At a glance
December 31, 2025: net debt of €11,008 million (gross debt of €18,702 million after derivatives minus cash and cash equivalent of €7,694 million after derivatives)
Net debt is a non-GAAP measure
Gearing ratio: Debt, net of cash and cash equivalents, to total equity
*With effect from January 1, 2019, the first-time application of IFRS 16 means that lease liabilities are not included in net debt.
Gross debt structure at value on redemption as of December 31, 2025
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:
Financing instruments
Public debt programs
EMTN Euro Medium Term Note (EMTN)
Program size : €25 billion
Implemented in June 4, 2025
SEC Shelf Registered
Program size : Not specified
Implemented in April 04, 2024
NeuCP Program (Negotiable European Commercial Papers)
Program size : €6 billion
Implemented on : June 12, 2025
USCP Program (US Commercial Papers)
Program size : $10 billion
Implemented in December 22, 2004
Outstanding bonds
Notes:
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Private placements are not included in this list
- Before derivative instruments