MEET SANOFI Management 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 initiatives 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 2015-2020 ROADMAP

Olivier Brandicourt Chief Executive Officer

MEET SANOFI Management Agenda

Our vision for Sanofi

Sanofi’s path to success

Delivering performance

4 Many Elements Point towards a Favorable Outlook for the Healthcare Industry despite Multiple Challenges

Opportunities Challenges

 Growing and aging population  Affordability is a key concern globally  Unmet medical needs remain high  Price pressure from payers in developed markets  Improved R&D productivity across the industry  Biosimilar threat and risk of interchangeability  Exciting time scientifically Slowdown in economic growth Rising middle class in Emerging   in Emerging Markets Markets More focused competitors building Empowered patients   leadership positions

5 Sanofi Has Important Strengths to Build On in this Changing Environment

Launching a strong set Leading of products Making credible positions in across multiple TAs entry in new TAs Diabetes, Vaccines, e.g. Multiple Rare Diseases, Sclerosis Emerging Markets

Record of Strong skills building leading for managing brands: Successful in mature Lantus®, Fluzone®, sourcing external businesses Cerezyme® innovation: Regeneron, Alnylam, Voyager

TA: Therapeutic Areas 6 Sanofi Also Has Challenges to Address in Order to Succeed

1 Broad portfolio

2 Lantus® loss of exclusivity

3 Pressure on margins

4 Limited breadth of pipeline

5 Complexity

7 A New Strategic Direction for Sanofi Is Needed to Change our Growth Trajectory

Sanofi is a global healthcare company focused on disease prevention and treatment

● DIVERSIFIED in Pharmaceuticals, Vaccines and Consumer Healthcare Our Vision for Sanofi ● FOCUSED on 5 GBUs(1)

● INNOVATIVE to sustain long term growth

● SIMPLIFIED as an organization

(1) Diabetes/Cardiovascular, General Medicines and Emerging Markets, Specialty Care, Vaccines, Animal Health 8 Agenda

Our vision for Sanofi

Sanofi’s path to success

Delivering performance

9 We Have Four Strategic Priorities

1 2 3 Deliver Sustain Reshape outstanding innovation the portfolio launches in R&D

4 Simplify the organization

10 1 Reshape the Portfolio

Sustain Build competitive Explore strategic A B C leadership positions options

● Diabetes/CV ● Multiple Sclerosis(1) ● Animal Health ● Vaccines ● Oncology(1) ● Generics(2) in Europe ● Rare Diseases(1) ● Immunology(1) ● Emerging Markets(2) ● Consumer Healthcare(2)

(1) Will be part of Specialty Care Global Business Unit (2) Will be part of General Medicines and Emerging Markets Global Business Unit 11 A Committed to Diabetes and Cardiovascular Diseases

1 Develop the insulin franchise

Strengthen the pipeline through external opportunities 2 and ambitious research

3 Lead the market shift to managing diabetes outcomes Google Life Sciences

4 Transform the management of hypercholesterolemia

Ambition to grow Diabetes franchise beginning in 2019(1) Praluent® multi-blockbuster potential

(1) Diabetes sales are expected to decline at an average annualized rate of -4% to -8% at CER over 2015-2018 Icons designed by Freepik 12 Strengthening our R&D Portfolio in Diabetes A with Two In-Licensing Agreements

(2) Immunology

Sotagliflozin - Phase II in T2 Diabetes Efpeglenatide – Phase II Phase III in T1 Diabetes ● Long acting GLP-1(3) (1) ● Dual SGLT1 and SGLT2 inhibitor ● Diabetes/Obesity ● Limiting meal time glucose absorption and ● Weekly/monthly administration increasing renal glucose excretion LAPS ● Oral administration Insulin 115 (HM12470) – Phase I ● Adjunct therapy ● Long acting insulin to insulin ● Less side-effects (hypoglycemia, obesity) in T1DM ● Weekly administration ● Favorable safety profile LAPS Insulin Combo – Pre-clinical ● Long acting insulin + efpeglenatide combination ● Weekly administration

T1DM: Diabetes mellitus type 1 (1) SGLT2 (sodium-glucose cotransporter type 2) is a transporter responsible for most of the glucose reabsorption performed by the kidney SGLT1 (sodium-glucose cotransporter type 1) is a transporter responsible for glucose and galactose absorption in the gastrointestinal tract, and to a lesser extent than SGLT2, glucose reabsorption in the kidney (2) Subject to customary closing conditions 13 (3) LAPS CA-Exendin-4 analog A Growing Faster than Market in Vaccines

Projected Sanofi Pasteur Sales 1 Further develop strong vaccine brands High ● Flu vaccines single digit ● Pediatric combinations sales CAGR ● Adult boosters at CER

® ~75% 2 Successfully launch Dengvaxia ~€4.7bn Dengue of €4.0bn sales Flu 3 Expand our manufacturing capacity Pediatric & boosters 4 Deliver novel high-value vaccines e.g. C. diff vaccine

2014 2015e 2020e

14 A Sustaining Leadership in Rare Diseases

Undiagnosed(1) Undiagnosed(1) Undiagnosed(1)

●1 Sustain market share through patient-centered approach, product differentiation and market access

●2 Grow market through patient screening and manufacturing expansion

●3 Advance internal and partnered novel pipeline

Sales CAGR for Rare Diseases expected at high single digit at CER over 2015-2020

(1) Genzyme internal analysis. Include China and India 15 Retaining #1 Position in Emerging Markets A through Greater Focus

Leader in Emerging Markets

EM sales ~€10.8bn in 2015e ●1 Increase focus on priority countries/regions (1) ~29% of Group sales ● Prioritize resource allocation

A top 3 MNC player in BRIC-M ● Adapt industrial footprint ● Redefine scope to exclude Eastern Europe(1) #3 in China ●2 Win the emerging middle class #1 in Brazil

#2 in Russia ●3 Innovate specifically for Emerging Markets

#4 in India ●4 Optimize trade and channel management

#2 in Mexico

MNC: Multinational corporation (1) World excluding U.S., Canada, Western & Eastern Europe (except Russia, Ukraine, Georgia, Belarus and Armenia), Japan, South Korea, Australia, New Zealand and Puerto Rico 16 1 Reshape the Portfolio

Sustain Build competitive Explore strategic A B C leadership positions options

(1) Will be part of Specialty Care Global Business Unit (2) Will be part of General Medicines and Emerging Markets Global Business Unit 17 B Growing our Multiple Sclerosis Franchise

Multiple Sclerosis Franchise Reported sales (€m)

€923m ●1 Successfully complete global launches of Aubagio® and Lemtrada®

Série2 ●2 Expand LCM activities to maximize

Série1 ® support to existing products ●3 Reinforce presence in “high efficacy” category

●4 Enter the neuroprotection/ remyelination segment

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015

Ambition to double the size of the MS franchise from 2015 to 2020

LCM: Life Cycle Management 18 B Rebuilding a Competitive Position in Oncology

Oncology Opportunity

Largest therapeutic area for pharmaceuticals ●1 Maximize clinical assets, particularly isatuximab (anti-CD38 mAb) and Antibody-Drug Conjugates Strong growth driven by unmet need and ●2 Build a transformative pipeline groundbreaking science ● Immuno-oncology collaboration with Regeneron ● Collaboration with BioNTech on mRNA therapeutics

●3 Rebuild critical mass

ADCs: Antibody-Drug Conjugates 19 Sarilumab and Dupilumab Represent Cornerstones B of a New Immunology Franchise

Immunology

● Entering an €18bn RA market ● Multi-disease, best in class drug where unmet need is still high targeting Th2 pathway ● IL-6 class >€1bn in sales and ● Breakthrough treatment for growing >20% atopic dermatitis ● Aim to be preferred 2nd line for ● Further opportunities in asthma TNF-IR patients and preferred and nasal polyposis monotherapy ● Multi-blockbuster potential ● Goal to differentiate through across key indications dosing, bone impact ● FDA submission ● Recently submitted in AD planned for to FDA Q3 2016

RA: Rheumatoid Arthritis TNF-IR: TNF inadequate responders AD: Atopic Dermatitis 20 B Build Scale in a Fragmented CHC Market

Ranked #5 in the ~€100bn OTC Market(1) 1 Manage with speed, Bayer Maximize GSK agility and consumer Existing focus J&J Brands Pfizer 2 3.2% Prepare the potential Reckitt Benckiser Shape Rx-to-OTC switch P&G New ® Other Boehringer Ingelheim of Cialis Takeda Categories Taisho 3 Reach critical scale Build Scale in key countries and through Bolt-on priority categories Acquisitions

(1) Nicholas Hall & Company, FY 2014 21 1 Reshape the Portfolio

Sustain Build competitive Explore strategic A B C leadership positions options

(1) Will be part of Specialty Care Global Business Unit (2) Will be part of General Medicines and Emerging Markets Global Business Unit 22 C Explore Strategic Options for Two Businesses

Merial Generics in Europe

● 2015e sales >€2.4bn ● 2015e sales ~€1bn(1) ● Successful return to growth ● Above average profitability of (YTD +12.4% at CER) Generics businesses ● One of the most profitable AH ● Ranked #5 in Europe, companies few geographic synergies ● Ranks #1 in companion (limited US presence) animals and #4 overall ● But consolidating market and ● But limited synergies increased complexity with other (biosimilars, businesses differentiated Gx) in Sanofi

AH: Animal Health (1) Western and Eastern Europe 23 2 Deliver Outstanding Launches

2014-2020: Up to 18 Launches Planned

Launched Focus on Six Launches Other upcoming launches Feb 2014 - Feb 2015 patisiran (U.S.) (U.S.) insulin PR5I Rotavirus Vaccine lispro Vaccine

isatuximab Shan Vaccine 5

24 Greater Focus on Six Major Launches through GBU Structure

Focus on 6 Products … … and Excel in Execution

New GBU organization with clear accountability, P&L ownership and life cycle management to focus on: ● Delivering differentiated products rapidly ● Shaping the market ● Securing market access ● Driving uptake

25 Sanofi Expects its Six Major Launches to Generate Substantial Combined Sales

Sales Potential of Six Key Products

Expected combined peak sales

of €12bn to €14bn(1)

(1) At CER, non-risk adjusted sales projections through 2025 26 Global Roll-out Underway and Showing Early Promise in Key Markets

Weekly NBRx Share Weekly Sell Out Share (in Units/Packs) within Basal Market(1) within Basal Market(2)

8% 60% Lantus® 7.1% 50.9% 7% 50% 6% 40% 5% Levemir® Tresiba® 30% 26.3% 4% 3.8%

3% 20% 13.7% 2% 10% NPH 1% 9.0% 0% 0% 1357911131517192123252729 135791113151719212325 Weeks from Toujeo® Launch Weeks from Launch

Additional launches in Q3 in Japan, Canada, U.K. and other EU countries

Levemir® and Tresiba® are Novo Nordisk brands (1) Basal market includes Toujeo®, Lantus®, Levemir® and NPH - Source: IMS Weekly - Data week of April 3 - week of Oct 16, 2015 ® (2) Insight Health Germany (Retail Apo-Weekly-Pharma) – All data including parallel trade; Toujeo week of May 5 - Oct 27, 2015; 27 Tresiba® week of April 29 - Oct 21, 2014 Investing in a Broad LCM Program to Expand the Evidence Base

Real Life Study Program Committed to a Phase IIIb/IV Establish the Value of Toujeo® Program to Be Submitted to in Real World Clinical Practice Health Authorities

● To enhance U.S. label ● To get deeper competitive data ● Start planned for 2016, data from 2017-to-2018

New Pen Device under Development ● Initial results expected in 2017, ● Higher single maximum daily extended follow-up findings in 2018 dose and greater capacity

LCM: Life Cycle Management 28 Transforming the Management of Hypercholesterolemia

2015 2016 - 2017 Launch Focus Future Opportunity Gradual Uptake Expected Expansion and Acceleration Building awareness & ● EU top 5 launches planned education in Q4 2015 and 2016

Executing centralized patient ● ODYSSEY OUTCOMES interim efficacy (1) initiation & distribution model analysis expected in H2 2016 in the U.S. ● ODYSSEY OUTCOMES study completion expected in late 2017 Gaining U.S. market access ● Real world and life cycle studies Driving appropriate use & to support market access and adherence value for sub-populations

75 mg/1 mL pen 150 mg/1 mL pen

Praluent® is developed and commercialized in collaboration with Regeneron (1) Second interim analysis for futility and overwhelming efficacy when ~75% of events have occurred 29 The First Ever Dengue Vaccine(1)

● About half of the world’s population lives Global Evidence Consensus Risk & Burden of Dengue - 2010(5) in dengue endemic regions(2) ● Recommended for the prevention of dengue disease in individuals 9 years and older living in endemic areas(3) ● Pooled efficacy data demonstrate(3) ● 65.5% protection against all 4 dengue serotypes ● 93.2% prevention against severe dengue ● 80.8% prevention of hospitalization due to dengue

● Potential to reduce disease burden by Complete Complete absence presence about 50% within 5 years if 20% of a country population is vaccinated in endemic countries(4,5)

Make dengue the next vaccine-preventable disease

Fixed Ratio Combination Single Once Daily Injection = of Two Active Components

FPG + PPG control Statistically significant A1c reduction versus components More patients with A1c <7% Weight neutral versus insulin glargine Reduced nausea versus lixisenatide alone No additional incidence of hypos vs. basal

Expected key regulatory submissions: U.S. Q4 2015 & EU Q1 2016

PPG: Post-Prandial Glucose FPG: Fasting Plasma Glucose 31 3 Sustain Innovation in R&D

Deliver a Balanced Pipeline… … Focused on GBU Priorities

Continue to strengthen R&D ● Sustain leadership: A pipeline Diabetes/CV, Vaccines, Rare Diseases

B Implement the R&D 2.0 model ● Build competitive positions: Oncology, MS, Immunology Foster existing R&D C collaborations (REGN, ALNY) ● Invest opportunistically: Neurodegeneration/pain, Increase capacity for external Infectious Diseases and D innovation Ophthalmology

Increasing annual R&D investments up to €6bn by 2020 while maintaining financial discipline

32 Further Expanding the R&D Pipeline Is a Key Objective for the Next Phase

Phase I Phase II Phase III Registration

GZ402668 N GZ402666 N dupilumab GZ402671 N LixiLan N lixisenatide N Anti-IL4Rα mAb GLD52 (anti-CD52 mAb) neo GAA Oral GCS Inhibitor lixisenatide + insulin glargine GLP-1 agonist Nasal polyposis; Relapsing multiple sclerosis Pompe Disease Fabry Disease Fixed-Ratio / Type 2 diabetes Type 2 diabetes, U.S. Eosinophilic oesophagitis

SAR113244 N SAR339375 N SAR156597 N olipudase alfa N SAR342434 N sarilumab N Anti-CXCR5 mAb Anti-miR21 RNA IL4/IL13 Bi-specific Ab rhASM insulin lispro Anti-IL6R mAb Systemic lupus erythematosus Alport syndrome Idiopathic pulmonary fibrosis Niemann-Pick type B Type 1+2 diabetes Rheumatoid arthritis, U.S.

