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Sanofi Q3 2015 Earnings Report

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Q3 2015 RESULTS October 29, 2015


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Forward Looking Statements This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans" and similar expressions. Although Sanofi's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such product candidates, the absence of guarantee that the product candidates if approved will be commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's ability to benefit from external growth opportunities, trends in exchange rates and prevailing interest rates, the impact of cost containment policies and subsequent changes thereto, the average number of shares outstanding as well as those discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in Sanofi's annual report on Form 20-F for the year ended December 31, 2014. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements. 2


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KEY HIGHLIGHTS Olivier Brandicourt Chief Executive Officer 3


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Sanofi Grew Sales and Business EPS in Q3 2015 while Accelerating Investments to Drive Future Growth 1 Delivering solid sales growth 2 Posting steady financial results 3 4 ● Sales up +3.4% at CER(1) despite Diabetes sales erosion in the U.S. ● Higher OpEx, as expected, driven by investment in launches ● Business EPS up +6.1% at CER(2) Bringing innovative medicines to market ● Growing contribution from new products(3) ● Praluent® launched in the U.S. and EMA approval granted ● NDA for lixisenatide accepted for review by FDA Building a sustainable path forward ● Plans for implementation of Global Business Unit structure and globalization of functions on track(4) NDA: New Drug Application GBUs: Global Business Units (1) On a reported basis, Q3 2015 sales were up +9.2% (2) On a reported basis, Q3 2015 Business EPS was up +9.5% (3) In particular Aubagio®, NexGard®, Lemtrada® and Toujeo® (4) Scheduled to be effective January 1, 2016 4


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Solid Top and Bottom Lines Growth in Q3 2015 Net Sales +€508m Business EPS +€0.05 €9,591m €1.61 +€0.09 +€302m +3.4% at €8,781m Q3 2014 +6.1% CER(1) at CER(1) €1.47 Incremental Sales at CER FX Impact Q3 2015 Q3 2014 (1) On a reported basis, Q3 2015 sales were up +9.2% and Business EPS was up +9.5% Incremental EPS at CER FX Impact Q3 2015 5


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Broad-based Sales Growth Continues in Q3 2015(1,2) Q3 2015 Sales by Business Areas % of Sales 75.8% Growth at CER Pharmaceuticals(3) €7,267m +2.6% 19.3% Diabetes €1,852m -6.6% 9.6% Genzyme €923m +32.7% 8.5% Consumer Healthcare €814m +3.2% 4.7% Generics €452m +6.7% 3.9% Oncology €376m +5.4% 29.8% Established Products €2,846m +0.1% €1,717m +5.5% €607m +9.3% 17.9% Vaccines 6.3% Animal Health Q3 2015 sales growth excluding Diabetes of +6.0% at CER (1) Q3 2015 sales were up +3.4% at CER and +9.2% on a reported basis (2) Q3 2015 sales excluding Diabetes were €7,739m, up +6.0% at CER; YTD Sep 2015 sales excluding Diabetes were €22,102m, up +5.8% at CER (3) Sales of Pharmaceuticals include €4m of Praluent® 6


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Diabetes Performance in Q3 2015 Reflects Lower U.S. Sales of Lantus® than Expected ● U.S. Lantus® sales(2) impacted by: Q3 2015 Diabetes Sales by Geography (€m) ● Higher discounts as compared to last year ● Slower than expected U.S. basal market Global Diabetes Sales: €1,852m, -6.6% at CER Ex-U.S. €777m (1) 42.0% 58.0% +8.1% at CER ● Higher than expected proportion of sales to U.S. government channels (e.g. Medicaid) U.S. €1,075m -16.4% at CER ● Successfully defending U.S. glargine TRx share post Toujeo® launch ● Stable diabetes sales in Western EU(3) given biosimilar glargine entry in some countries ● Sustained double-digit diabetes sales growth in Emerging Markets(4) Global diabetes sales expected to be down between 6% and 7% at CER in 2015 (1) (2) (3) (4) Diabetes sales in the U.S. declined by 12.0% at CER in Q1 2015 and by 14.0% at CER in Q2 2015 U.S. Lantus® sales were €997m down -19.6% at CER in Q3 2015 Diabetes sales in Western EU were €296m, down -0.3% at CER, in Q3 2015 Diabetes sales in Emerging Markets were €373m, up +15.5% in Q3 2015 7


