Key financial data

Fixed income

At a glance

Gearing ratio
Net debt

December 31, 2021: net debt of €9,983 million (gross debt of €20,250 million after derivatives minus cash and cash equivalent of €12,267 million after derivatives)

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

€ million 2021  2020
Long-term debt 17 123 19,745
Short-term debt and
current portion of
long-term debt
3 183  2,767
Interest rate and
currency derivatives
used to hedge debt
-56  119
Total debt 20 250  22,631
Cash and cash
equivalents
-10 098  (13,915)
Interest rate and
currency derivatives
used to manage cash
and cash equivalents
-169  74
Net debt* 9 983  8,790
Total equity 69 031  63,147
Gearing ratio 14.5%  13.9%

*With effect from January 1, 2019, the first-time application of IFRS 16 means that lease liabilities are not included in net debt.

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 Marie Fischer-Sabatie Sabrina Boudella Olaf Tolke
SHORT-TERM RATING P-1 A-1+ S-1+
LONG-TERM RATING A1 AA AA
OUTLOOK Stable Stable Stable
LAST UPDATE December 21, 2021 August 13, 2021 April 20, 2022

Debt structure

Gross debt structure at value on redemption as of December 31, 2021

Graph

 

Financing instruments

Public debt programs as of December 31, 2021

SEC Sheld Registered
US SEC Shelf Registered program:
no specific size


Implemented in July 21, 2021
Commercial Papers
Negotiable European Commercial
Papers (NEU CP): €6 billion


Implemented on June 9, 2021
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004

Syndicated credit lines as of December 31, 2021

SIZE MATURITY
€4 billion December 2022
€4 billion December 2026

Bonds as of December 31, 2021

 
Issuance date Amount
outstanding
(million of
local
currency)
Maturity Coupon ISIN Program
Nov. 14, 2013 EUR 1,000 Nov. 14, 2023 2.500% FR0011625433 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 Sept.  22, 2025 1.500% FR0012969038 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 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 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
March 21, 2019 EUR 850 March 21, 2022 0.000% FR0013409836 EMTN
March 21, 2019 EUR 650 March 21, 2029 0.875% FR0013409844 EMTN
March 21, 2019 EUR 500 March 21, 2034 1.250% FR0013409851 EMTN
March 30, 2020 EUR 1000 April 1, 2030 1.500% FR0013505112 EMTN
March 30, 2020 EUR 1000 April 1, 2025 1.000% FR0013505104 EMTN
Notes:

Sustainability-linked bonds | Framework