” would have had a pre-tax impact of €(40) million on Other comprehensive income as of December 31, 2021. Unquoted equity investments The line item “Equity instruments at fair value through other comprehensive income” also includes equity investments not quoted in an active market with a carrying amount of €427 million as of December 31, 2021, €149 million as of December 31, 2020 and €266 million as of December 31, 2019. The main change in the unquoted equity investments included in the “Equity instruments at fair value through other comprehensive income” category during the year ended December 31, 2021 is described below: • on November 18, 2021, Sanofi announced an investment of $180 million (representing an equity interest of 14%) in the French start-up Okwin, under the terms of the strategic agreement signed by the two companies. D.7.2. Debt instruments at fair value through other comprehensive income The “Debt instruments at fair value through other comprehensive income” category includes quoted euro-denominated senior bonds amounting to €447 million as of December 31, 2021, including €152 million of securities obtained in exchange for financial assets held to meet obligations to employees under post-employment benefit plans. Sanofi held €426 million of quoted senior bonds as of December 31, 2020 and €403 million as of December 31, 2019. As regards debt instruments held to meet obligations to employees under post-employment benefit plans, an increase of 10 basis points in market interest rates as of December 31, 2021 would have had a pre-tax impact of €2 million on Other comprehensive income . As regards other quoted debt instruments, an increase of 10 basis points in market interest rates as of December 31, 2021 would have had a pre-tax impact of €1 million on Other comprehensive income . Other comprehensive income recognized in respect of “Equity instruments at fair value through other comprehensive income” and “Debt instruments at fair value through other comprehensive income” represented unrealized after-tax gains of €322 million for the year ended December 31, 2021, versus unrealized after-tax gains of €200 million for the year ended December 31, 2020 and unrealized after-tax losses of €80 million for the year ended December 31, 2019. An analysis of the change in gains and losses recognized in Other comprehensive income , and of items reclassified to profit or loss, is presented in Note D.15.7. D.7.3. Other financial assets at fair value through profit or loss The “Other financial assets at fair value through profit or loss” category includes: • contingent consideration receivable by Sanofi following the dissolution of the Sanofi Pasteur MSD (SPMSD) joint venture, based on a percentage of MSD’s future sales during the 2017-2024 period of specified products previously distributed by SPMSD (see Note D.12.). The fair value of the MSD contingent consideration was determined by applying the royalty percentage stipulated in the contract to discounted sales projections. A reduction of one percentage point in the discount rate would increase the fair value of the MSD contingent consideration by approximately 2%. Changes in the fair value of this contingent consideration are recognized in the income statement within the line item Fair value remeasurement of contingent consideration (see Note B.18.). As of December 31, 2021, the contingent consideration asset amounted to €378 million (including a non-current portion of €275 million), versus €483 million (non-current portion: €374 million) as of December 31, 2020 and €492 million as of December 31, 2019; • a portfolio of financial investments (amounting to €549 million as of December 31, 2021) held to fund a deferred compensation plan provided to certain employees (versus €453 million as of December 31, 2020 and €442 million as of December 31, 2019); • unquoted securities not meeting the definition of equity instruments amounting to €78 million as of December 31, 2021 (versus €63 million as of December 31, 2020 and €52 million as of December 31, 2019). |
Assets held for sale or exchang
Assets held for sale or exchange and liabilities related to assets held for sale or exchange | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Assets held for sale or exchange and liabilities related to assets held for sale or exchange | Assets held for sale or exchange and liabilities related to assets held for sale or exchange Assets held for sale or exchange, and liabilities related to assets held for sale or exchange, comprise: (€ million) December 31, 2021 December 31, 2020 December 31, 2019 Assets held for sale or exchange 89 83 325 Liabilities related to assets held for sale or exchange — 32 6 As of December 31, 2021, assets held for sale mainly related to the divestment of a listed equity investment in the United States that remains subject to customary closing conditions, including regulatory clearances. As of December 31, 2020, assets held for sale mainly related to the planned divestment of an industrial facility in North America. As of December 31, 2019, assets held for sale mainly comprised assets associated with the sale of Seprafilm ® , which was completed in the first half of 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Inventories | Inventories Inventories comprise the following: 2021 2020 2019 (€ million) Gross Allowances Carrying Gross Allowances Carrying Gross Allowances Carrying Raw materials 1,344 (66) 1,278 1,051 (76) 975 1,163 (76) 1,087 Work in process 5,579 (554) 5,025 5,398 (542) 4,856 5,104 (582) 4,522 Finished goods 2,696 (284) 2,412 2,739 (218) 2,521 2,629 (244) 2,385 Total 9,619 (904) 8,715 9,188 (836) 8,352 8,896 (902) 7,994 Allowances include write-downs of products on hand pending marketing approval, except in specific circumstances where it is possible to estimate that recovery of the value of inventories as of the end of the reporting period is highly probable. Inventories pledged as security for liabilities amounted to €20 million as of December 31, 2021 (versus €17 million as of December 31, 2020 and €15 million as of December 31, 2019). |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts receivable | Accounts receivable Accounts receivable break down as follows: (€ million) December 31, 2021 December 31, 2020 December 31, 2019 Gross value 7,705 7,633 8,090 Allowances (137) (142) (153) Carrying amount 7,568 7,491 7,937 The impact of allowances against accounts receivable in 2021 was a net expense of €12 million (versus a net expense of €30 million in 2020 and a net gain of €5 million in 2019). The gross value of overdue receivables was €455 million as of December 31, 2021, compared with €549 million as of December 31, 2020 and €642 million as of December 31, 2019. 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, 2021 455 169 151 67 12 56 December 31, 2020 549 271 97 52 34 95 December 31, 2019 642 269 171 61 36 105 Amounts overdue by more than one month relate mainly to public-sector customers. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets | Other current assets An analysis of Other current assets is set forth below: (€ million) 2021 2020 2019 Tax receivables, other than corporate income taxes 802 687 603 Prepaid expenses 615 525 493 Other receivables (a) 805 567 735 Interest rate derivatives measured at fair value (see Note D.20.) 11 — 4 Currency derivatives measured at fair value (see Note D.20.) 284 58 184 Other current financial assets (b) 1,054 900 426 Total 3,571 2,737 2,445 (a) This line mainly comprises advance payments to suppliers. (b) This line includes debt instruments derived from the 2021 acquisitions of Translate Bio and Kadmon, which had a maturity of more than three months at inception and of less than 12 months as of December 31, 2021; it also includes bank loans and receivables falling due within less than one year with high-grade counterparties. For 2019, this line includes an amount of $315 million deposited by Sanofi in an escrow account and released in March 2020 following the signature of an agreement to settle the CVR litigation with the trustee. |
Financial assets and liabilitie
Financial assets and liabilities measured at fair value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Financial assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value Under IFRS 7 (Financial Instruments: Disclosures), fair value measurements must be classified using a fair value hierarchy with the following levels: • level 1: quoted prices in active markets for identical assets or liabilities (without modification or repackaging); • level 2: quoted prices in active markets for similar assets and liabilities, or valuation techniques in which all important inputs are derived from observable market data; • level 3: valuation techniques in which not all important inputs are derived from observable market data. The valuation techniques used are described in Note B.8.5. The table below shows the balance sheet amounts of assets and liabilities measured at fair value. 2021 2020 2019 Level in the fair value hierarchy Level in the fair value Level in the fair value (€ 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. 396 — — 439 — — 114 — — Unquoted equity investments D.7.1. — — 427 — — 149 — — 290 Quoted debt securities D.7.2. 447 — — 426 — — 403 — — Unquoted debt securities not meeting the definition of equity instruments D.7.3. — — 78 — — 63 — — 52 Contingent consideration relating to divestments D.7.3. — — 378 — — 483 — — 492 Financial assets held to meet obligations under deferred compensation plans D.7.3. and D.11. 549 — — 454 — — 442 — — Non-current derivatives D.7. — 3 — — 24 — — 37 — Current derivatives D.11. — 295 — — 58 — — 188 — Mutual fund investments D.13. 5,057 — — 8,703 — — 5,304 — — Total financial assets measured at fair value 6,449 298 883 10,022 82 695 6,263 225 834 Financial liabilities measured at fair value Bayer contingent purchase consideration arising from the acquisition of Genzyme D.18. — — 59 — — 104 — — 156 MSD contingent consideration (European vaccines business) D.18. — — 269 — — 312 — — 385 Shire contingent consideration arising from the acquisition of Translate Bio D.18. — — 354 — — — — — — Other contingent consideration arising from business combinations and acquisitions D.18. — — 32 — — 189 — — 259 Non-current derivatives D.19. — 6 — — 92 — — 10 — Current derivatives D.19.5 — 79 — — 205 — — 89 — Total financial liabilities measured at fair value — 85 714 — 297 605 — 99 800 No transfers between the different levels of the fair value hierarchy occurred during 2021. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents (€ million) 2021 2020 2019 Cash 1,358 1,144 701 Cash equivalents (a) 8,740 12,771 8,726 Cash and cash equivalents 10,098 13,915 9,427 (a) As of December 31, 2021, cash equivalents mainly comprised the following: (i) €5,057 million invested in euro and US dollar denominated money-market mutual funds (December 31, 2020: €8,703 million; December 31, 2019: €5,304 million); (ii) €2,768 million of term deposits (December 31, 2020: €3,259 million; December 31, 2019: €2,211 million) and (iii) €179 million in commercial paper (December 31, 2020: €74 million; December 31, 2019: €446 million). Cash equivalents also include €427 million held by captive insurance and reinsurance companies in accordance with insurance regulations (December 31, 2020: €425 million; December 31, 2019: €456 million). |
Net deferred tax position
Net deferred tax position | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Net deferred tax position | Net deferred tax position An analysis of the net deferred tax position is set forth below: (€ million) 2021 2020 (d) 2019 (d) Deferred taxes on: Consolidation adjustments (intragroup margin in inventory) 1,292 1,142 1,270 Provision for pensions and other employee benefits 1,117 1,156 1,268 Remeasurement of other acquired intangible assets (3,079) (a) (3,083) (2,656) Recognition of acquired property, plant and equipment at fair value (26) (27) (33) Equity interests in subsidiaries and investments in other entities (b) (590) (522) (421) Tax losses available for carry-forward 1,516 1,327 1,323 Stock options and other share-based payments 88 89 143 Accrued expenses and provisions deductible at the time of payment (c) 1,585 1,399 1,405 Other 1,078 925 798 Net deferred tax asset/(liability) 2,981 2,406 3,097 (a) As of December 31, 2021, includes remeasurements of the acquired intangible assets of Bioverativ (€977 million), Principia (€588 million), Genzyme (€261 million), and Synthorx (€335 million). (b) In some countries, Sanofi is liable for withholding taxes and other tax charges when dividends are distributed. Consequently, Sanofi recognizes a deferred tax liability on the reserves of French and foreign subsidiaries (approximately €52.9 billion) which it regards as likely to be distributed in the foreseeable future. In determining the amount of the deferred tax liability as of December 31, 2021, Sanofi took into account changes in the ownership structure of certain subsidiaries, and the effects of changes in the taxation of dividends in France, following the ruling of the Court of Justice of the European Union in the Steria case and the resulting amendments to the 2015 Finance Act. (c) Includes deferred tax assets related to restructuring provisions, amounting to €226 million as of December 31, 2021, €307 million as of December 31, 2020, and €259 million as of December 31, 2019. (d) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. The reserves of Sanofi subsidiaries that would be taxable if distributed but for which no distribution is planned, and for which no deferred tax liability has therefore been recognized, totaled €10 billion as of December 31, 2021, compared with €11.5 billion as of December 31, 2020 and €10.9 billion as of December 31, 2019. Most of Sanofi’s tax loss carry-forwards are available indefinitely. For a description of policies on the recognition of deferred tax assets, refer to Note B.22. For each tax consolidation, the recognition of deferred tax assets is determined on the basis of profit forecasts that are consistent with Sanofi’s medium-term strategic plan, and taking into consideration the tax consequences of the strategic opportunities available to Sanofi within the period of availability of tax loss carry-forwards and the specific circumstances of each tax consolidation. Deferred tax assets relating to tax loss carry-forwards as of December 31, 2021 amounted to €2,391 million, of which €875 million were not recognized (including €459 million in respect of capital losses). This compares with €1,658 million as of December 31, 2020 (of which €331 million were not recognized) and €1,640 million as of December 31, 2019 (of which €317 million were not recognized). The table below shows when tax losses available for carry-forward are due to expire: (€ million) Tax losses available for carry-forward (a) 2022 43 2023 8 2024 18 2025 56 2026 85 2027 and later 7,434 Total as of December 31, 2021 7,644 Total as of December 31, 2020 6,515 Total as of December 31, 2019 6,401 (a) Excluding tax loss carry-forwards on asset disposals. Such carry-forwards amounted to €5 million as of December 31, 2021, €6 million as of December 31, 2020 and €1 million as of December 31, 2019. Use of tax loss carry-forwards is limited to the entity in which they arose. In jurisdictions where tax consolidations are in place, tax losses can be netted against taxable income generated by entities in the same tax consolidation. Deferred tax assets not recognized (primarily because their future recovery was not regarded as probable given the expected results of the entities in question) amounted to €615 million in 2021, €346 million in 2020 and €340 million in 2019. |
Consolidated shareholders_ equi
Consolidated shareholders’ equity | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Consolidated shareholders' equity | Consolidated shareholders’ equity D.15.1. Share capital As of December 31, 2021, the share capital was €2,527,121,390 , consisting of 1,263,560,695 shares with a par value of €2. Treasury shares held by Sanofi are as follows: Number of shares (million) % of share capital for the period December 31, 2021 11.02 0.872 % December 31, 2020 8.28 0.658 % December 31, 2019 0.02 0.002 % January 1, 2019 1.94 0.156 % Treasury shares are deducted from shareholders’ equity. Gains and losses on disposals of treasury shares are recorded directly in equity and are not recognized in net income for the period. Movements in the share capital of the Sanofi parent company over the last three years are set forth below: Date Transaction Number of shares December 31, 2018 1,247,395,472 During 2019 Capital increase by exercise of stock subscription options (a) 2,745,853 During 2019 Capital increase by issuance of restricted shares (b) 3,704,786 December 31, 2019 1,253,846,111 During 2020 Capital increase by exercise of stock subscription options (a) 868,655 During 2020 Capital increase by issuance of restricted shares (b) 1,666,256 Board meeting of July 28, 2020 Capital increase reserved for employees 2,590,716 December 31, 2020 1,258,971,738 During 2021 Capital increase by exercise of stock subscription options (a) 190,076 During 2021 Capital increase by issuance of restricted shares (b) 1,836,179 Board meeting of July 28, 2021 Capital increase reserved for employees 2,562,702 December 31, 2021 1,263,560,695 (a) Shares issued on exercise of Sanofi stock subscription options. (b) Shares vesting under restricted share plans and issued in the period. For the disclosures about the management of capital required under IFRS 7, refer to Note B.27. D.15.2. Restricted share plans Restricted share plans are accounted for in accordance with the policies described in Note B.24.3. The principal characteristics of those plans are as follows: 2021 2020 2019 Type of plan Performance Performance Performance Performance Performance Date of Board meeting approving the plan April 30, 2021 October 27, 2021 April 28, 2020 October 28, 2020 April 30, 2019 Service period 3 years 3 years 3 years 3 years 3 years Total number of shares awarded 3,484,420 13,521 3,340,501 73,027 3,797,582 Of which with no market condition 2,209,901 — 2,536,893 — 3,797,582 Fair value per share awarded (€) (a) 77.27 — 82.36 — 67.90 Of which with market condition 1,274,519 13,521 803,608 73,027 — Fair value per share awarded (€) (b) 71.30 68.45 76.11 63.18 — Fair value of plan at the date of grant (€ million) 262 1 270 5 258 (a) Market price of Sanofi shares at the date of grant, adjusted for dividends expected during the vesting period. (b) Weighting between (i) fair value determined using the Monte Carlo model and (ii) market price of Sanofi shares at the date of grant, adjusted for dividends expected during the vesting period. The total expense recognized for all restricted share plans, and the number of restricted shares not yet fully vested, are shown in the table below: 2021 2020 2019 Total expense for restricted share plans (€ million) 193 222 247 Number of shares not yet fully vested 9,507,849 10,546,612 10,908,503 Under 2021 plans 3,364,895 — — Under 2020 plans 3,014,496 3,284,558 — Under 2019 plans 3,128,458 3,375,717 3,662,806 Under 2018 plans 3,886,337 4,117,795 Under 2017 plans — 3,127,902 D.15.3. Capital increases The characteristics of the employee share ownership plans awarded in the form of a capital increase reserved for employees in 2021 and 2020 are summarized in the table below; there were no capital increases reserved for employees in 2019. 2021 2020 Date of Board meeting approving the plan February 4, 2021 February 5, 2020 Subscription price (€) (a) 69.38 70.67 Subscription period June 7-25, 2021 June 8-26, 2020 Number of shares subscribed 2,438,590 2,467,101 Number of shares issued immediately as employer’s contribution 124,112 123,615 (a) Subscription price representing 80% of the average of the opening quoted market prices of Sanofi shares during the 20 trading days preceding June 3, 2021 and June 2, 2020, respectively. The table below sets forth the expense recognized for each plan: (€ million) 2021 2020 Expense recognized 51 52 of which employer’s contribution 11 11 D.15.4. Repurchase of Sanofi shares The Annual General Meetings of Sanofi shareholders held on April 30, 2021, April 28, 2020, April 30, 2019 and May 2, 2018 each authorized a share repurchase program for a period of 18 months. The following repurchases have been made under those programs: (in number of shares and € million) Year of authorization 2021 2020 2019 Number of shares Value Number of shares Value Number of shares Value 2021 program 2,765,388 242 — — — — 2020 program 1,758,569 140 5,685,426 461 — — 2019 program — — 3,982,939 361 — — 2018 program — — — — 147,793 12 D.15.5. Reductions in share capital There were no reductions in share capital during 2019, 2020 or 2021. D.15.6. Currency translation differences Currency translation differences comprise the following: (€ million) 2021 2020 (a) 2019 (a) Attributable to equity holders of Sanofi (865) (3,384) 632 Attributable to non-controlling interests (42) (55) (36) Total (907) (3,439) 596 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). The balance as of December 31, 2021 includes an after-tax amount of €(317) million relating to hedges of net investments in foreign operations (refer to Note B.8.3. for a description of the relevant accounting policy), versus €(136) million as of December 31, 2020 and €(260) million as of December 31, 2019. The movement in Currency translation differences is mainly attributable to the US dollar. D.15.7. Other comprehensive income Movements within other comprehensive income are shown below: (€ million) 2021 2020 (a) 2019 (a) Actuarial gains/(losses): • Actuarial gains/(losses) excluding investments accounted for using the equity method (see Note D.19.1.) 685 (266) (331) • Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes 1 (1) (5) • Tax effects (36) 45 149 Equity instruments included in financial assets and financial liabilities: • Change in fair value (excluding investments accounted for using the equity method) 154 358 30 • Change in fair value (investments accounted for using the equity method, net of taxes) — (14) 80 • Equity risk hedging instruments designated as fair value hedges 11 (24) (4) • Tax effects (18) (84) (48) Items not subsequently reclassifiable to profit or loss 797 14 (129) Debt instruments included in financial assets: • Change in fair value (excluding investments accounted for using the equity method) (b) (21) 15 28 • Change in fair value (investments accounted for using the equity method, net of taxes) — — — • Tax effects 5 (3) (5) Cash flow and fair value hedges: • Change in fair value (excluding investments accounted for using the equity method) (c) (6) 4 (13) • Change in fair value (investments accounted for using the equity method, net of taxes) — — — ▪ Tax effects 2 (2) 4 Change in currency translation differences: • Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) (b) 2,719 (3,870) 850 • Currency translation differences (investments accounted for using the equity method) (c) (6) 32 64 • Currency translation differences related to the investment in Regeneron and reclassified to profit or loss (d) — (318) — • Hedges of net investments in foreign operations (c) (254) 180 (163) • Tax effects (d) 71 (59) 48 Items subsequently reclassifiable to profit or loss 2,510 (4,021) 813 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. (b) Amounts reclassified to profit or loss: €4 million in 2021, €5 million in 2020, and immaterial in 2019. (c) Amounts reclassified to profit or loss: €12 million in 2021, €1 million in 2020 and €27 million in 2019. (d) Relates to the translation reserve arising on the investment in Regeneron, which was reclassified to profit or loss in accordance with IAS 21 (The Effects of Changes in Foreign Exchange Rates), of which €2 million (net of tax) related to hedges of net investments in foreign operations in 2020. D.15.8. Stock options Stock option plans awarded and measurement of stock option plans No stock options were awarded during 2021 or 2020. Stock options awarded in 2019 are summarized below, with the assumptions used to determine their fair value: 2019 Date of Board meeting approving the plan April 30, 2019 Total number of options granted 220,000 Exercise price (€) 76.71 Vesting period 4 years Plan expiry date April 30, 2029 Fair value of the plan (€ million) 2 Fair value per option granted (€) 7.80 Assumptions used to determine fair value Dividend yield 4.31 % Volatility of Sanofi shares, computed on a historical basis 22.48 % Risk-free interest rate 0.15 % Plan maturity 8 years The expense recognized through equity for stock option plans is immaterial. Stock subscription option plans Details of the terms of exercise of stock subscription options granted under the various plans are presented below in Sanofi share equivalents. These plans were awarded to certain corporate officers and employees of Sanofi companies. The table shows all Sanofi stock subscription option plans still outstanding or under which options were exercised in the year ended December 31, 2021: Source Date of grant Number of Start date of Expiry date Exercise Number of options outstanding as of 12/31/2021 Sanofi-aventis 03/09/2011 874,500 03/10/2015 03/09/2021 50.48 — Sanofi-aventis 03/05/2012 814,050 03/06/2016 03/05/2022 56.44 63,948 Sanofi 03/05/2013 788,725 03/06/2017 03/05/2023 72.19 355,230 Sanofi 03/05/2014 1,009,250 03/06/2018 03/05/2024 73.48 611,672 Sanofi 06/24/2015 435,000 06/25/2019 06/24/2025 89.38 339,964 Sanofi 05/04/2016 402,750 05/05/2020 05/04/2026 75.90 284,150 Sanofi 05/10/2017 378,040 05/11/2021 05/10/2027 88.97 294,220 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 76.71 220,000 Total 2,337,968 The exercise of all outstanding stock subscription options would increase shareholders’ equity by approximately €180 million. The exercise of each option results in the issuance of one share. Summary of stock option plans A summary of stock options outstanding at each balance sheet date, and of movements during the relevant periods, is presented below: Number of Weighted average Total Options outstanding at January 1, 2019 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 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 (a) Mainly due to the grantees leaving Sanofi. The table below provides summary information about options outstanding and exercisable as of December 31, 2021: Outstanding Exercisable Range of exercise prices per share Number of Weighted Weighted Number of Weighted From €50.00 to €60.00 per share 63,948 0.18 56.44 63,948 56.44 From €60.00 to €70.00 per share 168,784 6.34 65.84 — — From €70.00 to €80.00 per share 1,471,052 3.13 74.12 1,251,052 73.66 From €80.00 to €90.00 per share 634,184 4.35 89.19 634,184 89.19 Total 2,337,968 1,949,184 D.15.9. Number of shares used to compute diluted earnings per share Diluted earnings per share is computed using the number of shares outstanding plus stock options with dilutive effect and restricted shares. (million) 2021 2020 2019 Average number of shares outstanding 1,252.5 1,253.6 1,249.9 Adjustment for stock options with dilutive effect 0.3 0.4 0.8 Adjustment for restricted shares 5.1 6.1 6.4 Average number of shares used to compute diluted earnings per share 1,257.9 1,260.1 1,257.1 In 2021, 0.6 million stock options were not taken into account in computing diluted earnings per share because they had no dilutive effect, compared with 0.6 million in 2020 and 0.8 million in 2019. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Non-controlling interests | Non-controlling interestsNon-controlling interests did not represent a material component of Sanofi’s consolidated financial statements in the years ended December 31, 2021, 2020 and 2019 |
Debt, cash and cash equivalents
Debt, cash and cash equivalents and lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Debt, cash and cash equivalents and lease liabilities | Debt, cash and cash equivalents and lease liabilities D.17.1. Debt, cash and cash equivalents Changes in Sanofi's financial position during the period were as follows: (€ million) 2021 2020 2019 Long-term debt 17,123 19,745 20,131 Short-term debt and current portion of long-term debt 3,183 2,767 4,554 Interest rate and currency derivatives used to manage debt (56) 119 (117) Total debt 20,250 22,631 24,568 Cash and cash equivalents (10,098) (13,915) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents (169) 74 (34) Net debt (a) 9,983 8,790 15,107 (a) Net debt does not include lease liabilities, which amounted to €2,108 million as of December 31, 2021, €1,163 million as of December 31, 2020, and € 1,248 million as of December 31, 2019 (see the maturity analysis at Note D.17.2.). “Net debt” is a non-GAAP financial measure used by management and investors to measure Sanofi’s overall net indebtedness. Reconciliation of carrying amount to value on redemption Value on redemption (€ million) Carrying amount at December 31, 2021 Amortized Adjustment December 31, 2021 December 31, 2020 December 31, 2019 Long-term debt 17,123 58 (5) 17,176 19,794 20,180 Short-term debt and current portion 3,183 2 (2) 3,183 2,767 4,553 Interest rate and currency derivatives used to manage debt (56) – 11 (45) 142 (86) Total debt 20,250 60 4 20,314 22,703 24,647 Cash and cash equivalents (10,098) (10,098) (13,915) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents (169) (169) 74 (34) Net debt 9,983 60 4 10,047 8,862 15,186 a) Principal financing transactions during the year The table below shows the movement in total debt during the period: Cash flows from Non-cash items (€ million) December 31, 2020 Repayments New Other Currency translation differences (a) Reclassification 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 (a) These amounts include unrealized gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include (i) effects of changes in the scope of consolidation, amounting to €299 million; (ii) movements in accrued interest; and (iii) fair value remeasurements. Sanofi did not carry out any bond issues in 2021. Two bond issues were redeemed during 2021: • a March 2011 bond issue of $2 billion, which matured on March 29, 2021; and • a September 2015 bond issue of €500 million, repaid on June 22, 2021 in advance of the contractual maturity date. As of December 31, 2021 Sanofi had two syndicated credit facilities of €4 billion each available for the purposes of current operations, each of them linked to environmental and social indicators. The maturity of one facility was extended to December 4, 2022 following the exercise of an extension option in June 2021, and the maturity of the other was extended to December 7, 2026 following the exercise of an extension option in October 2021. Both facilities still have a one-year extension option. In line with Sanofi's commitment to embed sustainable development in the "Play to Win" strategy, the two revolving credit facilities build in an adjustment mechanism that links the credit spread to the attainment of two sustainable development performance indicators: Sanofi's contribution to polio eradication, and the reduction in Sanofi's carbon footprint. The tables below show the movement in total debt during prior periods: Cash flows from Non-cash items (€ million) December 31, 2019 Repayments New Other Currency translation differences (a) Reclassification 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 Cash flows from Non-cash items (€ million) December 31, 2018 Repayments New Other Currency translation differences (a) Reclassification Other items (b) 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 (a) These amounts include unrealized gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include movements in accrued interest and fair value remeasurements. b) Net debt by type, at value on redemption 2021 2020 2019 (€ million) Non- current Current Total Non- Current Total Non- Current Total Bond issues 17,118 2,828 19,946 19,698 2,280 21,978 20,128 4,079 24,207 Other bank borrowings 21 163 184 96 200 296 40 156 196 Other borrowings 37 3 40 – 2 2 13 12 25 Bank credit balances – 189 189 – 285 285 – 305 305 Interest rate and currency derivatives used to manage debt – (45) (45) 57 85 142 – (86) (86) Total debt 17,176 3,138 20,314 19,851 2,852 22,703 20,181 4,466 24,647 Cash and cash equivalents – (10,098) (10,098) – (13,915) (13,915) – (9,427) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents – (169) (169) 6 68 74 (6) (28) (34) Net debt (a) 17,176 (7,129) 10,047 19,857 (10,995) 8,862 20,175 (4,989) 15,186 (a) Net debt does not include lease liabilities (see the maturity schedule in Note D.17.2.). Bond issues carried out by Sanofi under the Euro Medium Term Note (EMTN) program are as follows: Issuer ISIN code Issue date Maturity Annual interest rate Amount (€ million) Sanofi FR0011625433 November 2013 November 2023 2.5 % 1,000 Sanofi FR0012146777 September 2014 March 2022 1.125 % 1,000 Sanofi FR0012146801 September 2014 September 2026 1.75 % 1,510 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 FR0013201621 September 2016 September 2022 - % 850 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 FR0013409836 March 2019 March 2022 - % 850 Sanofi FR0013409844 March 2019 March 2029 0.875 % 650 Sanofi FR0013409851 March 2019 March 2034 1.25 % 500 Bond issues carried out by Sanofi under the public bond issue program (shelf registration statement) registered with the US Securities and Exchange Commission (SEC) comprise: 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 The “Other borrowings” line mainly comprises participating shares issued between 1983 and 1987, of which 76,986 remain outstanding, with a nominal amount of €12 million. In order to manage its liquidity needs for current operations, as of December 31, 2021 Sanofi has: • a syndicated credit facility of €4 billion, drawable in euros and in US dollars, the maturity of which has been extended to December 4, 2022 following the exercise of an initial extension option in June 2021, and with a further one-year extension option still available; and • a syndicated credit facility of €4 billion, drawable in euros and in US dollars, the maturity of which has been extended to December 7, 2026 following the exercise of an initial extension option in October 2021, and with a further one-year extension option still available. Sanofi also has a €6 billion Negotiable European Commercial Paper program in France and a $10 billion Commercial Paper program in the United States. During 2021 only the US program was used, with an average drawdown of $2.3 billion (versus a maximum of $4.0 billion). As of December 31, 2021, there were no drawdowns under any of those programs. The financing in place as of December 31, 2021 at the level of the holding company (which manages most of Sanofi’s financing needs centrally) is not subject to any financial covenants, and contains no clauses linking spreads or fees to the credit rating. c) Debt by maturity, at value on redemption 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 – — Other borrowings 40 3 – – – – 37 Bank credit balances 189 189 – – – – – Interest rate and currency derivatives used (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 (169) (169) – – – – – Net debt (a) 10,047 (7,129) 3,647 602 1,751 4,160 7,016 (a) Net debt does not include lease liabilities, which amounted to €2,108 million as of December 31, 2021 as of December 31, 2021; €1,163 million as of December 31, 2020; and € 1,248 million as of December 31, 20 19 (see the maturity analysis at Note D.17.2.). As of December 31, 2021, the main undrawn confirmed general-purpose credit facilities at holding company level amounted to €8 billion, half of which expires in 2022 and half in 2026. As of December 31, 2021, no single counterparty represented more than 6% of Sanofi’s undrawn confirmed credit facilities. 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 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 – – – – – – – 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 15,186 (4,989) 2,284 2,706 3,665 605 10,915 d) Debt by interest rate, at value on redemption The table below splits net debt between fixed and floating rate, and by maturity, as of December 31, 2021. The figures shown are values on redemption, before the effects of derivative instruments: (€ million) Total 2022 2023 2024 2025 2026 2027 and later Fixed-rate debt 19,946 2,828 3,629 600 1,750 4,160 6,979 of which euro 18,188 of which US dollar 1,758 % fixed-rate 98 % Floating-rate debt 413 355 18 2 1 – 37 of which euro 56 of which US dollar 18 % floating-rate 2 % Debt 20,359 3,183 3,647 602 1,751 4,160 7,016 Cash and cash equivalents (10,098) (10,098) – – – – – of which euro (6,548) of which US dollar (3,005) % floating-rate 100 % Net debt 10,261 (6,915) 3,647 602 1,751 4,160 7,016 Sanofi issues debt in two currencies, the euro and the US dollar, and also invests its cash and cash equivalents in those currencies. Sanofi also operates cash pooling arrangements to manage the surplus cash and short-term liquidity needs of foreign subsidiaries located outside the euro zone. To optimize the cost of debt or reduce the volatility of debt and manage its exposure to financial foreign exchange risk, Sanofi uses derivative instruments (interest rate swaps, currency swaps, foreign exchange swaps and forward contracts) that alter the fixed/floating rate split and the currency split of its net debt: (€ million) Total 2022 2023 2024 2025 2026 2027 and later Fixed-rate debt 17,612 494 3,629 600 1,750 4,160 6,979 of which euro 14,820 of which US dollar 2,792 % fixed-rate 87 % Floating-rate debt 2,702 2,644 18 2 1 – 37 of which euro (429) of which US dollar 898 of which Japanese yen 302 % floating-rate 13 % Debt 20,314 3,138 3,647 602 1,751 4,160 7,016 Cash and cash equivalents (10,267) (10,267) – – – – – of which euro (1,261) of which US dollar (4,359) of which Singapore dollar (2,912) % floating-rate 100 % Net debt 10,047 (7,129) 3,647 602 1,751 4,160 7,016 The table below shows the fixed/floating rate split of net debt at value on redemption after taking account of derivative instruments as of December 31, 2020 and December 31, 2019: (€ million) 2020 % 2019 % Fixed-rate debt 20,713 91 % 21,713 88 % Floating-rate debt 1,990 9 % 2,934 12 % Debt 22,703 100 % 24,647 100 % Cash and cash equivalents (13,841) (9,461) Net debt 8,862 15,186 The weighted average interest rate on debt as of December 31, 2021 was 1.4% before derivative instruments and 1.9% after derivative instruments. Cash and cash equivalents were invested as of December 31, 2021 at an average rate of 0.1% before derivative instruments and 0.9% after derivative instruments. The projected full-year sensitivity of net debt to interest rate fluctuations for 2022 is as follows: Change in short-term interest rates Impact on pre-tax net Impact on pre-tax +100 bp 74 – +25 bp 19 – -25 bp (19) – -100 bp (74) – e) Debt by currency, at value on redemption The table below shows net debt by currency at December 31, 2021, before and after derivative instruments contracted to convert the foreign-currency net debt of exposed entities into their functional currency: (€ million) Before derivative instruments After derivative instruments Euro 11,696 13,129 US dollar (1,229) (669) Singapore dollar (2) (2,912) Mexican peso – 302 Pound sterling – 271 Other currencies (205) (74) Net debt 10,261 10,047 The table below shows net debt by currency at December 31, 2020 and 2019, after derivative instruments contracted to convert the foreign currency net debt of exposed entities into their functional currency: (€ million) 2020 2019 Euro 13,725 17,691 US dollar (3,304) (813) Other currencies (1,559) (1,692) Net debt 8,862 15,186 f) Market value of net debt The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows: (€ million) 2021 2020 2019 Market value 11,024 10,500 16,370 Value on redemption 10,047 8,862 15,186 The fair value of debt is determined by reference to quoted market prices at the balance sheet date in the case of quoted instruments (level 1 in the IFRS 7 hierarchy, see Note D.12.), and by reference to the fair value of interest rate and currency derivatives used to manage net debt (level 2 in the IFRS 7 hierarchy, see Note D.12.). g) Future contractual cash flows relating to debt and related derivatives The table below shows the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt: December 31, 2021 Payments due by period (€ million) Total 2022 2023 2024 2025 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2021. Future contractual cash flows are shown on the basis of the carrying amount in the balance sheet at the reporting date, without reference to any subsequent management decision that might materially alter the structure of Sanofi’s debt or its hedging policy. The tables below show the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt as of December 31, 2020 and 2019: December 31, 2020 Payments due by period (€ million) Total 2021 2022 2023 2023 2025 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2020. December 31, 2019 Payments due by period (€ million) Total 2020 2021 2022 2023 2023 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2019. D.17.2. Lease liabilities A maturity analysis of lease liabilities as of December 31, 2021, 2020 and 2019 is set forth below: 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, 2021 2,108 314 476 362 1,184 (228) Total lease liabilities as of December 31, 2020 1,163 247 357 225 482 (148) Total lease liabilities as of December 31, 2019 1,248 272 422 232 540 (218) Lease liabilities as of December 31, 2021 include leases relating to real estate assets located at Cambridge, MA (United States), as described in Note D.3., which have a lease term of 15 years. |
Liabilities related to business
Liabilities related to business combinations and to non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Liabilities related to business combinations and to non-controlling interests | Liabilities related to business combinations For a description of the nature of the liabilities reported in the line item Liabilities related to business combinations and to non-controlling interests , refer to Note B.8.5. The principal acquisitions are described in Notes D.1. and D.2. The liabilities related to business combinations and to non-controlling interests shown in the table below are level 3 instruments under the IFRS 7 fair value hierarchy (see Note D.12.) except for the CVRs issued in connection with the acquisition of Genzyme, which are level 1 instruments. Movements in liabilities related to business combinations and to non-controlling interests are shown below: (€ 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 Shire contingent consideration arising from the acquisition of Translate Bio Other Total (c) Balance at January 1, 2019 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 Payments made — — (42) (78) — (2) (122) Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (d) — — 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 (e) — — — — 323 37 360 Payments made (f) — — (31) (75) — (152) (258) Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (d) — — (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 (a) Includes put options granted to non-controlling interests that expired in 2019. (b) Based on the quoted market price per CVR of $0.72 as of October 30, 2019 and $0.48 as of December 31, 2018. The CVR agreement was terminated in March 2020 following signature of a litigation settlement agreement. (c) Portion due after more than one year: €577 million as of December 31, 2021 (€387 million as of December 31, 2020 and €508 million as of December 31, 2019); portion due within less than one year: €137 million as of December 31, 2021 (€218 million as of December 31, 2020 and €292 million as of December 31, 2019). (d) Amounts reported within the income statement line item Fair value remeasurement of contingent consideration , and mainly comprising unrealized gains and losses. (e) Mainly corresponds to the recognition of the Shire Human Genetic Therapies Inc. (Shire) contingent consideration liability of $382 million resulting from the acquisition of Translate Bio in September 2021. (f) The "Other" column mainly relates to the contingent consideration liability due to True North Therapeutics as a result of Sanofi's acquisition of Bioverativ which was settled in the first half of 2021. As of December 31, 2021, Liabilities related to business combinations and to non-controlling interests mainly comprised: • the Bayer contingent consideration liability arising from Sanofi's acquisition of Genzyme in 2011. As of December 31, 2021, Bayer was still entitled to receive the following potential payments: – a percentage of sales of alemtuzumab up to a maximum of $1,250 million or over a maximum period of 10 years, whichever is achieved first, – milestone payments subject to the attainment of specified levels of worldwide sales of alemtuzumab beginning in 2021. The fair value of this liability was measured at €59 million as of December 31, 2021, compared with €104 million as of December 31, 2020 and €156 million as of December 31, 2019. The fair value of the Bayer liability is determined by applying the contractual terms to sales projections which have been weighted to reflect the probability of success, and discounted. If the discount rate were to fall by one percentage point, the fair value of the Bayer liability would increase by approximately 1%; • the MSD contingent consideration liability arising from the 2016 acquisition of the Sanofi Pasteur activities carried on within the former Sanofi Pasteur MSD joint venture, which amounted to €269 million as of December 31, 2021, €312 million as of December 31, 2020 and €385 million as of December 31, 2019 (see Note D.12.). The fair value of this contingent consideration is determined by applying the royalty percentage stipulated in the contract to discounted sales projections. If the discount rate were to fall by one percentage point, the fair value of the MSD contingent consideration liability would increase by approximately 2%; • a contingent consideration liability towards Shire Human Genetic Therapies Inc. (Shire) arising from Sanofi's acquisition of Translate Bio in September 2021. In a December 2016 business combination predating the acquisition of control by Sanofi, Translate Bio (then called Rana Therapeutics, Inc.) acquired from Shire the intellectual property rights relating to the latter's Messenger RNA Therapeutics (MRT) program. As of December 31, 2021, Shire was entitled to receive the following potential payments: – milestone payments contingent on the launch of products based on MRT technology, and on the attainment of a specified level of sales of those products, and – a percentage of sales of those products. The fair value of the Shire liability was measured at €354 million as of December 31, 2021; it was determined by applying the contractual terms to development and sales projections which were weighted to reflect the probability of success, and discounted. If the discount rate were to fall by one percentage point, the fair value of the Shire liability would increase by approximately 14%. The table below sets forth the maximum amount of contingent consideration payable: December 31, 2021 Total Payments due by period (€ million) Less than From 1 to From 3 to More than Commitments relating to contingent consideration in connection with business combinations (a) 689 108 181 78 322 (a) Includes €0.4 billion for the Bayer contingent consideration and €0.3 billion for the MSD contingent consideration. The nominal amount of contingent consideration was €1,043 million as of December 31, 2020 and €3,503 million as of December 31, 2019. The reduction in commitments during 2020 mainly reflects the termination of the CVR agreement in March 2020. |
Provisions, income tax liabilit
Provisions, income tax liabilities and other liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provisions, income tax liabilities and other liabilities | Provisions, income tax liabilities and other liabilities The line item Non current provisions and other non-current liabilities comprises the following: (€ million) 2021 2020 (a) 2019 (a) Provisions 6,430 6,998 7,125 Other non-current liabilities (b) 291 317 288 Total 6,721 7,315 7,413 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (IAS 19, Employee Benefits) (see note A.2.1.). (b) Includes derivative financial instruments: €6 million as of December 31, 2021, €92 million as of December 31, 2020, €10 million as of December 31, 2019. Non-current income tax liabilities are described in Note D.19.4., and other current liabilities in Note D.19.5. The table below sets forth movements in non-current provisions for the reporting periods presented: (€ million) Provisions for (d) Provisions Restructuring Other Total Balance at January 1, 2019 3,291 761 632 1,968 6,652 Changes in scope of consolidation (1) — — — (1) Increases in provisions 262 (a) 189 393 554 (b) 1,398 Provisions utilized (285) (a) (102) (3) (132) (522) Reversals of unutilized provisions (205) (a) (3) (15) (511) (c) (734) Transfers 92 (3) (411) 168 (154) Net interest related to employee benefits, and unwinding of discount 78 5 3 18 104 Currency translation differences 35 8 1 6 50 Actuarial gains and losses on defined-benefit plans 331 — — — 331 Balance at December 31, 2019 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 (a) In the case of “Provisions for pensions and other post-employment benefits”, the “Increases in provisions” line corresponds to rights vesting in employees during the period, and past service cost; the “Provisions utilized” line corresponds to contributions paid into pension funds, and plan settlements; and the “Reversals of unutilized provisions” line corresponds to plan curtailments, settlements and amendments. (b) Amounts charged during the period include changes to estimates of future expenditures on environmental risks. (c) This amount mainly comprises a reversal of a provision resulting from a settlement of litigation (see Note D.28.). (d) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). D.19.1. Provisions for pensions and other post-employment benefits Sanofi offers its employees pension plans and other post-employment benefit plans. The specific features of the plans (benefit formulas, fund investment policy and fund assets held) vary depending on the applicable laws and regulations in each country where the employees work. These employee benefits are accounted for in accordance with IAS 19 (see Note B.23.). Sanofi’s pension obligations in four major countries represented approximately 88% of the total value of the defined-benefit obligation and approximately 87% o f the total value of plan assets as of December 31, 2021. The features of the principal defined-benefit plans in each of those four countries are described below. France Lump-sum retirement benefit plans All employees working for Sanofi in France are entitled on retirement to a lump-sum payment, the amount of which depends both on their length of service and on the rights guaranteed by collective and internal agreements. The employee’s final salary is used in calculating the amount of these lump-sum retirement benefits. These plans represent approximately 36% o f Sanofi’s total obligation in France. Defined-benefit pension plans These plans provide benefits from the date of retirement. Employees must fulfil a number of criteria to be eligible for these benefits. All of these plans are now closed, the only plan still open to new entrants having been closed in 2019. These plans represent approximately 64% o f Sanofi’s total obligation in France. Germany Top-up defined-benefit pension plan The benefits offered under this pension plan are wholly funded by the employer (there are no employee contributions) via a Contractual Trust Agreement (CTA), under which benefits are estimated on the basis of a career average salary. Employees are entitled to receive an annuity under this plan if their salary exceeds the social security ceiling. The amount of the pension is calculated by reference to a range of vesting rates corresponding to salary bands. The plan also includes disability and death benefits. This plan represents approxim ately 63% of Sanofi’s total obligation in Germany. Sanofi-Aventis plus (SAV plus) A top-up pension plan (SAV plus) replaced a previous top-up defined-benefit plan. New entrants joining the plan after April 1, 2015 contribute to a defined-contribution plan that is partially funded via the company’s CTA. All employees whose salary exceeds the social security ceiling are automatically covered by the plan. The employer’s contributi on is 15% of the amount by which the employee’s salary exceeds the social security ceiling. Multi-employer plan (Pensionskasse) This is a defined-benefit plan treated as a defined-contribution plan, in accordance with the accounting policies described in Note B.23. Currently, contributions cover the level of annuities. Only the portion relating to the fut ure revaluation of the annuities is included in the defined-benefit pension obligation. The obligation relating to this revaluation amounted to €877 million as of December 31, 2021, versus €773 million as of December 31, 2020 and €694 million as of December 31, 2019. This plan represents approximately 25% of Sanofi’s total defined-benefit obligation in Germany. United States Defined-benefit pension plans In the United States, there are two types of defined-benefit plan: • “Qualified” plans within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA), which provide guaranteed benefits to eligible employees during retirement, and in the event of death or disability. Employees can elect to receive a reduced annuity, in exchange for an annuity to be paid in the event of their death to a person designated by them. An annuity is also granted under the plan if the employee dies before retirement age. Eligible employees do not pay any contributions. These plans are closed to new entrants, and the vesting of rights for future service periods is partially frozen. These plans represent approximately 55% of Sanofi’s total obligation in the United States; • “Non-qualified” plans within the meaning of ERISA provide top-up retirement benefits to some eligible employees depending on the employee’s level of responsibility and subject to a salary cap. These plans represent approximately 12% of Sanofi’s total obligation in the United States. Healthcare cover and life insurance Sanofi companies provide some eligible employees with healthcare cover and life insurance during the retirement period (the company’s contributions are capped at a specified level). These plans represent approximatel y 33% (or €696 million) of Sanofi’s total obligation and 4% (or €42 million) of total plan assets in the United States. United Kingdom Defined-benefit pension plans Sanofi operates a number of pension plans in the United Kingdom that reflect past acquisitions. The most significant arrangements are defined-benefit plans that have been closed since October 1, 2015. With effect from that date, employees can no longer pay into these plans. Under these defined-benefit plans, an annuity is paid from the retirement date. This annuity is calculated on the basis of the employee’s length of service as of September 30, 2015, and of the employee’s final salary (or salary on the date he or she leaves Sanofi). The rates used for the vesting of rights vary from member to member. For most members, rights vest at the rate of 1.25% or 1.50% of final salary for each qualifying year of service giving entitlement. The notional retirement age varies according to the category to which the member belongs, but in most cases retirement is at age 65. Members may choose to retire before or after the notional retirement age (60 years), in which case the amount of the annual pension is adjusted to reflect the revised estimate of the length of the retirement phase. Pensions are usually indexed to the Retail Price Index (RPI). Members paid a fixed-percentage contribution into their pension plan (the percentage varied according to the employee category), and the employer topped up the contribution to the required amount. These plans represent approximately 100% of Sanofi’s total obligation in the United Kingdom. For service periods subsequent to October 1, 2015, employees belong to a new defined-contribution plan. Actuarial assumptions used to measure Sanofi’s obligations Actuarial valuations of Sanofi’s benefit obligations were computed by management with assistance from external actuaries as of December 31, 2021, 2020 and 2019. Those calculations were based on the following financial and demographic assumptions: 2021 2020 2019 France Germany USA UK France Germany USA UK France Germany USA UK Discount rate (a)/(b) 0.10% to 1.10% 0.10% to 1.10% 2.70 % 1.90 % —% or 0.55% —% or 0.55% 2.40 % 1.35 % 0.25% or 0.75% 0.25% or 0.75% 3.00 % 2.00 % General inflation rate (c) 1.95 % 1.95 % — 3.30 % 1.45 % 1.45 % — 2.95 % 1.30 % 1.30 % — 2.85 % Pension benefit 1.95% 1.95 % — 3.15 % 1.45% 1.45 % — 2.85 % 1.25% to 2.25% 1.30 % — 2.80 % Healthcare cost — — (d) 3.50% to 4.50% — (d) — — (d) 3.50% to 4.50% — (d) 2.00 % — (d) 5.52 % — (d) Retirement age 62 to 67 62 55 to70 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/ Heubeck RP2012 Proj. SAPS TGH/ Heubeck RP2012 Proj. SAPS TGH/ Heubeck RP2014 SAPS (a) The discount rates used were based on market rates for high quality corporate bonds with a duration close to that of the expected benefit payments under the plans. The benchmarks used to determine discount rates were the same for all periods presented. (b) The rate depends on the duration of the plan (0 to 7 years, 7 to 10 years, or more than 10 years). (c) Inflation for the euro zone is determined using a multi-criterion method. (d) No post-employment healthcare benefits are provided in France since 2020, Germany and UK. Weighted average duration of obligation for pensions and other long-term benefits in principal countries The table below shows the duration of Sanofi’s obligations in the principal countries: 2021 2020 2019 (years) France Germany USA UK France Germany USA UK France Germany USA UK Weighted average duration 12 16 15 17 13 16 16 18 13 15 14 17 Sensitivity analysis The table below shows the sensitivity of Sanofi’s obligations for pensions and other post-employment benefits to changes in key actuarial assumptions: (€ million) Pensions and other post-employment benefits, by principal country Measurement of defined-benefit obligation Change in France Germany USA UK Discount rate -0.50 % +100 +275 +161 +296 General inflation rate +0.50 % +61 +359 — +164 Pension benefit indexation +0.50 % +67 +350 — +116 Healthcare cost inflation rate +0.50 % — — +15 — Mortality table +1 year +47 +84 +53 +150 The table below reconciles the net obligation in respect of Sanofi’s pension and other post-employment benefit plans with the amounts recognized in the consolidated financial statements: Pensions and other post-employment benefits (€ million) 2021 2020 (a) 2019 (a) Measurement of the obligation: Beginning of period 12,456 13,094 11,824 Current service cost 227 221 205 Interest cost 148 192 289 Actuarial losses/(gains) due to changes in demographic assumptions (162) 52 (61) Actuarial losses/(gains) due to changes in financial assumptions (210) 936 1,431 Actuarial losses/(gains) due to experience adjustments (120) (26) (115) Plan amendments, curtailments or settlements not specified in the terms of the plan (a) (4) (938) (212) Plan settlements specified in the terms of the plan (66) (75) (78) Benefits paid (503) (545) (504) Changes in scope of consolidation and transfers (8) (12) 13 Currency translation differences 417 (443) 302 Obligation at end of period 12,175 12,456 13,094 Fair value of plan assets: Beginning of period 9,358 9,651 8,610 Interest income on plan assets 106 138 211 Difference between actual return and interest income on plan assets 207 696 926 Administration costs (7) (14) (7) Plan settlements specified in the terms of the plan (66) (75) (78) Plan settlements not specified in the terms of the plan (9) (739) (64) Contributions from plan members 6 6 6 Employer’s contributions 176 490 250 Benefits paid (458) (469) (470) Changes in scope of consolidation and transfers (6) — — Currency translation differences 344 (326) 267 Fair value of plan assets at end of period 9,651 9,358 9,651 Net amount shown in the balance sheet: Net obligation 2,524 3,098 3,443 Effect of asset ceiling 15 1 1 Net amount shown in the balance sheet at end of period 2,539 3,099 3,444 Amounts recognized in the balance sheet: Pre-funded obligations (see Note D.7.) (c) (408) (177) (155) Obligations provided for 2,947 3,276 3,599 Net amount recognized at end of period 2,539 3,099 3,444 Benefit cost for the period: Current service cost 227 221 205 (Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan (b) 5 (199) (148) Net interest (income)/cost 42 55 78 Contributions from plan members (6) (7) (6) Administration costs and taxes paid during the period 7 14 7 Expense recognized directly in profit or loss 276 84 136 Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) (d) (685) 266 331 Expense/(gain) for the period (409) 350 467 (a) These amounts include the impact of applying the April 2021 IFRIC agenda decision on the attribution of benefits to periods of service. The effect of this decision is a €231 million decrease in the provision originally recognized as of January 1, 2019, mainly in respect of lump-sum retirement benefits in France. Prior to the IFRIC agenda decision, such benefits were allocated to periods of service starting on the date the employee joined the company, whereas they are now allocated starting on the date from which each subsequent year of service counts towards entitlement to the benefit. (b) For 2019, this line mainly comprises the favorable impact of the amendment to the remaining top-up pension plan, following the application of the Pacte law in France. For 2020, it mainly comprises a reduction in post-employment benefit liabilities following the announcement of voluntary redundancy programs, primarily in Europe. (c) For 2021, this line includes €220 million of assets in the United Kingdom.That amount is not subject to any asset ceiling, in accordance with IFRIC 14. (d) Amounts recognized in Other Comprehensive Income (see Note D.15.7.) . The tables below show Sanofi’s net liability in respect of pension plans and other post-employment benefits by geographical region: (€ million) Pensions and other post-employment benefits by geographical region December 31, 2021 France Germany USA UK Other Total Measurement of obligation 1,657 3,576 2,099 3,414 1,429 12,175 Fair value of plan assets 838 2,808 1,127 3,629 1,249 9,651 Effect of asset ceiling — — — — (15) (15) 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, 2020 France Germany USA 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 (€ million) Pensions and other post-employment benefits by geographical region December 31, 2019 France Germany USA UK Other Total Measurement of obligation 1,849 3,470 2,948 3,388 1,439 13,094 Fair value of plan assets 956 2,516 1,774 3,258 1,147 9,651 Effect of asset ceiling — — — — (1) (1) Net amount shown in the balance sheet at end of period 893 954 1,174 130 293 3,444 The table below shows the fair value of plan assets relating to Sanofi’s pension and other post-employment plans, split by asset category: 2021 2020 2019 Securities quoted in an active market 86.9 % 94.8 % 87.4 % Cash and cash equivalents 0.7 % 3.5 % 1.8 % Equity instruments 25.0 % 24.8 % 22.6 % Bonds and similar instruments 53.8 % 59.9 % 55.8 % Real estate 4.0 % 3.4 % 3.8 % Commodities 1.0 % 0.9 % 0.9 % Other 2.4 % 2.3 % 2.5 % Other securities 13.1 % 5.2 % 12.6 % Hedge funds — % 0.4 % — % Insurance policies 13.1 % 4.8 % 12.6 % Total 100.0 % 100.0 % 100.0 % Sanofi has a long-term objective of maintaining or increasing the extent to which its pension obligations are covered by assets. To this end, Sanofi uses an asset-liability management strategy, matching plan assets to its pension obligations. This policy aims to ensure the best fit between the assets held on the one hand, and the associated liabilities and expected future payments to plan members on the other. To meet this aim, Sanofi operates a risk monitoring and management strategy (mainly focused on interest rate risk and inflation risk), while investing a growing proportion of assets in high-quality bonds with comparable maturities to those of the underlying obligations and in contracts entered into with leading insurance companies to fund certain post-employment benefit obligations. The tables below show the service cost for Sanofi’s pension and other post-employment benefit plans, by geographical region: (€ million) Pensions and other post-employment benefits by geographical region Service cost for 2021 France Germany USA UK Other Total 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 2 — — 3 — 5 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) 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) (106) (113) (157) (236) (73) (685) Expense/(gain) for the period (26) (61) (73) (230) (19) (409) (€ million) Pensions and other post-employment benefits by geographical region Service cost for 2020 France Germany USA 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) Pensions and other post-employment benefits by geographical region Service cost for 2019 France Germany USA UK Other Total Current service cost 68 42 42 — 53 205 (Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan (146) 13 (12) (2) (1) (148) Net interest cost/(income) including administration costs and taxes paid during the period 16 17 40 2 11 86 Contributions from plan members — — — — (6) (6) Expense/(gain) recognized directly in profit or loss (62) 72 70 — 56 136 Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) 42 (4) 148 133 12 331 Expense/(gain) for the period (20) 68 218 133 68 467 An analysis of the “Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses)” line in the preceding tables is set forth below: (€ million) 2021 2020 2019 France Germany USA UK France Germany USA UK France Germany USA UK Actuarial gains/(losses) arising during the period 106 113 156 237 (23) (121) (22) (115) (42) 5 (148) (133) Comprising: Gains/(losses) on experience adjustments (a) 60 182 23 35 28 76 214 341 145 331 210 242 Gains/(losses) — — 51 125 9 — (42) (14) — — — 63 Gains/(losses) 46 (69) 82 77 (60) (197) (194) (442) (187) (326) (358) (438) (a) Experience adjustments are mainly due to the effect of trends in the financial markets on plan assets. The net pre-tax actuarial loss (excluding investments accounted for using the equity method) recognized directly in equity is presented below: (€ million) 2021 2020 2019 Net pre-tax actuarial loss (2,738) (3,423) (3,160) The present value of Sanofi’s obligations in respect of pension and other post-employment benefit plans at the end of each reporting period is shown below: (€ million) 2021 2020 2019 Present value of wholly or partially funded obligations in respect of pension and other post-employment benefit plans 11,069 11,322 11,829 Present value of unfunded obligations 1,106 1,134 1,265 Total 12,175 12,456 13,094 The total expense for pensions and other post-employment benefits (€276 million in 2021) is allocated between income statement line items as follows: (€ million) 2021 2020 2019 Cost of sales 77 77 70 Research and development expenses 65 63 30 Selling and general expenses 87 88 104 Other operating (income)/expenses, net (1) (140) (109) Restructuring costs 6 (59) (37) Financial expenses 42 55 78 Total 276 84 136 The estimated amounts of employer’s contributions to plan assets in 2022 are as follows: (€ million) France Germany USA UK Other Total Employer’s contributions in 2021 (estimate): 2022 — — — 4 45 49 The table below shows the expected timing of benefit payments under pension and other post-employment benefit plans for future years: (€ million) France Germany USA UK Other Total Estimated future benefit payments: 2022 93 186 106 126 55 566 2023 65 189 98 130 56 538 2024 72 194 97 134 56 553 2025 76 197 99 139 57 568 2026 77 199 92 143 61 572 2027 to 2029 487 992 469 788 350 3,086 The table below shows estimates as of December 31, 2021 for the timing of future payments in respect of unfunded pension and other post-employment benefit plans: Total Payments due by period (€ million) Less than 1 year 1 to 3 to More than Estimated payments 1,106 60 105 106 835 D.19.2. Restructuring provisions The table below shows movements in restructuring provisions classified in non-current and current liabilities: (€ million) 2021 2020 2019 Balance, beginning of period 1,499 1,390 1,572 Of which: • Classified in non-current liabilities 868 600 632 • Classified in current liabilities 631 790 940 Change in provisions recognized in profit or loss for the period 183 767 760 Provisions utilized (571) (663) (897) Transfers 1 20 (51) Unwinding of discount — 1 3 Currency translation differences 6 (16) 3 Balance, end 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 Provisions for employee termination benefits as of December 31, 2021 amounted to €943 million (compared with €1,260 million as of December 31, 2020 and €1,125 million as of December 31, 2019). The provisions apply mainly to France, and relate to various voluntary redundancy programs: • collectively-agreed termination programs involving a number of legal entities were announced at the end of June 2020 as part of the rollout of the “Play to Win” strategy; these include an end-of-career paid leave plan and an end-of-career transition plan, and were still ongoing during 2021. In addition, Sanofi-Aventis Recherche & Développement (i) announced a voluntary redundancy program in 2020 in connection with the reorganization of R&D operations in France, which was implemented in 2021, and (ii) signed a collectively-agreed termination program in 2021 as part of the rollout of the “Play to Win” strategy; these programs, which cover support functions, include an end-of-career paid leave plan and an end-of-career transition plan; • programs were announced in 2019 relating to (i) R&D (Sanofi-Aventis Recherche & Développement), and (ii) sales forces (the "SAF 2019" plan implemented by Sanofi-Aventis France); • collectively-agreed termination programs were announced in 2018 relating to reorganization of support functions (“Horizon 2020” plan); • the program announced in 2016 in connection with Sanofi's new strategic roadmap (the “Forward” plan) was substantively completed as of December 31, 2021. The remainder of the provision for France comprises termination benefits associated with previously-announced programs (early retirement plans and end-of-career transition plans). The provision includes the present values of: • gross annuities for self-funded plans; • employer’s social security charges on early retirement annuities for all plans (outsourced and self-funded); • the levy charged on those annuities under the “Fillon” law (only for plans with termination of employment contracts). The average residual holding periods under these plans were 1.94 years, 1.99 years and 1.72 years as of December 31, 2021, 2020 and 2019, respectively. Restructuring provisions as of December 31, 2021 include €12 million relating to the rollout in various geographies of Sanofi's "New Business Model", which involves the use of local distributors rather than a direct presence in certain countries. There is also a residual provision of €63 million (versus €110 million as of December 31, 2020) relating to the transfer to Evotec of the infectious diseases early-stage R&D portfolio and research unit. The main other countries covered by restructuring provisions are Germany, Japan and the United States. The timing of future termination benefit payments is as follows: December 31, 2021 Total Benefit payments by period (€ million) Less than 1 to 3 to More than Employee termination benefits • France 614 269 288 53 4 • Other countries 329 207 106 14 2 Total 943 476 394 67 6 December 31, 2020 Benefit payments by period (€ million) Total Less than 1 to 3 to More than Employee termination benefits • France 889 295 457 124 13 • Other countries 371 195 149 18 9 Total 1,260 490 606 142 22 December 31, 2019 Benefit payments by period (€ million) Total Less than 1 to 3 to More than Employee termination benefits • France 694 314 268 110 2 • Other countries 431 343 79 6 3 Total 1,125 657 347 116 5 D.19.3. Other provisions Other provisions include provisions for risks and litigation relating to environmental, tax, commercial and product liability matters. (€ million) 2021 2020 2019 Environmental risks 650 713 737 Product liability risks, litigation and other 1,374 1,262 1,334 Total 2,024 1,975 2,071 Provisions for environmental risks relate primarily to contingencies arising from business divestitures, and include remediation costs relating to such environmental risks. Identified environmental risks are covered by provisions estimated on the basis of the costs Sanofi believes it will be obliged to meet over a period not exceeding (other than in exceptional cases) 30 years. Sanofi expects that €65 million of those provisions will be utilized in 2022, and €267 million over the period from 2023 through 2026. “Product liability risks, litigation and other” mainly comprises provisions for risks relating to product liability (including IBNR provisions as described in Note B.12.), government investigations, regulatory or antitrust law claims, contingencies arising from business divestitures (other than environmental risks), and remediation costs related to leases. The main pending legal and arbitral proceedings and government investigations are described in Note D.22. A full risk and litigation assessment is performed with the assistance of Sanofi’s legal advisers, and provisions are recorded as required by circumstances in accordance with the principles described in Note B.12. D.19.4. Non-current income tax liabilities Non-current income tax liabilities amounted to €2,039 million as of December 31, 2021 (versus €1,733 million as of December 31, 2020 and €1,680 million as of December 31, 2019). The estimated tax charge on deemed repatriation attributable to the accumulated earnings of non-US operations and payable over 8 years is recognized as a liability, and amounted to €960 million in 2021 versus €894 million in 2020 and €974 million in 2019. The resulting residual tax charge generated a non-current liability of €576 million as of December 31, 2021, versus €569 million in 2020 and €649 million in 2019. In accordance with Sanofi accounting policies, this non-current liability is not discounted. Non-current income tax liabilities include uncertainties over income tax treatments amounting to €1,463 million as of December 31, 2021, versus €1,164 million as of December 31, 2020 and €1,031 million as of December 31, 2019. A US legal restructuring resulted in a capital loss of €2.9 billion recognized in the 2020 final tax filing. One-third of the capital loss has been used against 2020 capital gains and the remaining balance will be eligible to carry back for three years. Due to management’s judgement about potential alternative interpretations of the prevailing tax law, no tax benefit has been recognized on this transaction in accordance with IFRIC 23. D.19.5. Current provisions and other current liabilities Current provisions and other current liabilities comprise the following: (€ million) 2021 2020 2019 Taxes payable, other than corporate income taxes 428 347 361 Employee-related liabilities 2,126 2,042 1,978 Restructuring provisions (see Note D.19.2.) 594 631 790 Interest rate derivatives (see Note D.20.) 1 — 2 Currency derivatives (see Note D.20.) 62 205 87 Equity derivatives (see Note D.20.) 16 — — Amounts payable for acquisitions of non-current assets 559 467 413 Customer contract liabilities (a) 319 252 — Other current liabilities (b) 7,112 6,188 6,072 Total 11,217 10,132 9,703 (a) See Note A.7. , “Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK” . (b) “Other current liabilities” includes provisions for customer rebates and returns, and for discounts and rebates granted to healthcare authorities and governmental programs (see Note D.23.). As of December 31, 2019, the “Other current liabilities” line also included $315 million deposited by Sanofi in an escrow account, the release of which occurred in March 2020 following the signature of a settlement agreement in the CVR litigation between Sanofi and the Trustee. |
Derivative financial instrument
