Q4 and Full Year 2016 Results February 8, 2017

2

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 labelling 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 Company’s

ability to benefit from external growth opportunities and/or obtain regulatory clearances, risks associated with

intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in

exchange rates and prevailing interest rates, volatile economic conditions, 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, 2015. Other than as required by applicable law, Sanofi does not undertake any obligation to

update or revise any forward-looking information or statements.

3

Agenda

3

Key Highlights

● Olivier Brandicourt - Chief Executive Officer

Update on Consumer Healthcare

● Alan Main - Executive Vice President, Consumer Healthcare

Financial Results

● Jérôme Contamine - Executive Vice President, Chief Financial Officer

Additional Participants for Q&A Session

● Olivier Charmeil - Executive Vice President, General Medicines & Emerging Markets

● Peter Guenter - Executive Vice President, Diabetes & Cardiovascular

● Karen Linehan - Executive Vice President, Legal Affairs and General Counsel

● David Loew - Executive Vice President, Sanofi Pasteur

● David P. Meeker - Executive Vice President, Sanofi Genzyme

● Elias Zerhouni - President, Global R&D

KEY HIGHLIGHTS

4

Olivier Brandicourt

Chief Executive Officer

Company Sales(1) Business EPS(2)

2016 Financial Performance

Stronger than Initial Expectations

FY 2016

€33,821m(3)

FY 2015

€34,060m

5

(1) FY 2015 Company Sales restated to exclude Animal Health Business

(2) FY 2015 and FY 2016 Business EPS include the contribution from Animal Health

(3) FY 2016 Company Sales were €36,529m (+1.8% at CER) including Animal Health (previously referred to as “Aggregate Sales)

(4) Evolution at Constant Exchange Rates (CER)

(5) On a reported basis, FY 2016 sales were down -0.7% and Business EPS was up +0.7%

+1.2% at CER(4,5)

€5.64

FY 2016 FY 2015

€5.68

+4.1% at CER(4,5)

6

Growth

at CER

All Global Business Units Delivered Growth in Q4 2016

(1) Does not include Emerging Markets sales

(2) Reflecting reclassification of VaxServe from Sales to Other

revenues from Jan 1, 2016

(3) Includes Emerging Markets sales for Diabetes &

Cardiovascular and Specialty Care

(4) Emerging Markets: World excluding U.S., Canada, Western &

Eastern Europe (except Eurasia), Japan, South Korea,

Australia, New Zealand and Puerto Rico

(5) Excluding global Consumer Healthcare sales

(6) Consumer Healthcare includes sales in Emerging Markets Pictures by Freepik

Q4 2016 Sales by Global Business Unit

Company Sales €8,867m

+3.4%

€1,710m

Diabetes & Cardiovascular +3.8%

€1,335m

Sanofi Genzyme (Specialty Care) +12.6%

€1,352m

Sanofi Pasteur (Vaccines) +3.7%

€3,636m

General Medicines & Emerging Markets +0.4% (3,4,5)

(6)

(1)

(2)

(1)

€834m

Consumer Healthcare +2.7%

7

Specialty Care Increased Double Digits and

Consumer Healthcare Returned to Growth

Q4 2016 Sales by Franchise

Developed Markets Emerging Markets

Growth

at CER

Total

Sales Growth Sales

Specialty Care +12.9% €1,569m

+14.3% +12.6% €1,335m

€234m

Diabetes & Cardiovascular +3.9% €2,076m

+4.1% +3.8% €1,710m

€366m

Sales Growth

Vaccines +3.7% €1,352m

+7.3% +1.4% €831m

€521m

Established Rx Products -1.3% €2,568m

+0.9% -2.6% €1,622m

€946m

Generics +0.2% €468m +5.1% -3.3% €259m €209m

Consumer Healthcare +2.7% €834m

-3.2% +7.0% €508m

€326m

Q4 2015 Q4 2016

Rare Diseases Multiple Sclerosis Oncology

8

Rare Disease and Multiple Sclerosis Drive Growth in

Specialty Care

● Specialty Care franchise up double digits

in developed and emerging markets in Q4

● Multiple Sclerosis franchise continues to

gain market share

● Aubagio® sales up +34.2% to €367m and

reached 8.8% of U.S. Total Rx share(1)

● Lemtrada® sales up +46.9% to €117m

● Rare Disease franchise grew 9.7% driven

by new patient accruals in developed and

emerging markets

● Dupixent® and Kevzara® U.S. launch

preparation activities ongoing

€661m

€1,569m

€716m +9.7 % at CER

€484m +37.1% at CER

Global Specialty Care

Franchise Sales

€353m

(1) IMS NPA TRx data as of Q4 2016

€381m €369m

-3.9 % at CER

€1,395m

+12.9% at CER

Specialty Care achieved +17.2% sales growth in 2016

8

Vaccines Growth Driven by Pediatric Combination(1)

Franchise in Q4

9

PPH: Polio, Pertussis, Hib vaccines

(1) Pediatric combination vaccines are referred to as “PPH franchise”

(2) Pediatric combination vaccines including Hexaxim, Pentaxim, Tetraxim

● Vaccines sales up +3.7% at CER in Q4

● PPH franchise +16.5% at CER to €544m

in Q4 2016

● Pentacel® supply improving in the U.S.

● Emerging Markets growth +5.1% despite

continued China weakness

● FY 2016 PPH growth (+12.7%) driven by

AcXim family (+39.2%)

● Flu franchise delivers new record year

● €1,521m, up +16.6% at CER in 2016

● 70m doses shipped in the U.S.