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Global Roll-out Underway and Showing Early Promise in Key Markets Weekly Sell Out Share (in Units/Packs) within Basal Market(2) Weekly NBRx Share within Basal Market(1) 60% Lantus® 49.8% 50% 8% 6.8% 7% 6% 40% Levemir® 26.8% 30% 5% Tresiba® 4% 3.6% 3% 20% 14.0% 10% NPH 9.4% 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 Weeks from Toujeo® Launch 2% 1% 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 Weeks from Launch Additional launches in Q3 in Japan, Canada, U.K. and other EU countries (1) Basal market includes Toujeo®, Lantus®, Levemir® (a Novo Nordisk brand) and NPH - Source: IMS Weekly Data week of April 3 - week of Oct 9, 2015 (2) Insight Health Germany (Retail Apo-Weekly-Pharma) – All data including parallel trade; Toujeo® week of May 5 - Oct 20, 2015; Tresiba® week of April 29 - Oct 14, 2014 8


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Genzyme Delivers Strong Q3 2015 with MS Franchise Continuing to More than Double vs. Q3 2014 ● Strong MS sales in Q3 2015 ● Aubagio® reaching €225m ● Lemtrada® at €68m, sequentially up +24.0% at CER from previous quarter Genzyme Quarterly Sales €923m Multiple Sclerosis Rare Disease ● ECTRIMS data presentations support value proposition of MS products:  Aubagio® favorable impact on brain atrophy(1)  Lemtrada® effect maintained over 5 years(2) €649m €293m +120.2% at CER €119m ● Sustained Rare Diseases sales growth driven by continued new patient accrual ● Double digit growth of Gaucher franchise, Fabry and +32.7% at CER €630m €530m +13.0% at CER Q3 2014 Q3 2015 Pompe brands(3) MS: Multiple Sclerosis (1) Additional MRI data on brain atrophy from Phase III TEMSO study, Press release October 7th 2015 (2) CARE-MS I&II 5-year extension study, Press release October 8th 2015 (3) Gaucher franchise (Cerezyme®+Cerdelga®) sales were €207m, up +14.3% at CER, while Fabrazyme and Myozyme were €147m and €162m respectively, up +18.1% at CER and +10.9% at CER 9


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Vaccines Showed Good Sales Growth in Q3 2015 Sanofi Pasteur Quarterly Sales ● Stable flu vaccines sales of €736m €1,717m (+0.3% at CER) in Q3 2015 ● Solid U.S. performance(1), partially offset by +5.5% at CER €1,451m delayed supply in Western EU and Mexico ● PPH sales up +17.8% at CER driven by strong delivery pattern in China Influenza Vaccines Polio/Pertussis/Hib Meningitis/Pneumo Adult Boosters Travel/Endemic Other(2) Q3 2014 Q3 2015 ● Menactra® sales up +17.8% at CER as a result of U.S. public sector purchases ● Dengue vaccine launch preparation on track ● 1st license anticipated before year-end ● 1st wave of launches in endemic countries planned for 2016 On track to deliver >65m doses of Flu vaccine in the U.S. in 2015 (1) U.S. flu vaccines sales were €576m in Q3 2015, up 8.3% at CER (2) Includes VaxServe, a U.S. healthcare supplier serving primary care physician offices, community immunization providers, immunizing pharmacies, travel clinics and corporations 10


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Sixth Consecutive Quarter of Growth at Merial Driven by Strong Performance in Pets Quarterly Sales Growth at CER +12.7% +11.5% +14.2% +13.5% ● Q3 2015 sales of €607m, up +9.3% at +9.3% CER ● Companion Animals sales of €401m, +6.2% up +13.6% at CER ● NexGard® U.S. advertising campaign leads to strong performance in Q3 2015 ● Production Animals segment sales of -1.6% €206m, up +2.5% at CER -6.4% -6.3% Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 11


