Fixed income

At a glance

Net debt

End of December 2018: net debt of €17,628 million (gross debt of €24,586 million after derivatives minus €6,958 million cash and cash equivalents)

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

€ million	2018	2017*	2016*
Long-term debt	22,007	14,326	16,815
Short-term debt and current portion of long-term debt	2,633	1,275	1,764
Interest rate and currency derivatives used to hedge debt	(54)	(133)	(70)
Total debt	24,586	15,468	18,509
Cash and cash equivalents	(6,925)	(10,315)	(10,273)
Interest rate and currency derivatives used to hedge cash and cash equivalents	(33)	8	(2)
Debt, net of cash and cash equivalents	17,628	5,161	8,234

*Includes the effects of first-time application of IFRS 15 on revenue recognition

Credit ratings

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

	MOODY’S	STANDARD & POOR’S	SCOPE RATINGS
ANALYST	Knut Slatten	Sabrine Boudella	Olaf Tolke
SHORT-TERM RATING	P-1	A-1+	S-1+
LONG-TERM RATING	A1	AA	AA
OUTLOOK	Stable	Negative	Stable
LAST UPDATE	September 17, 2018	April 29, 2019	October 18, 2018

Debt structure

Gross debt structure at value on redemption as of December 31, 2018

Financing instruments

Public debt programs as of December 31, 2018

EMTN program: €25 billion

Implemented in March 12, 2019

Base Prospectus - March 12, 2019

US SEC Shelf Registered program:
no specific size

Implemented in March 15, 2016

Negotiable European Commercial
Papers (NEU CP): €6 billion

Implemented on June 7, 2018

NEU CP Program - June 2018

U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004

Syndicated credit lines as of December 31, 2018

SIZE	MATURITY
€4 billion	December 2020
€4 billion	December 2021

Bonds as of December 31, 2018

Bonds Issued by Sanofi S.A

Issuance date	Amount outstanding (million of local currency)	Maturity	Coupon	ISIN	Program
Oct. 12, 2009	EUR 800	Oct. 11, 2019	4.125%	XS0456451771	EMTN
March 29, 2011	USD 2,000	March 29, 2021	4.000%	US80105NAG07	SEC Registered
Sept. 4, 2013	EUR 1,000	Sept. 4, 2020	1.875%	FR0011560333	EMTN
Nov. 14, 2013	EUR 1,000	Nov. 14, 2023	2.500%	FR0011625433	EMTN
Sept. 10, 2014	EUR 750	Sept. 10, 2018	€3m + 23 bps	FR0012146751	EMTN
Sept. 10, 2014	EUR 1,000	March 10, 2022	1.125%	FR0012146777	EMTN
Sept. 10, 2014	EUR 1,510	Sept. 10, 2026	1.750%	FR0012146801	EMTN
Sept. 22, 2015	EUR 750	March 22, 2019	€3m + 30 bps	FR0012969012	EMTN
Sept. 22, 2015	EUR 500	March 22, 2021	0.875%	FR0012969020	EMTN
Sept. 22, 2015	EUR 750	March 22, 2025	1.500%	FR0012969038	EMTN
April 5, 2016	EUR 500	April 5, 2019	0.000%	FR0013143989	EMTN
April 5, 2016	EUR 600	April 5, 2024	0.625%	FR0013143997	EMTN
April 5, 2016	EUR 700	April 5, 2028	1.125%	FR0013144003	EMTN
Sept. 13, 2016	EUR 1,000	Jan. 13, 2020	0.000%	FR0013201613	EMTN
Sept. 13, 2016	EUR 850	Sept. 13, 2022	0.000%	FR0013201621	EMTN
Sept. 13, 2016	EUR 1,150	Jan. 13, 2027	0.500%	FR0013201639	EMTN
March 21, 2018	EUR 1000	March 21, 2020	€3m + 15bps	FR0013324316	EMTN
March 21, 2018	EUR 500	March 21, 2020	0,000%	FR0013324324	EMTN
March 21, 2018	EUR 1750	March 21, 2023	0,500%	FR0013324332	EMTN
March 21, 2018	EUR 1500	March 21, 2026	1,000%	FR0013324340	EMTN
March 21, 2018	EUR 2000	March 21, 2030	1,375%	FR0013324357	EMTN
March 21, 2018	EUR 1250	March 21, 2038	1,875%	FR0013324373	EMTN
June 19, 2018	USD 1000	June 19, 2023	3,375%	US801060AC87	SEC REGISTERED
June 19, 2018	USD 1000	June 19, 2028	3,625%	US801060AD60	SEC REGISTERED

Notes:

Private placements are not included in this list
Before derivative instruments

Bonds Issued by Other Subsidiaries of the Company

Issuer	Date of Issuance	Amount Outstanding (Million of local currency)	Maturity	Coupon	ISIN
Genzyme Corp.	June 17, 2010	USD 500	June 15, 2020	5.000%	US372917AS37