GZ389988 N SAR439774 (ALN-AT3) N sarilumab Dengvaxia® Rabies VRVg sarilumab TRKA antagonist siRNA targeting Anti-Thrombin Anti-IL6R mAb Anti-IL6R mAb Mild-to-severe Purified vero rabies vaccine Osteoarthritis Haemophilia Uveitis Rheumatoid arthritis, EU dengue fever vaccine

N N PR5I SAR425899 SAR228810 Combination N Meningitis ACYW conj. dupilumab N DTP-HepB-Polio-Hib GLP-1R/GCGR dual agonist Anti-protofibrillar AB mAb ferroquine / OZ439 2nd generation meningococcal Anti-IL4Rα mAb Pediatric hexavalent vaccine, U.S., Diabetes Alzheimer’s disease Antimalarial conjugate infant vaccine Atopic dermatitis, Asthma EU

SAR438335 N SAR422459 N isatuximab N N ® Tuberculosis patisiran (ALN-TTR02) VaxiGrip QIV IM GLP-1R/GIPR dual agonist ABCA4 gene therapy Anti-CD38 naked mAb siRNA inhibitor targeting TTR Recombinant subunit vaccine Quadrivalent inactivated Diabetes Stargardt disease Multiple myeloma Familial amyloidotic polyneuropathy influenza vaccine (3 years+)

N N SAR566658 UshStat® Fluzone® QIV HD revusiran (ALN-TTRsc) N Maytansin-loaded anti-CA6 mAb Myosin 7A gene therapy Quadrivalent inactivated siRNA inhibitor targeting TTR Solid tumors Usher syndrome 1B influenza vaccine - High dose Familial amyloidotic cardiomyopathy

SAR408701 N SAR366234 N Jevtana® Anti-CEACAM5 ADC EP2 receptor agonist N New Molecular Entity cabazitaxel Solid tumors Elevated intraocular pressure Metastatic prostate cancer (1L) Diabetes SAR439684 N Streptococcus pneumonia Cardiovascular Diseases Clostridium difficile PD-1 inhibitor Meningitis & pneumonia vaccine Toxoid vaccine Cancer Vaccines

SAR428926 N Rare Diseases Herpes Simplex Virus Type 2 Rotavirus LAMP-1 inhibitor Live attenuated tetravalent HSV-2 vaccine Oncology Cancer Rotavirus oral vaccine Multiple Sclerosis SAR439152 N Immunology VaxiGrip® QIV IM Myosin inhibitor Quadrivalent inactivated Hypertrophic cardiomyopathy Neurodegenerative Diseases influenza vaccine (3-36 months) Infectious Diseases Ophthalmology 33 4 Simplify the Organization

Move Create to Global Reshape one Business the plant Sanofi Unit network culture organization

34 A New Organizational Model Is a Necessary Step to Drive Focus and Simplification

Diabetes & General Sanofi Sanofi Merial Cardiovascular Medicines & Genzyme Pasteur (Animal Health) Emerging Markets (Specialty Care) (Vaccines)

P. Witz P. Guenter D. Meeker O. Charmeil C. Hellmann . Diabetes . CHC . Rare diseases . Human . Animal Health . Cardiovascular . Established . Multiple vaccines products products Sclerosis . Generics . Oncology & . Immunology . Emerging Markets(1) . Similar to R&D and Industrial Affairs, all functions will be globalized(2)

New organization implemented beginning in January 2016(3)

(1) All pharmaceutical businesses in Emerging Markets to report to General Medicine & Emerging Markets GBU (2) Global functions include Research & Development, Industrial Affairs, Finance, Human Resources, Business Development & Strategy, External Affairs, Information Systems, Medical, Legal, Compliance, Procurement (not an exhaustive list of functions) 35 (3) The process of legal and social consultation will be followed as required Reshaping Sanofi’s Plant Network

Industrial Footprint Evolution # of sites

6 -26 52 1● Continue to reshape plant network to match business evolution 102 ● Implement a more focused approach in Emerging Markets 70 ● Improve competitiveness ● Simplify product lines

2● Invest in biologics in support of launches and growth

2008Acquisitions Investments/ Achieved 2015 Transfers Restructuring

MerialGenzyme Sanofi Pasteur Pharmaceuticals

36 Targeting Cost Savings of €1.5bn by 2018 Largely Reinvested to Support Growth(1,2)

● Significant investments Source of cost savings required to launch biologics ● 2/3 to come from simplification and to support growing of the organization worldwide and businesses from a more focused portfolio ● To balance the need for  50% of savings from Gross Margin increased resources and to  50% of savings from SG&A partly offset reduced diabetes sales expectations, Sanofi ● 1/3 to come from investment aims to generate cost savings prioritization of €1.5bn by 2018

(1) The €1.5bn cost savings are at CER, before inflation and tax on a constant structure basis and by 2018. (2) The majority of these savings will be reinvested to launch biologics and to support growing businesses 37 Agenda

Our vision for Sanofi

Sanofi’s path to success

Delivering performance

38 The Roadmap for Sanofi

2015-17 2018-20

1 Reshape Accelerate Sanofi growth

● Invest for the future ● Accelerate growth ● Refocus the portfolio from priority launches ● Execute launches ● Continue to build scale in priority businesses ● Reinforce pipeline through business development ● Capture margin improvement ● Simplify the organization

39 Objectives for the 2015-2020 Roadmap

Projected Evolution of Sanofi Sales over 2015-2020(1)

General Sanofi Sanofi Diabetes & Merial Medicines & Genzyme Pasteur Cardiovascular (Animal Health) Emerging Markets (Specialty Care) (Vaccines)

2020 Sales Low single digit Double digit High single digit High single digit broadly in line Sales CAGR Sales CAGR Sales CAGR Sales CAGR with 2015 Sales

Expected sales CAGR of +3% to +4% over 2015-2020(1) Expected mid-single digit sales CAGR between 2018 and 2020(1) Business EPS expected to grow faster than sales beginning in 2018

(1) Based on current group structure and at CER 40 Deploying Capital Effectively to Create Long Term Value

Balanced Capital Allocation Strategy to Support Growth and Returns

1 Organic investment

Priorities 2 Acquisitions for Free Cash Flow Use(1) 3 Dividend

4 Stock repurchase

(1) After R&D investments 41 By Delivering on Those Targets, We Will Create an Even Stronger Company Positioned for Accelerated Growth

● Diversified, but with a refocused portfolio ● Streamlined, accountable organization with high quality teams ● Innovation driven, to improve lives of millions of people ● Clear measures of success for launches ● Enhanced growth profile through disciplined M&A ● Sustainable growth and shareholder returns

42 P&L RATIOS & CAPITAL ALLOCATION

Jérôme Contamine Executive Vice President, Chief Financial Officer

MEET SANOFI Management Agenda

P&L ratios

Capital allocation

44 Sanofi Is Investing in its Future while Responding to Reduced Diabetes Expectations

2015-17 2018-20

Reshape Accelerate Sanofi growth

● 2015-2020 sales CAGR of 3% to 4%(1) ● 2015-18 profitability impacted by:

1● Investment in new product launches and R&D pipeline

2● Reduced diabetes expectations (CAGR -4% to -8% over 2015-2018) ● Intensified cost savings (€1.5bn) by 2018 from business simplification and investment prioritization, largely reinvested to support future growth ● Beginning in 2018, Business EPS expected to grow faster than sales

(1) Based on current group structure and at CER 45 Gross Margin in 2018 Should Reach at Least 2015 Level(1) despite Expected Headwinds

ILLUSTRATIVE Manufacturing Performance Savings Planned to Improved over 2013-2015e Accelerate over 2015e-2018e

Evolution of Gross Margin (%) ≥69% ~69% ~69%

67.7%

2013 Price & Mix Industrial FX 2015e 2015e Price & Mix Biologics Industrial Product 2018e performance industrial performance line investment optimization

(1) At CER 46 Sanofi Has Increased R&D Productivity while Keeping R&D Expenditures Relatively Stable over Last 5 Years

We have kept … and aligned R&D expenditures stable… the R&D to sales ratio by activity (2015e)

~€5.3bn €4.8bn €4.9bn €4.8bn €4.8bn Pharmaceuticals ~15%

Vaccines ~12% 7.7

Animal Health ~7%

2011 20122013 2014 2015e R&D to sales 14.4% 14.1% 14.5% 14.3% ratio

47 Increased R&D Investment to Fuel Long Term Growth

Going forward, we expect a slight increase in R&D to sales ratio 1 Invest in medical and LCM support for launches ● Toujeo® / Praluent® / Dengvaxia® Range of Range of 15% to 15.5% 14% to 14.5% 2 Advance late-stage pipeline development ● dupilumab / C. diff / isatuximab / sarilumab / LixiLan

3 Accelerate early-stage development ● New immuno-oncology collaboration with Regeneron

4 Expand open innovation model ● Finance development of future external projects 2012-2015e 2016e-2018e Increasing annual R&D investments up to €6bn by 2020 while maintaining financial discipline

LCM: Life Cycle Management (1) At CER and comparable structure 48 SG&A to Sales Ratio Expected to Remain Stable over 2015-2018(1)

Sanofi has one of the lowest SG&A ratio is expected to remain stable SG&A ratios(2) despite wave of new launches(1)

AstraZeneca 39% Eli Lilly 33% Range of Similar GSK 31% 27.5% to 28% level Abbott 30% Novo Nordisk 30% BMS 30% Novartis 30% J&J 30% Abbvie 29% Pfizer 28% Sanofi 27% Merck 26% 2015e 2016e-2018e Roche 23%

(1) At CER and comparable structure (2) Source: Published 2014 financial results - Sanofi analysis 49 Structuring a Global Cross Functional Organization (Sanofi Business Services) and Globalizing the IT Function

One Sanofi Business Services One Global Information Solutions Organization (SBS) Platform

● Consolidation of the core process ● Globalization of the IT function to delivery activities of: drive synergies

● Some support functions (HR, Finance) ● Business applications simplification program ● Some expertise functions (Procurement, Real Estate, Facility Management) ● Implementation of Service ● Provide best-in-class service delivery Management approach and customer partnering ● Aims to drive a competitive level of IT run cost ● Standardization & consolidation leading to end-to-end process across ● Cutting-edge cloud strategy Sanofi

50 Accelerated Growth over 2018-2020

2018-20

1 Accelerate growth

● Mid-single digit sales CAGR ● Growing sales contribution from launches ● Increased share of Specialty Care and Vaccines ● Rebalanced portfolio of General Medicines with lower exposure to EP in mature markets ● Business EPS growing faster than sales despite growing payouts to partners

EP: Established Products 51 Agenda

P&L ratios

Capital allocation

52 Deploying Capital Effectively to Create Long Term Value

Balanced Capital Allocation Strategy to Support Growth and Returns

1 Organic investment

Priorities 2 Acquisitions for Free Cash Flow Use(1) 3 Dividend

4 Stock repurchase

(1) After R&D investments 53 1 Investing to Expand Biologic Manufacturing Capabilities

Keeping tight control on CapEx(1)… …while investing in biologic capabilities

~€1.5bn ~€1.5bn €1.4bn €1.4bn €1.2bn €1.2bn €1.2bn €1.2bn

2012 2013 2014 2015e 2012 2013 2014 2015e

Pharma (w/o Genzyme) Vaccines Injectables + Biologics + Vaccines + Genzyme Genzyme Animal Health Others

Investing between €1.8bn and 1.9bn annually in CapEx over 2016-2018

(1) CapEx w/o Product Acquisition 54 2 Strong Balance Sheet and Free Cash Flow

Net Debt Free Cash Flow(1)

€10.9bn €8.5bn to €8.4bn €9.0bn €7.4bn €7.2bn €7.7bn €6.5bn ~€6.5bn €7.2bn €6.0bn

2011 2012 2013 2014 2015e 2011 2012 2013 2014 2015e

● Strong long-term credit ratings (Moody’s A1; S&P AA) ● Current average cost of borrowings(2): 1.6%

(1) Free Cash Flow after change in working capital and before CapEx (2) Borrowing includes bonds denominated in € and U.S.$ and U.S. Commercial Paper drawings post swap into € 55 2 Sanofi Has Shown Financial Discipline in M&A Deals

Value EPS Value Build Strengthen (€m) accretion creation critical mass pipeline

Strong player in $4.0bn (1) Animal Health

Strong CHC platform to launch Rx-to-OTC $1.9bn (1) switches in the U.S.

Leading biotech with unique expertise in $20.1bn (1) Rare Diseases

Strategic antibody & 22.2% stake immuno-oncology valued at (2) collaborations €12.1bn(3)

11.9% stake Strategic alliance on valued at (2) RNAi therapeutics €850m(3)

(1) IRR (Internal Rate of Return) significantly exceeded WACC (2) Book value of €2,167m in Regeneron and Investments of €721m in Alnylam (3) Market value as of November 2, 2015 56 Seek Opportunities to Enhance Growth Profile 2 through Targeted M&A

M&A Scope Priority Areas Financial Criteria

● Business development ● Reinforcing priority ● Maintain rigorous opportunities businesses metrics boosting our growth profile and offering ● Businesses with ● Key performance synergies portfolio or geographic indicators include: complementarities ● IRR ● Focus on transactions ● CFROI driving value creation ● R&D collaborations expanding our pipeline ● ROA ● EPS accretion

IRR: Internal Rate of Return CFROI: Cash Flow ROI 57 ROA: Return on Assets 3 Progressive Dividend Growth

Evolution of Dividend

€2.85 (1) ● Consistent history of dividend €2.77 €2.80 €2.65 payment €2.50 €2.40 ● 21st consecutive year of dividend increase in 2014

● Solid dividend yield

● Strong payout ratio

● Maintain progressive growth of dividend 2009 2010 2011 20122013 2014

(1) 2014 dividend paid in 2015 58 4 Stock Repurchases Primarily to Absorb Dilution

Share Buyback (€bn)

2011 €1.1bn

~€6.8bn 2012 €0.8bn over 5 years 2013 €1.6bn

2014 €1.8bn

2015e ~€1.5bn

Share buyback expected to be used to tackle dilution over time

59 Conclusion

1● Balancing investment in Sanofi's future with response to reduced diabetes expectations

2● Simplification and savings to result in €1.5bn of cost reduction by 2018, largely reinvested

3● Profitability to reflect net investment phase 2016-2017 with margin expansion expected to begin in 2018

4● Capital allocation optimized to support shareholder returns (steady dividend growth) and to enhance overall growth profile (disciplined M&A)

60 SUSTAINING INNOVATION IN R&D

Elias Zerhouni, MD Christian Antoni President, Global R&D Vice President, Head Development Immunology & Inflammation Gary Nabel Senior Vice President, Mike Panzara Chief Scientific Officer Vice President, Multiple Sclerosis Jorge Insuasty and Neurology, Genzyme Senior Vice President, Development Seng Cheng Philip Larsen Vice President, Head of R&D for Rare Diseases Diabetes - Head of Research & Early Development

MEET SANOFI Management Agenda

Executing a clear R&D strategy

Next wave of innovation

62 Significant R&D Turnaround since 2012

2012 2015

Quality over Quantity(1) 79 projects 44 projects

Prioritization Unprioritized Tiering system

Biologics(2) 58% 85%

External Innovation >65% >65%

Early Development Fast to Market Fast to Proof of Concept

Slower than industry Faster than industry Cycle Times median median

R&D Budget ~14% of sales ~14% of sales

Launches 3 launches since 2008(3) 10 launches since 2012(4)

(1) From first in human to approval (2) Peptide, protein, nucleic acid based molecular entities and vaccines ® ® ® (3) From beginning of 2008 to end of 2011: Pentacel (2008), Multaq (2009), Jevtana (2010) 63 (4) Toujeo®, Afrezza®, Cerdelga®, Lemtrada®, Aubagio®, Zaltrap®, Kynamro®, Hexaxim®, Fluzone® Quadrivalent, Praluent® The Two Pillars of Our Research Strategy

Translational Medicine

Deep efforts in a concentrated number of projects

Open Innovation Adapting technology to the disease, not the reverse

64 Sustain Innovation in R&D over 2015-2020

Deliver a Balanced Pipeline… … Focused on GBU Priorities

Continue to strengthen R&D ● Sustain leadership: A pipeline Diabetes/CV, Vaccines, Rare Diseases