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Double Digit Growth in Emerging Markets and Low Single Digit Growth in the U.S. in Q3 2015 Q3 2015 Sales by Geography (€m) (2) Emerging Markets Sales by Region RoW €844m Western EU €1,988m -4.5% at CER -1.8% at CER 20.7% €964m 8.9% 29.9% Emerging Markets (1) €2,871m €697m €587m €562m +11.4% U.S. 40.5% €3,888m at CER Asia +2.3% at CER Growth at CER (3) +17.8% Latin America Eastern Europe, Africa & Middle Russia & Turkey East +7.0% (1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxembourg, Portugal, the Netherlands, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan, South Korea, Australia, and New Zealand (2) RoW: Japan, South Korea, Canada, Australia, and New Zealand (3) At constant exchange rate +6.0% +11.4% 12


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Early Launch Progress Encouraging with Gradual Uptake(1) Consistent with Expectations ● U.S. comprehensive support hub tracking in line with expectations ● Over 4,000 prescribers ● Preferred Tier 2 formulary position granted by ESI (parity for both PCSK9 brands) ● Formulary status at CVS and UHC pending ● Near-term expansion opportunities:  Driving awareness and adoption  Gaining greater U.S. market access Available in 2 Doses Recommended starting dose 75 mg Q2W Increase if needed 150 mg Q2W Dosage and Administration Options 75 mg/1 mL pen 150 mg/1 mL pen Both doses available in a single-dose, 1-mL, prefilled pen and prefilled syringe Launches in first EU countries underway UHC: United Healthcare (1) Initial U.S. sales were €4m in Q3 2015 13


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New Launches More than Offset Lantus® Sales Decline in YTD Sep 2015 YTD Sep 2015 Sales €27,779m €25,579m +€2,200m +€647m +12.5% -€332m reported +3.6% +€566m at CER €24,698m YTD Sep 2014 Launches (1) Lantus® Others Q3 2015 at CER (1) Includes Aubagio®, Lemtrada®, Cerdelga®, Toujeo®, Afrezza®, Praluent®, NexGard® FX YTD Sep 2015 14


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Regulatory Submissions for Two High Potential Products Expected by Year End Key Regulatory Submissions 1 2 sarilumab Rheumatoid Arthritis  U.S. (Q4 2015)  EU (Q3 2016) Diabetes  U.S. (Q4 2015)  EU (Q1 2016) 15


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FINANCIAL RESULTS Jérôme Contamine Executive Vice President, Chief Financial Officer 16


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FX Tailwind Easing Due to Emerging Market Currencies in Q3 2015 Quarterly Currency Impact Business EPS(1,2) Net Sales(1,2) +11.2% +9.9% +15.4% +€910m +€0.18 +€782m +10.2% +5.8% +€0.12 +€508m +3.4% +2.7% +€0.05 +€229m +1.5% Q3 2014 -€81m -1.0% Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 -€0.03 +€0.02 Q4 2014 Q1 2015 Q2 2015 Q3 2015 -2.2% (1) Main currency impact on sales in Q3 2015: U.S. Dollar (+€621m); Chinese Yuan (+€79m); Brazilian Real (-€82m); Venezuelan Bolivar Forte (-€81m); Russian Ruble (-€62m) (2) Q3 2015 Fx impact without Venezuela on Sales +€589m (+6.7ppt) and Business EPS +€0.15 (+10.3ppt) 17


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Q3 2015 Business Operating Income Stable at CER Given Investments to Drive Future Growth €m Q3 2015 Q3 2014 9,591 % Change % Change (reported €) (CER) 8,781 +9.2% +3.4% 89 87 +2.3% -8.0% (2,998) (2,864) +4.7% +2.0% 6,682 6,004 +11.3% +4.0% R&D (1,355) (1,146) +18.2% +9.9% SG&A (2,461) (2,193) +12.2% +6.2% (136) 39 - - 78 43 - - (25) (31) - - Business operating income 2,783 2,716 +2.5% -0.4% Business operating margin 29.0% 30.9% - - Net sales Other revenues Cost of sales Gross profit Other current operating income & expenses (1) Share of Profit/Loss of associates Minority interests CER: Constant Exchange Rates (1) Includes a foreign exchange loss of €137m on Venezuela 18


