Key financial data

Fixed income



At a glance

Gearing ratio

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 - European Medium Term Note
EMTN program: €25 billion

Implemented in March 12, 2019
SEC Sheld Registered
US SEC Shelf Registered program:
no specific size


Implemented in March 15, 2016
Commercial Papers
Negotiable European Commercial
Papers (NEU CP): €6 billion


Implemented on June 7, 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