Sanofi dividends totalled €444.5 million, a +6% increase from prior year levels (€420.9 million).
Income tax excluding non-recurrent items amounted to €2,075 million, an increase of +6% from 2023 (€1,958 million), representing a tax rate of 23.4%, a slight +20 basis point increase versus the previous year (23.2%).
Net profit excluding non-recurring items after non-controlling interests stood at €6,786 million, up +5% from last year, when net profit excluding non-recurring items after non-controlling interests amounted to €6,487 million.
Earnings per share(1), at €12.66, increased by +4.8%.
Non-recurring items after non-controlling interests(2) amounted to €377.6 million net of tax. They include other income and expenses of €438 million, of which primarily €237 million of restructuring charges related to various reorganization measures at Group, divisional and regional level, and €100 million related to product liability lawsuits.
Net profit after non-controlling interests came out at €6,408.7 million, increasing by +3.6%.
| € millions | 2024 | 2023 | Change | % Change |
|---|---|---|---|---|
| Net profit | Net profit 2024 6,416.5 |
Net profit 2023 6,190.5 |
Net profit Change 226 |
Net profit% Change+3.7% |
| Depreciation, amortisation and provisions | Depreciation, amortisation and provisions 2024 1,855.3 |
Depreciation, amortisation and provisions 2023 1,715.0 |
Depreciation, amortisation and provisions Change 140.3 |
Depreciation, amortisation and provisions % Change
|
| Capital gains / losses on disposal of assets, deferred taxes, others | Capital gains / losses on disposal of assets, deferred taxes, others 2024 238 |
Capital gains / losses on disposal of assets, deferred taxes, others 2023 94.1 |
Capital gains / losses on disposal of assets, deferred taxes, others Change 143.9 |
Capital gains / losses on disposal of assets, deferred taxes, others % Change
|
| Share of profit in associates net of dividends received | Share of profit in associates net of dividends received 2024 2.9 |
Share of profit in associates net of dividends received 2023 (0.2) |
Share of profit in associates net of dividends received Change 3.1 |
Share of profit in associates net of dividends received % Change
|
| Gross operating margin | Gross operating margin 2024 8,512.6 |
Gross operating margin 2023 7,999.5 |
Gross operating margin Change 513.1 |
Gross operating margin% Change+6.4% |
| Changes in working capital | Changes in working capital 2024 (226.6) |
Changes in working capital 2023 (394.9) |
Changes in working capital Change 168.3 |
Changes in working capital % Change
|
| Investments | Investments 2024 (1,641.7) |
Investments 2023 (1,488.7) |
Investments Change (153) |
Investments % Change
|
| Operating net cash flow | Operating net cash flow 2024 6,644.3 |
Operating net cash flow 2023 6,115.9 |
Operating net cash flow Change 528.4 |
Operating net cash flow% Change+8.6% |
| Dividends paid | Dividends paid 2024 (3,614.9) |
Dividends paid 2023 (3,425.6) |
Dividends paid Change (189.3) |
Dividends paid % Change
|
| Acquisitions | Acquisitions 2024 (148.9) |
Acquisitions 2023 (2,497.2) |
Acquisitions Change 2,348.3 |
Acquisitions % Change
|
| Lease debt repayment | Lease debt repayment 2024 (474.3) |
Lease debt repayment 2023 (430.6) |
Lease debt repayment Change (43.7) |
Lease debt repayment % Change
|
| Acquisitions of treasury stock | Acquisitions of treasury stock 2024 (497.5) |
Acquisitions of treasury stock 2023 (503.3) |
Acquisitions of treasury stock Change 5.8 |
Acquisitions of treasury stock % Change
|
| Capital increase | Capital increase 2024 69.9 |
Capital increase 2023 1.5 |
Capital increase Change 68.4 |
Capital increase % Change
|
| Financial investments | Financial investments 2024 (1,927.2) |
Financial investments 2023 (157.8) |
Financial investments Change (1,769.4) |
Financial investments % Change
|
| Residual cash flow | Residual cash flow 2024 51.4 |
Residual cash flow 2023 (897.2) |
Residual cash flow Change 948.6 |
Residual cash flow% Change
|
Gross operating margin amounted to €8,512.6 million, an increase of €513.1 million or +6.4% from the prior year level of €7,999.5 million.
Operating net cash flow amounted to €6,644.3 million, an increase of €528.4 million or +8.6% from the prior year level of €6,115.9 million, primarily driven by a €513 million (+6.4%) increase in the gross operating margin, linked to a 3.7% rise in net income and a working capital requirement improvement of €168.3 million.
The working capital requirement increased by €227 million – €168 million lower than in 2023. This was primarily driven by an improvement in inventories to the tune of €317 million, related to the continued normalisation from the Covid period, which had seen a build-up in inventory levels, allowing the Group to fulfil customer demand and maintain production at a time of supply constraints. Trade accounts receivables increased by €80 million; trade accounts payable decreased by €78 million.
At €1,641 million, operating investments increased by €153 million, or +10%, from prior year levels, due to increased investments notably in industrial production tools and in new software. They stood at 3.8% of sales, +20 basis points above prior year levels (3.6%).
In 2024, acquisitions and financial investments accounted for an outflow of €2,062.2 million, including an outflow of €148.9 million for purchases of consolidated investments, mainly in the Luxe Division and L’Oréal Dermatological Beauty Division, and an outflow of €1,913.3 million for financial investments (mainly Galderma).
Residual cash flow amounted to €51.4 million compared to - €897.2 million in 2023, mainly due to substantial operating cash flow improvement and a favorable impact of acquisitions.
The Board of Directors has decided to propose a dividend of €7.00 per share at the shareholders’ Annual General Meeting of 29 April 2025, an increase of +6.1% compared with the dividend paid in 2024. The dividend will be paid on 7 May 2025 (ex-dividend date 5 May 2025 at 0:00 a.m., Paris time).