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Mid-Single Digit Business Net Income Growth at CER in Q3 2015 Resulting from Lower Tax Rate €m Q3 2015 Q3 2014 Business operating income 2,783 Net financial expenses Income tax expense % Change % Change (reported €) (CER) 2,716 +2.5% -0.4% (105) (139) - - (582) (642) - - -22.2% -25.0% - - Business net income 2,096 1,935 +8.3% +5.0% Net margin 21.9% 22.0% - - Business EPS €1.61 €1.47 +9.5% +6.1% Average number of shares outstanding (m) 1,305.5 1,313.0 - - Effective tax rate CER: Constant Exchange Rates 19


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Gross Margin Consistent with FY 2015 Expectations Gross Margin (%) ● Cost of Sales (CoS) of €2,998m in Q3 2015, up +2.0% at CER 69.7% 68.4% ● Gross margin of 69.7% in Q3 2015 reflecting 1.3 pt increase over Q3 2014: ● Positive impact from MS franchise and Vaccines more than offsetting negative impact of Diabetes U.S. and Plavix® LoE in Japan ● Favorable FX impact (1.0 pt) Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2014 2014 2014 2015 2015 2015 Gross Margin expected to be around 69% in 2015 20


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OpEx Up +5.0% at CER in YTD Sep 2015 as Expected Operating Expenses (€m) ● Q3 2015 OpEx of €3,816m, up +7.5% at CER R&D €3,816m SG&A ● R&D expenses of €1,355m €3,339m €1,355m (14.1% of sales), up +9.9% at CER, driven by dupilumab, ODYSSEY CVOT study and immuno-oncology €1,146m ● SG&A expenses of €2,461m (25.7% of sales), up +6.2% at CER, mainly due to Toujeo® DTC, Praluent® launch, support to MS brands as well as Animal Health €2,461m €2,193m Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Targeting mid-single digit OpEx growth at CER in 2015 21


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Over €5bn of Free Cash Flow Generated in YTD Q3 2015 Net Debt (€m) €1,182m €3,694m €6,014m €7,171m FCF €5,005m €9,354m €1,383m €552m €1,481m €1,009m Net Debt (1) Dec 31, 2014 Net Cash from Operating Activities(2) CapEx Proceeds from Issuance of Shares Share Repurchase Acquisitions, Licensing, Net of Disposals (3) Dividend Other(4) FCF: Free Cash Flow (1) Including derivatives related to the financial debt +€302m at December 31st 2014 and +€302m at September 30th 2015 (2) Excluding Restructuring costs (3) Including Regeneron immuno-oncology collaboration of €584m and Caprelsa® rights of €149m (4) Other including Restructuring costs and Fx impact Net Debt (1) Sep 30, 2015 22


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Outlook for 2015 Reaffirmed FY 2015 Business EPS Growth FX impact on Business EPS Stable to slightly growing at CER(1,2) Between +6% and +8%(3) (1) Barring major unforeseen adverse events (2) FY 2014 Business EPS of €5.20 (3) Difference between variation on a reported basis and variation at CER, when applying September 2015 average exchange rates to the remaining quarter of the year and including Venezuela impact 23