● Dengvaxia®: FY 2016 sales of €55m

Global Growth of AcXim Family(2) (sales in €m)

2011 2016

€258m €677m

+23%

CAGR

at CER

/

Vaccines delivered +8.8% growth in 2016 driven by Flu and PPH differentiation

10

CHC Business Returned to Growth in Q4 2016

● Developed Markets up +7.0%(1)

● U.S. sales grew +4.6% to €209m

● Europe up +9.5% to €229m helped by

strong cough and cold sales

● Emerging Markets down -3.2%

● Business in Russia starting to recover

● Brazil economic situation remains

challenging

● Boehringer Ingelheim asset swap

completed(3), positioning Sanofi as a

top 3 global CHC player

All Growth at CER and constant structure

(1) Excluding the sales of small divested products in the 2015 base, growth at CER was +8.0%

(2) Excluding the sales of small divested products in the 2015 base, growth at CER was +3.2%

(3) The closing of the disposal of Merial in Mexico and the swap of Merial and CHC in India have been delayed

pending receipt of certain regulatory approvals. The transactions in both countries are expected to close early 2017.

CHC Global Sales Growth at CER

Q1 Q4 Q3 Q2

-3.1% -4.3% -1.2%

+2.7%

2016

(2)

CHC sales increased +2.7% in 2016 at constant structure and ex-Venezuela

Toujeo® Gains Share in Several Important Markets

While U.S. DCV(1) Environment Remains Challenging

11

● Global Diabetes franchise sales up +1.9%

at CER in Q4 2016 to €1,945m

● Toujeo® up 39.3%(2) sequentially to €238m

● Share gains continue in EU and Japan

● Soliqua™ 100/33 launched in the U.S. and

Suliqua™ approved in EU(3)

● Praluent® sales of €37m in Q4

● Briefing on motion to suspend (stay)

permanent injunction completed

● U.S. CAFC(4) granted expedited briefing

schedule for appeal of District Court rulings

● Product remains available to patients in the

U.S. in both 75/150 mg doses(5)

Market Share(6)

Top EU Countries, Japan and the U.S.

0%

5%

10%

15%

20%

W0 W10 W20 W30 W40 W50 W60 W70 W80 W90

France Germany UK Spain Japan U.S.

(1) Diabetes and Cardiovascular

(2) at Constant Exchange Rate

(3) Approved in Europe under the brand name Suliqua™ in 2 doses

(insulin 100 units/ml with lixisenatide 33 or 50 micrograms/ml)

(4) Court of Appeals for Federal Circuit

(5) Absent a stay, the injunction will take effect in the U.S. on February 21,

2017

(6) Market share of the basal insulin market in international units for

France, Germany, Spain, UK and Japan, in TRx for the U.S.

Week since launch

€3,321m

€2,134m

€782m

€810m

€710m

EUROPE

-1.7%

ASIA

-2.8%

ROW(4)

-11.0%

LATAM

+4.2%

U.S.

Good Growth in Emerging Markets Partially Offset by

China(1) Comparisons in the Quarter(2)

12

Emerging Markets(3) grew +7.0% in 2016 excluding Venezuela

+11.3%

€752m

AMESA(6)

+11.4%

€329m

EURASIA(5)

+8.4%

All Growth at Constant Exchange Rates

(1) As per IMS CHPA (China Hospital Pharmaceutical Audit) Oct-Nov sales

growth in China was +11.9% for Sanofi Pharmaceutical products

(2) Q4 2016 Emerging Markets sales grew +3.5% at CER

(3) World excluding U.S., Canada, Europe, Japan, South Korea, Australia,

New Zealand and Puerto Rico

(4) RoW: Japan, South Korea, Canada, Australia, New Zealand and Puerto

Rico

(5) Eurasia: Russia, Ukraine, Georgia, Belarus, Armenia and Turkey

(6) AMESA: Africa, Middle East and South Asia

13

Building our Immunology Franchise

(1) Brand name has been conditionally approved

(2) Subject to successful FDA pre-license inspection related to Dupixent

(3) Atopic Dermatitis

● First fully human IL-6 mAb for the treatment of moderately to severely active

rheumatoid arthritis

● Recently received first approval in Canada

● Le Trait “fill-finish” plant classified as “acceptable” by FDA based on review of

responses to the FDA 483 as well as proposed corrective actions

● Expect FDA inspection of Le Trait and re-submission of U.S. BLA in Q1 2017(2)

(1)

● Anticipated FDA regulatory decision in AD(3) on March 29th 2017

● Phase 3 in asthma ongoing with FDA regulatory submission expected in Q4 2017

● Phase 3 in nasal polyposis initiated in Q4 2016

● Additional LCM studies to start in 2017, including in pediatric AD and asthma

®

14

Expanding our Late Stage Pipeline with Two Potentially

Differentiated Assets

● Dual SGLT1 and SGLT2 inhibitor

● Phase 3 program in T2D to explore

potential benefit of product profile in:

● Monotherapy

● Addition to OADs(1)

● Addition to basal insulin

● Targets differentiation in T2D:

● In renally impaired patients

● On HbA1C and SBP(2) vs empagliflozin

● Phase 3 initiated in monotherapy and

in addition to metformin in Q4 2016

Sotagliflozin

● Mechanism of action potentially

differentiated by targeting a unique

epitope on CD38 receptor

● Phase 3 program in relapsed-refractory

multiple myeloma in combination with

pom-dex(3,4) initiated in Q4 2016

● Additional clinical trials to be initiated in

multiple myeloma in 2017

● Clinical studies in other potential

oncology indications to start in 2017

Isatuximab

(1) Oral Anti-diabetic agents

(2) Systolic Blood Pressure

(3) Pomalidomide and dexamethasone

(4) Phase 3 trial referred to as ICARIA-MM

15

(1) Compared to FY2016 and barring major unforeseen adverse events

(2) FY 2016 Business EPS of €5.68

(3) Difference between variation on a reported basis and variation at CER

Outlook for 2017

Business EPS

+3% to +4%(3)

based on Dec 2016 average exchange rates

Stable to -3%

at CER(1,2)