Increasing annual R&D investments up to €6bn by 2020 while maintaining financial discipline

65 Our Focus Today is on Building a Strong Follow-on Portfolio to Mature in 2015-2020

ILLUSTRATIVE Transformational

Enter novel and emerging 20% scientific opportunities with breakthrough potential

Expansion Develop next generation 40% products for each GBU INNOVATION Consolidation Support actively our GBUs and 40% their competitive positioning

TIME to Clinical Proof of Concept 0-2 years 3-5 years 5+ years

66 Further Expanding the R&D Pipeline Is a Key Objective for the Next Phase

Phase I Phase II Phase III Registration

Executing a clear R&D strategy

Next wave of innovation

68 Potentially Transformative Drugs in Earlier Stages of Development

Selected R&D Assets

1 Isatuximab - Multiple Myeloma Oncology 2 Immuno-oncology - Various oncology indications

Immunology 3 IL4/IL13 Bi-specific Ab - Idiopathic Pulmonary Fibrosis

Vaccines 4 C. difficile vaccine - Nosocomial infections

5 Olipudase alfa - Niemann-Pick type B

6 Patisiran(1) - Familial Amyloidotic Polyneuropathy Rare Diseases 7 Revusiran(1) - Familial Amyloidotic Cardiomyopathy

8 ALN-AT3(1) - Haemophilia

Diabetes 9 Dual agonists - Type 2 Diabetes

(1) Patisiran, revusiran and ALN-AT3 developed in collaboration with Alnylam 69 1 Anti-CD38 (isatuximab): a Significant Opportunity to Potentially Address an Unmet Need in Multiple Myeloma

● Multiple Myeloma remains incurable

● 50,000 patients are diagnosed annually in the U.S. and Europe ● Encouraging efficacy in heavily pre-treated myeloma patients(1) ● Targets unique epitope possibly differentiating MoA(2) ● Manageable safety profile

● MTD not reached in single agent and combination

● Infusion reactions mainly cycles 1 & 2 and majority are Grade 1-2(3)

● No overlapping toxicity in combination with Revlimid® ● Monotherapy dose ranging study completed

MTD: Maximum Tolerated Dose (1) Patients on monotherapy study had a median of 4 prior lines of treatment and all patients received IMiD and a proteasome inhibitor; Majority (66%) received pomalidomide or carfilzomib (2) Patients in combination study had median of 7 prior lines of treatment (74% refractory to prior Revlimid/dexamethasone and 81% refractory to IMiDs) HDeckert, et al. Clin Cancer Res 2014;20:4574–83. MOA: Mechanisms of action 70 (3) 52% of the patients experienced IARs with 3% of patients with IARs of grade 3/ 4. Pre-treatment prophylaxis used for all patients. 2 New Strategic Alliance with Regeneron to Develop Cancer Treatments in Emerging Field of IO

Entering Immuno-Oncology

Establish Sanofi’s presence in cancer immunotherapy, a rapidly growing and attractive segment of oncology 1  Significant unmet needs remain despite advances shown with checkpoint inhibitors

Expand oncology pipeline, developing potentially best-in-class new antibodies(1) and novel combination therapies 2  Alliance includes PD-1(2) in Phase I and a portfolio of antibodies, including GITR and LAG3, with the first of these entering Phase I in 2016

Enable development of multiple assets in a fast-evolving 3 IO space with a scale and focus beyond our existing discovery agreement

PD-1: Programmed death protein 1 LAG-3: Lymphocyte activation gene 3 IO: Immuno-Oncology (1) Including bi-specifics/multi-specifics antibodies (2) REGN2810 71 3 IL4/IL13 Bi-specific Antibody (Ab): Demonstrated Biological Activity and Encouraging Safety Data

● Idiopathic Pulmonary Fibrosis (IPF) IL4/IL13 Bi-specific Ab: Sanofi

is a severe & rare(1) chronic lung disease

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V V 1 1 V lung cancer V ● Unlike dupilumab which blocks the IL4 receptor, the IL4/IL13 bispecific Ab binds to the IL4 and IL13 cytokines

● Dose-dependent decrease of TARC-CCL17 biomarker, confirming IL4/IL13 target engagement

● Safe and well tolerated in Phase I study(2) BLOCK BLOCK BLOCK ● Administered subcutaneously Blocks IL4 and IL13 cytokines ● Phase II PoC trial started in May 2015

Phase II study completion expected in H2 2017

(1) Estimated prevalence: ~115,000 (2) Phase I study in healthy subjects (n=36) and Idiopathic Pulmonary Fibrosis patients (n=18) 72 4 C. difficile Vaccine Targeting a High Risk Population of 10 to 15 Million Elderly People in the U.S. Alone

Phase II successfully completed Multinational Phase III ongoing

● 660 volunteers aged 40-75 years at risk of ● Objective is to assess efficacy, safety and C. difficile infections were included in a immunogenicity in preventing the onset of 2-stage Phase II trial symptomatic PCR-confirmed primary CDI ● Stage 1: dose ranging(1) cases ● Stage 2: selection of vaccination schedule(2) ● 3 injections at 0, 7, and 30 days ● Candidate vaccine generated an immune ● Up to 15,000 adults to be enrolled – response against both C. diff toxins A and B 1/3 already included ● Neutralizing antibodies were comparable ● CDI case-driven study across ages including elderly ● Initiated in Q3 2013 and projected to take ● Adverse reactions were generally mild and 4.5-5 years to complete of short duration

Fast Track Development Program designation granted by CBER(3)

PCR – Polymerase chain reaction (1) & (2) de Bruyn G et al. Poster presentations at 24th annual meeting of the European Congress of Clinical Microbiology and Infectious Disease (ECCMID), May 2014 73 (3) CBER: Center for Biologics Evaluation and Research 5 Olipudase alfa – A Promising Investigational Treatment for Niemann Pick type B

● Niemann Pick is a serious LSD(1) Therapeutic Approach characterized by fat deposits in spleen Target the underlying metabolic defect and liver and respiratory problems by replacing the missing enzyme ● Estimated incidence for Niemann Pick Sphingomyelin is 0.4 to 0.6 in 100,000 newborns(2) Olipudase ● Olipudase alfa is a recombinant form of alfa human ASM(3) developed as an ERT(4) Phosphorylcholine Ceramide ● Positive efficacy response in Phase Ib on pulmonary function, liver volume Acid- and spleen volume(5) Ceramidase

● Pivotal Phase II/III trial expected to start by the end of 2015 Sphingosine Intended result: ● FDA granted Breakthrough Therapy Reverse and prevent somatic disease Designation in May 2015 if treatment begins early

(1) LSD: lysosomal storage disorder (2) Meikle, P.J.,J.J. Hopwood, et al. (1999). “Prevalence of lysosomal storage disorders.” JAMA 281(3):249-254 ; Pinto, R., C. Caseiro, et al. (2004). “Prevalence of lysosomal storage diseases in Portugal.” Eur J Hum Genet 12(2):97-92; Poorthuis, B.J., R.A. Wevers, et al. (1999). “The frequency of lysosomal storage diseases in The Netherlands.” Hum Genet105(1-2):151-156; Poupetova, H.,J.Levinova, et al. (2010). “the birth prevalence of lysosomal storage disorders in the Czech Republic: comparison with data in different populations.” J Inherit Metab Dis. (3) ASM: acid sphingomyelinase (4) ERT: Enzyme Replacement Therapy 74 (5) Study findings showed that the dose escalation regimen was well tolerated. No serious or severe adverse events or deaths were reported. Collaboration Provides Access to Unique RNAi Opportunities

Transthyretin-Mediated Amyloidosis (ATTR) Program

Progressive, ● ~50,000 patients worldwide debilitating ● FAP and FAC are the two predominant forms monogenic ● Liver transplantation is often required early and disease TTR stabilizers provide modest benefit

Mutant ● Autosomal dominant with >100 defined mutations transthyretin (TTR) ● Misfolds and forms amyloid deposits in nerves, heart, is genetic cause other tissues

RNAi is a potentially ● Knockdown disease causing protein transformative ● Aim to halt progression, possibly achieve regression therapy

FAP: Familial amyloidotic polyneurapthy FAC: Familial amyloidotic cardiomyopathy 75 6 Patisiran: an Investigational IV Administered RNAi Therapeutic to Treat the FAP Form of ATTR

Patisiran: Familial Amyloidotic Dose Response and Duration Polyneuropathy of TTR Knockdown

● Positive Phase II results in FA % Mean Serum TTR Knockdown Relative to Baseline (SEM) - n=29 ● Statistically significant, dose dependent TTR knockdown of up to 96%(1)

● Phase II Open-Label Extension (OLE) ongoing ● APOLLO Phase III trial ongoing Patisiran ● FDA submission targeted for 2017 Treatment Groups 0.01 mg/kg q4w (n=4) 0.05 mg/kg q4w (n=3) 0.15 mg/kg q4w (n=3) 0.30 mg/kg q4w (n=6)(2) 0.30 mg/kg q3w (n=12)

Days Since First Visit Cohorts 0.01-0.30 mg/kg q4w Cohort 0.30 mg/kg q3w

FAP: Familial amyloidotic polyneurapthy ATTR: Transthyretin (TTR)-mediated amyloidosis (1) Generally well tolerated in FAP patients out to nearly two years, with minimal drug-related adverse events reported. The most common drug-related or possibly drug-related adverse events were flushing (25.9%) and infusion-related reactions (18.5%), which were both mild in severity and did not result in any discontinuations. 76 (2) Excludes post-day 28 data from one patient that experienced drug extravasation during second infusion 7 Revusiran: an Investigational Subcutaneously Administered RNAi Therapeutic to Treat the FAC Form of ATTR

Revusiran: Familial Amyloidotic Rapid, Dose-dependent, Consistent, Durable Cardiomyopathy Knockdown of Serum TTR of Up to 95%

Dose Level Mean ● Positive Phase II results in TTR [mg/kg] %kd(SD) cardiac amyloidosis patients(1) 2.5 58.2 (11.1) 5 87.5 (7.2) Mean (SEM) % Serum TTR ● Phase II Open Label Extension Knockdown Relative to Baseline 7.5 87.9 (1.2) (OLE) ongoing 10 92.4 (1.5) ● Subcutaneous administration ● Phase III ENDEAVOUR trial ongoing

ALN-TTRsc qd x5; qw x5 Study Day

Revusiran Dose Group Placebo(N=6) FAC: Familial amyloidotic cardiomyopathy 2.5 mg/kg MAD(N=3) 7.5 mg/kg MAD(N=6) ATTR: Transthyretin (TTR)-mediated amyloidosis 5.0 mg/kg MAD(N=3) 10.0 mg/kg MAD(N=3) (1) Generally well tolerated in the majority of ATTR cardiac amyloidosis patients. Serious adverse events (SAEs) were observed in 8 patients (32%), including one death due to infiltrative cardiomyopathy; none of the SAEs were deemed to be related to study drug. The majority of the adverse events (AEs) were mild or moderate in severity; injection site reactions (ISRs) were reported in 11 patients (44%). As previously reported, 3 patients discontinued due to recurrent localized reactions at the injection site or a 77 diffuse rash; no further discontinuations due to ISRs have occurred 8 ALN-AT3: an Investigational RNAi Therapeutic Targeting Antithrombin

Coagulation Cascade ● Antithrombin (AT) is a key endogenous anticoagulant Intrinsic system Extrinsic system ● Inactivates Factor Xa and thrombin Hemophilia A FVIIa FVII ● Attenuates thrombin generation FX FVIII FVIIIa ● Expressed in liver; circulates in plasma Hemophilia B ● Human AT deficiency associated FIXFIX FIXa with increased thrombin generation FXa ATAT FVa FV ● Subcutaneous ALN-AT3 aimed at correcting coagulation defects by Prothrombin Thrombin knockdown of AT

Fibrinogen Fibrin ● Currently in Phase I in moderate-to-severe Blood clot hemophilia

Phase III planned to start in mid-2016

78 9 Dual Agonists for GLP-1 and Glucagon/GIP Receptors

GLP-1/Glucagon Dual Agonist ● Novel synthetic peptidic molecules Glucose Control Similar to Liraglutide - Animal Data(1) developed in-house 10 ● Expected benefit is blood glucose 8 control with superior weight loss over 6 Day ‐4 pure GLP-1 receptor agonists 4 Day 28 HbA1c (%) ● Phase I study of dual GLP-1/Glucagon 2 0 agonist in healthy volunteers recently Liraglutide Sanofi dual Placebo completed 40 µg/kg Agonist 4 µg/kg -1.2% -1.4% HbA1c vs. Placebo ● Phase I study of dual GLP-1/GIP GLP-1/Glucagon Dual Agonist agonist recently started Body Weight Loss Superior to Liraglutide (~5%) - Animal Data(1) 3 2 ● Of particular interest in overweight to 1 Placebo 0 obese people with T2D ‐1 Liraglutide ‐2 40 µg/kg ● 60% of the T2D population ‐3 ‐4 ‐5

% Body % Body weight loss Sanofi dual (compared to day -5) ‐6 agonist 4 µg/kg ‐7 0 5 10 15 20 25 30 Study days

(1) 4 week study in obese, diabetic non-human primates comparing 4 µg/kg Sanofi dual agonist with 40 µg/kg liraglutide and vehicle (2-step uptitration to reach maintenance dose on day 6), data on file 79 Significant R&D Milestones Expected in the Next Year

Expected Regulatory Decisions Q4 2015 Q1 2016 Q2 2016 Q3 2016 ● Dengvaxia® in Endemic Countries  ● Lixisenatide in Diabetes (U.S.)  Expected Regulatory Submissions Q4 2015 Q1 2016 Q2 2016 Q3 2016 ● Sarilumab in Rheumatoid Arthritis (U.S.) ● LixiLan in Diabetes (U.S.)  ● LixiLan in Diabetes (E.U.)  ● Rotavirus vaccine (India)  ● Dupilumab in Atopic Dermatitis (U.S.)  Expected Headline Phase III Data Releases Q4 2015 Q1 2016 Q2 2016 Q3 2016 ● Dupilumab in Atopic Dermatitis  ● Insulin lispro in Diabetes  ● Sarilumab in Rheumatoid Arthritis (MONARCH)  Expected Phase III Starts Q4 2015 Q1 2016 Q2 2016 Q3 2016 ● Meningitis ACYW conj. vaccine 

80 Transforming the Lives of Patients by Delivering Innovative Therapies

1 Significant pipeline turnaround since 2012  Translational Medicine and Open Innovation

2 Increase R&D investments while maintaining financial discipline  Consolidate / Expand / Transform

3 Implementation of the R&D 2.0 model and alignment with future GBUs

4 Wave of potentially transformative drugs in earlier stages of development

81 DIABETES

Pascale Witz Executive Vice President, Diabetes & Cardiovascular

Pierre Chancel Senior Vice President, Diabetes

Andrew Purcell Vice President and Head, U.S. Diabetes Business Unit

Riccardo Perfetti, MD Senior Medical Officer, Diabetes

MEET SANOFI Management Agenda

Significant unmet medical needs

Sanofi’s global diabetes leadership

A broad and growing portfolio

83 Diabetes is a Huge and Growing Global Challenge(1)

Number of People Living with Diabetes Expected to Increase by 53% between 2014 and 2035

46.3% undiagnosed NorthNorth AmericaAmerica and andCaribbean Caribbean 30% EuropeEurope 33% WORLD Western Pacific Pacific 46% WORLD South andand 592m 387m Central America America 55% Prevalence: South EastEast Asia Asia 64% 8.3% 53% Middle EastEast and and North AfricaAfrica 85% Africa 93%

2014 2035

(1) International Diabetes Federation Diabetes Atlas 6th Edition revision 2014 84 Diabetes Costs to Society Are High and Escalating(1)

