| Investments and other assets and changes in net assets of Master trust |
| | | | | | | | | | | | | | | | | | | | | Sanofi U.S. Group Savings Plan’s | | | Sanofi U.S. Group Savings | | Interest in Sanofi U.S. Group | | | Master Trust | | Savings Master Trust | | | 2025 | | 2024 | | 2025 | | 2024 | Investments at fair value | | | | | | | | | | | | | Self-directed brokerage accounts | | $ | 195,671,531 | | $ | 166,382,492 | | $ | 195,671,531 | | $ | 166,382,492 | Common collective trust funds | | | 8,321,132,717 | | | 7,524,576,465 | | | 8,293,849,028 | | | 7,499,066,608 | Separately managed accounts: | | | | | | | | | | | | | Domestic equities | | | 196,628,547 | | | 181,509,806 | | | 194,752,347 | | | 179,849,867 | Fixed income securities | | | 58,038,372 | | | 54,099,426 | | | 57,671,979 | | | 53,800,531 | Company stock | | | 37,420,776 | | | 42,496,960 | | | 36,944,410 | | | 42,008,500 | | | | | | | | | | | | | | Total investments at fair value | | | 8,808,891,943 | | | 7,969,065,149 | | | 8,778,889,295 | | | 7,941,107,998 | | | | | | | | | | | | | | Investments at contract value | | | | | | | | | | | | | Stable value fund | | | 487,868,228 | | | 489,852,592 | | | 486,208,714 | | | 487,292,544 | | | | | | | | | | | | | | Net Assets of the Master Trust | | $ | 9,296,760,171 | | $ | 8,458,917,741 | | $ | 9,265,098,009 | | $ | 8,428,400,542 |
| | | | | | | | | | | | | | | | | | | | | Sanofi U.S. Group Savings Plan’s | | | Sanofi U.S. Group Savings | | Interest in Sanofi U.S. Group | | | Master Trust | | Savings Master Trust | | | 2025 | | 2024 | | 2025 | | 2024 | Net Appreciation in the value of investments | | $ | 1,341,677,244 | | $ | 978,908,389 | | $ | 1,337,457,183 | | $ | 975,490,001 | Dividends | | | 1,689,256 | | | 1,860,132 | | | 1,670,761 | | | 1,841,210 | Interest | | | 16,171,561 | | | 16,180,920 | | | 16,116,552 | | | 16,096,356 | | | | | | | | | | | | | | Net investment income | | | 1,359,538,061 | | | 996,949,441 | | | 1,355,244,496 | | | 993,427,567 | | | | | | | | | | | | | | Net transfers | | | (521,695,631) | | | (305,936,717) | | | (518,547,029) | | | (303,062,094) | | | | | | | | | | | | | | Increase in Net Assets | | | 837,842,430 | | | 691,012,724 | | | 836,697,467 | | | 690,365,473 | | | | | | | | | | | | | | Net Assets: | | | | | | | | | | | | | Beginning of Year | | | 8,458,917,741 | | | 7,767,905,017 | | | 8,428,400,542 | | | 7,738,035,069 | | | | | | | | | | | | | | End of Year | | $ | 9,296,760,171 | | $ | 8,458,917,741 | | $ | 9,265,098,009 | | $ | 8,428,400,542 |
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| Schedule of Master Trust assets at fair value |
| | | | | | | | | | | | | | | 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | Participant-directed brokerage accounts | | $ | 195,671,531 | | $ | — | | $ | — | | $ | 195,671,531 | Company stock | | | 37,420,776 | | | — | | | — | | | 37,420,776 | | | | | | | | | | | | | | Total investments in the fair value hierarchy | | $ | 233,092,307 | | $ | — | | $ | — | | | | | | | | | | | | | | | | | Investments measured at net asset value (a) | | | | | | | | | | | | 8,575,799,636 | | | | | | | | | | | | | | Total investments measured at fair value | | | | | | | | | | | $ | 8,808,891,943 |
| | | | | | | | | | | | | | | 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | Participant-directed brokerage accounts | | $ | 166,382,492 | | $ | — | | $ | — | | $ | 166,382,492 | Company Stock | | | 42,496,960 | | | — | | | — | | | 42,496,960 | | | | | | | | | | | | | | Total investments in the fair value hierarchy | | $ | 208,879,452 | | $ | — | | $ | — | | | | | | | | | | | | | | | | | Investments measured at net asset value (a) | | | | | | | | | | | | 7,760,185,697 | | | | | | | | | | | | | | Total investments measured at fair value | | | | | | | | | | | $ | 7,969,065,149 |
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| Schedule of investments measured at NAV |
| | | | | | | | | | | | | | | Unfunded | | Redemption | | Redemption | December 31, 2025 | | Net Asset Value | | Commitments | | Frequency | | Notice Period | US Treasury Money Market Trust(b) | | $ | 4,412,315 | | — | | Daily | | None | Sanofi U.S. Active Bond Fund (a) | | | 116,451,786 | | — | | Daily | | None | Sanofi U.S. Bond Fund Index (b) | | | 111,470,257 | | — | | Daily | | None | Sanofi International Stock Index(b) | | | 147,573,027 | | — | | Daily | | None | Sanofi U.S. Active Stock Fund (a) | | | 312,422,910 | | — | | Daily | | None | Sanofi U.S. Stock Index (b) | | | 1,055,410,167 | | — | | Daily | | None | Sanofi-Aventis International Core Fund (b) | | | 143,238,754 | | — | | Daily | | None | TRP Retirement Date Trusts (c) | | | 6,684,820,420 | | — | | Daily | | 90 days | | | | | | | | | | | Total Investments Measured at NAV | | $ | 8,575,799,636 | | | | | | |
| | | | | | | | | | | | | | | Unfunded | | Redemption | | Redemption | December 31, 2024 | | Net Asset Value | | Commitments | | Frequency | | Notice Period | US Treasury Money Market Trust(b) | | $ | 7,293,457 | | — | | Daily | | None | Sanofi U.S. Active Bond Fund (a) | | | 106,924,857 | | — | | Daily | | None | Sanofi U.S. Bond Fund Index (b) | | | 96,804,003 | | — | | Daily | | None | Sanofi International Stock Index(b) | | | 100,882,780 | | — | | Daily | | None | Sanofi U.S. Active Stock Fund (a) | | | 304,891,943 | | — | | Daily | | None | Sanofi U.S. Stock Index (b) | | | 955,182,554 | | — | | Daily | | None | Sanofi-Aventis International Core Fund (b) | | | 127,752,468 | | — | | Daily | | None | TRP Retirement Date Trusts (c) | | | 6,060,453,635 | | — | | Daily | | 90 days | | | | | | | | | | | Total Investments Measured at NAV | | $ | 7,760,185,697 | | | | | | |
| (a) | This category includes separately managed accounts that are managed by investment advisors as described above and depending on the fund include domestic equities and fixed income securities as underlying securities owned by the Master Trust. |
| (b) | This category includes investments in common collective trust funds as described above. |
| (c) | This category includes investments in a blend of diversified common collective trust funds designed to remain appropriate for investors in terms of risk throughout a variety of life circumstances gauged upon an expected retirement date. The funds share the common goal of growing principal in earlier years and then later preserving the principal balance closer to an expected retirement date. |
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