Derivative financial instruments and market risks | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Derivative financial instruments and market risks | Derivative financial instruments and market risks The table below shows the fair value of derivative instruments as of December 31, 2021, 2020 and 2019: (€ million) Non-current assets Current Total Non-current Current Total Market value at December 31, 2021 (net) Market value at December 31, 2020 (net) Market value at December 31, 2019 (net) Currency derivatives – 284 284 – (62) (62) 222 (209) 103 operating – 33 33 – (23) (23) 10 7 (15) financial – 251 251 – (39) (39) 212 (216) 118 Interest rate derivatives 3 11 14 (6) (1) (7) 7 20 27 Equity derivatives – – – – (16) (16) (16) (26) (4) Total 3 295 298 (6) (79) (85) 213 (215) 126 Objectives of the use of derivative financial instruments Sanofi uses derivative instruments to manage operating exposure to movements in exchange rates, and financial exposure to movements in interest rates and exchange rates (where the debt or receivable is not contracted in the functional currency of the borrower or lender entity). On occasion, Sanofi uses equity derivatives in connection with the management of its portfolio of equity investments. Sanofi performs periodic reviews of its transactions and contractual agreements in order to identify any embedded derivatives, which are accounted for separately from the host contract in accordance with IFRS 9. Sanofi had no material embedded derivatives as of December 31, 2021, 2020 or 2019. Counterparty risk For a description of counterparty risk, refer to “–Item 11. — Quantitative and Qualitative Disclosures about Market Risk”. a) Currency derivatives used to manage operating risk exposures For a description of Sanofi's objectives, policies and procedures for the management of operating foreign exchange risk, refer to “–Item 11. — Quantitative and Qualitative Disclosures about Market Risk”. The table below shows operating currency hedging instruments in place as of December 31, 2021, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2021 Of which derivatives designated as Of which derivatives not (€ million) Notional Fair Notional Fair Of which Notional 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 The table below shows operating currency hedging instruments in place as of December 31, 2020, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2020 Of which derivatives designated as Of which derivatives not (€ million) Notional Fair Notional Fair Of which Notional 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 The table below shows operating currency hedging instruments in place as of December 31, 2019, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2019 Of which derivatives Of which derivatives not eligible for hedge accounting (€ million) Notional Fair Notional Fair Of which Notional 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) b) Currency and interest rate derivatives used to manage financial exposure For a description of Sanofi's objectives, policies and procedures for the management of financial foreign exchange risk and interest rate risk, refer to “–Item 11. — Quantitative and Qualitative Disclosures about Market Risk”. The table below shows financial currency hedging instruments in place, with the notional amount translated into euros at the relevant closing exchange rate: 2021 2020 2019 (€ million) Notional Fair Expiry Notional Fair Expiry Notional Fair Expiry Forward currency sales 7,655 15 5,064 10 8,513 40 of which US dollar 5,384 (a) 23 2022 3,721 20 2021 6,330 51 2020 of which Hungarian forint 756 (b) 4 2022 13 2021 93 — 2020 of which Brazilian real 95 (c) (3) 2022 – – 2021 16 — 2020 Forward currency purchases 9,293 197 9,004 (226) 10,968 78 of which US dollar 4,816 (d) (e) 128 2022 6,068 (200) 2022 7,363 42 2020 of which Singapore dollar 2,910 (f) 75 2022 2,250 (27) 2021 2,332 32 2020 of which Hungarian forint 865 (5) 2022 9 2021 29 — 2020 Total 16,948 212 14,068 (216) 19,481 118 (a) Includes forward sales with a notional amount of $3,615 million expiring in 2022, designated as a hedge of Sanofi’s net investment in Bioverativ. As of December 31, 2021, the fair value of these forward contracts represented an asset of €20 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (b) Includes forward sales with a notional amount of HUF 279 billion expiring in 2022, designated as a hedge of Sanofi’s net investment in Chinoin. As of December 31, 2021, the fair value of these forward contracts represented an asset of €2 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (c) Includes forward sales with a notional amount of BRL 600 million expiring in 2022, designated as a hedge of Sanofi’s net investment in Medley Farmaceutica. As of December 31, 2021, the fair value of these forward contracts represented a liability of €3 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (d) Includes forward purchases with a notional amount of $550 million expiring in 2022, designated as a fair value hedge of the exposure of $550 million of bond issues to fluctuations in the EUR/USD spot rate. As of December 31, 2021, the fair value of the contracts was an asset of €19 million, the opposite entry for €0.1 million of which was credited to "Other comprehensive income" under the cost of hedging accounting treatment. (e) Includes currency swaps with a notional amount of $1,000 million, receive 0.22% pay EUR -0.63% expiring in 2022, designated as a cash flow hedge of $1,000 million of bond issues. As of December 31, 2021, the fair value of the swaps was an asset of €23 million. (f) Includes forward purchases with a notional amount of SGD1,000 million expiring in 2022, 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, 2021, the fair value of the contracts was an asset of €20 million, the opposite entry for €1.5 million of which was debited to "Other comprehensive income" under the cost of hedging accounting treatment. The table below shows interest rate hedging instruments in place as of December 31, 2021: Notional amounts by expiry date as of December 31, 2021 Of which Of which designated as (€ million) 2022 2023 2024 2025 2026 2027 and later Total Fair Notional Fair Notional Fair Of which 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 — — — — 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 — (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). The table below shows interest rate hedging instruments in place as of December 31, 2020: Notional amounts by expiry date as of December 31, 2020 Of which Of which designated as (€ million) 2021 2022 2023 2024 2025 2026 Total Fair Notional Fair Notional Fair Of which Interest rate swaps pay 1.81% / receive 3-month US dollar Libor — 2,000 — — — — 2,000 23 2,000 23 — — — pay 3-month US dollar Libor / receive 2.22% — 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 (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). The table below shows interest rate hedging instruments in place as of December 31, 2019: Notional amounts by expiry date as of December 31, 2019 Of which Of which designated as (€ million) 2020 2021 2022 2023 2024 2025 Total Fair Notional Fair Notional Fair Of which Interest rate swaps pay capitalized Eonia / receive 1.58% — — 2,000 — — — 2,000 28 2,000 28 — — — pay capitalized Eonia / receive 0.06% — — 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 (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). c) Equity derivatives During 2019, Sanofi contracted derivative instruments (collars) on 593,712 shares of Dexcom Inc; the collars were designated as fair value hedges of the Dexcom shares. As of December 31, 2021 they had a negative fair value of €16 million, recognized in full in Other comprehensive income . d) Actual or potential effects of netting arrangements The table below is prepared in accordance with the accounting policies described in Note B.8.3.: (€ million) 2021 2020 2019 Derivative Derivative Derivative Derivative Derivative Derivative Gross carrying amounts before offset (a) 298 (85) 82 (297) 225 (99) Gross amounts offset (in accordance with IAS 32) (b) — — — — — — Net amounts as reported in the balance sheet (a) - (b) = (c) 298 (85) 82 (297) 225 (99) Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) — — Financial instruments (67) 67 (81) 81 (89) 89 Fair value of financial collateral N/A N/A N/A N/A N/A N/A Net exposure (c) + (d) 231 (18) 1 (216) 136 (10) |
Off balance sheet commitments
Off balance sheet commitments | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Off balance sheet commitments | Off balance sheet commitments The off balance sheet commitments presented below are shown at their nominal value. D.21.1. Off balance sheet commitments relating to operating activities Off balance sheet commitments relating to Sanofi’s operating activities comprise the following: December 31, 2021 Payments due by period (€ million) Total Less than 1 to 3 to More than Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced (a)(b) 109 39 16 18 36 Irrevocable purchase commitments (c) • given (d) 8,901 5,343 1,784 685 1,089 • received (1,124) (366) (442) (166) (150) Research and development license agreements - commitments given • commitments related to R&D and other commitments (e) 536 254 169 77 36 • contingent milestone payments in connection with development programs in progress (f) 2,892 237 1,139 451 1,065 Total - net commitments given (g) 11,314 5,507 2,666 1,065 2,076 (a) Includes future variable lease payments not recognized in Lease liabilities as of December 31, 2021. As of December 31, 2020, the amount of such commitments was €950 million. The year-on-year movement is largely related to two leases of real estate assets at Cambridge, MA (United States); (see Note D.3.2.). (b) Lease commitments given to joint ventures were immaterial as of December 31, 2021. (c) These comprise irrevocable commitments to suppliers of (i) property, plant and equipment, net of down-payments (see Note D.3.) and (ii) goods and services. As of December 31, 2020, irrevocable commitments amounted to €7,153 million given and €(608) million received. (d) Irrevocable purchase commitments given as of December 31, 2021 include €987 million of commitments to joint ventures. (e) Commitments related to R&D, and other commitments, amounted to €500 million as of December 31, 2020. (f) This line includes only contingent milestone payments on development projects in progress. The increase relative to December 31, 2020 (when this figure amounted to €2,456 million) is mainly due to a license agreement entered into with Biond Biologics and to the acquisition of Kadmon. (g) This line excludes: (i) commitments given relating to projects in the research phase (€6.7 billion in 2021 , €6.7 billion in 2020 ) and payments contingent upon the attainment of sales targets once a product is commercialized (€8.1 billion in 2021 , €8.1 billion in 2020 ); (ii) commitments received in respect of the additional share of quarterly profits to which Sanofi is entitled under the collaboration agreements with Regeneron on monoclonal antibodies (capped at 10% of Regeneron’s share of quarterly profits), until Regeneron has paid 50% of the cumulative development costs incurred by the parties in the collaboration (see Note C.1.). Such commitments received were €2.9 billion in 2021 (€2.6 billion in 2020 ), relative to cumulative development costs of €7.6 billion as of December 31, 2020; and (iii) other commitments received amounting to €5.8 billion as of December 31, 2021 (€2.7 billion as of December 31, 2020 ), mainly comprising discovery, development and commercialization agreements with partners further to the acquisitions of Ablynx (€1.0 billion as of December 31, 2021, €1.1 billion as of December 31, 2020) and of Kymab (€0.5 billion as of December 31, 2021, see Note D.1.), plus contingent consideration receivable based on attainment of regulatory and sales milestones for commercialized products under the terms of licenses or rights assignment agreements amounting to €4.2 billion as of December 31, 2021 and €1.6 billion as of December 31, 2020. In pursuance of its strategy, Sanofi may acquire technologies and rights to products. Such acquisitions may be made in various contractual forms: acquisitions of shares, loans, license agreements, joint development, and co-marketing. These arrangements generally involve upfront payments on signature of the agreement, development milestone payments, and royalties. Some of these complex agreements include undertakings to fund research programs in future years and payments contingent upon achieving specified development milestones, the granting of approvals or licenses, or the attainment of sales targets once a product is commercialized. The “Research and development license agreements” line comprises future service commitments to fund research and development or technology, and probable contingent milestone payments regarded as reasonably achievable (i.e. all potential milestone payments relating to projects in the development phase, for which the future financial consequences are known or probable and for which there is a sufficiently reliable estimate). The major agreements entered into by Sanofi in 2021 are described below: • in January 2021, Sanofi entered into a license agreement with Biond Biologics, a biopharmaceutical company developing novel immunotherapies for cancer and a platform enabling the intra-cellular delivery of biologics, for the development and commercialization of BND-22 (a humanized IgG4 antagonist antibody targeting the Ig-like transcript 2 (ILT2) receptor, in development for the treatment of solid tumors). Under the terms of the agreement, Sanofi made an upfront payment of $125 million, and could pay up to $1 billion contingent on the attainment of certain objectives; • on April 8, 2021, Sanofi acquired the entire share capital of Kymab. The acquisition price includes milestone payments of up to $350 million contingent on the attainment of certain development objectives (see Note D.1.); • on April 9, 2021, Sanofi acquired Tidal Therapeutics. The acquisition price includes milestone payments of up to $310 million contingent on the attainment of certain development objectives (see Note D.1.); • on July 6, 2021, Sanofi entered into a license agreement with Eureka Therapeutics and Memorial Sloan Kettering Cancer Center (MSK) for the treatment of multiple myeloma. Under the terms of the agreement, Sanofi could pay up to $1 billion contingent on the attainment of certain objectives; • on November 18, 2021, Sanofi entered into a strategic collaboration with Owkin around R&D programs targeting four types of cancer, involving an upfront payment by Sanofi of $90 million spread over three years, plus further milestone payments; • on December 3, 2021, Sanofi acquired the entire share capital of Origimm. The purchase consideration included potential development milestone payments of up to €95 million (see Note D.1.). Other major agreements entered into by Sanofi in prior years are described below: • Kymera (2020): agreement to develop and commercialize protein degrader therapies targeting IRAK4 in patients with immune-inflammatory diseases. Under the terms of the agreement, Sanofi has made an upfront payment of $150 million to Kymera, and could pay up to $2.2 billion subject to attainment of specified milestones; • Roche (2019): to obtain exclusive over-the-counter (OTC) US rights to Tamiflu ® for the prevention and treatment of influenza. Under the terms of the agreement, Sanofi is responsible for leading FDA negotiations for the OTC switch; for subsequent exclusive marketing and distribution of Tamiflu ® in the US consumer health care market; and for associated scientific engagement. Tamiflu ® was previously currently sold in the US for prescription use by Genentech, a member of the Roche Group; • Regeneron: (i) several amendments to the 2009 Amended and Restated License and Collaboration Agreement on human therapeutic antibodies; (ii) several amendments to the 2015 Immuno-Oncology License and Collaboration Agreement on the development of cemiplimab (REGN2810); and (iii) the 2020 Cross License and Commercialization Agreement for Praluent ® (see Note C.1.); • AnaBios Corporation (2018): partnership agreement to develop and commercialize new treatments for irregular heartbeat, primarily atrial fibrillation; • SK Chemicals (2018): partnership agreement between Sanofi Pasteur and SK Chemicals under which Sanofi acquired exclusive development and commercialization rights in the United States and Europe for vaccines derived from the cell-based technology developed by SK Chemicals; • Revolution Medicines (2018): partnership agreement in oncology to jointly develop the principal candidate derived from Revolution Medicines biological research: RMC 4630, an inhibitor of SHP2, a cellular enzyme in the protein tyrosine phosphatase family that plays an important role in multiple forms of cancer; • Denali Therapeutics Inc. (2018): collaboration agreement on the development of multiple molecules with the potential to treat a range of neurological and systemic inflammatory diseases. The two lead molecules are DNL747 in multiple sclerosis and amyotrophic lateral sclerosis, and DNL758 in systemic inflammatory diseases such as rheumatoid arthritis and psoriasis; • Immunext (2017): agreement to develop a novel antibody to treat auto-immune diseases such as multiple sclerosis and lupus. Under the agreement, Sanofi acquired an exclusive worldwide license to INX-021, a monoclonal CD40L antibody currently in preclinical development. A second parallel agreement was signed to support clinical trials; • MedImmune (a division of AstraZeneca) (2017): agreement to develop and commercialize a monoclonal antibody (MEDI8897) for the prevention of Respiratory Syncytial Virus (RSV) associated illness in newborns and infants; • ImmunoGen (2017): amendment to the license and collaboration agreement signed in 2003. ImmunoGen granted Sanofi a fully paid and exclusive license to develop, manufacture and commercialize the full series of compounds developed by Sanofi using ImmunoGen technology; • DiCE Molecules (2016): five-year global collaboration to discover potential new therapeutics for up to 12 targets that encompass all disease areas of strategic interest to Sanofi; • 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; • BioNTech A.G. (2015): exclusive collaboration and license agreement to discover and develop up to five cancer immunotherapies; • Evotec AG and Apeiron Biologics AG (2015): collaboration and license agreement to discover and develop first-in-class small molecule-based immuno-oncology therapies to treat solid and hematological cancers; • Eli Lilly and Company (2014): agreement to pursue regulatory approval for non-prescription Cialis ® (tadalafil); • Regulus Therapeutics Inc. (2010): discovery, development and commercialization of novel micro-RNA therapeutics in fibrosis. Sanofi and its alliance partners have decided to terminate the following agreements (the related commitments are no longer included in Sanofi’s off balance sheet disclosures as of December 31, 2021): • at the end of December 2021, Sanofi and Sangamo Therapeutics, Inc. agreed to end their agreement to research, develop, and commercialize therapeutics for hemoglobinopathies in June 2022, after a transitional phase; • on September 15, 2021, Sanofi and Lead Pharma decided to end the research collaboration and license agreement for the discovery, development and commercialization of small molecule therapies directed against “ROR gamma t” nuclear hormone receptors to treat auto-immune diseases; • on April 16, 2021, Sanofi acquired Kiadis, thereby terminating the 2020 license agreement; and on September 14, 2021, Sanofi acquired Translate Bio, thereby terminating the 2018 license agreement as amended in 2020. Sanofi entered into an agreement with Royalty Pharma in December 2014 relating to development programs under which Royalty Pharma bears a portion of the remaining development costs of the project on a quarterly basis in return for royalties on future sales. This transaction is a co-investment, whereby the partner acquires an interest in the jointly-developed product by providing funding towards the development program. Consequently, the amounts received by Sanofi are recorded as a reduction in development costs, to the extent that the development costs incurred by Sanofi are recognized in profit or loss in accordance with the policies described in Note B.4.1. The products in development under the December 2014 agreement with Royalty Pharma have been launched in the United States and Europe, marking the end of the joint development programs. On February 27, 2017, Sanofi and Lonza announced a strategic partnership in the form of a joint venture to build and operate a large-scale mammalian cell culture facility for monoclonal antibody production in Visp, Switzerland. An initial investment of approximately €0.3 billion to finance construction of the facility, split 50/50 between the two partners, has now been made in full. In addition, Sanofi could pay Lonza in the region of €0.7 billion over the next fifteen years partly as its share of operating expenses and the cost of producing future batches. In February 2014, pursuant to the “Pandemic Influenza Preparedness Framework for the sharing of influenza viruses and access to vaccines and other benefits” (still effective as of December 31, 2021), Sanofi Pasteur and the World Health Organization (WHO) signed a bilateral “Standard Material Transfer Agreement” (SMTA 2). This agreement stipulates that Sanofi Pasteur will, during declared pandemic periods, (i) donate 7.5% of its real-time production of pandemic vaccines against any strain with potential to cause a pandemic, and (ii) reserve a further 7.5% of such production on affordable terms. The agreement cancels and replaces all preceding commitments to donate pandemic vaccines to the WHO. D.21.2. Off balance sheet commitments relating to financing activities Credit facilities Undrawn credit facilities are as follows: December 31, 2021 Total Expiry (€ million) Less than 1 to 3 to More than General-purpose credit facilities 8,000 4,000 — 4,000 — As of December 31, 2021, total credit facilities amounted to €8,000 million (versus €8,000 million as of December 31, 2020 and €8,000 million as of December 31, 2019). Guarantees The table below shows the amount of guarantees given and received: (€ million) 2021 2020 2019 Guarantees given: 3,794 3,291 3,103 • Guarantees provided to banks in connection with credit facilities 1,042 695 1,263 • Other guarantees given 2,752 2,596 1,840 Guarantees received (1,149) (964) (703) D.21.3. Off balance sheet commitments relating to Sanofi entities and business combinations On December 21, 2021, Sanofi announced that it had entered into an agreement to acquire Amunix Pharmaceuticals, Inc. for an upfront payment of approximately $1 billion and up to $225 million upon achievement of certain future development milestones. In addition, commitments received in respect of (i) disposal proceeds receivable under agreements to divest assets (including securities) not yet finalized or (ii) contingent consideration on divestments of operations under past agreements, amounted to a total of €0.8 billion as of December 31, 2021 and €0.6 billion as of December 31, 2020. Off balance sheet funding commitments to associates and joint ventures are disclosed in Note D.6. The maximum amount of contingent consideration relating to business combinations is disclosed in Note D.18. |
Legal and arbitral proceedings
Legal and arbitral proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Legal and arbitral proceedings | Legal and arbitral proceedings Sanofi and its affiliates are involved in litigation, arbitration and other legal proceedings. These proceedings typically are related to product liability claims, intellectual property rights (particularly claims against generic companies seeking to limit the patent protection of Sanofi products), competition law and trade practices, commercial claims, employment and wrongful discharge claims, tax assessment claims, waste disposal and pollution claims, and claims under warranties or indemnification arrangements relating to business divestitures. Provisions related to legal and arbitral proceedings are recorded in accordance with the principles described in Note B.12. Most of the issues raised by these claims are highly complex and subject to substantial uncertainties; therefore, the probability of loss and an estimation of damages are difficult to ascertain. Contingent liabilities are cases for which either we are unable to make a reasonable estimate of the expected financial effect that will result from ultimate resolution of the proceeding, or a cash outflow is not probable. In either case, a brief description of the nature of the contingent liability is disclosed and, where practicable, an estimate of its financial effect, an indication of the uncertainties relating to the amount and timing of any outflow, and the possibility of any reimbursement are provided in application of paragraph 86 of IAS 37. In the cases that have been settled or adjudicated, or where quantifiable fines and penalties have been assessed, we have indicated our losses or the amount of provision accrued that is the estimate of the probable loss. In a limited number of ongoing cases, while we are able to make a reasonable estimate of the expected loss or range of the possible loss and have accrued a provision for such loss, we believe that publication of this information on a case-by-case basis or by class would seriously prejudice the Company’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in those cases, we have disclosed information with respect to the nature of the contingency but have not disclosed our estimate of the range of potential loss, in accordance with paragraph 92 of IAS 37. These assessments can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. Our assessments are based on estimates and assumptions that have been deemed reasonable by management. We believe that the aggregate provisions recorded for the above matters are adequate based upon currently available information. However, given the inherent uncertainties related to these cases and involved in estimating contingent liabilities, we could in the future incur judgments that could have a material adverse effect on our net income in any particular period. Long term provisions are disclosed in Note D.19. They include: • provisions for product liability risks, litigation and other amount to €1,374 million in 2021. These provisions are mainly related to product liabilities, government investigations, competition law, regulatory claims, warranties in connection with certain contingent liabilities arising from business divestitures other than environmental matters and other claims; • provisions for environmental risks and remediation amount to €650 million in 2021, the majority of which are related to contingencies that have arisen from business divestitures. a) Products Sanofi Pasteur Hepatitis B Vaccine Product Litigation Since 1996, more than 180 lawsuits have been filed in various French civil courts against Sanofi Pasteur and/or Sanofi Pasteur MSD S.N.C., the former French subsidiary of Sanofi, and the latter a joint venture company with Merck & Co., Inc. now terminated, for which past ongoing litigation is now managed by the originating party. In such lawsuits, the plaintiffs allege that they suffer from a variety of neurological disorders and autoimmune diseases, including multiple sclerosis and Guillain-Barré syndrome as a result of receiving the hepatitis B vaccine. In January 2018, the Appeal Court of Bordeaux found a causal link between hepatitis B vaccine and multiple sclerosis. In July 2019, the French Supreme Court (Cour de cassation) cancelled the judgment of the Appeal Court of Bordeaux and referred the case back to the Appeal Court of Toulouse. The hearing was held in December 2021 and the ruling is expected in the first quarter of 2022. As of December 31, 2021, there were 12 ongoing lawsuits related to Sanofi Pasteur hepatitis B vaccine. Taxotere ® Product Litigation in the US As of December 31, 2021, there were approximately 9,504 plaintiffs in courts across the country, with approximately 823 of those plaintiffs being spouses who have filed loss of consortium claims. Lawsuits have been filed against affiliates of Sanofi under US state law for personal injuries allegedly sustained in connection with the use of Taxotere ® . The actions are held in several jurisdictions, including the federal and/or state courts of Louisiana, New Jersey, California, and Delaware. To date, there have been two bellwether trials as part of a federal multi-district litigation in the Eastern District of Louisiana both resulting in jury verdicts in Sanofi's favor. It is not possible, at this stage, to reliably assess the outcome of these lawsuits or the potential financial impact on the Company. Taxotere ® – Mississippi Attorney General Litigation in the US In October 2018, the Attorney General for the State of Mississippi filed a civil action in Hinds County, Mississippi, Chancery Court against various Sanofi Defendants related to Taxotere ® . The State asserts one cause of action based on the Mississippi Consumer Protection Act (“MCPA”) and seeks a permanent injunction prohibiting Defendants’ conduct and civil penalties of up to $10,000 for each violation. In December 2018, Sanofi removed the matter to the US District Court for the Southern District of Mississippi, but the case was subsequently remanded back to State Court in February 2019. Sanofi filed a motion to dismiss the entire action in Hinds County, Mississippi, Chancery Court, which is currently pending. It is not possible, at this stage, to assess reliably the outcome of this lawsuit or the potential financial impact on the Company. Zantac ® Litigation in the US In September 2019, the US Food and Drug Administration (“FDA”) announced it was investigating the claims of an online pharmacy’s Citizen Petition that the medication Zantac ® (the brand name for ranitidine) used for stomach heartburn contains or can generate the chemical N-Nitrosodimethylamine (“NDMA”), an alleged human carcinogen. As a precautionary measure, Sanofi initiated a voluntary recall of branded over-the-counter Zantac ® in October 2019. Concurrent with FDA’s investigation, multiple personal injury lawsuits and class actions alleging that Zantac ® causes various cancers and seeking damages for either alleged personal injuries or alleged economic injuries were filed. Most of those cases have been coordinated into a Multi-District Litigation ("MDL") in the Southern District of Florida. On June 30 and July 8, 2021, the Federal MDL Court entered orders granting in part and denying in part Defendants’ motions to dismiss various aspects of Plaintiffs’ amended complaints. The rulings narrowed the scope of plaintiffs’ complaints and saw the dismissal of all retailers and generic manufacturers from the MDL, leaving branded manufacturers GSK, Pfizer, Boehringer Ingelheim, and Sanofi as the defendants. As of December 31, 2021, there were 1,828 filed personal injury cases in the MDL comprising 1,927 personal injury plaintiffs alleging claims against Sanofi. Other cases are pending in various state courts. These state court cases still include numerous retail and generics manufacturing defendants in addition to branded manufacturers. In addition, in November 2019, Sanofi received a Civil Investigative Demand (“CID”) related to this issue from the Arizona Attorney General. In June 2020, the New Mexico Attorney General filed a complaint against Sanofi, the previous marketing authorization holders for branded Zantac ® , a dozen generic manufacturers, and several retailers. The complaint brings claims for alleged violations of the New Mexico Unfair Practices Act, violations of the New Mexico False Advertising Act, violations of the New Mexico Public Nuisance Statute, common law public nuisance, and negligence. In June 2020, Sanofi received a notice from the US Department of Justice Civil Division and US Attorney’s Office for the Eastern District of Pennsylvania of an investigation into allegations that pharmaceutical manufacturers violated the False Claims Act, 31 U.S.C. § 3729, in relation to the drug Zantac ® and ranitidine hydrochloride through alleged failure to disclose to the federal government information about the potential presence of NDMA. The notice requests information and documents from Sanofi including applications and communications with FDA. In November 2020, the Mayor and City Council of Baltimore filed a complaint against Sanofi, the previous marketing authorization holders for branded Zantac ® , generic manufacturers, and several retailers. The complaint alleges violations of the Maryland Consumer Protection statute, public nuisance, and negligence. In January 2021, Sanofi was served with the Center for Environmental Health’s Second Amended Complaint alleging Proposition 65 violations. The case, which also names generic manufacturers and retailers, is pending in California Superior Court in Alameda County. Overall between State and federal filings, there are currently 1,971 product liability “complaints” filed. These complaints encompass 3,086 individual product liability “plaintiffs” who have all filed against Sanofi. Additional cases may be filed. It is not possible, at this stage, to assess reliably the outcome of these lawsuits or the potential financial impact on Sanofi. Zantac ® Litigation in Canada Between 2019 and 2021, 7 proposed class actions naming notably Sanofi Consumer Health Inc., Sanofi-Aventis Canada Inc., Chattem (Canada) Inc., Sanofi and Sanofi Pasteur Limited as Defendants, relating to ranitidine were filed in various Canadian States court on behalf of all Canadian provinces alleging they suffered personal injury, including cancer, from the ingestion of ranitidine and are seeking general special, statutory, punitive and aggravated damages in an unspecified amount as well as disgorgement of profits. Additionally, some plaintiffs seek restitution for unjust enrichment in an amount equivalent to the purchase price of Zantac ® and subrogated damages on behalf of provincial health insurers for health care costs related to ranitidine use. These actions are pending before the courts of Alberta, British Columbia, Quebec and Ontario. It is not possible, at this stage, to assess reliably the outcome of these lawsuits or the potential financial impact on Sanofi. Depakine ® Product Litigation in France Civil proceedings As of December 31, 2021, 75 families brought a civil claim involving 127 people exposed in utero to sodium valproate against a French affiliate of Sanofi seeking indemnification under French law for personal injuries allegedly suffered by children in connection with the use of sodium valproate by their mothers during pregnancy to treat their epilepsy (Depakine ® ). These actions are held in several jurisdictions in France. Twenty-six lawsuits are proceedings on the merits, the most advanced was tried at the French Supreme Court level which issued in November 2019 a ruling quashing partially the November 2017 Orléans Appeal Court decision against Sanofi ordering payment of approximately €2 million to the plaintiff and €1 million to the CPAM (Caisse Primaire d’Assurance Maladie) . The Supreme Court decided to send the case before another Appeal Court of Paris to rule on Sanofi’s argument on the exoneration cause relating “to compliance of the product with mandatory regulations”, as well as on the question of defectiveness of the product and the evaluation of the injuries. There is no date set for the hearing of the case yet. Several first instance rulings on the merits are expected to occur in Q2-Q3 2022 from the Judicial Tribunal of Nanterre. In the class action lawsuit filed in May 2017 by the APESAC (Association des Parents d’Enfants souffrant du Syndrome de l’Anti-Convulsivant) against the French affiliate, the Judicial Tribunal of Paris ruled on January 5, 2022 that a class is admissible, retaining Sanofi’s liability (i) for breach of its obligation of vigilance and of its duty to inform as of 1984 until January 2006 for the risk of malformation and as of 2001 until January 2006 for the risks of neurodevelopmental disorders (NDD) and (ii) for commercializing a defective product by lack of information on the patient leaflet from 1998 to 2006 for malformation and from 2001 to 2006 for NDD. This decision is based on the conclusions of a criminal expert report within the frame of ongoing criminal proceeding, for which, however, on December 15, 2021, the Chambre de l’Instruction of the Appeal Court of Paris had ordered a counter-expertise as per Sanofi’s request (see below). Sanofi and its insurers, also parties to the lawsuit, will file an appeal against the decision from the Judicial Tribunal of Paris on the class action. Consequently, execution of the decision is suspended until definitive decision is rendered. On July 21, 2021, a Judicial Tribunal in France dismissed a claim for damages brought against Sanofi regarding a child born in 1995. The Judicial Tribunal considered that the risk of occurrence of NDD in children born to mother exposed to sodium valproate during pregnancy was not demonstrated by the state of scientific knowledge at the time of her pregnancy. This decision is now pending before the Appeal Court of Paris. In July 2020, a collective redress against the French affiliate was filed by 63 f amilies, seeking indemnification for a prejudice of anxiety . There is no date set for the hearing of the case yet. Criminal investigation A criminal investigation was initiated in May 2015 before the Paris Civil Court. In January 2020, the French affiliate of Sanofi was indicted for aggravated deception and involuntary injuries and in July 2020 for involuntary manslaughter. In July 2020, a judicial supervision of the affiliate was ordered, together with the implementation of financial guarantees. In November 2020, the Health Authority ( ANSM) was similarly indicted for involuntary injuries and involuntary manslaughters. Sanofi’s motions for nullity of its indictment have been rejected by the Chambre de l’Instruction of the Appeal Court of Paris on October 13, 2021. However, on December 15, 2021, the Chambre de l’Instruction of the Appeal Court of Paris ordered a counter-expertise considering that Sanofi’s request for a counter expertise was justified, in the interest of good administration of justice, right to an equitable trial and rights of defense. Public compensation scheme The French government has, through the 2017 Finance Law adopted on December 29, 2016, set up a public compensation scheme to indemnify patients for damages suffered in connection with the prescription of sodium valproate and its derivatives. The scheme entered into force in July 2017 and was further amended through the 2020 Finance Law, with notably the introduction of presumptions of default for lack of information of the mother since 1982 for malformations and since 1984 for NDD. The scheme was amended again through the 2021 Finance Law in order to increase the maximum premium applicable in case of refusal to make an offer (or insufficient offer) which would be deemed unjustified by a court ruling. The committee of the compensation scheme has issued several final opinions holding the French affiliate liable for damages either in full or in part along with the French State. The French affiliate disagreed with the committee’s conclusions and has accordingly not offered indemnification to the claimants who have received compensation from the ONIAM (Office National d'Indemnisation des Accidents Médicaux) . The ONIAM is now seeking reimbursement from Sanofi who has filed legal actions to oppose ONIAM’s payment orders. Sanofi has also been notified of 53 exposed persons who have filed a request for indemnification before the public compensation scheme and who are also claimants against Sanofi in judicial proceedings. Administrative Actions In July 2020 and March 2021, a court had recognized the responsibility of the French State in 4 administrative proceedings initiated by families against the State. In March 2021, the Administrative Court did not retain any lack of information of the mother regarding the risk of neurodevelopmental disorders for pregnancies occurring in 1998 and in 2001, based on the state of scientific knowledge at the time. However, regarding the risk of malformations, liabilities were retained against the State, the healthcare professionals and Sanofi, notably for discrepancy between the SmPC (Summary of the Product Characteristics) and the patient leaflet. Given that the French affiliate was not a party to these administrative proceedings, its arguments (i.e. notably several requests from the French affiliate to the Health Authorities to reinforce warnings to healthcare professionals and patients in relation to Depakine ® ) were not considered. Sanofi has filed requests for voluntary intervention in these proceedings to present its arguments before the Administrative Court of Appeal. It is not possible, at this stage, to assess reliably the outcome of these cases or the potential financial impact on the Company. Depakine ® Product Litigation in other EU countries In Switzerland, 10 families have filed a civil claim for damages concerning 15 people exposed in utero. Some of them also involve the claimants’ physicians. In Spain, there are 2 trials ongoing relating to 5 children. In Belgium, there are 2 civil proceedings (currently on hold) and a criminal complaint against X and against Sanofi. In Germany, there is one civil lawsuit before the Berlin Regional Court, relating to one child exposed in utero to valproate taken by the mother during pregnancy for bipolar disorder. Dengvaxia ® (Philippines) Since early 2018 up to present date, several claims were filed in the Philippines by parents of deceased children whose deaths were allegedly due to vaccination with Dengvaxia ® . Early March 2019 and 2020, the Philippine Department of Justice (DOJ) prosecution panel announced it had found probable cause to indict several Sanofi employees/former employees and former Government officials for “reckless imprudence” resulting in homicides. Since then, several criminal actions have been filed in court as a result of this finding. Motions for Reconsideration (MR) have been filed by Sanofi Pasteur Inc. (Philippines) and were dismissed for all respondents except for one Sanofi employee. Petitions for Review to the DOJ Secretary have been filed, appealing the dismissed MR and the said petitions remain pending. Meanwhile, the first cases that were filed in March 2019 have progressed in the lower court. The majority of the respondents have challenged the jurisdiction of the lower court where the first 8 cases had been assigned and this issue is now filed with the Supreme Court. There are several claims that remain pending with the DOJ, awaiting probable cause resolution. b) Patents Ramipril Canada Patent Litigation Sanofi was involved in a number of legal proceedings involving companies which market generic Altace ® (ramipril) in Canada. In 2004, Sanofi unsuccessfully brought Notice of Compliance proceedings (NOC proceedings) at the end of which eight manufacturers obtained marketing authorizations from the Canadian Minister of Health for generic versions of ramipril in Canada. Sanofi filed unsuccessful patent infringement actions against all those companies and ultimately Sanofi was liable for damages under Section 8. Sanofi made payment in complete satisfaction of those awards. In June 2011, while the Section 8 damages action was proceeding in Federal Court, Apotex commenced an action in the Ontario Superior Court of Justice asserting damages under the Ontario Statute of Monopolies, the UK Statute of Monopolies, and the Trade-marks Act (the “Ontario Action”). The Ontario Action was stayed pending exhaustion of appeals in the Section 8 damages action and, despite having received full compensation in the Section 8 action, was reinitiated by Apotex after the conclusion of the appeals. At the request of the parties, in June 2021, the Court ordered that the action be stayed in view of the lower court's decision in March in the Apotex vs. Lilly case. In the Lilly case, the Court dismissed Apotex's Statute of Monopolies claim by way of summary judgment. If upheld on appeal, this decision may end Apotex's claim against Sanofi, also based on the Statute of Monopolies. It is anticipated that the appeals process, through finality will take approximately 24 months. Praluent ® (alirocumab)-related Amgen Patent Litigation in the US In 2014, Amgen filed four separate complaints against Sanofi and Regeneron in the US District Court for the District of Delaware (“District Court”) asserting patent infringement relating to Sanofi and Regeneron’s Praluent ® product. Together these complaints alleged that Praluent ® infringed seven patents for antibodies targeting PCSK9 and sought injunctive relief and unspecified damages. In 2019, Sanofi and Regeneron successfully invalidated all five asserted patent claims in the District Court. Amgen appealed to the Federal Circuit. In February 2021, the Federal Circuit affirmed the District Court’s ruling invalidating the Amgen asserted patent claims. In June 2021, the Federal Circuit denied Amgen's petition for rehearing. In November 2021, Amgen filed a petition with the US Supreme Court, asking it to overturn the Federal Circuit decision. In January 2022, the US Supreme Court requested a response from Sanofi and Regeneron to Amgen’s petition. Dupixent ® (dupilumab)-related Amgen Patent Opposition and Revocation in Europe Immunex Corporation, an Amgen affiliate, is the registered proprietor of European Patent EP2292665. The claims of this patent relate to, among other things, human monoclonal antibodies that are capable of inhibiting IL-4 induced biological activity and which compete with one of four reference antibodies for binding to a cell that expresses human IL-4R. In April 2016, Sanofi and Regeneron each filed an opposition in the European Patent Office (EPO) against EP2292665, seeking its revocation on the basis that, inter alia, the claims are invalid for prohibited “added matter”, lack of novelty, lack of inventive step and lack of sufficient disclosure. In September 2016, Sanofi also filed a civil action in the UK High Court (Chancery Division/Patents Court) seeking revocation of the UK designation of EP2292665 on similar grounds. In January 2017, at the joint request of Sanofi and Immunex, the UK High Court ordered that the revocation action be stayed pending the final determination of the pending EPO opposition proceedings. The EPO rendered its decision in November 2017 and revoked the patent in its entirety. In early 2018, Immunex appealed the decision of the EPO. In September 2017, Sanofi and Regeneron filed oppositions in the EPO against Amgen’s European Patent EP2990420, which is a divisional of the EP2292665 Patent discussed above. The issues in this opposition were similar to those made in the oppositions against EP2292665. In February 2019, the EPO revoked the patent EP2990420 in its entirety, finding the claims invalid for lack of sufficiency. Immunex filed a notice of appeal in May 2019. Oral hearings by the Technical Board of Appeals have been scheduled for March 2022. Dupixent ® (dupilumab)-related Amgen Inter Partes Reviews and Patent Litigation in the US Amgen filed a Petition for Writ of Certiorari to the US Supreme Court challenging the Federal Circuit’s affirmance that all claims of US Patent No. 8,679,487 are invalid, which petition the Court denied in June 2021. Amgen’s ‘487 patent is invalid with no further possibility of appeal. In August 2021, the associated district court case was dismissed bringing these matters to a close. Jevtana ® (cabazitaxel)-related patent litigation in the US Jevtana ® is currently covered by four Orange Book listed patents US 7,241,907, US 8,927,592, US 10,583,110 and US 10,716,777. In May to July 2020, Sanofi filed patent infringement suits under Hatch-Waxman against 12 generic filers asserting the ‘110 patent and the ‘777 patent in the US District Court for the District of Delaware. The '592 patent was added to the suits after its amended claims issued in August 2021. Sanofi has reached settlement agreements with some of the defendants and the suit against the remaining defendants is ongoing. In January 2021, the District Court issued a claim construction decision in favor of the defendants. In September 2021, the remaining defendants Apotex and Sandoz filed a motion to dismiss the infringement suit. No trial date has been scheduled and the remaining defendants have agreed not to launch any generic cabazitaxel product until the earlier of a district court decision in favor of the defendants or four months after the completion of the post-trial briefing. In January 2022, Sanofi filed a patent infringement suit under Hatch-Waxman against Aurobindo Pharma and Eugia Pharma in the US District Court for the District of Delaware asserting the ‘592, ‘110 and ‘777 patents. Plavix ® Litigation (Commonwealth) in Australia In August 2007, GenRX (a subsidiary of Apotex) obtained registration of a generic clopidogrel bisulfate product on the Australian Register of Therapeutic Goods. At the same time, GenRX filed a patent invalidation action with the Federal Court of Australia, seeking revocation of Sanofi’s Australian enantiomer patent claiming clopidogrel salts (a “nullity action”). In September 2007, Sanofi obtained a preliminary injunction from the Federal Court preventing commercial launch of this generic clopidogrel bisulfate product until judgment on the substantive issues of patent validity and infringement. In August 2008, the Australian Federal Court confirmed that the claim in Sanofi’s Australian enantiomer patent directed to clopidogrel bisulfate (the salt form in Plavix ® ) was valid and the patent infringed. On appeal, the Full Federal Court of Australia held in September 2009 that all claims in the patent are invalid. Sanofi’s appeal to the Australia High Court was denied in March 2010. In April 2013, the Australian Department of Health and Ageing (“Commonwealth”) filed an application before the Federal Court of Australia seeking payment of damages from Sanofi related to the Apotex preliminary injunction of up to AUD449 million (€287 million as of December 31, 2021), plus interest. Sanofi and BMS settled the patent litigation with Apotex in November 2014. In April 2020, the Commonwealth’s claim was dismissed. In May 2020, the Commonwealth filed a Notice of Appeal to the Full Court of the Federal Court. On appeal, the Commonwealth reduced its claim to a range of AUD223.3 million (€142.7 million) to AUD280.2 million (€179.1 million) which, inclusive of interest to December 31, 2021, ranges from AUD333.4 million (€213.1 million) to AUD453.6 million (€289.9 million) depending on whether interest accrues from the date the Commonwealth claims the Apotex products would have been listed on the Government reimbursement scheme in the absence of the injunction (i.e. April 1, 2008) or the date the Commonwealth filed its claim (i.e. April 1, 2013). Appeal hearing took place in February 2021 before the Full Court of the Federal Court. The ruling is expected in 2022. c) Other litigation Aubagio ® (teriflunomide)-related litigation in Europe In October 2020, Mylan Ireland Ltd (‘Mylan’) brought an action before the General Court of the European Union requesting the annulment of the August 18, 2020 decision of the European Medicines Agency (“EMA”) refusing to validate Mylan’s marketing authorization application for a generic version of Aubagio ® (teriflunomide). Sanofi has intervened in this court case between Mylan and the EMA in order to defend Aubagio’s regulatory exclusivity. The proceedings before the General Court are still ongoing. Plavix ® (clopidogrel) – Attorney General Action in Hawaii In March 2014, the Hawaii Attorney General (AG) filed a complaint that sets forth allegations related to the sale and marketing of and variability of response to Plavix ® . The Hawaii AG specifically alleged that Plavix ® had a diminished effect in patients of certain genetic backgrounds and that Sanofi and BMS had failed to make an earlier disclosure of this information. In February 2021, the Court issued its decision, imposing penalties in the total amount of $834,012,000 against both Sanofi and Bristol Myers Squibb (BMS), with $417,006,000 being apportioned to each company. In June 2021, Sanofi and BMS appealed this judgment. To the extent this judgment or possibly a reduced judgment remains after the appeal, the judgment would be split evenly with BMS. Plavix ® (clopidogrel) - Attorney General Action in New Mexico In September 2016, the New Mexico Attorney General (AG) filed a complaint, claiming that Sanofi and Bristol Meyers Squibb (BMS) engaged in unfair and deceptive practices related to the marketing and labelling of Plavix ® . The New Mexico AG specifically alleged that Plavix ® had a diminished effect in patients of certain genetic backgrounds and that the Companies failed to make an earlier disclosure of this information. Discovery is completed. Plavix ® (clopidogrel)-related litigation in France In France, in the claim concerning allegations that Sanofi’s communication and promotional practices inhibited the entry on the market of generics of clopidogrel (the active ingredient of Plavix ® ), the French Antitrust Authority issued its decision on May 14, 2013, imposing on Sanofi a fine of €40.6 million. In December 2014, the Paris Court of Appeals rejected Sanofi’s appeal and confirmed in totality the decision. As a consequence of the May 2013 ruling, claims were filed by Sandoz and by Teva in 2014 before the Commercial Court of Paris for compensation of their alleged damages: loss of margin and other ancillary damages (legal fees to external counsel, image and reputation). In June and November 2016 respectively, settlement agreements were entered into with Sandoz and Teva. Consequently, they subsequently withdrew their civil claims, jointly and severally. On October 18, 2016, the Supreme Court confirmed the Court of Appeals’ decision. Therefore, the Court of Appeals’ decision became definitive. In September 2017, Sanofi and its French affiliate received a summons before the Paris Commercial Court from the French Caisse Nationale d’Assurance Maladie – CNAM (French Social Security) claiming €115.8 million for their alleged damages. On October 1, 2019, the Paris Commercial Court dismissed the CNAM’s action as time barred. In November 2019, the CNAM lodged an appeal. The CNAM appeal hearing took place in October 2021 and a ruling is expected in February 2022. 340B Drug Pricing Program in the United States Sanofi is currently involved in several matters relating to the 340B program in the US (a federal program that requires drug manufacturers to supply certain products to certain “covered entities” at reduced prices). In 2021, Sanofi filed a lawsuit against the Department of Health and Human Services (“HHS”), the Health Resources and Services Administration (“HRSA”), and certain of their administrators in the US District Court for the District of New Jersey challenging (i) HHS’s December 2020 Advisory Opinion (the “AO”) stating that drug manufacturers are legally obligated to deliver discounts under the 340B program to an unlimited number of contract pharmacies; (ii) HHS’s December 2020 Administrative Dispute Resolution (“ADR”) Rule; and (iii) HRSA’s May 2021 letter to Sanofi concluding that Sanofi’s 340B integrity initiative (under which Sanofi collects limited, de-identified, claims data on 340B-priced drugs dispensed by contract pharmacies) violates section 340B and that Sanofi has therefore “overcharged” certain covered entities. The court issued its opinion on November 5, 2021, upholding HRSA’s conclusion in the May 2021 letter, but did not impose any fines, p |
Provisions for discounts, rebat
Provisions for discounts, rebates and sales returns | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions for discounts, rebates and sales returns | Provisions for discounts, rebates and sales returns Adjustments between gross sales and net sales, as described in Note B.13., are recognized either as provisions or as reductions in accounts receivable, depending on their nature. The table below shows movements in these items: (€ million) Government and State programs (a) Managed care and GPO programs (b) Chargeback Rebates Sales Other Total Balance at January 1, 2019 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 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 (a) Primarily US government programs: Medicaid (€1,244 million in 2021, €1,015 million in 2020, €1,017 million in 2019) and Medicare (€941 million in 2021, €726 million in 2019 and €810 million in 2019). (b) Mainly rebates and other price reductions granted to healthcare authorities in the United States (including Managed Care: €896 million in 2021, €692 million in 2020 and €649 million in 2019). (c) Provisions related to US net sales amounted to €4,057 million as of December 31, 2021, €3,982 million as of December 31, 2020 and €3,585 million as of December 31, 2019. |
Personnel costs
Personnel costs | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Personnel costs | Personnel costs Total personnel costs (other than termination benefits, presented in Note D.27.) include the following items: (€ million) 2021 2020 2019 Salaries 6,625 6,508 6,590 Social security charges (including defined-contribution pension plans) 1,929 1,874 1,949 Stock options and other share-based payment expense 244 274 252 Defined-benefit plans (a) 273 162 168 Other employee benefits 269 261 229 Total 9,340 9,079 9,188 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). The total number of registered employees was 95,442 as of December 31, 2021, compared with 99,412 as of December 31, 2020 and 100,409 as of December 31, 2019. |
Other operating income
Other operating income | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other operating income | Other operating income Other operating income totaled €859 million in 2021, versus €697 million in 2020 and €783 million in 2019. Other operating income includes (i) gains from asset divestments, amounting to €418 million in 2021 (versus €307 million in 2020 and €296 million in 2019); (ii) income from Sanofi’s pharmaceutical partners, amounting to €245 million in 2021 (including €195 million from Regeneron, see Note D.26. below), compared with €199 million in 2020 and €103 million in 2019. This line item also includes (i) for 2021, a payment of €119 million from Daiichi Sankyo relating to the termination of a vaccines collaboration agreement in Japan; and (ii) for 2019, the favorable impact of top-up pension plan amendments following the application of the Pacte law in France. |
Other operating expenses
Other operating expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other operating expenses | Other operating expenses Other operating expenses totaled €1,805 million in 2021, compared with €1,415 million in 2020 and €1,207 million in 2019. For 2021, this line item includes €1,568 million of expenses relating to the alliance with Regeneron (see Note C.1.), versus €1,090 million for 2020 and €715 million in 2019 (as shown in the table below): (€ million) 2021 2020 2019 Income & expense related to sharing of (profits)/losses under the Monoclonal Antibody Alliance (1,253) (727) (253) Additional share of profit paid by Regeneron towards development costs 127 75 21 Reimbursement to Regeneron of selling expenses incurred (303) (349) (449) Total - Monoclonal Antibody Alliance (1,429) (1,001) (681) Immuno-Oncology Alliance 68 89 62 Other (mainly Zaltrap ® ) (12) (14) (14) Other operating income/(expenses), net related to the Regeneron Alliance (1,373) (926) (633) of which amount presented in Other operating income (Note D.25.) 195 164 82 Charges to provisions for litigation and environmental risks are also recorded within this line item. |
Restructuring costs and similar
Restructuring costs and similar items | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Restructuring costs and similar items | Restructuring costs and similar items Restructuring costs and similar items amounted to €820 million in 2021, €1,089 million in 2020 and €1,088 million in 2019, and were comprised of the following items: (€ million) 2021 2020 (a) 2019 (a) Employee-related expenses 193 697 795 Charges, gains or losses on assets (b) 110 149 106 Compensation for early termination of contracts (other than contracts of employment) 34 40 49 Decontamination costs — (2) 27 Transformation programs costs 463 191 131 Others 20 14 (20) Total 820 1,089 1,088 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. (b) This line consists of impairment losses and accelerated depreciation charges related to site closures (including leased sites), and gains or losses on divestments of assets arising from reorganization decisions made by Sanofi. In 2021, the costs of Sanofi's transformation program (as defined in Note B.19.) were related mainly to the creation of the new standalone Consumer Healthcare entity and of EUROAPI (the future European market leader in active pharmaceutical ingredients), and to the implementation of Sanofi’s new digital strategy. In 2020, employee-related expenses amounted to €697 million, and consisted of termination benefits further to the announcement of plans to adapt Sanofi’s organization (primarily in Europe) in line with the new “Play to Win” strategy announced in December 2019. In 2019, restructuring costs were mainly comprised of termination benefits of €795 million (primarily in Europe, the United States and Asia), plus asset write-downs and accelerated depreciation charges of €106 million. |
Other gains and losses, and lit
Other gains and losses, and litigation | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other gains and losses, and litigation | Other gains and losses, and litigation Other gains and losses, and litigation for 2021 comprise a charge of €5 million. For 2020, this line item comprises a net gain of €136 million, mainly relating to the sale of Seprafilm ® . For 2019, this line item comprises a net gain of €327 million, mainly relating to a gain on settlement of litigation. |
Financial expenses and income
Financial expenses and income | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Financial expenses and income | Financial expenses and income An analysis of Financial expenses and Financial income is set forth below: (€ million) 2021 2020 (d) 2019 (d) Cost of debt (a) (313) (328) (318) Interest income (b) 54 103 146 Cost of net debt (259) (225) (172) Non-operating foreign exchange gains/(losses) 2 (6) 1 Unwinding of discounting of provisions (c) (11) (11) (25) Net interest cost related to employee benefits (44) (57) (83) Gains/(losses) on disposals of financial assets 3 6 — Net interest expense on lease liabilities (35) (38) (39) Other 16 (4) 19 Net financial income/(expenses) (328) (335) (299) comprising: Financial expenses (368) (388) (440) Financial income 40 53 141 (a) Includes net gains on interest rate and currency derivatives used to manage debt: €14 million in 2021, €93 million in 2020 and €187 million in 2019. (b) Includes net gains on interest rate and currency derivatives used to manage cash and cash equivalents: €51 million in 2021, €66 million in 2020 and €55 million in 2019. (c) Primarily on provisions for environmental risks, restructuring provisions, and provisions for product-related risks (see Note D.19.). (d) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). In 2021, 2020 and 2019, the impact of the ineffective portion of hedging relationships was not material. |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income tax expense | Income tax expense Sanofi has elected for tax consolidations in a number of countries, principally France, Germany, the United Kingdom and the United States. The table below shows the allocation of income tax expense between current and deferred taxes: (€ million) 2021 2020 (a) 2019 (a) Current taxes (1,908) (1,913) (1,892) Deferred taxes 350 106 1,771 Total (1,558) (1,807) (121) Income before tax and investments accounted for using the equity method 7,798 13,778 2,752 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. The difference between the effective tax rate and the standard corporate income tax rate applicable in France is explained as follows: (as a percentage) 2021 2020 2019 Standard tax rate applicable in France 28.4 32.0 34.4 Difference between the standard French tax rate and the rates applicable to Sanofi (a) (9.5) (18.2) (23.2) Revisions to tax exposures and settlements of tax disputes 1.0 0.5 4.9 Impact of past acquisitions and divestitures — — (6.4) Fair value remeasurement of contingent consideration (b) — — (2.7) Other items (c) 0.1 (1.2) (2.6) Effective tax rate 20.0 13.1 4.4 (a) The difference between the French tax rate and tax rates applicable to foreign subsidiaries reflects the fact that Sanofi has operations in many countries, most of which have lower tax rates than France. For 2020, this line includes the difference between the standard French tax rate and the tax rate applicable to the gain on divestment of Regeneron shares. (b) For 2019, this line includes impacts related to the MSD contingent consideration and to the CVRs issued in connection with the acquisition of Genzyme. (c) In determining the amount of the deferred tax liability for 2021, 2020 and 2019, Sanofi took into account changes in the ownership structure of certain subsidiaries. For the periods presented, the amount of deferred tax assets recognized in profit or loss that were initially subject to impairment losses at the time of a business combination is immaterial. |
Share of profit_loss from inves
Share of profit/loss from investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Share of profit/loss from investments accounted for using the equity method | Share of profit/loss from investments accounted for using the equity method The line item Share of profit/(loss) from investments accounted for using the equity method comprises: (€ million) 2021 2020 2019 Regeneron (a) — 343 245 BMS co-promotion entities (b) — 1 5 Other investments accounted for using the equity method 39 15 5 Total 39 359 255 (a) Following the transaction of May 29, 2020 as described in Note D.2., which resulted in the divestment of 22.8 million Regeneron shares, Sanofi no longer exercises significant influence over Regeneron. The 2020 figure presented represents Sanofi’s equity-accounted share of Regeneron’s net profits up to and including that date. (b) On February 28, 2020, Sanofi acquired from Bristol-Myers Squibb the remaining 50.1% equity interest not yet held by Sanofi in the three partnerships that organize the commercialization of Plavix ® in the United States and Puerto Rico, for a total consideration of $12 million. This acquisition was accounted for in accordance with IFRS 3 (Business Combinations). |
Net income attributable to non-
Net income attributable to non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Net income attributable to non-controlling interests | Net income attributable to non-controlling interests The table below shows Net income attributable to non-controlling interests for the reporting periods presented: (€ million) 2021 2020 2019 Share of net income attributable to other non-controlling interests 56 36 31 Total 56 36 31 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions The principal related parties are companies over which Sanofi has control or significant influence, joint ventures, key management personnel, and principal shareholders. Sanofi has not entered into any material transactions with any key management personnel. Financial relations with Sanofi’s principal shareholders fall within the ordinary course of business and were immaterial in the years ended December 31, 2021, 2020 and 2019. Note F.1. lists the principal companies controlled by Sanofi; those companies are fully consolidated, as described in Note B.1. Transactions between those companies, and between the parent company and its subsidiaries, are eliminated when preparing the consolidated financial statements. Transactions with companies over which Sanofi has significant influence, and with joint ventures, are presented in Note D.6. Key management personnel include corporate officers and the members of the Executive Committee (an a verage of 11 members in 2021, 11 members in 2020 and 15 members in 2019). The table below shows, by type, the compensation paid to key management personnel: (€ million) 2021 2020 (a) 2019 (a) Short-term benefits (b) 33 36 31 Post-employment benefits (c) 2 3 (4) Share-based payment 20 18 30 Total recognized in profit or loss 55 57 57 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (b) Compensation, employer’s social security contributions, directors’ attendance fees, and any termination benefits (net of reversals of termination benefit obligations). (c) This line item includes in 2019 the favorable impact of top-up pension plan amendments following the application of the Pacte law in France. The table below shows the aggregate obligation as of December 31 for each period presented for individuals who hold or have held executive positions within Sanofi during that period. (€ million) 2021 2020 (a) 2019 (a) Aggregate top-up pension obligation in favor of certain corporate officers and of Executive Committee members 28 32 48 Aggregate termination benefits and lump-sum retirement benefits in favor of key management personnel 7 5 4 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). |
Disclosures about major custome
Disclosures about major customers and credit risk | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosures about major customers and credit risk | Disclosures about major customers and credit risk Credit risk is the risk that customers (wholesalers, distributors, pharmacies, hospitals, clinics or government agencies) may fail to pay their debts; for Sanofi, that risk is mainly concentrated on amounts receivable from wholesalers in the United States. Sanofi manages credit risk by vetting customers in order to set credit limits and risk levels, and asking for guarantees or insurance where necessary; performing controls; and monitoring qualitative and quantitative indicators of accounts receivable balances, such as the period of credit taken and overdue payments. Sales generated by Sanofi with its biggest customers, in particular certain wholesalers in the United States, represented 23% of net sales in 2021 . The three largest customers respectively accounted for approximately 10%, 7% and 6% of Sanofi's net sales in 2021 (10%, 6% and 5% in 2020; 8%, 5% and 3% in 2019). |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Segment information | Segment information As indicated in Note B.26., Sanofi has three operating segments: Pharmaceuticals, Vaccines, and Consumer Healthcare. The Pharmaceuticals segment comprises, for all geographical territories, the commercial operations of the following global franchises: Specialty Care (Dupixent ® , Neurology & Immunology, Rare Diseases, Oncology, and Rare Blood Disorders) and General Medicines (Diabetes, Cardiovascular, and Established Prescription Products), together with research, development and production activities dedicated to the Pharmaceuticals segment. This segment also includes associates whose activities are related to pharmaceuticals. Following the transaction of May 29, 2020, Regeneron is no longer an associate of Sanofi (see Note D.2.). Consequently, the Pharmaceuticals segment no longer includes Sanofi’s equity-accounted share of Regeneron’s profits for all the periods presented in that note. The Vaccines segment comprises, for all geographical territories, the commercial operations of Sanofi Pasteur, together with research, development and production activities dedicated to vaccines. The Consumer Healthcare segment comprises, for all geographical territories, the commercial operations for Sanofi’s Consumer Healthcare products, together with research, development and production activities dedicated to those products. Inter-segment transactions are not material. The costs of global support functions (External Affairs, Finance, Human Resources, Legal Affairs, Information Solutions & Technologies, Sanofi Business Services, etc.) are managed centrally at group-wide level. The costs of those functions are presented within the “Other” category. That category also includes other reconciling items such as retained commitments in respect of divested activities. Following the Capital Markets Day held in February 2021, Sanofi changed the presentation of net sales within the General Medicines franchises and the Consumer Healthcare segment, and also reallocated certain expenses. In particular, IT costs relating to Sanofi's new digital organization – previously allocated to the Pharmaceuticals, Vaccines, and Consumer Healthcare segments – are now included within the “Other” segment. The 2020 segmental results presented below have been amended for comparative purposes in order to reflect those adjustments. Due to a lack of available data and the excessive complexity of the adjustments that would be required (especially to Sanofi's reporting tools), costs for 2019 have not been amended to reflect the changes arising from this new organization. In accordance with IAS 8, Sanofi has treated the first-time application of the IFRIC agenda decisions on (i) the calculation of provisions for pensions and other post-employment benefits under IAS 19 and (ii) accounting for costs of configuring or customising a supplier’s application software in a Software as a Service (SaaS) arrangement as retrospective changes in accounting policy. The impacts of those IFRIC agenda decisions are presented in Note A.2.1. D.35.1. Segment results D.35.1.1. Analysis of net sales The table below sets forth Sanofi’s net sales for the years ended December 31, 2021, 2020 and 2019: (€ million) Europe United States Other 2021 Europe United Other 2020 Europe United Other 2019 Pharmaceuticals 7,201 10,484 9,285 26,970 6,819 9,635 9,220 25,674 6,797 8,918 9,985 25,700 General Medicines 4,437 2,637 7,144 14,218 4,505 2,869 7,346 14,720 4,809 3,386 8,342 16,537 of which Lantus ® 474 861 1,159 2,494 537 929 1,195 2,661 599 1,149 1,264 3,012 Toujeo ® 394 259 316 969 374 267 292 933 343 289 251 883 Praluent ® 161 5 52 218 119 106 34 259 112 112 34 258 Multaq ® 22 292 15 329 24 274 14 312 41 295 11 347 Lovenox ® 703 29 754 1,486 656 30 665 1,351 730 33 596 1,359 Plavix ® (a) 115 9 805 929 126 10 777 913 141 — 1,192 1,333 Generics (a) 7 117 575 699 10 161 637 808 9 152 740 901 Industrial sales 723 41 44 808 658 67 88 813 599 56 103 758 Specialty Care 2,764 7,847 2,141 12,752 2,314 6,766 1,874 10,954 1,988 5,532 1,643 9,163 of which Aubagio ® 512 1,312 131 1,955 473 1,448 124 2,045 414 1,351 114 1,879 Cerezyme ® 244 173 266 683 249 177 264 690 259 184 265 708 Myozyme ® / Lumizyme ® 410 373 220 1,003 389 359 200 948 388 331 199 918 Fabrazyme ® 223 395 226 844 200 406 211 817 185 410 218 813 Eloctate ® — 429 134 563 — 445 193 638 — 517 167 684 Jevtana ® 112 253 90 455 187 246 103 536 170 212 102 484 Dupixent ® 649 3,971 629 5,249 386 2,808 340 3,534 204 1,669 201 2,074 Vaccines 1,225 2,762 2,336 6,323 973 2,759 2,241 5,973 851 2,733 2,147 5,731 of which Polio/Pertussis/ 306 470 1,383 2,159 331 412 1,363 2,106 315 380 1,251 1,946 Influenza Vaccines 729 1,366 533 2,628 441 1,575 456 2,472 230 1,289 372 1,891 Consumer Healthcare (b) 1,333 1,139 1,996 4,468 1,359 1,071 1,964 4,394 1,434 1,105 2,156 4,695 of which Allergy 49 371 192 612 51 361 205 617 53 323 231 607 Pain Care 515 196 382 1,093 481 181 389 1,051 482 185 427 1,094 Digestive Wellness 389 124 618 1,131 371 85 532 988 377 150 577 1,104 Total net sales 9,759 14,385 13,617 37,761 9,151 13,465 13,425 36,041 9,082 12,756 14,288 36,126 (a) Following the Capital Markets Day held in February 2021, Sanofi has altered the presentation of sales within the General Medicines franchises and the Consumer Healthcare segment. A separate line has been introduced for “Industrial sales”, which essentially comprises sales of active ingredients and semi-finished products to third parties. Previously, such sales were presented within the Diabetes and Cardiovascular & Established Prescription Products franchises on the line for the relevant product (such as Plavix ® ), and on the “Generics” line. (b) For the Consumer Healthcare GBU, Sanofi has adopted a more granular presentation by introducing new sub-categories that reflect consumer trends and the strengths and opportunities of the portfolio. D.35.1.2. Business operating income Sanofi reports segment results on the basis of “Business operating income”. This indicator is used internally by Sanofi’s chief operating decision maker to measure the performance of each operating segment and to allocate resources. Following the Capital Markets Day held in February 2021, Sanofi reallocated certain expenses. In particular, IT costs relating to Sanofi's new digital organization – previously allocated to the Pharmaceuticals, Vaccines, and Consumer Healthcare segments – are now included within the “Other” segment. The 2020 segmental results presented below have been amended for comparative purposes in order to reflect those adjustments. Due to a lack of available data and the excessive complexity of the adjustments that would be required (especially to Sanofi's reporting tools), costs for 2019 have not been amended to reflect the changes arising from this new organization. "Business operating income" is derived from Operating income , adjusted as follows: • the amounts reported in the line items Restructuring costs and similar items , Fair value remeasurement of contingent consideration relating to business combinations or divestments and Other gains and losses, and litigation are eliminated; • amortization and impairment losses charged against intangible assets (other than software and other rights of an industrial or operational nature) are eliminated; • the share of profits/losses from investments accounted for using the equity method is added (for 2020, excludes Regeneron up to and including May 29, 2020; see Note D.2.); • net income attributable to non-controlling interests is deducted; • other acquisition-related effects (primarily the workdown of acquired inventories remeasured at fair value at the acquisition date, and the impact of acquisitions on investments accounted for using the equity method) are eliminated; • restructuring costs relating to investments accounted for using the equity method are eliminated; and • in 2020, the gain on the divestment of Regeneron shares on May 29, 2020 is eliminated (this elimination does not include the gain on the remeasurement of the 400,000 retained shares at market value as of that date). The table below sets forth Sanofi’s segment results for the years ended December 31, 2021, December 31, 2020 and December 31, 2019: 2021 (€ million) Pharmaceuticals Vaccines Consumer Other (a) Total 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 ( a) This caption reconciles segment financial information to total consolidated financial information. 2020 (a)(b) (€ million) Pharmaceuticals Vaccines Consumer Other (c) Total 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 (a) 2020 figures have been adjusted to take account of the reallocation of certain expenses (in particular IT costs related to Sanofi’s new digital organization) from the Pharmaceuticals, Vaccines and Consumer Healthcare operating segments to the “Other” segment. (b) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (c) This caption reconciles segment financial information to total consolidated financial information. 2019 (a) (€ million) Pharmaceuticals Vaccines Consumer Other (b) Total Net sales 25,700 5,731 4,695 — 36,126 Other revenues 173 1,275 57 — 1,505 Cost of sales (6,751) (3,373) (1,599) (253) (11,976) Research and development expenses (4,851) (639) (149) (381) (6,020) Selling and general expenses (5,443) (823) (1,529) (2,089) (9,884) Other operating income and expenses (630) (4) 193 17 (424) Share of profit/(loss) from investments accounted for using the equity method 5 9 (5) — 9 Net income attributable to non-controlling interests (29) — (6) — (35) Business operating income 8,174 2,176 1,657 (2,706) 9,301 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (b) This caption reconciles segment financial information to total consolidated financial information. The table below, presented in compliance with IFRS 8, shows a reconciliation between aggregated “Business operating income” for the segments and Income before tax and investments accounted for using the equity method: (€ million) 2021 2020 (f) 2019 (f) Business operating income 10,714 9,759 9,301 Share of profit/(loss) from investments accounted for using the equity method (a) (39) (16) (9) Net income attributable to non-controlling interests (b) 56 38 35 Amortization and impairment of intangible assets (1,772) (2,011) (5,750) Fair value remeasurement of contingent consideration (4) 124 238 Expenses arising from the impact of acquisitions on inventories (c) (4) (53) (3) Restructuring costs and similar items (820) (1,089) (1,088) Other expenses related to business combinations — — — Other gains and losses, and litigation (d) (5) 136 327 Gain on divestment of Regeneron shares on May 29, 2020 (e) — 7,225 — Operating income 8,126 14,113 3,051 Financial expenses (368) (388) (440) Financial income 40 53 141 Income before tax and investments accounted for using the equity method 7,798 13,778 2,752 (a) Excludes restructuring costs relating to investments accounted for using the equity method and expenses arising from the impact of acquisitions on investments accounted for using the equity method. For 2019 and the first two quarters of 2020, this line has been restated to exclude any effect of equity method accounting for the investment in Regeneron following the divestment of Sanofi's entire equity interest (with the exception of the 400,000 shares retained by Sanofi) on May 29, 2020. (b) Excludes (i) restructuring costs and (ii) other adjustments attributable to non-controlling interests. (c) This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date. (d) For 2020, this line mainly comprises the gain on the sale of operations related to the Seprafilm ® activity to Baxter. (e) This line includes the gain on the sale of (i) 13 million shares of Regeneron common stock in the registered public offering and (ii) the 9.8 million shares repurchased by Regeneron, but does not include the gain arising from the remeasurement of the 400,000 retained shares at market value as of May 29, 2020. (f) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. D.35.2. Other segment information The tables below show the split by operating segment of (i) the carrying amount of investments accounted for using the equity method, (ii) acquisitions of property, plant and equipment, and (iii) acquisitions of intangible assets. The principal investments accounted for using the equity method in the Pharmaceuticals segment are entities majority owned by MSP Vaccine Company, and Infraserv GmbH & Co. Höchst KG. Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period. 2021 (€ million) Pharmaceuticals Vaccines Consumer Total Investments accounted for using the equity method 165 85 — 250 Acquisitions of property, plant and equipment 1,024 382 73 1,479 Acquisitions of other intangible assets 450 108 6 564 2020 (€ million) Pharmaceuticals Vaccines Consumer 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) (€ million) 2019 Pharmaceuticals Vaccines Consumer Total Investments accounted for using the equity method 205 40 4 249 Acquisitions of property, plant and equipment 773 462 88 1,323 Acquisitions of other intangible assets (a) 292 121 51 464 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) D.35.3. Information by geographical region The geographical information on net sales provided below is based on the geographical location of the customer. In accordance with IFRS 8, the non-current assets reported below exclude right-of-use assets relating to leases as determined under IFRS 16, investments accounted for using the equity method, other non-current assets, non-current income tax assets, and deferred tax assets. 2021 (€ million) Total Europe of which North of which Other 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 21,407 7,059 — 13,187 — 1,161 2020 (€ million) Total Europe of which North of which Other 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). (€ million) 2019 Total Europe of which North of which Other Net sales 36,126 9,082 2,261 13,370 12,756 13,674 Non-current assets: • property, plant and equipment owned 9,717 5,827 3,141 2,862 2,264 1,028 • goodwill 44,519 — — — — — • other intangible assets (a) 16,509 6,890 — 7,813 — 1,806 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) As stated in Note D.5., goodwill is not allocated by geographical region. |