Diabetes Is a Human and Economic Burden

Every 7 seconds ● 4.9m deaths in 2014 1 person dies from diabetes ● 50% of deaths under 60 years of age

77% of people with diabetes live ● Intersects with all dimensions of in low- and middle- development income countries

1 healthcare $ ● In 2014 diabetes expenditure in 9 reached $612bn is spent on diabetes ● 11% of worldwide healthcare expenditure

(1) International Diabetes Federation Diabetes Atlas 6th Edition revision 2014 Icons designed by Freepik 85 Despite Treatment, Many Patients with Diabetes Are Still not at A1c Goal(1)

Diabetes Patients in the U.S. (Random Sample)

T1D Patients T2D Patients

53% 53% Uncontrolled (A1c >7%)

Controlled (A1c ≤7%)

47% 47%

2013 2013 (437) (2215)

A1c: glycated haemoglobin (1) Adelphi Real World Diabetes Disease Specific Program (DSP) X, 2013 Base: U.S. diabetic patients where doctor has stated most recent A1c (random sample) 86 All patients are treated patients and must be on an OAD, GLP-1 or insulin Inappropriate Diabetes Management Leads to Costly Consequences

Risk of Complications and A1c(1)

Relative Risk in % Microvascular 15 Macrovascular Complications Retinopathy Complications 13 Nephropathy Neuropathy 11 Microalbuminuria ● Diabetic Retinopathy ● Stroke 9

● Diabetic Nephropathy 7 ● Heart Disease

5 ● Diabetic Neuropathy ● Peripheral Vascular 3 Disease 1 6 7 8 9 10 11 12 A1c (%)

25% to 45% of diabetes-attributed medical expenditures spent treating complications of diabetes(2)

(1) Endocrinol Metab Clin 1996;25:243 - 254 (DCC Trial) (2) Diabetes Care Publish Ahead of Print, published online March 6, 2013 87 Agenda

Significant unmet medical needs

Sanofi’s global diabetes leadership

A broad and growing portfolio

88 A Sizeable Presence in Diabetes Built on Lantus®, our Insulin Flagship Brand

Sanofi Global Diabetes Sales

€7,273m -6% to -7% +12.1% at CER at CER €6,568m €5,782m +18.7% at CER +16.7% at CER

2012 2013 2014 2015e

Global diabetes sales expected to decline at an average annualized rate of between 4% and 8% at CER over the period of 2015-2018

89 Global Diabetes Sales Account for 20% of Group Sales in the First 9 Months of 2015

YTD Sep 2015 Diabetes Sales by Geographies (in €m) Sales Growth at CER

Total Group Sales €3,260m excluding Diabetes -14.2% €22,102 m 57% +5.8% €2,417m +9.5% 43% Diabetes Regional Sales Growth at CER 79.6% 20.4% Sales €5,677m Western Europe: +3.5% -4.6% Emerging Markets: +17.0%

RoW: +2.6%

U.S. ex U.S.

90 Basal Insulins Constitute the Leading Insulin Segment Across All Geographies

June MAT 2015 Insulin Market Breakdown by Insulin Type (Value)(1) Market Share (%) U.S. Western Europe

9.5% 14.8%

49.3% 36.5% 54.0% 35.8%

Basal SAI Japan/Can/Aus/NZ Emerging Markets Premix

19.4% 19.3% 38% + 10% 43.5% 48.0% 37.1% 32.6%

(1) Market share data from Source IMS Health MIDAS MAT June 2015 – Copyright 2015 – All rights reserved Note: IMS data is based on list prices and does not take account of privately-negotiated discounts and rebates 91 Sanofi Has Leading Positions in the Basal Market in All Geographies

June MAT 2015 Basal Insulin Market Breakdown by Brand (Value)(1)

Toujeo® Market Share (%) U.S. 0.2% Western Europe 3.8% 11.4% 3.9%

25.5% 23.3% 61.4% 70.5%

Lantus® Levemir® NPH Emerging Markets Tresiba® Japan/Can/Aus/NZ Toujeo® 12.9% 28.3% 9.6% 56.4% 64.4% 1.4% 13.1% 13.9%

Levemir® and Tresiba® are Novo Nordisk brands (1) Market share data from Source IMS Health MIDAS MAT June 2015 – Copyright 2015 – All rights reserved 92 Basal Insulin Now the Gold Standard in Emerging Markets and Sanofi Is Leading the Basal Segment

Insulin Market by Insulin Type (Value) Emerging Market Share (%)

% of sales Basal Premix SAI 50% 46% 43% 40% 37% 30% 31% 20% 20% 23%

10%

0% 2004 YTD June 2015

Focusing on expanding access to Lantus® in Emerging Markets

Emerging Markets: World excluding the U.S. and Canada, Western Europe, Japan, Korea, Australia and New Zealand Source: Market share data from Source IMS Health MIDAS Q2/2015 – Copyright 2015 – All rights reserved SAI – Short acting insulin 93 Agenda

Significant unmet medical needs

Sanofi’s global diabetes leadership

A broad and growing portfolio

94 Broadening our Portfolio to Sustain a Leadership Position in Diabetes

1 Establish next generation of basal insulins

Innovate with a new combination 2 of basal insulin and GLP-1

Expand access to Lantus® in Emerging Markets 3 while managing Lantus® LoE(1) in mature markets

Lead market shift to data analytics and population 4 Google outcome care standards through Google collaboration Life Sciences

Strengthen pipeline through external opportunities 5 and ambitious research

(1) LoE: Loss of exclusivity 95 A Compelling Value Proposition

Introducing, from the Makers of Lantus® Toujeo® – Designed and Developed to Be a New Basal Insulin Option(1)

1 2 3

Unmet Micro- Stable Activity Proven Predictable Toujeo® Toujeo® needs precipitate Profile Efficacy Safety SoloStar® COACH

(1) Toujeo® Prescribing Information, February 2015 96 Encouraging U.S. Launch Metrics

Toujeo® TRx, NRx & NBRx Volume(1) Basal Market NBRx Shares(2) week of April 3 - week of Oct 23, 2015 week of April 3 - week of Oct 16, 2015

Rx (absolute) Share (%) 16000 15,511 60% TRx Lantus® Cumulative TRx 14000 50.9% 205,299 50% 12000 Cumulative NRx 134,476 40% 10000 9,037 NRx Levemir® Cumulative NBRx 8000 30% 91,838 26.3% 5,717 6000 NBRx 20% 13.7% 4000 10% 2000 NPH 9.0% 0 0%

Toujeo® uptake trending favorably compared to diabetes analogues(3)

(1) IMS Weekly Data (2) Basal market includes Toujeo®, Lantus®, Levemir® (Novo Nordisk) and NPH - Source: IMS Weekly Data ® ® ® ® ® ® (3) Toujeo analogues include: Bydureon (AstraZeneca), Invokana (J&J), Farxiga (AstraZeneca), Trulicity (Eli Lilly), Tanzeum (GlaxoSmithKline) 97 and Levemir® (Novo Nordisk) Rapid Market Access Obtained in the U.S.

Toujeo® Market Access as of October 1, 2015

® ● Parity pricing with Lantus helped % Lives Covered secure rapid and comparable 100% 91% access 86% ● Broad Medicare access achieved 80% ahead of standard timelines 60% ● Focused pull-through Tier 2 Tier 2 69% efforts in place 40%

20% Tier 3 17% 0% Commercial Medicare

98 Germany Showing the Way for Other EU Launches

Toujeo® Weekly Sell Out Data Weekly Evolution of Sell Out Data within Basal Market(1,2) within Basal Market(1) % Market Share in Units (Packs) % Market Share Delta Development vs. May 5, 2015 in Units (Packs)

Win/Loss in % MS in 8% percentage Basal 7.1% 8% points Market 7% 6.0% 53.0% 6% 6% 4% 5% Tresiba® 2% 4% 3.8% 0% 3% -2% 2%

1% -4%

0% -6% -4.0% 21.3%

Tresiba® Toujeo® ® ® ® ® Levemir + Tresiba Ceased Toujeo Tresiba Launch on ® ® Distribution May 5, 2015 Lantus + Toujeo in Oct 2015(3) Levemir® and Tresiba® are Novo Nordisk brands (1) Insight Health Germany (Retail Apo-Weekly-Pharma) – All data including parallel trade (2) Toujeo® week of May 5 - Oct 27, 2015; Tresiba® week of April 29 - Oct 21, 2014 (3) In July 2015 Novo Nordisk announced that the company decided to cease distribution of Tresiba® in Germany at the end of September 2015 following 99 a negative outcome of price negotiations with the GKV-Spitzenverband, the German national association of statutory health insurance funds Global Launch Continues in EU, EM and RoW

H2 2015 2016

UK Czech Rep. Norway Belgium France Greece

Europe Austria Finland Ireland Sweden Italy Poland Spain

EM and Japan(1) Canada S. Korea Switzerland Australia Brazil Mexico Rest of World

(1) The brandname of Toujeo® in Japan is Lantus® XR: launched in September 2015 100 Real-Life Study Program to Expand the Evidence Base

Study Program to Investigate Patient Experience, Clinical Effectiveness and Health Resource Utilization in People with Type 2 Diabetes >4,500 adults with T2D from the U.S. and Europe

● Insulin-naïve T2D patients ● Insulin-naïve T2D patients ● T2D patients uncontrolled (U.S.) (EU) on basal insulin (EU) ● Target enrolment: 3,270 ● Target enrolment: 800 ● Target enrolment: 600 ● Primary endpoint: ● Primary endpoint: ● Primary endpoint: composite endpoint (A1c+hypo) A1c changes A1c changes according to the HEDIS criteria

Initial results expected in 2017, extended follow-up findings in 2018

HEDIS – Healthcare Effectiveness Data and Information Set 101 An Investigational Agent Combining Insulin Glargine with Lixisenatide in a Daily Injection

Fixed Ratio Combination Single Once Daily Injection = of Two Active Components

Expected key regulatory submissions: U.S. Q4 2015 & EU Q1 2016

PPG: Post-Prandial Glucose FPG: Fasting Plasma Glucose 102 Significant Opportunity in Type 2 Diabetes Supported by Two Positive Phase III Studies

Two Well Defined U.S. T2D Patient Positive Top-line Results in Populations for LixiLan Two Pivotal Phase III Studies

Met HbA1c primary endpoints compared to insulin glargine and compared to lixisenatide Patients Not at Target 1st injectable LixiLan-O study in patients on OAD: drug insufficiently controlled on OADs ~5.5m

Patients Uncontrolled with Basal Basal LixiLan-L study in patients Therapy: intensification not at goal on basal insulin ~4m

Regulatory submission expected in the U.S. in December 2015 and EU in Q1 2016

OAD: Oral anti-diabetic 103 Important Options for Prandial Diabetes Treatment

● Once-daily prandial GLP-1 for Type 2 Diabetes(1) ● Positive ELIXA study results demonstrated CV safety(2)

® ● More pronounced PPG-lowering compared to liraglutide(3) ● U.S. regulatory decision expected in Q3 2016 ● Approved in over 50 countries worldwide

● A rapid acting, mealtime, injectable insulin for Type 1 and Type 2 Diabetes(4) ● Available in SoloSTAR® pen ● Strong double-digit YTD Sep 2015 growth in Emerging Markets ● U.S. performance in YTD Sep 2015 was driven by lower demand that was partially offset by price increases

(1) GLP-1 RA: glucagon-like peptide-1 receptor agonist (2) ELIXA evaluated CV outcomes in Type 2 Diabetes patients after Acute Coronary Syndrome during treatment with lixisenatide (3) PPG (post-prandial glucose) lowering effect evaluated after a test-meal - Meier JJ et al, 2014 ADA, Poster 1017-P 104 (4) Apidra® is for adults with type 2 diabetes or adults and children (4 years and older) with type 1 diabetes to improve blood sugar control Continued Focus on Gaining Market Access, Building Awareness and Appropriate Usage

Innovative Treatment Option for Diabetes U.S. Launch in Feb 2015

A rapid-acting inhaled ● Time needed for Afrezza® to demonstrate its potential insulin ● Gradual market access ® Fast absorption rate ● FDA requirements for starting patients on Afrezza and short duration of ● Novel mode of administration and innovative nature of the action(1) product An innovative device ● DTC advertising campaign and expanded number of physician targets for sales force ● Commercial focus on ~1.1m uncontrolled basal insulin intensification patients(2,3,4)

(1) Despite the fast absorption of insulin (PK) from Afrezza®, the onset of activity (PD) was comparable to insulin lispro (2) Uncontrolled basal Insulin or Basal ± GLP1 ± OAD patients (A1c >7%) (3) Adelphi Real World: Diabetes DSP 9 (2012), Data on File. US Data 105 (4) Excludes patients for whom Afrezza® is contraindicated Diabetes Integrated Care: Significant Potential to Improve Patients’ Lives

Leveraging Complementary Strengths to Establish New Standards for Diabetes Care Improved clinical outcomes ● Leader in the technology space ● Data analytics and integration of Google information silos Real-time Life Sciences ● Smart delivery and sensor devices monitoring ● Miniaturization & care

● Leader in insulin management Significant ● Deep clinical and medical expertise cost savings ● Regulatory and market access ● Leading portfolio of pharmaceuticals Better patient & provider engagement

106 A Broad and Growing Diabetes Portfolio

2016+ basal insulin and GLP-1 RA combination(2) 2015 new basal 2014 insulin rapid-acting inhaled 2013 insulin 2004 once-daily rapid-acting GLP-1 RA(1) injectable 2000 insulin basal insulin ®

(1) Lyxumia® approved for treatment of Type 2 Diabetes in Europe in February 2013; U.S. regulatory decision expected in Q3 2016 (2) LixiLan regulatory submission expected in the U.S. in December 2015 and EU in Q1 2016 107 PRALUENT®

Pascale Witz Executive Vice President, Diabetes & Cardiovascular

Ophra Rebière Vice President, General Manager, Brand Team Leader Praluent®

Victoria Carey Vice President, Head of U.S. Alirocumab Commercial

Praluent® is developed and commercialized in collaboration with Regeneron MEET SANOFI Management Agenda

Significant unmet need and cost burden

Strong and differentiated product profile

Initial uptake gradual as expected

Upcoming milestones and future opportunity

109 Cardiovascular Disease Is a Major Health and Economic Burden with Uncontrolled LDL-C Being a Key Risk Factor

Estimated cost Cause of death of CV disease (1) $315 €196 #1 worldwide management(2,3) claims more lives than all billion billion includes health forms of cancer combined expenditures and lost productivity

Patients at high CV risk €4,400- 24 fail to reach $34,200(6) Estimated cost of LDL-C goals(4) (7) (5) direct costs €6,000 an ACS event million high cholesterol is a direct costs key risk factor for CV disease

ACS: Acute Coronary Syndrome (1) CDC and Prevention. Heart Disease Facts. Available from http://www.cdc.gov/heartdisease/facts.htm. Last accessed 29 April 2015 (2) Go AS, Mozaffarian D, Roger VL, et al. Circulation. 2014;129(3): e28-e292 (3) Zhao Z, Winget M. Economic burden of illness of acute coronary syndromes: medical and productivity costs. BMC Health Serv Res. 2011;11:35 (4) 2016 estimates for U.S., EU Top 5 and Japan; U.S. NHANES, Market Scan, IMS and Sanofi estimates; includes HeFH and primary and secondary prevention (5) Costs based insurance claims data; Long term care (e.g. rehab, nursing home) and indirect costs (e.g. lost productivity) are not included; the estimated one-year cost of an ACS among working-age Americans (direct and indirect) $50,000 - $119,000 (6) Inflation adjusted to 2007; OSullivan AK. Pharmacoeconomics. 2011;29(8):693-704. 110 (7) Inflation adjusted to 2004; Smolderen KG, et al. Eur J Vasc Endovasc Surg 2012;43:198e207. Agenda