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APPENDICES R&D Pipeline 24


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Late Stage Pipeline – Pharma & Vaccines Registration Phase III N LixiLan lixisenatide + insulin glargine Fixed-Ratio / Type 2 diabetes patisiran (ALN-TTR02) N Clostridium difficile siRNA inhibitor targeting TTR Familial amyloidotic polyneuropathy N SAR342434 insulin lispro Type 1+2 diabetes revusiran (ALN-TTRsc) Toxoid vaccine N siRNA inhibitor targeting TTR Familial amyloidotic cardiomyopathy N sarilumab lixisenatide N GLP-1 agonist Type 2 diabetes, U.S. Rotavirus Dengue Live attenuated tetravalent Rotavirus oral vaccine Mild-to-severe dengue fever vaccine (Anti-IL6R mAb) Rheumatoid arthritis Jevtana® VaxiGrip® QIV IM PR5i cabazitaxel Metastatic prostate cancer (1L) Quadrivalent inactivated influenza vaccine (3-36 months) DTP-HepB-Polio-Hib Pediatric hexavalent vaccine, U.S., EU N dupilumab VaxiGrip® QIV IM Anti-IL4Rα mAb Atopic dermatitis, Asthma Quadrivalent inactivated influenza vaccine (3 years+) N New Molecular Entity Diabetes Oncology Neuro-degenerative Diseases Cardiovascular Diseases Multiple Sclerosis Infectious Diseases Vaccines Immunology Ophthalmology Rare Diseases 25


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Early Stage Pipeline – Pharma & Vaccines Phase II dupilumab isatuximab Anti-IL4Rα mAb Nasal polyposis; Eosinophilic oesophagitis SAR156597 N Rabies VRVg Anti-CD38 naked mAb Multiple myeloma N GZ402671 IL4/IL13 Bi-specific mAb Idiopathic pulmonary fibrosis sarilumab olipudase alfa rhASM Niemann-Pick type B N Combination N Tuberculosis Recombinant subunit vaccine N Fluzone® QIV HD Quadrivalent inactivated influenza vaccine - High dose ferroquine / OZ439 Antimalarial N Meningitis ACYW conj. 2nd generation meningococcal conjugate infant vaccine Oral GCS Inhibitor Fabry Disease Anti-IL6R mAb Uveitis Purified vero rabies vaccine New Molecular Entity Diabetes Oncology Neuro-degenerative Diseases Cardiovascular Diseases Multiple Sclerosis Infectious Diseases Vaccines Immunology Ophthalmology Rare Diseases 26


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Early Stage Pipeline – Pharma & Vaccines Phase I N GZ402668 GLD52 (anti-CD52 mAb) Relapsing multiple sclerosis SAR566658 N Maytansin-loaded anti-CA6 mAb Solid tumors N SAR113244 Anti-CXCR5 mAb Systemic lupus erythematosus SAR408701 N Anti-protofibrillar AB mAb Alzheimer’s disease SAR439684 PD-1 inhibitor N N GLP-1R/GCGR dual agonist Diabetes SAR428926 LAMP-1 inhibitor N N GLP-1R/GIPR dual agonist Diabetes SAR439152 SAR339375 N SAR439774 ALN-AT3 Haemophilia New Molecular Entity N UshStat® N Myosin 7A gene therapy Usher syndrome 1B N SAR366234 N EP2 receptor agonist Elevated intraocular pressure N Streptococcus pneumonia Meningitis & pneumonia vaccine N Herpes Simplex Virus Type 2 Myosin inhibitor Hypertrophic cardiomyopathy N N Anti-miR21 RNA Alport syndrome Cancer SAR438335 GZ389988 SAR422459 ABCA4 gene therapy Stargardt disease TRKA antagonist Osteoarthritis Cancer SAR425899 N neo GAA Pompe Disease Anti-CEACAM5 ADC Solid tumors SAR228810 GZ402666 HSV-2 vaccine Diabetes Oncology Neuro-degenerative Diseases Cardiovascular Diseases Multiple Sclerosis Infectious Diseases Vaccines Immunology Ophthalmology Rare Diseases 27


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R&D Pipeline Summary Table(1) Phase I Phase II Phase III Registration TOTAL Oncology 4 1 0 0 5 Diabetes Solutions 2 0 2 1 5 Cardiovascular / Renal Diseases 1 0 0 0 1 Immune Mediated Diseases 2 1 2 0 5 Infectious Diseases 0 1 0 0 1 Ophthalmology 3 0 0 0 3 Rare Diseases 4 2 2 0 8 Age Related Degenerative Diseases 1 0 0 0 1 Vaccines 2 4 3 3 12 19 9 9 4 TOTAL 29 28 (1) Excluding life cycle management programs 13 41 NMEs & Vaccines 28