Principal accountants' fees and
Principal accountants' fees and services | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Principal accountants' fees and services | Principal accountants’ fees and services PricewaterhouseCoopers Audit and Ernst & Young et Autres served as independent auditors of Sanofi for the year ended December 31, 2021 and for all other reporting periods presented. The table below shows fees charged by those firms and member firms of their networks to Sanofi and consolidated subsidiaries in the years ended December 31, 2021 and 2020. Ernst & Young PricewaterhouseCoopers 2021 2020 2021 2020 (€ million) Amount % Amount % Amount % Amount % Audit: Statutory audit of separate and consolidated financial statements (a) 13.9 82 % 13.9 82 % 13.8 97 % 15.1 98 % Services other than statutory audit (b) 3.0 18 % 3.1 18 % 0.4 3 % 0.3 2 % Audit-related services (c) 2.8 2.5 0.4 0.2 Tax 0.0 — 0.0 — Other 0.2 0.6 — 0.1 Total 16.9 100 % 17.0 100 % 14.2 100 % 15.4 100 % (a) Includes services provided by the independent auditors of the parent company and French subsidiaries: Ernst & Young €7.2 million in 2021, €7.4 million in 2020; PricewaterhouseCoopers €7.7 million in 2021, €8.2 million in 2020. (b) Services other than statutory audit provided by Ernst & Young et Autres during 2021 comprised: - work on share capital transactions and securities issues submitted to the Annual General Meeting (in extraordinary business) for approval; - additional procedures to enable reports previously signed by the firm to be incorporated by reference; - agreed-upon and audit procedures in connection with a proposed divestment; and - issuance of the Independent third party’s report on the consolidated statement of extra-financial performance. Services other than statutory audit provided by PricewaterhouseCoopers Audit during 2021 comprised: - work on share capital transactions and securities issues submitted to the Annual General Meeting (in extraordinary business) for approval; - additional procedures to enable reports previously signed by the firm to be incorporated by reference; - contractual audits, assurance engagements, agreed-upon procedures and technical consultancy. (c) Includes services provided by the independent auditors of the parent company and French subsidiaries: Ernst & Young: €2.7 million in 2021, €2.4 million in 2020; PricewaterhouseCoopers €0.3 million in 2021, €0.2 million in 2020. Audit Committee pre-approval and procedures The Audit Committee of Sanofi has adopted a policy and established certain procedures for the approval of audit services and for the pre-approval of other services to be provided by the independent auditors. In 2021, the Audit Committee established a limit for permitted audit-related and other services (i.e. services other than statutory audit) that can be provided by the independent auditors, and the related fees. |
List of principal companies inc
List of principal companies included in the scope of consolidation during 2021 | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
List of principal companies included in the scope of consolidation during 2021 | List of principal companies included in the scope of consolidation during 2021 F.1. Principal fully consolidated companies The table below shows the principal subsidiaries and their country of incorporation: Europe Financial interest (%) as of December 31, 2021 Hoechst GmbH Germany 100.0 Sanofi-Aventis Deutschland GmbH Germany 100.0 A. Nattermann & Cie. GmbH Germany 100.0 EUROAPI Germany 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 Sanofi Oy Finland 100.0 Sanofi 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 Francopia France 100.0 Sanofi-Aventis Participations France 100.0 Genzyme Polyclonals SAS France 100.0 Sanofi Pasteur 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 Vaccine Technologies France 100.0 Sanofi Pasteur Europe France 100.0 SECIPE SAS France 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 EUROAPI France 100.0 EUROAPI France France 100.0 Sanofi-Aventis A.E.B.E. Greece 100.0 Sanofi-Aventis Private Co, Ltd Hungary 99.6 Chinoin Private Co. Ltd Hungary 99.6 EUROAPI Hungary Kft. Hungary 100.0 Opella Healthcare Hungary K.F.T Hungary 100.0 Carraig Insurance DAC Ireland 100.0 Sanofi-Aventis Ireland Ltd Ireland 100.0 Genzyme Ireland Limited Ireland 100.0 Sanofi Finance Ireland limited Ireland 100.0 Sanofi-aventis Holdings (Ireland) Ltd Ireland 100.0 Sanofi S.R.L. Italy 100.0 EUROAPI Italy SRL Italy 100.0 Genzyme Global Sarl Luxembourg 100.0 Genzyme Luxembourg Sarl Luxembourg 100.0 Genzyme Europe B.V. Netherlands 100.0 Sanofi Foreign Participations B.V. Netherlands 100.0 Kiadis Pharma N.V. Netherlands 97.4 Europe Financial interest (%) as of December 31, 2021 Kiadis Pharma Holding B.V. Netherlands 97.4 Sanofi-Aventis Sp. z.o.o. Poland 100.0 Sanofi Produtos Farmaceuticos Lda Portugal 100.0 Sanofi-Aventis, s.r.o. Czech Republic 100.0 Sanofi Romania SRL Romania 100.0 Sanofi-Aventis UK Holdings Limited United Kingdom 100.0 Euroapi UK Ltd. United Kingdom 100.0 Aventis Pharma Limited United Kingdom 100.0 Sanofi-Synthelabo UK Ltd United Kingdom 100.0 Hoechst Marion Roussel Ltd United Kingdom 100.0 Aventis Pharma Holdings Ltd United Kingdom 100.0 AO Sanofi Russia Russia 100.0 CJSC Sanofi-Aventis Vostok Russia 100.0 sanofi-aventis Slovakia s.r.o. Slovakia 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 Limited Liability Company Sanofi-Aventis Ukraine Ukraine 100.0 United States Financial interest (%) as of December 31, 2021 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 Bioverativ Inc. United States 100.0 Bioverativ U.S. LLC 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 Translate Bio MA, Inc. United States 100.0 Translate Bio Securities Corpo 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 Other Countries Financial interest (%) as of December 31, 2021 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 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 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 Shanghai Rongheng Pharmaceutical Co, Ltd China 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 Sanofi-Aventis Gulf FZE United Arab Emirates 100.0 Sanofi Egypt Egypt 99.8 Sanofi Hong-Kong Limited Hong Kong 100.0 Sanofi India Limited India 60.4 Sanofi Healthcare India Private Limited India 99.9 PT Aventis Pharma Indonesia 80.0 Sanofi-Aventis Israël Ltd Israel 100.0 Sanofi K.K. Japan 100.0 SSP Co.,Ltd Japan 100.0 Sanofi Nichi-Iko K.K. Japan 51.0 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-Aventis Winthrop 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 Puerto Rico Inc Puerto Rico 100.0 Sanofi-Aventis Philippines Inc. Philippines 100.0 Sanofi Pasteur Inc (Philippines) Philippines 100.0 Sanofi-Aventis Singapore Pte. Ltd Singapore 100.0 Aventis Pharma (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 Sanofi-aventis Vietnam Company Limited Vietnam 100.0 Sanofi Vietnam Shareholding Company Limited Vietnam 85.0 F.2. Principal investments accounted for using the equity method Financial interest (%) as of December 31, 2021 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 |
Events subsequent to December 3
Events subsequent to December 31, 2021 | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events subsequent to December 31, 2021 | Events subsequent to December 31, 2021 On January 7, 2022, Sanofi announced an innovative research collaboration and license agreement with Exscientia to develop up to 15 novel small molecule candidates across oncology and immunology, leveraging Exscientia’s end-to-end AI-driven platform utilizing actual patient samples. Under the terms of the agreement, Exscientia will receive an upfront cash payment of $100 million from Sanofi, with the potential for up to $5.2 billion in total milestones plus tiered royalties. On January 11, 2022, Sanofi entered into a licensing agreement with ABL Bio for the development of ABL301, a potential first-in-class bispecific antibody targeting alpha-synuclein and containing a proprietary brain shuttle, for alpha-synucleinopathies, including Parkinson's disease. ABL Bio will receive $75 million upfront and up to $985 million in potential milestone payments for an exclusive global license to ABL301. Apart from these events, no other significant events occurred between the end of the reporting period and the date on which the consolidated financial statements were signed off by the Board of Directors. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
International financial reporting standards (IFRS) | International financial reporting standards (IFRS) The consolidated financial statements cover the twelve-month periods ended December 31, 2021, 2020 and 2019. In accordance with Regulation No. 1606/2002 of the European Parliament and Council of July 19, 2002 on the application of international accounting standards, Sanofi has presented its consolidated financial statements in accordance with IFRS since January 1, 2005. The term “IFRS” refers collectively to international accounting and financial reporting standards (IASs and IFRSs) and to interpretations of the interpretations committees (SIC and IFRIC) with mandatory application as of December 31, 2021. The consolidated financial statements of Sanofi as of December 31, 2021 have been prepared in compliance with IFRS as issued by the International Accounting Standards Board (IASB) and with IFRS as endorsed by the European Union as of December 31, 2021. IFRS as endorsed by the European Union as of December 31, 2021 are available under the heading “IFRS Financial Statements” via the following web link: https://www.efrag.org/Endorsement. The consolidated financial statements have been prepared in accordance with the IFRS general principles of fair presentation, going concern, accrual basis of accounting, consistency of presentation, materiality, and aggregation. |
New standards, amendments and interpretations | New standards, amendments and interpretations A.2.1. New standards applicable from January 1, 2021 On March 31, 2021, the IASB issued “COVID-19-Related Rent Concessions beyond June 30, 2021”, an amendment to IFRS 16 effective from August 31, 2021 onwards. The amendment enables lessees, subject to certain conditions, to opt out of the requirement to determine whether a COVID-19-related rent concession is a lease modification . Application of this amendment had no material impact on Sanofi. In its March 2021 update, the IFRS IC published a final agenda decision clarifying how to account for costs of configuring or customising a supplier’s application software in a Software as a Service (SaaS) arrangement, which requires such costs to be recognized as an expense. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. The adjustment as of that date represented a negative amount of €31 million, with the opposite entry recognized in equity. The table below shows the impacts on line items in the consolidated balance sheet affected by this change in accounting policy for the two comparative financial periods: (€ million) December 31, 2019 December 31, 2020 Other intangible assets (a) (63) (80) Deferred tax assets 15 19 Non-current assets (48) (61) Total assets (48) (61) Equity attributable to equity holders of Sanofi (48) (b) (61) (c) Total equity and liabilities (48) (61) (a) The impact of €(80) million on Other intangible assets as of December 31, 2020 comprises: • an impact of €(115) million on the gross value of Other intangible assets, comprising (i) €(55) million as of January 1, 2019; (ii) €(30) million for the year ended December 31, 2019 (of which €(29) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; and (iii) €(30) million in the year ended December 31, 2020 (of which €(31) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; • an impact of €35 million on amortization and impairment of Other intangible assets, comprising (i) €15 million as of January 1, 2019; (ii) €7 million for the year ended December 2019; and (iii) €13 million for the year ended December 31, 2020. The impacts arising in the years ended December 31, 2019 and 2020 have been reflected within Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets in the consolidated statement of cash flows. (b) For the year ended December 31, 2019: includes impacts of €(22) million on income before taxes (operating income) and €(16) million on net income. (c) For the year ended December 31, 2020: includes impacts of €(18) million on income before taxes (operating income) and €(14) million on net income. In its April 2021 Update, the IFRS IC published a final agenda decision clarifying how to calculate the obligation relating to certain defined benefit plans under which the retirement benefit is (i) contingent on the employee being employed by the entity at the time of retirement; (ii) capped at a specified number of years of service; and (iii) linked to the employee's length of service at the date of retirement. In that decision, the IFRS IC took the view that the obligation should be recognized only over the years of service preceding the date of retirement in respect of which the employee generates entitlement to the benefit. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. The opposite entry to the adjustment as of that date was recognized in equity. The service cost (including past service cost), interest cost and actuarial gains and losses have been adjusted, as have the related deferred taxes. The impacts of the decision are presented in Note D.19.1., "Provisions for pensions and other post-employment benefits" . As a reminder, Sanofi early adopted in its consolidated financial statements for the year ended December 31, 2020 (with no material impact) the Phase 2 amendment to IFRS 9 relating to interest rate benchmark reform. |
New pronouncements issued by IASB and applicable from 2021 or later | New pronouncements issued by the IASB and applicable from 2022 or later This note describes standards, amendments and interpretations issued by the IASB that will have mandatory application in 2022 or subsequent years, and Sanofi’s position regarding future application. On May 14, 2020, the IASB issued “Reference to the Conceptual Framework”, an amendment to IFRS 3; “Proceeds before Intended Use”, an amendment to IAS 16; “Onerous Contracts — Cost of Fulfilling a Contract”, an amendment to IAS 37; and “Annual Improvements to IFRS standards 2018-2020”. Sanofi does not expect a material impact from those amendments, which are applicable at the earliest from January 1, 2022. Sanofi has not early adopted those amendments. On January 23, 2020, the IASB issued “Classification of Liabilities as Current or Non-current”, an amendment to IAS 1. On February 12, 2021, the IASB issued an amendment to IAS 1 concerning accounting policy disclosures, and an amendment to IAS 8 concerning the definition of accounting estimates. On May 7, 2021, the IASB issued an amendment to IAS 12 concerning deferred tax related to assets and liabilities arising from a single transaction. Sanofi does not expect any material impact from the application of these amendments, which are effective (subject to endorsement by the European Union) for annual reporting periods beginning on or after January 1, 2023. Sanofi will not early adopt these amendments. |
Use of estimates and judgments | Use of estimates and judgments The preparation of financial statements requires management to make reasonable estimates and assumptions based on information available at the date of the finalization of the financial statements. Those estimates and assumptions may affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements, and disclosures of contingent assets and contingent liabilities as of the date of the review of the financial statements. Examples of estimates and assumptions include: • amounts deducted from sales for projected sales returns, chargeback incentives, rebates and price reductions (see Notes B.13. and D.23.); • impairment of property, plant and equipment and intangible assets (see Notes B.6. and D.5.); • the valuation of goodwill and the valuation and estimated useful life of acquired intangible assets (see Notes B.3.2., B.4., D.4. and D.5.); • the measurement of contingent consideration receivable in connection with asset divestments (see Notes B.8.5. and D.12.) and of contingent consideration payable (see Notes B.3. and D.18.); • the measurement of financial assets at amortized cost (see Note B.8.5.); • the amount of post-employment benefit obligations (see Notes B.23. and D.19.1.); • the amount of liabilities or provisions for restructuring, litigation, tax risks relating to corporate income taxes, and environmental risks (see Notes B.12., B.19., B.20., D.19. and D.22.); and • the amount of deferred tax assets resulting from tax losses available for carry-forward and deductible temporary differences (see Notes B.22. and D.14.). Actual results could differ from these estimates. |
Hyperinflation | Hyperinflation In 2021, Sanofi continued to account for subsidiaries based in Venezuela using the full consolidation method, on the basis that the criteria for control as specified in IFRS 10 (Consolidated Financial Statements) are still met. In 2018, following changes to the Venezuelan foreign exchange system, the “DICOM” rate was replaced by the “PETRO” rate (with a floating US dollar/bolivar parity) and the strong bolivar (“VEF”) was replaced by the sovereign bolivar (“VES”), reflecting a 1-for-100,000 devaluation. Finally, in October 2021 a new currency called the “Digital Bolivar” (VED) was introduced at a rate of 1 VED to 1,000,000 sovereign bolivars. Consequently, the contribution of the Venezuelan subsidiaries to the consolidated financial statements is immaterial. In Argentina and Lebanon, the cumulative rate of inflation over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in those countries. Consequently, Sanofi has treated Argentina (since July 1, 2018) and Lebanon (since January 1, 2020) as hyperinflationary economies, and applies IAS 29. The impact of the adjustments arising from applying IAS 29 to the financial statements of Sanofi subsidiaries in Argentina and Lebanon was immaterial as of December 31, 2021. For Lebanon, following the emergence of the Sayfara foreign exchange platform in 2021 and the evolution of the business model of Sanofi's Lebanese subsidiary, the hyperinflation treatment has been adjusted by applying the Sayrafa rate when translating the subsidiary's financial statements in order to reflect the impact at the level of the Sanofi consolidated financial statements. The impacts of these adjustments are not material. |
Withdrawal of the United Kingdom from the European Union | Withdrawal of the United Kingdom from the European UnionThe withdrawal of the United Kingdom from the European Union has not had a material impact on the consolidated financial statements. |
COVID-19 pandemic | COVID-19 pandemic As a reminder, COVID-19 – confirmed as a pandemic by the World Health Organisation on March 11, 2020 – had no major impact on the Sanofi consolidated financial statements for the year ended December 31, 2020. Specifically, the pandemic did not create any uncertainties which appreciably called into question the estimates and assumptions made by management. From the first half of 2021, a return to normal activity levels was observed in the principal markets where Sanofi operates, which continued through the second half of the year. Sanofi will continue to monitor the situation, and to update management’s estimates and assumptions accordingly. Effect of the COVID-19 pandemic on accounts receivable As of December 31, 2021, Sanofi has identified nothing that would indicate a material increase in expected credit risk, especially as regards its principal customers. Effect of the COVID-19 pandemic on the liquidity position The COVID-19 pandemic did not have a negative impact on Sanofi’s liquidity position as of December 31, 2021. |
Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK | Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK On February 18, 2020, Sanofi and the US Department of Health and Human Services extended their research and development partnership to leverage Sanofi’s previous development work on a SARS vaccine to attempt to unlock a fast path forward for developing a COVID-19 vaccine. Under the terms of the collaboration, the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response within the US Department of Health and Human Services, is helping to fund the research and development undertaken by Sanofi. On April 14, 2020, Sanofi and GlaxoSmithKline (GSK) entered into a collaboration agreement to develop a recombinant COVID-19 vaccine candidate, with Sanofi contributing its S‑protein COVID-19 antigen (based on recombinant DNA technology) and GSK contributing its pandemic adjuvant technology. Sanofi is leading clinical development and the registration process for the vaccine. On July 31, 2020, the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK was selected by the US government’s Operation Warp Speed (OWS) program. Under the OWS, the US government is providing funds to support further development of the vaccine, including clinical trials and scaling-up of manufacturing capacity. The agreement also provides for the supply of 100 million doses of the vaccine, with payment due at the time vaccine doses are provided. Sanofi has recognized the funding received from the US government as a deduction from the development expenses incurred, in accordance with IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance). For 2021, the amount of government aid received from the US federal government and BARDA that was recognized as a deduction from development expenses was €147 million. For 2020, the amount of government aid received and recognized as a deduction from development expenses was immaterial. As regards delivery of the 100 million vaccine doses, Sanofi considers this to be a contract with a customer, to be accounted for in accordance with IFRS 15 (Revenue from Contracts with Customers). In September 2020, Sanofi and GSK signed pre-order contracts with the Canadian and UK governments and with the European Union for doses of the vaccine candidate. During 2021, Sanofi and GSK contractualized with the Canadian and UK governments and with the European Union on the number of doses ordered. In accordance with IFRS 15 (see Note B.13.1.), Sanofi recognizes revenue when control over the product is transferred to the customer (for vaccines, transfer of control is usually determined by reference to the terms of release and acceptance of batches of vaccine). As of December 31, 2021, the total amount received by Sanofi since signature of the vaccine pre-order contracts was €319 million. In accordance with IFRS 15, those payments are customer contract liabilities (i.e. an obligation for the entity to supply goods to a customer, for which consideration has been received from the customer). They are presented within “Customer contract liabilities” in the balance sheet (see Note D.19.5.), and within “Net change in other current assets and other current liabilities” in the statement of cash flows. On December 15, 2021, Sanofi and GSK announced positive preliminary data on their COVID-19 booster vaccine candidate and indicated that their Phase III trial was to continue, based on recommendations from an independent monitoring board. This latest phase in the development of the vaccine candidate has not altered the funding commitments made by the US government, or the pre-orders placed by Canada, the UK and the EU. |
Effects of climate change | Effects of climate changeRisks associated with climate change as assessed to date, and the commitments made by Sanofi on carbon neutrality and cutting greenhouse gas emissions, do not have a material impact on the financial statements. |
Creation and proposed IPO of the new EUROAPI entity | Creation and proposed IPO of the new EUROAPI entity As previously announced, Sanofi is studying the possibility of an initial public offering (IPO) on Euronext Paris during the first half of 2022 of shares of the Sanofi subsidiary EUROAPI, subject to market conditions and obtaining required market authority approvals. The EUROAPI group, which was formed on completion of prior legal reorganization transactions in 2021, houses certain Sanofi group activities in the development, production and marketing of active pharmaceutical ingredients. Given the uncertainties notably around market conditions, Sanofi concluded that not all the IFRS 5 criteria for classifying the assets of the EUROAPI group within Assets held for sale or exchange in the consolidated balance sheet as of December 31, 2021 had been met. As of December 31, 2021, EUROAPI represented approximately 1% of the total consolidated assets of the Sanofi group, mainly in the form of (i) dedicated industrial facilities at the chemicals sites included in the spin-out and (ii) inventories of the active pharmaceutical ingredients manufactured and commercialized by EUROAPI as of that date. |
Basis of consolidation | Basis of consolidation In accordance with IFRS 10 (Consolidated Financial Statements), the consolidated financial statements of Sanofi include the financial statements of entities that Sanofi controls directly or indirectly, regardless of the level of the equity interest in those entities. An entity is controlled when Sanofi has power over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the relevant activities of the entity are to be taken. Entities consolidated by Sanofi are referred to as “subsidiaries”. Entities that Sanofi controls by means other than voting rights are referred to as “consolidated structured entities”. In accordance with IFRS 11 (Joint Arrangements), Sanofi classifies its joint arrangements (i.e. arrangements in which Sanofi exercises joint control with one or more other parties) either as a joint operation or a joint venture. In the case of a joint operation, Sanofi recognizes the assets and liabilities of the operation in proportion to its rights and obligations relating to those assets and liabilities. Joint ventures are accounted for using the equity method. Sanofi exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of Sanofi and the other parties with whom control is shared. Sanofi exercises significant influence over an entity when it has the power to participate in the financial and operating policy decisions of that entity, but does not have the power to exercise control or joint control over those policies. In accordance with IAS 28 (Investments in Associates and Joint Ventures), the equity method is used to account for joint ventures (i.e. entities over which Sanofi exercises joint control) and for associates (i.e. entities over which Sanofi exercises significant influence). Under the equity method, the investment is initially recognized at cost, and subsequently adjusted to reflect changes in the net assets of the associate or joint venture. IAS 28 does not specify the treatment to be adopted on first-time application of the equity method to an investee following a step acquisition. Consequently, by reference to paragraph 10 of IAS 28, Sanofi has opted to apply the cost method, whereby the carrying amount of the investment represents the sum of the historical cost amounts for each step in the acquisition. As of the date on which the equity method is first applied, goodwill (which is included in the carrying amount of the investment) is determined for each acquisition step. The same applies to subsequent increases in the percentage interest in the equity-accounted investment. When the criteria of IFRS 5 are met, Sanofi recognizes the equity interest within the balance sheet line item Assets held for sale or exchange . The equity method is not applied to equity interests that are classified as held-for-sale assets. Transactions between consolidated companies are eliminated, as are intragroup profits. A list of the principal companies included in the consolidation in 2021 is presented in Note F. |
Foreign currency translation | Foreign currency translation B.2.1. Accounting for foreign currency transactions in the financial statements of consolidated entities Non-current assets (other than receivables) and inventories acquired in foreign currencies are translated into the functional currency using the exchange rate prevailing at the acquisition date. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the end of the reporting period. The gains and losses resulting from foreign currency translation are recorded in the income statement. However, foreign exchange gains and losses arising from the translation of advances between consolidated subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future are recognized in equity, in the line item Change in currency translation differences . B.2.2. Foreign currency translation of the financial statements of foreign entities Sanofi presents its consolidated financial statements in euros (€). In accordance with IAS 21 (The Effects of Changes in Foreign Exchange Rates), each subsidiary accounts for its transactions in the currency that is most representative of its economic environment (the functional currency). All assets and liabilities are translated into euros using the exchange rate of the subsidiary’s functional currency prevailing at the end of the reporting period. Income statements are translated using a weighted average exchange rate for the period, except in the case of foreign subsidiaries in a hyperinflationary economy. The resulting currency translation difference is recognized as a separate component of equity in the consolidated statement of comprehensive income, and is recognized in the income statement only when the subsidiary is sold or is wholly or partially liquidated. |
Business combinations and transactions with non-controlling interests | Business combinations and transactions with non-controlling interests B.3.1. Accounting for business combinations, transactions with non-controlling interests and loss of control Business combinations are accounted for in accordance with IFRS 3 (Business Combinations) and IFRS 10 (Consolidated Financial Statements). Business combinations are accounted for using the acquisition method. Under this method, the acquiree’s identifiable assets and liabilities that satisfy the recognition criteria of IFRS 3 (Business Combinations) are measured initially at their fair values at the date of acquisition, except for (i) non-current assets classified as held for sale (which are measured at fair value less costs to sell) and (ii) assets and liabilities that fall within the scope of IAS 12 (Income Taxes) and IAS 19 (Employee Benefits). Restructuring liabilities are recognized as a liability of the acquiree only if the acquiree has an obligation as of the acquisition date to carry out the restructuring. The principal accounting rules applicable to business combinations and transactions with non-controlling interests include: • acquisition-related costs are recognized as an expense on the acquisition date, as a component of Operating income ; • 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. Purchase price allocations are performed under the responsibility of management, with assistance from an independent valuer in the case of major acquisitions. IFRS 3 does not specify an accounting treatment for contingent consideration arising from a business combination made by an entity prior to the acquisition of control in that entity and carried as a liability in the acquired entity’s balance sheet. The accounting treatment applied by Sanofi to such a liability is to measure it at fair value as of the acquisition date and to report it in the line item Liabilities related to business combinations and to non-controlling interests , with subsequent remeasurements recognized in profit or loss. This treatment is consistent with the accounting applied to contingent consideration in the books of the acquirer. Finally, management may where it deems fit elect to apply the optional test to identify concentration of fair value permitted under IFRS 3 in order to determine whether a transaction is a business combination within the meaning of IFRS 3, or merely the acquisition of an asset or of a group of similar assets. B.3.2. Goodwill The excess of the cost of an acquisition over Sanofi’s interest in the fair value of the identifiable assets and liabilities of the acquiree is recognized as goodwill at the date of the business combination. Goodwill arising on the acquisition of subsidiaries is shown in a separate balance sheet line item, whereas goodwill arising on the acquisition of investments accounted for using the equity method is recorded in Investments accounted for using the equity method . Goodwill arising on foreign operations is expressed in the functional currency of the country concerned and translated into euros using the exchange rate prevailing at the end of the reporting period. In accordance with IAS 36 (Impairment of Assets), goodwill is carried at cost less accumulated impairment (see Note B.6.). Goodwill is tested for impairment annually and whenever events or circumstances indicate that impairment might exist. Such events or circumstances include significant changes more likely than not to have an other-than-temporary impact on the substance of the original investment. |
Other intangible assets | Other intangible assets Other intangible assets are initially measured at acquisition cost or production cost, including any directly attributable costs of preparing the asset for its intended use, or (in the case of assets acquired in a business combination) at fair value as of the date of the business combination. Intangible assets are amortized on a straight line basis over their useful lives. The useful lives of other intangible assets are reviewed at the end of each reporting period. The effect of any adjustment to useful lives is recognized prospectively as a change in accounting estimate. Amortization of other intangible assets is recognized in the income statement within Amortization of intangible assets except for amortization charged against (i) acquired or internally-developed software and (ii) other rights of an industrial or operational nature, which is recognized in the relevant classification of expense by function. Sanofi does not own any intangible assets with an indefinite useful life, other than goodwill. Intangible assets (other than goodwill) are carried at cost less accumulated amortization and accumulated impairment, if any, in accordance with IAS 36 (see Note B.6.). B.4.1. Research and development not acquired in a business combination Internally generated research and development Under IAS 38, research expenses are recognized in profit or loss when incurred. Internally generated development expenses are recognized as an intangible asset if, and only if, all the following six criteria can be demonstrated: (a) the technical feasibility of completing the development project; (b) Sanofi’s intention to complete the project; (c) Sanofi’s ability to use the project; (d) the probability that the project will generate future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the project; and (f) the ability to measure the development expenditure reliably. Due to the risks and uncertainties relating to regulatory approval and to the research and development process, the six criteria for capitalization are usually considered not to have been met until the product has obtained marketing approval from the regulatory authorities. Consequently, internally generated development expenses arising before marketing approval has been obtained, mainly the cost of clinical trials, are generally expensed as incurred within Research and development expenses . Some industrial development expenses (such as those incurred in developing a second-generation synthesis process) are incurred after marketing approval has been obtained, in order to improve the industrial process for an active ingredient. To the extent that the six IAS 38 criteria are considered as having been met, such expenses are recognized as an asset in the balance sheet within Other intangible assets as incurred. Similarly, some clinical trials, for example those undertaken to obtain a geographical extension for a molecule that has already obtained marketing approval in a major market, may in certain circumstances meet the six capitalization criteria under IAS 38, in which case the related expenses are recognized as an asset in the balance sheet within Other intangible assets . Separately acquired research and development Payments for separately acquired research and development are capitalized within Other intangible assets provided that they meet the definition of an intangible asset: a resource that is (i) controlled by Sanofi, (ii) expected to provide future economic benefits for Sanofi, and (iii) identifiable (i.e. it is either separable or arises from contractual or legal rights). Under paragraph 25 of IAS 38, the first condition for capitalization (the probability that the expected future economic benefits from the asset will flow to the entity) is considered to be satisfied for separately acquired research and development. Consequently, upfront and milestone payments to third parties related to pharmaceutical products for which marketing approval has not yet been obtained are recognized as intangible assets, and amortized on a straight line basis over their useful lives beginning when marketing approval is obtained. Payments under research and development arrangements relating to access to technology or to databases, and payments made to purchase generics dossiers, are also capitalized, and amortized over the useful life of the intangible asset. Subcontracting arrangements, payments for research and development services, and continuous payments under research and development collaborations which are unrelated to the outcome of that collaboration, are expensed over the service term. B.4.2. Other intangible assets not acquired in a business combination Licenses other than those related to pharmaceutical products and research projects, in particular software licenses, are capitalized at acquisition cost, including any directly attributable cost of preparing the software for its intended use. Software licenses are amortized on a straight line basis over their useful lives for Sanofi ( three Internally generated costs incurred to develop or upgrade software are capitalized if the IAS 38 recognition criteria are satisfied, and amortized on a straight line basis over the useful life of the software from the date on which the software is ready for use. B.4.3. Other intangible assets acquired in a business combination Other intangible assets acquired in a business combination which relate to in-process research and development and currently marketed products and are reliably measurable are identified separately from goodwill, measured at fair value, and capitalized within Other intangible assets in accordance with IFRS 3 (Business Combinations) and IAS 38 (Intangible Assets). The related deferred tax liability is also recognized if a deductible or taxable temporary difference exists. In-process research and development acquired in a business combination is amortized on a straight line basis over its useful life from the date of receipt of marketing approval. Rights to products currently marketed by Sanofi are amortized on a straight line basis over their useful lives, determined on the basis of cash flow forecasts which take into account the patent protection period of the marketed product. |
Property, plant and equipment owned and leased | Property, plant and equipment owned and leased B.5.1. Property, plant and equipment owned Property, plant and equipment is initially measured and recognized at acquisition cost, including any directly attributable cost of preparing the asset for its intended use, or (in the case of assets acquired in a business combination) at fair value as of the date of the business combination. The component-based approach to accounting for property, plant and equipment is applied. Under this approach, each component of an item of property, plant and equipment with a cost which is significant in relation to the total cost of the item and which has a different useful life from the other components must be depreciated separately. After initial measurement, property, plant and equipment is carried at cost less accumulated depreciation and impairment, except for land which is carried at cost less impairment. Subsequent costs are not recognized as assets unless (i) it is probable that future economic benefits associated with those costs will flow to Sanofi and (ii) the costs can be measured reliably. Borrowing costs attributable to the financing of items of property, plant and equipment, and incurred during the construction period, are capitalized as part of the acquisition cost of the item. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the asset to which they relate. The depreciable amount of items of property, plant and equipment, net of any residual value, is depreciated on a straight line basis over the useful life of the asset. The useful life of an asset is usually equivalent to its economic life. The customary useful lives of property, plant and equipment are as follows: Buildings 15 to 40 years Fixtures 10 to 20 years Machinery and equipment 5 to 15 years Other 3 to 15 years Useful lives and residual values of property, plant and equipment are reviewed annually. The effect of any adjustment to useful lives or residual values is recognized prospectively as a change in accounting estimate. Depreciation of property, plant and equipment is recognized as an expense in the income statement, in the relevant classification of expense by function. B.5.2. Property, plant and equipment leased Effective from January 1, 2019 leases contracted by Sanofi have been accounted for in accordance with IFRS 16 (Leases). Sanofi recognizes a right-of-use asset and a lease liability for all of its lease contracts, except for (i) leases relating to low-value assets and (ii) short-term leases (12 months or less). Payments made in respect of leases not recognized on the balance sheet are recognized as an operating expense on a straight line basis over the lease term. On commencement of a lease, the liability for future lease payments is discounted at the incremental borrowing rate, which is a risk-free rate adjusted to reflect the specific risk profile of each Sanofi entity. Because lease payments are spread over the lease term, Sanofi applies a discount rate based on the duration of those payments. The payments used to determine the liability for future lease payments exclude non-lease components, but include fixed payments that Sanofi expects to make to the lessor over the estimated lease term. After commencement of the lease, the liability for future lease payments is reduced by the amount of the lease payments made, and increased to reflect interest on the liability. In the event of a reassessment or modification of future lease payments, the lease liability is remeasured. The right-of-use asset – which is initially measured at cost including direct costs of the lessee, prepayments made at or prior to the commencement date, less lease incentives received and restoration costs – is depreciated on a straight line basis over the lease term, and tested for impairment as required. Sanofi recognizes deferred taxes in respect of right-of-use assets and lease liabilities. Leasehold improvements are depreciated over their economic life, which is capped at the lease term as determined under IFRS 16. |
Impairment of property, plant and equipment, intangible assets, and investments accounted for using the equity method | Impairment of property, plant and equipment, intangible assets, and investments accounted for using the equity method B.6.1. Impairment of property, plant and equipment and intangible assets In accordance with IAS 36 (Impairment of Assets), assets that generate separate cash flows and assets included in cash-generating units (CGUs) are assessed for impairment when events or changes in circumstances indicate that the asset or CGU may be impaired. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Under IAS 36, each CGU or group of CGUs to which goodwill is allocated must (i) represent the lowest level within the entity at which the goodwill is monitored for internal management purposes, and (ii) not be larger than an operating segment determined in accordance with IFRS 8 (Operating Segments), before application of the IFRS 8 aggregation criteria (see Note B.26.). Quantitative and qualitative indications of impairment (primarily relating to the status of the research and development portfolio, pharmacovigilance, patent litigation, and the launch of competing products) are reviewed at the end of each reporting period. If there is any internal or external indication of impairment, Sanofi estimates the recoverable amount of the asset or CGU. Other intangible assets not yet available for use (such as capitalized in-process research and development), and CGUs or groups of CGUs that include goodwill, are tested for impairment annually whether or not there is any indication of impairment, and more frequently if any event or circumstance indicates that they might be impaired. Such assets are not amortized. When there is an internal or external indication of impairment, Sanofi estimates the recoverable amount of the asset and recognizes an impairment loss if the carrying amount of the asset exceeds its recoverable amount. The recoverable amount of the asset is the higher of its fair value less costs to sell or its value in use. To determine value in use, Sanofi uses estimates of future cash flows generated by the asset or CGU, prepared using the same methods as those used in the initial measurement of the asset or CGU on the basis of medium-term strategic plans. In the case of goodwill, estimates of future cash flows are based on a five-year strategic plan, an extrapolation of the cash flows over a further five-year period, and a terminal value. In the case of other intangible assets, the period used is based on the economic life of the asset. Estimated cash flows are discounted at long-term market interest rates that reflect the best estimate by Sanofi of the time value of money, the risks specific to the asset or CGU, and economic conditions in the geographical regions in which the business activity associated with the asset or CGU is located. Certain assets and liabilities that are not directly attributable to a specific CGU are allocated between CGUs on a basis that is reasonable, and consistent with the allocation of the corresponding goodwill. Impairment losses arising on property, plant and equipment, on software and on certain rights are recognized in the relevant classification of expense by function. Impairment losses arising on other intangible assets are recognized within Impairment of intangible assets in the income statement. B.6.2. Impairment of investments accounted for using the equity method In accordance with IAS 28 (Investments in Associates and Joint Ventures), Sanofi determines whether investments accounted for using the equity method may be impaired based on indicators such as default in contractual payments, significant financial difficulties, probability of bankruptcy, or a prolonged or significant decline in quoted market price. If an investment is impaired, the amount of the impairment loss is determined by applying IAS 36 (see Note B.6.1.) and recognized in Share of profit/(loss) from investments accounted for using the equity method . B.6.3. Reversals of impairment losses charged against property, plant and equipment, intangible assets, and investments accounted for using the equity method At the end of each reporting period, Sanofi assesses whether events or changes in circumstances indicate that an impairment loss recognized in a prior period in respect of an asset (other than goodwill) or an investment accounted for using the equity method can be reversed. If this is the case, and the recoverable amount as determined based on the revised estimates exceeds the carrying amount of the asset, Sanofi reverses the impairment loss only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset. Reversals of impairment losses in respect of other intangible assets are recognized within the income statement line item Impairment of intangible assets , while reversals of impairment losses in respect of investments accounted for using the equity method are recognized within the income statement line item Share of profit/(loss) from investments accounted for using the equity method . Impairment losses taken against goodwill are never reversed, unless the goodwill is part of the carrying amount of an investment accounted for using the equity method. |
Assets held for sale or exchange and liabilities related to assets held for sale or exchange | Assets held for sale or exchange and liabilities related to assets held for sale or exchange In accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations), non-current assets and groups of assets are classified as held for sale in the balance sheet if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. Within the meaning of IFRS 5, the term “sale” also includes exchanges for other assets. Non-current assets or asset groups held for sale must be available for immediate sale in their present condition, subject only to terms that are usual and customary for sales of such assets, and a sale must be highly probable. Criteria used to determine whether a sale is highly probable include: • the appropriate level of management must be committed to a plan to sell; • an active program to locate a buyer and complete the plan must have been initiated; • the asset must be actively marketed for sale at a price that is reasonable in relation to its current fair value; • 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. Before initial reclassification of the non-current asset (or asset group) to Assets held for sale or exchange , the carrying amounts of the asset (or of all the assets and liabilities in the asset group) must be measured in accordance with the applicable standards. Subsequent to reclassification to Assets held for sale or exchange , the non-current asset (or asset group) is measured at the lower of carrying amount or fair value less costs to sell, with any write-down recognized by means of an impairment loss. Once a non-current asset has been reclassified as held for sale or exchange, it is no longer depreciated or amortized. In a disposal of an equity interest leading to loss of control, all the assets and liabilities of the entity involved are classified as held-for-sale assets or liabilities within the balance sheet line items Assets held for sale or exchange or Liabilities related to assets held for sale or exchange , provided that the disposal satisfies the IFRS 5 classification criteria. The profit or loss generated by a held-for-sale asset group is reported in a separate line item in the income statement for the current period and for the comparative periods presented, provided that the asset group: • represents a separate major line of business or geographical area of operations; or • is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or • is a subsidiary acquired exclusively with a view to resale. In accordance with IFRS 10, transactions between companies that are held for sale or treated as discontinued operations and other consolidated companies are eliminated. Events or circumstances beyond Sanofi’s control may extend the period to complete the sale or exchange beyond one year without precluding classification of the asset (or disposal group) in Assets held for sale or exchange provided that there is sufficient evidence that Sanofi remains committed to the planned sale or exchange. Finally, in the event of changes to a plan of sale that requires an asset no longer to be classified as held for sale, IFRS 5 specifies the following treatment: • 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. |
Financial instruments | Financial instruments B.8.1. Non-derivative financial assets In accordance with IFRS 9 (Financial Instruments) and IAS 32 (Financial Instruments: Presentation), Sanofi has adopted the classification of non-derivative financial assets described below. The classification used depends on (i) the characteristics of the contractual cash flows (i.e. whether they represent interest or principal) and (ii) the business model for managing the asset applied at the time of initial recognition. Financial assets at fair value through other comprehensive income These mainly comprise: • quoted and unquoted equity investments that Sanofi does not hold for trading purposes and that management has designated at “fair value through other comprehensive income” on initial recognition. Gains and losses arising from changes in fair value are recognized in equity within the statement of comprehensive income in the period in which they occur. When such instruments are derecognized, the previously-recognized changes in fair value remain within Other comprehensive income , as does the gain or loss on divestment. Dividends received are recognized in profit or loss for the period, within the line item Financial income ; and • debt instruments whose contractual cash flows represent payments of interest or repayments of principal, and which are managed with a view to collecting cash flows and selling the asset. Gains and losses arising from changes in fair value are recognized in equity within the statement of comprehensive income in the period in which they occur. When such assets are derecognized, the cumulative gains and losses previously recognized in equity are reclassified to profit or loss for the period within the line items Financial income or Financial expenses . Financial assets at fair value through profit or loss These mainly comprise: • contingent consideration already carried in the books of an acquired entity or granted in connection with a business combination; • instruments whose contractual cash flows represent payments of interest and repayments of principal, which are managed with a view to selling the asset; • instruments that management has designated at “fair value through profit or loss” on initial recognition; and • quoted and unquoted equity investments: equity instruments that are not held for trading and which management did not designate at “fair value through other comprehensive income” on initial recognition, and instruments that do not meet the IFRS definition of “equity instruments”. Gains and losses arising from changes in fair value are recognized in profit or loss within the line items Financial income or Financial expenses . Dividends received are recognized in profit or loss for the period, within the line item Financial income . Fair value of equity investments in unquoted entities On initial recognition of an equity investment in an entity not quoted in an active market, the fair value of the investment is the acquisition cost. Cost ceases to be a representative measure of the fair value of an unquoted equity investment when Sanofi identifies significant changes in the investee, or in the environment in which it operates. In such cases, an internal valuation is carried out, based mainly on growth forecasts or by reference to similar transactions contracted with third parties. Financial assets measured at amortized cost Financial assets at amortized cost comprise instruments whose contractual cash flows represent payments of interest and repayments of principal and which are managed with a view to collecting cash flows. The main assets in this category are loans and receivables. They are presented within the line items Other non-current assets , Other current assets , Accounts receivable and Cash and cash equivalents . Loans with a maturity of more than 12 months are presented in “Long-term loans and advances” within Other non-current assets . These financial assets are measured at amortized cost using the effective interest method. Impairment of financial assets measured at amortized cost The main assets involved are accounts receivable. Accounts receivable are initially recognized at the amount invoiced to the customer. Impairment losses on trade accounts receivable are estimated using the expected loss method, in order to take account of the risk of payment default throughout the lifetime of the receivables. The expected credit loss is estimated collectively for all accounts receivable at each reporting date using an average expected loss rate, determined primarily on the basis of historical credit loss rates. However, that average expected loss rate may be adjusted if there are indications of a likely significant increase in credit risk. If a receivable is subject to a known credit risk, a specific impairment loss is recognized for that receivable. The amount of expected losses is recognized in the balance sheet as a reduction in the gross amount of accounts receivable. Impairment losses on accounts receivable are recognized within Selling and general expenses in the income statement. B.8.2. Derivative instruments Derivative instruments that do not qualify for hedge accounting are initially and subsequently measured at fair value, with changes in fair value recognized in the income statement in Other operating income or in Financial income or Financial expenses , depending on the nature of the underlying economic item which is hedged. Derivative instruments that qualify for hedge accounting are measured using the policies described in Note B.8.3. below. IFRS 13 (Fair Value Measurement) requires counterparty credit risk to be taken into account when measuring the fair value of financial instruments. That risk is estimated on the basis of observable, publicly-available statistical data. Policy on offsetting In order for a financial asset and a financial liability to be presented as a net amount in the balance sheet under IAS 32, there must be: (a) a legally enforceable right to offset; and (b) the intention either to settle on a net basis, or to realize the asset and settle the liability simultaneously. B.8.3. Hedging As part of its overall market risk management policy, Sanofi enters into various hedging transactions involving derivative or non-derivative instruments; these may include forward contracts, currency swaps or options, interest rate swaps or options, cross-currency swaps, and debt placings or issues. Such financial instruments are designated as hedging instruments and recognized using the hedge accounting principles of IFRS 9 when (a) there is formal designation and documentation of the hedging relationship, of how the effectiveness of the hedging relationship will be assessed, and of the underlying market risk management objective and strategy; (b) the hedged item and the hedging instrument are eligible for hedge accounting; and (c) there is an economic relationship between the hedged item and the hedging instrument, defined on the basis of a hedge ratio that is consistent with the underlying market risk management strategy, and the residual credit risk does not dominate the value changes that result from that economic relationship. Fair value hedge A fair value hedge is a hedge of the exposure to changes in fair value of an asset, liability or firm commitment that is attributable to one or more risk components and could affect profit or loss. Changes in fair value of the hedging instrument and changes in fair value of the hedged item attributable to the hedged risk components are generally recognized in the income statement, within Other operating income for hedges related to operating activities, or within Financial income or Financial expenses for hedges related to investing or financing activities. Cash flow hedge A cash flow hedge is a hedge of the exposure to variability in cash flows from an asset, liability or highly probable forecast transaction that is attributable to one or more risk components and could affect profit or loss. Changes in fair value of the hedging instrument attributable to the effective portion of the hedge are recognized directly in equity in the consolidated statement of comprehensive income. Changes in fair value attributable to the ineffective portion of the hedge are recognized in the income statement within Other operating income for hedges related to operating activities, and within Financial income or Financial expenses for hedges related to investing or financing activities. Cumulative changes in fair value of the hedging instrument previously recognized in equity are reclassified to the income statement when the hedged transaction affects profit or loss. Those reclassified gains and losses are recognized within Other operating income for hedges related to operating activities, and within Financial income or Financial expenses for hedges related to investing or financing activities. When a forecast transaction results in the recognition of a non-financial asset or liability, cumulative changes in the fair value of the hedging instrument previously recognized in equity are incorporated in the initial carrying amount of that asset or liability. When the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss previously recognized in equity remains separately recognized in equity and is not reclassified to the income statement, or recognized as an adjustment to the initial cost of the related non-financial asset or liability, until the forecast transaction occurs. However, if Sanofi no longer expects the forecast transaction to occur, the cumulative gain or loss previously recognized in equity is recognized immediately in profit or loss. Hedge of a net investment in a foreign operation In a hedge of a net investment in a foreign operation, changes in the fair value of the hedging instrument attributable to the effective portion of the hedge are recognized directly in equity in the consolidated statement of comprehensive income. Changes in fair value attributable to the ineffective portion of the hedge are recognized in the income statement within Financial income or Financial expenses . When the investment in the foreign operation is sold, the changes in the fair value of the hedging instrument previously recognized in equity are reclassified to the income statement within Financial income or Financial expenses . Cost of hedging As part of its market risk management policy, Sanofi may designate currency options or interest rate options as hedging instruments, the effectiveness of which is measured on the basis of changes in intrinsic value. In such cases, the time value of the option is treated as a hedging cost and accounted for as follows: • if the option includes a component that is not aligned on the critical features of the hedged item, the corresponding change in the time value is taken to profit or loss; • otherwise, the change in the time value is taken to equity within the statement of comprehensive income, and then: – if the hedged item is linked to a transaction that results in the recognition of a financial asset or liability, the change in the time value is reclassified to profit or loss symmetrically with the hedged item, or – if the hedged item is linked to a transaction that results in the recognition of a non-financial asset or liability, the change in the time value is incorporated in the initial carrying amount of that asset or liability, or – if the hedged item is linked to a period of time, the change in time value is reclassified to profit or loss on a straight line basis over the life of the hedging relationship. In the case of forward contracts and foreign exchange swaps, and of cross-currency swaps that qualify for hedge accounting on the basis of changes in spot rates, Sanofi may elect for each transaction to use the option whereby the premium/discount or foreign currency basis spread are treated in the same way as the time value of an option. Discontinuation of hedge accounting Hedge accounting is discontinued when the eligibility criteria are no longer met (in particular, when the hedging instrument expires or is sold, terminated or exercised), or if there is a change in the market risk management objective of the hedging relationship. B.8.4. Non-derivative financial liabilities Borrowings and debt Bank borrowings and debt instruments are initially measured at fair value of the consideration received, net of directly attributable transaction costs. Subsequently, they are measured at amortized cost using the effective interest method. All costs related to the issuance of borrowings or debt instruments, and all differences between the issue proceeds net of transaction costs and the value on redemption, are recognized within Financial expenses in the income statement over the term of the debt using the effective interest method. Liabilities related to business combinations and to non-controlling interests These line items record the fair value of (i) contingent consideration payable in connection with business combinations and (ii) commitments to buy out equity holders of subsidiaries, including put options granted to non-controlling interests. Adjustments to the fair value of commitments to buy out equity holders of subsidiaries, including put options granted to non-controlling interests, are recognized in equity. Other non-derivative financial liabilities Other non-derivative financial liabilities include trade accounts payable, which are measured at fair value (which in most cases equates to face value) on initial recognition, and subsequently at amortized cost. B.8.5. Fair value of financial instruments Under IFRS 13 (Fair Value Measurement) and IFRS 7 (Financial Instruments: Disclosures), fair value measurements must be classified using a hierarchy based on the inputs used to measure the fair value of the instrument. This hierarchy has three levels: (a) level 1: quoted prices in active markets for identical assets or liabilities (without modification or repackaging); (b) level 2: quoted prices in active markets for similar assets and liabilities, or valuation techniques in which all important inputs are derived from observable market data; and (c) level 3: valuation techniques in which not all important inputs are derived from observable market data. The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments. Note Type of financial instrument Measurement Level in Valuation Method used to determine fair value Valuation Market data Exchange rate Interest 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 Cost /Approach based on comparables 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. D.13. Investments in mutual funds Fair value 1 Market value Net asset value N/A D.13. 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. D.17.2. 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 < 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 < 1 year: D.20. Cross-currency swaps Fair value 2 Present value of future cash flows Mid < 1 year: 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 B.8.4. (a) In the case of debt designated as a hedged item in a fair value hedging relationship, the carrying amount in the consolidated balance sheet includes changes in fair value attributable to the hedged risk(s). The fair value of the Dexcom equity derivatives (see Note D.20.c.) is classified as Level 2 because the valuation is based on a generally accepted technique (the Black & Scholes model) that uses inputs from directly observable market parameters (share price, risk free rate and implied volatility). B.8.6. Derecognition of financial instruments Financial assets are derecognized when the contractual rights to cash flows from the asset have ended or have been transferred and when Sanofi has transferred substantially all the risks and rewards of ownership of the asset. If Sanofi has neither transferred nor retained substantially all the risks and rewards of ownership of a financial asset, it is derecognized if Sanofi does not retain control of the asset. A financial liability is derecognized when Sanofi’s contractual obligations in respect of the liability are discharged, cancelled or extinguished. B.8.7. Risks relating to financial instruments Market risks in respect of non-current financial assets, cash equivalents, derivative instruments and debt are described in the discussions of risk factors presented in Item 3.D. and Item 11. of Sanofi’s Annual Report on Form 20-F for 2021. Credit risk is the risk that customers may fail to pay their debts. For a description of credit risk, refer to "We are subject to the risk of non-payment by our customers" within Item 3.D. and Item 11. of Sanofi’s Annual Report on Form 20-F for 2021. |
Inventories | Inventories Inventories are measured at the lower of cost or net realizable value. Cost is calculated using the weighted average cost method or the first-in, first-out method, depending on the nature of the inventory. The cost of finished goods inventories includes costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. During the launch phase of a new product, any inventories of that product are written down to zero pending regulatory approval, other than in specific circumstances which make it possible to estimate that there is a high probability at the end of the reporting period that the carrying amount of the inventories will be recoverable. The write-down is reversed once it becomes highly probable that marketing approval will be obtained. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents as shown in the consolidated balance sheet and statement of cash flows comprise cash, plus liquid short-term investments that are readily convertible into cash and are subject to an insignificant risk of changes in value in the event of movements in interest rates. |
Treasury shares | Treasury sharesIn accordance with IAS 32, Sanofi treasury shares are deducted from equity, irrespective of the purpose for which they are held. No gain or loss is recognized in the income statement on the purchase, sale, impairment or cancellation of treasury shares. |
Provisions for risks | Provisions for risks In accordance with IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), Sanofi records a provision when it has a present obligation, whether legal or constructive, as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the outflow of resources. If the obligation is expected to be settled more than twelve months after the end of the reporting period, or has no definite settlement date, the provision is recorded within Non-current provisions and other non-current liabilities. Provisions relating to the insurance programs in which Sanofi’s captive insurance company participates are based on risk exposure estimates calculated by management, with assistance from independent actuaries, using IBNR (Incurred But Not Reported) techniques. Those techniques use past claims experience, within Sanofi and in the market, to estimate future trends in the cost of claims. Contingent liabilities are not recognized, but are disclosed in the notes to the financial statements unless the possibility of an outflow of economic resources is remote. Sanofi estimates provisions on the basis of events and circumstances related to present obligations at the end of the reporting period and of past experience, and to the best of management’s knowledge at the date of preparation of the financial statements. Reimbursements offsetting the probable outflow of resources are recognized as assets only if it is virtually certain that they will be received. Contingent assets are not recognized. Restructuring provisions are recognized if Sanofi has a detailed, formal restructuring plan at the end of the reporting period and has announced its intention to implement this plan to those affected by it. No provisions are recorded for future operating losses. Sanofi records non-current provisions for certain obligations, such as legal or constructive obligations, where an outflow of resources is probable and the amount of the outflow can be reliably estimated. In the case of environmental risks, including at sites where operations are ongoing, Sanofi recognizes a provision where there is a violation of integrity in respect of human health or the environment resulting from past contamination at a site that requires remediation. The amount of the provision is a best estimate of the future expenditures to be incurred on the remediation plan. Where the effect of the time value of money is material, those provisions are measured at the present value of the expenditures expected to be required to settle the obligation, calculated using a discount rate that reflects an estimate of the time value of money and the risks specific to the obligation. Increases in provisions to reflect the effects of the passage of time are recognized within Financial expenses . |