Significant unmet need and cost burden

Strong and differentiated product profile

Initial uptake gradual as expected

Upcoming milestones and future opportunity

111 Significant and Consistent LDL-C Reduction in Five Double-Blind, Placebo-Controlled Trials(1)

75 mg Up-Titration Regimen(2) Started and Maintained on 150 mg COMBO I Study (n=316)(3) LONG TERM Study (n=2,341)(3) Majority Clinical ASCVD Patients Majority Clinical ASCVD Patients(4) +1% 0% 0% -2% Praluent® Praluent® 75 mg/150 mg -44%* 150 mg Q2W + statin Q2W + statin -58%* Placebo + statin Placebo + statin

FH I & FHII Studies (n=735)(3) High FH Study (n=107)(3) Majority HeFH and/or Clinical ASCVD Patients Majority HeFH and/or Clinical ASCVD Patients +7%

0% 0%

Praluent® Praluent® -7% 75 mg/150 mg 150 mg -43%* Q2W + statin -47%* Q2W + statin Placebo + statin Placebo + statin

Praluent® is developed and commercialized in collaboration with Regeneron *p<0.0001; ASCVD: Clinical Atherosclerotic Cardiovascular Disease; HeFH: Heterozygous Familial Hypercholesterolemia (1) Praluent® data from U.S. FDA Prescribing Information (2) Criteria-based up-titration to 150 mg Q2W at week 12 for patients who did not achieve their pre-specified target LDL-C at week 8 (3) LDL-C mean % change from baseline; 24 week (primary endpoint) 112 (4) In the LONG TERM study, 18% of patients had HeFH Effective LDL-C Reduction on Lower Dose with Auto-Injector Available for Both Doses at Launch

(4) Over 70% of Patients Using Lower 75mg Dose Reached LDL-C Goal in ODYSSEY Clinical Trials(1) ● 95% of dispensed prescriptions in the U.S. for lower 75mg dose(2)

High Injection Acceptance by Patients Supported by Auto-Injector in ODYSSEY Clinical Trials(3) ● Single 1mL dosage forms for subcutaneous self-injection at home

75 mg/1 mL pen 150 mg/1 mL pen

Both doses available in a single-dose, 1-mL, auto-injector pen and prefilled syringe

Praluent® is developed and commercialized in collaboration with Regeneron (1) In the pooled analysis of 6 studies with alirocumab 75mg Q2W on background statin (FH1, FH2, Combo 1, Combo 2, Option 1 and Option 2), 73.7% of patients achieved LDL-C<70 or <100 mg/dL (depending on CV risk) at Week 8, and did not require up-titration (2) IMS NPA Rapid Weekly (3) ODYSSEY clinical trials using the auto-injector included: High FH, Mono and Alternative, FH1, FH2, Combo 1, Combo 2, Option 1 and Option 2 113 (4) Material developed according to European Medicines Agency Summary of Product Characteristics (SmPC) Approved in the U.S. and EU in High CV Risk Hypercholesterolemic Patients(1)

FDA approval granted on July 24, 2015  Indicated as adjunct to diet and maximally tolerated statin therapy for the treatment of adults with heterozygous familial hypercholesterolemia or clinical atherosclerotic cardiovascular disease, who require additional lowering of LDL cholesterol (LDL-C)

Approved in EU on September 25, 2015  Indicated in adults with primary hypercholesterolemia (HeFH and non-familial) or mixed dyslipidaemia, as an adjunct to diet in patients unable to reach their LDL-C goals with a maximally-tolerated statin and patients who are statin intolerant, or for whom a statin is contraindicated

Praluent® is developed and commercialized in collaboration with Regeneron (1) The effect of Praluent® on CV morbidity and mortality has not been determined 114 U.S. Label Criteria Represent 90% of Patients in the ODYSSEY Clinical Trial Population(1)

90% of ODYSSEY population

54% with 36% with Clinical Atherosclerotic Heterozygous Familial Cardiovascular Disease (ASCVD)(2) Hypercholesterolemia (HeFH)

Defined as any of the following diagnoses: Diagnosed using Simon Broome or ● Acute coronary syndromes Dutch Lipid Networking criteria including: ● History including ● Cholesterol levels ● Myocardial infarction ● Physical manifestations ● Stable or unstable angina ● Family history ● Coronary or other arterial revascularization ● Genetic testing ● Stroke/transient ischemic stroke ● Peripheral arterial disease presumed to be of atherosclerotic origin

Praluent® is developed and commercialized in collaboration with Regeneron (1) Based on five double-blind, placebo-controlled studies that are included in the label (2) Non-heterozygous FH based on AHA/ACC Guidelines, Stone et al. 115 Eligible U.S. Hypercholesterolemic Patient Population Comprised of Three Segments

ASCVD Patients

Recent Event Prior Event (~1.3m) (~9.2m) HeFH Patients (~0.5m) ● Event in last ● Event 13+ months 12 months ● CHD + ACS (6.9m) ● Well defined population ● Stroke (1.4m) ● Diagnosed with HeFH ● PAD (1.0m) (~0.1m) High risk Heterogeneous Treatment engaged population Underdiagnosed population population

Addressable patient population could increase based on CV outcome data in late 2017

Praluent® is developed and commercialized in collaboration with Regeneron ASCVD: Clinical Atherosclerotic Cardiovascular Disease; HeFH: Heterozygous Familial Hypercholesterolemia CHD: Coronary Heart Disease; ACS: Acute Coronary Syndrome; PAD: Peripheral Artery Disease Source: US NHANES, Market Scan – US inputs (estimated 2016 population) 116 Icons designed by Freepik Treatment Population in the U.S. Influenced by Many Factors

Factors Influencing U.S. Praluent® Treatment Population

Patient, Physician, Utilization of Access Considerations Existing Medicines

● Awareness ● Optimizing use of statin and other lipid-lowering ● Adoption therapies ● Willingness to inject ● Market access gained

Praluent® is developed and commercialized in collaboration with Regeneron 117 Agenda

Significant unmet need and cost burden

Strong and differentiated product profile

Initial uptake gradual as expected

Upcoming milestones and future opportunity

118 Early Success with U.S. Payer Access

● Praluent® offers significant medical value to patients and payers ● Projected to be cost-effective based on standard QALY model analyses(1) ● Preferred Tier 2 formulary position granted by ESI ● Average WAC for Praluent® is $40 Parity access for both per day or $14,600 per year ● PCSK9 brands ● Actual patient and payer cost is lower ● 30m commercial formulary ● Patient assistance and bridge lives directly managed by ESI reimbursement programs ● Additional 50m lives utilize ● Commercial plan rebates ESI to model and support ● Mandated government payer rebates customer formulary ● Formulary status at CVS and UnitedHealthcare pending

Praluent® is developed and commercialized in collaboration with Regeneron QALY: Quality-Adjusted Life Years WAC: Wholesaler Acquisition Cost 119 (1) Based on internal models Comprehensive Support for U.S. Patients and Prescribers

MyPraluent™ Assists with:

Coverage Obtaining Praluent® (alirocumab) ● Benefits investigations ● Specialty pharmacy coordination ● Prior authorization assistance ● Home delivery ● Appeals support ● In-store pick up ● Payer information Clinical Support ● Coverage exception support ● On-call nurses Cost(1) ● Patient self-injection training ● Copay support ● Adverse event reporting (commercial) ● Product and disease information ● Patient Assistance Program (uninsured) ● Information on diet and lifestyle changes ● Copay foundation referrals ● Praluent® free of charge during Adherence coverage appeals ● Injection reminders ● Refill reminders ● Adherence education

Praluent® is developed and commercialized in collaboration with Regeneron (1) Subject to program requirements 120 U.S. Comprehensive Support Hub Tracking Ahead of Expectations

Enrollments by Specialty (%)

● Majority of patients enrolled by specialists Specialists ● Around 5,000 prescribers PCP/NP/ ● Benefits investigation requires at Other least one month ● More time required for Medicare 73% 27% Part D plans ● Efficient patient referral to specialty pharmacy or patient assistance programs

Praluent® is developed and commercialized in collaboration with Regeneron 121 U.S. Launch Gradual as Market Access and Awareness Accelerate

Praluent® NRx Volume ● Specialty pharmacy dispensing expected week of Aug 7 - week of Oct 23, 2015 to accelerate ● Bolus of adjudicated patients awaiting NRx (absolute) coverage decisions 120 NRx Cumulative NRx 100 628 ● Weekly IMS NPA prescription data under-reports underlying demand 80 ● Product samples and reimbursement 60 bridge program not captured 40 ● Express Scripts specialty pharmacy (Accredo) ® 20 blocked Praluent prescription data prior to October 9, 2015 0 ● Does not capture non-retail prescriptions

Praluent® is developed and commercialized in collaboration with Regeneron Source: IMS NPA Rapid Weekly 122 Agenda

Significant unmet need and cost burden

Strong and differentiated product profile

Initial uptake gradual as expected

Upcoming milestones and future opportunity

123 ODYSSEY OUTCOMES Expected to Be Fully Enrolled by Q4 2015

ODYSSEY OUTCOMES Clinical Trial Design(1)

Patients with Double-blind treatment period (minimum of 2 years) recent ACS >40 years of age ® Run-in period Praluent 75mg SC Q2W Up-titration at Week 12 if needed Randomization Primary 4-52 weeks N=9,000 Endpoint(4) after index event Continued + Diet (NCEP ATP III TLC R high dose statin or equivalent diet) A composite of major CV endpoints N=9,000 Placebo SC Q2W Screening visit: Qualifying visit: Initiate high dose LDL-C must be statin therapy(2) >70mg/dl(3)

Praluent® is developed and commercialized in collaboration with Regeneron (1) Rationale and design in Schwartz GG et al. Am Heart J 2014;0:1-8.e1. (2) High intensity statin therapy include atorvastatin 40/80mg or rosuvastatin 20/40mg (3) Patients can also qualify with apoB>80mg/dL or non-HDL-C > 100 mg/dL (4) The effect of Praluent® on morbidity and mortality has not yet been determined. Primary endpoint is a composite endpoint of coronary heart disease 124 death, non-fatal myocardial infarction, fatal and non-fatal ischemic stroke, and unstable angina requiring hospitalization ODYSSEY OUTCOMES Second Interim Analysis Expected in H2 2016

● ODYSSEY OUTCOMES trial design published in Nov 2014(1,2) ● Two interim analyses planned prior to study completion in late 2017 ● 90% power to detect an expected 15% hazard reduction in the primary endpoint ● DSMB will conduct two interim analyses to assess safety and efficacy ● Interim analysis for futility when ~50% of events have occurred ● Second interim analysis for futility and overwhelming efficacy when ~75% of events have occurred in H2 2016

Praluent® is developed and commercialized in collaboration with Regeneron DSMB: Data Safety Monitoring Board (1) Rationale and design in Schwartz GG et al. Am Heart J 2014;0:1-8.e1. (2) Assumptions include the incidence of a primary endpoint event in the placebo group, 1% of patients lost to follow-up through 24 months, a median LDL-C at baseline of 90 mg/dL, and a 50% reduction of LDL-C from baseline with 125 Praluent® treatment Global Launch Outside U.S. Ongoing

H2 2015 2016

Germany UK Italy Spain France

EU 5

Canada Japan Rest of World

Praluent® is developed and commercialized in collaboration with Regeneron 126 Leadership in the PCSK9 Market

2015 2016-2017 Launch Focus Future Opportunity Gradual Uptake Expected Expansion and Acceleration Building awareness & ● EU top 5 launches planned education in Q4 2015 and 2016

David Meeker, MD Executive Vice President, CEO Genzyme

Richard Peters Senior Vice President, Head of Rare Diseases

Bill Sibold Senior Vice President, Head of Multiple Sclerosis

MEET SANOFI Management Agenda

Genzyme: a success story

Rare Diseases: an untapped opportunity

Multiple Sclerosis: a fast-growing player

129 Inspired by the Potential to Improve Patients' Lives

Milena , Argentina Dean , Australia Gaucher Disease Multiple Sclerosis

130 2012-2015 Genzyme Has Delivered Strong Growth since 2012

Annual Sales

● Strong historic growth: >25% ~€3.5bn per year over 2012-2015 Multiple ~€1bn ● Leading position in Rare Diseases €2,604m Sclerosis €2,142m ● Growing presence in Multiple Sclerosis €1,785m

(1) Rare ● Around 10% of Sanofi sales ~€2.5bn Diseases ● Proven ability to execute in specialized disease areas

● Historic supply chain issues 2012 2013 2014 2015e Growth +16.9% +25.9% +24.3% >+25% successfully addressed at CER

(1) Calculated using YTD Q3 2015 sales 131 A Successful Model for Productive R&D Collaborations

Recent Collaborations(1,2)

● World-class RNAi therapeutic technology ● Novel adeno-associated virus (AAV) gene therapy platform ● Focus on genetic diseases with a clear translational model for RNA interference ● Targeting rare CNS disorders ● e.g.: Huntington’s and Parkinson’s ● $875m invested in equity, upfront and disease, Friedreich’s ataxia milestone payments and R&D costs ● $100m upfront commitment and up to ● Opt-in rights exercised for two Phase III $745m in milestones candidates (patisiran, revusiran) and one Phase I program (ALN-AT3)

(1) Expansion of the Alnylam collaboration was announced in Jan 2014 132 (2) Collaboration with Voyager was announced in Feb 2015 132 2015-2020 Rare Diseases and MS Will Remain Key Growth Drivers

Annual Sales (€m)

● Solid growth expected from 2015 to 2020 despite increasing Low >€6.0bn competition and pricing pressure double digit sales CAGR Multiple >€2.0bn ● Rare diseases and MS each at CER Sclerosis expected to contribute strongly ~1/3 ~€3.5bn ● Growth driven mostly by increased penetration of existing brands Rare >€4.0bn Diseases ~2/3 ● New launches expected to drive growth beyond 2020

2015e 2020e

Significant improvement in BOI margin expected over 2015-2020

BOI: Business Operating Income 133 Agenda

Genzyme: a success story

Rare Diseases: an untapped opportunity

Multiple Sclerosis: a fast-growing player

134 Majority of Rare Disease Patients Are Still Undiagnosed(1)

>100,000

~50,000

Gaucher ~80% Fabry ~90%

10,000 7,000 5,000 10,000 6,000 3,200 Diagnosed Total Genzyme Diagnosed Total Genzyme Treated Treated Treated Treated

~50,000 20,000

Pompe ~95% Niemann-Pick (A&B) ~95%

3,000 2,500 2,400 1,300 Diagnosed Total Genzyme Diagnosed Total Genzyme Treated Treated Treated Treated

(1) Genzyme internal analysis - Includes China and India 135 Clear Strategies to Sustain Leadership in Rare Diseases

Gaucher Fabry Pompe

● Focus on hematologists ● Focus primarily on ● Focus on neurologists nephrologists and neuromuscular ● Apply proven screening specialists protocols ● Map family trees ● Perform testing ● Facilitate access ● Develop oral GCS of high risk Inhibitor ● Optimize launch patients ® of Cerdelga ● Develop neo-GAA(1)

Largest opportunity lies in undiagnosed and diagnosed/untreated

(1) Modified recombinant human GAA (acid alpha-glucosidase) harboring synthetic oligosaccharide ligands 136 Rare Diseases Franchise Sustained Leadership(1) in YTD Sep 2015

Genzyme Rare Disease Sales (€m)

€630m +13.0% at CER

€114m Others €530m Others

€147m Fabrazyme

Myozyme & €162m Cerdelga (2)

Cerezyme €189m

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

€2,137m €1,890m (+11.2% at CER) (+12.6% at CER)

(1) Cerezyme® + Cerdelga® value share is 74% and Fabrazyme® value share is 59% based on Q3 2015 reported sales by Sanofi and Shire (2) Cerdelga® sales were €18m in Q3 2015 137 Genzyme Leading Innovation in Gaucher Disease with Cerezyme® and Now Cerdelga®

● Encouraging performance in first year after U.S. launch

● Almost 1/3 of Genzyme’s Gaucher portfolio in the U.S.

