19064301 2025-01-01 2025-12-31 19064301 2025-01-01 2025-12-31 1 19064301 2024-01-01 2024-12-31 19064301 2025-12-31 19064301 2024-12-31 19064301 2025-12-31 fsa:OtherShorttermPayablesMember 19064301 2024-12-31 fsa:OtherShorttermPayablesMember 19064301 2025-12-31 fsa:ContributedCapitalMember 19064301 2025-12-31 fsa:RetainedEarningsMember 19064301 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 19064301 2024-12-31 fsa:GoodwillMember 19064301 2025-12-31 fsa:GoodwillMember 19064301 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 19064301 2024-12-31 fsa:LeaseholdImprovementsMember 19064301 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 19064301 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 19064301 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 19064301 2025-12-31 fsa:LeaseholdImprovementsMember iso4217:DKK xbrli:pure 19064301 5493002VGQ9FX03WBL61 Sanofi A/S Lyngbyvej 2 2100 København 2024-01-01 2024-12-31 ONESOURCE Statutory Reporting Opinion Basis for Opinion Sanofi A/S Lyngbyvej 2 2100 København Ø +45 45 16 70 00 https://www.sanofi.com/da/danmark 19064301 2025-01-01 2025-12-31 2026-06-29 Reporting class C, large enterprise Annual report Forvis Mazars Statsautoriseret Revisionspartnerselskab Midtermolen 1, 2.tv. 2100 Copenhagen +45 35 26 52 22 Independent Auditor’s Report The Board of Directors and the Executive Board have today considered and approved the annual report of Sanofi A/S for the financial year 1 January 2025 - 31 December 2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025. We recommend the annual report for adoption at the Annual General Meeting. We have audited the financial statements of Sanofi A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies,The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are in-adequate, to modify our opinion. Our conclusion is based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. 2026-06-29 Karsten Vedel mne47841 31061741 442343000 452617000 8361000 9565000 -1228000 -669000 5043000 6217000 58663000 53620000 23000 24000 2000 2000 9000 12000 25000 28000 Revenue for 2025 amounted to DKK 442,343 thousand, representing a decline of approximately 2.3% compared to DKK 452,617 thousand in 2024. This development was broadly in line with management's estimated outlook for the year.Net profit for 2025 was DKK 5,043 thousand, compared to DKK 6,217 thousand in 2024. While profitability remained positive, the result is at the lower end of the estimated profit range of DKK 5,000–15,000 thousand for the year, primarily reflecting continued pressure on gross margins and increased net financial costs.Notably, total assets grew significantly by 21.24% to DKK 232,819 thousand, and equity increased to DKK 58,663 thousand, reflecting a strengthened balance sheet position. Return on equity decreased to 8.98% (2024: 12.31%), as the growth in the equity base outpaced the increase in net profit, resulting in a lower return ratio despite the positive profit result. The equity ratio stood at 25.20% (2024: 27.92%), reflecting the proportionally larger growth in total assets relative to equity. 442343000 452617000 43290000 51691000 100902000 107095000 8361000 9565000 335000 880000 1564000 1549000 7132000 8896000 -2089000 -2679000 5043000 6217000 0 0 0 0 653000 462000 40000 0 1225000 1633000 1918000 2095000 997000 997000 997000 997000 2915000 3092000 74413000 68053000 74413000 68053000 55328000 59743000 37337000 55206000 1592000 3681000 805000 63000 2216000 1976000 1890000 143000 99168000 120812000 56323000 79000 229904000 188944000 232819000 192036000 7000000 7000000 14213000 46620000 37450000 0 58663000 53620000 10578000 9946000 131987000 91950000 31591000 36520000 174156000 138416000 174156000 138416000 232819000 192036000 7000000 14213000 37450000 58663000 43290000 51691000 356000 356000 84403000 89465000 6935000 6982000 676000 628000 92014000 97075000 78000 81000 527000 455000 0 3894000 2089000 -1215000 4620000 4620000 -4620000 -4620000 0 743000 3674000 311000 0 40000 0 1094000 3674000 -281000 -2040000 -119000 -408000 -400000 -2448000 694000 1226000 The Danish tax authorities are conducting an audit of the transfer pricing policies of the company for the years 2018 - 2020. At this stage, the tax authorities are proposing to increase the taxable income of Sanofi.Sanofi’s current position is fully consistent with the global transfer pricing policy and as such Sanofi disagrees with the initial proposition of the Danish Tax Authorities. The Company has not provided any security or other collateral in assets at 31 December 2025. - Sanofi -Aventis Participations SA, France owns all shares in the Company, thus exercising control. Parent Company. Other operating income comprises items of secondary nature in proportion to the principal activities of the enterprise, including gains on disposal of intangible assets and tangible fixed assets. Cost of sales include costs for the purchase of raw materials and consumables less discounts and changes in inventories Other financial expenses comprise interest expenses,including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Other financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Property, plant and equipment Other tangible fixed assets are measured at cost with deduction of accrued depreciation and write-down.The basis of depreciation is cost with deduction of any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the book value, the amortisation discontinues. If the amortisation period or the residual value is changed, the effect on amortisation will in the future be recognised as a change in the accounting estimates. The cost comprises the acquisition cost and costs directly attached to the acquisition until the time when the asset is ready for use. Depreciation takes place on a straight-line basis and based on an evaluation of the expected useful life and the residual value of the individual assets: Minor assets with an expected useful life of less than 1 year are recognised as costs in the profit and loss account in the year of acquisition. Profit or loss deriving from the sales of tangible fixed assets is measured as the difference between the sales price reduced by the selling costs and the book value at the time of the sale. Profit or losses arerecognised in the profit and loss account as other operating income or other operating expenses. Receivables The Company has chosen IAS 39 as interpretation for impairment of financial receivables. Receivables are measured as amortised cost,which usually corresponds to the nominal value. The value is reduced by write-downs for bad debts. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired an impairment loss is recognised on an individual basis. Impairment losses are calculated as the difference between the carrying amount of the receivables and the net present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Inventories Inventories are measured at cost based on the FIFO method. In case the net realisable value of the inventories are lower than the cost, write-down takes place to this lower value. The cost for trade goods, raw materials, and consumables comprises the acquisition cost with the addition of the delivery costs. The cost for manufactured goods and works in progress comprises the cost for raw materials,consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages,maintenance of and depreciation on machinery, factory buildings and equipment applied during the production process, and costs for factory administration and factory management. Borrowing costs are not recognised in cost. The net realisable value for inventories is recognised as the market price with deduction of completion costs and selling costs. The net realisable value is determined taking into consideration the negotiability,obsolescence, and development of the expected market price. Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement for the Company is prepared, as the Company's cash flows are part of the consolidated cash flow statement for Sanofi aventis Participations SA, which can be required from the following homepage: https://www.sanofi.com/assets/dotcom/content-app/publications/annual-report-on-form-20-f/2025-01-01-form-20-f-2025-en.pdf