At a glance
December 31, 2023: net debt of €7,793 million (gross debt of €16,531 million after derivatives minus cash and cash equivalent of €8,738 million after derivatives)
Net debt is a non-GAAP measure
Gearing ratio: Debt, net of cash and cash equivalents, to total equity
![](/optim/dotcom/pages/images/investor-relations/fixed-income/fixed-income-infographics-2024/infographic-en-gearing-ratio-fixed-incom_20240408145127.jpg?size=orig)
*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, 2023
![](/optim/dotcom/pages/images/investor-relations/fixed-income/fixed-income-infographics-2024/en-gross-debt-by-origin-maturity_20240408145057.jpg?size=orig)
![](/optim/dotcom/pages/images/investor-relations/fixed-income/fixed-income-infographics-2024/gross-debt-en_20240408145120.jpg?size=orig)
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 28, 2023
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 07, 2024
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