FY 2017

FX impact on Business EPS

Guidance based on FY2016 Business EPS of €5.68

CONSUMER HEALTHCARE

16

Alan Main

Executive Vice President - Consumer Healthcare

17

Integration on Track(1) and Unlocking the Potential of the

Iconic BI Brands

17

● Integration on track

● Operating from two geographic hubs

in Paris and Frankfurt

● Regional leadership and global

marketing heads appointed

● Confident in reaching financial

objectives

● Timing of transfer of regional and

local marketing authorizations will

lead to progressive sales recognition

● Sanofi to recognize in “Other

Operating Income” the profit of

products temporarily distributed by BI

until transfers completed in 2017

(1) The closing of the disposal of Merial in Mexico and the swap of Merial and CHC in India have been delayed pending receipt of certain regulatory

approvals. The transactions in both countries are expected to close early 2017.

(2) Nicholas Hall & Company, MAT September 2016

(3) Transaction excludes CHC in China; value of CHC sales in Venezuela have been reduced to nearly zero due to revision of foreign exchange rates

(4) Based on unaudited figures, subject to change

BI Brands Lift Sanofi to Leadership

Position(2) in Attractive Categories

2016 Sales(3) of acquired BI brands

€1.5bn(4)

#1 #2

#3 #6

● Xyzal® offers 24 hour relief to

adults and children with seasonal

and year-round allergies

● Xyzal® adds to Sanofi’s leading

Allergy CHC portfolio (#1 in U.S.)

● Sanofi to leverage its proven

expertise in Rx-to-OTC switches

18 18

Xyzal® Approval Broadens OTC Allergy Offering

in Important U.S. Market

Three Rx-to-OTC Switches Build on Success of U.S. CHC Platform

2011 2012 2013 2014 2015 2016 2017e

€549m

U.S. CHC

non-allergy

portfolio

€938m

FINANCIAL RESULTS

Jérôme Contamine

Executive Vice President, Chief Financial Officer

19

Quarterly Company Sales Growth(1,2) Quarterly Business EPS Growth(1)

Q2 2016 Q1 2016

Q4 2016

Quarterly Sales Growth Progressively Improved While

Investing Behind R&D and Launches

20

Q3 2016 -0.9% -0.7%

(1) Growth at Constant Exchange Rates (CER)

(2) Reflect reporting structure changes to exclude Animal Health

(3) On a reported basis, Q4 2016 sales were up +3.3% and Business EPS was down -4.6%

+3.0%

+5.3%

-2.1%

+12.4%

-1.5%

(3) +3.4%

Q2 2016

Q1 2016

Q4 2016

Q3 2016

(3)

Q4 2016 Business Operating Income grew 3.7% at CER

CER: Constant Exchange Rates

(1) Reflecting reclassification of VaxServe from Net Sales to Other revenues and Animal Health reclassification.

VaxServe sales of non-Company products were €136m in Q4 2015 and €221m in Q4 2016

(2) Effective tax rate excluding Animal Health 21

Business Operating Income Growth Offset

by Higher Tax Rate

€m Q4 2016 Q4 2015 % Change

(reported €)

% Change (CER)

Net Sales 8,867 8,583 +3.3% +3.4%

Other revenues 310 235 +31.9% +31.1%

Gross Profit 6,221 5,953 +4.5% +4.5%

R&D (1,437) (1,364) +5.4% +4.7%

SG&A (2,603) (2,482) +4.9% +4.8%

Other current operating income & expenses (78) 24 - -

Share of profit/loss of associates 53 31 - -

Minority interests (32) (39) - -

Business Operating Income 2,124 2,123 0.0% +3.7%

Business operating margin 24.0% 24.7% - -

Effective tax rate(2) 24.0% 17.4% - -

Animal Health contribution to BNI 81 17 - -

Total Business Net Income 1,606 1,709 -6.0% -2.9%

Business EPS €1.25 €1.31 -4.6% -1.5%

(1)

Q4 2015 Q4 2016

€4,040m +4.8% at CER

€3,846m

€1,437m

+4.7% at

CER €1,364m

€2,603m

+4.8% at

CER €2,482m

R&D

Continued Improvement in Gross Margin;

Opex Growth Lower than our Initial Expectations

22

Operating Expenses

(1) Gross Margin is calculated as the ratio of Gross profit over Company sales

(excluding Other revenues)

Gross Margin Ratio(1)

SG&A

Q3 Q2 Q1

+0.8%

+1.3%

+0.3%

+0.2%

Q4

2015 2016

72.2%

71.0%

70.4% 70.2%

FY 2016 Gross Margin 71.0% (+0.7%);

Operating Expenses up +2.5% at CER in 2016

23

FX Headwind Eased on Sales but

Remained Challenging on EPS

(1) Main currency impact on Company Sales in FY 2016: Japanese Yen (+€160m); Argentine Peso (-€147m);

Chinese Yuan (-€110m); Mexican Peso (-€94m)

Currency Impact

-2.6%

-€215m

-€0.05

-4.2%

-€353m

-1.0%

-€83m

Q4 Q3 Q2 Q1

-0.1%

-€10m

-€0.02

Q4 Q3 Q2 Q1

-€0.07 +€0.05

-€0.04

-3.8%

-5.0%

-1.2%

-3.1%

Company Sales(1) Business EPS

FY 2016

-€0.19

-3.4%

FY 2016

-€661m

-1.9%

Creating a More Agile Sanofi Through a

Strategic Cost Savings Program

24

2015 2016 2017e 2018e

One-time costs Annual Cost Savings

€1.5bn

● Primary sources of cost savings in

2016/2017:

● Simplification via new GBU structure and

creation of global functions(1)

● Manufacturing operational improvement

and productivity efforts

● Product portfolio streamlining in

Established Products franchise

● Resizing of sales forces to evolving

market dynamics

● Reinvestment decisions scaled to the

needs of the business

On track to deliver at least €1.5bn in cost savings in 2018

Progression of Cost Savings

~€650m

2015 2016 2017e 2018e

(1) Global functions such as SBS (Sanofi Business Services) and Global ITS (Global Information Technology Solutions)

~€1.3bn

Proposal for 23rd Consecutive Increase in Annual Dividend

25

(1) To be submitted for approval by shareholders at the Annual General Meeting on May 10, 2017

(2) Sanofi share price averaged €76.38 during January 2017

● Commitment to progressive dividend

growth remains a key value proposition

to our shareholders

● €0.03 per share increase over 2015

● Implies a dividend yield of 3.9%(2)

2016

€2.96

2015

€2.93

2014

€2.85

2013

€2.80

(1)

Evolution of Dividend

Returning Cash to Shareholders in Anticipation of BI Cash

Received in 2017

26

Share Count (m) 1,309.9 1,301.7

2014 2015

(1)

SBB: Share Buyback

(1) Number of shares outstanding in million on Dec 31st 2014, Dec 31st 2015 and Dec 31st 2016

(2) During the Q3 2016 results, Sanofi announced a €3.5bn share repurchase program expected to be completed by the end of 2017

1,271.9

2016

Evolution of Share Buyback

€2.3bn of €3.5bn share buyback program(2) bought to date

€1,121m Net SBB

€680m €1,801m

€1,211m Net SBB

€573m €1,784m

€2,602m Net SBB

€306m €2,908m

Issuance Buyback Issuance Buyback Issuance Buyback

Sanofi Exceeded its Key 2016 Financial Objectives

Gross Margin

OpEx Growth Rate at CER

Tax Rate

Business EPS Guidance at CER

Dividend growth

Broadly stable

Progressive

~ +4.5%

24-25%

68-69%

27

+4.1%

3 cent increase

+2.7%(2)

23.9%(3)

70.7%(1)

Initial Objectives Results including

Animal Health

(1) Gross Margin: 71.0% excluding Animal Health

(2) Operating Expenses: +2.5% excluding Animal Health

(3) Tax rate: 23.3% excluding Animal Health

CLOSING REMARKS

28

Olivier Brandicourt

Chief Executive Officer

29

Q&A SESSION

30

APPENDICES

R&D Pipeline

R&D Pipeline – Pharma & Vaccines

Phase I Phase II Phase III Registration

(1) Approved in 14 countries to date

(2) Approved in 27 countries as of end December 2016

(3) Previously referred as Niemann Pick type B 31

N New Molecular Entity

Infectious Diseases

Oncology

Immuno-inflammation

Diabetes Solutions

Rare Disease

Vaccines

MS, Neuro, Ophthalmology

Cardiovascular & metabolism

GZ402668 GLD52 (anti-CD52 mAb)

Relapsing multiple sclerosis

N GZ389988 TRKA antagonist

Osteoarthritis

N

SAR425899 GLP-1R/GCGR dual agonist

Type 2 diabetes

N

SAR438335 GLP-1R/GIPR dual agonist

Type 2 diabetes

N

SAR566658

Maytansin-loaded anti-CA6 mAb

Solid tumors

N

SAR408701 Maytansin-loaded anti-CEACAM5 mAb

Solid tumors

N

SAR428926 Maytansin loaded anti-Lamp1 mAb

Cancer

N

SAR247799 S1P1 agonist

cardiovascular indication

N

SAR439152 Myosin inhibitor

Hypertrophic cardiomyopathy

N

SAR407899 rho kinase

Microvascular angina

N GZ402666 neoGAA

Pompe Disease

N

fitusiran (ALN-AT3)

siRNA targeting Anti-Thrombin

Hemophilia

N

UshStat® Myosin 7A gene therapy

Usher syndrome 1B

N

SAR228810 Anti-protofibrillar AB mAb

Alzheimer’s disease

N Herpes Simplex Virus Type 2

HSV-2 vaccine

dupilumab Anti-IL4Rα mAb

Eosinophilic oesophagitis

SAR156597 IL4/IL13 Bi-specific mAb

IPF / Systemic Scleroderma

N

SAR100842 LPA1 receptor antagonist

Systemic sclerosis

N

efpeglenatiden Long-acting GLP-1 receptor agonist

Type 2 diabetes

N

sarilumab Anti-IL6R mAb

Uveitis

isatuximab Anti-CD38 naked mAb

Relapsed Refractory Multiple Myeloma

N

SAR439684 PD-1 inhibitor

Advanced CSCC (Skin cancer)

N

olipudase alfa rhASM Deficiency

Acid Sphingomyelinase Deficiency(3)

N

GZ402671 Oral GCS inhibitor

Fabry Disease, Gaucher Type 3,

Gaucher related Parkinson’s Disease

N

SAR422459 ABCA4 gene therapy

Stargardt disease

N

Combination

ferroquine / OZ439 Antimalarial

N

Rabies VRVg Purified vero rabies vaccine

Tuberculosis Recombinant subunit vaccine

Fluzone® QIV HD Quadrivalent inactivated

influenza vaccine - High dose

SAR342434 insulin lispro

Type 1+2 diabetes

N

sotagliflozin n

Oral SGLT-1&2 inhibitor

Type 1 & Type 2 diabetes

N

patisiran (ALN-TTR02)

siRNA inhibitor targeting TTR Familial amyloidotic polyneuropathy

N

Clostridium difficile Toxoid vaccine

VaxiGrip® QIV IM Quadrivalent inactivated

influenza vaccine (6-35 months)

