At a glance

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

Financing instruments

Public debt programs as of December 31, 2021

US SEC Shelf Registered program:
no specific size


Implemented in July 21, 2021

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

Bonds Issued by Sanofi S.A

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