Revenue recognition | Revenue recognition B.13.1. Net sales Revenue arising from the sale of goods is presented in the income statement within Net sales . Net sales comprise revenue from sales of pharmaceutical products, consumer healthcare products, active ingredients and vaccines, net of sales returns, of customer incentives and discounts, and of certain sales-based payments paid or payable to the healthcare authorities. Analyses of net sales are provided in Note D.35.1. “Segment Information”. In accordance with IFRS 15 (Revenue from Contracts with Customers), such revenue is recognized when Sanofi transfers control over the product to the customer; control of an asset refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from that asset. For the vast majority of contracts, revenue is recognized when the product is physically transferred, in accordance with the delivery and acceptance terms agreed with the customer. For contracts entered into by Sanofi Pasteur, transfer of control is usually determined by reference to the terms of release (immediate or deferred) and acceptance of batches of vaccine. In the case of contracts with distributors, Sanofi does not recognize revenue when the product is physically transferred to the distributor if the products are sold on consignment, or if the distributor acts as agent. In such cases, revenue is recognized when control is transferred to the end customer, and the distributor’s commission is presented within the line item Selling and general expenses in the income statement. The amount of revenue recognized reflects the various types of price reductions or rights of return offered by Sanofi to its customers on certain products. Such price reductions and rights of return qualify as variable consideration under IFRS 15. In particular, products sold in the United States are covered by various Government and State programs (such as Medicare and Medicaid) under which products are sold at a discount. Rebates are granted to healthcare authorities, and under contractual arrangements with certain customers. Some wholesalers are entitled to chargeback incentives based on the selling price to the end customer, under specific contractual arrangements. Cash discounts may also be granted for prompt payment. Returns, discounts, incentives and rebates, as described above, are recognized in the period in which the underlying sales are recognized as a reduction of gross sales. These amounts are calculated as follows: • the amount of chargeback incentives is estimated on the basis of the relevant subsidiary’s standard sales terms and conditions, and in certain cases on the basis of specific contractual arrangements with the customer; • the amount of rebates based on attainment of sales targets is estimated and accrued as each of the underlying sales transactions is recognized; • the amount of price reductions under Government and State programs, largely in the United States, is estimated on the basis of the specific terms of the relevant regulations or agreements, and accrued as each of the underlying sales transactions is recognized; • the amount of sales returns is calculated on the basis of management’s best estimate of the amount of product that will ultimately be returned by customers. In countries where product returns are possible, Sanofi operates a returns policy that allows the customer to return products within a certain period either side of the expiry date (usually 12 months after the expiry date). The amount recognized for returns is estimated on the basis of past experience of sales returns. Sanofi also takes into account factors such as levels of inventory in its various distribution channels, product expiry dates, information about potential discontinuation of products, the entry of competing generics into the market, and the launch of over-the-counter medicines. Most product return clauses relate solely to date-expired products, which cannot be resold and are destroyed. Sanofi does not recognize a right of return asset in the balance sheet for contracts that allow for the return of time-expired products, since those products have no value. The estimated amounts described above are recognized in the income statement within Net sales as a reduction of gross sales, and within Other current liabilities in the balance sheet. They are subject to regular review and adjustment as appropriate based on the most recent data available to management. Sanofi believes that it has the ability to measure each of the above amounts reliably, using the following factors in developing its estimates: • the nature and patient profile of the underlying product; • the applicable regulations or the specific terms and conditions of contracts with governmental authorities, wholesalers and other customers; • historical data relating to similar contracts, in the case of qualitative and quantitative rebates and chargeback incentives; • past experience and sales growth trends for the same or similar products; • actual inventory levels in distribution channels, monitored by Sanofi using internal sales data and externally provided data; • the shelf life of Sanofi products; and • market trends including competition, pricing and demand. An analysis of provisions for discounts, rebates and sales returns is provided in Note D.23. B.13.2. Other revenues Other revenues mainly comprise royalties received from licensing intellectual property rights to third parties; VaxServe sales of products sourced from third-party manufacturers; and revenue received under agreements for Sanofi to provide manufacturing services to third parties. Royalties received under licensing arrangements are recognized over the period during which the underlying sales are recognized. VaxServe is a Vaccines segment entity whose operations include the distribution within the United States of vaccines and other products manufactured by third parties. VaxServe sales of products sourced from third-party manufacturers are presented within Other revenues . |
Cost of sales | Cost of sales Cost of sales consists primarily of the industrial cost of goods sold, payments made under licensing agreements, and distribution costs. The industrial cost of goods sold includes the cost of materials, depreciation of property, plant and equipment, amortization of software, personnel costs, and other expenses attributable to production. |
Research and development | Research and development Note B.4.1. “Research and development not acquired in a business combination” and Note B.4.3. “Other intangible assets acquired in a business combination” describe the principles applied to the recognition of research and development costs. Contributions or reimbursements received from alliance partners are recorded as a reduction of Research and development expenses . |
Other operating income and expenses | Other operating income and expenses B.16.1. Other operating income Other operating income includes the share of profits that Sanofi is entitled to receive from alliance partners in respect of product marketing agreements. It also includes revenues generated under certain complex agreements, which may include partnership and co-promotion arrangements. This line item also includes realized and unrealized foreign exchange gains and losses on operating activities (see Note B.8.3.), and operating gains on disposals not regarded as major disposals (see Note B.20.). B.16.2. Other operating expenses Other operating expenses mainly comprise the share of profits that alliance partners are entitled to receive from Sanofi under product marketing agreements. |
Amortization and impairment of intangible assets | Amortization and impairment of intangible assets B.17.1. Amortization of intangible assets The expenses recorded in this line item comprise amortization of product rights and other intangible assets (see Note D.4.), given that the benefit of those rights to Sanofi’s commercial, industrial and development functions cannot be separately identified. Amortization of software, and of other rights of an industrial or operational nature, is recognized as an expense in the income statement, in the relevant line items of expense by function. B.17.2. Impairment of intangible assets This line item records impairment losses (other than those associated with restructuring) recognized against intangible assets (including goodwill, but excluding software and other rights of an industrial or operational nature), and any reversals of such impairment losses. |
Fair value remeasurement of contingent consideration | Fair value remeasurement of contingent consideration Changes in the fair value of contingent consideration that was (i) already carried in the books of an acquired entity, or (ii) granted in connection with a business combination and initially recognized as a liability in accordance with IFRS 3, are reported in profit or loss. Such adjustments are reported separately in the income statement, in the line item Fair value remeasurement of contingent consideration. This line item also includes changes in the fair value of contingent consideration receivable in connection with a divestment and classified as a financial asset at fair value through profit or loss. Finally, it includes the effect of the unwinding of discount, and of exchange rate movements where the asset or liability is expressed in a currency other than the functional currency of the reporting entity. |
Restructuring costs and similar items | Restructuring costs and similar items Restructuring costs are expenses incurred in connection with the transformation or reorganization of Sanofi’s operations or support functions. Such costs include collective redundancy plans, compensation to third parties for early termination of contracts, and commitments made in connection with transformation or reorganization decisions. They also include accelerated depreciation charges arising from site closures (including closures of leased sites), and losses on asset disposals resulting from such decisions. In addition, this line item includes expenses incurred in connection with programs implemented as part of the transformation strategy announced in December 2019 (and previously in November 2015), and intended primarily to (i) deliver a global information systems solution, further supported by the implementation in 2021 of Sanofi's new digital strategy; (ii) create a standalone Consumer Healthcare |
Other gains and losses, and litigation | Other gains and losses, and litigation The line item Other gains and losses, and litigation includes the impact of material transactions of an unusual nature or amount which Sanofi believes it necessary to report separately in the income statement in order to improve the relevance of the financial statements, such as: • gains and losses on major disposals of property, plant and equipment, of intangible assets, of assets (or groups of assets and liabilities) held for sale, or of a business within the meaning of IFRS 3, other than those considered to be restructuring costs; • impairment losses and reversals of impairment losses on assets (or groups of assets and liabilities) held for sale, other than those considered to be restructuring costs; • gains on bargain purchases; • costs and provisions relating to major litigation; and • pre-tax separation costs associated with the process of disinvesting from operations in the event of a major divestment. |
Financial expenses and income | Financial expenses and income B.21.1. Financial expenses Financial expenses mainly comprise interest charges on debt financing; negative changes in the fair value of certain financial instruments (where changes in fair value are recognized in profit or loss); realized and unrealized foreign exchange losses on financing and investing activities; impairment losses on financial instruments; and any reversals of impairment losses on financial instruments. Financial expenses also include expenses arising from the unwinding of discount on long-term provisions, and the net interest cost related to employee benefits. This line item does not include commercial cash discounts, which are deducted from net sales. B.21.2. Financial income Financial income includes interest and dividend income; positive changes in the fair value of certain financial instruments (where changes in fair value are recognized in profit or loss); realized and unrealized foreign exchange gains on financing and investing activities; and gains on disposals of financial assets at fair value through profit or loss. |
Income tax expense | Income tax expense Income tax expense includes all current and deferred taxes of consolidated companies. Sanofi accounts for deferred taxes in accordance with IAS 12 (Income Taxes), using the methods described below: • deferred tax assets and liabilities are recognized on taxable and deductible temporary differences, and on tax loss carry-forwards. Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base; • French business taxes include a value added based component: “CVAE” (Cotisation sur la Valeur Ajoutée des Entreprises) . Given that CVAE is (i) calculated as the amount by which certain revenues exceed certain expenses and (ii) borne primarily by companies that own intellectual property rights on income derived from those rights (royalties, and margin on sales to third parties and to Sanofi entities), it is regarded as meeting the definition of income taxes specified in IAS 12, paragraph 2 (“taxes which are based on taxable profits”); • deferred tax assets and liabilities are calculated using the tax rate expected to apply in the period when the corresponding temporary differences are expected to reverse, based on tax rates enacted or substantively enacted at the end of the reporting period; • deferred tax assets are recognized in respect of deductible temporary differences, tax losses available for carry-forward and unused tax credits to the extent that future recovery is regarded as probable. The recoverability of deferred tax assets is assessed on a case-by-case basis, taking into account the profit forecasts contained in Sanofi’s medium-term business plan; • a deferred tax liability is recognized for temporary differences relating to interests in subsidiaries, associates and joint ventures, except in cases where Sanofi is able to control the timing of the reversal of the temporary differences. This applies in particular when Sanofi is able to control dividend policy and it is probable that the temporary differences will not reverse in the foreseeable future; • No deferred tax is recognized on eliminations of intragroup transfers of interests in subsidiaries, associates or joint ventures; • each tax entity calculates its own net deferred tax position. All net deferred tax asset and liability positions are then aggregated and shown in separate line items on the relevant side of the consolidated balance sheet. Deferred tax assets and liabilities are offset only if (i) Sanofi has a legally enforceable right to offset current tax assets and current tax liabilities, and (ii) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority; • deferred taxes are not discounted, except implicitly in the case of deferred taxes on assets and liabilities which are already impacted by discounting. In addition, Sanofi has elected not to discount current taxes payable or receivable where the amounts in question are payable or receivable in the long term; • withholding taxes on intragroup royalties and dividends, and on royalties and dividends collected from third parties, are accounted for as current income taxes. In accounting for business combinations, Sanofi complies with IFRS 3 as regards the recognition of deferred tax assets after the initial accounting period. Consequently, any deferred tax assets recognized by the acquiree after the end of that period in respect of temporary differences or tax loss carry-forwards existing at the acquisition date are recognized in profit or loss. The positions adopted by Sanofi in tax matters are based on its interpretation of tax laws and regulations. Some of those positions may be subject to uncertainty. In such cases, Sanofi assesses the amount of the tax liability on the basis of the following assumptions: that its position will be examined by one or more tax authorities on the basis of all relevant information; that a technical assessment is carried out with reference to legislation, case law, regulations, and established practice; and that each position is assessed individually (or collectively where appropriate), with no offset or aggregation between positions. Those assumptions are assessed on the basis of facts and circumstances existing at the end of the reporting period. When an uncertain tax liability is regarded as probable, it is measured on the basis of Sanofi’s best estimate and recognized as a liability; uncertain tax assets are not recognized. The amount of the liability includes any penalties and late payment interest. The line item Income tax expense includes the effects of tax reassessments and tax disputes, and any penalties and late payment interest arising from such disputes that have the characteristics of income taxes within the meaning of paragraph 2 of IAS 12 (“taxes which are based on taxable profits”). Tax exposures relating to corporate income taxes are presented separately within Non-current income tax liabilities (see Note D.19.4.). No deferred taxation is recognized on temporary differences that are liable to be subject to US global intangible low taxed income (GILTI) provisions. The related tax expense is recognized in the year in which it is declared in the tax return to the extent that it arises from the existence of non-US profits that exceed the theoretical return on investment specified in the GILTI provisions and are taxed at a rate lower than the applicable US tax rate. In accordance with IAS 1 (Presentation of Financial Statements), current income tax assets and liabilities are presented as separate line items in the consolidated balance sheet. |
Employee benefit obligations | Employee benefit obligations Sanofi offers retirement benefits to employees and retirees. Such benefits are accounted for in accordance with IAS 19 (Employee Benefits). Benefits are provided in the form of either defined contribution plans or defined benefit plans. In the case of defined contribution plans, the cost is recognized immediately in the period in which it is incurred, and equates to the amount of the contributions paid by Sanofi. For defined benefit plans, Sanofi generally recognizes its obligations to pay pensions and similar benefits to employees as a liability, based on an actuarial estimate of the rights vested or currently vesting in employees and retirees, using the projected unit credit method. Estimates are performed at least once a year, and rely on financial assumptions (such as discount rates) and demographic assumptions (such as life expectancy, retirement age, employee turnover, and the rate of salary increases). Obligations relating to other post-employment benefits (healthcare and life insurance) offered by Sanofi companies to employees are also recognized as a liability based on an actuarial estimate of the rights vested or currently vesting in employees and retirees at the end of the reporting period. Such liabilities are recognized net of the fair value of plan assets. In the case of multi-employer defined benefit plans where plan assets cannot be allocated to each participating employer with sufficient reliability, the plan is accounted for as a defined contribution plan, in accordance with paragraph 34 of IAS 19. The benefit cost for the period consists primarily of current service cost, past service cost, net interest cost, gains or losses arising from plan settlements not specified in the terms of the plan, and actuarial gains or losses arising from plan curtailments. Net interest cost for the period is determined by applying the discount rate specified in IAS 19 to the net liability (i.e. the amount of the obligation, net of plan assets) recognized in respect of defined benefit plans. Past service cost is recognized immediately in profit or loss in the period in which it is incurred, regardless of whether or not the rights have vested at the time of adoption (in the case of a new plan) or of amendment (in the case of an existing plan). Actuarial gains and losses on defined benefit plans (pensions and other post-employment benefits), also referred to as “Remeasurements of the net defined benefit liability (asset)” , arise as a result of changes in financial and demographic assumptions, experience adjustments, and the difference between the actual return and interest cost on plan assets. The impacts of those remeasurements are recognized in Other comprehensive income , net of deferred taxes; they are not subsequently reclassifiable to profit or loss. |
Share-based payment | Share-based payment Share-based payment expense is recognized as a component of operating income, in the relevant classification of expense by function. In measuring the expense, the level of attainment of any performance conditions is taken into account. B.24.1. Stock option plans Sanofi has granted a number of equity-settled share-based payment plans (stock option plans) to some of its employees. The terms of those plans may make the award contingent on the attainment of performance criteria for some of the grantees. In accordance with IFRS 2 (Share-Based Payment), services received from employees as consideration for stock options are recognized as an expense in the income statement, with the opposite entry recognized in equity. The expense corresponds to the fair value of the stock option plans, and is charged to income on a straight-line basis over the four-year vesting period of the plan. The fair value of stock option plans is measured at the date of grant using the Black-Scholes valuation model, taking into account the expected life of the options. The resulting expense also takes into account the expected cancellation rate of the options. The expense is adjusted over the vesting period to reflect actual cancellation rates resulting from option-holders ceasing to be employed by Sanofi. B.24.2. Employee share ownership plans Sanofi may offer its employees the opportunity to subscribe to reserved share issues at a discount to the reference market price. Shares awarded to employees under such plans fall within the scope of IFRS 2. Consequently, an expense is recognized at the subscription date, based on the value of the discount offered to employees. B.24.3. Restricted share plans Sanofi may award restricted share plans to certain of its employees. The terms of those plans may make the award contingent on the attainment of performance criteria for some of the grantees. In accordance with IFRS 2, an expense equivalent to the fair value of such plans is recognized in profit or loss on a straight line basis over the vesting period of the plan, with the opposite entry recognized in equity. The vesting period is three years. The fair value of restricted share plans is based on the quoted market price of Sanofi shares at the date of grant, adjusted for expected dividends during the vesting period; it also takes account of any vesting conditions contingent on stock market performance. Other vesting conditions are taken into account in the estimate of the number of shares awarded during the vesting period; that number is then definitively adjusted based on the actual number of shares awarded on the vesting date. |
Earnings per share | Earnings per share Basic earnings per share is calculated using the weighted average number of shares outstanding during the reporting period, adjusted on a time-weighted basis from the acquisition date to reflect the number of own shares held by Sanofi. Diluted earnings per share is calculated on the basis of the weighted average number of ordinary shares, computed using the treasury stock method. This method assumes that (i) all outstanding dilutive options and warrants are exercised, and (ii) Sanofi acquires its own shares at the quoted market price for an amount equivalent to the cash received as consideration for the exercise of the options or warrants, plus the expense arising on unamortized stock options. |
Segment information | Segment information In accordance with IFRS 8 (Operating Segments), the segment information reported by Sanofi is prepared on the basis of internal management data provided to the Chief Executive Officer, who is the chief operating decision maker. The performance of those segments is monitored individually using internal reports and common indicators. Disclosures about operating segments required under IFRS 8 are presented in Note D.35. “Segment information” to the consolidated financial statements. Sanofi has three operating segments: Pharmaceuticals, Vaccines, and Consumer Healthcare. The Pharmaceuticals segment comprises, for all geographical territories, the commercial operations of the following global franchises: Specialty Care (Dupixent ® , Neurology & Immunology, Rare Diseases, Oncology, and Rare Blood Disorders) and General Medicines (Diabetes, Cardiovascular & Established Prescription Products), together with research, development and production activities dedicated to the Pharmaceuticals segment. This segment also includes associates whose activities are related to pharmaceuticals. Following the transaction of May 29, 2020, Regeneron is no longer an associate of Sanofi (see Note D.2.). Consequently, the Pharmaceuticals segment no longer includes Sanofi’s equity-accounted share of Regeneron’s profits for all the periods presented. The Vaccines segment comprises, for all geographical territories, the commercial operations of Sanofi Pasteur, together with research, development and production activities dedicated to vaccines. The Consumer Healthcare segment comprises, for all geographical territories, the commercial operations for Sanofi's Consumer Healthcare products, together with research, development and production activities dedicated to those products. Inter-segment transactions are not material. The costs of Sanofi’s global functions (External Affairs, Finance, Human Resources, Legal Affairs, Information Solutions & Technologies, Sanofi Business Services, etc.) are managed centrally at group-wide level, and are presented within the “Other” category. That category also includes other reconciling items such as retained commitments in respect of divested activities. Following the Capital Markets Day held in February 2021, Sanofi changed the presentation of net sales for certain products within the General Medicines GBU and the Consumer Healthcare segment, and also reallocated certain expenses. In particular, IT costs relating to Sanofi's new digital organization – previously allocated to the Pharmaceutical, Vaccines, and Consumer Healthcare segments – are now included within the “Other” segment. The 2020 segment information presented hereinafter has been amended for comparative purposes in order to reflect those adjustments. Due to a lack of available data and the excessive complexity of the adjustments that would be required (especially to Sanofi's reporting tools), costs for 2019 have not been amended to reflect the changes arising from this new organization. Information about operating segments for the years ended December 31, 2021, 2020 and 2019 is presented in Note D.35 ., “Segment information”. |
Management of capital | Management of capital In order to maintain or adjust the capital structure, Sanofi can adjust the amount of dividends paid to shareholders, repurchase its own shares, issue new shares, or issue securities giving access to its capital. The following objectives are defined under the terms of Sanofi’s share repurchase programs: • 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 is not subject to any constraints on equity capital imposed by third parties. Total equity includes Equity attributable to equity holders of Sanofi and Equity attributable to non-controlling interests , as shown in the consolidated balance sheet. Sanofi defines “Net debt” as (i) the sum of short-term debt, long-term debt and interest rate derivatives and currency derivatives used to hedge debt, minus (ii) the sum of cash and cash equivalents and interest rate derivatives and currency derivatives used to hedge cash and cash equivalents. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of Balance Sheet Impacts of Initial Application of IFRIC Agenda Decision | The table below shows the impacts on line items in the consolidated balance sheet affected by this change in accounting policy for the two comparative financial periods: (€ million) December 31, 2019 December 31, 2020 Other intangible assets (a) (63) (80) Deferred tax assets 15 19 Non-current assets (48) (61) Total assets (48) (61) Equity attributable to equity holders of Sanofi (48) (b) (61) (c) Total equity and liabilities (48) (61) (a) The impact of €(80) million on Other intangible assets as of December 31, 2020 comprises: • an impact of €(115) million on the gross value of Other intangible assets, comprising (i) €(55) million as of January 1, 2019; (ii) €(30) million for the year ended December 31, 2019 (of which €(29) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; and (iii) €(30) million in the year ended December 31, 2020 (of which €(31) million relates to acquisitions and other increases in the period, as reflected within Acquisitions of property, plant and equipment and intangible assets in the consolidated statement of cash flows; • an impact of €35 million on amortization and impairment of Other intangible assets, comprising (i) €15 million as of January 1, 2019; (ii) €7 million for the year ended December 2019; and (iii) €13 million for the year ended December 31, 2020. The impacts arising in the years ended December 31, 2019 and 2020 have been reflected within Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets in the consolidated statement of cash flows. (b) For the year ended December 31, 2019: includes impacts of €(22) million on income before taxes (operating income) and €(16) million on net income. (c) For the year ended December 31, 2020: includes impacts of €(18) million on income before taxes (operating income) and €(14) million on net income. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of Useful Lives of Property, Plant and Equipment | The customary useful lives of property, plant and equipment are as follows: Buildings 15 to 40 years Fixtures 10 to 20 years Machinery and equipment 5 to 15 years Other 3 to 15 years |
Disclosure of Detailed Information about Financial Instruments | The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments. Note Type of financial instrument Measurement Level in Valuation Method used to determine fair value Valuation Market data Exchange rate Interest 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 Cost /Approach based on comparables 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. D.13. Investments in mutual funds Fair value 1 Market value Net asset value N/A D.13. 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. D.17.2. 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 < 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 < 1 year: D.20. Cross-currency swaps Fair value 2 Present value of future cash flows Mid < 1 year: 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 B.8.4. (a) In the case of debt designated as a hedged item in a fair value hedging relationship, the carrying amount in the consolidated balance sheet includes changes in fair value attributable to the hedged risk(s). |
Principal changes in the scop_3
Principal changes in the scope of consolidation in 2021 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Provisional Purchase Price Allocation | The provisional purchase price allocation, as presented in the table below, led to the recognition of goodwill of €2,179 million: (€ million) Fair value at acquisition date Other intangible assets 396 Deferred tax liabilities (93) Other current and non-current assets and liabilities 174 Cash and cash equivalents 247 Shire contingent consideration liability (see Note D.18.) (323) Net assets of Translate Bio 401 Goodwill 2,179 Purchase price 2,580 (€ 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 |
Principal changes in the scop_4
Principal changes in the scope of consolidation in 2020 and 2019 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Final Purchase Price Allocation | The provisional purchase price allocation, as presented in the table below, led to the recognition of goodwill of €2,179 million: (€ million) Fair value at acquisition date Other intangible assets 396 Deferred tax liabilities (93) Other current and non-current assets and liabilities 174 Cash and cash equivalents 247 Shire contingent consideration liability (see Note D.18.) (323) Net assets of Translate Bio 401 Goodwill 2,179 Purchase price 2,580 (€ 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 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment owned by Sanofi is comprised of the following items: (€ million) Land Buildings Machinery Fixtures, Property, plant Total Gross value at January 1, 2019 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 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 Accumulated depreciation & impairment at January 1, 2019 (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) 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) Carrying amount at December 31, 2019 244 3,217 3,393 603 2,260 9,717 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 (a) This line mainly comprises property, plant and equipment in process brought into service during the period, but also includes the effect of the reclassification of assets to Assets held for sale or exchange, and for 2019 the reclassification of assets held under finance leases to Right-of-use assets on first-time application of IFRS 16. |
Summary of Acquisitions and Capitalized Interest by Operating Segment | The table below sets forth acquisitions and capitalized interest by operating segment for the years ended December 31, 2021, 2020 and 2019: (€ million) 2021 2020 2019 Acquisitions 1,504 1,310 1,261 Pharmaceuticals 1,007 831 846 Industrial facilities 534 634 682 Research sites 277 152 87 Other 199 45 77 Vaccines 421 384 405 Consumer Healthcare 73 95 10 Capitalized interest 14 11 14 |
Summary of Off Balance Sheet Commitments Relating to Property, Plant and Equipment | Off balance sheet commitments relating to property, plant and equipment as of December 31, 2021, 2020 and 2019 are set forth below: (€ million) 2021 2020 2019 Firm orders of property, plant and equipment 769 708 398 Property, plant and equipment pledged as security for liabilities 9 — 107 |
Summary of Impairment Losses Recognised in Property, Plant and Equipment | The table below sets forth the net impairment losses recognized in each of the last three financial periods: (€ million) 2021 2020 2019 Net impairment losses on property, plant and equipment 39 43 98 |
Summary of Property, Plant and Equipment Leased | Right-of-use assets relating to property, plant and equipment leased by Sanofi are analyzed in the table below: (€ million) Right-of-use assets Gross value at January 1, 2019 1,439 Acquisitions and other increases 157 Disposals and other decreases (31) Currency translation differences 18 Gross value at December 31, 2019 1,583 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 Accumulated depreciation & impairment at January 1, 2019 (8) Depreciation and amortization expense (282) Disposals and other decreases 7 Accumulated depreciation & impairment at December 31, 2019 (283) Depreciation and amortization expense (299) Disposals and other decreases 44 Currency translation differences 22 Transfers (a) 3 Accumulated depreciation & impairment at December 31, 2020 (513) Depreciation and amortization expense (315) Disposals and other decreases 40 Currency translation differences (15) Transfers (a) 6 Accumulated depreciation & impairment at December 31, 2021 (797) Carrying amount at December 31, 2019 1,300 Carrying amount at December 31, 2020 1,198 Carrying amount at December 31, 2021 1,948 (a) This line also includes the effect of the reclassification of assets to "Assets held for sale or exchange". (b) In December 2018, Sanofi signed two leases on real estate assets in the United States (at Cambridge, Massachusetts) for an initial lease term of 15 years. The first lease, relating to office space, began in April 2021; Sanofi recognized a right-of-use asset of €320 million, as well as the lease liability. The second lease, relating to laboratory facilities, began on July 1, 2021; Sanofi recognized a right-of-use asset of €424 million, as well as the lease liability. |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Schedule of Movements in Goodwill | Movements in goodwill comprise: (€ million) Goodwill Balance at January 1, 2019 44,235 Acquisitions during the period — Other movements during the period (a) (244) Currency translation differences 528 Balance at December 31, 2019 44,519 Acquisitions during the period 1,843 Other movements during the period (a) (75) Currency translation differences (1,923) Balance at December 31, 2020 44,364 Acquisitions during the period 2,179 Other movements during the period (a) (89) Currency translation differences 1,602 Balance at December 31, 2021 48,056 (a) This line includes the amount of goodwill allocated to divested operations in accordance with paragraph 86 of IAS 36. |
Schedule of Movements in Other Intangible Assets | Movements in other intangible assets comprise: (€ million) Acquired R&D Products, Software Total other Gross Value at January 1, 2019 (a) 7,422 61,800 1,504 70,726 Acquisitions and other increases (a) 272 19 155 446 Disposals and other decreases (236) (569) (50) (855) Currency translation differences (a) 86 889 9 984 Transfers (b) (1,814) 1,814 (5) (5) Gross value at December 31, 2019 (a) 5,730 63,953 1,613 71,296 Changes in scope of consolidation (c) 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 Accumulated amortization & impairment at January 1, 2019 (a) (2,678) (45,228) (971) (48,877) Amortization expense (a) — (2,167) (127) (2,294) Impairment losses, net of reversals (d) (847) (2,757) (23) (3,627) Disposals and other decreases 158 488 51 697 Currency translation differences (31) (648) (8) (687) Transfers (b) 2 (2) 1 1 Accumulated amortization & impairment at December 31, 2019 (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) Carrying amount at December 31, 2019 2,334 13,639 536 16,509 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). (b) The “Transfers” line mainly relates to acquired R&D that came into commercial use during the period and is being amortized from that date. (c) The "Changes in scope of consolidation" line corresponds to the fair value of intangible assets recognized in connection with acquisitions made during the period (see Notes D.1. and D.2.1.). (d) See Note D.5. |
Detailed Information for Principal Marketed Products | The table below provides information about the principal “marketed products”, which were recognized in connection with major acquisitions made by Sanofi and represented 92% of the carrying amount of that item as of December 31, 2021: (€ million) Gross Accumulated Carrying amount at December 31, 2021 Amortization period (years) (a) Residual amortization period (years) (b) Carrying amount at December 31, 2020 Carrying amount at December 31, 2019 Genzyme 10,177 (9,145) 1,032 10 3 1,485 2,095 Boehringer Ingelheim 3,647 (1,434) 2,213 17 13 2,489 2,699 Aventis 33,687 (33,614) 73 9 8 110 219 Chattem 1,280 (687) 593 23 12 602 711 Protein Sciences 806 (274) 532 13 9 554 667 Ablynx 1,966 (472) 1,494 14 11 1,861 2,029 Bioverativ 6,841 (3,776) 3,065 13 10 3,240 3,788 Kadmon 1,771 (21) 1,750 12 12 — — Total: principal marketed products 60,175 (49,423) 10,752 10,341 12,208 (a) Weighted averages. The amortization periods for these products vary between 1 and 25 years. (b) Weighted averages. |
Amortization of Softwares Recognized in Income Statement | An analysis of amortization of software is shown in the table below: (€ million) 2021 2020 (a) 2019 (a) Cost of sales 18 19 11 Research and development expenses 3 2 3 Selling and general expenses 98 87 107 Other operating expenses — 4 6 Total 119 112 127 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). |
Impairment of intangible asse_2
Impairment of intangible assets and property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Of Assets [Abstract] | |
Schedule of Allocation of Goodwill | The allocation of goodwill as of December 31, 2021 is shown below: (€ million) Pharmaceuticals Consumer Healthcare Vaccines Total Goodwill 37,902 6,567 3,587 48,056 |
Summary of Net Impairment Losses of Other Intangible Assets | In 2021, 2020 and 2019, impairment testing of other intangible assets (excluding software) resulted in the recognition of net impairment losses as shown below: (€ million) 2021 2020 2019 Impairment of other intangible assets (excluding software) 192 330 3,604 Marketed products 42 2 2,757 Pharmaceuticals (a) 1 2 2,405 Consumer Healthcare (b) 41 — 352 Research and development projects (c) 150 328 847 (a) Impairment losses recognized in the year ended December 31, 2019 include €2,236 million on products in the Eloctate ® franchise and €163 million on the marketed product Lemtrada ® . (b) The impairment loss of €352 million recognized in the year ended December 31, 2019 related to Zantac ® . (c) For 2021, this line relates to the discontinuation of the development of sutimlimab in the treatment of Immune Thrombocytopenic Purpura (ITP), and to the termination of various research projects in Vaccines. For 2020, this line mainly comprises impairment losses taken against R&D programs within the Specialty Care GBU, and the discontinuation of certain R&D programs and collaboration agreements in Diabetes. For 2019, it relates mainly to (i) the allocation of the impairment loss recognized for the Eloctate ® franchise to the BIVV001 project (see (a) above), and (ii) the termination of the development program for sotagliflozin (€275 million). |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Summary of Investments in Associates and Joint Ventures | (€ million) % interest 2021 2020 2019 Regeneron Pharmaceuticals, Inc. (a) — — — 3,342 Infraserv GmbH & Co. Höchst KG (b) 31.2 80 72 70 MSP Vaccine Company (c) 50.0 88 44 36 Entities and companies managed by Bristol-Myers Squibb (d) 100.0 — — 37 Other investments — 82 85 106 Total 250 201 3,591 (a) Following the transaction of May 29, 2020 as described in Note D.2.1. above, which resulted in the divestment of 22.8 million Regeneron shares, Sanofi no longer exercises significant influence over Regeneron. As of that date, Sanofi retained 0.4 million Regeneron shares, classified in the “Equity instruments at fair value through other comprehensive income” category (see Note D.7.1.). As of December 31, 2021, Sanofi h eld 279,766 Regeneron shares. (b) Joint venture. (c) Joint venture. MSP Vaccine Company owns 100% of MCM Vaccine B.V. (d) On February 28, 2020, Sanofi acquired from Bristol-Myers Squibb the remaining 50.1% equity interest not yet held by Sanofi in the three partnerships that organize the commercialization of Plavix ® in the United States and Puerto Rico, for a total consideration of $12 million. The acquisition was accounted for in accordance with IFRS 3 (Business Combinations). |
Summary of Share of Profit or Loss and Other Comprehensive Income of Associates and Joint Ventures | The table below shows Sanofi’s overall share of (i) profit or loss and (ii) other comprehensive income from investments accounted for using the equity method, showing the split between associates and joint ventures in accordance with IFRS 12 (the amounts for each individual associate or joint venture are not material): 2021 2020 2019 (€ million) Joint ventures Associates Joint ventures Associates Joint ventures Associates Share of profit/(loss) from investments accounted for using the equity method 26 13 4 355 (a) 15 240 Share of other comprehensive income from investments accounted for using the equity method (6) — 8 (311) (7) 90 Total 20 13 12 44 8 330 (a) Includes €343 million for Sanofi's share of the net income of Regeneron up to and including May 29, 2020 (see Note D.2.1.). |
Summary of Principal Transactions and Balances with Related Parties | The principal transactions and balances with related parties are summarized below: (€ million) 2021 2020 2019 Sales 70 75 24 Royalties and other income (a) 66 97 270 Accounts receivable and other receivables 116 50 151 Purchases and other expenses (including research expenses) (a) 178 747 1,334 Accounts payable and other payables 28 15 342 (a) For 2020, these amounts include transactions between Sanofi and Regeneron for the period from January 1 through May 29, 2020. The table above does not include the repurchase by Regeneron of its own shares from Sanofi (see Note D.2.1.). |
Summary of Financial Statements of Regeneron, After Adjustments to Comply With IFRS But Before Fair Value Remeasurements | Key items from the 2019 consolidated financial statements of Regeneron, after adjustments to comply with IFRS (including those required to align on elective accounting treatments adopted by Sanofi) but before fair value remeasurements, are set forth below: (€ million) 2019 Net sales and other revenues 7,023 Net income 1,882 Other comprehensive income for the period, net of taxes 113 Comprehensive income 1,995 (€ million) December 31, 2019 Current assets 6,858 Non-current assets 6,627 Total assets 13,485 Current liabilities 1,870 Non-current liabilities 925 Total liabilities 2,795 Consolidated shareholders’ equity of Regeneron 10,690 |
Summary of Reconciliation to Carrying Amount of Investment | The table below shows a reconciliation to the carrying amount of the investment: (€ million) December 31, 2019 % interest 21 % Share of equity attributable to Sanofi 2,263 Goodwill 839 Fair value remeasurements of assets and liabilities at the acquisition date 811 Other items (a) (571) Carrying amount of the investment in Regeneron 3,342 (a) Mainly comprises the difference arising from Sanofi’s share of the accumulated profits and losses and other changes in the net assets of Regeneron for the periods prior to first-time application of the equity method, and thereafter (i) Sanofi’s share of the stock option expense recognized against equity in the books of Regeneron, and of the deferred taxes recognized against equity in respect of that expense in accordance with IAS 12 paragraph 68.C. and (ii) the effects of the elimination of internal profits between Sanofi and Regeneron. |
Summary of Market Value of Sanofi's Investment in Regeneron Based on Quoted Stock Market Price Per Share | The market value of Sanofi’s investment in Regeneron as of December 31, 2019, based on the quoted stock market price per share in US dollars, is shown below: 2019 Quoted stock market price per share ($) 375.48 Market value of investment in Regeneron ($ million) 8,767 Market value of investment in Regeneron (€ million) 7,820 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Other Non-current Assets | Other non-current assets comprise: (€ million) 2021 2020 2019 Equity instruments at fair value through other comprehensive income (D.7.1.) 823 588 380 Debt instruments at fair value through other comprehensive income (D.7.2.) 447 426 403 Other financial assets at fair value through profit or loss (D.7.3.) 902 890 892 Pre-funded pension obligations (Note D.19.1.) 408 177 155 Long-term prepaid expenses 59 92 115 Long-term loans and advances and other non-current receivables 485 537 521 Derivative financial instruments (Note D.20.) 3 24 37 Total 3,127 2,734 2,503 |
Assets held for sale or excha_2
Assets held for sale or exchange and liabilities related to assets held for sale or exchange (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Assets Held for Sale or Exchange, and Liabilities Related to Assets Held for Sale or Exchange | Assets held for sale or exchange, and liabilities related to assets held for sale or exchange, comprise: (€ million) December 31, 2021 December 31, 2020 December 31, 2019 Assets held for sale or exchange 89 83 325 Liabilities related to assets held for sale or exchange — 32 6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Inventories | Inventories comprise the following: 2021 2020 2019 (€ million) Gross Allowances Carrying Gross Allowances Carrying Gross Allowances Carrying Raw materials 1,344 (66) 1,278 1,051 (76) 975 1,163 (76) 1,087 Work in process 5,579 (554) 5,025 5,398 (542) 4,856 5,104 (582) 4,522 Finished goods 2,696 (284) 2,412 2,739 (218) 2,521 2,629 (244) 2,385 Total 9,619 (904) 8,715 9,188 (836) 8,352 8,896 (902) 7,994 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Accounts Receivable | Accounts receivable break down as follows: (€ million) December 31, 2021 December 31, 2020 December 31, 2019 Gross value 7,705 7,633 8,090 Allowances (137) (142) (153) Carrying amount 7,568 7,491 7,937 |
Summary of Gross Value of Overdue Receivables | 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, 2021 455 169 151 67 12 56 December 31, 2020 549 271 97 52 34 95 December 31, 2019 642 269 171 61 36 105 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current Assets | An analysis of Other current assets is set forth below: (€ million) 2021 2020 2019 Tax receivables, other than corporate income taxes 802 687 603 Prepaid expenses 615 525 493 Other receivables (a) 805 567 735 Interest rate derivatives measured at fair value (see Note D.20.) 11 — 4 Currency derivatives measured at fair value (see Note D.20.) 284 58 184 Other current financial assets (b) 1,054 900 426 Total 3,571 2,737 2,445 (a) This line mainly comprises advance payments to suppliers. (b) This line includes debt instruments derived from the 2021 acquisitions of Translate Bio and Kadmon, which had a maturity of more than three months at inception and of less than 12 months as of December 31, 2021; it also includes bank loans and receivables falling due within less than one year with high-grade counterparties. For 2019, this line includes an amount of $315 million deposited by Sanofi in an escrow account and released in March 2020 following the signature of an agreement to settle the CVR litigation with the trustee. |
Financial assets and liabilit_2
Financial assets and liabilities measured at fair value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The table below shows the balance sheet amounts of assets and liabilities measured at fair value. 2021 2020 2019 Level in the fair value hierarchy Level in the fair value Level in the fair value (€ 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. 396 — — 439 — — 114 — — Unquoted equity investments D.7.1. — — 427 — — 149 — — 290 Quoted debt securities D.7.2. 447 — — 426 — — 403 — — Unquoted debt securities not meeting the definition of equity instruments D.7.3. — — 78 — — 63 — — 52 Contingent consideration relating to divestments D.7.3. — — 378 — — 483 — — 492 Financial assets held to meet obligations under deferred compensation plans D.7.3. and D.11. 549 — — 454 — — 442 — — Non-current derivatives D.7. — 3 — — 24 — — 37 — Current derivatives D.11. — 295 — — 58 — — 188 — Mutual fund investments D.13. 5,057 — — 8,703 — — 5,304 — — Total financial assets measured at fair value 6,449 298 883 10,022 82 695 6,263 225 834 Financial liabilities measured at fair value Bayer contingent purchase consideration arising from the acquisition of Genzyme D.18. — — 59 — — 104 — — 156 MSD contingent consideration (European vaccines business) D.18. — — 269 — — 312 — — 385 Shire contingent consideration arising from the acquisition of Translate Bio D.18. — — 354 — — — — — — Other contingent consideration arising from business combinations and acquisitions D.18. — — 32 — — 189 — — 259 Non-current derivatives D.19. — 6 — — 92 — — 10 — Current derivatives D.19.5 — 79 — — 205 — — 89 — Total financial liabilities measured at fair value — 85 714 — 297 605 — 99 800 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Cash and Cash Equivalents | (€ million) 2021 2020 2019 Cash 1,358 1,144 701 Cash equivalents (a) 8,740 12,771 8,726 Cash and cash equivalents 10,098 13,915 9,427 (a) As of December 31, 2021, cash equivalents mainly comprised the following: (i) €5,057 million invested in euro and US dollar denominated money-market mutual funds (December 31, 2020: €8,703 million; December 31, 2019: €5,304 million); (ii) €2,768 million of term deposits (December 31, 2020: €3,259 million; December 31, 2019: €2,211 million) and (iii) €179 million in commercial paper (December 31, 2020: €74 million; December 31, 2019: €446 million). Cash equivalents also include €427 million held by captive insurance and reinsurance companies in accordance with insurance regulations (December 31, 2020: €425 million; December 31, 2019: €456 million). |
Net deferred tax position (Tabl
Net deferred tax position (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Summary of Net Deferred Tax Position | An analysis of the net deferred tax position is set forth below: (€ million) 2021 2020 (d) 2019 (d) Deferred taxes on: Consolidation adjustments (intragroup margin in inventory) 1,292 1,142 1,270 Provision for pensions and other employee benefits 1,117 1,156 1,268 Remeasurement of other acquired intangible assets (3,079) (a) (3,083) (2,656) Recognition of acquired property, plant and equipment at fair value (26) (27) (33) Equity interests in subsidiaries and investments in other entities (b) (590) (522) (421) Tax losses available for carry-forward 1,516 1,327 1,323 Stock options and other share-based payments 88 89 143 Accrued expenses and provisions deductible at the time of payment (c) 1,585 1,399 1,405 Other 1,078 925 798 Net deferred tax asset/(liability) 2,981 2,406 3,097 (a) As of December 31, 2021, includes remeasurements of the acquired intangible assets of Bioverativ (€977 million), Principia (€588 million), Genzyme (€261 million), and Synthorx (€335 million). (b) In some countries, Sanofi is liable for withholding taxes and other tax charges when dividends are distributed. Consequently, Sanofi recognizes a deferred tax liability on the reserves of French and foreign subsidiaries (approximately €52.9 billion) which it regards as likely to be distributed in the foreseeable future. In determining the amount of the deferred tax liability as of December 31, 2021, Sanofi took into account changes in the ownership structure of certain subsidiaries, and the effects of changes in the taxation of dividends in France, following the ruling of the Court of Justice of the European Union in the Steria case and the resulting amendments to the 2015 Finance Act. (c) Includes deferred tax assets related to restructuring provisions, amounting to €226 million as of December 31, 2021, €307 million as of December 31, 2020, and €259 million as of December 31, 2019. (d) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Summary of Tax Losses Available for Carry-forward | The table below shows when tax losses available for carry-forward are due to expire: (€ million) Tax losses available for carry-forward (a) 2022 43 2023 8 2024 18 2025 56 2026 85 2027 and later 7,434 Total as of December 31, 2021 7,644 Total as of December 31, 2020 6,515 Total as of December 31, 2019 6,401 (a) Excluding tax loss carry-forwards on asset disposals. Such carry-forwards amounted to €5 million as of December 31, 2021, €6 million as of December 31, 2020 and €1 million as of December 31, 2019. |
Consolidated shareholders_ eq_2
Consolidated shareholders’ equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of Treasury Shares Held | Treasury shares held by Sanofi are as follows: Number of shares (million) % of share capital for the period December 31, 2021 11.02 0.872 % December 31, 2020 8.28 0.658 % December 31, 2019 0.02 0.002 % January 1, 2019 1.94 0.156 % |
Summary of Movements Share Capital | Movements in the share capital of the Sanofi parent company over the last three years are set forth below: Date Transaction Number of shares December 31, 2018 1,247,395,472 During 2019 Capital increase by exercise of stock subscription options (a) 2,745,853 During 2019 Capital increase by issuance of restricted shares (b) 3,704,786 December 31, 2019 1,253,846,111 During 2020 Capital increase by exercise of stock subscription options (a) 868,655 During 2020 Capital increase by issuance of restricted shares (b) 1,666,256 Board meeting of July 28, 2020 Capital increase reserved for employees 2,590,716 December 31, 2020 1,258,971,738 During 2021 Capital increase by exercise of stock subscription options (a) 190,076 During 2021 Capital increase by issuance of restricted shares (b) 1,836,179 Board meeting of July 28, 2021 Capital increase reserved for employees 2,562,702 December 31, 2021 1,263,560,695 (a) Shares issued on exercise of Sanofi stock subscription options. (b) Shares vesting under restricted share plans and issued in the period. |
Principal Characteristics of Restricted Share Plans | Restricted share plans are accounted for in accordance with the policies described in Note B.24.3. The principal characteristics of those plans are as follows: 2021 2020 2019 Type of plan Performance Performance Performance Performance Performance Date of Board meeting approving the plan April 30, 2021 October 27, 2021 April 28, 2020 October 28, 2020 April 30, 2019 Service period 3 years 3 years 3 years 3 years 3 years Total number of shares awarded 3,484,420 13,521 3,340,501 73,027 3,797,582 Of which with no market condition 2,209,901 — 2,536,893 — 3,797,582 Fair value per share awarded (€) (a) 77.27 — 82.36 — 67.90 Of which with market condition 1,274,519 13,521 803,608 73,027 — Fair value per share awarded (€) (b) 71.30 68.45 76.11 63.18 — Fair value of plan at the date of grant (€ million) 262 1 270 5 258 (a) Market price of Sanofi shares at the date of grant, adjusted for dividends expected during the vesting period. (b) Weighting between (i) fair value determined using the Monte Carlo model and (ii) market price of Sanofi shares at the date of grant, adjusted for dividends expected during the vesting period. |
Summary of Number of Restricted Shares Not Yet Fully Vested | The total expense recognized for all restricted share plans, and the number of restricted shares not yet fully vested, are shown in the table below: 2021 2020 2019 Total expense for restricted share plans (€ million) 193 222 247 Number of shares not yet fully vested 9,507,849 10,546,612 10,908,503 Under 2021 plans 3,364,895 — — Under 2020 plans 3,014,496 3,284,558 — Under 2019 plans 3,128,458 3,375,717 3,662,806 Under 2018 plans 3,886,337 4,117,795 Under 2017 plans — 3,127,902 |
Summary of Characteristics of Employee Share Ownership Plans Awarded | The characteristics of the employee share ownership plans awarded in the form of a capital increase reserved for employees in 2021 and 2020 are summarized in the table below; there were no capital increases reserved for employees in 2019. 2021 2020 Date of Board meeting approving the plan February 4, 2021 February 5, 2020 Subscription price (€) (a) 69.38 70.67 Subscription period June 7-25, 2021 June 8-26, 2020 Number of shares subscribed 2,438,590 2,467,101 Number of shares issued immediately as employer’s contribution 124,112 123,615 (a) Subscription price representing 80% of the average of the opening quoted market prices of Sanofi shares during the 20 trading days preceding June 3, 2021 and June 2, 2020, respectively. |
Summary of Expenses | The table below sets forth the expense recognized for each plan: (€ million) 2021 2020 Expense recognized 51 52 of which employer’s contribution 11 11 |
Summary of Repurchases program | The following repurchases have been made under those programs: (in number of shares and € million) Year of authorization 2021 2020 2019 Number of shares Value Number of shares Value Number of shares Value 2021 program 2,765,388 242 — — — — 2020 program 1,758,569 140 5,685,426 461 — — 2019 program — — 3,982,939 361 — — 2018 program — — — — 147,793 12 |
Summary of Currency Translation Differences | Currency translation differences comprise the following: (€ million) 2021 2020 (a) 2019 (a) Attributable to equity holders of Sanofi (865) (3,384) 632 Attributable to non-controlling interests (42) (55) (36) Total (907) (3,439) 596 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). |
Summary of Movements within Other Comprehensive Income | Movements within other comprehensive income are shown below: (€ million) 2021 2020 (a) 2019 (a) Actuarial gains/(losses): • Actuarial gains/(losses) excluding investments accounted for using the equity method (see Note D.19.1.) 685 (266) (331) • Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes 1 (1) (5) • Tax effects (36) 45 149 Equity instruments included in financial assets and financial liabilities: • Change in fair value (excluding investments accounted for using the equity method) 154 358 30 • Change in fair value (investments accounted for using the equity method, net of taxes) — (14) 80 • Equity risk hedging instruments designated as fair value hedges 11 (24) (4) • Tax effects (18) (84) (48) Items not subsequently reclassifiable to profit or loss 797 14 (129) Debt instruments included in financial assets: • Change in fair value (excluding investments accounted for using the equity method) (b) (21) 15 28 • Change in fair value (investments accounted for using the equity method, net of taxes) — — — • Tax effects 5 (3) (5) Cash flow and fair value hedges: • Change in fair value (excluding investments accounted for using the equity method) (c) (6) 4 (13) • Change in fair value (investments accounted for using the equity method, net of taxes) — — — ▪ Tax effects 2 (2) 4 Change in currency translation differences: • Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) (b) 2,719 (3,870) 850 • Currency translation differences (investments accounted for using the equity method) (c) (6) 32 64 • Currency translation differences related to the investment in Regeneron and reclassified to profit or loss (d) — (318) — • Hedges of net investments in foreign operations (c) (254) 180 (163) • Tax effects (d) 71 (59) 48 Items subsequently reclassifiable to profit or loss 2,510 (4,021) 813 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. (b) Amounts reclassified to profit or loss: €4 million in 2021, €5 million in 2020, and immaterial in 2019. (c) Amounts reclassified to profit or loss: €12 million in 2021, €1 million in 2020 and €27 million in 2019. (d) Relates to the translation reserve arising on the investment in Regeneron, which was reclassified to profit or loss in accordance with IAS 21 (The Effects of Changes in Foreign Exchange Rates), of which €2 million (net of tax) related to hedges of net investments in foreign operations in 2020. |
Summary of Stock Option Plans Awarded and Measurement of Stock Option Plans | Stock options awarded in 2019 are summarized below, with the assumptions used to determine their fair value: 2019 Date of Board meeting approving the plan April 30, 2019 Total number of options granted 220,000 Exercise price (€) 76.71 Vesting period 4 years Plan expiry date April 30, 2029 Fair value of the plan (€ million) 2 Fair value per option granted (€) 7.80 Assumptions used to determine fair value Dividend yield 4.31 % Volatility of Sanofi shares, computed on a historical basis 22.48 % Risk-free interest rate 0.15 % Plan maturity 8 years |
Disclosure of Stock Subscription Option Plan Outstanding and Option Exercised | The table shows all Sanofi stock subscription option plans still outstanding or under which options were exercised in the year ended December 31, 2021: Source Date of grant Number of Start date of Expiry date Exercise Number of options outstanding as of 12/31/2021 Sanofi-aventis 03/09/2011 874,500 03/10/2015 03/09/2021 50.48 — Sanofi-aventis 03/05/2012 814,050 03/06/2016 03/05/2022 56.44 63,948 Sanofi 03/05/2013 788,725 03/06/2017 03/05/2023 72.19 355,230 Sanofi 03/05/2014 1,009,250 03/06/2018 03/05/2024 73.48 611,672 Sanofi 06/24/2015 435,000 06/25/2019 06/24/2025 89.38 339,964 Sanofi 05/04/2016 402,750 05/05/2020 05/04/2026 75.90 284,150 Sanofi 05/10/2017 378,040 05/11/2021 05/10/2027 88.97 294,220 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 76.71 220,000 Total 2,337,968 |
Summary of Stock Options Outstanding at Each Balance Sheet Date | A summary of stock options outstanding at each balance sheet date, and of movements during the relevant periods, is presented below: Number of Weighted average Total Options outstanding at January 1, 2019 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 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 (a) Mainly due to the grantees leaving Sanofi. |
Summary of Options Outstanding and Exercisable | The table below provides summary information about options outstanding and exercisable as of December 31, 2021: Outstanding Exercisable Range of exercise prices per share Number of Weighted Weighted Number of Weighted From €50.00 to €60.00 per share 63,948 0.18 56.44 63,948 56.44 From €60.00 to €70.00 per share 168,784 6.34 65.84 — — From €70.00 to €80.00 per share 1,471,052 3.13 74.12 1,251,052 73.66 From €80.00 to €90.00 per share 634,184 4.35 89.19 634,184 89.19 Total 2,337,968 1,949,184 |
Summary of Number of Shares Used to Compute Diluted Earnings Per Share | (million) 2021 2020 2019 Average number of shares outstanding 1,252.5 1,253.6 1,249.9 Adjustment for stock options with dilutive effect 0.3 0.4 0.8 Adjustment for restricted shares 5.1 6.1 6.4 Average number of shares used to compute diluted earnings per share 1,257.9 1,260.1 1,257.1 |
Debt, cash and cash equivalen_2
Debt, cash and cash equivalents and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Summary of Changes in Financial Position | Changes in Sanofi's financial position during the period were as follows: (€ million) 2021 2020 2019 Long-term debt 17,123 19,745 20,131 Short-term debt and current portion of long-term debt 3,183 2,767 4,554 Interest rate and currency derivatives used to manage debt (56) 119 (117) Total debt 20,250 22,631 24,568 Cash and cash equivalents (10,098) (13,915) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents (169) 74 (34) Net debt (a) 9,983 8,790 15,107 (a) Net debt does not include lease liabilities, which amounted to €2,108 million as of December 31, 2021, €1,163 million as of December 31, 2020, and € 1,248 million as of December 31, 2019 (see the maturity analysis at Note D.17.2.). |
Summary of Reconciliation of Carrying Amount to Value on Redemption | Reconciliation of carrying amount to value on redemption Value on redemption (€ million) Carrying amount at December 31, 2021 Amortized Adjustment December 31, 2021 December 31, 2020 December 31, 2019 Long-term debt 17,123 58 (5) 17,176 19,794 20,180 Short-term debt and current portion 3,183 2 (2) 3,183 2,767 4,553 Interest rate and currency derivatives used to manage debt (56) – 11 (45) 142 (86) Total debt 20,250 60 4 20,314 22,703 24,647 Cash and cash equivalents (10,098) (10,098) (13,915) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents (169) (169) 74 (34) Net debt 9,983 60 4 10,047 8,862 15,186 |
Disclosure of Movement In Total Debt | The table below shows the movement in total debt during the period: Cash flows from Non-cash items (€ million) December 31, 2020 Repayments New Other Currency translation differences (a) Reclassification 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 (a) These amounts include unrealized gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include (i) effects of changes in the scope of consolidation, amounting to €299 million; (ii) movements in accrued interest; and (iii) fair value remeasurements. The tables below show the movement in total debt during prior periods: Cash flows from Non-cash items (€ million) December 31, 2019 Repayments New Other Currency translation differences (a) Reclassification 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 Cash flows from Non-cash items (€ million) December 31, 2018 Repayments New Other Currency translation differences (a) Reclassification Other items (b) 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 (a) These amounts include unrealized gains and losses, and the impact of foreign currency translation of the financial statements of subsidiaries outside the Euro zone. (b) These amounts include movements in accrued interest and fair value remeasurements. |
Summary of Debt by Type Valuation of Redemption | 2021 2020 2019 (€ million) Non- current Current Total Non- Current Total Non- Current Total Bond issues 17,118 2,828 19,946 19,698 2,280 21,978 20,128 4,079 24,207 Other bank borrowings 21 163 184 96 200 296 40 156 196 Other borrowings 37 3 40 – 2 2 13 12 25 Bank credit balances – 189 189 – 285 285 – 305 305 Interest rate and currency derivatives used to manage debt – (45) (45) 57 85 142 – (86) (86) Total debt 17,176 3,138 20,314 19,851 2,852 22,703 20,181 4,466 24,647 Cash and cash equivalents – (10,098) (10,098) – (13,915) (13,915) – (9,427) (9,427) Interest rate and currency derivatives used to manage cash and cash equivalents – (169) (169) 6 68 74 (6) (28) (34) Net debt (a) 17,176 (7,129) 10,047 19,857 (10,995) 8,862 20,175 (4,989) 15,186 (a) Net debt does not include lease liabilities (see the maturity schedule in Note D.17.2.). |
Summary of Bond Issues | Bond issues carried out by Sanofi under the Euro Medium Term Note (EMTN) program are as follows: Issuer ISIN code Issue date Maturity Annual interest rate Amount (€ million) Sanofi FR0011625433 November 2013 November 2023 2.5 % 1,000 Sanofi FR0012146777 September 2014 March 2022 1.125 % 1,000 Sanofi FR0012146801 September 2014 September 2026 1.75 % 1,510 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 FR0013201621 September 2016 September 2022 - % 850 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 FR0013409836 March 2019 March 2022 - % 850 Sanofi FR0013409844 March 2019 March 2029 0.875 % 650 Sanofi FR0013409851 March 2019 March 2034 1.25 % 500 Bond issues carried out by Sanofi under the public bond issue program (shelf registration statement) registered with the US Securities and Exchange Commission (SEC) comprise: 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 |
Summary of Debt by Maturity at Value on Redemption | 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 – — Other borrowings 40 3 – – – – 37 Bank credit balances 189 189 – – – – – Interest rate and currency derivatives used (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 (169) (169) – – – – – Net debt (a) 10,047 (7,129) 3,647 602 1,751 4,160 7,016 (a) Net debt does not include lease liabilities, which amounted to €2,108 million as of December 31, 2021 as of December 31, 2021; €1,163 million as of December 31, 2020; and € 1,248 million as of December 31, 20 19 (see the maturity analysis at Note D.17.2.). As of December 31, 2021, the main undrawn confirmed general-purpose credit facilities at holding company level amounted to €8 billion, half of which expires in 2022 and half in 2026. As of December 31, 2021, no single counterparty represented more than 6% of Sanofi’s undrawn confirmed credit facilities. 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 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 – – – – – – – 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 15,186 (4,989) 2,284 2,706 3,665 605 10,915 |
Summary of Debt by Interest Rate | The table below splits net debt between fixed and floating rate, and by maturity, as of December 31, 2021. The figures shown are values on redemption, before the effects of derivative instruments: (€ million) Total 2022 2023 2024 2025 2026 2027 and later Fixed-rate debt 19,946 2,828 3,629 600 1,750 4,160 6,979 of which euro 18,188 of which US dollar 1,758 % fixed-rate 98 % Floating-rate debt 413 355 18 2 1 – 37 of which euro 56 of which US dollar 18 % floating-rate 2 % Debt 20,359 3,183 3,647 602 1,751 4,160 7,016 Cash and cash equivalents (10,098) (10,098) – – – – – of which euro (6,548) of which US dollar (3,005) % floating-rate 100 % Net debt 10,261 (6,915) 3,647 602 1,751 4,160 7,016 To optimize the cost of debt or reduce the volatility of debt and manage its exposure to financial foreign exchange risk, Sanofi uses derivative instruments (interest rate swaps, currency swaps, foreign exchange swaps and forward contracts) that alter the fixed/floating rate split and the currency split of its net debt: (€ million) Total 2022 2023 2024 2025 2026 2027 and later Fixed-rate debt 17,612 494 3,629 600 1,750 4,160 6,979 of which euro 14,820 of which US dollar 2,792 % fixed-rate 87 % Floating-rate debt 2,702 2,644 18 2 1 – 37 of which euro (429) of which US dollar 898 of which Japanese yen 302 % floating-rate 13 % Debt 20,314 3,138 3,647 602 1,751 4,160 7,016 Cash and cash equivalents (10,267) (10,267) – – – – – of which euro (1,261) of which US dollar (4,359) of which Singapore dollar (2,912) % floating-rate 100 % Net debt 10,047 (7,129) 3,647 602 1,751 4,160 7,016 |
Summary of Interest Rate of Net Debt at Value on Redemption | The table below shows the fixed/floating rate split of net debt at value on redemption after taking account of derivative instruments as of December 31, 2020 and December 31, 2019: (€ million) 2020 % 2019 % Fixed-rate debt 20,713 91 % 21,713 88 % Floating-rate debt 1,990 9 % 2,934 12 % Debt 22,703 100 % 24,647 100 % Cash and cash equivalents (13,841) (9,461) Net debt 8,862 15,186 |
Summary of Interest Rate Fluctuations of Debt Net of Cash and Cash Equivalents | The projected full-year sensitivity of net debt to interest rate fluctuations for 2022 is as follows: Change in short-term interest rates Impact on pre-tax net Impact on pre-tax +100 bp 74 – +25 bp 19 – -25 bp (19) – -100 bp (74) – |
Summary of Debt by Currency Before and After Derivative Instrument | The table below shows net debt by currency at December 31, 2021, before and after derivative instruments contracted to convert the foreign-currency net debt of exposed entities into their functional currency: (€ million) Before derivative instruments After derivative instruments Euro 11,696 13,129 US dollar (1,229) (669) Singapore dollar (2) (2,912) Mexican peso – 302 Pound sterling – 271 Other currencies (205) (74) Net debt 10,261 10,047 |
Summary of Debt by Currency After Derivative Instruments | The table below shows net debt by currency at December 31, 2020 and 2019, after derivative instruments contracted to convert the foreign currency net debt of exposed entities into their functional currency: (€ million) 2020 2019 Euro 13,725 17,691 US dollar (3,304) (813) Other currencies (1,559) (1,692) Net debt 8,862 15,186 |
Summary of Market Value of Net Debt | The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows: (€ million) 2021 2020 2019 Market value 11,024 10,500 16,370 Value on redemption 10,047 8,862 15,186 |
Amount of Future Undiscounted Contractual Cash Flows Relating to Debt and Derivative Instruments Designated as Hedges of Debt | The table below shows the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt: December 31, 2021 Payments due by period (€ million) Total 2022 2023 2024 2025 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2021. The tables below show the amount of future undiscounted contractual cash flows (principal and interest) relating to debt and to derivative instruments designated as hedges of debt as of December 31, 2020 and 2019: December 31, 2020 Payments due by period (€ million) Total 2021 2022 2023 2023 2025 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2020. December 31, 2019 Payments due by period (€ million) Total 2020 2021 2022 2023 2023 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 (a) Interest flows are estimated on the basis of forward interest rates applicable as of December 31, 2019. |
Disclosure of Lease Liabilities | A maturity analysis of lease liabilities as of December 31, 2021, 2020 and 2019 is set forth below: 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, 2021 2,108 314 476 362 1,184 (228) Total lease liabilities as of December 31, 2020 1,163 247 357 225 482 (148) Total lease liabilities as of December 31, 2019 1,248 272 422 232 540 (218) Lease liabilities as of December 31, 2021 include leases relating to real estate assets located at Cambridge, MA (United States), as described in Note D.3., which have a lease term of 15 years. |
Liabilities related to busine_2
Liabilities related to business combinations and to non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Movements in Liabilities Related to Business Combinations and to Non-Controlling Interests | Movements in liabilities related to business combinations and to non-controlling interests are shown below: (€ 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 Shire contingent consideration arising from the acquisition of Translate Bio Other Total (c) Balance at January 1, 2019 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 Payments made — — (42) (78) — (2) (122) Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (d) — — 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 (e) — — — — 323 37 360 Payments made (f) — — (31) (75) — (152) (258) Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (d) — — (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 (a) Includes put options granted to non-controlling interests that expired in 2019. (b) Based on the quoted market price per CVR of $0.72 as of October 30, 2019 and $0.48 as of December 31, 2018. The CVR agreement was terminated in March 2020 following signature of a litigation settlement agreement. (c) Portion due after more than one year: €577 million as of December 31, 2021 (€387 million as of December 31, 2020 and €508 million as of December 31, 2019); portion due within less than one year: €137 million as of December 31, 2021 (€218 million as of December 31, 2020 and €292 million as of December 31, 2019). (d) Amounts reported within the income statement line item Fair value remeasurement of contingent consideration , and mainly comprising unrealized gains and losses. (e) Mainly corresponds to the recognition of the Shire Human Genetic Therapies Inc. (Shire) contingent consideration liability of $382 million resulting from the acquisition of Translate Bio in September 2021. (f) The "Other" column mainly relates to the contingent consideration liability due to True North Therapeutics as a result of Sanofi's acquisition of Bioverativ which was settled in the first half of 2021. |
Summary of Maximum Amount of Contingent Consideration Payable and Firm Commitments to Buy Out Non-Controlling Interests | The table below sets forth the maximum amount of contingent consideration payable: December 31, 2021 Total Payments due by period (€ million) Less than From 1 to From 3 to More than Commitments relating to contingent consideration in connection with business combinations (a) 689 108 181 78 322 (a) Includes €0.4 billion for the Bayer contingent consideration and €0.3 billion for the MSD contingent consideration. |
Provisions, income tax liabil_2
Provisions, income tax liabilities and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Non Current Provisions and Other Non-current Liabilities | The line item Non current provisions and other non-current liabilities comprises the following: (€ million) 2021 2020 (a) 2019 (a) Provisions 6,430 6,998 7,125 Other non-current liabilities (b) 291 317 288 Total 6,721 7,315 7,413 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (IAS 19, Employee Benefits) (see note A.2.1.). (b) Includes derivative financial instruments: €6 million as of December 31, 2021, €92 million as of December 31, 2020, €10 million as of December 31, 2019. |
Summary of Movements in Non-current Provisions | The table below sets forth movements in non-current provisions for the reporting periods presented: (€ million) Provisions for (d) Provisions Restructuring Other Total Balance at January 1, 2019 3,291 761 632 1,968 6,652 Changes in scope of consolidation (1) — — — (1) Increases in provisions 262 (a) 189 393 554 (b) 1,398 Provisions utilized (285) (a) (102) (3) (132) (522) Reversals of unutilized provisions (205) (a) (3) (15) (511) (c) (734) Transfers 92 (3) (411) 168 (154) Net interest related to employee benefits, and unwinding of discount 78 5 3 18 104 Currency translation differences 35 8 1 6 50 Actuarial gains and losses on defined-benefit plans 331 — — — 331 Balance at December 31, 2019 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 (a) In the case of “Provisions for pensions and other post-employment benefits”, the “Increases in provisions” line corresponds to rights vesting in employees during the period, and past service cost; the “Provisions utilized” line corresponds to contributions paid into pension funds, and plan settlements; and the “Reversals of unutilized provisions” line corresponds to plan curtailments, settlements and amendments. (b) Amounts charged during the period include changes to estimates of future expenditures on environmental risks. (c) This amount mainly comprises a reversal of a provision resulting from a settlement of litigation (see Note D.28.). (d) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). |