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Expected R&D Milestones Product Event Timing Dengue vaccine Expected regulatory decision in endemic countries Q4 2015 sarilumab Expected U.S. regulatory submission in Rheumatoid Arthritis Q4 2015 LixiLan Expected U.S. regulatory submission in Diabetes Q4 2015 PR5i vaccine (DTP-HepB-Polio-Hib) Expected CBER decision on the extended review timeline Q4 2015 LixiLan Expected EU regulatory submission in Diabetes Q1 2016 dupilumab Expected Phase III top line results in Atopic Dermatitis Q1 2016 PR5i vaccine (DTP-HepB-Polio-Hib) Expected EU regulatory decision Q2 2016 Meningitis ACYW conj. vaccine Expected start of Phase III trial Q2 2016 Rotavirus vaccine Expected regulatory submission in India Q2 2016 Insulin lispro Expected Phase III top line results in Diabetes Q2 2016 lixisenatide Expected U.S. regulatory decision Q3 2016 dupilumab Expected U.S. regulatory submission in Atopic Dermatitis Q3 2016 sarilumab Expected MONARCH Phase III results in Rheumatoid Arthritis Q3 2016 29


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APPENDICES FINANCE 30


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2015 Currency Sensitivity Business EPS Currency Sensitivity Currency Variation Business EPS Sensitivity U.S. Dollar -0.05 USD/EUR +EUR 0.10 Japanese Yen +5 JPY/EUR -EUR 0.03 Russian Ruble +10 RUB/EUR -EUR 0.06 Currency Exposure on Q3 2015 Sales Chinese Yuan 5.9% Brazilian Real 2.7% Canadian $ 1.5% Australian $ 1.4% Bristish £ 2.1% Japanese Yen 4.5% Russian Ruble 1.4% Currency Average Rates Mexican Peso 1.4% US $ 41.5% % change 1.33 1.11 -16.5% EUR/JPY 137.74 135.89 -1.3% EUR/CNY € 21.4% Q3 2015 EUR/USD Others 16.2% Q3 2014 8.17 7.01 -14.2% EUR/RUB 48,08 70,46 +46.6% 31


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Business Net Income Statement Third quarter 2015 € million Group Total Q3 2015 Q3 2014 Net sales Other revenues Cost of sales 9,591 89 (2,998) 8,781 87 (2,864) As % of net sales (31.3%) 6,004 68.4% Research and development expenses (1,355) (1,146) As % of net sales (14.1%) change 9.2% 2.3% 4.7% (32.6%) 6,682 69.7% Pharmaceuticals (13.1%) Gross profit As % of net sales Q3 2015 Q3 2014 7,267 68 (2,151) 6,815 69 (2,036) (29.6%) 5,184 71.3% 4,848 71.1% 18.2% (1,173) (987) (16.1%) change 6.6% (1.4%) 5.6% (29.9%) 11.3% Vaccines (14.5%) Q3 2015 Q3 2014 Animal health change 1,717 9 (635) 1,451 9 (629) (37.0%) 1,091 63.5% 831 57.3% 18.8% (140) (121) (8.2%) Q3 2014 change Q3 2015 Q3 2014 (8.3%) 17.9% 33.3% 6.5% - - 325 63.1% 25.2% - - (42) (38) 10.5% - - (6.9%) (43.3%) 6.9% 18.3% 1.0% Q3 2015 Other (7.4%) 31.1% - - 607 12 (212) 515 9 (199) (34.9%) (38.6%) 31.3% 407 67.1% 15.7% - Selling and general expenses (2,461) (2,193) (2,070) (1,859) (176) (170) (215) (164) As % of net sales (25.7%) (25.0%) (28.5%) (27.3%) (10.3%) (11.7%) (35.4%) (31.8%) (136) 39 (128) 57 - 2 4 1 (12) (21) 78 43 57 22 20 21 1 - - - (25) (31) (24) (31) (1) - - - - - 2,783 2,716 1,846 2,050 794 563 155 124 (12) (21) 29.0% 30.9% 25.4% 30.1% 46.2% 38.8% 25.5% 24.1% (105) (139) Other current operating income/expenses Share of profit/loss of associates * Net income attributable to non-controlling interests Business operating income As % of net sales Financial income and expenses Income tax expense Tax rate** (582) 2.5% 11.4% (10.0%) 3.5% 41.0% 25.0% (642) 22.2% 12.2% 25.0% Business net income 2,096 1,935 As % of net sales 21.9% 22.0% 1.61 1.47 Business earnings per share *** (in euros) 8.3% 9.5% (1) Net of tax (2) Determined on the basis of Business income before tax, associates and non-controlling interests (3) Based on an average number of shares outstanding of 1,305.5 million in the third quarter of 2015 and 1,313.0 million in the third quarter of 2014 32