● U.S. Gaucher market share of 17%

● 60% of patients new to Genzyme

● Genzyme Gaucher patient share estimated at 60% in the U.S. versus 52% a year prior ● Available in 8 countries by end of 2015

● 2015 sales expected to exceed €60m

● 14 additional countries expected in 2016

Potential to grow Gaucher market and expand Genzyme Gaucher franchise to >€1bn

138 A Solid Rare Diseases R&D Pipeline

Phase I Phase II Phase III

GZ402666 Olipudase alfa Patisiran(2) (ALN-TTR02) Neo GAA rhASM siRNA targeting TTR Pompe Disease Niemann-Pick type B Familial amyloidotic polyneuropathy

SAR439774 (ALN-AT3)(1) GZ402671 Revusiran(3) (ALN-TTRsc) siRNA targeting Anti-Thrombin Oral GCS Inhibitor siRNA targeting TTR Haemophilia Fabry Disease Familial amyloidotic cardiomyopathy

Genzyme Alnylam

(1) Genzyme recently opted into ALN-AT3 in territories outside of North America and Western Europe, retaining its opt-in right to North America and Western Europe. Specifically, Genzyme has the right to either co-develop and co-promote ALN-AT3 in Alnylam's territory or to maintain its ROW rights for ALN-AT3 and obtain a global license to ALN-AS1 in acute hepatic porphyrias. Genzyme will exercise this selection right upon completion of PoC for ALN-AS1, which is expected to occur in 2016 (2) Genzyme territories include Japan, APAC, Latam and Eastern Europe (3) Genzyme territories include Japan, APAC, Latam and Eastern Europe with co-develop/co-promotion right in U.S. and 139 Western Europe Addressing Niemann-Pick type B with Olipudase alfa(1), an Enzyme Replacement Therapy Currently in Phase II

Niemann-Pick Patient Diagnosis Therapeutic Approach ● Niemann-Pick is a serious lysosomal Target the underlying metabolic defect storage disorder, characterized by fat by replacing the missing enzyme deposits in spleen and liver Sphingomyelin ● Patient identification uses established Olipudase diagnosis algorithm for Gaucher alfa

Phosphorylcholine Ceramide

Acid- Ceramidase

Sphingosine Gaucher Hematology Campaign Intended result: ● 3.8% of patients tested positive for Reverse and prevent somatic disease Niemann-Pick after testing negative if treatment begins early for Gaucher FDA Breakthrough Therapy Designation granted in May 2015

(1) Recombinant form of human acid sphingomyelinase (ASM) developed as an enzyme replacement therapy 140 Hemophilia: a $10bn Market Set to Face Substantial Changes

Hemophilia(1) Unmet Medical Need(1)

● Recessive X-linked monogenic ● Inhibitors disease ● Overcome anti-factor antibodies ● Hemophilia A: loss of function ● 15-25 bleeds/year; >5 in-hospital in Factor VIII days/year

● ~140,000 patients ● ~ 3,500 patients ● Hemophilia B: loss of function ● Prophylaxis in Factor IX ● Goal of therapy for all patients(2) ● ~28,000 patients ● Only 42-48% of patients receive prophylactic therapy

Therapy with better benefit/risk profile is needed

(1) World Federation of Hemophilia Annual Global Survey 2014 (2) World Federation of Hemophilia Guidelines for the management of hemophilia. (http://www1.wfh.org/publications/files/pdf-1472.pdf) 141 ALN-AT3: an Investigational RNAi Therapeutic Targeting Antithrombin

Fibrinogen Fibrin ● Currently in Phase I in moderate-to-severe Blood clot hemophilia

Phase III planned to start in mid-2016

142 Genzyme Is the Long-Established Leader and Innovator in the Rare Diseases Area

Rare diseases sales have grown by +12% CAGR since 2012. Drivers to sustain growth in this category are:

●1 Accelerate systematic patient identification initiatives

●2 Continue leadership in patient advocacy through genuine commitment

●3 Focus lifecycle and business development efforts in areas of expertise and strengths to leverage synergies

●4 Advance internal and partnered novel pipeline

2020 Rare Diseases sales expected to exceed €4bn

143 Agenda

Genzyme: a success story

Rare Diseases: an untapped opportunity

Multiple Sclerosis: a fast-growing player

144 Despite Increased Treatment Options, Significant Unmet Needs Remain in Multiple Sclerosis

Brain MRI Reveals Significant Progression of Atrophy over 10 Years(1)

42 years-old 52 years-old

(1) Courtesy of Beth Fisher and Rick Rudick Cleveland Clinic 145 A Large and Growing Global MS Market

An Increasingly Competitive Multiple Sclerosis Market Therapeutic Area Global Sales(1)

3 oral brands ~€22.6bn €14.3bn

5 injectable interferon beta brands ~35% ~37% +8% ~63% CAGR ~65% 2 injectable glatiramer acetate brands including a generic 2014 2020e

2 intravenous drugs U.S. ROW

(1) Reported sales of Copaxone® (Teva), Avonex® (Biogen), Rebif® (Merck Serono), Betaseron/Betaferon® (Bayer), Extavia® (Novartis), Tysabri® (Biogen) and Gilenya® (Novartis) for 2014 sales converted using €/$ of 1.3 and 2020e Genzyme estimates 146 Multiple Sclerosis Franchise Sales Annualizing Over €1bn(1)

Genzyme Multiple Sclerosis Sales

€293m

€68m Série2

Série1 ®

€225m

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

€168m €467m €761m

(1) Multiplying Q3 2015 sales of €293m by four provides a hypothetical annual run rate of over €1bn sales 147 Making Steady TRx Share Gains

Oral Therapies Have Gained Aubagio® Has Become the Fastest Significant Market Share(1) Growing Oral MS Drug this Year(1)

U.S. Weekly TRx Share 25% Tecfidera® Injectable 20% 21.1% Therapies

15% Oral 62.5% 37.5% Gilenya® Therapies 10% 10.3%

5% 6.2%

(1) IMS U.S. - Week of October 23, 2015 148 A Successsful New Global Campaign

● Approved in more than 50 countries ● >40,000 people treated with Aubagio® worldwide ● Only oral MS treatment to significantly reduce the risk of SAD in 2 Phase III studies in RMS(1) (TEMSO and TOWER) ● Positive data in early MS(2) (TOPIC) ● New analysis of MRI data showing significant reductions in brain volume loss ● Favorable tolerability, once daily dosing

SAD: sustained accumulation of disability (1) AUBAGIO® (teriflunomide) is effective across key measures of disease activity: sustained disability progression (14 mg only), annualized relapse rate, and MRI activity. Common side effects with AUBAGIO led to treatment discontinuation rates ≤3.3% in clinical trials. 149 (2) Patients with a first clinical event consistent with MS Significantly Reduced Brain Volume Loss in Relapsing Multiple Sclerosis(1)

Annualized Percentage Change in Brain Volume(1)

Year 1 Year 2

N=276 N=263 N=234 N=235 ● An immunomodulatory Disease Modifying Treatment (DMT) with -0.39 demonstrated efficacy on: -0.61 Relapse rate RR: 36.9% p=0.0001 Disability progression -0.9

MRI activity Median % Change from Baseline Change from Median % Brain volume loss(1) -1.29 Placebo RR: 30.6% Teriflunomide 14 mg p=0.0001

RR: Releapse Rate (1) SIENA analysis of the TEMSO MRI dataset presented at ECTRIMS 2015 150 Potential to Transform MS Patients’ Lives

● Approved in more than 40 countries ● Extensive clinical development program with 5,400 patient-years of follow-up ● Durable improvements in relapse, disability, and MRI outcomes over 5 years in active RRMS demonstrated in CARE-MS I and II extension studies  No retreatment with Lemtrada® after the initial 2 courses in the core studies for most patients through Year 5

(1) The most common side effects of Lemtrada® are rash, headache, thyroid disorder, pyrexia, nasopharyngitis, nausea, urinary tract infection, fatigue, insomnia, upper respiratory tract infection, herpes viral infection, urticaria, pruritus, fungal infection, arthralgia, pain in extremity, back pain, diarrhea, sinusitis, oropharyngeal pain, paresthesia, dizziness, abdominal pain, flushing, and vomiting. Other serious side effects associated with Lemtrada® include autoimmune thyroid disease, autoimmune cytopenias, infections and pneumonitis. (2) Label includes a boxed warning noting a risk of serious, sometimes fatal autoimmune conditions, serious and lifethreatening infusion reactions and noting Lemtrada® may cause an increased risk of malignancies including thyroid cancer, melanoma and 151 lymphoproliferative disorders. Lemtrada® is contraindicated in patients with HlV infection. Durable Clinical Efficacy Through 5 Years

CARE-MS I Study Assessments Annualized Relapse Rate (ARR) (95% CI) Through 5 Years 1,01.0

● 68% of patients did not receive additional Lemtrada® treatment during the four 0.80,8 years following the initial two courses of treatment (Months 0 and 12) 0,60.6 ● 80% of patients were free from 6-month 0.40,4 disability progression through Year 5

● The median yearly brain volume loss 0,20.2 0.18 0.19 was -0.20% or less in Year 3, 4 and 5 of 0.14 0.15 0.16 the extension study, lower than what was 0,00.0 observed during the two-year pivotal Years 0–2 Year 3 Year 4 Year 5 Year 3–5 study (Month 24‒60) Core Study Extension Study No. of Patients 376 349 342 340 349

(1) Study in treatment-naive patients with active relapsing-remitting multiple sclerosis 152 Overcoming Barriers in the U.S. in Q4 2015

Key Drivers Q3 Q4

Incorporating Brand HCP Materials & Programs Package Insert Messaging

Consumer Materials X 

Patient Acquisition/Digital/ X Full Site w/Videos REMS Monitoring Website

Reimbursement Misc. J Q-Code

153 Our Strategy to Grow our Multiple Sclerosis Franchise

1● Successfully complete global launches of Aubagio® and Lemtrada®

2● Expand LCM activities to maximally support existing products

● Develop Lemtrada® for subcutaneous use

● Run a PoC study in Progressive MS with Lemtrada®

3● Reinforce presence in high efficacy segment

● Advance GLD52, a next generation anti-CD52 mAb, through Phase I

4● Enter into the neuroprotection / remyelination segment

● Six programs currently in research

Ambition to double the size of the MS franchise sales from 2015 to 2020 to >€2bn

154 VACCINES

Olivier Charmeil Executive Vice President, Vaccines

Damian Braga Senior Vice President, Commercial Operations

Guillaume Leroy Vice President, Dengue Company

John Shiver Senior Vice President, R&D

MEET SANOFI Management Agenda

The Vaccines market

Sanofi Pasteur growth perspectives

A balanced R&D pipeline

156 Immunization Is One of the Most Successful and Cost-effective Health Interventions

Vaccination is rivalled only by clean water for reducing mortality rates and improving lives(1)

Childhood vaccination in U.S. has prevented more than 100m serious cases of infectious disease since 1924(2) Vision: ~6m lives saved every year by vaccines “A world in which (= 10 lives per minute)(3) no one suffers A successful vaccination program adds more than or dies from a (4) 1% to a country GDP vaccine preventable (5) €1bn saved annually from eradication of smallpox disease”

(1) http://www.who.int/bulletin/volumes/86/2/07-040089/en/ (2) Panhuis WG et al. N Engl J Med 2013; 369:2152-2158 (3) Ehreth J. The global value of vaccination. Vaccine 2003; 21: 596-600 (4) David E. Bloom DE. Valuing Vaccination. Presentation at Fondation Mérieux, Jan 19, 2015 157 (5) http://www.who.int/mediacentre/news/notes/2010/smallpox_20100517/en/ A Concentrated Market with Sanofi Pasteur Ranking #1(1) in Several Areas

2014 World Vaccine Market Sales(2) Sanofi Pasteur Sales in 2014 ~€21bn €3,974m

CSL Flu 1,178 #1

Others Polio, Pertussis 1,154 #2 & Hib GSK 19% Meningitis 430 #1 #3 Adult boosters 398 #1 Merck Pfizer Travel and 377 Other Endemic

Others(3) 437

(1) Sanofi Pasteur internal analysis (2) Sanofi Pasteur sales includes 50% of Sanofi Pasteur MSD JV sales (excludes supply sales from Sanofi Pasteur to JV); 50% of JV sales added to Merck sales. GSK = GSK + Novartis (excluding Flu vaccines); CSL = CSL + Novartis Flu (market view pro forma) 158 (3) Include VaxServe sales (€314m in 2014). VaxServe is a Sanofi Pasteur company that supplies vaccines in the U.S. A Complex Industry Where We Have to Deliver on Three Fronts

● Very high level of expertise required in industrial processes Complex Biological which often cannot be automated Processes ● Need to continually adapt production process to satisfy evolving regulatory demand

● Continuously increasing GMP standards for batch release Highly Regulated by Health Authorities Business ● Market access often requires local manufacturing

● Much longer product life cycle than pharmaceuticals High CapEx Requirements ● Incremental innovation provides high added-value differentiation in the marketplace

GMP – Good manufacturing practices 159 Evolving Immunization Policies Are Creating Significant Growth Opportunities

Projected Market Trends

% of Birth % of Sales Sales Growth Cohort in 2020 CAGR in 2020 2015-2020

9% 60% 3%

19% 23% 6%

72% 17% 10%

Status of Immunization Schedules

Market maturity IPV acP/Hib Flu Ped Flu Rotavirus Mature Ongoing modernization Under-developed

Level of coverage

IPV– Inactivated polio vaccine acP – Acellular Pertussis Hib – Haemophilus influenzae type b Ped – Pediatric Source: Sanofi Pasteur internal estimates based on various sources 160 2015-2020 Strong Visibility as Mid-Single Digit Growth Sustainable

Projected Market Growth(1) Projected Industry Growth Drivers

Launch of innovative vaccines to 1 ~5% prevent diseases with unmet need CAGR Reach target immunization coverage 2 rates in mature markets ~€25bn

Pricing improvement driven by more 3 innovative vaccines

Modernization of immunization 4 schedule in middle income countries 2015e 2020e Growing middle class in 5 Emerging Markets

(1) Internal estimates 161 Agenda

The Vaccines market

Sanofi Pasteur growth perspectives

A balanced R&D pipeline

162 2015-2020 Sanofi Pasteur Expected to Outperform Market Growth

Projected Sanofi Pasteur Sales 1 Further develop strong vaccine brands a)a in pediatric combinations High b)b in adult boosters single digit c)c in flu vaccines sales CAGR at CER

2 Successfully launch Dengvaxia® ~€4.7bn ~75% Dengue of Expand our manufacturing €4.0bn 3 €3.7bn sales capacity Flu

Pediatric Deliver novel high-value 4 & boosters vaccines e.g. C. diff vaccine

2013 2014 2015e 2020e

163 Modern Pediatric Combination Vaccines Will Fuel 1a Growth

Primary Vaccination Series(1) in Public Projected Drivers for Pediatric Markets Are Still wcP-based in Many Combination Vaccines Countries(2) ● Global polio eradication initiative and IPV roll-out expected to facilitate switch to acP combos ● Preference for IPV-containing acP combination vaccines driven by their convenience, immunogenicity and safety profile

● acP expected to represent over 1/3 of all combos in revenues by 2020

Acellular Pertussis Whole cell Pertussis ● Expansion of penta- and hexavalent acP users wcP users combos wcP GAVI

acP – Acellular Pertussis wcP – Whole cell Pertussis IPV– Inactivated polio vaccine (1) Routine pediatric vaccination in infants and children (2) World Market Analysis (Sanofi Pasteur), 2013 164 Our Portfolio of Pediatric Combination Vaccines Well 1a Suited to Global Immunization Calendar Modernization

Primary Series - Infants and Children

aCel & aXim Product Families Shan5™ (acP-based) (wcP-based)

Mature Markets Middle Income & UNICEF Emerging Markets GAVI U.S. Western Europe China Brazil Mexico

RSA TM PR5I(1) etc.

