Q1 2013 Results

Q1 2013 RESULTS May 2, 2013

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 labeling and other matters that could affect the availability or commercial potential of such product candidates, the absence of guarantee that the product candidates if approved will be commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's ability to benefit from external growth opportunities, trends in exchange rates and prevailing interest rates, the impact of cost containment policies and subsequent changes thereto, the average number of shares outstanding as well as those discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in Sanofi's annual report on Form 20-F for the year ended December 31, 2012. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

3 3

Agenda

Key Highlights

● Christopher A. Viehbacher, Chief Executive Officer

Business Performance

● Hanspeter Spek, President, Global Operations

Financial Performance

● Jérôme Contamine, Executive Vice President, Chief Financial Officer

Q&A

KEY HIGHLIGHTS

Christopher A. Viehbacher

Chief Executive Officer

4

Key Genericized Products Represented Only ~€260m of Sales for a Second Quarter in a Row

Q1 2013

€259m

Q4 2012

€257m

Q3 2012

€399m

Q2 2012

€752m

Q1 2012

€813m

5

One quarter to go before the impact of Key Genericized Products(1) becomes minimal

Key Genericized Products(1) - Quarterly Sales (€m)

(1) Key genericized products include Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien® family U.S., Allegra® U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. and BMS Alliance (active ingredients of Plavix® and Avapro® sold to BMS)

3.2% of sales

Growth Platforms Grew by +8.6% in Q1 2013 and Reached 71% of Sales

6 (1) Genzyme perimeter includes Rare Diseases and Multiple Sclerosis franchises (2) Includes new product launches which do not belong to the other Growth Platforms listed above: Multaq®, Jevtana®, Mozobil®, Zaltrap® and Auvi-Q™

+19.6%

+3.1%

+15.9%

-3.1%

+25.5%

Other Innovative Products(2) €157m +13.7%

+6.5%

Consumer Healthcare

€811m

Diabetes Solutions €1,542m

Vaccines €697m

Animal Health €554m

Emerging Markets €2,719m

Genzyme(1) €493m

Q1 2013 growth at CER

Q1 2013 Sales Were Affected by U.S. Loss of Exclusivity of Eloxatin® in August 2012 and by FX Fluctuations(1)

€9,040m

Q4 2012

€8,526m

Q3 2012 Q2 2012

€8,870m

Q1 2012

€8,511m

Q1 2013

€8,059m

Sales

7

(1) Reported sales of Eloxatin® in the U.S. were €321m in Q1 2012 but only €8m in Q1 2013. (2) On a reported basis, sales in Q1 2013 were down -5.3%.

The negative currency impact in Q1 2013 was €212m.

-2.8% at CER(2)

Q1 2013 Q1 2012 Q1 2012

8

"Other Revenues" "Income from Associates"

(1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012 (2) At constant exchange rates

Q1 2013

€426m

Loss of Exclusivity of Plavix® & Avapro® in the U.S.(1)

€297m Impact on Q1 2013

Business Net Income:

€562m(2)

€98m

€18m

Residual impact(2) on BNI of Plavix® & Avapro® U.S. LoE expected to be around €240m in Q2 2013

The Loss of U.S. Exclusivity of Plavix® and Avapro® Impacted Business EPS by €0.42 in Q1 2013

Q1 2013

€1.22

Q4 2012 Q2 2012

€1.17

€1.46

Q3 2012 Q1 2012

€1.67 €1.83

As Anticipated, Q1 2013 Business EPS Was Better than Q4 2012 Trough

Business EPS

9

-29.0% at CER(2)

(1) With the retroactive application of IAS19R (2) On a reported basis, Q1 2013 EPS was down -33.3%

Sanofi expects to resume Business EPS growth in H2 2013

(1) (1) (1) (1)

® Type 2 Diabetes EU roll-out starting in late March 2013

Recent Regulatory Approvals Have Resulted in Six New Product Launches

10 Zaltrap® is developed in collaboration with Regeneron, Kynamro™ with Isis Pharmaceuticals and Lyxumia® is in-licensed from Zealand Pharma. Sanofi U.S. licensed the North American commercialization rights to AUVI-Q™ from Intelliject Inc.