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Business Net Income Statement Nine months 2015 € million Group Total Pharmaceuticals Vaccines Animal health Other 9M 2015 9M 2014 change 9M 2015 9M 2014 change 9M 2015 9M 2014 change 9M 2015 9M 2014 change 9M 2015 9M 2014 Net sales Other revenues Cost of sales 27,779 252 (8,722) 24,698 241 (7,988) 12.5% 4.6% 9.2% 22,522 197 (6,593) 20,332 195 (6,082) 10.8% 1.0% 8.4% 3,301 23 (1,461) 2,797 23 (1,329) 18.0% 9.9% 1,956 32 (668) 1,569 23 (577) 24.7% 39.1% 15.8% - - As % of net sales (31.4%) (32.4%) (29.3%) (29.9%) (44.3%) (47.5%) (34.2%) (36.8%) Gross profit 19,309 69.5% 16,951 68.6% 13.9% 16,126 71.6% 14,445 71.0% 11.6% 1,863 56.4% 1,491 53.3% 24.9% 1,320 67.5% 1,015 64.7% 30.0% - - Research and development expenses (3,844) (3,473) 10.7% (3,316) (3,012) 10.1% (402) (351) 14.5% (126) (110) 14.5% - - (14.7%) (14.8%) (12.2%) (12.5%) (6.4%) (7.0%) (6,380) (5,580) (520) (441) (647) (505) 28.1% - - As % of net sales As % of net sales (13.8%) (14.1%) Selling and general expenses (7,547) (6,526) As % of net sales (27.2%) (26.4%) (28.3%) (27.4%) (15.8%) (15.8%) (33.1%) (32.2%) (223) 68 (167) 76 2 3 9 18 (67) (29) 139 82 118 55 20 27 1 - - - (87) (96) (86) (96) (1) - - - - - 7,747 7,006 6,295 5,888 962 729 557 418 (67) (29) 27.9% 28.4% 28.0% 29.0% 29.1% 26.1% 28.5% 26.6% (314) (309) Income tax expense (1,771) (1,678) Tax rate** 24.0%) 25.0% Other current operating income/expenses Share of profit/loss of associates * Net income attributable to non-controlling interests Business operating income As % of net sales Financial income and expenses Business net income 5,662 5,019 As % of net sales 20.4% 3.81 10.6% 14.3% 6.9% 17.9% 32.0% 33.3% 20.3% 4.33 15.6% Business earnings per share *** (in euros) 12.8% 13.6% (1) Net of tax (2) Determined on the basis of Business income before tax, associates and non-controlling interests (3) Based on an average number of shares outstanding of 1,306.6 million in the first nine months of 2015 and 1,315.8 million in the first nine months of 2014 33


