Debt, cash and cash equivalents (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Cash and cash equivalents [abstract] |
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| Summary of Changes in Financial Position |
Changes in financial position during the period were as follows: | | | | | | | | | | (€ million) | June 30, 2026 | December 31, 2025 | | Long-term debt | 14,646 | | 14,248 | | | Short-term debt and current portion of long-term debt | 7,026 | | 4,342 | | | Interest rate and currency derivatives used to manage debt | 221 | | 112 | | | Total debt | 21,893 | | 18,702 | | | Cash and cash equivalents | (6,350) | | (7,657) | | | Interest rate and currency derivatives used to manage cash and cash equivalents | (30) | | (37) | | Net debt (a) | 15,513 | | 11,008 | |
(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.
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| Summary of Reconciliation of Carrying Amount to Value on Redemption |
A reconciliation of the carrying amount of net debt in the balance sheet to value on redemption as of June 30, 2026 is shown below: | | | | | | | | | | | | | | | | | | | (€ million) |
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| Value on redemption | Carrying amount at June 30, 2026 | Amortized cost | Adjustment to debt measured at fair value | June 30, 2026 | December 31, 2025 | | Long-term debt | 14,646 | | 44 | | 61 | | 14,751 | | 14,360 | | | Short-term debt and current portion of long-term debt | 7,026 | | 1 | | — | | 7,027 | | 4,344 | | | Interest rate and currency derivatives used to manage debt | 221 | | — | | (131) | | 90 | | 12 | | | Total debt | 21,893 | | 45 | | (70) | | 21,868 | | 18,716 | | | Cash and cash equivalents | (6,350) | | — | | — | | (6,350) | | (7,657) | | | Interest rate and currency derivatives used to manage cash and cash equivalents | (30) | | — | | — | | (30) | | (37) | | Net debt (a) | 15,513 | | 45 | | (70) | | 15,488 | | 11,022 | |
(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.
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| Summary of Net Debt by Type Valuation of Redemption |
The table below shows an analysis of net debt by type, at value on redemption:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (€ million) | June 30, 2026 |
| December 31, 2025 | | non-current | current | | Total |
| non-current | current | Total | Bond issues (a) | 14,702 | | 3,599 | | | 18,301 | |
| 14,306 | | 3,165 | | 17,471 | | | Other bank borrowings | 49 | | 3,291 | | (b) | 3,340 | |
| 54 | | 936 | | 990 | | | Other borrowings | — | | 1 | | | 1 | |
| — | | 1 | | 1 | | | Bank credit balances | — | | 136 | | | 136 | |
| — | | 242 | | 242 | | | Interest rate and currency derivatives used to manage debt | — | | 90 | | | 90 | |
| — | | 12 | | 12 | | | Total debt | 14,751 | | 7,117 | | | 21,868 | | | 14,360 | | 4,356 | | 18,716 | | | Cash and cash equivalents | — | | (6,350) | | | (6,350) | |
| — | | (7,657) | | (7,657) | | | Interest rate and currency derivatives used to manage cash and cash equivalents | — | | (30) | | | (30) | |
| — | | (37) | | (37) | | | Net debt | 14,751 | | 737 | | | 15,488 | | | 14,360 | | (3,338) | | 11,022 | |
(a) These amounts include $3 billion designated as a hedge of Sanofi’s net investment in the United States. (b) As of June 30, 2026, current other bank borrowings include €3,217 million related to the US commercial paper program.
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| 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) | June 30, 2026 | December 31, 2025 | | Market value | 14,989 | | 10,424 | | | Value on redemption | 15,488 | | 11,022 | |
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