Launch Status Products ® Metastatic

Colorectal Cancer

Indications

Launched in the U.S. in August 2012 EU roll-out starting in late March 2013

Relapsing Forms of Multiple Sclerosis

® Launched in the U.S. in October 2012

Launched in the U.S. in January 2013 Life-Threatening Allergic Reactions

Prevention of Poliomyelitis Launched in Japan in September 2012

Homozygous Familial Hypercholesterolemia Launched in the U.S. in late March 2013

Several Important Study Releases and Regulatory Milestones Achieved in the Last 4 Months

11

Clinical Data Releases

● Eliglustat tartrate - Phase III in Gaucher disease (ENCORE)

● Dupilumab - PoC in Atopic Dermatitis and Severe Asthma

● Lemtrada™ - Phase III in MS (1-year Extension of CARE-MS Program)

● Aubagio® - Phase III in Clinically Isolated Syndrome (TOPIC)

Regulatory Milestones

● Lemtrada™ FDA file acceptance in MS

● Aubagio® positive CHMP opinion in MS

● Lyxumia® FDA file acceptance in type II diabetes

● Hexyon® /Hexacima® EC approval (DTaP-IPV-Hib-HepB vaccine)

● Quadrivalent Influenza Vaccine accepted for review in EU

Lemtrada™ is the registered trade name for alemtuzumab in MS submitted to health authorities. Lemtrada™ is developed in collaboration with Bayer HealthCare

Additional Phase III Trial Readouts and Regulatory Decisions Expected Throughout 2013

12

2013 Expected Headline Phase III Data Releases Q2 Q3 Q4 ● New insulin glargine formulation in Diabetes (EDITION I & II) ● Otamixaban in Acute Coronary Syndrome (TAO) ● JAK2 inhibitor in Myelofibrosis (JAKARTA) ● Iniparib in Squamous Non Small Cell Lung Cancer ● Alirocumab (Anti-PCSK9) in Hypercholesterolemia (ODYSSEY Mono) Expected Regulatory Milestones Q2 Q3 Q4 ● Fluzone® Quadrivalent IM FDA decision in the U.S. ● Lemtrada™ CHMP opinion in Multiple Sclerosis in EU ● Lemtrada™ FDA decision in Multiple Sclerosis in the U.S.

● Eliglustat regulatory submission in the U.S. and EU in Gaucher disease

Composition of the Executive Committee as of July 1st, 2013

Karen Linehan Executive VP Legal Affairs & General Counsel

Christopher A. Viehbacher Chief Executive Officer

Jérôme Contamine Executive VP Chief Financial Officer

Elias Zerhouni President Global R&D

Olivier Charmeil Executive VP Vaccines

Peter Guenter Executive VP Global Commercial Operations

Roberto Pucci Executive VP Human Resources

Philippe Luscan Executive VP Industrial Affairs

David-Alexandre Gros Executive VP Chief Strategy Officer

13

Pascale Witz Executive VP Global Divisions & Strategic Commercial Development

BUSINESS PERFORMANCE

14

Hanspeter Spek President, Global Operations

(1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxembourg, Portugal, Holland, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan, Australia and New Zealand

Emerging Markets Represented >1/3 of Total Sales and Delivered Solid Sales Growth in Q1 2013

● Q1 2013 Emerging Markets sales of €2,719m, up +6.5% at CER ● Strong growth in Diabetes, Vaccines and Genzyme ● Lower sales of Generics and Oncology products

● BRIC sales of €975m, up +10.7% at CER

33.7%

29.0%

24.8%

12.5%

15

(1)

+4.7% +11.9% -0.2% +11.7% Growth at CER

Q1 2013 Sales (€m)

16

Double-Digit Growth of our Diabetes Franchise for Nine Consecutive Quarters

Quarterly Sales (€m)

