v3.26.1
Investments accounted for using the equity method (Tables)
6 Months Ended
Jun. 30, 2026
Interests In Other Entities [Abstract]  
Summary of Investments in Associates and Joint Ventures
Investments accounted for using the equity method consist of associates and joint ventures (see Note B.1. to the consolidated financial statements for the year ended December 31, 2025), and comprise:
(€ million)% interestJune 30, 2026December 31, 2025
OPAL JV Co (a)
48.2 2,9652,934
EUROAPI (b)
29.6 38 64 
Infraserv GmbH & Co. Höchst KG (c)
31.2 93 112 
MSP Vaccine Company (d)
50.0 52 59 
Other investments— 59 90 
Total

3,2073,259
(a)Following the loss of control of Opella in 2025, Sanofi holds 48.2% of OPAL JV Co (CD&R holds 50% and Bpifrance holds 1.8%). As of December 31, 2025 the investment included a €241 million loan to OPAL JV Co being in substance part of the investment. In 2026, following finalization of the Opella completion accounts as of April 30, 2025, this loan was converted into ordinary shares.
(b)The investment in EUROAPI includes an impairment loss determined by reference to the quoted market price (€1.33 as of June 30, 2026, and €2.27 as of December 31, 2025).
(c)Joint venture.
(d)Joint venture. MSP Vaccine Company owns 100% of MCM Vaccine BV.
Summary of Principal Transactions and Balances with Related Parties
The financial statements include 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)June 30, 2026June 30, 2025
Sales (c)
31 29
Royalties and other income (c)
142 63
Purchases of goods and services (including research expenses) (c)
548 371

(€ million)June 30, 2026December 31, 2025
Accounts receivable and other receivables (a)
430 588
Other assets (b)
84 143
Other liabilities379 710
(a)    Includes loans to joint ventures and associates.
(b)    In October 2024, Sanofi raised its investment in EUROAPI by €200 million in the form of a perpetual subordinated hybrid bond. The fair value of this investment as of June 30, 2026 was €84 million, versus €143 million as of December 31, 2025.
(c) For the six months ended June 30, 2025, these amounts include transactions between Sanofi and OPAL JV Co for the period from May 1, 2025 through June 30, 2025.
Disclosure of unaudited financial statements of subsidiaries explanatory
Key items from the unaudited half-year consolidated financial statements of OPAL JV Co as of June 30, 2026, as provided in accordance with Sanofi’s consolidation timelines, are presented below:
(€ million)June 30, 2026June 30, 2025
Consolidated income statement
Net sales and other revenues (a)
2,657 887
Net income (a)
(61)24
Consolidated statement of comprehensive income
Other comprehensive income83 (1)
Comprehensive income22 23
(a) With effect from May 1, 2025, OPAL JV Co is accounted for using the equity method following the loss of control of Opella by Sanofi on April 30, 2025.

(€ million)June 30, 2026December 31, 2025
Consolidated balance sheet
Non-current assets16,673 15,013 
Current assets2,925 2,859 
Total assets19,598 17,872 
Equity attributable to equity holders of OPAL JV Co5,958 5,380 
Equity attributable to non-controlling interests436 490 
Total equity6,394 5,870 
Non-current liabilities11,575 9,850 
Current liabilities1,629 2,152 
Total liabilities13,204 12,002 
Total equity and liabilities19,598 17,872