Key financial data

Fixed income

At a glance

Gearing ratio
Net debt

End of June 2020: net debt of €7,732 million (gross debt of €23,612 million after derivatives minus €15,880 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 2019 2018
Long-term debt 20,131 22,007
Short-term debt and
current portion of
long-term debt
4,554 2,633
Interest rate and
currency derivatives
used to hedge debt
(117) (54)
Total debt 24,568 24,586
Cash and cash
equivalents
(9,427) (6,925)
Interest rate and
currency derivatives
used to manage cash
and cash equivalents
(34) (33)
Net debt* 15,107 17,628
Total equity 59,108 59,035
Gearing ratio 25.6% 29.9%

*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 Vincent Gusdorf Marketa Horkova Olaf Tolke
SHORT-TERM RATING P-1 A-1+ S-1+
LONG-TERM RATING A1 AA AA
OUTLOOK Stable Stable Stable
LAST UPDATE June 3, 2020 June 3, 2020 September 9, 2020

Debt structure

Gross debt structure at value on redemption as of June 30, 2020

Debt structure

Gross debt and cash

Financing instruments

Public debt programs as of June 30, 2020

EMTN - European Medium Term Note
EMTN program: €25 billion

Implemented in March 10, 2020
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 3, 2020
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004

Syndicated credit lines as of June 30, 2020

SIZE MATURITY
€4 billion December 2020
€4 billion December 2021

Bonds as of June 30, 2020

Bonds Issued by Sanofi S.A

Issuance date Amount
outstanding
(million of
local
currency)
Maturity Coupon ISIN Program
March 29, 2011 USD 2,000 March 29, 2021 4.000% US80105NAG07 SEC Registered
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 500 March 22, 2021 0.875% FR0012969020 EMTN
Sept. 22, 2015 EUR 750 March 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 4, 2030 1.500% FR0013505112 EMTN
March 30, 2020 EUR 1000 April 4, 2025 1.000% FR0013505104 EMTN
Notes:
  • Private placements are not included in this list
  • Before derivative instruments

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