16

€1,338m

● Q1 2013 Diabetes sales of €1,542m, up +19.6% at CER

● Strong performance of Lantus®, up +21.3% at CER ● SoloSTAR® accounted for 57.0% of

U.S. sales (vs. 51.1% in Q1 2012)

● Strong growth in Emerging Markets with sales up +19.9% at CER

● Recovery of Apidra® continues, up +30.8% at CER

● Lyxumia® launched in Germany and the UK in March 2013

17

Consumer Healthcare Showed Steady Performance Except in China in Q1 2013

€199m

Q1 2013 Sales (€m) ● Q1 2013 sales of €811m, up +3.1% at CER ● Double-digit sales growth of several

leading brands (Doliprane®, Dorflex®, Enterogermina®)

● Lower sales in China due to reduced trade inventory levels and ongoing rationalization of distributors

● Allegra® OTC sales of €99m, up +6.3% at CER driven by recent launch in Japan ● New Allegra® anti-itch cream

introduced in the U.S. in April

€177m

€368m

€67m

18

Merial Performance Reflected Lower Sales of Frontline® in Q1 2013

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Quarterly Sales (€m) ● Q1 2013 sales of €554m, down -3.1% at CER

● Companion Animals sales of €374m, down -5.3% at CER ● Frontline® impacted by unfavorable

weather conditions, increased competition and weak economic environment in Europe

● Strong sales of Heartgard® benefiting from competitor supply issue

● Production Animals sales of €180m, up +1.6% at CER

€554m

€47m

€112m

€149m

€92m€116m

€171m

19

Genzyme Rare Diseases Growth Accelerated in Q1 2013

&

Q1 2013

Q1 2012

Q1 2013

Q1 2012

Q1 2013

Q1 2012

● Q1 2013 Rare Disease sales of €473m, up +20.5% at CER driven by supply recovery and growing number of patients on therapy

● Fabrazyme® sales reached €92m doubling in the U.S. as well as in Western Europe

● Myozyme® grew +4.5% at CER to €116m

● Cerezyme® sales increased +16.8% at CER to €171m driven by strong growth in Emerging Markets and the U.S.


http://www.fabrazyme.com/default.asp

20 20

(1) IMS Weekly Total Prescriptions (2) Based on data collected at Genzyme's MS One to One™ Patient and Provider Support Center, Sep 2012-Jan 2013 (3) NAS: New Active Substance (4) Clinical results for 14 mg dose; CDMS = Clinically Definite Multiple Sclerosis

®

● Aubagio® Q1 2013 sales of €20m

● Encouraging U.S. launch trends(1,2) ● TRx broadly tracking Gilenya®

● >83% of patients switched to AUBAGIO® were most recently on IFN-beta or Copaxone®

● Positive CHMP opinion granted in March 2013 ● Request for CHMP re-examination of

NAS designation filed(3)

● Ongoing regulatory review of Lemtrada™ in EU and the U.S.

A Promising Entry in the Large MS Market

Lemtrada™ is the registered trade name for alemtuzumab in MS submitted to health authorities Lemtrada™ is developed in collaboration with Bayer HealthCare

RELAPSE 31%

DISABILITY 30%

TEMSO(4)

TOWER(4)

TOPIC(4)

RELAPSE 36%

DISABILITY 31%

REDUCTION IN RISK OF CONVERSION TO CDMS 43%

21

Q1 2013

€697m

Q1 2012

€617m

Other Meningitis/Pneumo Travel/Endemic

Influenza Vaccines Adult Boosters Polio/Pertussis/Hib

+15.9% at CER


Vaccines Deliver a Strong First Quarter

● Q1 2013 sales of €697m, up +15.9% at CER

● PPH sales of €270m, +15.9% at CER driven by favorable phasing of Pentaxim® rollout in China and IPV campaign in Japan

● Influenza sales of €119m, +34.8% at CER from successful SH campaign and late U.S. sales

● Solid sales of Menactra® in the U.S. and LatAm (€67m, +19.6% at CER)

● Pentacel® progressive recovery expected to begin as of mid-2013 in the U.S.

