Gross profit, at 73.9% of sales, improved by 150 basis points.
Research & Innovation expenses increased by 10 basis points to 3.1% of sales.
Advertising and promotional expenses increased by 90 basis points to 32.4% of sales, equivalent to an increase of more than 10% year-on-year.
Selling, general and administrative expenses increased by 10 basis points to 18.5% of sales.
Overall, operating profit increased by +9.2% to €8,143.3 million, and amounted to 19.8% of sales, an improvement of 30 basis points.
From operating profit to net profit excluding non-recurring items.
| € millions | 2021 | 2022 | 2023 | Evolution |
|---|---|---|---|---|
| Operating profit | Operating profit20216,160.3 | Operating profit20227,456.9 | Operating profit20238,143.3 | Operating profitEvolution+9.2% |
| Financial revenues and expenses excluding Sanofi dividends | Financial revenues and expenses excluding Sanofi dividends 2021-59.6 |
Financial revenues and expenses excluding Sanofi dividends 2022-73.0 |
Financial revenues and expenses excluding Sanofi dividends 2023-113.4 |
Financial revenues and expenses excluding Sanofi dividends Evolution
|
| Sanofi dividends | Sanofi dividends 2021378.3 |
Sanofi dividends 2022468.2 |
Sanofi dividends 2023420.9 |
Sanofi dividends Evolution
|
| Profit before tax excluding non-recurring items | Profit before tax excluding non-recurring items20216,478.9 | Profit before tax excluding non-recurring items20227,852.1 | Profit before tax excluding non-recurring items20238,450.8 | Profit before tax excluding non-recurring itemsEvolution+7.6% |
| Income tax excluding non-recurring items | Income tax excluding non-recurring items 2021-1,535.6 |
Income tax excluding non-recurring items 2022-1,793.4 |
Income tax excluding non-recurring items 2023-1,957.8 |
Income tax excluding non-recurring items Evolution
|
| Net profit excluding non-recurring items of equity consolidated companies | Net profit excluding non-recurring items of equity consolidated companies 2021+0.6 |
Net profit excluding non-recurring items of equity consolidated companies 2022+1.5 |
Net profit excluding non-recurring items of equity consolidated companies 2023+0.2 |
Net profit excluding non-recurring items of equity consolidated companies Evolution
|
| Non-controlling interests | Non-controlling interests 2021-5.5 |
Non-controlling interests 2022-6.1 |
Non-controlling interests 2023-6.7 |
Non-controlling interests Evolution
|
| Net profit after non-controlling interests excluding non-recurring items | Net profit after non-controlling interests excluding non-recurring items20214,938.5 | Net profit after non-controlling interests excluding non-recurring items20226,054.1 | Net profit after non-controlling interests excluding non-recurring items20236,486.6 | Net profit after non-controlling interests excluding non-recurring itemsEvolution+7.1% |
| EPS(1)Diluted earnings per share, based on net profit, excluding non-recurring items, after non-controlling interests. (in euros) | EPS (1)Diluted earnings per share, based on net profit, excluding non-recurring items, after non-controlling interests. (in euros)20218.82 |
EPS (1)Diluted earnings per share, based on net profit, excluding non-recurring items, after non-controlling interests. (in euros)202211.26 |
EPS (1)Diluted earnings per share, based on net profit, excluding non-recurring items, after non-controlling interests. (in euros)202312.08 |
EPS (1)Diluted earnings per share, based on net profit, excluding non-recurring items, after non-controlling interests. (in euros)Evolution+7.3% |
| NET PROFIT AFTER NON-CONTROLLING INTERESTS | NET PROFIT AFTER NON-CONTROLLING INTERESTS20214,597.1 | NET PROFIT AFTER NON-CONTROLLING INTERESTS20225,706.6 | NET PROFIT AFTER NON-CONTROLLING INTERESTS20236,184.0 | NET PROFIT AFTER NON-CONTROLLING INTERESTSEvolution+8.4% |
| Diluted EPS after non-controlling interests (in euros) | Diluted EPS after non-controlling interests (in euros)20218.21 |
Diluted EPS after non-controlling interests (in euros)202210.61 |
Diluted EPS after non-controlling interests (in euros)202311.52 |
Diluted EPS after non-controlling interests (in euros)Evolution
|
| Diluted average number of shares | Diluted average number of shares 2021559,791,545 |
Diluted average number of shares 2022537,657,548 |
Diluted average number of shares 2023537,021,039 |
Diluted average number of shares Evolution
|
Net finance costs amounted to €113 million.
Sanofi dividends totalled €420.9 million.
Income tax excluding non-recurrent items amounted to €1,958 million, representing a tax rate of 23.2%.
Net profit excluding non-recurring items after non-controlling interests stood at €6,487 million.
Earnings per share(1), at €12.08, increased by +7.3%.
Non-recurring items after non-controlling interests(2)Non-recurring items include impairment of assets, capital gains and losses on disposals of long-term assets, restructuring costs and tax effects of non-recurring items. amounted to €302 million net of tax.
Net profit after non-controlling interests came out at €6,184 million, increasing by +8.4%.
Gross cash flow amounted to €7,999 million, an increase of +9.7%. The working capital requirement increased by €395 million.
At €1,488.7 million, investments represented 3.6% of sales.
Net cash flow(3)Net cash flow = Gross cash flow + changes in working capital - capital expenditure., at €6,116 million, increased by 23.9%.
The balance sheet remains strong, with shareholders’ equity amounting to €29.1 billion.
The Board of Directors has decided to propose a dividend of €6.60 per share at the shareholders’ Annual General Meeting of 23 April 2024, an increase of +10.0% compared with the dividend paid in 2023. The dividend will be paid on 30 April 2024 (ex‑dividend date 26 April at 0:00am, Paris time).
At 31 December 2023, the capital of the company is formed by 534,725,475 shares.