Summary of Financial and Demographic Assumptions | Those calculations were based on the following financial and demographic assumptions: 2021 2020 2019 France Germany USA UK France Germany USA UK France Germany USA UK Discount rate (a)/(b) 0.10% to 1.10% 0.10% to 1.10% 2.70 % 1.90 % —% or 0.55% —% or 0.55% 2.40 % 1.35 % 0.25% or 0.75% 0.25% or 0.75% 3.00 % 2.00 % General inflation rate (c) 1.95 % 1.95 % — 3.30 % 1.45 % 1.45 % — 2.95 % 1.30 % 1.30 % — 2.85 % Pension benefit 1.95% 1.95 % — 3.15 % 1.45% 1.45 % — 2.85 % 1.25% to 2.25% 1.30 % — 2.80 % Healthcare cost — — (d) 3.50% to 4.50% — (d) — — (d) 3.50% to 4.50% — (d) 2.00 % — (d) 5.52 % — (d) Retirement age 62 to 67 62 55 to70 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/ Heubeck RP2012 Proj. SAPS TGH/ Heubeck RP2012 Proj. SAPS TGH/ Heubeck RP2014 SAPS (a) The discount rates used were based on market rates for high quality corporate bonds with a duration close to that of the expected benefit payments under the plans. The benchmarks used to determine discount rates were the same for all periods presented. (b) The rate depends on the duration of the plan (0 to 7 years, 7 to 10 years, or more than 10 years). (c) Inflation for the euro zone is determined using a multi-criterion method. (d) No post-employment healthcare benefits are provided in France since 2020, Germany and UK. |
Summary of Weighted Average Duration of Obligation for Pensions and Other Long-term Benefits in Principal Countries | The table below shows the duration of Sanofi’s obligations in the principal countries: 2021 2020 2019 (years) France Germany USA UK France Germany USA UK France Germany USA UK Weighted average duration 12 16 15 17 13 16 16 18 13 15 14 17 |
Summary of Sensitivity for Pensions and Other Post-employment Benefits to Changes in Key Actuarial Assumptions | The table below shows the sensitivity of Sanofi’s obligations for pensions and other post-employment benefits to changes in key actuarial assumptions: (€ million) Pensions and other post-employment benefits, by principal country Measurement of defined-benefit obligation Change in France Germany USA UK Discount rate -0.50 % +100 +275 +161 +296 General inflation rate +0.50 % +61 +359 — +164 Pension benefit indexation +0.50 % +67 +350 — +116 Healthcare cost inflation rate +0.50 % — — +15 — Mortality table +1 year +47 +84 +53 +150 |
Reconciliation of Net Obligation in Respect of Sanofi's Pension and Other Post-Employment Benefit Plans | The table below reconciles the net obligation in respect of Sanofi’s pension and other post-employment benefit plans with the amounts recognized in the consolidated financial statements: Pensions and other post-employment benefits (€ million) 2021 2020 (a) 2019 (a) Measurement of the obligation: Beginning of period 12,456 13,094 11,824 Current service cost 227 221 205 Interest cost 148 192 289 Actuarial losses/(gains) due to changes in demographic assumptions (162) 52 (61) Actuarial losses/(gains) due to changes in financial assumptions (210) 936 1,431 Actuarial losses/(gains) due to experience adjustments (120) (26) (115) Plan amendments, curtailments or settlements not specified in the terms of the plan (a) (4) (938) (212) Plan settlements specified in the terms of the plan (66) (75) (78) Benefits paid (503) (545) (504) Changes in scope of consolidation and transfers (8) (12) 13 Currency translation differences 417 (443) 302 Obligation at end of period 12,175 12,456 13,094 Fair value of plan assets: Beginning of period 9,358 9,651 8,610 Interest income on plan assets 106 138 211 Difference between actual return and interest income on plan assets 207 696 926 Administration costs (7) (14) (7) Plan settlements specified in the terms of the plan (66) (75) (78) Plan settlements not specified in the terms of the plan (9) (739) (64) Contributions from plan members 6 6 6 Employer’s contributions 176 490 250 Benefits paid (458) (469) (470) Changes in scope of consolidation and transfers (6) — — Currency translation differences 344 (326) 267 Fair value of plan assets at end of period 9,651 9,358 9,651 Net amount shown in the balance sheet: Net obligation 2,524 3,098 3,443 Effect of asset ceiling 15 1 1 Net amount shown in the balance sheet at end of period 2,539 3,099 3,444 Amounts recognized in the balance sheet: Pre-funded obligations (see Note D.7.) (c) (408) (177) (155) Obligations provided for 2,947 3,276 3,599 Net amount recognized at end of period 2,539 3,099 3,444 Benefit cost for the period: Current service cost 227 221 205 (Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan (b) 5 (199) (148) Net interest (income)/cost 42 55 78 Contributions from plan members (6) (7) (6) Administration costs and taxes paid during the period 7 14 7 Expense recognized directly in profit or loss 276 84 136 Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) (d) (685) 266 331 Expense/(gain) for the period (409) 350 467 (a) These amounts include the impact of applying the April 2021 IFRIC agenda decision on the attribution of benefits to periods of service. The effect of this decision is a €231 million decrease in the provision originally recognized as of January 1, 2019, mainly in respect of lump-sum retirement benefits in France. Prior to the IFRIC agenda decision, such benefits were allocated to periods of service starting on the date the employee joined the company, whereas they are now allocated starting on the date from which each subsequent year of service counts towards entitlement to the benefit. (b) For 2019, this line mainly comprises the favorable impact of the amendment to the remaining top-up pension plan, following the application of the Pacte law in France. For 2020, it mainly comprises a reduction in post-employment benefit liabilities following the announcement of voluntary redundancy programs, primarily in Europe. (c) For 2021, this line includes €220 million of assets in the United Kingdom.That amount is not subject to any asset ceiling, in accordance with IFRIC 14. (d) Amounts recognized in Other Comprehensive Income (see Note D.15.7.) . |
Net Liability in Respect of Pension Plans and Other Post-employment Benefits by Geographical Region | The tables below show Sanofi’s net liability in respect of pension plans and other post-employment benefits by geographical region: (€ million) Pensions and other post-employment benefits by geographical region December 31, 2021 France Germany USA UK Other Total Measurement of obligation 1,657 3,576 2,099 3,414 1,429 12,175 Fair value of plan assets 838 2,808 1,127 3,629 1,249 9,651 Effect of asset ceiling — — — — (15) (15) 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, 2020 France Germany USA 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 (€ million) Pensions and other post-employment benefits by geographical region December 31, 2019 France Germany USA UK Other Total Measurement of obligation 1,849 3,470 2,948 3,388 1,439 13,094 Fair value of plan assets 956 2,516 1,774 3,258 1,147 9,651 Effect of asset ceiling — — — — (1) (1) Net amount shown in the balance sheet at end of period 893 954 1,174 130 293 3,444 |
Fair Value of Plans Assets relating to Pension Plans and Other Post-employment Plans | The table below shows the fair value of plan assets relating to Sanofi’s pension and other post-employment plans, split by asset category: 2021 2020 2019 Securities quoted in an active market 86.9 % 94.8 % 87.4 % Cash and cash equivalents 0.7 % 3.5 % 1.8 % Equity instruments 25.0 % 24.8 % 22.6 % Bonds and similar instruments 53.8 % 59.9 % 55.8 % Real estate 4.0 % 3.4 % 3.8 % Commodities 1.0 % 0.9 % 0.9 % Other 2.4 % 2.3 % 2.5 % Other securities 13.1 % 5.2 % 12.6 % Hedge funds — % 0.4 % — % Insurance policies 13.1 % 4.8 % 12.6 % Total 100.0 % 100.0 % 100.0 % |
Service Cost for Pension and Other post-employment Benefit Plans, by Geographical Region | The tables below show the service cost for Sanofi’s pension and other post-employment benefit plans, by geographical region: (€ million) Pensions and other post-employment benefits by geographical region Service cost for 2021 France Germany USA UK Other Total 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 2 — — 3 — 5 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) 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) (106) (113) (157) (236) (73) (685) Expense/(gain) for the period (26) (61) (73) (230) (19) (409) (€ million) Pensions and other post-employment benefits by geographical region Service cost for 2020 France Germany USA 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) Pensions and other post-employment benefits by geographical region Service cost for 2019 France Germany USA UK Other Total Current service cost 68 42 42 — 53 205 (Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan (146) 13 (12) (2) (1) (148) Net interest cost/(income) including administration costs and taxes paid during the period 16 17 40 2 11 86 Contributions from plan members — — — — (6) (6) Expense/(gain) recognized directly in profit or loss (62) 72 70 — 56 136 Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) 42 (4) 148 133 12 331 Expense/(gain) for the period (20) 68 218 133 68 467 |
Remeasurement of Net Defined-benefit (Asset)/Liability (Actuarial Gains and Losses) | An analysis of the “Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses)” line in the preceding tables is set forth below: (€ million) 2021 2020 2019 France Germany USA UK France Germany USA UK France Germany USA UK Actuarial gains/(losses) arising during the period 106 113 156 237 (23) (121) (22) (115) (42) 5 (148) (133) Comprising: Gains/(losses) on experience adjustments (a) 60 182 23 35 28 76 214 341 145 331 210 242 Gains/(losses) — — 51 125 9 — (42) (14) — — — 63 Gains/(losses) 46 (69) 82 77 (60) (197) (194) (442) (187) (326) (358) (438) (a) Experience adjustments are mainly due to the effect of trends in the financial markets on plan assets. |
Summary of Net Pre-tax Actuarial Loss | The net pre-tax actuarial loss (excluding investments accounted for using the equity method) recognized directly in equity is presented below: (€ million) 2021 2020 2019 Net pre-tax actuarial loss (2,738) (3,423) (3,160) |
Summary of Present Value of Pension and Other Post Employement Benefits | The present value of Sanofi’s obligations in respect of pension and other post-employment benefit plans at the end of each reporting period is shown below: (€ million) 2021 2020 2019 Present value of wholly or partially funded obligations in respect of pension and other post-employment benefit plans 11,069 11,322 11,829 Present value of unfunded obligations 1,106 1,134 1,265 Total 12,175 12,456 13,094 |
Total Expense for Pensions and Other Post-employment Benefits Allocated between Income Statement Line Items | The total expense for pensions and other post-employment benefits (€276 million in 2021) is allocated between income statement line items as follows: (€ million) 2021 2020 2019 Cost of sales 77 77 70 Research and development expenses 65 63 30 Selling and general expenses 87 88 104 Other operating (income)/expenses, net (1) (140) (109) Restructuring costs 6 (59) (37) Financial expenses 42 55 78 Total 276 84 136 |
Estimated Amounts of Employer's Contributions to Plan Assets | The estimated amounts of employer’s contributions to plan assets in 2022 are as follows: (€ million) France Germany USA UK Other Total Employer’s contributions in 2021 (estimate): 2022 — — — 4 45 49 |
Expected Timing of Benefit Payments under Pension and Other Post-employment Benefit Plans | The table below shows the expected timing of benefit payments under pension and other post-employment benefit plans for future years: (€ million) France Germany USA UK Other Total Estimated future benefit payments: 2022 93 186 106 126 55 566 2023 65 189 98 130 56 538 2024 72 194 97 134 56 553 2025 76 197 99 139 57 568 2026 77 199 92 143 61 572 2027 to 2029 487 992 469 788 350 3,086 |
Timing of Future Payments in Respect of Unfunded Pension and Other Post-employment Benefit Plans | The table below shows estimates as of December 31, 2021 for the timing of future payments in respect of unfunded pension and other post-employment benefit plans: Total Payments due by period (€ million) Less than 1 year 1 to 3 to More than Estimated payments 1,106 60 105 106 835 |
Movements in Restructuring Provisions Classified in Non-current and Current Liabilities | The table below shows movements in restructuring provisions classified in non-current and current liabilities: (€ million) 2021 2020 2019 Balance, beginning of period 1,499 1,390 1,572 Of which: • Classified in non-current liabilities 868 600 632 • Classified in current liabilities 631 790 940 Change in provisions recognized in profit or loss for the period 183 767 760 Provisions utilized (571) (663) (897) Transfers 1 20 (51) Unwinding of discount — 1 3 Currency translation differences 6 (16) 3 Balance, end 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 |
Timing of Future Termination Benefit Payments | The timing of future termination benefit payments is as follows: December 31, 2021 Total Benefit payments by period (€ million) Less than 1 to 3 to More than Employee termination benefits • France 614 269 288 53 4 • Other countries 329 207 106 14 2 Total 943 476 394 67 6 December 31, 2020 Benefit payments by period (€ million) Total Less than 1 to 3 to More than Employee termination benefits • France 889 295 457 124 13 • Other countries 371 195 149 18 9 Total 1,260 490 606 142 22 December 31, 2019 Benefit payments by period (€ million) Total Less than 1 to 3 to More than Employee termination benefits • France 694 314 268 110 2 • Other countries 431 343 79 6 3 Total 1,125 657 347 116 5 |
Summary of Other Provisions | Other provisions include provisions for risks and litigation relating to environmental, tax, commercial and product liability matters. (€ million) 2021 2020 2019 Environmental risks 650 713 737 Product liability risks, litigation and other 1,374 1,262 1,334 Total 2,024 1,975 2,071 |
Current Provisions and Other Current Liabilities | Current provisions and other current liabilities comprise the following: (€ million) 2021 2020 2019 Taxes payable, other than corporate income taxes 428 347 361 Employee-related liabilities 2,126 2,042 1,978 Restructuring provisions (see Note D.19.2.) 594 631 790 Interest rate derivatives (see Note D.20.) 1 — 2 Currency derivatives (see Note D.20.) 62 205 87 Equity derivatives (see Note D.20.) 16 — — Amounts payable for acquisitions of non-current assets 559 467 413 Customer contract liabilities (a) 319 252 — Other current liabilities (b) 7,112 6,188 6,072 Total 11,217 10,132 9,703 (a) See Note A.7. , “Agreements relating to the recombinant COVID-19 vaccine candidate developed by Sanofi in collaboration with GSK” . (b) “Other current liabilities” includes provisions for customer rebates and returns, and for discounts and rebates granted to healthcare authorities and governmental programs (see Note D.23.). As of December 31, 2019, the “Other current liabilities” line also included $315 million deposited by Sanofi in an escrow account, the release of which occurred in March 2020 following the signature of a settlement agreement in the CVR litigation between Sanofi and the Trustee. |
Derivative financial instrume_2
Derivative financial instruments and market risks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Summary of Fair Value of Derivative Instruments | The table below shows the fair value of derivative instruments as of December 31, 2021, 2020 and 2019: (€ million) Non-current assets Current Total Non-current Current Total Market value at December 31, 2021 (net) Market value at December 31, 2020 (net) Market value at December 31, 2019 (net) Currency derivatives – 284 284 – (62) (62) 222 (209) 103 operating – 33 33 – (23) (23) 10 7 (15) financial – 251 251 – (39) (39) 212 (216) 118 Interest rate derivatives 3 11 14 (6) (1) (7) 7 20 27 Equity derivatives – – – – (16) (16) (16) (26) (4) Total 3 295 298 (6) (79) (85) 213 (215) 126 |
Summary of Operating Currency Hedging Instruments | The table below shows operating currency hedging instruments in place as of December 31, 2021, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2021 Of which derivatives designated as Of which derivatives not (€ million) Notional Fair Notional Fair Of which Notional 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 The table below shows operating currency hedging instruments in place as of December 31, 2020, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2020 Of which derivatives designated as Of which derivatives not (€ million) Notional Fair Notional Fair Of which Notional 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 The table below shows operating currency hedging instruments in place as of December 31, 2019, with the notional amount translated into euros at the relevant closing exchange rate: December 31, 2019 Of which derivatives Of which derivatives not eligible for hedge accounting (€ million) Notional Fair Notional Fair Of which Notional 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) |
Disclosure of Financial Currency Hedging Instruments in Place with Notional Amount Translated | The table below shows financial currency hedging instruments in place, with the notional amount translated into euros at the relevant closing exchange rate: 2021 2020 2019 (€ million) Notional Fair Expiry Notional Fair Expiry Notional Fair Expiry Forward currency sales 7,655 15 5,064 10 8,513 40 of which US dollar 5,384 (a) 23 2022 3,721 20 2021 6,330 51 2020 of which Hungarian forint 756 (b) 4 2022 13 2021 93 — 2020 of which Brazilian real 95 (c) (3) 2022 – – 2021 16 — 2020 Forward currency purchases 9,293 197 9,004 (226) 10,968 78 of which US dollar 4,816 (d) (e) 128 2022 6,068 (200) 2022 7,363 42 2020 of which Singapore dollar 2,910 (f) 75 2022 2,250 (27) 2021 2,332 32 2020 of which Hungarian forint 865 (5) 2022 9 2021 29 — 2020 Total 16,948 212 14,068 (216) 19,481 118 (a) Includes forward sales with a notional amount of $3,615 million expiring in 2022, designated as a hedge of Sanofi’s net investment in Bioverativ. As of December 31, 2021, the fair value of these forward contracts represented an asset of €20 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (b) Includes forward sales with a notional amount of HUF 279 billion expiring in 2022, designated as a hedge of Sanofi’s net investment in Chinoin. As of December 31, 2021, the fair value of these forward contracts represented an asset of €2 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (c) Includes forward sales with a notional amount of BRL 600 million expiring in 2022, designated as a hedge of Sanofi’s net investment in Medley Farmaceutica. As of December 31, 2021, the fair value of these forward contracts represented a liability of €3 million; the opposite entry was recognized in "Other comprehensive income", with the impact on financial income and expense being immaterial. (d) Includes forward purchases with a notional amount of $550 million expiring in 2022, designated as a fair value hedge of the exposure of $550 million of bond issues to fluctuations in the EUR/USD spot rate. As of December 31, 2021, the fair value of the contracts was an asset of €19 million, the opposite entry for €0.1 million of which was credited to "Other comprehensive income" under the cost of hedging accounting treatment. (e) Includes currency swaps with a notional amount of $1,000 million, receive 0.22% pay EUR -0.63% expiring in 2022, designated as a cash flow hedge of $1,000 million of bond issues. As of December 31, 2021, the fair value of the swaps was an asset of €23 million. |
Disclosure of Instruments | The table below shows interest rate hedging instruments in place as of December 31, 2021: Notional amounts by expiry date as of December 31, 2021 Of which Of which designated as (€ million) 2022 2023 2024 2025 2026 2027 and later Total Fair Notional Fair Notional Fair Of which 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 — — — — 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 — (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). The table below shows interest rate hedging instruments in place as of December 31, 2020: Notional amounts by expiry date as of December 31, 2020 Of which Of which designated as (€ million) 2021 2022 2023 2024 2025 2026 Total Fair Notional Fair Notional Fair Of which Interest rate swaps pay 1.81% / receive 3-month US dollar Libor — 2,000 — — — — 2,000 23 2,000 23 — — — pay 3-month US dollar Libor / receive 2.22% — 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 (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). The table below shows interest rate hedging instruments in place as of December 31, 2019: Notional amounts by expiry date as of December 31, 2019 Of which Of which designated as (€ million) 2020 2021 2022 2023 2024 2025 Total Fair Notional Fair Notional Fair Of which Interest rate swaps pay capitalized Eonia / receive 1.58% — — 2,000 — — — 2,000 28 2,000 28 — — — pay capitalized Eonia / receive 0.06% — — 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 (a) These interest rate swaps hedge fixed-rate bonds with a nominal of €99 million held in a Professional Specialized Investment Fund dedicated to Sanofi and recognized within “Loans, advances and other long-term receivables” (see Note D.7.). |
Disclosure of Actual or Potential Effects of Netting Arrangements | The table below is prepared in accordance with the accounting policies described in Note B.8.3.: (€ million) 2021 2020 2019 Derivative Derivative Derivative Derivative Derivative Derivative Gross carrying amounts before offset (a) 298 (85) 82 (297) 225 (99) Gross amounts offset (in accordance with IAS 32) (b) — — — — — — Net amounts as reported in the balance sheet (a) - (b) = (c) 298 (85) 82 (297) 225 (99) Effects of other netting arrangements (not fulfilling the IAS 32 criteria for offsetting) (d) — — Financial instruments (67) 67 (81) 81 (89) 89 Fair value of financial collateral N/A N/A N/A N/A N/A N/A Net exposure (c) + (d) 231 (18) 1 (216) 136 (10) |
Off balance sheet commitments (
Off balance sheet commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Summary of Off Balance Sheet Commitments Relating to Operating Activities | Off balance sheet commitments relating to Sanofi’s operating activities comprise the following: December 31, 2021 Payments due by period (€ million) Total Less than 1 to 3 to More than Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced (a)(b) 109 39 16 18 36 Irrevocable purchase commitments (c) • given (d) 8,901 5,343 1,784 685 1,089 • received (1,124) (366) (442) (166) (150) Research and development license agreements - commitments given • commitments related to R&D and other commitments (e) 536 254 169 77 36 • contingent milestone payments in connection with development programs in progress (f) 2,892 237 1,139 451 1,065 Total - net commitments given (g) 11,314 5,507 2,666 1,065 2,076 (a) Includes future variable lease payments not recognized in Lease liabilities as of December 31, 2021. As of December 31, 2020, the amount of such commitments was €950 million. The year-on-year movement is largely related to two leases of real estate assets at Cambridge, MA (United States); (see Note D.3.2.). (b) Lease commitments given to joint ventures were immaterial as of December 31, 2021. (c) These comprise irrevocable commitments to suppliers of (i) property, plant and equipment, net of down-payments (see Note D.3.) and (ii) goods and services. As of December 31, 2020, irrevocable commitments amounted to €7,153 million given and €(608) million received. (d) Irrevocable purchase commitments given as of December 31, 2021 include €987 million of commitments to joint ventures. (e) Commitments related to R&D, and other commitments, amounted to €500 million as of December 31, 2020. (f) This line includes only contingent milestone payments on development projects in progress. The increase relative to December 31, 2020 (when this figure amounted to €2,456 million) is mainly due to a license agreement entered into with Biond Biologics and to the acquisition of Kadmon. (g) This line excludes: (i) commitments given relating to projects in the research phase (€6.7 billion in 2021 , €6.7 billion in 2020 ) and payments contingent upon the attainment of sales targets once a product is commercialized (€8.1 billion in 2021 , €8.1 billion in 2020 ); (ii) commitments received in respect of the additional share of quarterly profits to which Sanofi is entitled under the collaboration agreements with Regeneron on monoclonal antibodies (capped at 10% of Regeneron’s share of quarterly profits), until Regeneron has paid 50% of the cumulative development costs incurred by the parties in the collaboration (see Note C.1.). Such commitments received were €2.9 billion in 2021 (€2.6 billion in 2020 ), relative to cumulative development costs of €7.6 billion as of December 31, 2020; and (iii) other commitments received amounting to €5.8 billion as of December 31, 2021 (€2.7 billion as of December 31, 2020 ), mainly comprising discovery, development and commercialization agreements with partners further to the acquisitions of Ablynx (€1.0 billion as of December 31, 2021, €1.1 billion as of December 31, 2020) and of Kymab (€0.5 billion as of December 31, 2021, see Note D.1.), plus contingent consideration receivable based on attainment of regulatory and sales milestones for commercialized products under the terms of licenses or rights assignment agreements amounting to €4.2 billion as of December 31, 2021 and €1.6 billion as of December 31, 2020. |
Summary of Undrawn Credit Facilities | Undrawn credit facilities are as follows: December 31, 2021 Total Expiry (€ million) Less than 1 to 3 to More than General-purpose credit facilities 8,000 4,000 — 4,000 — |
Summary of Amount of Guarantees Given and Received | The table below shows the amount of guarantees given and received: (€ million) 2021 2020 2019 Guarantees given: 3,794 3,291 3,103 • Guarantees provided to banks in connection with credit facilities 1,042 695 1,263 • Other guarantees given 2,752 2,596 1,840 Guarantees received (1,149) (964) (703) |
Provisions for discounts, reb_2
Provisions for discounts, rebates and sales returns (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Summary of Movement in Provisions for Discounts, Rebates and Sales Returns | The table below shows movements in these items: (€ million) Government and State programs (a) Managed care and GPO programs (b) Chargeback Rebates Sales Other Total Balance at January 1, 2019 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 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 (a) Primarily US government programs: Medicaid (€1,244 million in 2021, €1,015 million in 2020, €1,017 million in 2019) and Medicare (€941 million in 2021, €726 million in 2019 and €810 million in 2019). (b) Mainly rebates and other price reductions granted to healthcare authorities in the United States (including Managed Care: €896 million in 2021, €692 million in 2020 and €649 million in 2019). (c) Provisions related to US net sales amounted to €4,057 million as of December 31, 2021, €3,982 million as of December 31, 2020 and €3,585 million as of December 31, 2019. |
Personnel costs (Tables)
Personnel costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Summary of Personal Costs | Total personnel costs (other than termination benefits, presented in Note D.27.) include the following items: (€ million) 2021 2020 2019 Salaries 6,625 6,508 6,590 Social security charges (including defined-contribution pension plans) 1,929 1,874 1,949 Stock options and other share-based payment expense 244 274 252 Defined-benefit plans (a) 273 162 168 Other employee benefits 269 261 229 Total 9,340 9,079 9,188 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule Other Operating Expenses | For 2021, this line item includes €1,568 million of expenses relating to the alliance with Regeneron (see Note C.1.), versus €1,090 million for 2020 and €715 million in 2019 (as shown in the table below): (€ million) 2021 2020 2019 Income & expense related to sharing of (profits)/losses under the Monoclonal Antibody Alliance (1,253) (727) (253) Additional share of profit paid by Regeneron towards development costs 127 75 21 Reimbursement to Regeneron of selling expenses incurred (303) (349) (449) Total - Monoclonal Antibody Alliance (1,429) (1,001) (681) Immuno-Oncology Alliance 68 89 62 Other (mainly Zaltrap ® ) (12) (14) (14) Other operating income/(expenses), net related to the Regeneron Alliance (1,373) (926) (633) of which amount presented in Other operating income (Note D.25.) 195 164 82 |
Restructuring costs and simil_2
Restructuring costs and similar items (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of Restructuring Costs and Similar Items | Restructuring costs and similar items amounted to €820 million in 2021, €1,089 million in 2020 and €1,088 million in 2019, and were comprised of the following items: (€ million) 2021 2020 (a) 2019 (a) Employee-related expenses 193 697 795 Charges, gains or losses on assets (b) 110 149 106 Compensation for early termination of contracts (other than contracts of employment) 34 40 49 Decontamination costs — (2) 27 Transformation programs costs 463 191 131 Others 20 14 (20) Total 820 1,089 1,088 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. (b) This line consists of impairment losses and accelerated depreciation charges related to site closures (including leased sites), and gains or losses on divestments of assets arising from reorganization decisions made by Sanofi. |
Financial expenses and income (
Financial expenses and income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of Analysis of Financial Income and Expenses | An analysis of Financial expenses and Financial income is set forth below: (€ million) 2021 2020 (d) 2019 (d) Cost of debt (a) (313) (328) (318) Interest income (b) 54 103 146 Cost of net debt (259) (225) (172) Non-operating foreign exchange gains/(losses) 2 (6) 1 Unwinding of discounting of provisions (c) (11) (11) (25) Net interest cost related to employee benefits (44) (57) (83) Gains/(losses) on disposals of financial assets 3 6 — Net interest expense on lease liabilities (35) (38) (39) Other 16 (4) 19 Net financial income/(expenses) (328) (335) (299) comprising: Financial expenses (368) (388) (440) Financial income 40 53 141 (a) Includes net gains on interest rate and currency derivatives used to manage debt: €14 million in 2021, €93 million in 2020 and €187 million in 2019. (b) Includes net gains on interest rate and currency derivatives used to manage cash and cash equivalents: €51 million in 2021, €66 million in 2020 and €55 million in 2019. (c) Primarily on provisions for environmental risks, restructuring provisions, and provisions for product-related risks (see Note D.19.). (d) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Summary of Allocation of Income Tax Expense Between Current and Deferred Taxes | The table below shows the allocation of income tax expense between current and deferred taxes: (€ million) 2021 2020 (a) 2019 (a) Current taxes (1,908) (1,913) (1,892) Deferred taxes 350 106 1,771 Total (1,558) (1,807) (121) Income before tax and investments accounted for using the equity method 7,798 13,778 2,752 (a) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Summary of Difference Between Effective Tax Rate and Standard Corporate Income Tax Rate | The difference between the effective tax rate and the standard corporate income tax rate applicable in France is explained as follows: (as a percentage) 2021 2020 2019 Standard tax rate applicable in France 28.4 32.0 34.4 Difference between the standard French tax rate and the rates applicable to Sanofi (a) (9.5) (18.2) (23.2) Revisions to tax exposures and settlements of tax disputes 1.0 0.5 4.9 Impact of past acquisitions and divestitures — — (6.4) Fair value remeasurement of contingent consideration (b) — — (2.7) Other items (c) 0.1 (1.2) (2.6) Effective tax rate 20.0 13.1 4.4 (a) The difference between the French tax rate and tax rates applicable to foreign subsidiaries reflects the fact that Sanofi has operations in many countries, most of which have lower tax rates than France. For 2020, this line includes the difference between the standard French tax rate and the tax rate applicable to the gain on divestment of Regeneron shares. (b) For 2019, this line includes impacts related to the MSD contingent consideration and to the CVRs issued in connection with the acquisition of Genzyme. (c) In determining the amount of the deferred tax liability for 2021, 2020 and 2019, Sanofi took into account changes in the ownership structure of certain subsidiaries. |
Share of profit_loss from inv_2
Share of profit/loss from investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Summary of Share of Profit/Loss From Investments Accounted for Using Equity Method | The line item Share of profit/(loss) from investments accounted for using the equity method comprises: (€ million) 2021 2020 2019 Regeneron (a) — 343 245 BMS co-promotion entities (b) — 1 5 Other investments accounted for using the equity method 39 15 5 Total 39 359 255 (a) Following the transaction of May 29, 2020 as described in Note D.2., which resulted in the divestment of 22.8 million Regeneron shares, Sanofi no longer exercises significant influence over Regeneron. The 2020 figure presented represents Sanofi’s equity-accounted share of Regeneron’s net profits up to and including that date. (b) On February 28, 2020, Sanofi acquired from Bristol-Myers Squibb the remaining 50.1% equity interest not yet held by Sanofi in the three partnerships that organize the commercialization of Plavix ® in the United States and Puerto Rico, for a total consideration of $12 million. This acquisition was accounted for in accordance with IFRS 3 (Business Combinations). |
Net income attributable to no_2
Net income attributable to non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of Trends in Net Income Attributable to Non-Controlling Interests | The table below shows Net income attributable to non-controlling interests for the reporting periods presented: (€ million) 2021 2020 2019 Share of net income attributable to other non-controlling interests 56 36 31 Total 56 36 31 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Schedule of Compensation Paid to Key Management Personnel | The table below shows, by type, the compensation paid to key management personnel: (€ million) 2021 2020 (a) 2019 (a) Short-term benefits (b) 33 36 31 Post-employment benefits (c) 2 3 (4) Share-based payment 20 18 30 Total recognized in profit or loss 55 57 57 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (b) Compensation, employer’s social security contributions, directors’ attendance fees, and any termination benefits (net of reversals of termination benefit obligations). (c) This line item includes in 2019 the favorable impact of top-up pension plan amendments following the application of the Pacte law in France. |
Summary of Aggregate Amounts Payable to Key Management Personnel | The table below shows the aggregate obligation as of December 31 for each period presented for individuals who hold or have held executive positions within Sanofi during that period. (€ million) 2021 2020 (a) 2019 (a) Aggregate top-up pension obligation in favor of certain corporate officers and of Executive Committee members 28 32 48 Aggregate termination benefits and lump-sum retirement benefits in favor of key management personnel 7 5 4 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Summary of Net Sales by Segment and Geographical Area | The table below sets forth Sanofi’s net sales for the years ended December 31, 2021, 2020 and 2019: (€ million) Europe United States Other 2021 Europe United Other 2020 Europe United Other 2019 Pharmaceuticals 7,201 10,484 9,285 26,970 6,819 9,635 9,220 25,674 6,797 8,918 9,985 25,700 General Medicines 4,437 2,637 7,144 14,218 4,505 2,869 7,346 14,720 4,809 3,386 8,342 16,537 of which Lantus ® 474 861 1,159 2,494 537 929 1,195 2,661 599 1,149 1,264 3,012 Toujeo ® 394 259 316 969 374 267 292 933 343 289 251 883 Praluent ® 161 5 52 218 119 106 34 259 112 112 34 258 Multaq ® 22 292 15 329 24 274 14 312 41 295 11 347 Lovenox ® 703 29 754 1,486 656 30 665 1,351 730 33 596 1,359 Plavix ® (a) 115 9 805 929 126 10 777 913 141 — 1,192 1,333 Generics (a) 7 117 575 699 10 161 637 808 9 152 740 901 Industrial sales 723 41 44 808 658 67 88 813 599 56 103 758 Specialty Care 2,764 7,847 2,141 12,752 2,314 6,766 1,874 10,954 1,988 5,532 1,643 9,163 of which Aubagio ® 512 1,312 131 1,955 473 1,448 124 2,045 414 1,351 114 1,879 Cerezyme ® 244 173 266 683 249 177 264 690 259 184 265 708 Myozyme ® / Lumizyme ® 410 373 220 1,003 389 359 200 948 388 331 199 918 Fabrazyme ® 223 395 226 844 200 406 211 817 185 410 218 813 Eloctate ® — 429 134 563 — 445 193 638 — 517 167 684 Jevtana ® 112 253 90 455 187 246 103 536 170 212 102 484 Dupixent ® 649 3,971 629 5,249 386 2,808 340 3,534 204 1,669 201 2,074 Vaccines 1,225 2,762 2,336 6,323 973 2,759 2,241 5,973 851 2,733 2,147 5,731 of which Polio/Pertussis/ 306 470 1,383 2,159 331 412 1,363 2,106 315 380 1,251 1,946 Influenza Vaccines 729 1,366 533 2,628 441 1,575 456 2,472 230 1,289 372 1,891 Consumer Healthcare (b) 1,333 1,139 1,996 4,468 1,359 1,071 1,964 4,394 1,434 1,105 2,156 4,695 of which Allergy 49 371 192 612 51 361 205 617 53 323 231 607 Pain Care 515 196 382 1,093 481 181 389 1,051 482 185 427 1,094 Digestive Wellness 389 124 618 1,131 371 85 532 988 377 150 577 1,104 Total net sales 9,759 14,385 13,617 37,761 9,151 13,465 13,425 36,041 9,082 12,756 14,288 36,126 (a) Following the Capital Markets Day held in February 2021, Sanofi has altered the presentation of sales within the General Medicines franchises and the Consumer Healthcare segment. A separate line has been introduced for “Industrial sales”, which essentially comprises sales of active ingredients and semi-finished products to third parties. Previously, such sales were presented within the Diabetes and Cardiovascular & Established Prescription Products franchises on the line for the relevant product (such as Plavix ® ), and on the “Generics” line. (b) For the Consumer Healthcare GBU, Sanofi has adopted a more granular presentation by introducing new sub-categories that reflect consumer trends and the strengths and opportunities of the portfolio. |
Schedule of Segment Results | The table below sets forth Sanofi’s segment results for the years ended December 31, 2021, December 31, 2020 and December 31, 2019: 2021 (€ million) Pharmaceuticals Vaccines Consumer Other (a) Total 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 ( a) This caption reconciles segment financial information to total consolidated financial information. 2020 (a)(b) (€ million) Pharmaceuticals Vaccines Consumer Other (c) Total 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 (a) 2020 figures have been adjusted to take account of the reallocation of certain expenses (in particular IT costs related to Sanofi’s new digital organization) from the Pharmaceuticals, Vaccines and Consumer Healthcare operating segments to the “Other” segment. (b) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (c) This caption reconciles segment financial information to total consolidated financial information. 2019 (a) (€ million) Pharmaceuticals Vaccines Consumer Other (b) Total Net sales 25,700 5,731 4,695 — 36,126 Other revenues 173 1,275 57 — 1,505 Cost of sales (6,751) (3,373) (1,599) (253) (11,976) Research and development expenses (4,851) (639) (149) (381) (6,020) Selling and general expenses (5,443) (823) (1,529) (2,089) (9,884) Other operating income and expenses (630) (4) 193 17 (424) Share of profit/(loss) from investments accounted for using the equity method 5 9 (5) — 9 Net income attributable to non-controlling interests (29) — (6) — (35) Business operating income 8,174 2,176 1,657 (2,706) 9,301 (a) Includes the impact of the April 2021 IFRIC agenda decision on the allocation of benefits to service periods (see Note A.2.1.). (b) This caption reconciles segment financial information to total consolidated financial information. |
Schedule of Reconciliation Between Business Operating Income for the Segments and Income Before Tax and Investments Accounted for Using the Equity Method | The table below, presented in compliance with IFRS 8, shows a reconciliation between aggregated “Business operating income” for the segments and Income before tax and investments accounted for using the equity method: (€ million) 2021 2020 (f) 2019 (f) Business operating income 10,714 9,759 9,301 Share of profit/(loss) from investments accounted for using the equity method (a) (39) (16) (9) Net income attributable to non-controlling interests (b) 56 38 35 Amortization and impairment of intangible assets (1,772) (2,011) (5,750) Fair value remeasurement of contingent consideration (4) 124 238 Expenses arising from the impact of acquisitions on inventories (c) (4) (53) (3) Restructuring costs and similar items (820) (1,089) (1,088) Other expenses related to business combinations — — — Other gains and losses, and litigation (d) (5) 136 327 Gain on divestment of Regeneron shares on May 29, 2020 (e) — 7,225 — Operating income 8,126 14,113 3,051 Financial expenses (368) (388) (440) Financial income 40 53 141 Income before tax and investments accounted for using the equity method 7,798 13,778 2,752 (a) Excludes restructuring costs relating to investments accounted for using the equity method and expenses arising from the impact of acquisitions on investments accounted for using the equity method. For 2019 and the first two quarters of 2020, this line has been restated to exclude any effect of equity method accounting for the investment in Regeneron following the divestment of Sanofi's entire equity interest (with the exception of the 400,000 shares retained by Sanofi) on May 29, 2020. (b) Excludes (i) restructuring costs and (ii) other adjustments attributable to non-controlling interests. (c) This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date. (d) For 2020, this line mainly comprises the gain on the sale of operations related to the Seprafilm ® activity to Baxter. (e) This line includes the gain on the sale of (i) 13 million shares of Regeneron common stock in the registered public offering and (ii) the 9.8 million shares repurchased by Regeneron, but does not include the gain arising from the remeasurement of the 400,000 retained shares at market value as of May 29, 2020. (f) Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Schedule of Acquisition of Intangible Assets, Property, Plant and Equipment and Investments Accounted for Using the Equity Method by Segment | Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period. 2021 (€ million) Pharmaceuticals Vaccines Consumer Total Investments accounted for using the equity method 165 85 — 250 Acquisitions of property, plant and equipment 1,024 382 73 1,479 Acquisitions of other intangible assets 450 108 6 564 2020 (€ million) Pharmaceuticals Vaccines Consumer 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) (€ million) 2019 Pharmaceuticals Vaccines Consumer Total Investments accounted for using the equity method 205 40 4 249 Acquisitions of property, plant and equipment 773 462 88 1,323 Acquisitions of other intangible assets (a) 292 121 51 464 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) |
Summary of Geographical Information on Net Sales and Non-Current Assets | The geographical information on net sales provided below is based on the geographical location of the customer. In accordance with IFRS 8, the non-current assets reported below exclude right-of-use assets relating to leases as determined under IFRS 16, investments accounted for using the equity method, other non-current assets, non-current income tax assets, and deferred tax assets. 2021 (€ million) Total Europe of which North of which Other 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 21,407 7,059 — 13,187 — 1,161 2020 (€ million) Total Europe of which North of which Other 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 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.). (€ million) 2019 Total Europe of which North of which Other Net sales 36,126 9,082 2,261 13,370 12,756 13,674 Non-current assets: • property, plant and equipment owned 9,717 5,827 3,141 2,862 2,264 1,028 • goodwill 44,519 — — — — — • other intangible assets (a) 16,509 6,890 — 7,813 — 1,806 (a) Includes the impact of the IFRIC agenda decision of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement (see Note A.2.1.) |
Principal accountants' fees a_2
Principal accountants' fees and services (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of Accountants' Fees and Services | The table below shows fees charged by those firms and member firms of their networks to Sanofi and consolidated subsidiaries in the years ended December 31, 2021 and 2020. Ernst & Young PricewaterhouseCoopers 2021 2020 2021 2020 (€ million) Amount % Amount % Amount % Amount % Audit: Statutory audit of separate and consolidated financial statements (a) 13.9 82 % 13.9 82 % 13.8 97 % 15.1 98 % Services other than statutory audit (b) 3.0 18 % 3.1 18 % 0.4 3 % 0.3 2 % Audit-related services (c) 2.8 2.5 0.4 0.2 Tax 0.0 — 0.0 — Other 0.2 0.6 — 0.1 Total 16.9 100 % 17.0 100 % 14.2 100 % 15.4 100 % (a) Includes services provided by the independent auditors of the parent company and French subsidiaries: Ernst & Young €7.2 million in 2021, €7.4 million in 2020; PricewaterhouseCoopers €7.7 million in 2021, €8.2 million in 2020. (b) Services other than statutory audit provided by Ernst & Young et Autres during 2021 comprised: - work on share capital transactions and securities issues submitted to the Annual General Meeting (in extraordinary business) for approval; - additional procedures to enable reports previously signed by the firm to be incorporated by reference; - agreed-upon and audit procedures in connection with a proposed divestment; and - issuance of the Independent third party’s report on the consolidated statement of extra-financial performance. Services other than statutory audit provided by PricewaterhouseCoopers Audit during 2021 comprised: - work on share capital transactions and securities issues submitted to the Annual General Meeting (in extraordinary business) for approval; - additional procedures to enable reports previously signed by the firm to be incorporated by reference; - contractual audits, assurance engagements, agreed-upon procedures and technical consultancy. (c) Includes services provided by the independent auditors of the parent company and French subsidiaries: Ernst & Young: €2.7 million in 2021, €2.4 million in 2020; PricewaterhouseCoopers €0.3 million in 2021, €0.2 million in 2020. |
List of principal companies i_2
List of principal companies included in the scope of consolidation during 2021 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Summary of Principal Companies and their Country of Incorporation | The table below shows the principal subsidiaries and their country of incorporation: Europe Financial interest (%) as of December 31, 2021 Hoechst GmbH Germany 100.0 Sanofi-Aventis Deutschland GmbH Germany 100.0 A. Nattermann & Cie. GmbH Germany 100.0 EUROAPI Germany 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 Sanofi Oy Finland 100.0 Sanofi 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 Francopia France 100.0 Sanofi-Aventis Participations France 100.0 Genzyme Polyclonals SAS France 100.0 Sanofi Pasteur 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 Vaccine Technologies France 100.0 Sanofi Pasteur Europe France 100.0 SECIPE SAS France 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 EUROAPI France 100.0 EUROAPI France France 100.0 Sanofi-Aventis A.E.B.E. Greece 100.0 Sanofi-Aventis Private Co, Ltd Hungary 99.6 Chinoin Private Co. Ltd Hungary 99.6 EUROAPI Hungary Kft. Hungary 100.0 Opella Healthcare Hungary K.F.T Hungary 100.0 Carraig Insurance DAC Ireland 100.0 Sanofi-Aventis Ireland Ltd Ireland 100.0 Genzyme Ireland Limited Ireland 100.0 Sanofi Finance Ireland limited Ireland 100.0 Sanofi-aventis Holdings (Ireland) Ltd Ireland 100.0 Sanofi S.R.L. Italy 100.0 EUROAPI Italy SRL Italy 100.0 Genzyme Global Sarl Luxembourg 100.0 Genzyme Luxembourg Sarl Luxembourg 100.0 Genzyme Europe B.V. Netherlands 100.0 Sanofi Foreign Participations B.V. Netherlands 100.0 Kiadis Pharma N.V. Netherlands 97.4 Europe Financial interest (%) as of December 31, 2021 Kiadis Pharma Holding B.V. Netherlands 97.4 Sanofi-Aventis Sp. z.o.o. Poland 100.0 Sanofi Produtos Farmaceuticos Lda Portugal 100.0 Sanofi-Aventis, s.r.o. Czech Republic 100.0 Sanofi Romania SRL Romania 100.0 Sanofi-Aventis UK Holdings Limited United Kingdom 100.0 Euroapi UK Ltd. United Kingdom 100.0 Aventis Pharma Limited United Kingdom 100.0 Sanofi-Synthelabo UK Ltd United Kingdom 100.0 Hoechst Marion Roussel Ltd United Kingdom 100.0 Aventis Pharma Holdings Ltd United Kingdom 100.0 AO Sanofi Russia Russia 100.0 CJSC Sanofi-Aventis Vostok Russia 100.0 sanofi-aventis Slovakia s.r.o. Slovakia 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 Limited Liability Company Sanofi-Aventis Ukraine Ukraine 100.0 United States Financial interest (%) as of December 31, 2021 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 Bioverativ Inc. United States 100.0 Bioverativ U.S. LLC 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 Translate Bio MA, Inc. United States 100.0 Translate Bio Securities Corpo 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 Other Countries Financial interest (%) as of December 31, 2021 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 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 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 Shanghai Rongheng Pharmaceutical Co, Ltd China 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 Sanofi-Aventis Gulf FZE United Arab Emirates 100.0 Sanofi Egypt Egypt 99.8 Sanofi Hong-Kong Limited Hong Kong 100.0 Sanofi India Limited India 60.4 Sanofi Healthcare India Private Limited India 99.9 PT Aventis Pharma Indonesia 80.0 Sanofi-Aventis Israël Ltd Israel 100.0 Sanofi K.K. Japan 100.0 SSP Co.,Ltd Japan 100.0 Sanofi Nichi-Iko K.K. Japan 51.0 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-Aventis Winthrop 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 Puerto Rico Inc Puerto Rico 100.0 Sanofi-Aventis Philippines Inc. Philippines 100.0 Sanofi Pasteur Inc (Philippines) Philippines 100.0 Sanofi-Aventis Singapore Pte. Ltd Singapore 100.0 Aventis Pharma (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 Sanofi-aventis Vietnam Company Limited Vietnam 100.0 Sanofi Vietnam Shareholding Company Limited Vietnam 85.0 |
Summary of Principal Investments Accounted for Using the Equity Method | Financial interest (%) as of December 31, 2021 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 |
Basis of preparation - Addition
Basis of preparation - Additional Information (Details) € in Millions, vaccine_dose in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2020vaccine_dose | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Equity | € (69,031) | € (63,252) | [1] | € (59,230) | [1] | € (59,035) | ||
Contract liabilities | € 319 | 252 | € 0 | |||||
Impact of applying IFRIC agenda decision on SaaS arrangements | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Equity | [2] | € 31 | ||||||
EUROAPI | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Percentage of total consolidated assets | 1.00% | |||||||
Collaboration agreement with GSK | US Government | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Number of vaccine doses to be supplied | vaccine_dose | 100 | |||||||
Government grant recognised as deduction from development expenses | € 147 | € 0 | ||||||
Lebanon | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Cumulative inflation rate over three years | 100.00% | |||||||
Argentina | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Cumulative inflation rate over three years | 100.00% | |||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Basis of Preparation - Disclosu
Basis of Preparation - Disclosure of Balance Sheet Impacts of Initial Application of IFRIC Agenda Decision (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | € 21,407 | € 18,341 | [1] | € 16,509 | [1] | |
Deferred tax assets | 4,598 | 4,176 | [1] | 5,391 | [1] | |
Non-current assets | 89,589 | 80,627 | [1] | 83,694 | [1] | |
Total assets | 120,242 | 114,413 | [1] | 112,630 | [1] | |
Attributable to equity holders of Sanofi | 68,681 | 63,106 | [2] | 59,056 | [2] | |
Total equity and liabilities | 120,242 | 114,413 | [2] | 112,630 | [2] | |
Acquisitions of property, plant and equipment and intangible assets | 2,043 | 2,083 | [3] | 1,787 | [3] | |
Income before tax and investments accounted for using the equity method | 7,798 | 13,778 | [4] | 2,752 | [4] | |
Net income | € 6,279 | 12,330 | [5] | 2,785 | [6] | |
Impact of applying IFRIC agenda decision on SaaS arrangements, cumulative | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | (80) | (63) | ||||
Deferred tax assets | 19 | 15 | ||||
Non-current assets | (61) | (48) | ||||
Total assets | (61) | (48) | ||||
Attributable to equity holders of Sanofi | (61) | (48) | ||||
Total equity and liabilities | (61) | (48) | ||||
Impact of applying IFRIC agenda decision on SaaS arrangements, cumulative | Gross value | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | (115) | |||||
Impact of applying IFRIC agenda decision on SaaS arrangements, cumulative | Accumulated amortization & impairment | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | € 35 | |||||
Impact of applying IFRIC agenda decision on SaaS arrangements | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Acquisitions of property, plant and equipment and intangible assets | (31) | (29) | ||||
Income before tax and investments accounted for using the equity method | (18) | (22) | ||||
Net income | (14) | (16) | ||||
Impact of applying IFRIC agenda decision on SaaS arrangements | Gross value | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | (30) | (30) | (55) | |||
Impact of applying IFRIC agenda decision on SaaS arrangements | Accumulated amortization & impairment | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Other intangible assets | € 13 | € 7 | € 15 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[4] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[5] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[6] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Summary of significant accoun_4
Summary of significant accounting policies - Other Intangible Assets not Acquired in Business Combination (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 1 year |
Bottom of range | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 3 years |
Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 25 years |
Top of range | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 5 years |
Summary of significant accoun_5
Summary of significant accounting policies - Summary of Useful Lives of Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Bottom of range | Fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 years |
Bottom of range | Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Bottom of range | Other | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Top of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 40 years |
Top of range | Fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 20 years |
Top of range | Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Top of range | Other | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Summary of significant accoun_6
Summary of significant accounting policies - Treasury Shares (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Gain (loss) recognized on purchase of treasury shares | € 0 |
Gain (loss) recognized on sale of treasury shares | 0 |
Gain (loss) recognized on impairment of treasury shares | 0 |
Gain (loss) recognized on cancellation of treasury shares | € 0 |
Summary of significant accoun_7
Summary of significant accounting policies - Provision for Risks (Details) | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Provisions recorded for future operating losses | € 0 |
Summary of significant accoun_8
Summary of significant accounting policies - Income Tax Expense (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About Income Taxes [Line Items] | |||
Deferred tax expense | € (350,000,000) | € (106,000,000) | € (1,771,000,000) |
Elimination of inter-segment amounts | |||
Disclosure Of Detailed Information About Income Taxes [Line Items] | |||
Deferred tax expense | 0 | ||
Temporary differences subject to GILTI | |||
Disclosure Of Detailed Information About Income Taxes [Line Items] | |||
Deferred tax expense | € 0 |
Summary of significant accoun_9
Summary of significant accounting policies - Share-Based Payment (Details) | Apr. 30, 2019 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Share-Based Payment [Line Items] | ||
Award vesting period | 4 years | |
Stock option plans | ||
Disclosure Of Detailed Information About Share-Based Payment [Line Items] | ||
Option vesting period | 4 years | |
Restricted share plans | ||
Disclosure Of Detailed Information About Share-Based Payment [Line Items] | ||
Award vesting period | 3 years |
Summary of significant accou_10
Summary of significant accounting policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Number of operating segments | 3 |
Principal alliances - Antibodie
Principal alliances - Antibodies Collaboration Agreement with Regeneron Pharmaceuticals, Inc. (Details) € in Millions, $ in Billions | Apr. 01, 2020 | Nov. 30, 2007agreement | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Net sales | € 37,761 | € 36,041 | [1] | € 36,126 | [1] | |||
USA | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Net sales | € 14,385 | € 13,465 | € 12,756 | |||||
Antibodies collaboration agreement | Outside the United States | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Net sales | $ | $ 1.5 | |||||||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Number of agreements signed | agreement | 2 | |||||||
Phase III costs, responsibility percentage | 80.00% | 80.00% | ||||||
Phase III costs, responsibility percentage for Regeneron | 20.00% | 20.00% | ||||||
Maximum additional profit-share, in percentage of Regeneron's quarterly profit | 10.00% | 10.00% | ||||||
Percentage of cumulative development costs reimbursed | 50.00% | 50.00% | ||||||
Period before scheduled launch date | 24 months | 24 months | ||||||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | USA | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Percentage of profits and losses arising from commercial operations | 50.00% | 50.00% | ||||||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | Outside the United States | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Percentage of losses arising from commercial operations | 55.00% | 55.00% | ||||||
Royalty expense, percentage | 5.00% | |||||||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | Outside the United States | Bottom of range | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Percentage of profits arising from commercial operations | 55.00% | 55.00% | ||||||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | Outside the United States | Top of range | ||||||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||||||
Percentage of profits arising from commercial operations | 65.00% | 65.00% | ||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Principal alliances - Immuno-On
Principal alliances - Immuno-Oncology Agreement with Regeneron Pharmaceuticals, Inc. (Details) - Regeneron Pharmaceuticals, INC - Immuno-oncology collaboration agreement $ in Millions | Sep. 30, 2021USD ($) | Jul. 01, 2015agreement | Dec. 31, 2015USD ($) |
Disclosure of Principal Alliances [Line Items] | |||
Number of agreements signed | agreement | 2 | ||
Maximum additional profit-share, in percentage of Regeneron's quarterly profit | 10.00% | ||
Percentage of cumulative development costs reimbursed | 50.00% | ||
Development of cemiplimab (REGN2810) | |||
Disclosure of Principal Alliances [Line Items] | |||
Prior development budget in total | $ 1,640 | ||
Contractual agreement for anti-programmed cell death protein | 5000.00% | ||
Maximum additional funding for PD1 - part of each company | $ 1,840 | $ 820 | |
PD1 sales milestone payment from Sanofi | 375 | ||
Minimum sales of PD1 in 12-month period to be achieved for milestone payment | $ 2,000 |
Principal alliances - Investor
Principal alliances - Investor Agreement with Regeneron Pharmaceuticals, Inc. (Details) - shares | May 29, 2020 | Jan. 31, 2014 | Dec. 31, 2021 | Dec. 31, 2020 |
Regeneron | ||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 22,800,000 | |||
Non-current financial assets, number of shares (in shares) | 400,000 | 279,766 | 279,766,000,000 | |
Public offering | Regeneron | ||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 13,000,000 | |||
Regeneron Pharmaceuticals, INC | 2014 Amended Investment Agreement | ||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||
Maximum ownership percentage allowed to acquire | 30.00% | |||
Regeneron Pharmaceuticals, INC | Investment agreement | ||||
Disclosure of detailed information about Principal Alliances [Line Items] | ||||
Threshold ownership percentage of capital stock to designate an independent director | 20.00% |
Principal alliances - Alliance
Principal alliances - Alliance Arrangements with Bristol-Myers Squibb (Details) $ in Millions | Feb. 28, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021product |
Entities and companies managed by Bristol Mayers Squibb | |||
Disclosure of Principal Alliances [Line Items] | |||
Percentage of voting equity interests acquired | 50.10% | ||
Purchase of interests in investments accounted for using equity method | $ 12 | ||
Bristol-Myers Squibb | |||
Disclosure of Principal Alliances [Line Items] | |||
Number of leading products jointly developed | product | 2 | ||
Royalty payment to be paid by Sanofi | $ 200 |
Principal changes in the scop_5
Principal changes in the scope of consolidation in 2021 - Additional Information (Details) € / shares in Units, $ / shares in Units, € in Millions, shares in Millions, $ in Millions | Dec. 03, 2021EUR (€) | Nov. 09, 2021EUR (€) | Apr. 29, 2021EUR (€) | Apr. 16, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | [2] | Nov. 09, 2021USD ($)$ / shares | Sep. 14, 2021EUR (€) | Sep. 14, 2021$ / shares | Aug. 03, 2021$ / shares | Apr. 09, 2021EUR (€) | Apr. 09, 2021USD ($) | Apr. 08, 2021EUR (€) | Apr. 08, 2021USD ($) | Nov. 02, 2020€ / sharesshares | Jun. 23, 2020 | ||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Net cash flow on acquisition | [1] | € (5,594) | € (5,336) | [2] | € (488) | |||||||||||||||
Translate Bio | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Investments in equity instruments designated at fair value through OCI, ownership percentage | 8.00% | 5.00% | ||||||||||||||||||
Kymab | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Cash transferred | € 973 | $ 1,100 | ||||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ | $ 350 | |||||||||||||||||||
Other intangible assets | € 965 | |||||||||||||||||||
Net cash flow on acquisition | (932) | |||||||||||||||||||
Kiadis | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Other intangible assets | € 341 | |||||||||||||||||||
Net cash flow on acquisition | (326) | |||||||||||||||||||
Number of shares included in public offer (in shares) | shares | 61 | |||||||||||||||||||
Purchase price (in USD per share) | € / shares | € 5.45 | |||||||||||||||||||
Proportion of issued and outstanding share capital tendered into the public offer | 95.03% | |||||||||||||||||||
Financial interest in principal fully consolidated companies | 97.39% | |||||||||||||||||||
Proportion of ownership interest in subsidiary to be held after statutory public buy-out procedure | 100.00% | |||||||||||||||||||
Tidal Therapeutics | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Cash transferred | € 136 | $ 160 | ||||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ | $ 310 | |||||||||||||||||||
Other intangible assets | € 130 | |||||||||||||||||||
Net cash flow on acquisition | (135) | |||||||||||||||||||
Translate Bio | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Other intangible assets | € 396 | |||||||||||||||||||
Net cash flow on acquisition | (2,333) | |||||||||||||||||||
Purchase price (in USD per share) | $ / shares | $ 38 | $ 38 | ||||||||||||||||||
Goodwill | € 2,179 | |||||||||||||||||||
Negative contribution to consolidated net income | 72 | |||||||||||||||||||
Acquisition costs, period cost | € 13 | |||||||||||||||||||
Kadmon | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Other intangible assets | € 1,739 | |||||||||||||||||||
Net cash flow on acquisition | € 1,575 | |||||||||||||||||||
Purchase price (in USD per share) | $ / shares | $ 9.50 | |||||||||||||||||||
Estimated purchase price on a fully-diluted basis | $ | $ 1,900 | |||||||||||||||||||
Origimm Biotechnology GmbH | ||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||||||
Cash transferred | € 55 | |||||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | 95 | |||||||||||||||||||
Other intangible assets | 55 | |||||||||||||||||||
Net cash flow on acquisition | € 50 | |||||||||||||||||||
[1] | This line item includes payments made in respect of contingent consideration identified and recognized as a liability in business combinations. For 2021, it includes the net cash outflows on the acquisitions of Kymab, Kiadis, Tidal, Translate Bio, Kadmon and Origimm (see Note D.1.). For 2020, it includes the net cash outflows on the acquisitions of Synthorx and Principia (see Note D.2.1.). | |||||||||||||||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Principal changes in the scop_6
Principal changes in the scope of consolidation in 2021 - Summary of Provisional Purchase Price Allocation (Details) - Translate Bio € in Millions | Sep. 14, 2021EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Other intangible assets | € 396 |
Deferred tax liabilities | (93) |
Other current and non-current assets and liabilities | 174 |
Cash and cash equivalents | 247 |
Shire contingent consideration liability (see Note D.18.) | (323) |
Net assets at acquisition date | 401 |
Goodwill | 2,179 |
Purchase price | € 2,580 |
Principal changes in the scop_7
Principal changes in the scope of consolidation in 2020 and 2019 - Additional Information (Details) $ / shares in Units, € in Millions, $ in Millions | May 29, 2020EUR (€)shares | May 29, 2020USD ($)shares | Feb. 14, 2020EUR (€) | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | Sep. 28, 2020EUR (€) | Sep. 28, 2020$ / shares | May 29, 2020$ / shares | Jan. 23, 2020EUR (€) | Jan. 23, 2020$ / shares | |||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Investments accounted for using the equity method | € 250 | € 201 | [1] | € 3,591 | [1] | |||||||||
Gain on Regeneron investment arising from transaction of May 29, 2020 | 0 | 7,382 | [2] | 0 | [2] | |||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | 0 | 10,370 | [3] | 0 | [3] | |||||||||
Gains on disposal of non-current assets, net of tax | € 129 | |||||||||||||
Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax | € 311 | € 718 | [4] | € 918 | [3],[4] | € 1,224 | [3],[4] | |||||||
Regeneron | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Non-current financial assets, number of shares (in shares) | shares | 400,000 | 279,766 | 279,766,000,000 | |||||||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 22,800,000 | 22,800,000 | ||||||||||||
Proceeds from sales of investments accounted for using equity method, before transaction costs | € 10,575 | |||||||||||||
Investments accounted for using the equity method | 3,668 | |||||||||||||
Gain on Regeneron investment arising from transaction of May 29, 2020 | 7,382 | |||||||||||||
Transaction-related costs | 64 | |||||||||||||
Gains (losses) on remeasuring available-for-sale financial assets, net of tax | 157 | |||||||||||||
Quoted stock market price per share (in USD per share) | $ / shares | $ 612.81 | |||||||||||||
Fair value through other comprehensive income | 221 | € 111 | ||||||||||||
Tax expense on disposal of investment | 502 | |||||||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | 10,370 | |||||||||||||
Regeneron | Reserve of exchange differences on translation | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Gain on Regeneron investment arising from transaction of May 29, 2020 | € 318 | |||||||||||||
Regeneron | 2018 Letter Agreement | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Aggregate number of Regeneron shares that could be sold for cemiplimab and dupilimab funding costs (in shares) | shares | 1,400,000 | |||||||||||||
Sale of stock, number of shares issued in transaction, shares agreement (in shares) | shares | 779,320 | |||||||||||||
Regeneron | Public offering | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 13,000,000 | 13,000,000 | ||||||||||||
Sale of stock, price per share (in USD per share) | $ / shares | 515 | |||||||||||||
Proceeds from sales of investments accounted for using equity method, before transaction costs | $ | $ 6,703 | |||||||||||||
Regeneron | Public offering | Sanofi SA | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 10,600,000 | 10,600,000 | ||||||||||||
Regeneron | Repurchase from the counterpart | Regeneron Pharmaceuticals, INC | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Sale of stock, price per share (in USD per share) | $ / shares | $ 509.85 | |||||||||||||
Proceeds from sales of investments accounted for using equity method, before transaction costs | $ | $ 5,000 | |||||||||||||
Shares agreement, sale of stock, number of shares issued in transaction (in shares) | shares | 9,800,000 | |||||||||||||
Principia | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Purchase price (in USD per share) | $ / shares | $ 100 | |||||||||||||
Goodwill | € 912 | |||||||||||||
Synthorx | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Purchase price (in USD per share) | $ / shares | $ 68 | |||||||||||||
Goodwill | € 930 | |||||||||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||||||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||||||||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||||||||||
[4] | This line item includes proceeds from disposals of investments in consolidated entities and of other non-current financial assets. For 2021, it includes in particular the divestment of two activities relating to certain established prescription products for a total selling price (before taxes) of €187 million, and the divestment of certain Consumer Healthcare products for a selling price (before taxes) of €109 million. For 2020, it includes the sale to Baxter of operations relating to Seprafilm ® for a selling price (before taxes) of €311 million and the divestment of certain established prescription products for €97 million (before taxes), plus contingent consideration of €167 million (before taxes) relating to a past divestment. For 2019, it includes the proceeds from the divestments of Sanofi's entire equity interests in Alnylam for €706 million and in MyoKardia for €118 million (see Note D.7.1.). |
Principal changes in the scop_8
Principal changes in the scope of consolidation in 2020 and 2019 - Summary of Purchase Price Allocation (Details) - EUR (€) € in Millions | Sep. 28, 2020 | Jan. 23, 2020 |
Principia | ||
Disclosure of detailed information about business combination [line items] | ||
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 at acquisition date | 2,246 | |
Goodwill | 912 | |
Purchase price | € 3,158 | |
Synthorx | ||
Disclosure of detailed information about business combination [line items] | ||
Other intangible assets | € 1,549 | |
Other current and non-current assets and liabilities | 36 | |
Net deferred tax position | (269) | |
Net assets at acquisition date | 1,316 | |
Goodwill | 930 | |
Purchase price | € 2,246 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | [1] | € 9,365 | € 9,717 | |||
Acquisitions and other increases | 1,504 | 1,310 | € 1,261 | |||
Property, plant and equipment, ending balance | 10,028 | 9,365 | [1] | 9,717 | [1] | |
Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 23,169 | 23,568 | 22,697 | |||
Acquisitions and other increases | 1,504 | 1,310 | 1,261 | |||
Disposals and other decreases | (314) | (487) | (319) | |||
Currency translation differences | 443 | (711) | 200 | |||
Transfers | (22) | (521) | (271) | |||
Changes in scope of consolidation | 30 | 10 | ||||
Property, plant and equipment, ending balance | 24,810 | 23,169 | 23,568 | |||
Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (13,804) | (13,851) | (13,046) | |||
Disposals and other decreases | 299 | 460 | 313 | |||
Currency translation differences | (208) | 345 | (92) | |||
Transfers | 35 | 428 | 209 | |||
Depreciation expense | (1,065) | (1,143) | (1,137) | |||
Impairment losses, net of reversals | (39) | (43) | (98) | |||
Property, plant and equipment, ending balance | (14,782) | (13,804) | (13,851) | |||
Land | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 226 | 244 | ||||
Property, plant and equipment, ending balance | 231 | 226 | 244 | |||
Land | Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 236 | 255 | 283 | |||
Acquisitions and other increases | 0 | 0 | 0 | |||
Disposals and other decreases | (3) | (11) | (3) | |||
Currency translation differences | 6 | (13) | 6 | |||
Transfers | 1 | 5 | (31) | |||
Changes in scope of consolidation | 0 | 0 | ||||
Property, plant and equipment, ending balance | 240 | 236 | 255 | |||
Land | Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (10) | (11) | (19) | |||
Disposals and other decreases | 0 | 1 | 2 | |||
Currency translation differences | 0 | 0 | 0 | |||
Transfers | 1 | 0 | 10 | |||
Depreciation expense | 0 | 0 | 0 | |||
Impairment losses, net of reversals | 0 | 0 | (4) | |||
Property, plant and equipment, ending balance | (9) | (10) | (11) | |||
Buildings | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 2,930 | 3,217 | ||||
Property, plant and equipment, ending balance | 2,980 | 2,930 | 3,217 | |||
Buildings | Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 6,828 | 7,282 | 6,883 | |||
Acquisitions and other increases | 10 | 16 | 10 | |||
Disposals and other decreases | (75) | (173) | (42) | |||
Currency translation differences | 169 | (264) | 80 | |||
Transfers | 227 | (39) | 351 | |||
Changes in scope of consolidation | 11 | 6 | ||||
Property, plant and equipment, ending balance | 7,170 | 6,828 | 7,282 | |||
Buildings | Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (3,898) | (4,065) | (3,796) | |||
Disposals and other decreases | 74 | 168 | 54 | |||
Currency translation differences | (80) | 127 | (40) | |||
Transfers | 23 | 252 | 107 | |||
Depreciation expense | (306) | (356) | (357) | |||
Impairment losses, net of reversals | (3) | (24) | (33) | |||
Property, plant and equipment, ending balance | (4,190) | (3,898) | (4,065) | |||
Machinery and equipment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 3,335 | 3,393 | ||||
Property, plant and equipment, ending balance | 3,308 | 3,335 | 3,393 | |||
Machinery and equipment | Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 11,127 | 11,053 | 10,468 | |||
Acquisitions and other increases | 51 | 40 | 50 | |||
Disposals and other decreases | (153) | (177) | (148) | |||
Currency translation differences | 155 | (276) | 64 | |||
Transfers | 453 | 484 | 619 | |||
Changes in scope of consolidation | 15 | 3 | ||||
Property, plant and equipment, ending balance | 11,648 | 11,127 | 11,053 | |||
Machinery and equipment | Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (7,792) | (7,660) | (7,230) | |||
Disposals and other decreases | 149 | 166 | 140 | |||
Currency translation differences | (99) | 169 | (40) | |||
Transfers | 16 | 150 | 60 | |||
Depreciation expense | (592) | (605) | (586) | |||
Impairment losses, net of reversals | (22) | (12) | (4) | |||
Property, plant and equipment, ending balance | (8,340) | (7,792) | (7,660) | |||
Fixtures, fittings and other | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 543 | 603 | ||||
Property, plant and equipment, ending balance | 540 | 543 | 603 | |||
Fixtures, fittings and other | Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 2,524 | 2,587 | 2,579 | |||
Acquisitions and other increases | 39 | 46 | 56 | |||
Disposals and other decreases | (80) | (123) | (114) | |||
Currency translation differences | 34 | (67) | 17 | |||
Transfers | 136 | 80 | 49 | |||
Changes in scope of consolidation | 2 | 1 | ||||
Property, plant and equipment, ending balance | 2,655 | 2,524 | 2,587 | |||
Fixtures, fittings and other | Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (1,981) | (1,984) | (1,914) | |||
Disposals and other decreases | 75 | 117 | 106 | |||
Currency translation differences | (29) | 49 | (12) | |||
Transfers | (11) | 26 | 32 | |||
Depreciation expense | (167) | (182) | (194) | |||
Impairment losses, net of reversals | (2) | (7) | (2) | |||
Property, plant and equipment, ending balance | (2,115) | (1,981) | (1,984) | |||
Property, plant and equipment in process | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 2,331 | 2,260 | ||||
Property, plant and equipment, ending balance | 2,969 | 2,331 | 2,260 | |||
Property, plant and equipment in process | Gross value | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | 2,454 | 2,391 | 2,484 | |||
Acquisitions and other increases | 1,404 | 1,208 | 1,145 | |||
Disposals and other decreases | (3) | (3) | (12) | |||
Currency translation differences | 79 | (91) | 33 | |||
Transfers | (839) | (1,051) | (1,259) | |||
Changes in scope of consolidation | 2 | 0 | ||||
Property, plant and equipment, ending balance | 3,097 | 2,454 | 2,391 | |||
Property, plant and equipment in process | Accumulated depreciation & impairment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Property, plant and equipment, beginning balance | (123) | (131) | (87) | |||
Disposals and other decreases | 1 | 8 | 11 | |||
Currency translation differences | 0 | 0 | 0 | |||
Transfers | 6 | 0 | 0 | |||
Depreciation expense | 0 | 0 | 0 | |||
Impairment losses, net of reversals | (12) | 0 | (55) | |||
Property, plant and equipment, ending balance | € (128) | € (123) | € (131) | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Property, plant and equipment_2
Property, plant and equipment - Summary of Acquisitions and Capitalized Interest by Operating Segment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | € 1,504 | € 1,310 | € 1,261 |
Capitalized interest | 14 | 11 | 14 |
Pharmaceuticals | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | 1,007 | 831 | 846 |
Pharmaceuticals | Industrial facilities | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | 534 | 634 | 682 |
Pharmaceuticals | Research sites | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | 277 | 152 | 87 |
Pharmaceuticals | Other | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | 199 | 45 | 77 |