(1) Includes VaxServe, a U.S. healthcare supplier serving primary care physician offices, community immunization providers, immunizing pharmacies, travel clinics and corporations.

SH: Southern Hemisphere

(1)

FINANCIAL PERFORMANCE

Jérôme Contamine

Executive Vice President, Chief Financial Officer

22

€212m

Q1 2013 FX Impact Growth Platforms

€464m

Copaxone and Others

-€151m

Key Genericized

Products

-€553m

Q1 2012

€8,511m

As Expected, Q1 2013 Sales Were Impacted by the Residual Effect of the Patent Cliff and by FX

23

(1) Key genericized products include Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien® family U.S., Allegra® U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. and BMS Alliance (active ingredients of Plavix® and Avapro® sold to BMS)

(2) Emerging Markets, Diabetes Solutions, Vaccines, Consumer Healthcare, Animal Health, Genzyme and Other Innovative Products

Q1 2013 Sales (€m)

(1)

(2)

€8,059m

®

Q3 2012 Q2 2012 Q1 2012 Q4 2012 Q1 2013

24

Q1 2013 Performance Impacted by Unfavorable Currency Headwind in Japan and Latin America

Currency impact on sales in Q1 2013: JPY / Japanese Yen (-€113.7m); BRL / Brazilian Real (-€36.0m) ; VEF / Venezuelan Bolivar (-€14.3m); USD / US Dollar (-€14.2m); ZAR / South African Rand (-€9.8m)

Quarterly Currency Impact (in % change)

Q1 2012 Q1 2013 Q4 2012 Q3 2012 Q2 2012

+2.4%

+5.8%

+4.0%

+8.0%

€486m

€187m

€235m

€120m

+6.4% €561m

+8.2% €277m

Sales Business Operating Income

+1.9% €166m

+2.1% €61m

-2.5% -€212m -4.5%

-€154m

25

Q1 2013 Reflects the Impact of Plavix®/Avapro® U.S. LoE but also Illustrates Good Cost Control

€m Q1 2013 Q1 2012 % Change (reported €)

% Change (CER)

Net sales 8,059 8,511 -5.3% -2.8%

Other revenues 98 426 -77.0% -76.5%

Cost of sales (2,536) (2,608) -2.8% -1.1%

Gross profit 5,621 6,329 -11.2% -8.5%

R&D (1,155) (1,172) -1.5% -0.6%

SG&A (2,129) (2,116) +0.6% +2.7%

Other current operating income & expenses 30 157 - -

Share of Profit/Loss of associates 18 297 - -

Minority interests (41) (54) - -

Business operating income 2,344 3,441 -31.9% -27.4%

Business operating margin 29.1% 40.4% - -

CER: Constant Exchange Rates LoE: Loss of Exclusivity (1) With the retroactive application of IAS19R

(1)

Q1 2013 CoS Ratio Slightly Better than FY 2012 Average(1)

● Slightly lower Cost of Sales (CoS) in Q1 2013: €2,536m, down -1.1% at CER

● CoS ratio slightly up in Q1 2013 vs. Q1 2012 reflecting: ● Loss of sales from Key Genericized

Products with relatively low CoS ● Relatively higher vaccines sales

in Emerging Markets and from VaxServe(1)

● Unfavourable currency impact

26

Cost of Sales (%)

2012 2013

31.5% 30.6%

(1) FY 2012 CoS ratio was 31.7% (2) VaxServe, a Sanofi Pasteur company, is a U.S. healthcare supplier serving primary care physician

offices, community immunization providers, immunizing pharmacies, travel clinics and corporations

Rigorous Control of R&D Expenses While Significantly Investing in Phase III Trials

27

● Q1 2013 R&D expenses of €1,155m, down -0.6% at CER reflecting: ● Ongoing multiple Phase III trials

(e.g. alirocumab, new insulin glargine formulation, JAK2, sarilumab)

● Lower expenses in research and medical affairs

● Quarterly R&D spend in line with guidance

27

R&D Expenses (€m)