Pediatric combination vaccines sales are expected to grow double-digit CAGR over 2015-2020

(1) U.S. and EU regulatory review ongoing. Collaboration with Merck & Co aXim products also distributed in Western Europe 165 Boosters Demand Expected to Grow in Untapped 1b New Markets

Booster Markets in 2015(1) Projected Drivers for Public Booster Market ● Even where Tdap vaccines have been introduced, coverage remains relatively low ● Resurgence of pertussis calls for more robust control measures ● Td Tdap replacement for routine immunization

Tetanus Tetanus Diphteria Diphteria

Tdap No Tdap acellular Pertussis

® ®

Launch of Adacel® and Adacel Polio® expected in 50 new markets over the next 5 years

Tdap: Tetanus, diphtheria and pertussis (1) Sanofi estimates based on various sources 166 Flu Vaccines: High Disease Burden and Low Vaccine 1c Coverage Generate Growth Opportunities

Estimated Vaccination Coverage Rates (VCR) Still Below Target Key selected U.S. VCR still below countries(1) VCR still below CDC target of 90% WHO and EU targets of 75% 100% 90% threshold 75% 10m High Disease threshold Burden of Flu(2,3) 100m ● 1 billion cases/year Not Vaccinated ● 300,000-500,000 Vaccinated 30m deaths/year

140m ● €10-17bn/year in healthcare Immunization Rate (%) Rate Immunization cost in U.S. alone

Population aged 0% 320m over 65 years 44m (in million people)

(1) 17 key countries: Argentina, Australia, Brazil, Canada, Chile, China, France, Germany, Italy, Japan, Mexico, Russia, RSA, South Korea, Spain, UK, U.S (2) WHO Fact sheet on influenza, N°211, March 2014 (3) Molinari N.-A.M. et al. Vaccine 25 (2007) 5086–5096 167 . Sanofi Pasteur Well Positioned with a Leading 1c Flu Vaccines Franchise

Sanofi Pasteur Flu Growth Drivers Projected Flu Vaccines(3) Sales Mix Evolution

● Differentiation with Fluzone® HD Fluzone® U.S. ● Superior efficacy(1) and significant reduction in flu-related hospital admissions(2) in people aged 65+ ® ● U.S. introduction of Fluzone HD QIV 2015 2020 expected by 2020

● Market expansion and conversion to quadrivalent flu vaccines (QIV) Quadrivalent ● U.S. switch to QIV almost complete Vaxigrip® RoW ● Progressive switch in RoW expected to start in 2017

● Global switch expected to be completed 2015 2020 by end of 2020

(1) DiazGranados CA et al. N Engl J Med 2014; 371:635-645 (2) Izurieta HS et al. Lancet Infect Dis 2015; 15: 293–300 (3) Intramuscular flu vaccines 168 2 The First Ever Dengue Vaccine(1)

● About half of the world’s population lives Global Evidence Consensus in dengue endemic regions(2) Risk & Burden of Dengue - 2010(6) ● Recommended for the prevention of dengue disease in individuals 9 years and older living in endemic areas(3) ● Pooled efficacy data demonstrate(3) ● 65.5% protection against all 4 dengue serotypes ● 93.2% prevention against severe dengue ● 80.8% prevention of hospitalization due to dengue ● 70% to 90% of dengue cases are reported in (4) children aged 10+ in given endemic countries Complete Complete absence presence ● Potential to reduce disease burden by about 50% within 5 years if 20% of a country population is vaccinated in endemic countries(5,6) Make dengue the next vaccine-preventable disease

(1) Under regulatory review in major endemic countries in Asia and South America (2) WHO, 2015, Dengue Fact Sheet (3) Follow-up to 25 months post dose-1; Study population aged 9 to 16 years of age. Hadinegoro SR. et al. NEJM, 2015 Safety analyses showed similar reporting rates between the vaccine and control groups during clinical studies (4) Observed in Thailand, Indonesia and Colombia, Mexico, Brazil and Malaysia over the last 5 years - Jackson N. et al « Recent scientific and clinical advances in Sanofi Pasteur’s Dengue Vaccine Program » ASTMH 64th Annual Meeting October 25-29, 2015. Philadelphia, USA 169 (5) Coudeville L et al. ASVAC 2015 (5) Coudeville L et al. SLIPE 2015 (6) Bhatt, 2013, Nature Rapid Uptake to Generate Public Health 2 Impact and Return on Investment

Pre-launch Launch Implement catch-up 2015 2016 2017-20

● File submitted in 20 endemic ● Launch in 1st wave of ● Expand “catch-up” program countries by year end endemic countries and reach peak sales ● First doses available for ● Start public vaccination ● Prepare launch in 2nd & delivery before of end 2015 including catch up in high 3rd wave of countries endemic countries ● Implementation of ● Launch supported by current post-licensure studies to production capacity measure effectiveness and impact of first programs ● Adapt production capacity

170 Policy Designed to Maximize Impact 2 in Public Markets

Broader Vaccination Program Setting a Pricing Policy Leads to Higher Impact on Linked to Impact Disease Burden(1,2) on Disease Outcomes

% Reduction of disease over 10 years at the population level Average price per dose 0%

Variabilities from one country to another

-70% Number of age groups vaccinated Number of age groups vaccinated ● Assessing vaccination impact at the ● Program-based pricing policy population level through modeling ● Maximize public health impact ● Direct and indirect protection ● Equitable policy ● Vaccine efficacy and disease epidemiology

(1) Dengue Modeling Consortium ASTMH [2014] (2) SP model ASVAC, SLIPE, ASTMH [2015] 171 Expand Vaccine Production Capacity to Ensure 3 Sustainability of Supply

Industrial Sites Major Initiatives

1● Supply increase Toronto Neuville sur Saône ● Invest in new capacity and Val-de-Reuil upgrade existing footprint ● Improve process robustness

Swiftwater Canton Marcy l’Etoile 2● Optimization Rockville Shenzhen ● Simplify product portfolio Ocoyoacac Shantha ● Harmonize antigens Hyderadad 3● Quality performance ● Setting the new standard for Pilar quality in vaccine industry

Projected cumulative CapEx of around €1bn over the next three years

172 Agenda

The Vaccines market

Sanofi Pasteur growth perspectives

A balanced R&D pipeline

173 A Balanced Pipeline with New Targets and LCM 4 Projects

First in Class Novel Strategic Life Cycle Fill Portfolio Gap Vaccines Management

● Address unmet medical need ● Enhance current vaccines to ● Advance internal R&D through innovative vaccine improve efficacy programs development (e.g. Flu QIV, Flu HD, PR5I) (e.g. Rotavirus) (e.g. dengue, tuberculosis) ● Defend key franchises from ● Establish collaborations on ● Develop new vaccine competitor LCM activity external programs segments (e.g. 2nd generation meningitis (e.g. SK Chemical Co. for PCV (e.g. nosocomial infections with ACYW conj. vaccine) development) C. difficile vaccine) ● Access new markets ● Introduce new modalities (e.g. pediatric combos in Japan) (e.g. HSV therapeutic vaccines) ● Improve production processes

LCM – Life Cycle Management PCV – Pneumococcal conjugate vaccine HSV – Herpes simplex virus 174 4 Robust Sanofi Pasteur R&D Pipeline

Phase I Phase II Phase III Registration

Meningitis ACYW conj. VaxiGrip® QIV IM VaxiGrip® QIV IM Herpes Simplex Virus Type 2 2nd generation meningococcal Quadrivalent inactivated Quadrivalent inactivated HSV-2 vaccine conjugate infant vaccine influenza vaccine (3-36 months) influenza vaccine (3 years+)

Dengvaxia® Streptococcus pneumonia Rabies VRVg Clostridium difficile Mild-to-severe Meningitis & pneumonia vaccine Purified vero rabies vaccine Toxoid vaccine dengue fever vaccine

Fluzone® QIV HD Rotavirus PR5I Quadrivalent inactivated influenza Live attenuated tetravalent DTP-HepB-Polio-Hib vaccine – High dose Rotavirus oral vaccine Pediatric hexavalent vaccine, U.S., EU

Tuberculosis Recombinant subunit vaccine

New entities/modalities Portfolio expansion Strategic LCM

Several exciting targets in early stage development

New targets: Universal flu and new Respiratory syncytial virus (RSV), Cytomegalovirus (CMV), manufacturing Staph. Aureus, PCV technologies

PCV – Pneumococcal conjugate vaccine 175 4 Rising Medical Need to Fight Clostridium difficile Infection

Potential target population for first C. diff vaccine High Disease Burden of CDI(1) Population at risk of CDI ~50 million adults (U.S.)(2) ● ~450,000 cases and 29,000 deaths ● All adults aged 65+ ● Hospitalization rates more than doubled in the U.S. between 2001 ● Some 64 and under with and 2010 chronic comorbidities requiring ~10-15 million adults frequent/prolonged antibiotic at high risk(3) ● Increasingly reported in community use or hospitalization and nursing homes settings ● Adults with elective surgeries

● Sub-optimal current treatments and ● Long-term care/nursing home high rates of recurrence residents ● Healthcare costs of $5.9bn for acute care facilities only

Objectives are to protect individuals from a potentially life threatening infection, stop vicious cycle of recurrences and reduce transmission to other at-risk individuals

CDI: Clostidium difficile infection (1) Sources: Lessa FC., N Engl J Med 2015;372:825-34, Kwon et al., Infect Dis Clin N Am 29 (2015) 123–134, and HCUP Projections Report # 2012-01 (2) CDI incidence >0.63%/ year (3) CDI incidence >1.5%/year 176 C. difficile Candidate Vaccine to Address High Unmet 4 Medical Need

Phase II successfully completed Multinational Phase III ongoing

Fast Track Development Program designation granted by CBER

PCR – Polymerase chain reaction CDI – Clostidium difficile infection (1) & (2) de Bruyn G et al. Poster presentations at 24th annual meeting of the European Congress of Clinical Microbiology and Infectious Disease (ECCMID), May 2014 177 Sanofi Pasteur Well Positioned for Sustainable and Profitable Growth

● Sanofi Pasteur expects to grow faster than the vaccines market with three main drivers

●1 Widespread adoption of pediatric combination vaccines and adult boosters

●2 Expansion of our differentiated offering for flu vaccines to new markets

●3 Successfully launch the first ever dengue vaccine

● Operating margin expected to improve significantly over 2015-2020 ● Product mix evolution ● Further improvement in industrial operations

178 EMERGING MARKETS CONSUMER HEALTHCARE ESTABLISHED PRODUCTS

Peter Guenter Executive Vice President, Global Commercial Operations

Jean-Luc Lowinski Senior Vice President, Asia region

Vincent Warnery Senior Vice President, Global CHC Division

MEET SANOFI Management Agenda

Emerging Markets

Consumer Healthcare

Established Products

180 Sanofi Is the Healthcare Leader in Emerging Markets

Top 10 Players in Emerging Markets(3) #1 Leader in Emerging Markets 4.1%

3.9% €12bn Sales of ~€12bn in 2015e(1) 3.6%

2.5% >1/3 of Group Sales generated 32% 2.4% in Emerging Markets in 9M 2015(1) 2.4%

Commercial footprint in 2.3% 160 ~160 countries 2.1%

1.6% Lantus® leads paradigm shift to Top (2) basal insulin in Emerging Markets 1.6%

(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, Australia, and New Zealand (excl. South Korea from Jan 1st 2015) ® (2) Lantus reached value market share of 56.4% in Emerging Markets, IMS MIDAS MAT June 2015 181 (3) Market share of total market without vaccines, IMS MIDAS MAT Q2 2015 Steady Growth Trajectory Despite Economic Slowdown and Volatility in Emerging Markets

Quarterly Sales Growth in Emerging Markets(1)

+16.5%(2)

+11.4% +10.4% +9% +9.9% +9.8% at CER +7.9% +7.6% +7.3% +7.5% +6.8% +6.8% +6.5% +5.5% +5% at CER +2.8%

-2.3%

(3)

8.3% 4.4%(4) 9.3%(5) +8.7% % of Group sales 31.9% 32.1% (FY2012) (9M2015)

(1) World excluding U.S., Canada, Western Europe, Japan, Australia, and New Zealand (excl. South Korea from Jan 1st 2015) (2) Including Brazil generics (excluding Brazil generics, Emerging Markets grew +8.6% in Q2 2014 at CER) (3) Including Brazil generics (excluding Brazil generics growth of Emerging Markets in Q2 2013 was +5.3%) (4) Including Brazil generics (excluding Brazil generics growth of Emerging Markets in FY 2013 was +7.1%) 182 (5) Including Brazil generics (excluding Brazil generics, Emerging Markets grew +6.5% in FY 2014 at CER and +7.6% in Q4 2014 at CER) Significant Contribution from All Regions Due to Well Balanced Geographical Sales Mix in Emerging Markets

Stable Sales Mix Across Emerging Market(1) Regions

Sales growth (2) (3) at CER +8.3% +4.4% +9.3% +8.7%

€3,435m €3,013m €3,363m Latin America (5) €2,525m (4) +21.1% €3,111m +11.3% -1.5% +7.1% +11.8% €2,841m €3,040m €3,205m Asia €2,416m €2,747m +10.1% +10.1% +6.3% +16.6% +12.1% Eastern Europe, €2,666m €2,721m €2,673m €2,541m €1,789m Russia & Turkey +3.7% +2.1% +2.2% +5.0% +5.8%

€1,821m €2,019m €2,099m €2,095m Africa & €1,694m +9.2% +10.2% +9.1% +2.5% Middle East +7.7%

20112012 2013 2014 2015 YTD

(1) World excluding U.S., Canada, Western Europe, Japan, Australia, and New Zealand (excl. South Korea from Q1 ‘15) (2) Including Brazil generics (excluding Brazil generics growth of Emerging Markets in FY2013 was +7.1% at CER) (3) Including Brazil generics (excluding Brazil generics, Emerging Markets grew +6.5% in FY 2014 at CER) (4) Including Brazil generics (excluding Generics in Brazil, LatAm grew 7.4% in FY 2013 at CER) 183 (5) Including Brazil generics (excluding Generics in Brazil, LatAm grew +10.8% in FY 2014 at CER) Broad Presence Outside of BRIC-M(1) to Capture Growth in Other Strategically Important Priority Countries

Growth in EM(2) not Dependent on Individual Country Performance Sanofi Sales in Emerging Markets in 2014 €11,347m, +9.3% A top 3 player among MNC(4) peers in BRIC-M markets(3)

BRIC-M(1) countries, 18 €4,693m countries 41% with sales of >€100m, €3,990m Others, 36% €2,664m 23%

(1) BRIC-M – Brazil, Russia, India, China, Mexico (2) Emerging Markets - World excluding U.S., Canada, Western Europe, Japan, Australia, and New Zealand (3) IMS MIDAS MAT Q2 2015 (Leading positions in 18 countries applies to total market in these countries) 184 (4) MNC - Multinational Companies Sanofi in China – A Strong and Growing Contributor to EM Sales Despite Market Slowdown