Vaccines | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | 421 | 384 | 405 |
Consumer Healthcare | |||
Disclosure of acquisitions of property plant and equipment by operating segments [line items] | |||
Acquisitions | € 73 | € 95 | € 10 |
Property, plant and equipment_3
Property, plant and equipment - Summary of Off Balance Sheet Commitments Relating to Property, Plant and Equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |||
Firm orders of property, plant and equipment | € 769 | € 708 | € 398 |
Property, plant and equipment pledged as security for liabilities | € 9 | € 0 | € 107 |
Property, plant and equipment_4
Property, plant and equipment - Summary of Impairment Losses Recognised in Property, Plant and Equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |||
Net impairment losses on property, plant and equipment | € 39 | € 43 | € 98 |
Property, plant and equipment_5
Property, plant and equipment - Summary of Property, Plant and Equipment Leased (Details) € in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018EUR (€)lease | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Right-of-use assets at beginning of period | [1] | € 1,198 | € 1,300 | |||||
Right-of-use assets at end of period | 1,948 | 1,198 | [1] | € 1,300 | [1] | |||
Right-of-use assets | 1,948 | 1,198 | [1] | 1,300 | [1] | |||
Lease liabilities | 2,108 | 1,163 | 1,248 | |||||
Cambridge, Massachusetts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of lease agreements signed | lease | 2 | |||||||
Initial lease term | 15 years | 15 years | ||||||
Office space, Cambridge, Massachusetts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Right-of-use assets at end of period | 320 | |||||||
Right-of-use assets | 320 | |||||||
Lease liabilities | 320 | |||||||
Laboratory facilities, Cambridge, Massachusetts | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Right-of-use assets at end of period | 424 | |||||||
Right-of-use assets | 424 | |||||||
Lease liabilities | 424 | |||||||
Gross value | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Right-of-use assets at beginning of period | 1,711 | 1,583 | 1,439 | |||||
Acquisitions and other increases | 963 | 340 | 157 | |||||
Disposals and other decreases | (91) | (121) | (31) | |||||
Currency translation differences | 76 | (85) | 18 | |||||
Changes in scope of consolidation | 93 | 15 | ||||||
Transfers | (7) | (21) | ||||||
Right-of-use assets at end of period | € 1,439 | 2,745 | 1,711 | 1,583 | € 1,439 | |||
Right-of-use assets | 1,439 | 2,745 | 1,711 | 1,583 | 1,439 | |||
Accumulated depreciation & impairment | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Right-of-use assets at beginning of period | (513) | (283) | (8) | |||||
Disposals and other decreases | 40 | 44 | 7 | |||||
Currency translation differences | (15) | 22 | ||||||
Transfers | 6 | 3 | ||||||
Depreciation and amortization expense | (315) | (299) | (282) | |||||
Right-of-use assets at end of period | (8) | (797) | (513) | (283) | (8) | |||
Right-of-use assets | € (8) | € (797) | € (513) | € (283) | € (8) | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Property, plant and equipment_6
Property, plant and equipment - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Expense relating to short-term leases and low value assets | € 25 | € 27 | € 50 |
Cash outflow for leases, excluding short-term leases | € 302 | € 269 | € 302 |
Office and industrial premises | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Leased assets, percentage | 95.00% | ||
Vehicle fleet | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Leased assets, percentage | 5.00% |
Goodwill and other intangible_3
Goodwill and other intangible assets - Schedule of Movements in Goodwill (Details) - Goodwill - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Beginning balance | € 44,364 | € 44,519 | € 44,235 |
Acquisitions during the period | 2,179 | 1,843 | 0 |
Other movements during the period | (89) | (75) | (244) |
Currency translation differences | 1,602 | (1,923) | 528 |
Ending balance | € 48,056 | € 44,364 | € 44,519 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2021 | Sep. 14, 2021 | Dec. 31, 2020 | Sep. 28, 2020 | Jan. 23, 2020 | Dec. 31, 2019 | |||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Goodwill | € 48,056 | € 44,364 | [1] | € 44,519 | [1] | |||
Intangible assets other than goodwill | 21,407 | 18,341 | [1] | 16,509 | [1] | |||
Marketed products | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Intangible assets other than goodwill | € 11,700 | 11,400 | 13,300 | |||||
Useful life, intangible assets other than goodwill | 10 years | |||||||
Technological Platforms | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Intangible assets other than goodwill | € 1,200 | 200 | 200 | |||||
Useful life, intangible assets other than goodwill | 18 years | |||||||
Trademarks | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Intangible assets other than goodwill | € 100 | € 100 | € 100 | |||||
Useful life, intangible assets other than goodwill | 13 years | |||||||
Other intangible assets excluding software | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Acquisitions and other increases | € 498 | |||||||
Translate Bio | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Identifiable intangible assets recognised as of acquisition date | € 396 | |||||||
Goodwill | € 2,179 | |||||||
Principia | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Identifiable intangible assets recognised as of acquisition date | € 2,534 | |||||||
Goodwill | € 912 | |||||||
Synthorx | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Identifiable intangible assets recognised as of acquisition date | € 1,549 | |||||||
Goodwill | € 930 | |||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Goodwill and other intangible_5
Goodwill and other intangible assets - Schedule of Movements in Other Intangible Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | € 18,341 | € 16,509 | |||
Amortization expense | (1,580) | (1,681) | [1] | € (2,146) | [1] |
Other intangible assets, ending balance | 21,407 | 18,341 | 16,509 | ||
Gross value | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 72,307 | 71,296 | 70,726 | ||
Acquisitions and other increases | 616 | 818 | 446 | ||
Disposals and other decreases | (502) | (333) | (855) | ||
Currency translation differences | 2,818 | (3,557) | 984 | ||
Transfers | 0 | 0 | (5) | ||
Changes in scope of consolidation | 3,626 | 4,083 | |||
Other intangible assets, ending balance | 78,865 | 72,307 | 71,296 | ||
Accumulated amortization & impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | (53,966) | (54,787) | (48,877) | ||
Disposals and other decreases | 462 | 321 | 697 | ||
Currency translation differences | (2,022) | 2,649 | (687) | ||
Transfers | 0 | 1 | |||
Amortization expense | (1,740) | (1,819) | (2,294) | ||
Impairment losses, net of reversals | (192) | (330) | (3,627) | ||
Other intangible assets, ending balance | (57,458) | (53,966) | (54,787) | ||
Acquired R&D | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 6,092 | 2,334 | |||
Other intangible assets, ending balance | 7,730 | 6,092 | 2,334 | ||
Acquired R&D | Gross value | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 9,600 | 5,730 | 7,422 | ||
Acquisitions and other increases | 339 | 654 | 272 | ||
Disposals and other decreases | (313) | (44) | (236) | ||
Currency translation differences | 560 | (593) | 86 | ||
Transfers | (784) | (98) | (1,814) | ||
Changes in scope of consolidation | 1,805 | 3,951 | |||
Other intangible assets, ending balance | 11,207 | 9,600 | 5,730 | ||
Acquired R&D | Accumulated amortization & impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | (3,508) | (3,396) | (2,678) | ||
Disposals and other decreases | 313 | 44 | 158 | ||
Currency translation differences | (132) | 158 | (31) | ||
Transfers | 14 | 2 | |||
Amortization expense | 0 | 0 | 0 | ||
Impairment losses, net of reversals | (150) | (328) | (847) | ||
Other intangible assets, ending balance | (3,477) | (3,508) | (3,396) | ||
Products, trademarks and other rights | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 11,729 | 13,639 | |||
Other intangible assets, ending balance | 13,162 | 11,729 | 13,639 | ||
Products, trademarks and other rights | Gross value | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 61,074 | 63,953 | 61,800 | ||
Acquisitions and other increases | 159 | 58 | 19 | ||
Disposals and other decreases | (173) | (243) | (569) | ||
Currency translation differences | 2,234 | (2,926) | 889 | ||
Transfers | 791 | 100 | 1,814 | ||
Changes in scope of consolidation | 1,821 | 132 | |||
Other intangible assets, ending balance | 65,906 | 61,074 | 63,953 | ||
Products, trademarks and other rights | Accumulated amortization & impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | (49,345) | (50,314) | (45,228) | ||
Disposals and other decreases | 133 | 232 | 488 | ||
Currency translation differences | (1,869) | 2,460 | (648) | ||
Transfers | (14) | (2) | |||
Amortization expense | (1,621) | (1,707) | (2,167) | ||
Impairment losses, net of reversals | (42) | (2) | (2,757) | ||
Other intangible assets, ending balance | (52,744) | (49,345) | (50,314) | ||
Software | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 520 | 536 | |||
Other intangible assets, ending balance | 515 | 520 | 536 | ||
Software | Gross value | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | 1,633 | 1,613 | 1,504 | ||
Acquisitions and other increases | 118 | 106 | 155 | ||
Disposals and other decreases | (16) | (46) | (50) | ||
Currency translation differences | 24 | (38) | 9 | ||
Transfers | (7) | (2) | (5) | ||
Changes in scope of consolidation | 0 | 0 | |||
Other intangible assets, ending balance | 1,752 | 1,633 | 1,613 | ||
Software | Accumulated amortization & impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets, beginning balance | (1,113) | (1,077) | (971) | ||
Disposals and other decreases | 16 | 45 | 51 | ||
Currency translation differences | (21) | 31 | (8) | ||
Transfers | 0 | 1 | |||
Amortization expense | (119) | (112) | (127) | ||
Impairment losses, net of reversals | 0 | 0 | (23) | ||
Other intangible assets, ending balance | € (1,237) | € (1,113) | € (1,077) | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Goodwill and other intangible_6
Goodwill and other intangible assets - Detailed Information for Principal Marketed Products (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 21,407 | € 18,341 | [1] | € 16,509 | [1] |
Marketed products | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Concentration risk percentage | 92.00% | ||||
Other intangible assets | € 11,700 | 11,400 | 13,300 | ||
Useful life, intangible assets other than goodwill | 10 years | ||||
Total: principal marketed products | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 10,752 | 10,341 | 12,208 | ||
Genzyme | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 1,032 | 1,485 | 2,095 | ||
Useful life, intangible assets other than goodwill | 10 years | ||||
Remaining amortisation period of intangible assets material to entity | 3 years | ||||
Boehringer Ingelheim Consumer Healthcare | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 2,213 | 2,489 | 2,699 | ||
Useful life, intangible assets other than goodwill | 17 years | ||||
Remaining amortisation period of intangible assets material to entity | 13 years | ||||
Aventis | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 73 | 110 | 219 | ||
Useful life, intangible assets other than goodwill | 9 years | ||||
Remaining amortisation period of intangible assets material to entity | 8 years | ||||
Chattem | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 593 | 602 | 711 | ||
Useful life, intangible assets other than goodwill | 23 years | ||||
Remaining amortisation period of intangible assets material to entity | 12 years | ||||
Protein Sciences | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 532 | 554 | 667 | ||
Useful life, intangible assets other than goodwill | 13 years | ||||
Remaining amortisation period of intangible assets material to entity | 9 years | ||||
Ablynx | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 1,494 | 1,861 | 2,029 | ||
Useful life, intangible assets other than goodwill | 14 years | ||||
Remaining amortisation period of intangible assets material to entity | 11 years | ||||
Bioverativ | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 3,065 | 3,240 | 3,788 | ||
Useful life, intangible assets other than goodwill | 13 years | ||||
Remaining amortisation period of intangible assets material to entity | 10 years | ||||
Kadmon | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 1,750 | € 0 | € 0 | ||
Useful life, intangible assets other than goodwill | 12 years | ||||
Remaining amortisation period of intangible assets material to entity | 12 years | ||||
Gross value | Total: principal marketed products | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € 60,175 | ||||
Gross value | Genzyme | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 10,177 | ||||
Gross value | Boehringer Ingelheim Consumer Healthcare | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 3,647 | ||||
Gross value | Aventis | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 33,687 | ||||
Gross value | Chattem | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 1,280 | ||||
Gross value | Protein Sciences | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 806 | ||||
Gross value | Ablynx | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 1,966 | ||||
Gross value | Bioverativ | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 6,841 | ||||
Gross value | Kadmon | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | 1,771 | ||||
Accumulated amortization & impairment | Total: principal marketed products | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (49,423) | ||||
Accumulated amortization & impairment | Genzyme | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (9,145) | ||||
Accumulated amortization & impairment | Boehringer Ingelheim Consumer Healthcare | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (1,434) | ||||
Accumulated amortization & impairment | Aventis | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (33,614) | ||||
Accumulated amortization & impairment | Chattem | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (687) | ||||
Accumulated amortization & impairment | Protein Sciences | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (274) | ||||
Accumulated amortization & impairment | Ablynx | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (472) | ||||
Accumulated amortization & impairment | Bioverativ | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | (3,776) | ||||
Accumulated amortization & impairment | Kadmon | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Other intangible assets | € (21) | ||||
Bottom of range | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Useful life, intangible assets other than goodwill | 1 year | ||||
Top of range | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Useful life, intangible assets other than goodwill | 25 years | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Goodwill and other intangible_7
Goodwill and other intangible assets - Amortization of Softwares Recognized in Income Statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about intangible assets [line items] | |||||
Cost of sales | € 12,255 | € 12,159 | [1] | € 11,979 | [1] |
Research and development expenses | 5,692 | 5,530 | [1] | 6,020 | [1] |
Selling and general expenses | 9,555 | 9,391 | [1] | 9,884 | [1] |
Other operating expenses | 1,805 | 1,415 | [1] | 1,207 | [1] |
Amortization expense | 1,580 | 1,681 | [1] | 2,146 | [1] |
Amortization of computer software and other rights of an industrial or operational nature | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Cost of sales | 18 | 19 | 11 | ||
Research and development expenses | 3 | 2 | 3 | ||
Selling and general expenses | 98 | 87 | 107 | ||
Other operating expenses | 0 | 4 | 6 | ||
Amortization expense | € 119 | € 112 | € 127 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Impairment of intangible asse_3
Impairment of intangible assets and property, plant and equipment - Schedule of Allocation of Goodwill (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] |
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill | € 48,056 | € 44,364 | € 44,519 | ||
Pharmaceuticals | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill | 37,902 | ||||
Consumer Healthcare | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill | 6,567 | ||||
Vaccines | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Goodwill | € 3,587 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Impairment of intangible asse_4
Impairment of intangible assets and property, plant and equipment - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021EUR (€)segment | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Number of operating segments | segment | 3 | ||
Discount rate | 410.00% | ||
Perpetual growth rate | 1530.00% | ||
Operating margin rate | 880.00% | ||
Impairment of goodwill recognized | € | € 0 | € 0 | € 0 |
Bottom of range | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
After tax discount rates | 7.25% | ||
Top of range | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
After tax discount rates | 8.25% | ||
Cash-generating units | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Uniform pre-tax discount rates | 9.60% | ||
Cash-generating units | CGUs | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Uniform impairment testing percentage | 7.20% | ||
Pharmaceuticals | Goodwill | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Perpetual growth rates applied to future cash flows | 0.00% | ||
Pharmaceuticals | Cash-generating units | CGUs | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Rate used for Impairment of goodwill | 7.25% | ||
Pre-tax discount rates | 9.50% | ||
Consumer Healthcare | Goodwill | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Perpetual growth rates applied to future cash flows | 1.00% | ||
Consumer Healthcare | Cash-generating units | CGUs | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Rate used for Impairment of goodwill | 7.00% | ||
Pre-tax discount rates | 9.10% | ||
Vaccines | Goodwill | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Perpetual growth rates applied to future cash flows | 0.00% | ||
Vaccines | Cash-generating units | CGUs | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Rate used for Impairment of goodwill | 7.25% | ||
Pre-tax discount rates | 9.90% |
Impairment of intangible asse_5
Impairment of intangible assets and property, plant and equipment - Summary of Net Impairment Losses of Other Intangible Assets (Details) - Other intangible assets - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of other intangible assets (excluding software) | € 192 | € 330 | € 3,604 |
Marketed products | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of other intangible assets (excluding software) | 42 | 2 | 2,757 |
Research and development projects | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of other intangible assets (excluding software) | 150 | 328 | 847 |
Eloctate | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Recognition of impairment loss | 2,236 | ||
Lemtrada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Recognition of impairment loss | 163 | ||
Zantac | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Recognition of impairment loss | 352 | ||
Sotaglifozin | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Recognition of impairment loss | 275 | ||
Pharmaceuticals | Marketed products | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of other intangible assets (excluding software) | 1 | 2 | 2,405 |
Consumer Healthcare | Marketed products | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment of other intangible assets (excluding software) | € 41 | € 0 | € 352 |
Investments accounted for usi_3
Investments accounted for using the equity method - Summary of Investments in Associates and Joint Ventures (Details) € in Millions, $ in Millions | May 29, 2020shares | Feb. 28, 2020USD ($) | Dec. 31, 2021EUR (€)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2020EUR (€)shares |
Disclosure of transactions between related parties [line items] | |||||
Investments in subsidiaries, joint ventures and associates | € 250 | € 3,591 | € 201 | ||
Infraserv GmbH & Co. Höchst KG | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in joint venture | 31.20% | ||||
Investments in joint ventures | € 80 | 70 | 72 | ||
MSP Vaccine Company (formerly MCM company) | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in joint venture | 50.00% | ||||
Investments in joint ventures | € 88 | 36 | 44 | ||
Other investments | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in joint venture | 0.00% | ||||
Investments in joint ventures | € 82 | € 106 | 85 | ||
Regeneron | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in associate | 0.00% | 21.00% | |||
Investments in associates | € 0 | € 3,342 | € 0 | ||
Sale of stock, number of shares issued in transaction (in shares) | shares | 22,800,000 | ||||
Non-current financial assets, number of shares (in shares) | shares | 400,000 | 279,766 | 279,766,000,000 | ||
Entities and companies managed by Bristol-Mayers Squibb | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in associate | 100.00% | ||||
Investments in associates | € 0 | € 37 | € 0 | ||
Percentage of voting equity interests acquired | 50.10% | ||||
Purchase of interests in investments accounted for using equity method | $ | $ 12 | ||||
MCM Vaccine B.V. | MSP Vaccine Company (formerly MCM company) | |||||
Disclosure of transactions between related parties [line items] | |||||
Proportion of ownership interest in joint venture | 100.00% |
Investments accounted for usi_4
Investments accounted for using the equity method - Summary of Share of Profit or Loss and Other Comprehensive Income of Associates and Joint Ventures (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Share of profit/(loss) from investments accounted for using the equity method | € 39 | € 359 | € 255 |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Share of profit/(loss) from investments accounted for using the equity method | 26 | 4 | 15 |
Share of other comprehensive income from investments accounted for using the equity method | (6) | 8 | (7) |
Total | 20 | 12 | 8 |
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Share of profit/(loss) from investments accounted for using the equity method | 13 | 355 | 240 |
Share of other comprehensive income from investments accounted for using the equity method | 0 | (311) | 90 |
Total | 13 | 44 | 330 |
Regeneron | |||
Disclosure of transactions between related parties [line items] | |||
Share of profit/(loss) from investments accounted for using the equity method | € 0 | € 343 | € 245 |
Investments accounted for usi_5
Investments accounted for using the equity method - Summary of Principal Transactions and Balances with Related Parties (Details) - Associates and joint ventures - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Sales | € 70 | € 75 | € 24 |
Royalties and other income | 66 | 97 | 270 |
Accounts receivable and other receivables | 116 | 50 | 151 |
Purchases and other expenses (including research expenses) | 178 | 747 | 1,334 |
Accounts payable and other payables | € 28 | € 15 | € 342 |
Investments accounted for usi_6
Investments accounted for using the equity method - Additional Information (Details) - EUR (€) € in Millions | May 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Regeneron | ||||
Disclosure of transactions between related parties [line items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 22,800,000 | |||
Associates and joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Funding commitments to associates and joint ventures | € 0 | € 0 | € 67 |
Investments accounted for usi_7
Investments accounted for using the equity method - Summary of Financial Statements of Regeneron, After Adjustments to Comply With IFRS But Before Fair Value Remeasurements (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of transactions between related parties [line items] | ||||||
Net income | € 6,279 | € 12,330 | [1] | € 2,785 | [2] | |
Other comprehensive income for the period, net of taxes | 3,307 | (4,007) | [2] | 684 | [1] | |
Comprehensive income | 9,586 | 8,323 | [1] | 3,469 | [2] | |
Non-current assets | 89,589 | 80,627 | [3] | 83,694 | [3] | |
Total assets | 120,242 | 114,413 | [3] | 112,630 | [3] | |
Non-current liabilities | 29,916 | 31,881 | [4] | 33,013 | [4] | |
Consolidated shareholders’ equity of Regeneron | € 69,031 | € 63,252 | [4] | 59,230 | [4] | € 59,035 |
Regeneron | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Net sales and other revenues | 7,023 | |||||
Net income | 1,882 | |||||
Other comprehensive income for the period, net of taxes | 113 | |||||
Comprehensive income | 1,995 | |||||
Current assets | 6,858 | |||||
Non-current assets | 6,627 | |||||
Total assets | 13,485 | |||||
Current liabilities | 1,870 | |||||
Non-current liabilities | 925 | |||||
Total liabilities | 2,795 | |||||
Consolidated shareholders’ equity of Regeneron | € 10,690 | |||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[4] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Investments accounted for usi_8
Investments accounted for using the equity method - Summary of Reconciliation to Carrying Amount of Investment (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||||
Share of equity attributable to Sanofi | € (68,681) | € (59,056) | [1] | € (63,106) | [1] |
Goodwill | € 48,056 | € 44,519 | [2] | 44,364 | [2] |
Regeneron | |||||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||||
% interest | 0.00% | 21.00% | |||
Share of equity attributable to Sanofi | € 2,263 | ||||
Goodwill | 839 | ||||
Fair value remeasurements of assets and liabilities at the acquisition date | 811 | ||||
Other items | (571) | ||||
Carrying amount of the investment in Regeneron | € 0 | € 3,342 | € 0 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Investments accounted for usi_9
Investments accounted for using the equity method - Summary of Market Value of Sanofi's Investment in Regeneron Based on Quoted Stock Market Price Per Share (Details) - Dec. 31, 2019 - Regeneron $ / shares in Units, € in Millions, $ in Millions | USD ($)$ / shares | EUR (€) |
Disclosure of transactions between related parties [line items] | ||
Quoted stock market price per share (in USD per share) | $ 375.48 | |
Market value of investment in Regeneron | $ 8,767 | € 7,820 |
Other non-current assets - Summ
Other non-current assets - Summary of Other Non-current Assets (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Other Non Current Assets [Line Items] | |||||
Other financial assets at fair value through profit or loss | € 902 | € 890 | € 892 | ||
Pre-funded pension obligations | 408 | 177 | 155 | ||
Long-term prepaid expenses | 59 | 92 | 115 | ||
Long-term loans and advances and other non-current receivables | 485 | 537 | 521 | ||
Derivative financial instruments | 3 | 24 | 37 | ||
Other non-current assets | 3,127 | 2,734 | [1] | 2,503 | [1] |
Trading equity securities | |||||
Disclosure Of Other Non Current Assets [Line Items] | |||||
Fair value through other comprehensive income | 823 | 588 | 380 | ||
Debt securities | |||||
Disclosure Of Other Non Current Assets [Line Items] | |||||
Fair value through other comprehensive income | € 447 | € 426 | € 403 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Other non-current assets - Addi
Other non-current assets - Additional Information (Details) € in Millions, $ in Millions | May 29, 2020EUR (€)shares | Nov. 11, 2019USD ($) | May 02, 2019EUR (€)shares | Jun. 30, 2019EUR (€) | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | Nov. 18, 2021USD ($) | Jun. 23, 2020 | ||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | € 0 | € 10,370 | [1] | € 0 | [1] | ||||||
Pre-tax impact on Other Comprehensive Income | (40) | ||||||||||
Level 1 | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Total financial assets measured at fair value | € 6,449 | 10,022 | 6,263 | ||||||||
Fair value of SPMSD contingent consideration | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Increase in contingent consideration | 2.00% | ||||||||||
Quoted euro denominated senior bonds | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Debt instruments at fair value through other comprehensive income | € 447 | ||||||||||
Senior bond | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Financial assets held for investments | 426 | 403 | |||||||||
Financial instruments held to fund deferred compensation plan | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Financial investments | 549 | 453 | 442 | ||||||||
Trading equity securities | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value through other comprehensive income | 823 | 588 | 380 | ||||||||
Trading equity securities | Level 1 | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value through other comprehensive income | 396 | 439 | 114 | ||||||||
Unquoted equity investments | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Investments in equity instruments designated at fair value through OCI | 427 | 149 | 266 | ||||||||
Unquoted equity investments | Level 1 | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Total financial assets measured at fair value | 0 | 0 | 0 | ||||||||
Unquoted equity investments | Quoted euro denominated senior bonds | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Exchange for financial assets held to meet obligations to employees under post-employment benefit plans | 152 | ||||||||||
Quoted equity securities | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Unrealized gains (losses) | 322 | 200 | (80) | ||||||||
SPMSD contingent consideration asset | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value of the contingent consideration | 378 | 483 | 492 | ||||||||
Non current asset | Fair value of SPMSD contingent consideration | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value of the contingent consideration | 275 | 374 | |||||||||
Unquoted debt securities not meeting the definition of equity instruments | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Total financial assets measured at fair value | 78 | 63 | 52 | ||||||||
Unquoted debt securities not meeting the definition of equity instruments | Level 1 | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Total financial assets measured at fair value | 0 | 0 | 0 | ||||||||
Increase of ten percent basis point in market interest rate | Debt instruments | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Other comprehensive income before tax | 2 | ||||||||||
Increase of ten percent basis point in market interest rate | Quoted debt instruments | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Other comprehensive income before tax | € 1 | ||||||||||
Regeneron | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value through other comprehensive income | € 221 | € 111 | |||||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 22,800,000 | ||||||||||
Non-current financial assets, number of shares (in shares) | shares | 400,000 | 279,766 | 279,766,000,000 | ||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | € 10,370 | ||||||||||
Associates | Trading equity securities | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Fair value through other comprehensive income | € 357 | ||||||||||
Translate Bio | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Investments in equity instruments designated at fair value through OCI, ownership percentage | 8.00% | 5.00% | |||||||||
Investments in equity instruments designated at fair value through OCI | € 74 | ||||||||||
Okwin | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Investments in equity instruments designated at fair value through OCI, ownership percentage | 14.00% | ||||||||||
Investments in equity instruments designated at fair value through OCI | $ | $ 180 | ||||||||||
Alnylam Pharmaceuticals, Inc | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Equity investment, shares divested | shares | 10,600,000 | ||||||||||
Alnylam Pharmaceuticals, Inc | Securities quoted in an active market | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Percentage of company capital | 10.00% | ||||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | € 706 | 706 | |||||||||
MyoKardia, Inc | Securities quoted in an active market | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Net proceeds from sale of Regeneron shares on May 29, 2020 | € 118 | € 118 | |||||||||
Onduo LLC | |||||||||||
Disclosure Of Other Non Current Assets [Line Items] | |||||||||||
Dividends recognised for investments in equity instruments | $ | $ 122 | ||||||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Assets held for sale or excha_3
Assets held for sale or exchange and liabilities related to assets held for sale or exchange - Summary of Assets Held for Sale or Exchange, and Liabilities Related to Assets Held for Sale or Exchange (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | |||||
Assets held for sale or exchange | € 89 | € 83 | [1] | € 325 | [1] |
Liabilities related to assets held for sale or exchange | € 0 | € 32 | [2] | € 6 | [2] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of inventories [line items] | |||||
Raw materials | € 1,278 | € 975 | € 1,087 | ||
Work in process | 5,025 | 4,856 | 4,522 | ||
Finished goods | 2,412 | 2,521 | 2,385 | ||
Total | 8,715 | 8,352 | [1] | 7,994 | [1] |
Gross value | |||||
Disclosure of inventories [line items] | |||||
Raw materials | 1,344 | 1,051 | 1,163 | ||
Work in process | 5,579 | 5,398 | 5,104 | ||
Finished goods | 2,696 | 2,739 | 2,629 | ||
Total | 9,619 | 9,188 | 8,896 | ||
Allowances | |||||
Disclosure of inventories [line items] | |||||
Raw materials | 66 | 76 | 76 | ||
Work in process | 554 | 542 | 582 | ||
Finished goods | 284 | 218 | 244 | ||
Total | € 904 | € 836 | € 902 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Inventories - Additional Inform
Inventories - Additional Information (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Inventories pledged as security for liabilities | € 20 | € 17 | € 15 |
Accounts receivable - Summary o
Accounts receivable - Summary of Accounts Receivable (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of accounts receivable [line items] | |||||
Accounts receivable | € 7,568 | € 7,491 | [1] | € 7,937 | [1] |
Gross value | |||||
Disclosure of accounts receivable [line items] | |||||
Accounts receivable | 7,705 | 7,633 | 8,090 | ||
Allowances | |||||
Disclosure of accounts receivable [line items] | |||||
Accounts receivable | € 137 | € 142 | € 153 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Impairment loss recognised in profit or loss, trade receivables | € 12 | € 30 | |
Reversal of impairment loss recognised in profit or loss, trade receivables | € 5 | ||
Gross value of overdue receivables | 455 | 549 | 642 |
Derecognized receivables | € 3 | € 18 | € 214 |
Accounts receivable - Summary_2
Accounts receivable - Summary of Gross Value of Overdue Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | € 455 | € 549 | € 642 |
Less than 1 month | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | 169 | 271 | 269 |
1 to 3 months | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | 151 | 97 | 171 |
3 to 6 months | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | 67 | 52 | 61 |
6 to 12 months | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | 12 | 34 | 36 |
Later than 12 months | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Overdue receivables gross value | € 56 | € 95 | € 105 |
Other current assets (Details)
Other current assets (Details) € in Millions, $ in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Tax receivables, other than corporate income taxes | € 802 | € 687 | € 603 | |||
Prepaid expenses | 615 | 525 | 493 | |||
Other receivables | 805 | 567 | 735 | |||
Interest rate derivatives measured at fair value (see Note D.20.) | 11 | 0 | 4 | |||
Currency derivatives measured at fair value (see Note D.20.) | 284 | 58 | 184 | |||
Other current financial assets | 1,054 | 900 | 426 | |||
Total | € 3,571 | € 2,737 | [1] | € 2,445 | [1] | |
Escrow account, settlement | $ | $ 315 | |||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Financial assets and liabilit_3
Financial assets and liabilities measured at fair value - Summary of Assets and Liabilities Measured at Fair Value (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Unquoted debt securities not meeting the definition of equity instruments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | € 78 | € 63 | € 52 |
Level 1 | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 6,449 | 10,022 | 6,263 |
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Bayer contingent purchase consideration arising from the acquisition of Genzyme | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | MSD contingent consideration (European vaccines business) | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Shire contingent consideration arising from the acquisition of Translate Bio | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Other contingent consideration arising from business combinations and acquisitions | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 1 | Quoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 396 | 439 | 114 |
Level 1 | Unquoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 1 | Quoted debt securities | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 447 | 426 | 403 |
Level 1 | Unquoted debt securities not meeting the definition of equity instruments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 1 | Contingent consideration relating to divestments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 1 | Financial assets held to meet obligations under deferred compensation plans | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 549 | 454 | 442 |
Level 1 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 1 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 1 | Mutual fund investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 5,057 | 8,703 | 5,304 |
Level 2 | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 298 | 82 | 225 |
Total financial liabilities measured at fair value | 85 | 297 | 99 |
Level 2 | Bayer contingent purchase consideration arising from the acquisition of Genzyme | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 2 | MSD contingent consideration (European vaccines business) | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 2 | Shire contingent consideration arising from the acquisition of Translate Bio | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 2 | Other contingent consideration arising from business combinations and acquisitions | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 2 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 6 | 92 | 10 |
Level 2 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 79 | 205 | 89 |
Level 2 | Quoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Unquoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Quoted debt securities | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Unquoted debt securities not meeting the definition of equity instruments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Contingent consideration relating to divestments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Financial assets held to meet obligations under deferred compensation plans | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 2 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 3 | 24 | 37 |
Level 2 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 295 | 58 | 188 |
Level 2 | Mutual fund investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 883 | 695 | 834 |
Total financial liabilities measured at fair value | 714 | 605 | 800 |
Level 3 | Bayer contingent purchase consideration arising from the acquisition of Genzyme | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 59 | 104 | 156 |
Level 3 | MSD contingent consideration (European vaccines business) | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 269 | 312 | 385 |
Level 3 | Shire contingent consideration arising from the acquisition of Translate Bio | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 354 | 0 | 0 |
Level 3 | Other contingent consideration arising from business combinations and acquisitions | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 32 | 189 | 259 |
Level 3 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 3 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial liabilities measured at fair value | 0 | 0 | 0 |
Level 3 | Quoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | Unquoted equity investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 427 | 149 | 290 |
Level 3 | Quoted debt securities | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | Unquoted debt securities not meeting the definition of equity instruments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 78 | 63 | 52 |
Level 3 | Contingent consideration relating to divestments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 378 | 483 | 492 |
Level 3 | Financial assets held to meet obligations under deferred compensation plans | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | Non-current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | Current derivatives | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | 0 | 0 | 0 |
Level 3 | Mutual fund investments | |||
Disclosure of information on income statement [line items] | |||
Total financial assets measured at fair value | € 0 | € 0 | € 0 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [2] | ||
Subclassifications of assets, liabilities and equities [abstract] | |||||||
Cash | € 1,358 | € 1,144 | € 701 | ||||
Cash equivalents | 8,740 | 12,771 | 8,726 | ||||
Cash and cash equivalents | 10,098 | 13,915 | [1] | 9,427 | [1] | € 6,925 | |
Cash equivalents, money market mutual funds | 5,057 | 8,703 | 5,304 | ||||
Cash equivalents, term deposits | 2,768 | 3,259 | 2,211 | ||||
Cash equivalents, commercial paper | 179 | 74 | 446 | ||||
Cash equivalents, captive insurance and reinsurance companies | € 427 | € 425 | € 456 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Net deferred tax position - Sum
Net deferred tax position - Summary of Net Deferred Tax Position (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | € 2,981 | € 2,406 | € 3,097 | ||
Deferred tax liabilities | 1,617 | 1,770 | [1] | 2,294 | [1] |
Reserves likely to be distributed in the foreseeable future | 52,900 | ||||
Deferred tax assets | 4,598 | 4,176 | [2] | 5,391 | [2] |
Consolidation adjustments (intragroup margin in inventory) | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 1,292 | 1,142 | 1,270 | ||
Provision for pensions and other employee benefits | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 1,117 | 1,156 | 1,268 | ||
Remeasurement of other acquired intangible assets | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | (3,079) | (3,083) | (2,656) | ||
Remeasurement of other acquired intangible assets | Bioverativ | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 977 | ||||
Remeasurement of other acquired intangible assets | Principia | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 588 | ||||
Remeasurement of other acquired intangible assets | Genzyme | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 261 | ||||
Remeasurement of other acquired intangible assets | Synthorx | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 335 | ||||
Recognition of acquired property, plant and equipment at fair value | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | (26) | (27) | (33) | ||
Equity interests in subsidiaries and investments in other entities | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | (590) | (522) | (421) | ||
Tax losses available for carry-forward | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 1,516 | 1,327 | 1,323 | ||
Stock options and other share-based payments | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 88 | 89 | 143 | ||
Accrued expenses and provisions deductible at time of payments | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 1,585 | 1,399 | 1,405 | ||
Other | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net deferred tax asset/(liability) | 1,078 | 925 | 798 | ||
Deferred tax relating to restructuring provisions | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | € 226 | € 307 | € 259 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Net deferred tax position - Add
Net deferred tax position - Additional information (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | |||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | € 10,000 | € 11,500 | € 10,900 |
Total deferred tax assets for tax loss carryforwards | 2,391 | 1,658 | 1,640 |
Unused tax losses for which no deferred tax asset recognised | 875 | 331 | 317 |
Unused capital losses for which no deferred tax asset recognised | 459 | ||
Deferred tax assets not recognized as future recovery not probable | € 615 | € 346 | € 340 |
Net deferred tax position - S_2
Net deferred tax position - Summary of Tax Losses Available for Carry-forward (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | € 7,644 | € 6,515 | € 6,401 |
Tax loss carry-forwards on asset disposals | 5 | € 6 | € 1 |
2022 | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | 43 | ||
2023 | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | 8 | ||
2024 | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | 18 | ||
2025 | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | 56 | ||
2026 | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | 85 | ||
2027 and later | |||
Disclosure of tax losses available for carryforward [line items] | |||
Tax losses available for carry-forward | € 7,434 |
Consolidated shareholders_ eq_3
Consolidated shareholders’ equity - Additional Information (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Share capital | € 2,527,121,390 | |||
Number of shares (in shares) | 1,263,560,695 | |||
Par value per share (in euros per share) | € 2 | |||
Hedges of net investments in foreign operations | € (317,000,000) | € (136,000,000) | € (260,000,000) | |
Number of stock option not taken for computing diluted earning per share (in shares) | 600,000 | 600,000 | 800,000 | |
April 30, 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Period of share repurchase program | 18 months | |||
April 28, 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Period of share repurchase program | 18 months | |||
April 30, 2019 | ||||
Disclosure of classes of share capital [line items] | ||||
Period of share repurchase program | 18 months | |||
May 2, 2018 | ||||
Disclosure of classes of share capital [line items] | ||||
Period of share repurchase program | 18 months | |||
Stock subscription option plan | ||||
Disclosure of classes of share capital [line items] | ||||
Increase in shareholders equity due to exercise of stock purchase option | € 180,000,000 | |||
Number of shares issued by exercice of each option (in shares) | 1 |
Consolidated shareholders_ eq_4
Consolidated shareholders’ equity - Summary of Treasury Shares Held (Details) - shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||
Number of shares (in shares) | 11,020 | 8,280 | 20 | 1,940 |
% of share capital for the period | 0.872% | 0.658% | 0.002% | 0.156% |
Consolidated shareholders_ eq_5
Consolidated shareholders’ equity - Summary of Movements Share Capital (Details) - shares | Jul. 28, 2021 | Jul. 28, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | |||||
Ending balance (in shares) | 1,263,560,695 | ||||
Share capital | Sanofi | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance (in shares) | 1,258,971,738 | 1,253,846,111 | 1,247,395,472 | ||
Capital increase by exercise of stock subscription options (in shares) | 190,076 | 868,655 | 2,745,853 | ||
Capital increase by issuance of restricted shares (in shares) | 1,836,179 | 1,666,256 | 3,704,786 | ||
Capital increase reserved for employees (in shares) | 2,562,702 | 2,590,716 | |||
Ending balance (in shares) | 1,263,560,695 | 1,258,971,738 | 1,253,846,111 |
Consolidated shareholders_ eq_6
Consolidated shareholders’ equity - Principal Characteristics of Restricted Share Plans (Details) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2021EUR (€)shares€ / shares | Dec. 31, 2020EUR (€)shares€ / shares | Dec. 31, 2019EUR (€)shares€ / shares | |
Restricted share plan 2021 | Performance share plan one | |||
Disclosure of classes of share capital [line items] | |||
Service period | 3 years | ||
Total number of shares awarded (in shares) | 3,484,420 | ||
Fair value of plan at the date of grant | € | € 262 | ||
Restricted share plan 2021 | Performance share plan one | Without market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 2,209,901 | ||
Fair value per share awarded (in euros per share) | € / shares | € 77.27 | ||
Restricted share plan 2021 | Performance share plan one | With market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 1,274,519 | ||
Fair value per share awarded (in euros per share) | € / shares | € 71.30 | ||
Restricted share plan 2021 | Performance share plan two | |||
Disclosure of classes of share capital [line items] | |||
Service period | 3 years | ||
Total number of shares awarded (in shares) | 13,521 | ||
Fair value of plan at the date of grant | € | € 1 | ||
Restricted share plan 2021 | Performance share plan two | Without market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 0 | ||
Fair value per share awarded (in euros per share) | € / shares | € 0 | ||
Restricted share plan 2021 | Performance share plan two | With market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 13,521 | ||
Fair value per share awarded (in euros per share) | € / shares | € 68.45 | ||
Restricted share plan 2020 | |||
Disclosure of classes of share capital [line items] | |||
Service period | 3 years | ||
Total number of shares awarded (in shares) | 3,340,501 | ||
Fair value of plan at the date of grant | € | € 270 | ||
Restricted share plan 2020 | Without market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 2,536,893 | ||
Fair value per share awarded (in euros per share) | € / shares | € 82.36 | ||
Restricted share plan 2020 | With market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 803,608 | ||
Fair value per share awarded (in euros per share) | € / shares | € 76.11 | ||
Restricted share plan 2019 | Performance share plan one | |||
Disclosure of classes of share capital [line items] | |||
Service period | 3 years | ||
Total number of shares awarded (in shares) | 73,027 | ||
Fair value of plan at the date of grant | € | € 5 | ||
Restricted share plan 2019 | Performance share plan one | Without market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 0 | ||
Fair value per share awarded (in euros per share) | € / shares | € 0 | ||
Restricted share plan 2019 | Performance share plan one | With market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 73,027 | ||
Fair value per share awarded (in euros per share) | € / shares | € 63.18 | ||
Restricted share plan 2019 | Performance share plan two | |||
Disclosure of classes of share capital [line items] | |||
Service period | 3 years | ||
Total number of shares awarded (in shares) | 3,797,582 | ||
Fair value of plan at the date of grant | € | € 258 | ||
Restricted share plan 2019 | Performance share plan two | Without market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 3,797,582 | ||
Fair value per share awarded (in euros per share) | € / shares | € 67.90 | ||
Restricted share plan 2019 | Performance share plan two | With market condition | |||
Disclosure of classes of share capital [line items] | |||
Total number of shares awarded (in shares) | 0 | ||
Fair value per share awarded (in euros per share) | € / shares | € 0 |
Consolidated shareholders_ eq_7
Consolidated shareholders’ equity - Summary of Number of Restricted Shares Not Yet Fully Vested (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted shares | |||
Disclosure of classes of share capital [line items] | |||
Total expense for restricted share plans | € 193 | € 222 | € 247 |
Number of shares not yet fully vested (in shares) | 9,507,849 | 10,546,612 | 10,908,503 |
Restricted share plan 2021 | |||
Disclosure of classes of share capital [line items] | |||
Number of shares not yet fully vested (in shares) | 3,364,895 | 0 | 0 |
Restricted share plan 2020 | |||
Disclosure of classes of share capital [line items] | |||
Number of shares not yet fully vested (in shares) | 3,014,496 | 3,284,558 | 0 |
Restricted share plan 2019 | |||
Disclosure of classes of share capital [line items] | |||
Number of shares not yet fully vested (in shares) | 3,128,458 | 3,375,717 | 3,662,806 |
Restricted share plan 2018 | |||
Disclosure of classes of share capital [line items] | |||
Number of shares not yet fully vested (in shares) | 3,886,337 | 4,117,795 | |
Restricted share plan 2017 | |||
Disclosure of classes of share capital [line items] | |||
Number of shares not yet fully vested (in shares) | 0 | 3,127,902 |
Consolidated shareholders_ eq_8
Consolidated shareholders’ equity - Summary of Characteristics of Employee Share Ownership Plans Awarded (Details) - € / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Feb. 04, 2021 | Feb. 05, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Subscription price (as a percent) | 80.00% | 80.00% | ||
Number of trading days preceding plan approval | 20 days | 20 days | ||
Employees share ownership plan | ||||
Disclosure of classes of share capital [line items] | ||||
Subscription price (in euros per share) | € 69.38 | € 70.67 | ||
Number of shares subscribed (in shares) | 2,438,590 | 2,467,101 | ||
Number of shares issued immediately as employer's contribution (in shares) | 124,112 | 123,615 |
Consolidated shareholders_ eq_9
Consolidated shareholders’ equity - Summary of Expenses (Details) - Employees share ownership plan - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Expense recognized | € 51 | € 52 |
Expense recognized of which employers' contribution | € 11 | € 11 |
Consolidated shareholders_ e_10
Consolidated shareholders’ equity - Summary of Repurchases Program (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Repurchase 2021 Program | |||
Disclosure of classes of share capital [line items] | |||
Number of shares (in shares) | 2,765,388 | ||
Value | € 242 | ||
Share repurchase 2020 program | |||
Disclosure of classes of share capital [line items] | |||
Number of shares (in shares) | 1,758,569 | 5,685,426 | |
Value | € 140 | € 461 | |
Share repurchase 2019 program | |||
Disclosure of classes of share capital [line items] | |||
Number of shares (in shares) | 3,982,939 | ||
Value | € 361 | ||
Share repurchase 2018 program | |||
Disclosure of classes of share capital [line items] | |||
Number of shares (in shares) | 147,793 | ||
Value | € 12 |
Consolidated shareholders_ e_11
Consolidated shareholders’ equity - Summary of Currency Translation Differences (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of classes of share capital [line items] | ||||||
Attributable to equity holders of Sanofi | € 68,681 | € 63,106 | [1] | € 59,056 | [1] | |
Attributable to non-controlling interests | 350 | 146 | [1] | 174 | [1] | |
Total equity | 69,031 | 63,252 | [1] | 59,230 | [1] | € 59,035 |
Reserve of exchange differences on translation | ||||||
Disclosure of classes of share capital [line items] | ||||||
Attributable to equity holders of Sanofi | (865) | (3,384) | 632 | |||
Attributable to non-controlling interests | (42) | (55) | (36) | |||
Total equity | € (907) | € (3,439) | € 596 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated shareholders_ e_12
Consolidated shareholders’ equity - Summary of Movements within Other Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Items not subsequently reclassifiable to profit or loss | € 797 | € 14 | [1] | € (129) | [1] |
Items subsequently reclassifiable to profit or loss | 2,510 | (4,021) | [1] | 813 | [1] |
Items subsequently reclassifiable to profit or loss | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Items subsequently reclassifiable to profit or loss | 12 | 1 | 27 | ||
Items subsequently reclassifiable to profit or loss | Debt instruments | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Items subsequently reclassifiable to profit or loss | 4 | 5 | 0 | ||
Accumulated other comprehensive income | Items not subsequently reclassifiable to profit or loss | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Actuarial gains/(losses) excluding investments accounted for using the equity method (see Note D.19.1.) | 685 | (266) | (331) | ||
Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes | 1 | (1) | (5) | ||
Tax effects | (36) | 45 | 149 | ||
Accumulated other comprehensive income | Items not subsequently reclassifiable to profit or loss | Equity instruments included in financial assets | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Change in fair value (excluding investments accounted for using the equity method) | 154 | 358 | 30 | ||
Change in fair value (investments accounted for using the equity method, net of taxes) | 0 | (14) | 80 | ||
Equity risk hedging instruments designated as fair value hedges | 11 | (24) | (4) | ||
Tax effects | (18) | (84) | (48) | ||
Items not subsequently reclassifiable to profit or loss | 797 | 14 | (129) | ||
Accumulated other comprehensive income | Items subsequently reclassifiable to profit or loss | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Change in fair value (excluding investments accounted for using the equity method) | (6) | 4 | (13) | ||
Change in fair value (investments accounted for using the equity method, net of taxes) | 0 | 0 | 0 | ||
Tax effects | 2 | (2) | 4 | ||
Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) | 2,719 | (3,870) | 850 | ||
Currency translation differences (investments accounted for using the equity method) | (6) | 32 | 64 | ||
Hedges of net investments in foreign operations | (254) | 180 | (163) | ||
Tax effects | 71 | (59) | 48 | ||
Items subsequently reclassifiable to profit or loss | 2,510 | (4,021) | 813 | ||
Accumulated other comprehensive income | Items subsequently reclassifiable to profit or loss | Regeneron | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Currency translation differences (investments accounted for using the equity method) | 0 | (318) | 0 | ||
Tax effects | (2) | ||||
Accumulated other comprehensive income | Items subsequently reclassifiable to profit or loss | Debt instruments | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Change in fair value (excluding investments accounted for using the equity method) | (21) | 15 | 28 | ||
Change in fair value (investments accounted for using the equity method, net of taxes) | 0 | 0 | 0 | ||
Tax effects | € 5 | € (3) | € (5) | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Consolidated shareholders_ e_13
Consolidated shareholders’ equity - Summary of Stock Option Plans Awarded and Measurement of Stock Option Plans (Details) € / shares in Units, € in Millions | Apr. 30, 2019EUR (€)shares€ / shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Total number of options granted (in shares) | shares | 220,000 |
Exercise price (in euros per share) | € 76.71 |
Vesting period | 4 years |
Fair value of the plan | € | € 2 |
Fair value per option granted (in euros per share) | € 7.80 |
Dividend yield | 4.31% |
Volatility of Sanofi shares, computed on a historical basis | 22.48% |
Risk-free interest rate | 0.15% |
Plan maturity | 8 years |
Consolidated shareholders_ e_14
Consolidated shareholders’ equity - Disclosure of Stock Subscription Option Plan Outstanding and Option Exercised (Details) | Apr. 30, 2019shares | May 02, 2018shares | May 10, 2017shares | Jun. 24, 2015shares | Mar. 05, 2014shares | Mar. 05, 2013shares | Mar. 05, 2012shares | Mar. 09, 2011shares | Dec. 31, 2021shares€ / shares | May 04, 2016shares |
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 220,000 | |||||||||
Stock subscription option plan | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options outstanding (in shares) | 2,337,968 | |||||||||
Stock subscription option plan two | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 874,500 | |||||||||
Exercise price (in euros per share) | € / shares | € 50.48 | |||||||||
Number of options outstanding (in shares) | 0 | |||||||||
Stock subscription option plan three | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 814,050 | |||||||||
Exercise price (in euros per share) | € / shares | € 56.44 | |||||||||
Number of options outstanding (in shares) | 63,948 | |||||||||
Stock subscription option plan four | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 788,725 | |||||||||
Exercise price (in euros per share) | € / shares | € 72.19 | |||||||||
Number of options outstanding (in shares) | 355,230 | |||||||||
Stock subscription option plan five | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 1,009,250 | |||||||||
Exercise price (in euros per share) | € / shares | € 73.48 | |||||||||
Number of options outstanding (in shares) | 611,672 | |||||||||
Stock subscription option plan six | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 435,000 | |||||||||
Exercise price (in euros per share) | € / shares | € 89.38 | |||||||||
Number of options outstanding (in shares) | 339,964 | |||||||||
Stock subscription option plan seven | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 402,750 | |||||||||
Exercise price (in euros per share) | € / shares | € 75.90 | |||||||||
Number of options outstanding (in shares) | 284,150 | |||||||||
Stock subscription option plan eight | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 378,040 | |||||||||
Exercise price (in euros per share) | € / shares | € 88.97 | |||||||||
Number of options outstanding (in shares) | 294,220 | |||||||||
Stock subscription option plan nine | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 220,000 | |||||||||
Exercise price (in euros per share) | € / shares | € 65.84 | |||||||||
Number of options outstanding (in shares) | 168,784 | |||||||||
Stock subscription option plan ten | ||||||||||
Disclosure of stock subscription option plan outstanding and option exercised [line items] | ||||||||||
Number of options granted (in shares) | 220,000 | |||||||||
Exercise price (in euros per share) | € / shares | € 76.71 | |||||||||
Number of options outstanding (in shares) | 220,000 |
Consolidated shareholders_ e_15
Consolidated shareholders’ equity - Summary of Stock Options Outstanding at Each Balance Sheet Date (Details) - Total stock option plans € / shares in Units, € in Millions | Dec. 31, 2021EUR (€)shares€ / shares | Dec. 31, 2020EUR (€)shares€ / shares | Dec. 31, 2019EUR (€)shares€ / shares | Dec. 31, 2018EUR (€)shares€ / shares | Dec. 31, 2021EUR (€)shares€ / shares | Dec. 31, 2020EUR (€)shares€ / shares | Dec. 31, 2019EUR (€)shares€ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of options, beginning balance (in shares) | shares | 2,579,270 | 3,822,020 | 6,849,573 | ||||
Number of options, options exercisable (in shares) | shares | 1,949,184 | 1,845,050 | 2,650,375 | 5,468,214 | 1,949,184 | 1,845,050 | 2,650,375 |
Number of options, options granted (in shares) | shares | 220,000 | ||||||
Number of options, options exercised (in shares) | shares | (190,076) | (868,655) | (2,816,123) | ||||
Number of options, options cancelled (in shares) | shares | (51,216) | (91,305) | (48,005) | ||||
Number of options, options forfeited (in shares) | shares | (10) | (282,790) | (383,425) | ||||
Number of options, ending balance (in shares) | shares | 2,337,968 | 2,579,270 | 3,822,020 | 6,849,573 | 2,337,968 | 2,579,270 | 3,822,020 |
Average exercise price per share, beginning balance (in euros per share) | € / shares | € 75.61 | € 70.58 | € 61.81 | ||||
Average exercise price per share, options exercisable (in euros per share) | € / shares | € 78.15 | € 74.51 | € 67.14 | € 56.80 | 78.15 | 74.51 | 67.14 |
Average exercise price per share, options granted (in euros per share) | € / shares | 76.71 | ||||||
Average exercise price per share, options exercised (in euros per share) | € / shares | 59.53 | 59.20 | 53.18 | ||||
Average exercise price per share, options cancelled (in euros per share) | € / shares | 65.84 | 87.73 | 72.84 | ||||
Average exercise price per share, options forfeited (in euros per share) | € / shares | 50.48 | 54.12 | 44.90 | ||||
Average exercise price per share, ending balance (in euros per share) | € / shares | € 77.13 | € 75.61 | € 70.58 | € 61.81 | € 77.13 | € 75.61 | € 70.58 |
Total, beginning balance | € | € 195 | € 270 | € 423 | ||||
Total, options exercisable | € | € 152 | € 137 | € 178 | € 311 | |||
Total, options granted | € | 17 | ||||||
Total, options exercised | € | (11) | (52) | (150) | ||||
Total, options cancelled | € | (3) | (8) | (3) | ||||
Total, options forfeited | € | 0 | (15) | (17) | ||||
Total, ending balance | € | € 180 | € 195 | € 270 | € 423 | € 180 | € 195 | € 270 |
Consolidated shareholders_ e_16
Consolidated shareholders’ equity - Summary of Options Outstanding and Exercisable (Details) - Stock Option Plan | 12 Months Ended |
Dec. 31, 2021shares€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Outstanding, Number of options (in shares) | shares | 2,337,968 |
Exercisable, number of options (in shares) | shares | 1,949,184 |
Exercise price range one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Outstanding, Number of options (in shares) | shares | 63,948 |
Weighted average residual life (years) | 2 months 4 days |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in euros per share) | € 56.44 |
Exercisable, number of options (in shares) | shares | 63,948 |
Weighted average exercise price per share, Options exercisable (in euros per share) | € 56.44 |
Exercise price range two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Outstanding, Number of options (in shares) | shares | 168,784 |
Weighted average residual life (years) | 6 years 4 months 2 days |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in euros per share) | € 65.84 |
Exercisable, number of options (in shares) | shares | 0 |
Weighted average exercise price per share, Options exercisable (in euros per share) | € 0 |
Exercise price range three | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Outstanding, Number of options (in shares) | shares | 1,471,052 |
Weighted average residual life (years) | 3 years 1 month 17 days |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in euros per share) | € 74.12 |
Exercisable, number of options (in shares) | shares | 1,251,052 |
Weighted average exercise price per share, Options exercisable (in euros per share) | € 73.66 |
Exercise price range four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Outstanding, Number of options (in shares) | shares | 634,184 |
Weighted average residual life (years) | 4 years 4 months 6 days |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in euros per share) | € 89.19 |
Exercisable, number of options (in shares) | shares | 634,184 |
Weighted average exercise price per share, Options exercisable (in euros per share) | € 89.19 |
Bottom of range | Exercise price range one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 50 |
Bottom of range | Exercise price range two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 60 |
Bottom of range | Exercise price range three | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 70 |
Bottom of range | Exercise price range four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 80 |
Top of range | Exercise price range one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 60 |
Top of range | Exercise price range two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 70 |
Top of range | Exercise price range three | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | 80 |
Top of range | Exercise price range four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price of outstanding options (in euros per share) | € 90 |
Consolidated shareholders_ e_17
Consolidated shareholders’ equity - Summary of Number of Shares Used to Compute Diluted Earnings Per Share (Details) - shares shares in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Share Capital, Reserves And Other Equity Interest [Abstract] | |||||
Average number of shares outstanding (in shares) | 1,252.5 | 1,253.6 | [1] | 1,249.9 | [1] |
Adjustment for stock options with dilutive effect (in shares) | 0.3 | 0.4 | 0.8 | ||
Adjustment for restricted shares (in shares) | 5.1 | 6.1 | 6.4 | ||
Average number of shares used to compute diluted earnings per share (in shares) | 1,257.9 | 1,260.1 | [1] | 1,257.1 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivalen_3
Debt, cash and cash equivalents and lease liabilities - Summary of Changes in Financial Position (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Financial Instruments [Abstract] | |||||||
Long-term debt | € 17,123 | € 19,745 | [1] | € 20,131 | [1] | ||
Short-term debt and current portion of long-term debt | 3,183 | 2,767 | [1] | 4,554 | [1] | ||
Interest rate and currency derivatives used to manage debt | (56) | 119 | (117) | ||||
Total debt | 20,250 | 22,631 | 24,568 | € 24,586 | |||
Cash and cash equivalents | (10,098) | (13,915) | [2] | (9,427) | [2] | € (6,925) | [3] |
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 9,983 | 8,790 | 15,107 | ||||
Lease liabilities | € 2,108 | € 1,163 | € 1,248 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivalen_4
Debt, cash and cash equivalents and lease liabilities - Summary of Reconciliation of Carrying Amount to Value on Redemption (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Long-term debt | € 17,123 | € 19,745 | [1] | € 20,131 | [1] | ||
Short-term debt and current portion of long-term debt | 3,183 | 2,767 | [1] | 4,554 | [1] | ||
Interest rate and currency derivatives used to manage debt | (56) | 119 | (117) | ||||
Total debt | 20,250 | 22,631 | 24,568 | € 24,586 | |||
Cash and cash equivalents | (10,098) | (13,915) | [2] | (9,427) | [2] | € (6,925) | [3] |
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 9,983 | 8,790 | 15,107 | ||||
Amortized cost | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Long-term debt | 58 | ||||||
Short-term debt and current portion of long-term debt | 2 | ||||||
Interest rate and currency derivatives used to manage debt | 0 | ||||||
Total debt | 60 | ||||||
Cash and cash equivalents | |||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | |||||||
Net debt | 60 | ||||||
Adjustment to debt measured at fair value | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Long-term debt | (5) | ||||||
Short-term debt and current portion of long-term debt | (2) | ||||||
Interest rate and currency derivatives used to manage debt | 11 | ||||||
Total debt | 4 | ||||||
Cash and cash equivalents | |||||||
Interest rate and currency derivatives used to manage cash and cash equivalents | |||||||
Net debt | 4 | ||||||
Value on redemption | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Long-term debt | 17,176 | 19,794 | 20,180 | ||||
Short-term debt and current portion of long-term debt | 3,183 | 2,767 | 4,553 | ||||
Interest rate and currency derivatives used to manage debt | (45) | 142 | (86) | ||||
Total debt | 20,314 | 22,703 | 24,647 | ||||
Cash and cash equivalents | (10,098) | (13,915) | (9,427) | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | € 10,047 | € 8,862 | € 15,186 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivalen_5
Debt, cash and cash equivalents and lease liabilities - Disclosure of Movement In Total Debt (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of debt [line items] | |||
Borrowings at beginning of period | € 22,631 | € 24,568 | € 24,586 |
Repayments | (2,241) | (3,952) | (2,067) |
New borrowings | 0 | 2,019 | 1,997 |
Other cash flows | (812) | 282 | (153) |
Currency translation differences (a) | 381 | (385) | 237 |
Reclassification from non-current to current | 0 | 0 | 0 |
Other items | 291 | 99 | (32) |
Borrowings at end of period | 20,250 | 22,631 | 24,568 |
Effect of changes in the scope of consolidation | 299 | ||
Long-term debt | |||
Disclosure of debt [line items] | |||
Borrowings at beginning of period | 19,745 | 20,131 | 22,007 |
Repayments | (38) | 0 | (12) |
New borrowings | 0 | 2,019 | 1,997 |
Other cash flows | 0 | 0 | 0 |
Currency translation differences (a) | 124 | (152) | 93 |
Reclassification from non-current to current | (2,704) | (2,285) | (3,964) |
Other items | (4) | 32 | 10 |
Borrowings at end of period | 17,123 | 19,745 | 20,131 |
Short-term debt and current portion of long-term debt | |||
Disclosure of debt [line items] | |||
Borrowings at beginning of period | 2,767 | 4,554 | 2,633 |
Repayments | (2,203) | (3,952) | (2,055) |
New borrowings | 0 | 0 | 0 |
Other cash flows | (615) | 86 | 24 |
Currency translation differences (a) | 248 | (219) | 14 |
Reclassification from non-current to current | 2,704 | 2,285 | 3,964 |
Other items | 282 | 13 | (26) |
Borrowings at end of period | 3,183 | 2,767 | 4,554 |
Interest rate and currency derivatives used to manage debt | |||
Disclosure of debt [line items] | |||
Borrowings at beginning of period | 119 | (117) | (54) |
Repayments | 0 | 0 | 0 |
New borrowings | 0 | 0 | 0 |
Other cash flows | (197) | 196 | (177) |
Currency translation differences (a) | 9 | (14) | 130 |
Reclassification from non-current to current | 0 | 0 | 0 |
Other items | 13 | 54 | (16) |
Borrowings at end of period | € (56) | € 119 | € (117) |
Debt, cash and cash equivalen_6
Debt, cash and cash equivalents and lease liabilities - Additional Information (Details) | Dec. 31, 2021EUR (€)currencyshares | Dec. 31, 2020EUR (€)credit_facilityperformance_indicator | Dec. 31, 2021USD ($)bond | Dec. 31, 2021USD ($)currencyshares | Sep. 30, 2015EUR (€) | Mar. 31, 2011EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||
Number of bond issues redeemed | bond | 2 | |||||
Number of currencies debt is issued in | currency | 2 | 2 | ||||
Sanofi Euro Medium Term Notes (EMTN) bonds | Weighted average interest rate before derivative instruments | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Bonds, interest rate | 1.40% | 1.40% | ||||
Cash and cash equivalents, invested rate | 0.10% | 0.10% | ||||
Sanofi Euro Medium Term Notes (EMTN) bonds | Weighted average interest rate after derivative instruments | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Bonds, interest rate | 1.90% | 1.90% | ||||
Cash and cash equivalents, invested rate | 0.90% | 0.90% | ||||
2 billion bonds maturing March 2021 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 2,000,000,000 | |||||
500 million bonds maturing June 2021 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 500,000,000 | |||||
Sanofi sustainability-linked credit facilities | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 4,000,000,000 | |||||
Number of credit facilities | credit_facility | 2 | |||||
Credit facilities, extension option (in years) | 1 year | |||||
Number of sustainable development performance indicators | performance_indicator | 2 | |||||
1983 to 1987 participating shares issued | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Number of participating shares outstanding (in shares) | shares | 76,986 | 76,986 | ||||
Participating shares carrying amount | € 12,000,000 | |||||
Syndicated credit facility, expires in 2022 | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 4,000,000,000 | |||||
Credit facilities, extension option (in years) | 1 year | |||||
Syndicated credit facility, expires in December 2025 | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 4,000,000,000 | |||||
Credit facilities, extension option (in years) | 1 year | |||||
Commercial paper program in France | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Commercial paper programs | € 6,000,000,000 | |||||
Commercial paper program in USA | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Commercial paper programs | $ | $ 10,000,000,000 | |||||
Borrowing, average drawdown | $ | $ 2,300,000,000 | |||||
Borrowing, maximum drawdown | $ | $ 4,000,000,000 | |||||
Borrowing, drawdown | $ | $ 0 | |||||
Main undrawn confirmed general purpose credit facilities | Sanofi Euro Medium Term Notes (EMTN) bonds | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Credit facilities, amount drawable | € 8,000,000,000 |
Debt, cash and cash equivalen_7
Debt, cash and cash equivalents and lease liabilities - Summary of Net Debt by Type Valuation of Redemption (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Interest rate and currency derivatives used to manage debt | € (56) | € 119 | € (117) | ||||
Total debt | 20,250 | 22,631 | 24,568 | € 24,586 | |||
Cash and cash equivalents | (10,098) | (13,915) | [1] | (9,427) | [1] | € (6,925) | [2] |
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 9,983 | 8,790 | 15,107 | ||||
Value on redemption | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Bond issues | 19,946 | 21,978 | 24,207 | ||||
Other bank borrowings | 184 | 296 | 196 | ||||
Other borrowings | 40 | 2 | 25 | ||||
Bank credit balances | 189 | 285 | 305 | ||||
Interest rate and currency derivatives used to manage debt | (45) | 142 | (86) | ||||
Total debt | 20,314 | 22,703 | 24,647 | ||||
Cash and cash equivalents | (10,098) | (13,915) | (9,427) | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 10,047 | 8,862 | 15,186 | ||||
Value on redemption | Non-current | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 6 | (6) | ||||
Net debt | 17,176 | 19,857 | 20,175 | ||||
Value on redemption | Current | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Cash and cash equivalents | (10,098) | (13,915) | (9,427) | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 68 | (28) | ||||
Net debt | (7,129) | (10,995) | (4,989) | ||||
Value on redemption | Non-current | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Bond issues | 17,118 | 19,698 | 20,128 | ||||
Other bank borrowings | 21 | 96 | 40 | ||||
Other borrowings | 37 | 0 | 13 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 57 | 0 | ||||
Total debt | 17,176 | 19,851 | 20,181 | ||||
Value on redemption | Current | |||||||
Disclosure of reconciliation of carrying amount to value on redemption [line items] | |||||||
Bond issues | 2,828 | 2,280 | 4,079 | ||||
Other bank borrowings | 163 | 200 | 156 | ||||
Other borrowings | 3 | 2 | 12 | ||||
Bank credit balances | 189 | 285 | 305 | ||||
Interest rate and currency derivatives used to manage debt | (45) | 85 | (86) | ||||
Total debt | € 3,138 | € 2,852 | € 4,466 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivalen_8
Debt, cash and cash equivalents and lease liabilities - Summary of Bond Issues (Details) € in Millions, $ in Millions | Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | Jun. 30, 2018USD ($) | Mar. 31, 2018EUR (€) | Sep. 30, 2016EUR (€) | Apr. 30, 2016EUR (€) | Sep. 30, 2015EUR (€) | Sep. 30, 2014EUR (€) | Nov. 30, 2013EUR (€) |