2012 2013

€1,155m €1,172m

Increase in SG&A Expenses in Q1 2013 Driven by New Product Launch Costs

28

● Q1 2013 SG&A expenses of €2,129m, up +2.7% at CER reflecting:

● Sales & Marketing investment in product launches (e.g. Genzyme MS)

● Tight control of G&A expenses down -4.8% at CER

● Lower SG&A spend in Europe

28

SG&A Expenses (€m)

2012 2013

€2,129m €2,116m

29

€m Q1 2013 Q1 2012 % Change (reported €)

% Change (CER)

Business operating income 2,344 3,441 -31.9% -27.4%

Net financial expenses (140) (169) - -

Income tax expense (591) (848) - -

Effective tax rate -26.5% -28.0% - -

Business net income 1,613 2,424 -33.5% -28.8%

Net margin 20.0% 28.5% - -

Business EPS(2) €1.22 €1.83 -33.3% -29.0%

Average number of shares outstanding (m) 1,322.2 1,321.2 - -

As Expected, Q1 2013 Business EPS Reflected the Residual Impact of the Patent Cliff(1)

29

(1) With the retroactive application of IAS19R (2) Business EPS was down -7.8% at CER in Q1 2013 excluding Plavix® and Avapro®

Loss of Exclusivity in the U.S. - Avapro® on March 30, 2012 and Plavix® on May 17, 2012

CER: Constant Exchange Rates

(1)

Net Debt Mar 31, 2013

Other

-133

Share Repurchase

-401

Acquisitions & Licensing

-345

CapEx

- 301

Net Cash from Operating Activities

Net Debt Dec 31, 2012

Free Cash Flow Affected by U.S. Loss of Exclusivity of Plavix® and Avapro®

30

(1)

(2)

-7,719 -7,440

FCF +1,158

+1,459

(1)

Q1 2013 (€m)

(3)

(1) Including derivatives related to the financial debt €431m at Dec 31, 2012 and €420m at Mar 31, 2013 (2) Excluding restructuring costs (3) “Other” include €204m of restructuring costs

Net debt decreased by €279m in Q1 2013

Sanofi Expects to Resume Growth in H2 2013

Solid performance of our Growth Platforms representing 71% of sales

As expected, Q1 2013 Business EPS impacted by exclusivity losses in prior year

Continued good cost control illustrated by Q1 2013 OpEx

Guidance for FY 2013 reaffirmed

Significant newsflow related to late stage R&D pipeline

1

2

3

4

31

5

APPENDICES R&D Pipeline

32

33

Late Stage Pipeline – Pharma & Vaccines

eliglustat tartrate Glucosylceramide synthetase inhibitor

Gaucher disease

Insulin glargine New formulation

Type 1+2 diabetes

Quadracel® Diphtheria, tetanus, pertussis & polio vaccine; 4-6 y of age

Fluzone® QIV IM Quadrivalent inactivated

influenza vaccine

iniparib (BSI-201) Squamous NSCLC (1L)

otamixaban Direct Xa inhibitor

ACS

Dengue Mild-to-severe

dengue fever vaccine

VaxiGrip® QIV IM Quadrivalent inactivated

influenza vaccine

SAR302503 (TG101348) JAK-2 inhibitor

Myelofibrosis (1L)

Kynamro™ (mipomersen) Apolipoprotein B-100 antisense

Severe HeFH, U.S.

DTP-HepB-Polio-Hib (PR5I) Pediatric hexavalent vaccine

Aubagio® (teriflunomide) Relapsing forms of Multiple sclerosis

(RMS) – Monotherapy, EU

Jevtana® (cabazitaxel) Metastatic prostate cancer (1L)

alirocumab (SAR236553) Anti-PCSK-9 mAb

Hypercholesterolemia

Fluzone® QIV ID Quadrivalent inactivated

influenza vaccine intradermal

Lemtrada™ (alemtuzumab) Anti-CD52 mAb

Multiple sclerosis, EU, U.S.