Pediatric pentavalent vaccine DTP-Polio-Hib

Japan

Men Quad TT 2nd generation meningococcal

ACYW conjugate vaccine

sarilumab Anti-IL6R mAb

Rheumatoid arthritis, U.S., EU

N

Dupixent Anti-IL4Rα mAb

Atopic dermatitis, U.S., EU

N

Dengvaxia®(1) Mild-to-severe

dengue fever vaccine

PR5i DTP-HepB-Polio-Hib

Pediatric hexav. vaccine, U.S

VaxiGrip® QIV IM(2) Quadrivalent inactivated

influenza vaccine (3 years+)

SAR440340 Anti-IL33 mAb

Asthma & COPD

N dupilumab Anti-IL4Rα mAb

Asthma, Nasal Polyposis

SAR439794 TLR4 agonist

Peanut allergy

N SAR341402 Rapid acting insulin

Diabetes

N

Adacel+ Tdap booster

Shan 6 DTP-HepB-Polio-Hib

Pediatric hexavalent vaccine

HIV Viral vector prime & rgp120 boost

vaccine

Zika Inactivated Zika vaccine

Respiratory syncytial virus Infants

32

Phase I Phase II Phase III Registration TOTAL

Oncology 3 1 1 0 5

Diabetes 2 2 1 1 6

Cardiovascular Diseases 2 2 0 0 4

Immuno-inflammation 2 2 0 2 6

Infectious Diseases 0 1 0 0 1

Rare Diseases 1 2 2 0 5

Multiple Sclerosis,

Neurology, Ophthalmology 3 1 0 0 4

Vaccines 3 4 3 3 13

TOTAL 16

15 7 6

R&D Pipeline Summary Table(1)

31 13 NMEs & Vaccines

44

32

31

(1) Excluding life cycle management programs

Expected Regulatory Decisions Q1 Q2 Q3 Q4

● Dengvaxia® in endemic countries

● Suliqua® in Diabetes (EU)

● Dupixent®(1) in Atopic Dermatitis (U.S.)

● Kevzara® in Rheumatoid Arthritis (U.S.)

● Kevzara® in Rheumatoid Arthritis (EU)

Expected Regulatory Submissions Q1 Q2 Q3 Q4

● Kevzara® in Rheumatoid Arthritis (U.S.)

● Dupixent®(1) in Atopic Dermatitis (Japan)

● dupilumab in Asthma in Adult patients (U.S.)

Expected Phase III / IIIb Topline Data Q1 Q2 Q3 Q4

● patisiran in Familial amyloidotic polyneuropathy

● dupilumab in Asthma in Adult patients

Expected Phase III Starts Q1 Q2 Q3 Q4

● dupilumab in Asthma in patients aged 6-11 year-old

● fitusiran (ALN-AT3) in Hemophilia

● Dupixent®(1) AD in 6-11 and 12-17 year-old

● efpeglenatide in type-2 diabetes

33

Expected 2017 Late-Stage Pipeline Events

(1) The European Medicines Agency (EMA) and FDA have conditionally accepted Dupixent® as the trade name for dupilumab..

34

Expected R&D Milestones in 2017

34

Products Expected milestones Timing

Dengvaxia® Regulatory decisions in endemic countries Throughout 2017

Kevzara®(1) U.S. regulatory resubmission in Rheumatoid Arthritis Q1 2017

Dupixent®(1) Japan regulatory submission in Atopic Dermatitis Q1 2017

Dupixent®(1) U.S. regulatory decision in Atopic Dermatitis Q1 2017

dupilumab Start of Phase 3 trial in Asthma in 6-11 year-olds Q2 2017

fitusiran Start of Phase 3 trial in Hemophilia Q2 2017

Kevzara®(1) U.S. regulatory decision in Rheumatoid Arthritis Q2 2017

Dupixent®(1) Start of Phase 3 trial in Atopic Dermatitis in 12-17 year-olds Q2 2017

Dupixent®(1) Start of Phase 3 trial in Atopic Dermatitis in 6-11 year-olds Q3 2017

patisiran Phase 3 results in Familial amyloidotic polyneuropathy Q3 2017

Fluzone QIV HD Start of Phase 3 trial Q3 2017

VaxiGrip® QIV IM (6-35 months) EU regulatory submission Q3 2017

dupilumab Phase 3 results in Asthma in Adult patients Q4 2017

dupilumab U.S. regulatory submission in Asthma in Adult patients Q4 2017

efpeglenatide Start of Phase 3 trial in type-2 Diabetes 2017

isatuximab Start of additional Phase 3 trials in Multiple Myeloma 2017

(1) Name received conditional approval

APPENDICES

FINANCE

35

Net Debt

Dec 31, 2016

Other

-€1,453m

Dividends

-€3,759m

Acquisitions,

Licensing, Net

of Disposals

-€936m

Net Share

Repurchase

-€2,602m

CapEx

-€1,486m

Net Cash from

Operating

Activities

Net Debt

Dec 31, 2015

36

(1)

(2)

€7,254m €8,206m

€9,284m

(4) (1)

FCF

€7,798m

(3)