Sanofi Euro Medium Term Notes (EMTN) bonds | November 2013 EMTN ISIN FR0011625433 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 2.50% | ||||||||
Amount | € 1,000 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | September 2014 EMTN ISIN FR0012146777 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.125% | ||||||||
Amount | € 1,000 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | September 2014 EMTN ISIN FR0012146801 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.75% | ||||||||
Amount | € 1,510 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | September 2015 EMTN ISIN FR0012969038 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.50% | ||||||||
Amount | € 750 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | April 2016 EMTN ISIN FR0013143997 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.625% | ||||||||
Amount | € 600 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | April 2016 EMTN ISIN FR0013144003 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.125% | ||||||||
Amount | € 700 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | September 2016 EMTN ISIN FR0013201621 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.00% | ||||||||
Amount | € 850 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | September 2016 EMTN ISIN FR0013201639 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.50% | ||||||||
Amount | € 1,150 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2020 EMTN ISIN FR0013505104 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.00% | ||||||||
Amount | € 1,000 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2020 EMTN ISIN FR0013505112 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.50% | ||||||||
Amount | € 1,000 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2018 EMTN ISIN FR0013324332 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.50% | ||||||||
Amount | € 1,750 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2018 EMTN ISIN FR0013324340 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.00% | ||||||||
Amount | € 1,500 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2018 EMTN ISIN FR0013324357 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.375% | ||||||||
Amount | € 2,000 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2018 EMTN ISIN FR0013324373 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.875% | ||||||||
Amount | € 1,250 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2019 EMTN ISIN FR0013409836 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.00% | ||||||||
Amount | € 850 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2019 EMTN ISIN FR0013409844 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 0.875% | ||||||||
Amount | € 650 | ||||||||
Sanofi Euro Medium Term Notes (EMTN) bonds | March 2019 EMTN ISIN FR0013409851 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 1.25% | ||||||||
Amount | € 500 | ||||||||
Shelf registration statement program | June 2018 SNF ISIN US801060AC87 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 3.375% | ||||||||
Amount | $ | $ 1,000 | ||||||||
Shelf registration statement program | June 2018 SNF ISIN US801060AD60 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual interest rate | 3.625% | ||||||||
Amount | $ | $ 1,000 |
Debt, cash and cash equivalen_9
Debt, cash and cash equivalents and lease liabilities - Summary of Debt by Maturity at Value on Redemption (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate and currency derivatives used to manage debt | € (56) | € 119 | € (117) | ||||
Total debt | 20,250 | 22,631 | 24,568 | € 24,586 | |||
Cash and cash equivalents | (10,098) | (13,915) | [1] | (9,427) | [1] | € (6,925) | [2] |
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 9,983 | 8,790 | 15,107 | ||||
Lease liabilities | 2,108 | 1,163 | 1,248 | ||||
Less than 1 year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Lease liabilities | 314 | 247 | 272 | ||||
More than 5 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Lease liabilities | 1,184 | 482 | 540 | ||||
Value on redemption | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 19,946 | 21,978 | 24,207 | ||||
Other bank borrowings | 184 | 296 | 196 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 40 | 2 | 25 | ||||
Bank credit balances | 189 | 285 | 305 | ||||
Interest rate and currency derivatives used to manage debt | (45) | 142 | (86) | ||||
Total debt | 20,314 | 22,703 | 24,647 | ||||
Cash and cash equivalents | (10,098) | (13,915) | (9,427) | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 74 | (34) | ||||
Net debt | 10,047 | 8,862 | 15,186 | ||||
Value on redemption | Less than 1 year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 2,828 | 2,280 | 4,079 | ||||
Other bank borrowings | 163 | 200 | 156 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 3 | 2 | 12 | ||||
Bank credit balances | 189 | 285 | 305 | ||||
Interest rate and currency derivatives used to manage debt | (45) | 85 | (86) | ||||
Total debt | 3,138 | 2,852 | 4,466 | ||||
Cash and cash equivalents | (10,098) | (13,915) | (9,427) | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | (169) | 68 | (28) | ||||
Net debt | (7,129) | (10,995) | (4,989) | ||||
Value on redemption | 1 to 2 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 3,629 | 2,700 | 2,284 | ||||
Other bank borrowings | 18 | 73 | 6 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 0 | 0 | 0 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 57 | 0 | ||||
Total debt | 3,647 | 2,830 | 2,290 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 6 | (6) | ||||
Net debt | 3,647 | 2,836 | 2,284 | ||||
Value on redemption | 2 to 3 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 600 | 3,569 | 2,700 | ||||
Other bank borrowings | 2 | 6 | 6 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 0 | 0 | 0 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 0 | 0 | ||||
Total debt | 602 | 3,575 | 2,706 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 0 | 0 | ||||
Net debt | 602 | 3,575 | 2,706 | ||||
Value on redemption | 3 to 4 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 1,750 | 600 | 3,642 | ||||
Other bank borrowings | 1 | 2 | 23 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 0 | 0 | 0 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 0 | 0 | ||||
Total debt | 1,751 | 602 | 3,665 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 0 | 0 | ||||
Net debt | 1,751 | 602 | 3,665 | ||||
Value on redemption | 4 to 5 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 4,160 | 1,750 | 600 | ||||
Other bank borrowings | 0 | 6 | 5 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 0 | 0 | 0 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 0 | 0 | ||||
Total debt | 4,160 | 1,756 | 605 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 0 | 0 | ||||
Net debt | 4,160 | 1,756 | 605 | ||||
Value on redemption | More than 5 years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Bond issues | 6,979 | 11,079 | 10,902 | ||||
Other bank borrowings | 0 | 9 | 0 | ||||
Finance lease obligations | 0 | 0 | |||||
Other borrowings | 37 | 0 | 13 | ||||
Bank credit balances | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage debt | 0 | 0 | 0 | ||||
Total debt | 7,016 | 11,088 | 10,915 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Interest rate and currency derivatives used to manage cash and cash equivalents | 0 | 0 | 0 | ||||
Net debt | € 7,016 | € 11,088 | € 10,915 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivale_10
Debt, cash and cash equivalents and lease liabilities - Summary of Debt by Interest Rate (Details) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [2] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Cash and cash equivalents | € (10,098) | € (13,915) | [1] | € (9,427) | [1] | € (6,925) | |
Net debt | 9,983 | € 8,790 | € 15,107 | ||||
Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 20,359 | ||||||
Debt, percent | 100.00% | ||||||
Net debt | € 10,261 | ||||||
Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 19,946 | ||||||
Debt, percent | 98.00% | ||||||
Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 413 | ||||||
Debt, percent | 2.00% | ||||||
Cash and cash equivalents | € (10,098) | ||||||
Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 20,314 | ||||||
Debt, percent | 100.00% | 100.00% | |||||
Cash and cash equivalents | (10,267) | € (13,841) | € (9,461) | ||||
Net debt | 10,047 | € 8,862 | € 15,186 | ||||
Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 17,612 | ||||||
Debt, percent | 87.00% | 91.00% | 88.00% | ||||
Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 2,702 | ||||||
Debt, percent | 13.00% | 9.00% | 12.00% | ||||
2022 | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | € 3,183 | ||||||
Net debt | (6,915) | ||||||
2022 | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 2,828 | ||||||
2022 | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 355 | ||||||
Cash and cash equivalents | (10,098) | ||||||
2022 | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 3,138 | ||||||
Cash and cash equivalents | (10,267) | ||||||
Net debt | (7,129) | ||||||
2022 | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 494 | ||||||
2022 | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 2,644 | ||||||
2023 | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 3,647 | ||||||
Net debt | 3,647 | ||||||
2023 | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 3,629 | ||||||
2023 | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 18 | ||||||
2023 | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 3,647 | ||||||
Net debt | 3,647 | ||||||
2023 | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 3,629 | ||||||
2023 | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 18 | ||||||
2024 | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 602 | ||||||
Net debt | 602 | ||||||
2024 | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 600 | ||||||
2024 | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 2 | ||||||
2024 | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 602 | ||||||
Net debt | 602 | ||||||
2024 | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 600 | ||||||
2024 | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 2 | ||||||
2025 | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1,751 | ||||||
Net debt | 1,751 | ||||||
2025 | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1,750 | ||||||
2025 | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1 | ||||||
2025 | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1,751 | ||||||
Net debt | 1,751 | ||||||
2025 | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1,750 | ||||||
2025 | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1 | ||||||
2026 | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 4,160 | ||||||
Net debt | 4,160 | ||||||
2026 | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 4,160 | ||||||
2026 | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 0 | ||||||
2026 | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 4,160 | ||||||
Net debt | 4,160 | ||||||
2026 | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 4,160 | ||||||
2026 | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 0 | ||||||
2027 and later | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 7,016 | ||||||
Net debt | 7,016 | ||||||
2027 and later | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 6,979 | ||||||
2027 and later | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 37 | ||||||
2027 and later | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 7,016 | ||||||
Net debt | 7,016 | ||||||
2027 and later | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 6,979 | ||||||
2027 and later | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 37 | ||||||
Euro | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | 11,696 | ||||||
Euro | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 18,188 | ||||||
Euro | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 56 | ||||||
Cash and cash equivalents | (6,548) | ||||||
Euro | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | 13,129 | € 13,725 | € 17,691 | ||||
Euro | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 14,820 | ||||||
Euro | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | (429) | ||||||
Cash and cash equivalents | (1,261) | ||||||
US dollar | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | (1,229) | ||||||
US dollar | Value on redemption before derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 1,758 | ||||||
US dollar | Value on redemption before derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 18 | ||||||
Cash and cash equivalents | (3,005) | ||||||
US dollar | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | (669) | € (3,304) | € (813) | ||||
US dollar | Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 2,792 | ||||||
US dollar | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 898 | ||||||
Cash and cash equivalents | (4,359) | ||||||
Mexican peso | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Debt | 302 | ||||||
Singapore dollar | Value on redemption before derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | (2) | ||||||
Singapore dollar | Value on redemption after derivative instruments | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Net debt | (2,912) | ||||||
Singapore dollar | Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||
Cash and cash equivalents | € (2,912) | ||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivale_11
Debt, cash and cash equivalents and lease liabilities - Summary of Interest Rate of Net Debt at Value on Redemption (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |||||||
Total debt | € 20,250 | € 22,631 | € 24,568 | € 24,586 | |||
Cash and cash equivalents | (10,098) | (13,915) | [1] | (9,427) | [1] | € (6,925) | [2] |
Net debt | 9,983 | 8,790 | 15,107 | ||||
Value on redemption after derivative instruments | |||||||
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |||||||
Total debt | 22,703 | 24,647 | |||||
Cash and cash equivalents | (10,267) | (13,841) | (9,461) | ||||
Net debt | € 10,047 | € 8,862 | € 15,186 | ||||
Debt, percent | 100.00% | 100.00% | |||||
Value on redemption after derivative instruments | Fixed-rate debt | |||||||
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |||||||
Total debt | € 20,713 | € 21,713 | |||||
Debt, percent | 87.00% | 91.00% | 88.00% | ||||
Value on redemption after derivative instruments | Floating-rate debt | |||||||
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |||||||
Total debt | € 1,990 | € 2,934 | |||||
Debt, percent | 13.00% | 9.00% | 12.00% | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Debt, cash and cash equivale_12
Debt, cash and cash equivalents and lease liabilities - Summary of Interest Rate Fluctuations of Debt Net of Cash and Cash Equivalents (Details) - Change in Euro and US dollar short-term interest rates € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
+100 bp | |
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |
Impact on pre-tax net income | € 74 |
Impact on pre-tax income/(expense) recognized directly in equity | 0 |
+25 bp | |
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |
Impact on pre-tax net income | 19 |
Impact on pre-tax income/(expense) recognized directly in equity | 0 |
-25 bp | |
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |
Impact on pre-tax net income | (19) |
Impact on pre-tax income/(expense) recognized directly in equity | 0 |
-100 bp | |
Disclosure of Interest Rate of Debt Net of Cash and Cash Equivalent [Line Items] | |
Impact on pre-tax net income | (74) |
Impact on pre-tax income/(expense) recognized directly in equity | € 0 |
Debt, cash and cash equivale_13
Debt, cash and cash equivalents and lease liabilities - Summary of Debt by Currency (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | € 9,983 | € 8,790 | € 15,107 |
Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 10,261 | ||
Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 10,047 | 8,862 | 15,186 |
Euro | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 11,696 | ||
Euro | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 13,129 | 13,725 | 17,691 |
US dollar | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | (1,229) | ||
US dollar | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | (669) | (3,304) | (813) |
Singapore dollar | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | (2) | ||
Singapore dollar | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | (2,912) | ||
Mexican peso | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 0 | ||
Mexican peso | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 302 | ||
Pound sterling | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 0 | ||
Pound sterling | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | 271 | ||
Other currencies | Value on redemption before derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | (205) | ||
Other currencies | Value on redemption after derivative instruments | |||
Disclosure Of Debt By Currency [Line Items] | |||
Net debt | € (74) | € (1,559) | € (1,692) |
Debt, cash and cash equivale_14
Debt, cash and cash equivalents and lease liabilities - Summary of Market Value of Net Debt (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||||
Total debt | € 20,250 | € 22,631 | € 24,568 | € 24,586 |
Market value | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total debt | 11,024 | 10,500 | 16,370 | |
Value on redemption | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total debt | 20,314 | 22,703 | 24,647 | |
Total debt at redemption | € 10,047 | € 8,862 | € 15,186 |
Debt, cash and cash equivale_15
Debt, cash and cash equivalents and lease liabilities - Amount of Future Undiscounted Contractual Cash Flows Relating to Debt and Derivative Instruments Designated as Hedges of Debt (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | € 21,728 | € 24,339 | € 26,708 |
Principal | 20,086 | 22,392 | 24,596 |
Interest | 1,642 | 1,947 | 2,112 |
Net cash flows related to derivative instruments | (51) | 163 | (117) |
Total | 21,677 | 24,502 | 26,591 |
2022 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 3,330 | 2,943 | 4,775 |
Principal | 3,055 | 2,622 | 4,417 |
Interest | 275 | 321 | 358 |
Net cash flows related to derivative instruments | (59) | 135 | (97) |
Total | 3,271 | 3,078 | 4,678 |
2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 3,826 | 3,019 | 2,588 |
Principal | 3,588 | 2,757 | 2,305 |
Interest | 238 | 262 | 283 |
Net cash flows related to derivative instruments | (1) | 28 | (11) |
Total | 3,825 | 3,047 | 2,577 |
2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 791 | 3,808 | 2,952 |
Principal | 601 | 3,571 | 2,710 |
Interest | 190 | 237 | 242 |
Net cash flows related to derivative instruments | 2 | 0 | (9) |
Total | 793 | 3,808 | 2,943 |
2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 1,937 | 791 | 3,862 |
Principal | 1,751 | 601 | 3,646 |
Interest | 186 | 190 | 216 |
Net cash flows related to derivative instruments | 2 | 0 | 0 |
Total | 1,939 | 791 | 3,862 |
2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 3,176 | 1,937 | 771 |
Principal | 3,011 | 1,751 | 604 |
Interest | 165 | 186 | 167 |
Net cash flows related to derivative instruments | 2 | 0 | 0 |
Total | 3,178 | 1,937 | 771 |
2027 and later | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Debt | 8,668 | 11,841 | 11,760 |
Principal | 8,080 | 11,090 | 10,914 |
Interest | 588 | 751 | 846 |
Net cash flows related to derivative instruments | 3 | 0 | 0 |
Total | € 8,671 | € 11,841 | € 11,760 |
Debt, cash and cash equivale_16
Debt, cash and cash equivalents and lease liabilities - Lease Liabilities (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Lease liabilities | € 2,108 | € 1,163 | € 1,248 | ||
Discounting effect | (228) | (148) | (218) | ||
Cambridge, Massachusetts | |||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Initial lease term | 15 years | 15 years | |||
Less than 1 year | |||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Lease liabilities | 314 | 247 | 272 | ||
From 1 to 3 years | |||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Lease liabilities | 476 | 357 | 422 | ||
From 3 to 5 years | |||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Lease liabilities | 362 | 225 | 232 | ||
More than 5 years | |||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||||
Lease liabilities | € 1,184 | € 482 | € 540 |
Liabilities related to busine_3
Liabilities related to business combinations and to non-controlling interests - Summary of Movements in Liabilities Related to Business Combinations and to Non-Controlling Interests (Details) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Oct. 30, 2019$ / shares | Dec. 31, 2018$ / shares | |||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | € 605 | € 800 | € 1,304 | ||||
Payments made | (258) | (122) | (237) | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | (4) | (35) | (46) | ||||
Other movements | (14) | (10) | (248) | ||||
Currency translation differences | 25 | (28) | 27 | ||||
New transactions | 360 | ||||||
Ending balance | 714 | 605 | 800 | ||||
Quoted market price per share of CVRs issued in connection with the acquisition of Genzyme | $ / shares | $ 0.72 | $ 0.48 | |||||
Non-current liabilities related to business combinations and to non-controlling interests | 577 | 387 | [1] | 508 | [1] | ||
Current liabilities related to business combinations and to non-controlling interests | 137 | 218 | [1] | 292 | [1] | ||
Liabilities related to non-controlling interests | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 0 | 0 | 22 | ||||
Payments made | 0 | 0 | 0 | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | 0 | 0 | 0 | ||||
Other movements | 0 | 0 | (22) | ||||
Currency translation differences | 0 | 0 | 0 | ||||
New transactions | 0 | ||||||
Ending balance | 0 | 0 | 0 | ||||
CVRs issued in connection with the acquisition of Genzyme | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 0 | 0 | 99 | ||||
Payments made | 0 | 0 | 0 | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | 0 | 0 | 49 | ||||
Other movements | 0 | 0 | (153) | ||||
Currency translation differences | 0 | 0 | 5 | ||||
New transactions | 0 | ||||||
Ending balance | 0 | 0 | 0 | ||||
Bayer contingent purchase consideration arising from the acquisition of Genzyme | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 104 | 156 | 472 | ||||
Payments made | (31) | (42) | (113) | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | (18) | 9 | (214) | ||||
Other movements | 0 | (8) | 0 | ||||
Currency translation differences | 4 | (11) | 11 | ||||
New transactions | 0 | ||||||
Ending balance | 59 | 104 | 156 | ||||
MSD contingent consideration (European vaccines business) | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 312 | 385 | 410 | ||||
Payments made | (75) | (78) | (69) | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | 26 | 9 | 38 | ||||
Other movements | 0 | 0 | 0 | ||||
Currency translation differences | 6 | (4) | 6 | ||||
New transactions | 0 | ||||||
Ending balance | 269 | 312 | 385 | ||||
Shire contingent consideration arising from the acquisition of Translate Bio | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 0 | 0 | 0 | ||||
Payments made | 0 | 0 | 0 | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | 19 | 0 | 0 | ||||
Other movements | 0 | 0 | 0 | ||||
Currency translation differences | 12 | 0 | 0 | ||||
New transactions | 323 | ||||||
Ending balance | 354 | 0 | 0 | ||||
Other | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Beginning balance | 189 | 259 | 301 | ||||
Payments made | (152) | (2) | (55) | ||||
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) | (31) | (53) | 81 | ||||
Other movements | (14) | (2) | (73) | ||||
Currency translation differences | 3 | (13) | 5 | ||||
New transactions | 37 | ||||||
Ending balance | 32 | € 189 | € 259 | ||||
Translate Bio | |||||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||||
Contingent consideration liabilities | € 382 | ||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Liabilities related to busine_4
Liabilities related to business combinations and to non-controlling interests - Additional Information (Details) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||
Fair value of contingent consideration payable | € 714 | € 605 | € 800 | € 1,304 | |
Commitments relating to contingent consideration in connection with business combinations | 689 | 1,043 | 3,503 | ||
Bayer contingent consideration | |||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||
Payment to sale of business period | 10 years | ||||
Milestone payment period | 2021 | ||||
Fair value of contingent consideration payable | € 59 | 104 | 156 | ||
Increase in fair value of liability | 1.00% | ||||
Bayer contingent consideration | Top of range | |||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||
Potentiel payments related to percentage of sales of alemtuzumab | $ | $ 1,250,000,000 | ||||
MSD contingent consideration (European vaccines business) | |||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||
Fair value of contingent consideration payable | € 269 | 312 | 385 | ||
Increase in fair value of liability | 2.00% | ||||
Fair value of contingent consideration payable | € 269 | € 312 | € 385 | € 410 | |
Shire contingent consideration | |||||
Disclosure Of Liabilities Related To Business Combinations And To Noncontrolling Interests [line items] | |||||
Increase in fair value of liability | 14.00% |
Liabilities related to busine_5
Liabilities related to business combinations and to non-controlling interests - Summary of Maximum Amount of Contingent Consideration Payable and Firm Commitments to Buy Out Non-Controlling Interests (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations | € 689 | € 1,043 | € 3,503 |
Less than 1 year | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations | 108 | ||
From 1 to 3 years | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations | 181 | ||
From 3 to 5 years | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations | 78 | ||
More than 5 years | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations | 322 | ||
Bayer contingent consideration | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations Bayer | 400 | ||
MSD contingent consideration (European vaccines business) | |||
Disclosure Of maximum amount of contingent consideration payable and firm commitments to buy out non-controlling interests [Line Items] | |||
Commitments relating to contingent consideration in connection with business combinations MSD | € 300 |
Provisions, income tax liabil_3
Provisions, income tax liabilities and other liabilities - Summary of Non Current Provisions and Other Non-current Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Provisions | € 6,430 | € 6,998 | € 7,125 | € 6,652 | ||
Other non-current liabilities | 291 | 317 | 288 | |||
Total | 6,721 | 7,315 | [1] | 7,413 | [1] | |
Non-current liabilities | € 6 | € 92 | € 10 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabil_4
Provisions, income tax liabilities and other liabilities - Summary of Movements in Non-current Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | € 6,998 | € 7,125 | € 6,652 |
Changes in scope of consolidation | 35 | 5 | (1) |
Increases in provisions | 731 | 1,482 | 1,398 |
Provisions utilized | (459) | (793) | (522) |
Reversals of unutilized provisions | (200) | (518) | (734) |
Transfers | (425) | (421) | (154) |
Net interest related to employee benefits, and unwinding of discount | 53 | 66 | 104 |
Currency translation differences | 145 | (214) | 50 |
Actuarial gains and losses on defined-benefit plans | (448) | 266 | 331 |
Ending balance | 6,430 | 6,998 | 7,125 |
Provisions for pensions and other post-employment benefits | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 3,276 | 3,599 | 3,291 |
Changes in scope of consolidation | (2) | (3) | (1) |
Increases in provisions | 247 | 256 | 262 |
Provisions utilized | (222) | (566) | (285) |
Reversals of unutilized provisions | (13) | (226) | (205) |
Transfers | (13) | 12 | 92 |
Net interest related to employee benefits, and unwinding of discount | 42 | 55 | 78 |
Currency translation differences | 80 | (117) | 35 |
Actuarial gains and losses on defined-benefit plans | (448) | 266 | 331 |
Ending balance | 2,947 | 3,276 | 3,599 |
Provisions for other long-term benefits | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 879 | 855 | 761 |
Changes in scope of consolidation | 0 | 0 | 0 |
Increases in provisions | 156 | 169 | 189 |
Provisions utilized | (122) | (109) | (102) |
Reversals of unutilized provisions | (7) | (5) | (3) |
Transfers | (3) | 0 | (3) |
Net interest related to employee benefits, and unwinding of discount | 2 | 2 | 5 |
Currency translation differences | 30 | (33) | 8 |
Actuarial gains and losses on defined-benefit plans | 0 | 0 | 0 |
Ending balance | 935 | 879 | 855 |
Restructuring provisions | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 868 | 600 | 632 |
Changes in scope of consolidation | 0 | 0 | 0 |
Increases in provisions | 67 | 688 | 393 |
Provisions utilized | (8) | (5) | (3) |
Reversals of unutilized provisions | (35) | (42) | (15) |
Transfers | (370) | (369) | (411) |
Net interest related to employee benefits, and unwinding of discount | 0 | 1 | 3 |
Currency translation differences | 2 | (5) | 1 |
Actuarial gains and losses on defined-benefit plans | 0 | 0 | 0 |
Ending balance | 524 | 868 | 600 |
Other provisions | |||
Reconciliation of changes in other provisions [abstract] | |||
Beginning balance | 1,975 | 2,071 | 1,968 |
Changes in scope of consolidation | 37 | 8 | 0 |
Increases in provisions | 261 | 369 | 554 |
Provisions utilized | (107) | (113) | (132) |
Reversals of unutilized provisions | (145) | (245) | (511) |
Transfers | (39) | (64) | 168 |
Net interest related to employee benefits, and unwinding of discount | 9 | 8 | 18 |
Currency translation differences | 33 | (59) | 6 |
Actuarial gains and losses on defined-benefit plans | 0 | 0 | 0 |
Ending balance | € 2,024 | € 1,975 | € 2,071 |
Provisions, income tax liabil_5
Provisions, income tax liabilities and other liabilities - Additional Information (Details) € in Millions | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021EUR (€)Countryageplan | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Number of major countries included in pension obligations | Country | 4 | |||||||||
Pension obligation, percentage to defined benefit liability | 88.00% | 88.00% | ||||||||
Pension obligations, percentage to plan assets | 87.00% | 87.00% | ||||||||
Employee termination benefits | € 943 | € 1,260 | € 1,125 | € 943 | € 1,260 | € 1,125 | ||||
Average residual holding periods | 1 year 11 months 8 days | 1 year 11 months 26 days | 1 year 8 months 19 days | |||||||
Non-current income tax liabilities | € 2,039 | € 1,733 | [1] | € 1,680 | [1] | € 2,039 | 1,733 | [1] | 1,680 | [1] |
Tax charge on deemed repatriation attributable to accumulated earnings payable period | 8 years | |||||||||
Liability recognized representing the estimated cost | € 960 | 894 | 974 | |||||||
Other non-current liabilities | 291 | 317 | 288 | 291 | 317 | 288 | ||||
Unused capital losses for which no deferred tax asset recognised | 459 | 459 | ||||||||
US legal restructuring | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Unused capital losses for which no deferred tax asset recognised | 2,900 | € 2,900 | ||||||||
Capital losses, carry back period | 3 years | |||||||||
Percentage of capital losses used | 33.33% | |||||||||
Later than 12 months | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Other non-current liabilities | 576 | 569 | 649 | 576 | € 569 | 649 | ||||
Evotec | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Restructuring provision | 63 | 110 | 63 | 110 | ||||||
New business model, rollout in various geographies | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Restructuring provision | 12 | € 12 | ||||||||
Other environment related provision | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Identified environmental risks provisions estimated obligation period | 30 years | |||||||||
Other provisions, expected utilized amount in 2022 | € 65 | |||||||||
Other provisions, expected utilized amount in 2023 through 2026 | 267 | |||||||||
Uncertainties over income tax treatments | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Non-current income tax liabilities | 1,463 | 1,164 | 1,031 | 1,463 | 1,164 | 1,031 | ||||
France | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Employee termination benefits | € 614 | 889 | 694 | € 614 | 889 | 694 | ||||
USA | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Number of types of defined-benefit plan | plan | 2 | |||||||||
UK | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Retirement age | age | 65 | |||||||||
Notional retirement age | age | 60 | |||||||||
UK | Bottom of range | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Vesting right percentage | 1.25% | |||||||||
UK | Top of range | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Vesting right percentage | 1.50% | |||||||||
Lump-sum retirement benefit plans | France | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 36.00% | 36.00% | ||||||||
Defined benefit pension plans | France | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 64.00% | 64.00% | ||||||||
Defined benefit pension plans | USA | Qualified defined benefit pension plans | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 55.00% | 55.00% | ||||||||
Defined benefit pension plans | USA | Non qualified defined benefit pension plans | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 12.00% | 12.00% | ||||||||
Defined benefit pension plans | UK | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 100.00% | 100.00% | ||||||||
Top-up defined-benefit pension plan | Germany | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 63.00% | 63.00% | ||||||||
Sanofi-Aventis Plus | Germany | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Employer's contribution percentage | 15.00% | |||||||||
Multi-employer plan (Pensionskasses) | Germany | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 25.00% | 25.00% | ||||||||
Employee termination benefits | € 877 | € 773 | € 694 | € 877 | € 773 | € 694 | ||||
Healthcare Cover And Life Insurance | USA | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligation, percentage to defined benefit liability | 33.00% | 33.00% | ||||||||
Employee termination benefits | € 696 | € 696 | ||||||||
Healthcare Cover And Life Insurance | USA | Plan assets | ||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||
Pension obligations, percentage to plan assets | 4.00% | 4.00% | ||||||||
Net amount shown in the balance sheet at end of period | € 42 | € 42 | ||||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabil_6
Provisions, income tax liabilities and other liabilities - Summary of Financial and Demographic Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Weighted average duration of defined benefit obligation | 10 years | ||
Minimum Plan 1 | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration of defined benefit obligation | 0 years | ||
Maximum Plan 1 | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration of defined benefit obligation | 7 years | ||
Minimum plan 2 | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration of defined benefit obligation | 7 years | ||
Maximum plan 2 | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration of defined benefit obligation | 10 years | ||
France | |||
Disclosure of defined benefit plans [line items] | |||
General inflation rate | 1.95% | 1.45% | 1.30% |
Pension benefit indexation | 1.95% | 1.45% | |
Healthcare cost inflation rate | 0.00% | 0.00% | 2.00% |
Retirement age, bottom of range | 62 years | 62 years | 62 years |
Retirement age, top of range | 67 years | 67 years | 67 years |
Weighted average duration of defined benefit obligation | 12 years | 13 years | 13 years |
France | Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 0.10% | 0.00% | 0.25% |
Pension benefit indexation | 1.25% | ||
France | Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.10% | 0.55% | 0.75% |
Pension benefit indexation | 2.25% | ||
Germany | |||
Disclosure of defined benefit plans [line items] | |||
General inflation rate | 1.95% | 1.45% | 1.30% |
Pension benefit indexation | 1.95% | 1.45% | 1.30% |
Healthcare cost inflation rate | 0.00% | 0.00% | 0.00% |
Retirement age, top of range | 62 years | 62 years | 62 years |
Weighted average duration of defined benefit obligation | 16 years | 16 years | 15 years |
Germany | Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 0.10% | 0.00% | 0.25% |
Germany | Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.10% | 0.55% | 0.75% |
USA | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.70% | 2.40% | 3.00% |
General inflation rate | 0.00% | 0.00% | 0.00% |
Pension benefit indexation | 0.00% | 0.00% | 0.00% |
Healthcare cost inflation rate | 5.52% | ||
Retirement age, bottom of range | 55 years | 55 years | 55 years |
Retirement age, top of range | 70 years | 70 years | 70 years |
Weighted average duration of defined benefit obligation | 15 years | 16 years | 14 years |
USA | Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost inflation rate | 3.50% | 3.50% | |
USA | Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost inflation rate | 4.50% | 4.50% | |
UK | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.90% | 1.35% | 2.00% |
General inflation rate | 3.30% | 2.95% | 2.85% |
Pension benefit indexation | 3.15% | 2.85% | 2.80% |
Healthcare cost inflation rate | 0.00% | 0.00% | 0.00% |
Retirement age, bottom of range | 60 years | 60 years | 60 years |
Retirement age, top of range | 65 years | 65 years | 65 years |
Weighted average duration of defined benefit obligation | 17 years | 18 years | 17 years |
Provisions, income tax liabil_7
Provisions, income tax liabilities and other liabilities - Summary of Weighted Average Duration of Obligation for Pensions and Other Long-term Benefits in Principal Countries (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Weighted average duration in main countries | 10 years | ||
France | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration in main countries | 12 years | 13 years | 13 years |
Germany | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration in main countries | 16 years | 16 years | 15 years |
USA | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration in main countries | 15 years | 16 years | 14 years |
UK | |||
Disclosure of defined benefit plans [line items] | |||
Weighted average duration in main countries | 17 years | 18 years | 17 years |
Provisions, income tax liabil_8
Provisions, income tax liabilities and other liabilities - Summary of Sensitivity for Pensions and Other Post-Employment Benefits to Changes in Key Actuarial Assumptions (Details) € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible decrease in actuarial assumption | (0.50%) |
General inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible increase in actuarial assumption | 0.50% |
Pension benefit indexation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible increase in actuarial assumption | 0.50% |
Healthcare cost inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible increase in actuarial assumption | 0.50% |
Mortality table | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible increase in mortality table (in years) | 1 year |
France | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | € 100 |
France | General inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 61 |
France | Pension benefit indexation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 67 |
France | Healthcare cost inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 0 |
France | Mortality table | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 47 |
Germany | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 275 |
Germany | General inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 359 |
Germany | Pension benefit indexation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 350 |
Germany | Healthcare cost inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 0 |
Germany | Mortality table | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 84 |
USA | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 161 |
USA | General inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 0 |
USA | Pension benefit indexation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 0 |
USA | Healthcare cost inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 15 |
USA | Mortality table | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 53 |
UK | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 296 |
UK | General inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 164 |
UK | Pension benefit indexation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 116 |
UK | Healthcare cost inflation rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | 0 |
UK | Mortality table | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Measurement of defined-benefit obligation | € 150 |
Provisions, income tax liabil_9
Provisions, income tax liabilities and other liabilities - Reconciliation of Net Amount Recognized in Respect of Pension and Other Post-employment Benefit Plans (Details) - EUR (€) € in Millions | Jan. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Actuarial losses/(gains) due to changes in financial assumptions | € 686 | € (267) | [1] | € (336) | [1] | ||
Pre-funded pension obligations | 408 | 177 | 155 | ||||
Obligations provided for | 6,430 | 6,998 | 7,125 | € 6,652 | |||
Provision, decrease in plan amendments in respect of lump-sum retirement benefits | € 231 | ||||||
UK | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Actuarial losses/(gains) due to changes in demographic assumptions | (125) | 14 | (63) | ||||
Actuarial losses/(gains) due to changes in financial assumptions | (77) | 442 | 438 | ||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) (d) | 237 | (115) | (133) | ||||
Pensions and other post-employment benefits | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Beginning of period | 3,099 | 3,444 | |||||
Current service cost | 227 | 221 | 205 | ||||
Interest (income)/cost | 42 | 55 | 78 | ||||
Plan amendments, curtailments or settlements not specified in the terms of the plan | 5 | (199) | (148) | ||||
Administration costs and taxes paid during the period | (7) | (14) | (7) | ||||
Contributions from plan members | 6 | 7 | 6 | ||||
Net obligation | 2,524 | 3,098 | 3,443 | ||||
Pre-funded pension obligations | 408 | 177 | 155 | ||||
Expense recognized directly in profit or loss | 276 | 84 | 136 | ||||
End of period | 2,539 | 3,099 | 3,444 | ||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) (d) | (685) | 266 | 331 | ||||
Expense/(gain) for the period | (409) | 350 | 467 | ||||
Pensions and other post-employment benefits | UK | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Beginning of period | 25 | 130 | |||||
Current service cost | 0 | 0 | 0 | ||||
Contributions from plan members | 0 | 0 | 0 | ||||
Pre-funded pension obligations | 220 | ||||||
Expense recognized directly in profit or loss | 6 | 5 | 0 | ||||
End of period | (215) | 25 | 130 | ||||
Remeasurement of net defined-benefit (asset)/liability (actuarial gains and losses) (d) | (236) | 115 | 133 | ||||
Pensions and other post-employment benefits | Present value of defined benefit obligation | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Beginning of period | 11,824 | 12,456 | 13,094 | 11,824 | |||
Current service cost | 227 | 221 | 205 | ||||
Interest (income)/cost | 148 | 192 | 289 | ||||
Actuarial losses/(gains) due to changes in demographic assumptions | (162) | 52 | (61) | ||||
Actuarial losses/(gains) due to changes in financial assumptions | (210) | 936 | 1,431 | ||||
Actuarial losses/(gains) due to experience adjustments | (120) | (26) | (115) | ||||
Plan amendments, curtailments or settlements not specified in the terms of the plan | (4) | (938) | (212) | ||||
Plan settlements specified in the terms of the plan | (66) | (75) | (78) | ||||
Benefits paid | (503) | (545) | (504) | ||||
Changes in scope of consolidation and transfers | (8) | (12) | 13 | ||||
Currency translation differences | 417 | (443) | 302 | ||||
End of period | 12,175 | 12,456 | 13,094 | ||||
Pensions and other post-employment benefits | Plan assets | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Beginning of period | € (8,610) | (9,358) | (9,651) | (8,610) | |||
Interest (income)/cost | (106) | (138) | (211) | ||||
Plan amendments, curtailments or settlements not specified in the terms of the plan | 9 | 739 | 64 | ||||
Plan settlements specified in the terms of the plan | 66 | 75 | 78 | ||||
Changes in scope of consolidation and transfers | 6 | 0 | 0 | ||||
Currency translation differences | (344) | 326 | (267) | ||||
Difference between actual return and interest income on plan assets | 207 | 696 | 926 | ||||
Administration costs and taxes paid during the period | (7) | (14) | (7) | ||||
Contributions from plan members | 6 | 6 | 6 | ||||
Employer’s contributions | 176 | 490 | 250 | ||||
Benefits paid | (458) | (469) | (470) | ||||
End of period | (9,651) | (9,358) | (9,651) | ||||
Pensions and other post-employment benefits | Effect of asset ceiling | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Beginning of period | 1 | 1 | |||||
End of period | 15 | 1 | 1 | ||||
Provisions for pensions and other post-employment benefits | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Obligations provided for | 2,947 | 3,276 | 3,599 | € 3,291 | |||
Provisions for pensions and other post-employment benefits | Pensions and other post-employment benefits | |||||||
Disclosure of net defined benefit liability (asset) [line items] | |||||||
Obligations provided for | € 2,947 | € 3,276 | € 3,599 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabi_10
Provisions, income tax liabilities and other liabilities - Net Liability in Respect of Pension Plans and Other Post-employment Benefits by Geographical Region (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | € 943 | € 1,260 | € 1,125 |
Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 12,175 | 12,456 | 13,094 |
Fair value of plan assets | 9,651 | 9,358 | 9,651 |
Effect of asset ceiling | (15) | (1) | (1) |
Net amount shown in the balance sheet at end of period | 2,539 | 3,099 | 3,444 |
France | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 614 | 889 | 694 |
France | Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 1,657 | 1,778 | 1,849 |
Fair value of plan assets | 838 | 906 | 956 |
Effect of asset ceiling | 0 | 0 | 0 |
Net amount shown in the balance sheet at end of period | 819 | 872 | 893 |
Germany | Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 3,576 | 3,580 | 3,470 |
Fair value of plan assets | 2,808 | 2,661 | 2,516 |
Effect of asset ceiling | 0 | 0 | 0 |
Net amount shown in the balance sheet at end of period | 768 | 919 | 954 |
USA | Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 2,099 | 2,091 | 2,948 |
Fair value of plan assets | 1,127 | 1,077 | 1,774 |
Effect of asset ceiling | 0 | 0 | 0 |
Net amount shown in the balance sheet at end of period | 972 | 1,014 | 1,174 |
UK | Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 3,414 | 3,561 | 3,388 |
Fair value of plan assets | 3,629 | 3,536 | 3,258 |
Effect of asset ceiling | 0 | 0 | 0 |
Net amount shown in the balance sheet at end of period | (215) | 25 | 130 |
Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 329 | 371 | 431 |
Other | Pensions and other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Measurement of obligation | 1,429 | 1,446 | 1,439 |
Fair value of plan assets | 1,249 | 1,178 | 1,147 |
Effect of asset ceiling | (15) | (1) | (1) |
Net amount shown in the balance sheet at end of period | € 195 | € 269 | € 293 |
Provisions, income tax liabi_11
Provisions, income tax liabilities and other liabilities - Fair Value of Plans Assets relating to Pension Plans and Other Post-employment Plans (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 86.90% | 94.80% | 87.40% |
Other securities | 13.10% | 5.20% | 12.60% |
Total | 100.00% | 100.00% | 100.00% |
Cash and cash equivalents | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 0.70% | 3.50% | 1.80% |
Equity instruments | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 25.00% | 24.80% | 22.60% |
Bonds and similar instruments | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 53.80% | 59.90% | 55.80% |
Real estate | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 4.00% | 3.40% | 3.80% |
Commodities | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 1.00% | 0.90% | 0.90% |
Other | |||
Disclosure of fair value of plan assets [line items] | |||
Securities quoted in an active market | 2.40% | 2.30% | 2.50% |
Hedge funds | |||
Disclosure of fair value of plan assets [line items] | |||
Other securities | 0.00% | 0.40% | 0.00% |
Insurance policies | |||
Disclosure of fair value of plan assets [line items] | |||
Other securities | 13.10% | 4.80% | 12.60% |
Provisions, income tax liabi_12
Provisions, income tax liabilities and other liabilities - Service Cost for Pension and Other post-employment Benefit Plans, by Geographical Region (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
France | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | € (106) | € 23 | € 42 |
Germany | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (113) | 121 | (5) |
USA | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (156) | 22 | 148 |
UK | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | (237) | 115 | 133 |
Pensions and other post-employment benefits | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 227 | 221 | 205 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 5 | (199) | (148) |
Net interest cost/(income) including administration costs and taxes paid during the period | 49 | 69 | 86 |
Contributions from plan members | (6) | (7) | (6) |
Expense/(gain) recognized directly in profit or loss | 276 | 84 | 136 |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 685 | (266) | (331) |
Expense/(gain) for the period | (409) | 350 | 467 |
Pensions and other post-employment benefits | France | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 72 | 65 | 68 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 2 | (87) | (146) |
Net interest cost/(income) including administration costs and taxes paid during the period | 5 | 7 | 16 |
Contributions from plan members | 0 | 0 | 0 |
Expense/(gain) recognized directly in profit or loss | 80 | (15) | (62) |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 106 | (23) | (42) |
Expense/(gain) for the period | (26) | 8 | (20) |
Pensions and other post-employment benefits | Germany | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 47 | 49 | 42 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 0 | 10 | 13 |
Net interest cost/(income) including administration costs and taxes paid during the period | 5 | 13 | 17 |
Contributions from plan members | 0 | 0 | 0 |
Expense/(gain) recognized directly in profit or loss | 52 | 72 | 72 |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 113 | (121) | 4 |
Expense/(gain) for the period | (61) | 193 | 68 |
Pensions and other post-employment benefits | USA | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 57 | 51 | 42 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 0 | (123) | (12) |
Net interest cost/(income) including administration costs and taxes paid during the period | 27 | 34 | 40 |
Contributions from plan members | 0 | 0 | 0 |
Expense/(gain) recognized directly in profit or loss | 84 | (38) | 70 |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 157 | (22) | (148) |
Expense/(gain) for the period | (73) | (16) | 218 |
Pensions and other post-employment benefits | UK | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 0 | 0 | 0 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 3 | 0 | (2) |
Net interest cost/(income) including administration costs and taxes paid during the period | 3 | 5 | 2 |
Contributions from plan members | 0 | 0 | 0 |
Expense/(gain) recognized directly in profit or loss | 6 | 5 | 0 |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 236 | (115) | (133) |
Expense/(gain) for the period | (230) | 120 | 133 |
Pensions and other post-employment benefits | Other | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 51 | 56 | 53 |
(Gains)/losses related to plan amendments, curtailments or settlements not specified in the terms of the plan | 0 | 1 | (1) |
Net interest cost/(income) including administration costs and taxes paid during the period | 9 | 10 | 11 |
Contributions from plan members | (6) | (7) | (6) |
Expense/(gain) recognized directly in profit or loss | 54 | 60 | 56 |
Remeasurement of net defined-benefit (asset)/ liability (actuarial gains and losses) | 73 | 15 | (12) |
Expense/(gain) for the period | € (19) | € 45 | € 68 |
Provisions, income tax liabi_13
Provisions, income tax liabilities and other liabilities - Remeasurement of Net Defined-benefit (Asset)/Liability (Actuarial Gains and Losses) (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of defined benefit plans [line items] | |||||
Gains/(losses) on financial assumptions | € (686) | € 267 | [1] | € 336 | [1] |
France | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial gains/(losses) arising during the period | 106 | (23) | (42) | ||
Gains/(losses) on experience adjustments | 60 | 28 | 145 | ||
Gains/(losses) on demographic assumptions | 0 | 9 | 0 | ||
Gains/(losses) on financial assumptions | 46 | (60) | (187) | ||
Germany | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial gains/(losses) arising during the period | 113 | (121) | 5 | ||
Gains/(losses) on experience adjustments | 182 | 76 | 331 | ||
Gains/(losses) on demographic assumptions | 0 | 0 | 0 | ||
Gains/(losses) on financial assumptions | (69) | (197) | (326) | ||
USA | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial gains/(losses) arising during the period | 156 | (22) | (148) | ||
Gains/(losses) on experience adjustments | 23 | 214 | 210 | ||
Gains/(losses) on demographic assumptions | 51 | (42) | 0 | ||
Gains/(losses) on financial assumptions | 82 | (194) | (358) | ||
UK | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial gains/(losses) arising during the period | 237 | (115) | (133) | ||
Gains/(losses) on experience adjustments | 35 | 341 | 242 | ||
Gains/(losses) on demographic assumptions | 125 | (14) | 63 | ||
Gains/(losses) on financial assumptions | € 77 | € (442) | € (438) | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabi_14
Provisions, income tax liabilities and other liabilities - Summary of Net Pre-tax Actuarial Loss (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Net pre-tax actuarial loss | € (2,738) | € (3,423) | € (3,160) |
Provisions, income tax liabi_15
Provisions, income tax liabilities and other liabilities - Summary of Present Value of Pension and Other Post Employment Benefits (Details) - Pensions and other post-employment benefits - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Net defined benefit liability (asset) | € 2,539 | € 3,099 | € 3,444 | |
Present value of defined benefit obligation | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Net defined benefit liability (asset) | 12,175 | 12,456 | 13,094 | € 11,824 |
Wholly or partly funded defined benefit plans | Present value of defined benefit obligation | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Net defined benefit liability (asset) | 11,069 | 11,322 | 11,829 | |
Wholly unfunded defined benefit plans | Present value of defined benefit obligation | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Net defined benefit liability (asset) | € 1,106 | € 1,134 | € 1,265 |
Provisions, income tax liabi_16
Provisions, income tax liabilities and other liabilities - Total Expense for Pensions and Other Post-employment Benefits Allocated between Income Statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of defined benefit plans [line items] | |||||
Cost of sales | € 12,255 | € 12,159 | [1] | € 11,979 | [1] |
Research and development expenses | 5,692 | 5,530 | [1] | 6,020 | [1] |
Selling and general expenses | 9,555 | 9,391 | [1] | 9,884 | [1] |
Other operating (income)/expenses, net | 1,373 | 926 | 633 | ||
Financial expenses | 368 | 388 | [1] | 440 | [1] |
Pensions and other post-employment benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Cost of sales | 77 | 77 | 70 | ||
Research and development expenses | 65 | 63 | 30 | ||
Selling and general expenses | 87 | 88 | 104 | ||
Other operating (income)/expenses, net | (1) | (140) | (109) | ||
Restructuring costs | 6 | (59) | (37) | ||
Financial expenses | 42 | 55 | 78 | ||
Total | € 276 | € 84 | € 136 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabi_17
Provisions, income tax liabilities and other liabilities - Estimated Amounts of Employer's Contributions to Plan Assets (Details) - 2022 € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 49 |
France | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 0 |
Germany | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 0 |
USA | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 0 |
UK | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 4 |
Other | |
Disclosure of fair value of plan assets [line items] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 45 |
Provisions, income tax liabi_18
Provisions, income tax liabilities and other liabilities - Expected Timing of Benefit Payments under Pension and Other Post-employment Benefit Plans (Details) € in Millions | Dec. 31, 2021EUR (€) |
2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | € 566 |
2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 538 |
2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 553 |
2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 568 |
2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 572 |
2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 3,086 |
France | 2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 93 |
France | 2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 65 |
France | 2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 72 |
France | 2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 76 |
France | 2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 77 |
France | 2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 487 |
Germany | 2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 186 |
Germany | 2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 189 |
Germany | 2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 194 |
Germany | 2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 197 |
Germany | 2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 199 |
Germany | 2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 992 |
USA | 2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 106 |
USA | 2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 98 |
USA | 2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 97 |
USA | 2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 99 |
USA | 2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 92 |
USA | 2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 469 |
UK | 2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 126 |
UK | 2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 130 |
UK | 2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 134 |
UK | 2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 139 |
UK | 2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 143 |
UK | 2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 788 |
Other | 2022 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 55 |
Other | 2023 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 56 |
Other | 2024 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 56 |
Other | 2025 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 57 |
Other | 2026 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | 61 |
Other | 2027 to 2029 | |
Disclosure of defined benefit plans [line items] | |
Estimated future benefit payments under pension and other post-employment benefit plans | € 350 |
Provisions, income tax liabi_19
Provisions, income tax liabilities and other liabilities - Timing of Future Payments in Respect of Unfunded Pension and Other Post-employment Benefit Plans (Details) € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of defined benefit plans [line items] | |
Estimated payments | € 1,106 |
Less than 1 year | |
Disclosure of defined benefit plans [line items] | |
Estimated payments | 60 |
From 1 to 3 years | |
Disclosure of defined benefit plans [line items] | |
Estimated payments | 105 |
From 3 to 5 years | |
Disclosure of defined benefit plans [line items] | |
Estimated payments | 106 |
More than 5 years | |
Disclosure of defined benefit plans [line items] | |
Estimated payments | € 835 |
Provisions, income tax liabi_20
Provisions, income tax liabilities and other liabilities - Movements in Restructuring Provisions Classified in Non-current and Current Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disclosure of Restructuring Provisions [line items] | |||||||
Balance, beginning of period | [1] | € 7,315 | € 7,413 | ||||
Of which: | |||||||
Classified in current liabilities | 594 | 631 | € 790 | ||||
Provisions utilized | (459) | (793) | (522) | ||||
Transfers | (425) | (421) | (154) | ||||
Currency translation differences | 145 | (214) | 50 | ||||
Balance, end of period | 6,721 | 7,315 | [1] | 7,413 | [1] | ||
Restructuring Provision | |||||||
Disclosure of Restructuring Provisions [line items] | |||||||
Balance, beginning of period | 1,499 | 1,390 | 1,572 | ||||
Of which: | |||||||
Classified in non-current liabilities | 524 | 868 | 600 | € 632 | |||
Classified in current liabilities | 594 | 631 | 790 | € 940 | |||
Change in provisions recognized in profit or loss for the period | 183 | 767 | 760 | ||||
Provisions utilized | (571) | (663) | (897) | ||||
Transfers | 1 | 20 | (51) | ||||
Unwinding of discount | 0 | 1 | 3 | ||||
Currency translation differences | 6 | (16) | 3 | ||||
Balance, end of period | € 1,118 | € 1,499 | € 1,390 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Provisions, income tax liabi_21
Provisions, income tax liabilities and other liabilities - Timing of Future Termination Benefit Payments (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | € 943 | € 1,260 | € 1,125 |
Less than 1 year | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 476 | 490 | 657 |
From 1 to 3 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 394 | 606 | 347 |
From 3 to 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 67 | 142 | 116 |
More than 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 6 | 22 | 5 |
France | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 614 | 889 | 694 |
France | Less than 1 year | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 269 | 295 | 314 |
France | From 1 to 3 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 288 | 457 | 268 |
France | From 3 to 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 53 | 124 | 110 |
France | More than 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 4 | 13 | 2 |
Other | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 329 | 371 | 431 |
Other | Less than 1 year | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 207 | 195 | 343 |
Other | From 1 to 3 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 106 | 149 | 79 |
Other | From 3 to 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | 14 | 18 | 6 |
Other | More than 5 years | |||
Disclosure of defined benefit plans [line items] | |||
Employee termination benefits | € 2 | € 9 | € 3 |
Provisions, income tax liabi_22
Provisions, income tax liabilities and other liabilities - Summary of Other Provisions (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of other provisions [abstract] | |||
Environmental risks | € 650 | € 713 | € 737 |
Product liability risks, litigation and other | 1,374 | 1,262 | 1,334 |
Total | € 2,024 | € 1,975 | € 2,071 |
Provisions, income tax liabi_23
Provisions, income tax liabilities and other liabilities - Current Provisions and Other Current Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | |||||
Taxes payable, other than corporate income taxes | € 428 | € 347 | € 361 | ||
Employee-related liabilities | 2,126 | 2,042 | 1,978 | ||
Restructuring provisions | 594 | 631 | 790 | ||
Interest rate derivatives | 1 | 0 | 2 | ||
Currency derivatives | 62 | 205 | 87 | ||
Equity derivatives | 16 | 0 | 0 | ||
Amounts payable for acquisitions of non-current assets | 559 | 467 | 413 | ||
Customer contract liabilities | 319 | 252 | 0 | ||
Other current liabilities | 7,112 | 6,188 | 6,072 | ||
Total | € 11,217 | € 10,132 | [1] | 9,703 | [1] |
Litigation amount payable | € 315 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Derivative financial instrume_3
Derivative financial instruments and market risks - Summary of Fair Value of Derivative Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | € 3 | € 24 | € 37 |
Current assets | 295 | ||
Total assets | 298 | ||
Non-current liabilities | (6) | (92) | (10) |
Current liabilities | (79) | ||
Total liabilities | (85) | ||
Market value | 213 | (215) | 126 |
Currency derivatives | |||
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | 0 | ||
Current assets | 284 | ||
Total assets | 284 | ||
Non-current liabilities | 0 | ||
Current liabilities | (62) | ||
Total liabilities | (62) | ||
Market value | 222 | (209) | 103 |
operating | |||
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | 0 | ||
Current assets | 33 | ||
Total assets | 33 | ||
Non-current liabilities | 0 | ||
Current liabilities | (23) | ||
Total liabilities | (23) | ||
Market value | 10 | 7 | (15) |
financial | |||
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | 0 | ||
Current assets | 251 | ||
Total assets | 251 | ||
Non-current liabilities | 0 | ||
Current liabilities | (39) | ||
Total liabilities | (39) | ||
Market value | 212 | (216) | 118 |
Interest rate derivatives | |||
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | 3 | ||
Current assets | 11 | ||
Total assets | 14 | ||
Non-current liabilities | (6) | ||
Current liabilities | (1) | ||
Total liabilities | (7) | ||
Market value | 7 | 20 | 27 |
Equity derivatives | |||
Disclosure of Credit Risk Exposure [Line Items] | |||
Non-current assets | 0 | ||
Current assets | 0 | ||
Total assets | 0 | ||
Non-current liabilities | 0 | ||
Current liabilities | (16) | ||
Total liabilities | (16) | ||
Market value | € (16) | € (26) | € (4) |
Derivative financial instrume_4
Derivative financial instruments and market risks - Summary of Operating Currency Hedging Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Notional amount | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | € 6,286 | € 5,409 | € 5,207 |
Notional amount | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 3,912 | 3,477 | 3,372 |
Notional amount | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 1,392 | 1,367 | 1,186 |
Notional amount | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 665 | 521 | 447 |
Notional amount | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 355 | 287 | 410 |
Notional amount | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 199 | 143 | |
Notional amount | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 122 | ||
Notional amount | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 121 | ||
Notional amount | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 184 | ||
Notional amount | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 133 | ||
Notional amount | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 2,374 | 1,932 | 1,835 |
Notional amount | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 833 | 580 | 602 |
Notional amount | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 696 | 571 | 525 |
Notional amount | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 255 | 286 | 130 |
Notional amount | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 77 | 60 | |
Notional amount | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 72 | 61 | 49 |
Notional amount | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 55 | ||
Notional amount | Cash flow hedges | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Notional amount | Cash flow hedges | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Notional amount | Cash flow hedges | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Notional amount | Cash flow hedges | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Notional amount | Cash flow hedges | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Notional amount | Cash flow hedges | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Notional amount | Cash flow hedges | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Notional amount | Cash flow hedges | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Notional amount | Not eligible for hedge accounting | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 6,286 | 5,409 | 5,207 |
Notional amount | Not eligible for hedge accounting | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 3,912 | 3,477 | 3,372 |
Notional amount | Not eligible for hedge accounting | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 1,392 | 1,367 | 1,186 |
Notional amount | Not eligible for hedge accounting | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 665 | 521 | 447 |
Notional amount | Not eligible for hedge accounting | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 355 | 287 | 410 |
Notional amount | Not eligible for hedge accounting | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 199 | 143 | |
Notional amount | Not eligible for hedge accounting | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 122 | ||
Notional amount | Not eligible for hedge accounting | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 121 | ||
Notional amount | Not eligible for hedge accounting | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 184 | ||
Notional amount | Not eligible for hedge accounting | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 133 | ||
Notional amount | Not eligible for hedge accounting | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 2,374 | 1,932 | 1,835 |
Notional amount | Not eligible for hedge accounting | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 833 | 580 | 602 |
Notional amount | Not eligible for hedge accounting | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 696 | 571 | 525 |
Notional amount | Not eligible for hedge accounting | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 255 | 286 | 130 |
Notional amount | Not eligible for hedge accounting | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 77 | 60 | |
Notional amount | Not eligible for hedge accounting | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 72 | 61 | 49 |
Notional amount | Not eligible for hedge accounting | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 55 | ||
Fair value | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 10 | 7 | (15) |
Fair value | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 4 | 7 | (10) |
Fair value | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 5 | 10 | 3 |
Fair value | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (2) | 2 | 0 |
Fair value | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | (1) | 0 |
Fair value | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 3 | 1 | |
Fair value | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | ||
Fair value | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (3) | ||
Fair value | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 1 | ||
Fair value | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 6 | 0 | (5) |
Fair value | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (2) | (1) | (6) |
Fair value | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 7 | (1) | 1 |
Fair value | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 1 | 0 |
Fair value | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Fair value | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | 0 | 0 |
Fair value | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Cash flow hedges | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Fair value | Cash flow hedges | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Cash flow hedges | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Cash flow hedges | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Cash flow hedges | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Cash flow hedges | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Fair value | Cash flow hedges | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Fair value | Cash flow hedges | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Not eligible for hedge accounting | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 10 | 7 | (15) |
Fair value | Not eligible for hedge accounting | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 4 | 7 | (10) |
Fair value | Not eligible for hedge accounting | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 5 | 10 | 3 |
Fair value | Not eligible for hedge accounting | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (2) | 2 | 0 |
Fair value | Not eligible for hedge accounting | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | (1) | 0 |
Fair value | Not eligible for hedge accounting | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 3 | 1 | |
Fair value | Not eligible for hedge accounting | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | ||
Fair value | Not eligible for hedge accounting | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Fair value | Not eligible for hedge accounting | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (3) | ||
Fair value | Not eligible for hedge accounting | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 1 | ||
Fair value | Not eligible for hedge accounting | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 6 | 0 | (5) |
Fair value | Not eligible for hedge accounting | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (2) | (1) | (6) |
Fair value | Not eligible for hedge accounting | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 7 | (1) | 1 |
Fair value | Not eligible for hedge accounting | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 1 | 0 |
Fair value | Not eligible for hedge accounting | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Fair value | Not eligible for hedge accounting | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | (1) | 0 | 0 |
Fair value | Not eligible for hedge accounting | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Of which recognized in equity | Cash flow hedges | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency sales | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency sales in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency sales in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency sales in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency sales in Japanese Yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Of which recognized in equity | Cash flow hedges | Forward currency sales in Taiwan Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Of which recognized in equity | Cash flow hedges | Forward currency sales In Mexican Peso | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Of which recognized in equity | Cash flow hedges | Forward currency sales in Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Of which recognized in equity | Cash flow hedges | Forward currency sales in Saudi Riyal | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | ||
Of which recognized in equity | Cash flow hedges | Forward currency purchases | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency purchases in US Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency purchases in Singapore Dollar | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency purchases in Chinese Yuan Renminbi | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | Forward currency purchases in Hungarian Forint | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | 0 | 0 | |
Of which recognized in equity | Cash flow hedges | Forward currency purchases In Russian Rouble | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | € 0 | 0 | € 0 |
Of which recognized in equity | Cash flow hedges | Forward currency purchases In Japanese yen | |||
Disclosure of Information about Credit Exposures Designated as Measured at Fair Value Through Profit or Loss [Line Items] | |||
Operating currency hedging instruments in place | € 0 |
Derivative financial instrume_5
Derivative financial instruments and market risks - Disclosure of Financial Currency Hedging Instruments in Place with Notional Amount Translated (Details) € in Millions, R$ in Millions, $ in Millions, $ in Millions, Ft in Billions | 12 Months Ended | ||||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021HUF (Ft) | Dec. 31, 2021BRL (R$) | Dec. 31, 2021SGD ($) | |||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Derivative financial assets | € 298 | ||||||||
Derivative financial liabilities | 85 | ||||||||
Change in fair value of cash flow hedges | (6) | € 4 | [1] | € (13) | [1] | ||||
Forward currency sales in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | $ | $ 3,615 | ||||||||
Derivative financial assets | 20 | ||||||||
Forward currency sales in Hungarian Forint | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | Ft | Ft 279 | ||||||||
Derivative financial assets | 2 | ||||||||
Forward currency sales in Brazilian Real | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | R$ | R$ 600 | ||||||||
Derivative financial liabilities | 3 | ||||||||
Forward currency purchases in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | $ | 550 | ||||||||
Derivative financial assets | 19 | ||||||||
Change in fair value of cash flow hedges | 0.1 | ||||||||
Forward currency purchases in Singapore Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | $ | $ 1,000 | ||||||||
Derivative financial assets | 20 | ||||||||
Change in fair value of cash flow hedges | 1.5 | ||||||||
Currency swaps in USD to EUR | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Notional amount of forward sales | $ | $ 1,000 | ||||||||
Derivative financial assets | € 23 | ||||||||
Currency swaps, percentage received | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | ||||
Currency Swaps, percentage paid | (0.63%) | (0.63%) | (0.63%) | (0.63%) | (0.63%) | ||||
Notional amount | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | € 16,948 | 14,068 | 19,481 | ||||||
Notional amount | Forward currency sales | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 7,655 | 5,064 | 8,513 | ||||||
Notional amount | Forward currency purchases | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 9,293 | 9,004 | 10,968 | ||||||
Notional amount | Less than 1 year | Forward currency sales in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 5,384 | 3,721 | 6,330 | ||||||