China Is the Largest Contributor Sanofi China Has Outperformed Sanofi Ranked #3 in China to EM Sales, €1,603m in 2014, the Market and its MNC among its MNC Peers(1,2) 4.7% of Total Group Sales Peers in Recent Quarters(1,2) Sales in China in RMB million €11,347m Growth in % and growth in % (YTD Aug 2015)

+2.0%

+7.6%

+9.1%

+1.4%

+9.8% Market -1.1%

MNCs +8.7% 11% 13% 14% +0.9% 2012 2013 2014 -6.7% -12.7% Other Emerging Markets Total Pharmaceuticals Market China (as % of EM sales) Growth +5.8%, YTD August 2015

Sales of Sanofi in China reached €1,614m, +16.7% for the first 9 months 2015

(1) IMS CHPA 2015 M8 (2) MNC - Multinational Companies 185 A Comprehensive Strategy for Sustainable Growth in China

3 Growth Pillars for Sanofi in China

Enhance Expand Continue to drive core business geographically innovation

Diabetes Geographical expansion Innovation into the County Market ● Gain leadership through ● New product launches & treatment paradigm shift ● Expand patient reach customize products for towards basal insulin Plavix® & Low-cost model China’s needs ● Lantus® is the leading insulin brand in key cities(1) ● Support evolution to volume

Enablers for People Sustainable Growth Engagement & Development

Market access Operating model Strengthen capability Compliance & Sustainability

Drive Efficiency & Productivity Commercial excellence

(1) IMS CHPA July 2015 Icons designed by Freepik 186 Superior Growth Contribution from Emerging Markets Expected during 2014-2019…

Emerging Markets Expected to Grow Mega Trends Remain Faster than Mature Markets(1) Compelling $1,330m >6bn people

Aging population Emerging $993m CAGR Markets +8% Rapidly emerging middle class Middle and Affluent Consumers to Emerging represent ~50% of EM population in Markets 2025

Improved access to medicines Mature CAGR Markets Mature +5% Increasing healthcare spend as Markets % of GDP

2014 2019e

(1) IMS Market Prognosis 2014-2019 (at constant exchange rates) 187 …but the Evolution of Emerging Markets Requires an Adjustment of our Existing Business Model

Challenges to Business Model Drivers of Historic Performance in EM

● Strong heritage and broad product ● Economic slowdown portfolio of value brands ● Intensified pricing pressure ● Bolt-on acquisitions and local ● Increased competition from local collaborations and regional players ● Industrial footprint ● Consolidation and ● ‘First-mover’ advantage professionalization in the trade channel ● Maintaining a commercial presence during political instability ● New middle class demands adaptation of product portfolio

188 Strategic Priorities to Address Changing Dynamics in Emerging Markets

1 Build Priority Clusters ~160 …and Differentiate with Countries of countries Market Approach Strategic Importance… by Country

2 ‘Win’ Emerging Middle Class ● Adapt portfolio and expand coverage

3 Innovate for Emerging Markets ● Address unmet medical needs specific for EMs #1 4 in Emerging Optimize Trade and Channel Management Markets ● Distribution, New Channels, Point of Sale

5 Pursue External Growth Opportunities ● M&A and collaborations

189 Key Success Factors to Reinforce Sanofi’s Leadership in Emerging Markets 2015-2020

Priority Countries Maintain topline growth rate in EM by investing in priority countries

#1 Sustainable Market Profitability in Emerging Markets Access Sustain operating margin Growth driven ~37% in 2014(1) by volume

(1) Business Operating Margin in Emerging Markets excluding central administrative and R&D costs in 2014 190 Icons designed by Freepik Agenda

Emerging Markets

Consumer Healthcare

Established Products

191 Sanofi Is a Leading Player in the Fragmented Global OTC Market and Growing Faster than its Competitors

Ranked #5 in the Sanofi Has Outgrown the Market ~€100bn OTC Market(1) in Recent Years(1) Bayer GSK Growth in %, 2010-2014 CAGR

J&J 7.4%

Pfizer Reckitt Benckiser 6.2% Pfizer 4.5% 3.2% Reckitt Benckiser Takeda 4.0% P&G Boehringer 3.9% Other Boehringer Ingelheim Takeda Bayer 3.8% Taisho P&G 3.1%

GSK 0.0%

-0.7% J&J

-2.1% Taisho OTC Market Growth: 4.1%

A top rank despite recent industry consolidation among peers

(1) Nicholas Hall & Company, FY2014, organic growth at CER 192 A Focus on Key Brands in Priority Categories and a Strong Regional Presence

● Sales of €3,337m in 2014, +6.8% at CER(1)

● Leading positions in Priority Categories ● 8 brands with >€100m sales in 2014

● Top 10 Sanofi CHC countries generate >70% of sales

● Strong footprint in Emerging Markets ● ~50/50 sales split between Emerging and Mature Markets

● 21% of sales in the U.S. OTC market

(1) Several products previously recorded in prescription pharmaceuticals were transferred to Consumer Healthcare products in 2013. Including the category changes (€273 million in 2013), CHC sales grew 16.5% in 2014 193 Priority Categories Drive Growth at Sanofi CHC

Sanofi CHC Market Global Growth of Top 10 brands by sales in 2014(2) Priority share in rank in category(1) generate >50% of CHC sales(5) Categories category(1) category(1)

15.6% #2 28.9% €350m, +37.1%(3) €114m, n.m.

12.6% #1 6.3% €104m, +5.7%

4.0% #3 6.1% €235m, +27.1%(4) €156m, +24.6% €98m, +9.6%

2.3% #3 7.1% €88m, +17.9%

6.4% #3 4.5% €310m, +7.2% €109m, +6.0% €90m, +6.5%

(1) Nicholas Hall & Company, FY2014 (2) Growth in % at CER (3) Excluding the category change, -4.5% in 2014 (4) Excluding the category change, +6.0% in 2014 194 (5) Gold Bond® in the U.S. (not part of Global Categories) is 8th Sanofi CHC brand >€100m 3 Growth Axes For Continued Growth in CHC

● Consumer-driven 1 Maximize Potential innovations of Existing Brands ● Unique business model CHC Vision ● Geographic expansion 2020

● Realize global & regional Shape New switch opportunities 2 Categories ● Leverage consumer trends & preferences

● Reach critical scale in Gain Scale through key countries 3 Bolt-on Acquisitions ● Optimize portfolio in priority categories

195 Maximizing Brand Equity through Consumer-Driven 1 Innovations

● An iconic brand in France ● A brand success story in pain relief ● #1 most prescribed medicine(1) ● >$100m retail sales in the U.S. after acquiring the (2) ● 93% brand awareness brand with $8m sales in 1991(4) ● >280m units sold(3) ● From topical IcyHot® products to a ® ● Adding a strong OTC range to Doliprane ’s ‘Smart Relief’ device technology established Rx portfolio: ● Introducing IcyHot® Smart Relief TENS(5) therapy ● Expanding the strong portfolio of OTC products in acute pain; launched in France in November ‘15 ● Launched in 2014, ‘Smart Relief’ sales have ● Preserving Doliprane® for HCPs as the preferred been 100% incremental to IcyHot® brand prescription choice in chronic pain

(1) Celtipharm, INN prescription tracking, 2015 (2) Awareness Tracking Ipsos 2014 (October 2014) (3) Pharmatrend MAT Aug 2015 (4) Nielsen xAOC; 52wk ending 08/29/15 196 (5) TENS - Transcutaneous Electrical Nerve Stimulation Maximizing Brand Equity through a Tailored 1 OTC Business Model Coupled with Medical Expertise

The Power of a Pharmaceutical Company’s Medical Expertise Combined with a Consumer Culture

Consumer

Physician Example of Allegra® promotion mix in 3 markets Pharmacy

197 2 A Track Record of Commercial Success with 2 of the Top-9 U.S. Switches since 2000

2014 Sales (€m) of Top Brands Switched from Rx since 2000 in the U.S.(1) ● 2 Rx-to-OTC switches have driven growth of Sanofi CHC in 483 the U.S. ● Allegra® and Nasacort® are now leading brands in the CHC Allergy category ● Sanofi positioned to be a preferred switch partner in the industry

MucinexZyrtec Claritin Prilosec Miralax Nexium Plan B OTC 24HR Switch date: 2004200220082011 2002 2007 2014 2006 2014

(1) N. Hall DB6 198 The Successes of Allegra® and Nasacort® Bode Well 2 for a Major Switch Opportunity in a New Category

● Licensing agreement with Lilly Switch signed in Q2 2014 date Switch 2014 ● Opportunity to switch Cialis® in the date U.S., Europe, Canada and Australia(1) Acquired 2011 March 2010 ● Ambition to transform how this erectile dysfunction medicine is offered to millions of men in the world

Developing additional consumer-centric offerings across new CHC categories

(1) Subject to Sanofi's receipt of all necessary regulatory approvals 199199 Chattem Aquisition Was the Foundation 3 of Our Success in the U.S. CHC Market

5-year Retail Sales Growth Rate (1) ● Acquired in 2010 by Sanofi CAGR (2011-2015) ● Tailored integration and preservation of company values & capabilities ● In 2015, the fastest growing OTC company by retail sales(1) in the U.S. ● >$1.3bn in retail sales in 2015 ● 6 brands with sales >$100m

ChattemReckitt Pfizer Church Bayer J&J P&G & Dwight Prestige

GSK

Reaching critical scale in key CHC countries is a #1 priority

200 (1) Nielsen xAOC; 52wk ending 08/29/15 200 Well Positioned for Continued Above-Market Growth in CHC

EU CEE U.S.

Fostering continuous innovation to address unmet consumer needs Latin Leveraging medical, scientific & quality Asia & America heritage Australia Commitment to improve consumer access to efficacious and safe treatments via Rx-to-OTC switches and other category shaping initiatives Geographic build-up to attain critical mass in key markets Resource allocation to further improve profitability

201 Agenda

Emerging Markets

Consumer Healthcare

Established Products

202 Sales of Established Products Reached €11bn and Represented 1/3 of Total Group Sales in 2014

2014 Sales by Business Segments(1) Established Products

€37,770m, +4.9% Pharmaceuticals ● 2014 EP sales of €11,300m, €27,720m, +4.4% -6.7% at CER

Established ● 41% of Pharmaceuticals sales in 2014 Animal Products Health ● Global presence Pharmaceuticals ● High volume portfolio Vaccines Other ● Size reflects strategic importance for Sanofi

(1) Growth at CER 203 Future GBU Organization to Put Focus on Established Products (EP)

Sales of Established Products ● EP portfolio includes (in €m) ● Off-patent Rx brands €14,058m ● Brands close to loss of exclusivity €12,446m ● Select non-genericized brands €11,300m ~€11,700m (e.g. Synvisc® in biosurgery)

● EP value proposition: Mature Markets ● Highly recognized medical value brands ● Well established experience among physicians and patients

● Slower sales erosion in recent years Emerging Markets largely helped by Emerging Markets

204 Established Products Returned to Growth in the First 9 Months 2015 Driven by Emerging Markets(1)

YTD 2015 Sales of Established Products by Geographies (in €m)

EP Sales in YTD 2015 EP Sales in Emerging Markets by Region €8,938m, +0.6% at CER

Emerging Markets €3,476m 61% 39% +8.3% at CER

Mature Eastern Europe, Markets Russia & Turkey €5,462m Growth at CER +9.0% +16.5% +5.4% +2.7% -3.8% at CER

Strong growth of Established Products in EM accelerated in Q3 2015 (+11%)

Sales by Therapeutic Class in 2014(1) Business Characteristics of EP

25% Sanofi’s historical flagship 23% products in large therapeutic categories

2% ● Cardiology, CNS, Anti-inflammatory 3% Addressing fundamental medical 13% 6% needs with high quality medicines 9% ● Targeted promotion 10% 9% Strong influence of dispenser (Physician, Pharmacist) Antibiotics Urology ● Substitutability Antiarrhythmics Renal CNS Anti-inflammatories Hypertension Anticoagulents Antiplatelets

(1) Breakdown of first 66% of Established Products sales 206 Established Products Sales Concentrated on Top 10 Brands

Top 10 Established Growth % % of sales Sales Products in 2014 (at CER) in EM

€1,862m +4.7% 46.2% ● Most of EP top 10 brands exposed to generic competition €1,699m +2.1% 34.4% in 2014 ● Plavix® in Japan and Renagel® €727m -16.6% 56.3% in EU in 2015 ● Top 10 products generated €684m -8.7% 10.1% 60% of EP sales in 2014 €395m +0.5% 61.5% ● Significant differences in regional sales profile between €352m -4.6% 11.1% Mature and Emerging Markets

€306m -18.4% 20.6% ● Focus: New organizational €290m +7.8% 3.1% structure in Global Business Unit to capture market €281m -5.9% 52.3% opportunities

€192m -48.3% 2.6%

207 Innovative and Focused Approach to Capture Market Opportunities and Reinvigorate EP Growth

Mature Markets Emerging Markets ● Building on brand equity and ● Building on brand equity and established medical value established medical value ‒ e.g. Lovenox®, Synvisc®, Renvela® Growth ‒ e.g. Plavix®, Aprovel®, CNS ‒ Expansion in segments where medical Opportunities ‒ Access and medical education value (e.g. Sevelamer) for Established Products ● Innovation adapted to EM ● Portfolio reinforcement and and geographic expansion geographic expansion ‒ e.g. Aprovasc® ‒ e.g. L-Thyroxin expansion ● Multi-channel management ‒ Very selective, external partner if needed

Continuous Margin Improvement Trade and channel management – (account management, point of sale, joint business planning)

208 APPENDIX

MEET SANOFI Management GBU Sales in 2014

FY 2014 net sales (€ million) Total Total Established Rx Products(1) 11,010 Consumer Healthcare 3,337 Generics 1,805 Total Emerging Markets(9) Diabetes&Cardiovascular 1,169 Total Emerging Markets(9) Sanofi Genzyme 777 GBU General Medecines & Emerging Markets(9) 18,098 Total Oncology(2) 1,039 Total MS(3) 456 Total Rare Diseases(4) 1,733 GBU Sanofi Genzyme(10) 3,228 Total Diabetes(5) 6,109 Total Cardiovascular(6) 285 GBU Diabetes & Cardiovascular(10) 6,394

Total Pharmaceuticals 27,720

GBU Vaccines(7) 3,974 GBU Animal Health(8) 2,076 Total Group 33,770

(1) Including Plavix, Lovenox, Renagel / Renvela, Aprovel, Allegra, Myslee / Ambien / Stilnox, Synvisc / Synvisc One, Depakine, Tritace, Lasix, Targocid, Orudis, Cordarone, Xatral and Other Rx Drugs (2) Including Taxotere, Jevtana, Eloxatine, Thymoglobulin, Mozobil, Zaltrap and Other Oncology (3) Including Aubagio and Lemtrada (4) Including Cerezyme, Cerdelga, Myozyme, Fabrazyme, Aldurazyme and Other Rare Diseases products (5) Including Lantus, Apidra, Amaryl, Insuman, Lyxumia, Afrezza, Toujeo and Other Diabetes (6) Including Praluent and Multaq (7) Including Polio / Pertussis / Hib, Adult Booster Vaccines, Meningitis/Pneumonia, Influenza Vaccines, Travel & Other Endemics Vaccines and Other Vaccines (8) Including Fipronil products, Vaccines, Avermectin products and Others (9) Emerging Markets is defined by world excluding U.S., Canada, Western & Eastern Europe (except Russia, Ukraine, Georgia, Belarus, Armenia and Turkey), Japan, South Korea, Australia, New Zealand and Puerto Rico 210 (10) Excluding Emerging Markets