FCF: Free Cash Flow

(1) Including derivatives related to the financial debt +€152m at

December 31st 2015 and +€100m at December 31st 2016

(2) Excluding Restructuring costs

(3) Including Hanmi Pharmaceuticals of €400m, Onduo of

€165m, Regeneron anti-dilutive share purchase of €115m

and Bayer Contingent consideration of €137m

(4) Other including Restructuring costs and Fx impact

Net Debt

36

Net Debt Evolution in 2016

2017 Business EPS Currency Sensitivity

Currency Exposure on Q4 2016 Sales Currency Average Rates

2017 Currency Sensitivity

37

Q4 2015 Q4 2016 % change

EUR/USD 1.09 1.08 -1.5%

EUR/JPY 132.93 117.92 -11.3%

EUR/CNY 7.00 7.38 +5.5%

EUR/BRL 4.21 3.55 -15.7%

EUR/RUB 72.37 67.99 -6.0%

Currency Variation Business EPS Sensitivity

U.S. Dollar - 0.05 USD/EUR + EUR 0.13

Japanese Yen + 5 JPY/EUR - EUR 0.02

Chinese Yuan + 0.2 CNY/EUR - EUR 0.02

Brazilian Real + 0.4 BRL/EUR - EUR 0.02

Russian Ruble + 10 RUB/EUR - EUR 0.03

€ 21.9%

US $ 38.2% Chinese Yuan

5.3%

Japanese Yen 4.5%

Brazilian Real 2.5%

Mexican Peso 2.4%

Russian Ruble 1.9%

British £ 1.7%

Australian $ 1.4%

Canadian $ 1.4%

Others 18.8%

38

Business Net Income Statement

*** Net of tax.

*** Determined on the basis of Business income before tax, associates and non-controlling interests (excluding Animal Health business).

*** Based on an average number of shares outstanding of 1,282.9 million in the fourth quarter of 2016 and 1,304.9 million in the fourth quarter of 2015.

(1) As per a change in accounting presentation, VaxServe sales of non-Sanofi products are reported in Other revenues from 2016 onwards. Prior period Net sales and Other

revenues have been represented accordingly.

Fourth-quarter 2016 Pharmaceuticals Vaccines Others Total Group

€ million Q4 2016 Q4 2015 Change Q4 2016 Q4 2015 Change Q4 2016 Q4 2015 Q4 2016 Q4 2015 Change

Net sales 7,515 7,277 3.3% 1,352 1,306 3.5% 8,867 8,583 3.3%

Other revenues (1) 83 91 (8.8%) 227 144 57.6% 310 235 31.9%

Cost of Sales (2,210) (2,195) 0.7% (746) (670) 11.3% (2,956) (2,865) 3.2%

As % of net sales (29.4%) (30.2%) (55.2%) (51.3%) (33.3%) (33.4%)

Gross Profit 5,388 5,173 4.2% 833 780 6.8% 6,221 5,953 4.5%

As % of net sales 71.7% 71.1% 61.6% 59.7% 70.2% 69.4%

Research and development expenses (1,292) (1,214) 6.4% (145) (150) (3.3%) (1,437) (1,364) 5.4%

As % of net sales (17.2%) (16.7%) (10.7%) (11.5%) (16.2%) (15.9%)

Selling and general expenses (2,401) (2,276) 5.5% (202) (206) (1.9%) (2,603) (2,482) 4.9%

As % of net sales (31.9%) (31.3%) (14.9%) (15.8%) (29.4%) (28.9%)

Other operating income/expenses (28) 46 (14) 25 (36) (47) (78) 24

Share of profit/loss of associates* and joint-ventures 41 28 12 3 53 31

Net income attributable to non controlling interests (31) (39) (1) - (32) (39)

Business operating income 1,677 1,718 (2.4%) 483 452 6.9% (36) (47) 2,124 2,123 0.0%

As % of net sales 22.3% 23.6% 35.7% 34.6% 24.0% 24.7%

Financial income & expenses

(125) (73)

Income tax expenses

(474) (358)

Tax rate** 24.0% 17.4%

Business net income excl. Animal Health business 1,525 1,692 (9.9%)

As % of net sales 17.2% 19.7%

Business net income of Animal Health business 81 17 376.5%

Business net income 1,606 1,709 (6.0%)

Business earnings / share

excluding Animal Health business (in €)*** 1.19 1.30 (8.5%)

Business earnings / share (in €)***

1.25 1.31 (4.6%)

39

Business Net Income Statement

*** Net of tax.

*** Determined on the basis of Business income before tax, associates and non-controlling interests (excluding Animal Health business).

*** Based on an average number of shares outstanding of 1,286,6 million in 2016 and 1,306.2 million in 2015.

(1) As per a change in accounting presentation, VaxServe sales of non-Sanofi products are reported in Other revenues from 2016 onwards. Prior period Net sales and Other

revenues have been represented accordingly.

2016 Pharmaceuticals Vaccines Others Total Group

€ million 2016 2015 Change 2016 2015 Change 2016 2015 2016 2015 Change

Net sales 29,244 29,799 (1.9%) 4,577 4,261 7.4% 33,821 34,060 (0.7%)

Other revenues (1) 274 288 (4.9%) 613 513 19.5% 887 801 10.7%

Cost of Sales (8,349) (8,788) (5.0%) (2,353) (2,131) 10.4% (10,702) (10,919) (2.0%)

As % of net sales (28.5%) (29.5%) (51.4%) (50.0%) (31.6%) (32.1%)

Gross Profit 21,169 21,299 (0.6%) 2,837 2,643 7.3% 24,006 23,942 0.3%

As % of net sales 72.4% 71.5% 62.0% 62.0% 71.0% 70.3%

Research and development expenses (4,618) (4,530) 1.9% (554) (552) 0.4% (5,172) (5,082) 1.8%

As % of net sales (15.8%) (15.2%) (12.1%) (13.0%) (15.3%) (14.9%)

Selling and general expenses (8,743) (8,656) 1.0% (743) (726) 2.3% (9,486) (9,382) 1.1%

As % of net sales (29.9%) (29.0%) (16.2%) (17.0%) (28.0%) (27.5%)

Other operating income/expenses (1) (121) (14) 27 (112) (114) (127) (208)