Notional amount | Less than 1 year | Forward currency sales in Hungarian Forint | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 756 | 13 | 93 | ||||||
Notional amount | Less than 1 year | Forward currency sales in Brazilian Real | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 95 | 0 | 16 | ||||||
Notional amount | Less than 1 year | Forward currency purchases in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 4,816 | 6,068 | 7,363 | ||||||
Notional amount | Less than 1 year | Forward currency purchases in Singapore Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 2,910 | 2,250 | 2,332 | ||||||
Notional amount | Less than 1 year | Forward currency purchases in Hungarian Forint | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 865 | 9 | 29 | ||||||
Fair value | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 212 | (216) | 118 | ||||||
Fair value | Forward currency sales | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 15 | 10 | 40 | ||||||
Fair value | Forward currency purchases | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 197 | (226) | 78 | ||||||
Fair value | Less than 1 year | Forward currency sales in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 23 | 20 | 51 | ||||||
Fair value | Less than 1 year | Forward currency sales in Hungarian Forint | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 4 | 0 | |||||||
Fair value | Less than 1 year | Forward currency sales in Brazilian Real | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | (3) | 0 | 0 | ||||||
Fair value | Less than 1 year | Forward currency purchases in US Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 128 | (200) | 42 | ||||||
Fair value | Less than 1 year | Forward currency purchases in Singapore Dollar | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | 75 | (27) | 32 | ||||||
Fair value | Less than 1 year | Forward currency purchases in Hungarian Forint | |||||||||
Disclosure of Information about Terms and Conditions of Hedging Instruments and How They Affect Future Cash Flows [Line Items] | |||||||||
Financial currency hedging instruments in place | € (5) | € 0 | |||||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Derivative financial instrume_6
Derivative financial instruments and market risks - Disclosure of Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 3,579 | € 2,699 | € 3,591 |
Nominal value of interest rate swaps hedge fixed-rate bonds | 6,286 | 5,409 | 5,207 |
Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,979 | 2,099 | 2,545 |
Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 600 | 600 | 1,046 |
Nominal value of interest rate swaps hedge fixed-rate bonds | 0 | 0 | 0 |
Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,642 | 0 | 892 |
Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 57 | 2,642 | 0 |
Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 57 | |
Notional amount | 2 to 3 years | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,642 | ||
Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 57 |
Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 0 |
Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 880 | 0 | |
Notional amount | More than 5 years | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 7 | 20 | 27 |
Nominal value of interest rate swaps hedge fixed-rate bonds | 10 | 7 | (15) |
Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 6 | 19 | 26 |
Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 1 | 1 | 1 |
Nominal value of interest rate swaps hedge fixed-rate bonds | 0 | 0 | 0 |
Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 1 | 3 |
Nominal value of interest rate swaps hedge fixed-rate bonds | € 0 | € 0 | € 0 |
Interest rate swaps pay capitalized Eonia / receive 0.06% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 0.06% | 0.06% | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 2,000 | € 600 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 600 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 600 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 10 | 3 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 10 | 0 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 3 | |
Interest rate swaps pay capitalized Eonia / receive 0.06% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | € 3 | |
Interest rate swaps pay -0.57% / receive capitalized Eonia | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | (0.57%) | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 600 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 600 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 600 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 1 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 1 | ||
Interest rate swaps pay -0.57% / receive capitalized Eonia | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 1.03% | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 440 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 440 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 440 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | (5) | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized USD SOFR / receive 1.03% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 1.32% | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 440 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 440 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 440 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 3 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 3 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest Rate Swaps Pay Capitalized USD SOFR / Receive 1.32% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | ||
Interest rate swaps receive capitalized Eonia / pay 1.48% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 1.48% | 1.48% | 1.48% |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 99 | € 99 | € 99 |
Nominal value of interest rate swaps hedge fixed-rate bonds | 99 | 99 | 99 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 99 | 99 | 99 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 42 | 0 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 57 | 42 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 57 | 42 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 57 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | (3) | (4) | (6) |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | (3) | (4) | (6) |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | 0 |
Interest rate swaps receive capitalized Eonia / pay 1.48% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | € 0 | € 0 |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 1.81% | 1.81% | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 2,000 | € 446 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 446 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 446 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 23 | (2) | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 23 | 0 | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | (2) | |
Interest rate swaps pay 1.81% / receive 3-month US dollar Libor | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 | € 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 2.22% | 2.22% | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 600 | € 446 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 446 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 600 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 446 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 600 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 1 | 4 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | 4 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 1 | 0 | |
Interest rate swaps pay 3-month US dollar Libor / receive 2.22% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 1 | € 0 | |
Interest rate swaps pay capitalized Eonia / receive 1.58% | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate | 1.58% | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 2,000 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | Less than 1 year | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | 1 to 2 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | 2 to 3 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 2,000 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | 3 to 4 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | 4 to 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Notional amount | More than 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Fair value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 28 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Fair value | Derivatives designated as fair value hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 28 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Fair value | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | 0 | ||
Interest rate swaps pay capitalized Eonia / receive 1.58% | Of which recognized in equity | Cash flow hedges | |||
Disclosure of detailed information about financial instruments [line items] | |||
Currency and interest rate derivatives | € 0 |
Derivative financial instrume_7
Derivative financial instruments and market risks - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial instruments designated as hedging instruments, at fair value | € (126) | € (213) | € 215 |
Equity derivatives | |||
Disclosure of detailed information about financial instruments [line items] | |||
Shares in derivative instrument (in shares) | 593,712 | ||
Financial instruments designated as hedging instruments, at fair value | € 4 | € 16 | € 26 |
Derivative financial instrume_8
Derivative financial instruments and market risks - Disclosure of Actual or Potential Effects of Netting Arrangements (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative financial assets | |||
Disclosure of Offsetting of Financial Assets and Liabilities [line items] | |||
Gross carrying amounts before offset | € 298 | € 82 | € 225 |
Gross amounts offset (in accordance with IAS 32) | 0 | 0 | 0 |
Net amounts as reported in the balance sheet | 298 | 82 | 225 |
Net exposure | 231 | 1 | 136 |
Derivative financial assets | Effects of other netting arrangements not fulfilling the IAS 32 criteria for offsetting | |||
Disclosure of Offsetting of Financial Assets and Liabilities [line items] | |||
Fair value of financial collateral | 0 | ||
Financial instruments | (67) | (81) | (89) |
Derivative financial liabilities | |||
Disclosure of Offsetting of Financial Assets and Liabilities [line items] | |||
Gross carrying amounts before offset | (85) | (297) | (99) |
Gross amounts offset (in accordance with IAS 32) | 0 | 0 | 0 |
Net amounts as reported in the balance sheet | (85) | (297) | (99) |
Net exposure | (18) | (216) | (10) |
Derivative financial liabilities | Effects of other netting arrangements not fulfilling the IAS 32 criteria for offsetting | |||
Disclosure of Offsetting of Financial Assets and Liabilities [line items] | |||
Fair value of financial collateral | 0 | ||
Financial instruments | € 67 | € 81 | € 89 |
Off balance sheet commitments -
Off balance sheet commitments - Summary of Off Balance Sheet Commitments Relating to Operating Activities (Details) € in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018lease | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | |
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced | € 109 | € 950 | |
Irrevocable purchase commitments given | 8,901 | ||
Irrevocable purchase commitments received | (1,124) | ||
Research and development license agreements - commitments related to R&D and other commitments | 536 | 500 | |
Research and development license agreements - contingent milestone payments in connection with development programs in progress | 2,892 | 2,456 | |
Total - net contributions given | 11,314 | ||
Commitments related to research and development relating to projects in research phase | 6,700 | 6,700 | |
Commitments related to research and development payments contingent upon attainment of sales targets | 8,100 | 8,100 | |
Cumulative development costs incurred | 7,600 | ||
Commitments related to collaboration, discovery, development and commercialization agreements | 5,800 | 2,700 | |
Commitments related to attainment of regulatory and sales milestones for commercialized products | 4,200 | 1,600 | |
Cambridge, Massachusetts | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Number of lease agreements signed | lease | 2 | ||
Less than 1 year | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced | 39 | ||
Irrevocable purchase commitments given | 5,343 | ||
Irrevocable purchase commitments received | (366) | ||
Research and development license agreements - commitments related to R&D and other commitments | 254 | ||
Research and development license agreements - contingent milestone payments in connection with development programs in progress | 237 | ||
Total - net contributions given | 5,507 | ||
From 1 to 3 years | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced | 16 | ||
Irrevocable purchase commitments given | 1,784 | ||
Irrevocable purchase commitments received | (442) | ||
Research and development license agreements - commitments related to R&D and other commitments | 169 | ||
Research and development license agreements - contingent milestone payments in connection with development programs in progress | 1,139 | ||
Total - net contributions given | 2,666 | ||
From 3 to 5 years | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced | 18 | ||
Irrevocable purchase commitments given | 685 | ||
Irrevocable purchase commitments received | (166) | ||
Research and development license agreements - commitments related to R&D and other commitments | 77 | ||
Research and development license agreements - contingent milestone payments in connection with development programs in progress | 451 | ||
Total - net contributions given | 1,065 | ||
More than 5 years | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Leases with a term of less than 12 months, low value asset leases and lease contracts committed but not yet commenced | 36 | ||
Irrevocable purchase commitments given | 1,089 | ||
Irrevocable purchase commitments received | (150) | ||
Research and development license agreements - commitments related to R&D and other commitments | 36 | ||
Research and development license agreements - contingent milestone payments in connection with development programs in progress | 1,065 | ||
Total - net contributions given | 2,076 | ||
Suppliers | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Irrevocable purchase commitments given | 7,153 | ||
Irrevocable purchase commitments received | 608 | ||
Joint ventures | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Irrevocable purchase commitments given | € 987 | ||
Regeneron Pharmaceuticals, INC | Antibodies collaboration agreement | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Maximum additional profit-share, in percentage of Regeneron's quarterly profit | 10.00% | ||
Percentage of cumulative development costs reimbursed | 50.00% | ||
Commitments received for development costs | € 2,900 | 2,600 | |
Sanofi Belgium | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Commitments related to collaboration, discovery, development and commercialization agreements | 1,000 | € 1,100 | |
Kymab | |||
Disclosure Of Off Balance Sheet Commitments [Line Items] | |||
Commitments related to collaboration, discovery, development and commercialization agreements | € 500 |
Off balance sheet commitments_2
Off balance sheet commitments - Additional Information (Details) € in Millions, $ in Millions | Dec. 21, 2021USD ($) | Nov. 18, 2021USD ($) | Aug. 10, 2020USD ($) | Feb. 27, 2017EUR (€) | Jan. 31, 2021USD ($) | Dec. 31, 2016target | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 03, 2021EUR (€) | Jul. 06, 2021USD ($) | Apr. 09, 2021USD ($) | Apr. 08, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Feb. 28, 2014 |
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Total credit facilities | € | € 8,000 | € 8,000 | € 8,000 | |||||||||||||
Commitments received in respect of disposals proceeds receivable and contingent consideration on divestments | $ 800 | $ 600 | ||||||||||||||
World Health Organization | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Percentage of pandemic vaccines agreed to transfer | 7.50% | |||||||||||||||
Percentage of pandemic vaccines agreed to reserve | 7.50% | |||||||||||||||
Joint ventures | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Percentage of future development expense funded by other party | 5000.00% | |||||||||||||||
Biond Biologics | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Upfront payment | $ 125 | |||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 1,000 | |||||||||||||||
Kymab | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 350 | |||||||||||||||
Tidal Therapeutics | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 310 | |||||||||||||||
Eureka Therapeutics and Memorial Sloan Kettering Cancer Center | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 1,000 | |||||||||||||||
Owkin | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Upfront payment | $ 90 | |||||||||||||||
Upfront payments, period | 3 years | |||||||||||||||
Origimm | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | € | € 95 | |||||||||||||||
Kymera | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Upfront payment | $ 150 | |||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 2,200 | |||||||||||||||
Dice Molecules | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Collaboration period | 5 years | |||||||||||||||
Targets that encompass all diseases areas | target | 12 | |||||||||||||||
Lonza | Joint ventures | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Investments in joint ventures | € | € 300 | |||||||||||||||
Percentage of future development expense funded by company | 50.00% | |||||||||||||||
Amounts payable partners in collaboration agreements | € | € 700 | |||||||||||||||
Share of operating expenses and cost of production to joint partner payable period | 15 years | |||||||||||||||
Amunix Pharmaceuticals, Inc | ||||||||||||||||
Provisions and other non-current liabilities [Line Items] | ||||||||||||||||
Upfront payment | $ 1,000 | |||||||||||||||
Commitments related to milestone payments for projects under collaboration agreements | $ 225 |
Off balance sheet commitments_3
Off balance sheet commitments - Summary of Undrawn Credit Facilities (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Line of Credit Facility [Line Items] | |||
General-purpose credit facilities | € 8,000 | € 8,000 | € 8,000 |
Less than 1 year | |||
Disclosure Of Line of Credit Facility [Line Items] | |||
General-purpose credit facilities | 4,000 | ||
From 1 to 3 years | |||
Disclosure Of Line of Credit Facility [Line Items] | |||
General-purpose credit facilities | 0 | ||
From 3 to 5 years | |||
Disclosure Of Line of Credit Facility [Line Items] | |||
General-purpose credit facilities | 4,000 | ||
More than 5 years | |||
Disclosure Of Line of Credit Facility [Line Items] | |||
General-purpose credit facilities | € 0 |
Off balance sheet commitments_4
Off balance sheet commitments - Summary of Amount of Guarantees Given and Received (Details) - EUR (€) € in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantees received | |||
Disclosure of Guarantees [Line Items] | |||
Estimated financial effect of contingent liabilities | € 1,149 | € 964 | € 703 |
Guarantees given | |||
Disclosure of Guarantees [Line Items] | |||
Estimated financial effect of contingent liabilities | 3,794 | 3,291 | 3,103 |
Guarantees provided to banks in connection with credit facilities | |||
Disclosure of Guarantees [Line Items] | |||
Estimated financial effect of contingent liabilities | 1,042 | 695 | 1,263 |
Other guarantees given | |||
Disclosure of Guarantees [Line Items] | |||
Estimated financial effect of contingent liabilities | € 2,752 | € 2,596 | € 1,840 |
Legal and arbitral proceedings
Legal and arbitral proceedings (Details) € in Millions, $ in Millions | Dec. 31, 2021EUR (€)plaintiffpersonchildrentriallawsuitcomplaintclaimmanufacturerfamilycase | May 14, 2013EUR (€) | Jul. 31, 2021manufacturer | Feb. 28, 2021USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2017EUR (€) | Mar. 31, 2021proceeding | Dec. 31, 2021EUR (€)patentcomplaintpersonlawsuitchildrenmanufacturerclaimtrialfamily | Dec. 31, 2021EUR (€)complaintchildrenpersonlawsuitmanufacturerclaimtrialfamilyaction | Dec. 31, 2021EUR (€)complaintchildrenpersoncaselawsuitmanufacturerclaimtrialfamily | Dec. 31, 2021AUD ($)manufacturercomplaintpersonlawsuitclaimtrialfamilychildren | Dec. 31, 2020EUR (€) | Jul. 31, 2020claimfamily | Dec. 31, 2019EUR (€)claim | Nov. 30, 2017EUR (€) | Dec. 31, 2014complaint | Nov. 18, 2014patent | Apr. 30, 2013AUD ($) | Dec. 31, 1997EUR (€) |
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Provisions for product liability risks, litigation and other | € 1,374 | € 1,374 | € 1,374 | € 1,374 | € 1,262 | € 1,334 | |||||||||||||
Environmental risks | € 650 | € 650 | € 650 | € 650 | € 713 | 737 | |||||||||||||
Litigation amount payable | € 315 | ||||||||||||||||||
Sanofi Pasteur Hepatitis B Vaccine product litigation | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of civil individual actions | lawsuit | 180 | 180 | 180 | 180 | 180 | ||||||||||||||
Number of ongoing lawsuits | lawsuit | 12 | 12 | 12 | 12 | 12 | ||||||||||||||
Taxotere product litigation in the US | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of plaintiffs | plaintiff | 9,504 | ||||||||||||||||||
Number of loss consortium plaintiffs | plaintiff | 823 | ||||||||||||||||||
Number of bellweather trial held | trial | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Taxotere mississippi attorney general litigation in the US | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Maximum penalty amount sought by plaintiffs for each violation | $ | $ 10,000 | ||||||||||||||||||
Zantac litigation in the US, MDL Court | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of plaintiffs | plaintiff | 1,927 | ||||||||||||||||||
Number of personal injury cases | case | 1,828 | ||||||||||||||||||
Zantac litigation in the US | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of plaintiffs | plaintiff | 3,086 | ||||||||||||||||||
Number of complaints filed | complaint | 1,971 | ||||||||||||||||||
Zantac litigation in Canada | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of class actions | action | 7 | ||||||||||||||||||
Depakine product litigation In France | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of civil individual actions | claim | 75 | 75 | 75 | 75 | 75 | ||||||||||||||
Number of people exposed | person | 127 | 127 | 127 | 127 | 127 | ||||||||||||||
Number of lawsuits ruled on merits | lawsuit | 26 | 26 | 26 | 26 | 26 | ||||||||||||||
Number of families who filed a civil claim | family | 63 | ||||||||||||||||||
Number of people exposed who filed a request for indemnification | person | 53 | 53 | 53 | 53 | 53 | ||||||||||||||
Number of administrative proceedings | proceeding | 4 | ||||||||||||||||||
Depakine product litigation In France | Action for which we are defendant | Plaintiff | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Litigation amount payable | € 2 | ||||||||||||||||||
Depakine product litigation In France | Action for which we are defendant | Caisse Primaire D Assurance Maladie | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Litigation amount payable | € 1 | ||||||||||||||||||
Depakine product litigation in Switzerland | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of people exposed | person | 15 | 15 | 15 | 15 | 15 | ||||||||||||||
Number of families who filed a civil claim | family | 10 | 10 | 10 | 10 | 10 | ||||||||||||||
Depakine product litigation in Spain | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of people exposed | children | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
Number of ongoing trials | trial | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Depakine product litigation in Belgium | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of civil individual actions | complaint | 2 | 2 | 2 | 2 | 2 | ||||||||||||||
Depakine product litigation in Germany | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of civil individual actions | lawsuit | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
Number of people exposed | children | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
Dengvaxia product litigation in the Philippines | Action for which we are defendant | Product liabilities | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of personal injury cases | case | 8 | ||||||||||||||||||
Ramipril Canada Patent Litigation | Action for which we are a plaintiff | Patents | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of manufacturers with marketing authorization for generic version of drug | manufacturer | 8 | 8 | 8 | 8 | 8 | ||||||||||||||
Anticipated duration of appeals process | 24 months | 24 months | 24 months | 24 months | 24 months | ||||||||||||||
Praluent (Alirocumab)-related amgen patent litigation in the US | Action for which we are defendant | Patents | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of patent actions initially filed | complaint | 4 | ||||||||||||||||||
Number of patents allegedly infringed | patent | 7 | ||||||||||||||||||
Number of claims invalid | claim | 5 | ||||||||||||||||||
Jevtana related patent litigation in the US | Action for which we are a plaintiff | Patents | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of patents allegedly infringed | claim | 12 | ||||||||||||||||||
Number of patents covering product | patent | 4 | ||||||||||||||||||
Plavix litigation (Commonwealth) in Australia | Action for which we are defendant | Patents | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Payment of damages sought by Australian Department of Health related to the Apotex preliminary injunction, up to | € 287 | € 287 | € 287 | € 287 | $ 449 | ||||||||||||||
Plavix litigation (Commonwealth) in Australia | Action for which we are defendant | Patents | Minimum | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Reduced amount of compensation claimed | 142.7 | 142.7 | 142.7 | 142.7 | $ 223.3 | ||||||||||||||
Reduced amount of compensation claimed, interest included | 213.1 | 213.1 | 213.1 | 213.1 | 333.4 | ||||||||||||||
Plavix litigation (Commonwealth) in Australia | Action for which we are defendant | Patents | Maximum | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Reduced amount of compensation claimed | 179.1 | 179.1 | 179.1 | 179.1 | 280.2 | ||||||||||||||
Reduced amount of compensation claimed, interest included | € 289.9 | € 289.9 | € 289.9 | € 289.9 | $ 453.6 | ||||||||||||||
Plavix Attorney General Action in Hawaii | Action for which we are defendant | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Total penalty fee incurred by defendants | $ | $ 834,012,000 | ||||||||||||||||||
Penalty fee incurred by Sanofi | $ | $ 417,006,000 | ||||||||||||||||||
Plavix related litigation in France | Action for which we are defendant | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Penalty fee incurred by Sanofi | € 40.6 | ||||||||||||||||||
Payment of damages claimed by the French CNAM (French Social Security) | € 115.8 | ||||||||||||||||||
340B Drug Pricing Program in the United States | Action for which we are defendant | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Number of other manufacturers involved in proceedings | manufacturer | 3 | ||||||||||||||||||
Aventis Crop Science retained liabilities | Contingencies arising from certain business divestitures | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Aggregate participation percentage of legacy companies in ACS | 76.00% | ||||||||||||||||||
Infraserv Hoechst retained liabilities | Contingencies arising from certain business divestitures | |||||||||||||||||||
Disclosure of Legal and Arbitral Proceedings [Line Items] | |||||||||||||||||||
Fund reserves transferred | € 57 | ||||||||||||||||||
Maximum amount to be reimbursed for current and future environmental expense | € 143 |
Provisions for discounts, reb_3
Provisions for discounts, rebates and sales returns - Summary of Movement in Provisions for Discounts, Rebates and Sales Returns (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | € 6,039 | € 5,218 | € 4,815 |
Provision related to current period sales | 19,714 | 20,314 | 19,292 |
Net change in provision related to prior period sales | (242) | (201) | (47) |
Payments made | (19,461) | (19,174) | (18,950) |
Currency translation differences | (153) | (118) | 108 |
Changes in scope of consolidation | 2 | ||
Provisions for discounts, rebates and sales returns, ending balance | 5,899 | 6,039 | 5,218 |
Government and State Programs | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 2,507 | 2,178 | 2,148 |
Provision related to current period sales | 5,855 | 5,970 | 5,542 |
Net change in provision related to prior period sales | (136) | (54) | (27) |
Payments made | (5,561) | (5,552) | (5,529) |
Currency translation differences | (72) | (35) | 44 |
Changes in scope of consolidation | 3 | ||
Provisions for discounts, rebates and sales returns, ending balance | 2,596 | 2,507 | 2,178 |
Managed care and GPO Programs | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 908 | 726 | 674 |
Provision related to current period sales | 3,037 | 2,752 | 2,563 |
Net change in provision related to prior period sales | (3) | 0 | 0 |
Payments made | (2,979) | (2,556) | (2,528) |
Currency translation differences | (32) | (14) | 17 |
Changes in scope of consolidation | 0 | ||
Provisions for discounts, rebates and sales returns, ending balance | 931 | 908 | 726 |
Chargeback incentives | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 333 | 312 | 294 |
Provision related to current period sales | 3,813 | 4,633 | 4,649 |
Net change in provision related to prior period sales | (4) | 0 | (1) |
Payments made | (3,828) | (4,604) | (4,637) |
Currency translation differences | (11) | (8) | 7 |
Changes in scope of consolidation | 0 | ||
Provisions for discounts, rebates and sales returns, ending balance | 303 | 333 | 312 |
Rebates and discounts | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 1,557 | 1,330 | 1,140 |
Provision related to current period sales | 6,330 | 6,221 | 5,888 |
Net change in provision related to prior period sales | (152) | (113) | (6) |
Payments made | (6,291) | (5,838) | (5,719) |
Currency translation differences | (17) | (43) | 27 |
Changes in scope of consolidation | (2) | ||
Provisions for discounts, rebates and sales returns, ending balance | 1,425 | 1,557 | 1,330 |
Sales returns | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 688 | 621 | 546 |
Provision related to current period sales | 582 | 628 | 554 |
Net change in provision related to prior period sales | 56 | (34) | (27) |
Payments made | (697) | (512) | (465) |
Currency translation differences | (20) | (15) | 13 |
Changes in scope of consolidation | 1 | ||
Provisions for discounts, rebates and sales returns, ending balance | 610 | 688 | 621 |
Other deductions | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 46 | 51 | 13 |
Provision related to current period sales | 97 | 110 | 96 |
Net change in provision related to prior period sales | (3) | 0 | 14 |
Payments made | (105) | (112) | (72) |
Currency translation differences | (1) | (3) | 0 |
Changes in scope of consolidation | 0 | ||
Provisions for discounts, rebates and sales returns, ending balance | 34 | 46 | 51 |
USA | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 3,982 | 3,585 | |
Provisions for discounts, rebates and sales returns, ending balance | 4,057 | 3,982 | 3,585 |
USA | Managed care | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 692 | 649 | |
Provisions for discounts, rebates and sales returns, ending balance | 896 | 692 | 649 |
Medicaid | USA | Government and State Programs | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 1,015 | 1,017 | |
Provisions for discounts, rebates and sales returns, ending balance | 1,244 | 1,015 | 1,017 |
Medicare | USA | Government and State Programs | |||
Disclosure of other provisions [line items] | |||
Provisions for discounts, rebates and sales returns, beginning balance | 726 | 810 | |
Provisions for discounts, rebates and sales returns, ending balance | € 941 | € 726 | € 810 |
Personnel costs - Summary of Pe
Personnel costs - Summary of Personal Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefits [Abstract] | |||
Salaries | € 6,625 | € 6,508 | € 6,590 |
Social security charges (including defined-contribution pension plans) | 1,929 | 1,874 | 1,949 |
Stock options and other share-based payment expense | 244 | 274 | 252 |
Defined-benefit plans(a) | 273 | 162 | 168 |
Other employee benefits | 269 | 261 | 229 |
Total | € 9,340 | € 9,079 | € 9,188 |
Personnel costs - Additional In
Personnel costs - Additional Information (Details) - employee | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Employee Benefits [Abstract] | |||
Number of employees | 95,442 | 99,412 | 100,409 |
Other operating income (Details
Other operating income (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Other Operating Income [Line Items] | |||||
Other operating income | € 859 | € 697 | [1] | € 783 | [1] |
Other operating income (expense) | |||||
Disclosure Of Other Operating Income [Line Items] | |||||
Gains on divestment of some mature products | 418 | 307 | 296 | ||
Regeneron | Other operating income (expense) | |||||
Disclosure Of Other Operating Income [Line Items] | |||||
Other operating income | 195 | 164 | 82 | ||
Other related parties | Other operating income (expense) | |||||
Disclosure Of Other Operating Income [Line Items] | |||||
Other operating income | 245 | € 199 | € 103 | ||
Daiichi Sankyo | Other operating income (expense) | |||||
Disclosure Of Other Operating Income [Line Items] | |||||
Other operating income | € 119 | ||||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Other operating expenses - Addi
Other operating expenses - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Analysis of income and expense [abstract] | |||||
Other operating expense | € 1,805 | € 1,415 | [1] | € 1,207 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Other operating expenses - Othe
Other operating expenses - Other Income and Expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | € 1,805 | € 1,415 | [1] | € 1,207 | [1] |
Other operating income | 859 | 697 | [1] | 783 | [1] |
Other operating income/(expenses), net related to the Regeneron Alliance | (1,373) | (926) | (633) | ||
Regeneron | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | 1,568 | 1,090 | 715 | ||
Other operating income (expense) | Regeneron | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating income | 195 | 164 | 82 | ||
Monoclonal Antibody Alliance | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | 1,429 | 1,001 | 681 | ||
Monoclonal Antibody Alliance | Share of profit or loss from commercialization of monoclonal antibodies | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | 1,253 | 727 | 253 | ||
Monoclonal Antibody Alliance | Share of profit or loss from commercialization of Zaltrap | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating income | 127 | 75 | 21 | ||
Monoclonal Antibody Alliance | Commercialization related expenses | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | 303 | 349 | 449 | ||
Immuno-Oncology Alliance | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating income | 68 | 89 | 62 | ||
Others | |||||
Disclosure Of Other Operating Income Expenses [Line Items] | |||||
Other operating expenses | € 12 | € 14 | € 14 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Restructuring costs and simil_3
Restructuring costs and similar items - Summary of Restructuring Costs and Similar Items (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Analysis of income and expense [abstract] | |||||
Employee-related expenses | € 193 | € 697 | € 795 | ||
Charges, gains or losses on assets | 110 | 149 | 106 | ||
Compensation for early termination of contracts (other than contracts of employment) | 34 | 40 | 49 | ||
Decontamination costs | 0 | (2) | 27 | ||
Transformation programs costs | 463 | 191 | 131 | ||
Others | 20 | 14 | (20) | ||
Total | € 820 | € 1,089 | [1] | € 1,088 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Restructuring costs and simil_4
Restructuring costs and similar items - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Employee-related expenses | € 193 | € 697 | € 795 |
Charges, gains or losses on assets | € 110 | € 149 | € 106 |
Other gains and losses, and l_2
Other gains and losses, and litigation (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Analysis of income and expense [abstract] | |||||
Other gains, (losses) and litigation | € (5) | € 136 | [1] | € 327 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Financial expenses and income_2
Financial expenses and income (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about finance income expense [Line Items] | |||||
Cost of debt | € (313) | € (328) | € (318) | ||
Interest income | 54 | 103 | 146 | ||
Cost of net debt | (259) | (225) | (172) | ||
Non-operating foreign exchange gains/(losses) | 2 | (6) | 1 | ||
Unwinding of discounting of provisions | (11) | (11) | (25) | ||
Net interest cost related to employee benefits | (44) | (57) | (83) | ||
Gains/(losses) on disposals of financial assets | 3 | 6 | 0 | ||
Net interest expense on lease liabilities | (35) | (38) | (39) | ||
Other | 16 | (4) | 19 | ||
Net financial income/(expenses) | (328) | (335) | (299) | ||
comprising: Financial expenses | (368) | (388) | [1] | (440) | [1] |
comprising: financial income | 40 | 53 | [1] | 141 | [1] |
Interest rate and currency derivatives used to hedge debt | |||||
Disclosure of detailed information about finance income expense [Line Items] | |||||
Gain on derivatives used to manage debt | 14 | 93 | 187 | ||
Gain on derivatives used to manage cash and cash equivalents | € 51 | € 66 | € 55 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Income tax expense - Summary of
Income tax expense - Summary of Allocation of Income Tax Expense Between Current and Deferred Taxes (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Income Taxes [Abstract] | |||||
Current taxes | € (1,908) | € (1,913) | € (1,892) | ||
Deferred taxes | 350 | 106 | 1,771 | ||
Total | (1,558) | (1,807) | [1] | (121) | [1] |
Income before tax and investments accounted for using the equity method | € 7,798 | € 13,778 | [1] | € 2,752 | [1] |
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Income tax expense - Summary _2
Income tax expense - Summary of Difference Between Effective Tax Rate and Standard Corporate Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Standard tax rate applicable in France | 28.40% | 32.00% | 34.40% |
Difference between the standard French tax rate and the rates applicable to the Sanofi | (9.50%) | (18.20%) | (23.20%) |
Revisions to tax exposures and settlements of tax disputes | 1.00% | 0.50% | 4.90% |
Impact of past acquisitions and divestitures | 0.00% | 0.00% | (6.40%) |
Fair value remeasurement of contingent considerations | 0.00% | 0.00% | (2.70%) |
Other items | 0.10% | (1.20%) | (2.60%) |
Effective tax rate | 20.00% | 13.10% | 4.40% |
Share of profit_loss from inv_3
Share of profit/loss from investments accounted for using the equity method (Details) € in Millions, $ in Millions | May 29, 2020shares | Feb. 28, 2020USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Disclosure of associates [line items] | |||||
Share of profit/(loss) from investments accounted for using the equity method | € 39 | € 359 | € 255 | ||
Regeneron | |||||
Disclosure of associates [line items] | |||||
Share of profit/(loss) from investments accounted for using the equity method | 0 | 343 | 245 | ||
Sale of stock, number of shares issued in transaction (in shares) | shares | 22,800,000 | ||||
BMS co- promotion entities | |||||
Disclosure of associates [line items] | |||||
Share of profit/(loss) from investments accounted for using the equity method | 0 | 1 | 5 | ||
Other investments accounted for using the equity method | |||||
Disclosure of associates [line items] | |||||
Share of profit/(loss) from investments accounted for using the equity method | € 39 | € 15 | € 5 | ||
Entities and companies managed by Bristol Mayers Squibb | |||||
Disclosure of associates [line items] | |||||
Percentage of voting equity interests acquired | 50.10% | ||||
Purchase of interests in investments accounted for using equity method | $ | $ 12 |
Net income attributable to no_3
Net income attributable to non-controlling interests (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of net income attributable to non-controlling interests [line items] | |||||
Net income attributable to non-controlling interests | € 56 | € 36 | [1] | € 31 | [2] |
Share of net income attributable to other non-controlling interests | |||||
Disclosure of net income attributable to non-controlling interests [line items] | |||||
Net income attributable to non-controlling interests | € 56 | € 36 | € 31 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Related party transactions - Ad
Related party transactions - Additional Information (Details) - executives | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party [Abstract] | |||
Average number of members of executive committee | 11 | 11 | 15 |
Related party transactions - Sc
Related party transactions - Schedule of Compensation Paid to Key Management Personnel (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of compensation paid to key management personnel [abstract] | |||
Short-term benefits | € 33 | € 36 | € 31 |
Post-employment benefits | 2 | 3 | (4) |
Share-based payment | 20 | 18 | 30 |
Total recognized in profit or loss | € 55 | € 57 | € 57 |
Related party transactions - Su
Related party transactions - Summary of aggregate amounts Payable to Key Management Personnel (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party [Abstract] | |||
Aggregate top-up pension obligation in favor of certain corporate officers and of Executive Committee members | € 28 | € 32 | € 48 |
Aggregate termination benefits and lump-sum retirement benefits in favor of key management personnel | € 7 | € 5 | € 4 |
Disclosures about major custo_2
Disclosures about major customers and credit risk (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of information about major customers and credit risk [line items] | |||
Percentage of entity's revenue | 3.00% | ||
Largest customers | |||
Disclosure of information about major customers and credit risk [line items] | |||
Percentage of entity's revenue | 23.00% | ||
Customer one | |||
Disclosure of information about major customers and credit risk [line items] | |||
Percentage of entity's revenue | 10.00% | 10.00% | 8.00% |
Customer two | |||
Disclosure of information about major customers and credit risk [line items] | |||
Percentage of entity's revenue | 7.00% | 6.00% | 5.00% |
Customer three | |||
Disclosure of information about major customers and credit risk [line items] | |||
Percentage of entity's revenue | 6.00% | 5.00% |
Segment information - Additiona
Segment information - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021segmentshares | Dec. 31, 2020shares | May 29, 2020shares | |
Disclosure of operating segments [line items] | |||
Number of operating segments | segment | 3 | ||
Regeneron | |||
Disclosure of operating segments [line items] | |||
Non-current financial assets, number of shares (in shares) | shares | 279,766 | 279,766,000,000 | 400,000 |
Segment information - Summary o
Segment information - Summary of Net Sales by Segment and Geographical Area (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of geographical areas [line items] | |||||
Net sales | € 37,761 | € 36,041 | [1] | € 36,126 | [1] |
Pharmaceuticals | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 26,970 | 25,674 | 25,700 | ||
Pharmaceuticals | General Medicines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 14,218 | 14,720 | 16,537 | ||
Pharmaceuticals | Lantus | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,494 | 2,661 | 3,012 | ||
Pharmaceuticals | Toujeo | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 969 | 933 | 883 | ||
Pharmaceuticals | Praluent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 218 | 259 | 258 | ||
Pharmaceuticals | Multaq | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 329 | 312 | 347 | ||
Pharmaceuticals | Lovenox | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,486 | 1,351 | 1,359 | ||
Pharmaceuticals | Plavix | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 929 | 913 | 1,333 | ||
Pharmaceuticals | Generics | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 699 | 808 | 901 | ||
Pharmaceuticals | Industrial sales | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 808 | 813 | 758 | ||
Pharmaceuticals | Specialty Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 12,752 | 10,954 | 9,163 | ||
Pharmaceuticals | Aubagio | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,955 | 2,045 | 1,879 | ||
Pharmaceuticals | Cerezyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 683 | 690 | 708 | ||
Pharmaceuticals | Myozyme/Lumizyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,003 | 948 | 918 | ||
Pharmaceuticals | Fabrazyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 844 | 817 | 813 | ||
Pharmaceuticals | Eloctate | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 563 | 638 | 684 | ||
Pharmaceuticals | Jevtana | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 455 | 536 | 484 | ||
Pharmaceuticals | Dupixent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 5,249 | 3,534 | 2,074 | ||
Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 6,323 | 5,973 | 5,731 | ||
Vaccines | Polio/Pertussis/ Hib Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,159 | 2,106 | 1,946 | ||
Vaccines | Influenza Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,628 | 2,472 | 1,891 | ||
Consumer Healthcare | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 4,468 | 4,394 | 4,695 | ||
Consumer Healthcare | Allergy | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 612 | 617 | 607 | ||
Consumer Healthcare | Pain Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,093 | 1,051 | 1,094 | ||
Consumer Healthcare | Digestive Wellness | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,131 | 988 | 1,104 | ||
Europe | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 9,759 | 9,151 | 9,082 | ||
Europe | Pharmaceuticals | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 7,201 | 6,819 | 6,797 | ||
Europe | Pharmaceuticals | General Medicines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 4,437 | 4,505 | 4,809 | ||
Europe | Pharmaceuticals | Lantus | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 474 | 537 | 599 | ||
Europe | Pharmaceuticals | Toujeo | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 394 | 374 | 343 | ||
Europe | Pharmaceuticals | Praluent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 161 | 119 | 112 | ||
Europe | Pharmaceuticals | Multaq | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 22 | 24 | 41 | ||
Europe | Pharmaceuticals | Lovenox | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 703 | 656 | 730 | ||
Europe | Pharmaceuticals | Plavix | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 115 | 126 | 141 | ||
Europe | Pharmaceuticals | Generics | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 7 | 10 | 9 | ||
Europe | Pharmaceuticals | Industrial sales | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 723 | 658 | 599 | ||
Europe | Pharmaceuticals | Specialty Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,764 | 2,314 | 1,988 | ||
Europe | Pharmaceuticals | Aubagio | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 512 | 473 | 414 | ||
Europe | Pharmaceuticals | Cerezyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 244 | 249 | 259 | ||
Europe | Pharmaceuticals | Myozyme/Lumizyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 410 | 389 | 388 | ||
Europe | Pharmaceuticals | Fabrazyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 223 | 200 | 185 | ||
Europe | Pharmaceuticals | Eloctate | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 0 | 0 | 0 | ||
Europe | Pharmaceuticals | Jevtana | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 112 | 187 | 170 | ||
Europe | Pharmaceuticals | Dupixent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 649 | 386 | 204 | ||
Europe | Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,225 | 973 | 851 | ||
Europe | Vaccines | Polio/Pertussis/ Hib Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 306 | 331 | 315 | ||
Europe | Vaccines | Influenza Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 729 | 441 | 230 | ||
Europe | Consumer Healthcare | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,333 | 1,359 | 1,434 | ||
Europe | Consumer Healthcare | Allergy | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 49 | 51 | 53 | ||
Europe | Consumer Healthcare | Pain Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 515 | 481 | 482 | ||
Europe | Consumer Healthcare | Digestive Wellness | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 389 | 371 | 377 | ||
USA | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 14,385 | 13,465 | 12,756 | ||
USA | Pharmaceuticals | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 10,484 | 9,635 | 8,918 | ||
USA | Pharmaceuticals | General Medicines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,637 | 2,869 | 3,386 | ||
USA | Pharmaceuticals | Lantus | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 861 | 929 | 1,149 | ||
USA | Pharmaceuticals | Toujeo | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 259 | 267 | 289 | ||
USA | Pharmaceuticals | Praluent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 5 | 106 | 112 | ||
USA | Pharmaceuticals | Multaq | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 292 | 274 | 295 | ||
USA | Pharmaceuticals | Lovenox | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 29 | 30 | 33 | ||
USA | Pharmaceuticals | Plavix | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 9 | 10 | 0 | ||
USA | Pharmaceuticals | Generics | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 117 | 161 | 152 | ||
USA | Pharmaceuticals | Industrial sales | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 41 | 67 | 56 | ||
USA | Pharmaceuticals | Specialty Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 7,847 | 6,766 | 5,532 | ||
USA | Pharmaceuticals | Aubagio | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,312 | 1,448 | 1,351 | ||
USA | Pharmaceuticals | Cerezyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 173 | 177 | 184 | ||
USA | Pharmaceuticals | Myozyme/Lumizyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 373 | 359 | 331 | ||
USA | Pharmaceuticals | Fabrazyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 395 | 406 | 410 | ||
USA | Pharmaceuticals | Eloctate | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 429 | 445 | 517 | ||
USA | Pharmaceuticals | Jevtana | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 253 | 246 | 212 | ||
USA | Pharmaceuticals | Dupixent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 3,971 | 2,808 | 1,669 | ||
USA | Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,762 | 2,759 | 2,733 | ||
USA | Vaccines | Polio/Pertussis/ Hib Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 470 | 412 | 380 | ||
USA | Vaccines | Influenza Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,366 | 1,575 | 1,289 | ||
USA | Consumer Healthcare | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,139 | 1,071 | 1,105 | ||
USA | Consumer Healthcare | Allergy | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 371 | 361 | 323 | ||
USA | Consumer Healthcare | Pain Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 196 | 181 | 185 | ||
USA | Consumer Healthcare | Digestive Wellness | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 124 | 85 | 150 | ||
Other countries | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 13,617 | 13,425 | 14,288 | ||
Other countries | Pharmaceuticals | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 9,285 | 9,220 | 9,985 | ||
Other countries | Pharmaceuticals | General Medicines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 7,144 | 7,346 | 8,342 | ||
Other countries | Pharmaceuticals | Lantus | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,159 | 1,195 | 1,264 | ||
Other countries | Pharmaceuticals | Toujeo | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 316 | 292 | 251 | ||
Other countries | Pharmaceuticals | Praluent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 52 | 34 | 34 | ||
Other countries | Pharmaceuticals | Multaq | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 15 | 14 | 11 | ||
Other countries | Pharmaceuticals | Lovenox | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 754 | 665 | 596 | ||
Other countries | Pharmaceuticals | Plavix | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 805 | 777 | 1,192 | ||
Other countries | Pharmaceuticals | Generics | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 575 | 637 | 740 | ||
Other countries | Pharmaceuticals | Industrial sales | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 44 | 88 | 103 | ||
Other countries | Pharmaceuticals | Specialty Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,141 | 1,874 | 1,643 | ||
Other countries | Pharmaceuticals | Aubagio | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 131 | 124 | 114 | ||
Other countries | Pharmaceuticals | Cerezyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 266 | 264 | 265 | ||
Other countries | Pharmaceuticals | Myozyme/Lumizyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 220 | 200 | 199 | ||
Other countries | Pharmaceuticals | Fabrazyme | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 226 | 211 | 218 | ||
Other countries | Pharmaceuticals | Eloctate | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 134 | 193 | 167 | ||
Other countries | Pharmaceuticals | Jevtana | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 90 | 103 | 102 | ||
Other countries | Pharmaceuticals | Dupixent | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 629 | 340 | 201 | ||
Other countries | Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,336 | 2,241 | 2,147 | ||
Other countries | Vaccines | Polio/Pertussis/ Hib Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,383 | 1,363 | 1,251 | ||
Other countries | Vaccines | Influenza Vaccines | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 533 | 456 | 372 | ||
Other countries | Consumer Healthcare | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 1,996 | 1,964 | 2,156 | ||
Other countries | Consumer Healthcare | Allergy | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 192 | 205 | 231 | ||
Other countries | Consumer Healthcare | Pain Care | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 382 | 389 | 427 | ||
Other countries | Consumer Healthcare | Digestive Wellness | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | € 618 | € 532 | € 577 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Segment information - Schedule
Segment information - Schedule of Segment Results (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of operating segments [line items] | |||||
Net sales | € 37,761 | € 36,041 | [1] | € 36,126 | [1] |
Other revenues | 1,414 | 1,328 | [1] | 1,505 | [1] |
Cost of sales | (12,255) | (12,159) | [1] | (11,979) | [1] |
Research and development expenses | (5,692) | (5,530) | [1] | (6,020) | [1] |
Selling and general expenses | (9,555) | (9,391) | [1] | (9,884) | [1] |
Share of profit/(loss) from investments accounted for using the equity method | 39 | 359 | 255 | ||
Net income attributable to non-controlling interests | 56 | 36 | [2] | 31 | [3] |
Pharmaceuticals | |||||
Disclosure of operating segments [line items] | |||||
Net sales | 26,970 | 25,674 | 25,700 | ||
Other revenues | 264 | 128 | 173 | ||
Cost of sales | (6,965) | (6,982) | (6,751) | ||
Research and development expenses | (4,330) | (4,171) | (4,851) | ||
Selling and general expenses | (5,326) | (4,927) | (5,443) | ||
Other operating income and expenses | (1,172) | (487) | (630) | ||
Share of profit/(loss) from investments accounted for using the equity method | 17 | 5 | 5 | ||
Net income attributable to non-controlling interests | (49) | (33) | (29) | ||
Business operating income | 9,409 | 9,207 | 8,174 | ||
Vaccines | |||||
Disclosure of operating segments [line items] | |||||
Net sales | 6,323 | 5,973 | 5,731 | ||
Other revenues | 1,095 | 1,141 | 1,275 | ||
Cost of sales | (3,430) | (3,312) | (3,373) | ||
Research and development expenses | (712) | (682) | (639) | ||
Selling and general expenses | (805) | (789) | (823) | ||
Other operating income and expenses | 128 | 3 | (4) | ||
Share of profit/(loss) from investments accounted for using the equity method | 11 | 2 | 9 | ||
Net income attributable to non-controlling interests | (1) | 0 | 0 | ||
Business operating income | 2,609 | 2,336 | 2,176 | ||
Consumer Healthcare | |||||
Disclosure of operating segments [line items] | |||||
Net sales | 4,468 | 4,394 | 4,695 | ||
Other revenues | 55 | 59 | 57 | ||
Cost of sales | (1,606) | (1,528) | (1,599) | ||
Research and development expenses | (153) | (153) | (149) | ||
Selling and general expenses | (1,388) | (1,419) | (1,529) | ||
Other operating income and expenses | 111 | 53 | 193 | ||
Share of profit/(loss) from investments accounted for using the equity method | 11 | 9 | (5) | ||
Net income attributable to non-controlling interests | (5) | (5) | (6) | ||
Business operating income | 1,493 | 1,410 | 1,657 | ||
Other (a) | |||||
Disclosure of operating segments [line items] | |||||
Net sales | 0 | 0 | 0 | ||
Other revenues | 0 | 0 | 0 | ||
Cost of sales | (250) | (284) | (253) | ||
Research and development expenses | (497) | (524) | (381) | ||
Selling and general expenses | (2,036) | (2,256) | (2,089) | ||
Other operating income and expenses | (13) | (130) | 17 | ||
Share of profit/(loss) from investments accounted for using the equity method | 0 | 0 | 0 | ||
Net income attributable to non-controlling interests | (1) | 0 | 0 | ||
Business operating income | (2,797) | (3,194) | (2,706) | ||
Total Sanofi | |||||
Disclosure of operating segments [line items] | |||||
Net sales | 37,761 | 36,041 | 36,126 | ||
Other revenues | 1,414 | 1,328 | 1,505 | ||
Cost of sales | (12,251) | (12,106) | (11,976) | ||
Research and development expenses | (5,692) | (5,530) | (6,020) | ||
Selling and general expenses | (9,555) | (9,391) | (9,884) | ||
Other operating income and expenses | (946) | (561) | (424) | ||
Share of profit/(loss) from investments accounted for using the equity method | 39 | 16 | 9 | ||
Net income attributable to non-controlling interests | (56) | (38) | (35) | ||
Business operating income | € 10,714 | € 9,759 | € 9,301 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Segment information - Schedul_2
Segment information - Schedule of Reconciliation Between Business Operating Income for the Segments and Income Before Tax and Investments Accounted for Using the Equity Method (Details) - EUR (€) € in Millions | May 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of operating segments [line items] | ||||||
Share of profit/(loss) from investments accounted for using the equity method | € 39 | € 359 | € 255 | |||
Net income attributable to non-controlling interests | 56 | 36 | [1] | 31 | [2] | |
Fair value remeasurement of contingent consideration | 4 | (124) | [3] | (238) | [3] | |
Restructuring costs and similar items | (820) | (1,089) | [3] | (1,088) | [3] | |
Other gains and losses, and litigation | (5) | 136 | [3] | 327 | [3] | |
Operating income | 8,126 | 14,113 | [3] | 3,051 | [3] | |
Financial expenses | (368) | (388) | [3] | (440) | [3] | |
Financial income | 40 | 53 | [3] | 141 | [3] | |
Income before tax and investments accounted for using the equity method | 7,798 | 13,778 | [3] | 2,752 | [3] | |
Regeneron | ||||||
Disclosure of operating segments [line items] | ||||||
Share of profit/(loss) from investments accounted for using the equity method | € 0 | € 343 | 245 | |||
Non-current financial assets, number of shares (in shares) | 400,000 | 279,766 | 279,766,000,000 | |||
Sale of stock, number of shares issued in transaction (in shares) | 22,800,000 | |||||
Regeneron | Public offering | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 13,000,000 | |||||
Regeneron | Repurchase from the counterpart | Regeneron Pharmaceuticals, INC | ||||||
Disclosure of operating segments [line items] | ||||||
Shares agreement, sale of stock, number of shares issued in transaction (in shares) | 9,800,000 | |||||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Business operating income | € 10,714 | € 9,759 | 9,301 | |||
Material reconciling items | ||||||
Disclosure of operating segments [line items] | ||||||
Share of profit/(loss) from investments accounted for using the equity method | (39) | (16) | (9) | |||
Net income attributable to non-controlling interests | 56 | 38 | 35 | |||
Amortization and impairment of intangible assets | (1,772) | (2,011) | (5,750) | |||
Fair value remeasurement of contingent consideration | (4) | 124 | 238 | |||
Expenses arising from the impact of acquisitions on inventories | (4) | (53) | (3) | |||
Restructuring costs and similar items | (820) | (1,089) | (1,088) | |||
Other expenses related to business combinations | 0 | 0 | 0 | |||
Other gains and losses, and litigation | (5) | 136 | 327 | |||
Gain on divestment of Regeneron shares on May 29, 2020 | € 0 | € 7,225 | € 0 | |||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | |||||
[3] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Segment information - Schedul_3
Segment information - Schedule of Acquisition of Intangible Assets, Property, Plant and Equipment and Investments Accounted for Using the Equity Method by Segment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pharmaceuticals | |||
Disclosure of operating segments [line items] | |||
Investments accounted for using the equity method | € 165 | € 154 | € 205 |
Acquisitions of property, plant and equipment | 1,024 | 755 | 773 |
Acquisitions of other intangible assets | 450 | 501 | 292 |
Vaccines | |||
Disclosure of operating segments [line items] | |||
Investments accounted for using the equity method | 85 | 47 | 40 |
Acquisitions of property, plant and equipment | 382 | 404 | 462 |
Acquisitions of other intangible assets | 108 | 322 | 121 |
Consumer Healthcare | |||
Disclosure of operating segments [line items] | |||
Investments accounted for using the equity method | 0 | 0 | 4 |
Acquisitions of property, plant and equipment | 73 | 95 | 88 |
Acquisitions of other intangible assets | 6 | 6 | 51 |
Reportable segments | |||
Disclosure of operating segments [line items] | |||
Investments accounted for using the equity method | 250 | 201 | 249 |
Acquisitions of property, plant and equipment | 1,479 | 1,254 | 1,323 |
Acquisitions of other intangible assets | € 564 | € 829 | € 464 |
Segment information - Summary_2
Segment information - Summary of Geographical Information on Net Sales and Non-Current Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of geographical areas [line items] | |||||
Net sales | € 37,761 | € 36,041 | [1] | € 36,126 | [1] |
Property, plant and equipment owned | 10,028 | 9,365 | [2] | 9,717 | [2] |
Goodwill | 48,056 | 44,364 | [2] | 44,519 | [2] |
Other intangible assets | 21,407 | 18,341 | [2] | 16,509 | [2] |
Reportable geographical zones | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 37,761 | 36,041 | 36,126 | ||
Property, plant and equipment owned | 10,028 | 9,365 | 9,717 | ||
Goodwill | 48,056 | 44,364 | 44,519 | ||
Other intangible assets | 21,407 | 18,341 | 16,509 | ||
Europe | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 9,759 | 9,151 | 9,082 | ||
Property, plant and equipment owned | 5,959 | 5,895 | 5,827 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangible assets | 7,059 | 6,208 | 6,890 | ||
France | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 2,256 | 2,223 | 2,261 | ||
Property, plant and equipment owned | 3,253 | 3,189 | 3,141 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangible assets | 0 | 0 | 0 | ||
North America | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 15,075 | 14,060 | 13,370 | ||
Property, plant and equipment owned | 2,998 | 2,542 | 2,862 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangible assets | 13,187 | 10,665 | 7,813 | ||
USA | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 14,385 | 13,465 | 12,756 | ||
Property, plant and equipment owned | 2,234 | 1,899 | 2,264 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangible assets | 0 | 0 | 0 | ||
Other countries | |||||
Disclosure of geographical areas [line items] | |||||
Net sales | 12,927 | 12,830 | 13,674 | ||
Property, plant and equipment owned | 1,071 | 928 | 1,028 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangible assets | € 1,161 | € 1,468 | € 1,806 | ||
[1] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. | ||||
[2] | Includes the impacts of the IFRIC final agenda decisions of March 2021 on the costs of configuring or customising application software used in a Software as a Service (SaaS) arrangement and of April 2021 on the attribution of benefits to periods of service, as described in Note A.2.1. |
Principal accountants' fees a_3
Principal accountants' fees and services (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ernst & Young | ||
Disclosure of audit fees and other services [line items] | ||
Statutory audit of separate and consolidated financial statements | € 13.9 | € 13.9 |
Services other than statutory audit | 3 | 3.1 |
Audit-related services | 2.8 | 2.5 |
Tax | 0 | 0 |
Other | 0.2 | 0.6 |
Total | € 16.9 | € 17 |
Statutory audit of separate and consolidated financial statements, percentage | 82.00% | 82.00% |
Services other than statutory audit, percentage | 18.00% | 18.00% |
Total, percentage | 100.00% | 100.00% |
Audit of the financial statements of the parent company and its French subsidiaries | € 7.2 | € 7.4 |
Audit-related services charged to the parent company and its French subsidiaries | 2.7 | 2.4 |
PricewaterhouseCoopers | ||
Disclosure of audit fees and other services [line items] | ||
Statutory audit of separate and consolidated financial statements | 13.8 | 15.1 |
Services other than statutory audit | 0.4 | 0.3 |
Audit-related services | 0.4 | 0.2 |
Tax | 0 | 0 |
Other | 0 | 0.1 |
Total | € 14.2 | € 15.4 |
Statutory audit of separate and consolidated financial statements, percentage | 97.00% | 98.00% |
Services other than statutory audit, percentage | 3.00% | 2.00% |
Total, percentage | 100.00% | 100.00% |
Audit of the financial statements of the parent company and its French subsidiaries | € 7.7 | € 8.2 |
Audit-related services charged to the parent company and its French subsidiaries | € 0.3 | € 0.2 |
List of principal companies i_3
List of principal companies included in the scope of consolidation during 2021 - Summary of Principal Companies and their Country of Incorporation (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Hoechst GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Deutschland GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
A. Nattermann & Cie. GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
EUROAPI Germany | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Belgium | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Ablynx N.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Flanders BVBA | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi A/S | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Oy | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis France | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Winthrop Industrie | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Recherche & Développement | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Groupe | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Chimie | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Francopia | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Participations | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Polyclonals SAS | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventis Pharma S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Biotechnology | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Mature IP | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur NVL | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Vaccine Technologies | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Europe | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
SECIPE SAS | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Merieux S.A.S. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi 2015 D SAS | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Opella Healthcare International SAS | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Opella Healthcare France SAS | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
EUROAPI | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
EUROAPI France | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis A.E.B.E. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Private Co, Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 99.60% |
Chinoin Private Co. Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 99.60% |
EUROAPI Hungary Kft. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Opella Healthcare Hungary K.F.T | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Carraig Insurance DAC | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Ireland Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Ireland Limited | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Finance Ireland limited | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-aventis Holdings (Ireland) Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi S.R.L. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
EUROAPI Italy SRL | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Global Sarl | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Luxembourg Sarl | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Europe B.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Foreign Participations B.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Kiadis Pharma N.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 97.40% |
Kiadis Pharma Holding B.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 97.40% |
Sanofi-Aventis Sp. z.o.o. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Produtos Farmaceuticos Lda | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis, s.r.o. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Romania SRL | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis UK Holdings Limited | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Euroapi UK Ltd. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventis Pharma Limited | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Synthelabo UK Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Hoechst Marion Roussel Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventis Pharma Holdings Ltd | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
AO Sanofi Russia | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
CJSC Sanofi-Aventis Vostok | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
sanofi-aventis Slovakia s.r.o. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi AB | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis (Suisse) SA | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Global Sarl Baar Intellectual Property Branch | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Ilac Sanayi ve Ticaret A.S. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Asi Ticaret A.S. | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Saglik Urunleri Limited Sirketi | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Limited Liability Company Sanofi-Aventis Ukraine | Europe | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Therapeutic Products Limited Partnership | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventis Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi US Services Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis U.S. LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Chattem, Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventisub LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme Corporation | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
VaxServe, Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Bioverativ Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Bioverativ U.S. LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Bioverativ Therapeutics Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Principia Biopharma Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Research Invest LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Translate Bio MA, Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Translate Bio Securities Corpo | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Bioverativ Holdings LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
RPR US Ltd. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Kadmon Holdings, Inc. | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Kadmon Corporation, LLC | United States | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis South Africa (Pty) Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Algérie | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Arabia Trading Company Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 75.00% |
Sanofi-Aventis Argentina S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genzyme de Argentina S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Healthcare Pty Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Australia Pty Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Medley Farmaceutica Ltda | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Canada Inc. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis de Chile S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi (Hangzhou) Pharmaceuticals Co., Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi (China) Investment Co., Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi (Beijing) Pharmaceuticals Co.Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Biologies Co., Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Shenzhen Sanofi pasteur Biological Products Co, Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Shanghai Rongheng Pharmaceutical Co, Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Genfar S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis de Colombia S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Korea Co. Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Gulf FZE | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Egypt | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 99.80% |
Sanofi Hong-Kong Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi India Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 60.40% |
Sanofi Healthcare India Private Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 99.90% |
PT Aventis Pharma | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 80.00% |
Sanofi-Aventis Israël Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi K.K. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
SSP Co.,Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Nichi-Iko K.K. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 51.00% |
Sanofi-Aventis (Malaysia) SDN. BHD. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Maroc | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis de Mexico S.A. de C.V. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Winthrop S.A. de C.V. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur S.A. de C.V. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Azteca Vacunas, S.A. de C.V. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Pakistan Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 52.90% |
Sanofi-Aventis de Panama S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
sanofi-aventis Puerto Rico Inc | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Philippines Inc. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Pasteur Inc (Philippines) | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis Singapore Pte. Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Aventis Pharma (Manufacturing) Pte. Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Taiwan Co., Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis (Thailand) Ltd | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-Aventis de Venezuela S.A. | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi-aventis Vietnam Company Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 100.00% |
Sanofi Vietnam Shareholding Company Limited | Other countries | |
Disclosure of subsidiaries [line items] | |
Financial interest in principal fully consolidated companies | 85.00% |
List of principal companies i_4
List of principal companies included in the scope of consolidation during 2021 - Summary of Principal Investments Accounted for Using the Equity Method (Details) | 12 Months Ended |
Dec. 31, 2021 | |
GlaxoSmithKline Consumer Healthcare, L.P. | |
Disclosure of joint operations [line Items] | |
Financial interest in principal investments accounted for using the equity method | 11.70% |
Infraserv GmbH & Co. Höchst KG | |
Disclosure of joint operations [line Items] | |
Financial interest in principal investments accounted for using the equity method | 31.20% |
Maphar | |
Disclosure of joint operations [line Items] | |
Financial interest in principal investments accounted for using the equity method | 48.30% |
MCM Vaccine B.V. | |
Disclosure of joint operations [line Items] | |
Financial interest in principal investments accounted for using the equity method | 50.00% |
MSP Vaccine Company (formerly MCM company) | |
Disclosure of joint operations [line Items] | |
Financial interest in principal investments accounted for using the equity method | 50.00% |
Events subsequent to December_2
Events subsequent to December 31, 2021 (Details) - Entering into significant commitments or contingent liabilities $ in Millions | Jan. 11, 2022USD ($) | Jan. 07, 2022USD ($)molecule |
Immuno-oncology collaboration agreement | Exscientia | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Upfront payment | $ 100 | |
Immuno-oncology collaboration agreement | Exscientia | Maximum | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of novel small molecule candidates developed | molecule | 15 | |
Commitments related to milestone payments for projects under collaboration agreements | $ 5,200 | |
Antibodies collaboration agreement | ABL Bio | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Upfront payment | $ 75 | |
Antibodies collaboration agreement | ABL Bio | Maximum | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Commitments related to milestone payments for projects under collaboration agreements | $ 985 |