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Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of Sanofi € million Q3 2015 Business net income Q3 2014 Change 2,096 1,935 (598) (561) (209) (35) 90 (45) (58) (163) Other gains and losses, and litigation - - Additional yearly expense related to US Branded Prescription Drug Fee (2) - (116) 310 261 210 77 8 188 13 5 Amortization of intangible assets (1) Impairment of intangible assets Fair value remeasurement of contingent consideration liabilities Restructuring costs Tax effect of: amortization of intangib le assets impairment of intangib le assets fair value remeasurement of contingent consideration liab ilities other gains and losses, and litigation restructuring costs - - 15 55 Other tax items - - Share of items listed above attributable to non-controlling interests 2 - (5) (86) 1,628 1,190 1.25 8.3% 0.91 Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures (3) IFRS net income reported Consolidated earnings per share(4) (in euros) 36.8% (1) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €560 million in the third quarter of 2015 and €540 million in the third quarter of 2014 (2) Annual fee related to 2013 sales following the final IRS regulation issued in July 2014 that has changed the timing of liability recognition and leads to a one-time “double” expense in the year of 2014 (3) Net income attributable to equity holders of Sanofi (4) Based on an average number of shares outstanding of 1,305.5 million in the third quarter of 2015 and 1,313.0 million in the third quarter of 2014 34


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Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of Sanofi € million 9M 2015 5,662 (237) (2) Additional expense related to US Branded Prescription Drug Fee (3) Tax effect of: amortization of intangib le assets impairment of intangib le assets fair value remeasurement of contingent consideration liab ilities other gains and losses, and litigation restructuring Other tax items (4) Share of items listed above attributable to non-controlling interests Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures (5) IFRS net income reported Consolidated earnings per share(6) (in euros) 35 - (116) 783 641 87 (7) 150 639 39 19 (111) Other gains and losses, and litigation (298) - Restructuring costs (177) (439) Fair value remeasurement of contingent consideration liabilities (109) 161 Impairment of intangible assets (1,862) 871 Amortization of intangible assets (1) 5,019 (1,827) Business net income 9M 2014 (110) 5 4 (132) (118) 3,953 3,051 3.03 Change 2.32 12.8% (13) 99 29.6% (1) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €1,732 million in the first nine months of 2015 and €1,798 million in the first nine months of 2014 (2) Day one profit on Alnylam shares presented in financial result (3) Annual fee related to 2013 sales following the final IRS regulation issued in July 2014 that has changed the timing of liability recognition and leads to a one-time “double” expense in the year of 2014 (4) Tax on dividends paid to shareholders of Sanofi (5) Net income attributable to equity holders of Sanofi (6) Based on an average number of shares outstanding of 1,306.6 million in the first nine months of 2015 and 1,315.8 million in the first nine months of 2014 35


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Consolidated Income Statements € million Q3 2015 Other revenues 9M 2015 9M 2014 9,591 Net sales Q3 2014 8,781 27,779 24,698 89 87 252 241 Cost of sales (2,998) (2,864) (8,722) (7,988) Gross profit 6,682 6,004 19,309 16,951 Research and development expenses (1,355) (1,146) (3,844) (3,473) Selling and general expenses (2,461) (2,309) (7,547) (6,642) (108) 47 (25) 163 (28) (8) (198) (95) Amortization of intangible assets (598) (561) (1,827) (1,862) Impairment of intangible assets (209) (35) (237) (109) Other operating income Other operating expenses Fair value remeasurement of contingent consideration liabilities 90 (45) 161 (177) Restructuring costs (58) (163) (439) (298) Operating income 1,955 1,784 5,353 4,458 Financial expenses (127) (154) (394) (446) 22 15 80 172 1,850 1,645 5,039 4,184 (272) (381) (1,011) (1,005) 73 (43) 7 (36) 1,651 1,221 4,035 3,143 23 31 82 92 Financial income Income before tax and associates and joint ventures (1) Income tax expense Share of profit / loss of associates and joint ventures Net income Net income attributable to non-controlling interests Net income attributable to equity holders of Sanofi Average number of shares outstanding (million) Consolidated earnings per share (in euros) 1,628 1,190 3,953 3,051 1,305.5 1,313.0 1,306.6 1,315.8 1.25 0.91 3.03 2.32 (1) In 2015, including a tax on dividends paid to shareholders of Sanofi: (111) M€ compared to (110) M€ in 2014 36


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