SYNVISC-ONE®

Medical device Pain in hip OA

sarilumab (SAR153191) Anti-IL-6R mAb

Rheumatoid arthritis

SAR399063 DHA-GLP + vit D Pre-sarcopenia

Lyxumia® (lixisenatide) GLP-1 agonist

Type 2 diabetes, U.S., Japan

MACI®

Cell-based treatment Articular cartilage defects

Registration Phase III

N N

N

N

N

33

N

N

N New Molecular Entity Immune Mediated Diseases

Rare Diseases

Oncology Diabetes Solutions

Vaccines

Infectious Diseases

Cardiovascular Diseases

Age Related Degenerative Diseases

Ophthalmology

N

Biosurgery

N

Early Stage Pipeline – Pharma & Vaccines

iniparib (BSI-201) Platinum-resistant ovarian cancer (2L)

Metastatic triple negative breast cancer (mTNBC)

FOV1101 FDC prednisolone/cyclosporine

Allergic conjunctivitis

fresolumimab TGFβ antagonist

Fibrosis

SAR3419 Maytansin-loaded anti-CD19 mAb

B-cell malignancies refractory/relapsed (NHL, ALL)

SAR292833 (GRC15300) TRPV3 antagonist

Neuropathic pain, osteoarthritic pain

SAR279356 (F598) Anti-PNAG mAb Serious infections

SAR256212 (MM121) anti-ErbB3 mAb

Breast cancer (2L, 3L)

SAR110894 H3 antagonist

Alzheimer's disease

ferroquine Antimalarial

Malaria

SAR245408 (XL147) Oral PI3K inhibitor

Breast cancer

SAR113945 IKK-β inhibitor Osteoarthritis

SAR97276 Antimalarial

Malaria

SAR245409 (XL765) Oral dual inhibitor of PI3K & mTOR

Non-Hodgkin lymphoma

Meninge ACYW conj. 2nd generation meningococcal

conjugate infant vaccine

dupilumab (SAR231893) Anti-IL4Rα mAb

Asthma; Atopic dermatitis

SAR302503 (TG101348) JAK-2 inhibitor

Polycythemia vera (2L) Ruxolitinib resistant/intolerant MF

ACAM-Cdiff Clostridium difficile

Toxoid vaccine

SAR339658 VLA 2 antagonist

Inflammatory bowel disease

Jevtana® (cabazitaxel) Small cell lung cancer (2L)

Rabies VRVg Purified vero rabies vaccine

SAR156597 IL4/IL13 Bi-specific mAb

Idiopathic pulmonary fibrosis

lixisenatide + Lantus® GLP-1 agonist + insulin glargine

Fixed-Ratio / Type 2 diabetes

Rotavirus Live attenuated tetravalent

Rotavirus oral vaccine

SAR100842 LPA-1/LPA-3

Skin manifestation of scleroderma

Phase II

N

N

N

N

N

N

N

N

N N

N

N

34

N

N

N

34


Rare Diseases


Vaccines

Infectious Diseases



Ophthalmology

Biosurgery

N

Early Stage Pipeline – Pharma & Vaccines

SAR153192 Anti-DLL4 mAb

Solid tumors

SAR260301 PI3K β selective

PTEN – Deficient tumors

SAR252067 Anti-LIGHT mAb

Crohn’s disease & Ulcerative colitis

Streptococcus pneumonia Meningitis & pneumonia vaccine

GZ402674 Non-camptothecin topo1 inhibitor

Solid tumors

SAR405838 (MI-773) HDM2 / p53 antagonist

Solid tumors

SAR113244 Anti-CXCRS mAb

Systemic lupus erythematosus

Pseudomonas aeruginosa Antibody fragment product

Prevention of ventilator-associated pneumonia

SAR650984 Anti-CD38 naked mAb

Hematological malignancies

GZ404477 (AAV-hAADC) Gene therapy

Parkinson's disease

SAR127963 P75 receptor antagonist

Trauma brain injury

Tuberculosis Recombinant subunit vaccine

SAR566658 Maytansin-loaded anti-CA6 mAb

Solid tumors

SAR391786 Rehabilitation post orthopedic surgery

SAR126119 TAFIa inhibitor

Acute ischemic stroke

RetinoStat® Gene therapy

Wet age-related macular degeneration (AMD)