Share of profit/loss of associates* and joint-ventures 129 146 48 23 177 169

Net income attributable to non controlling interests (112) (125) (1) (1) (113) (126)

Business operating income 7,824 8,013 (2.4%) 1,573 1,414 11.2% (112) (114) 9,285 9,313 (0.3%)

As % of net sales 26.8% 26.9% 34.4% 33.2% 27.5% 27.3%

Financial income & expenses

(399) (381)

Income tax expenses

(2,054) (1,929)

Tax rate** 23.3% 21.7%

Business net income excl. Animal Health business 6,832 7,003 (2.4%)

As % of net sales 20.2% 20.6%

Business net income of Animal Health business 476 368 29.3%

Business net income 7,308 7,371 (0.9%)

Business earnings / share

excluding Animal Health business (in €)*** 5.31 5.36 (0.9%)

Business earnings / share (in €)***

5.68 5.64 0.7%

Reconciliation of Business Net Income to Consolidated

Net Income Attributable to Equity Holders of Sanofi

40

(1) Animal Health business reported separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations).

(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €374 million in the fourth quarter of 2016

and €423 million in the fourth quarter of 2015.

(3) Gain on Sanofi Pasteur MSD investment in associates and joint-ventures upon termination of the joint-venture.

(4) This lines includes the impact on deferred tax assets and liabilities coming from the reconciliation items (in particular amortization and impairment of intangible assets and

restructuring costs) following the change in tax rates, mainly in France (28% standard rate effective as of January 1, 2020).

(5) Includes the following items: impact of the elimination of depreciation and impairment of Property, Plant & Equipment from the IFRS 5 application date, impact of the

amortization and impairment of intangible assets until IFRS 5 application date, costs incurred as a result of the divestment as well as tax effect of these items.

(6) Includes the following items: impact of the discontinuation of the equity accounting of the Sanofi Pasteur MSD business net income since the announcement by Sanofi and

Merck of their intent to end their joint vaccine operations in Europe.

(7) Based on an average number of shares outstanding of 1,282.9 million in the fourth quarter of 2016 and 1,304.9 million in the fourth quarter of 2015.

€ million Q4 2016 (1) Q4 2015 (1) Change

Business net income 1,606 1,709 (6.0%)

Amortization of intangible assets (2) (412) (695)

Impairment of intangible assets (119) (533)

Fair value remeasurement of contingent consideration liabilities (41) (108)

Restructuring costs and similar items (189) (359)

Impairment loss on Alnylam investment (296) -

Other gains and losses, and litigation (3) 211 -

Tax effect of items listed above (4): 95 601

Amortization of intangible assets 197 256

Impairment of intangible assets 24 175

Fair value remeasurement of contingent consideration liabilities 1 46

Restructuring costs and similar items (139) 124

Other tax effects 12 -

Other tax items - -

Share of items listed above attributable to non-controlling interests 11 20

Restructuring costs of associates and joint-ventures, and expenses arising from the

impact of acquisitions on associates and joint-ventures (9) (59)

Animal Health items (5) (63) (242)

Other Sanofi Pasteur MSD items (6) (4) -

Net income attributable to equity holders of Sanofi 790 334 136.5%

IFRS earnings per share (7) (in euros) 0.62 0.26

Reconciliation of Business Net Income to Consolidated

Net Income Attributable to Equity Holders of Sanofi

41

(1) Animal Health business reported separately in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations).

(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €1,550 million in 2016 and €1,770

million in 2015.

(3) Gain on Sanofi Pasteur MSD investment in associates and joint-ventures upon termination of the joint-venture.

(4) This lines includes the impact on deferred tax assets and liabilities coming from the reconciliation items (in particular amortization and impairment of intangible assets and

restructuring costs) following the change in tax rates, mainly in France (28% standard rate effective as of January 1, 2020) and in Japan.

(5) Includes the following items: impact of the elimination of depreciation and impairment of Property, Plant & Equipment from IFRS 5 application date, impact of the

amortization and impairment of intangible assets until IFRS 5 application date, costs incurred as a result of the divestment as well as tax effect of these items.

(6) Includes the following items: impact of the discontinuation of the equity accounting of the Sanofi Pasteur MSD business net income since the announcement by Sanofi and

Merck of their intent to end their joint vaccine operations in Europe.

(7) Based on an average number of shares outstanding of 1,286.6 million in 2016 and 1,306.2 million in 2015.

€ million 2016 (1) 2015 (1) Change

Business net income 7,308 7,371 (0.9%)

Amortization of intangible assets (2) (1,692) (2,137)

Impairment of intangible assets (192) (767)

Fair value remeasurement of contingent consideration liabilities (135) 53

Restructuring costs and similar items (879) (795)

Impairment loss on Alnylam investment (457) -

Other gains and losses, and litigation (3) 211 -

Tax effect of items listed above (4): 841 1,331

Amortization of intangible assets 647 757

Impairment of intangible assets 47 262

Fair value remeasurement of contingent consideration liabilities 24 39

Restructuring costs and similar items 95 273

Other tax effects 28 -

Other tax items (113) (111)

Share of items listed above attributable to non-controlling interests 22 25

Restructuring costs of associates and joint-ventures, and expenses arising from the

impact of acquisitions on associates and joint-ventures 9 (191)

Animal Health items (5) (162) (492)

Other Sanofi Pasteur MSD items (6) (52) -

Net income attributable to equity holders of Sanofi 4,709 4,287 9.8%

IFRS earnings per share (7) (in euros) 3.66 3.28

42

Consolidated Income Statements

(1) Animal Health business reported on a single line in the consolidated income statements in accordance with IFRS 5 (Non-current held for sale and discontinued operations).

(2) As per a change in accounting presentation, VaxServe sales of non-Sanofi products are reported in Other revenues from 2016 onwards. Prior period Net sales and Other

revenues have been restated accordingly.

€ million Q4 2016 (1) Q4 2015 (1)(2) 2016 (1) 2015 (1)(2)

Net sales 8,867 8,583 33,821 34,060

Other revenues 310 235 887 801

Cost of sales (2,956) (2,865) (10,702) (10,919)

Gross profit 6,221 5,953 24,006 23,942

Research and development expenses (1,437) (1,364) (5,172) (5,082)

Selling and general expenses (2,603) (2,482) (9,486) (9,382)

Other operating income 56 145 355 254

Other operating expenses (134) (121) (482) (462)

Amortization of intangible assets (412) (695) (1,692) (2,137)

Impairment of intangible assets (119) (533) (192) (767)

Fair value remeasurement of contingent consideration liabilities (41) (108) (135) 53

Restructuring costs and similar items (189) (359) (879) (795)

Other gains and losses, and litigation 211 - 211 -

Operating income 1,553 436 6,534 5,624

Financial expenses (422) (172) (924) (559)

Financial income 1 99 68 178

Income before tax and associates and joint-ventures 1,132 363 5,678 5,243

Income tax expense (369) 243 (1,326) (709)

Share of profit / loss of associates and joint-ventures 30 (28) 134 (22)

Net income excluding the held for exchange Animal Health business 793 578 4,486 4,512

Net income from the held for exchange Animal Health business 18 (225) 314 (124)

Net income 811 353 4,800 4,388

Net income attributable to non-controlling interests 21 19 91 101

Net income attributable to equity holders of Sanofi 790 334 4,709 4,287

Average number of shares outstanding (million) 1,282.9 1,304.9 1,286.6 1,306.2

Earnings per share excluding the held for exchange Animal Health business (in euros) 0.60 0.43 3.42 3.38

IFRS earnings per share (in euros) 0.62 0.26 3.66 3.28

43

Animal Health Segment Results

€ million

Q4 2016 Q4 2015 Change 2016 2015 Change

Net sales 599 559 7.2% 2,708 2,515 7.7%

Other revenues 12 9 33.3% 39 41 (4.9%)

Cost of sales (230) (217) 6.0% (937) (885) 5.9%

As % of net sales (38.4%) (38.8%) (34.6%) (35.2%)

Gross profit 381 351 8.5% 1,810 1,671 8.3%

As % of net sales 63.6% 62.8% 66.8% 66.4%

Research and development expenses (56) (51) 9.8% (191) (177) 7.9%

As % of net sales (9.3%) (9.1%) (7.1%) (7.0%)

Selling and general expenses (225) (218) 3.2% (899) (865) 3.9%

As % of net sales (37.6%) (39.0%) (33.2%) (34.4%)

Other operating income/expenses 2 (4) (14) 5

Share of profit/loss of associates(1) and joint-ventures - - 1 1

Business operating income 102 78 30.8% 707 635 11.3%

As % of net sales 17.0% 14.0% 26.1% 25.2%

(1) Net of tax

44

Change in Net Debt

(1) Excluding restructuring costs and similar items

€ million 2016 2015

Business net income 7,308 7,371

Depreciation, amortization and impairment of property, plant and equipment and software 1,355 1,333

Net gains and losses on disposals of non-current assets, net of tax (33) (137)

Other non-cash items 44 (19)

Operating cash flow before changes in working capital (1) 8,674 8,548

Changes in working capital (1) 610 1,048

Acquisitions of property, plant and equipment and software (1,486) (1,464)

Free cash flow (1) 7,798 8,132

Acquisitions of intangible assets excluding software (716) (1,559)

Acquisitions of investments including assumed debt (534) (365)

Restructuring costs and similar items paid (729) (682)

Proceeds from disposals of property, plant and equipment, intangibles, and other

non-current assets, net of tax 314 208

Issuance of Sanofi shares 306 573

Dividends paid to shareholders of Sanofi (3,759) (3,694)

Acquisition of treasury shares (2,908) (1,784)

Disposals of treasury shares, net of tax - 1

Transactions with non-controlling interests including dividends (31) (25)

Foreign exchange impact (192) (768)

Other items (501) (120)

Change in net debt (952) (83)

45

Simplified Consolidated Balance Sheet

ASSETS

€ million

Dec 31,

2016

Dec 31,

2015

LIABILITIES & EQUITY

€ million

Dec 31,

2016

Dec 31,

2015

Equity attributable to equity holders of Sanofi 57,554 58,049

Equity attributable to non-controlling interests 170 161

Total equity 57,724 58,210

Long-term debt 16,815 13,118

Property, plant and equipment 10,019 9,943 Non-current liabilities related to business

combinations and to non-controlling interests 1,378 1,121

Intangible assets (including goodwill) 51,166 51,583 Provisions and other non-current liabilities 8,834 9,169

Non-current financial assets and investments in

associates and deferred tax assets 10,379 10,115 Deferred tax liabilities 2,292 2,895

Non-current assets 71,564 71,641 Non-current liabilities 29,319 26,303

Accounts payable and other current liabilities 14,472 13,259

Inventories, accounts receivable and other

current assets 16,414 15,780

Current liabilities related to business combinations

and to non-controlling interests 198 130

Cash and cash equivalents 10,273 9,148 Short-term debt and current portion of long-term debt 1,764 3,436

Current assets 26,687 24,928 Current liabilities 16,434 16,825

Assets held for sale or exchange 6,421 5,752 Liabilities related to assets held for sale or

exchange 1,195 983

TOTAL ASSETS 104,672 102,321 TOTAL LIABILITIES & EQUITY 104,672 102,321