SAR307746 Anti-ANG2 mAb

Solid tumors

SAR228810 Anti-protofibrillar AB mAb

Alzheimer’s disease

SAR407899 Rho kinase inhibitor

Pulmonary hypertension

StarGen® Gene therapy

Stargardt disease

SAR125844 C-MET kinase inhibitor

Solid tumors

SAR404460 DHA-GPL + Vit D Pre-sarcopenia

GZ402665 (rhASM)

Niemann-Pick type B

GZ402663 (sFLT-01) Gene therapy

Age-related macular degeneration (AMD)

Combinations SAR245409 / MSC1936369B

SAR245408/SAR256212 (MM121) Solid tumors

lixisenatide + Lantus® GLP-1 agonist + insulin glargine

Fix-Flex / Type 2 diabetes

GZ402671 GCS Inhibitor Fabry Disease

UshStat® Gene therapy

Usher syndrome 1B

Phase I N

N

N

N

N

N

N

N N N N

N N

N

N

N

N

N

N

N

N

N

35 35


Rare Diseases


Vaccines

Infectious Diseases



Ophthalmology

Biosurgery

N

36

Phase I Phase II Phase III Registration TOTAL

Oncology 8 4 2 0 14

Diabetes Solutions 0 0 0 1 1

Cardiovascular Diseases 3 1 2 0 6

Immune Mediated Diseases 2 4 1 2 9

Infectious Diseases 0 3 0 0 3

Ophthalmology 4 1 0 0 5

Rare Diseases 2 0 1 0 3

Age Related Degenerative Diseases 4 3 1 0 8

Vaccines 3 4 4 2 13

TOTAL 26 20 11 5

R&D Pipeline Summary Table(1)

46 16 NMEs & Vaccines

62

36

49

(1) Excluding life cycle management programs

37

Expected R&D Milestones

37

Product Event Timing Lemtrada™ (alemtuzumab) Expected CHMP decision in RMS in EU Q2 2013

Sarilumab Start of additional Phase III studies (COMPARE and ASCERTAIN) in RA Q2 2013

New insulin glargine formulation First Phase III headline results in diabetes (EDITION I & II) Q2 2013

Otamixaban Phase III headline results in ACS Q2 2013

JAK2 inhibitor Phase III headline results in Myelofibrosis Q2 2013

Iniparib Phase III headline results in 1st line Squamous NSCLC Q2 2013

Fluzone® Quadrivalent IM Expected FDA decision in the U.S. Q2 2013

Aubagio® (teriflunomide) Expected CHMP reexamination of NAS status in EU Mid-year

Dupilumab (anti IL-4Rα mAb) Expected start of Phase IIb studies in Asthma and Atopic Dermatitis Mid-year

Alirocumab (anti PCSK9 mAb) First Phase III headline results in Hypercholesterolemia Q3 2013

C. Diff vaccine Expected start of Phase III program Q3 2013

Eliglustat Expected U.S. and EU regulatory submissions in Gaucher disease Q4 2013

Lemtrada™ (alemtuzumab) Expected FDA decision in RMS in the U.S. H2 2013

APPENDICES FINANCE

38

Business Net Income Statement

First quarter

Net sales 8,059 8,511 (5.3%) 6,808 7,316 (6.9%) 697 617 13.0% 554 578 (4.2%)Other revenues 98 426 (77.0%) 83 412 (79.9%) 7 5 40.0% 8 9 (11.1%)Cost of sales (2,536) (2,608) (2.8%) (2,025) (2,178) (7.0%) (345) (262) 31.7% (166) (168) (1.2%)As % of net sales (31.5%) (30.6%) (29.7%) (29.8%) (49.5%) (42.5%) (29.9%) (29.1%)Gross profit 5,621 6,329 (11.2%) 4,866 5,550 (12.3%) 359 360 (0.3%) 396 419 (5.5%)As % of net sales 69.7% 74.4% 71.5% 75.9% 51.5% 58.3% 71.5% 72.5%Research and development expenses

(1,155) (1,172) (1.5%) (988) (990) (0.2%) (128) (141) (9.2%) (39) (41) (4.9%)

As % of net sales (14.3%) (13.8%) (14.5%) (13.5%) (18.4%) (22.9%) (7.0%) (7.1%)Selling and general expenses

(2,129) (2,116) 0.6% (1,828) (1,819) 0.5% (139) (130) 6.9% (162) (167) (3.0%)

As % of net sales (26.4%) (24.9%) (26.9%) (24.9%) (19.9%) (21.1%) (29.3%) (28.9%)Other current operating income/expenses

30 157 31 152 2 (1) 1 (2) 4

Share of profit/loss of associates* 18 297 19 302 (1) (5)

Net income attributable to non-controlling interests

(41) (54) (41) (55)

Business operating income 2,344 3,441 (31.9%) 2,059 3,140 (34.4%) 93 84 10.7% 194 213 (8.9%) (2) 4

As % of net sales 29.1% 40.4% 30.2% 42.9% 13.3% 13.6% 35.0% 36.9%Financial income and expenses (140) (169)

Income tax expense (591) (848)

Tax rate** 26.5% 28.0%

Business net income 1,613 2,424 (33.5%)As % of net sales 20.0% 28.5%Business earnings per share*** (in euros)

1.22 1.83 (33.3%)

Group Total

€ million Q1 2013 Q1 2012(1) Q1 2012(1) Q1 2013 Q1 2012(1) Q1 2013change

Pharmaceuticals

change

OtherVaccines Animal health

Q1 2012(1)change change Q1 2013Q1 2013 Q1 2012(1)

(1) Including impact of transition to IAS19R * Net of tax ** Determined on the basis of Business income before tax, associates, and non-controlling interests *** Based on an average number of shares outstanding of 1,322.2 million in the first quarter of 2013 and 1,321.2 million in the first quarter of 2012 39

40 40

Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of Sanofi

€ million Q1 2013 Q1 2012(1) change

Business net income 1,613 2,424 (33.5%)Amortization of intangible assets (775) (833)

Impairment of intangible assets (10) (1)

Fair value remeasurement of contingent consideration liabilities (41) (33)

Expenses arising from the impact of acquisitions on inventories (3) (14)

Restructuring costs (54) (87)

Tax effect of: 280 360

amortization of intangib le assets 259 332 fair value remeasurement of contingent consideration liab ilities 4 2 expenses arising from the impact of acquisitions on inventories 1 4 restructuring costs 16 22

Other tax items

Share of items listed above attributable to non-controlling interests 1 1

Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures

(7) (8)

Net income attributable to equity holders of Sanofi 1,004 1,809 (44.5%)

Consolidated earnings per share (in euros) 0.76 1.37 (44.5%)

(1) Including impact of transition to IAS19R

Consolidated Income Statement

€ million

Net sales 8,059 8,511

Other revenues 98 426

Cost of sales (2,539) (2,622)

Gross profit 5,618 6,315

Research and development expenses (1,155) (1,172)

Selling and general expenses (2,129) (2,116)

Other operating income 71 206

Other operating expenses (41) (49)

Amortization of intangible assets (775) (833)

Impairment of intangible assets (10) (1)

Fair value remeasurement of contingent consideration liabilities (41) (33)

Restructuring costs (54) (87)

Other gains and losses, and litigation

Operating income 1,484 2,230

Financial expenses (157) (189)

Financial income 17 20

Income before tax and associates and joint ventures 1,344 2,061

Income tax expense (311) (488)

Share of profit / loss of associates and joint ventures 11 289

Net income 1,044 1,862

Net income attributable to non-controlling interests 40 53

Net income attributable to equity holders of Sanofi 1,004 1,809

Average number of shares outstanding (million) 1,322.2 1,321.2

Consolidated earnings per share (in euros) 0.76 1.37

Q1 2012(1)Q1 2013

41 (1) Including impact of transition to IAS19R