2012 - Jp Morgan China Conference

June 13, 2012

J.P. Morgan China Conference 2012 Christopher A. Viehbacher, CEO

2 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, 2011. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

2008-2011

Repositioning Sanofi for Sustainable Growth

2005-2008 2009-2011 2012 onwards

Focusing on Rx Blockbusters Transforming

Generating Sustainable Growth

• Investing in growth platforms • Increasing diversification • Managing patent cliff

• Growing recurring sales • Improving risk profile

• Blockbuster drugs • Patents challenged • R&D setbacks

3

Sanofi Grew Sales in 2011 due to Genzyme Acquisition and Growth Platforms

4

CER : Constant Exchange Rates (1) In 2008 and 2009, Merial Joint Venture sales were not consolidated by Sanofi (2) In 2010, excluding non-consolidated sales from Merial, Sanofi reported sales of €30,384m

2011

€33,389m

2010

€32,367m

2009

€29,306m

2008

€27,568m

Sales

+5.3% at CER

(1) (1) (2)

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

A Patent Cliff Exposure Significantly Reduced in 2011

5

€ 2 207 m Key Genericized Products(1) - Quarterly Sales (€m)

(1) The patent cliff is the effect of the loss of exclusivity of key genericized products. 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) Eloxatin® U.S. market exclusivity expected through August 9, 2012.

(2) (2) (2)

6

2011

The Most Significant Headwind from the Patent Cliff in 2012 Will Impact Earnings but Not Sales

Evolution of Group "Other Revenues"

Evolution of Group “Income from Associates"

(1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012 (2) 2011 Business EPS: €6.65 (3) As announced in FY2011 results, barring major unforeseen adverse events and taking into account the loss of Plavix® and Avapro® exclusivity in

the U.S., the performance of growth platforms, contribution from Genzyme, cost control and other generic competition (4) At CER (Constant Exchange Rates)

2012e 2011 2012e

€1,669m

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

- 54% - 62%

€1,102m Expected Impact on

2012 Business Net Income

~ €1.4bn(4)

2012 Business EPS 12% to 15% lower at CER than 2011(2)(3)

7

Successful Execution of Strategy in 2011 Towards Sustainable Growth and Improved Risk Profile

Adapt structure for future challenges and opportunities

3

Pursue external growth opportunities 2

Increase innovation in R&D 1

Development of Growth platforms and savings plan

Acquisition of Genzyme

5 new molecular entities submitted

1

8

R&D Pipeline Delivery Significantly Improved in 2011

Kynamro™(1) (mipomersen)

Aubagio™ (teriflunomide)

Lyxumia®(2) (lixisenatide)

Zaltrap®(3) (aflibercept)

Mulsevo® (semuloparin)

5 new molecular entities submitted:

Kynamro™, Aubagio™, Mulsevo®, Lyxumia® and Zaltrap® are registered trade names submitted to health authorities for investigational agents (1) Licensed from Isis Pharmaceuticals, Inc. (2) Licensed from Zealand Pharma (3) Partnership with Regeneron

Strong management team in place Focus on Rare Diseases and Multiple Sclerosis

Completing the integration

Manufacturing recovery

Creating synergies: US$230m in 2011

Advancing R&D pipeline Strong Phase III results with LemtradaTM (alemtuzumab) Oral eliglustat Phase III program fully recruited

A SANOFI COMPANY

2

3

4

5

2

Conclusion of the transaction in April 2011 1

9

Successful Acquisition of Genzyme in 2011

Lemtrada™ is a registered trade name submitted to health authorities for investigational agent alemtuzumab

10

Excellent Performance of Growth Platforms in 2011

Growth is at CER (Constant Exchange Rates) (1) 2011 Growth Platforms and Genzyme sales increased by +21.7% at CER including €452m of A/H1N1 vaccine sales in 2010 and €2,395m of

Genzyme sales in 2011 (2) 2011 Emerging Markets sales increased by +10.1% at CER including €361m of A/H1N1 vaccine sales in 2010 and €347m of Genzyme sales (3) 2011 Vaccines sales decreased by -5.5% at CER when including €452m of A/H1N1 vaccine sales in 2010 (4) Multaq® and Jevtana®

3

A Strong Leadership Position in Emerging Markets

11

In 2011, Emerging Markets

Sales(1)

€10.1bn +10.1%(2)

30.3% of Group Sales

(1) World less North America (USA, 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

(2) CER (Constant Exchange Rate)

3

+16%

+9%

2011

€10.1bn

2010 2009 2008 2007 2006 2005

€5.0bn

Emerging Markets Sales

12

Agenda

Sanofi – A Leading Presence in China

Outlook on the Healthcare Market in China

Focusing on Diabetes

Building a Consumer Healthcare Presence

Expanding in the Vaccines Market

Solid Position in Animal Health through Avian

Innovation from China based R&D activities

13

Greater China: Growing Contributor to Sanofi’s Leadership Position in Emerging Markets

2008

6.540m

8%

2007

6.280m

7% 9% 10%

10.133m

12%

2009 2010

9.075m

7.356m

2011

CAGR 13%

Sanofi Sales in Emerging Markets (in EUR)

Greater China(1) Other Emerging Countries

(1) Greater China: Mainland China, Hong Kong, Taiwan

699m

512m

374m

273m

14

Sanofi achieved Annual Sales in China of ~€1bn in 2011

2009 2008 2007 2011 2010

981m

CAGR 38%

Total Sanofi Sales in China(1) (in EUR)

(1) Mainland China

15

Sanofi Is Progressively Developing its Key Growth Platforms in China

12%

4%

Animal Health

Vaccines

12%

Pharmaceuticals

63% CHC 9%

Diabetes

Breakdown of Sales in China(1) by Business

Total Sales EUR 981m

Vaccines

Pharmaceuticals

72% Diabetes

22% 6%

2007 2011

Total Sales EUR 273m

(1) Mainland China 15

ASTRAZENECA

BAYER

PFIZER

JS.YANGZIJIANG FTY

ROCHE

SINO-SWED

JS.L.Y.G.HENGRUI

HLJ.HAERBIN PHARM.

NOVARTIS

2007(1)

1

2

3

4

5

6

7

8

9

10

Source data: Ranked by sales value in LC RMB. (1) IMS CHPA Dec 2007 . (2) IMS CHPA Dec 2009 (3) IMS CHPA Q1 2012

Sanofi Has Grown Faster than its Peers in China

1

2

3

4

5

6

7

8

9

10

PFIZER

ASTRAZENECA

BAYER

JS. YANGZIJIANG FTY

ROCHE

KE LUN

SHANDONG QILU FTY

JS.L.Y.G. HENGRUI

HLJ. HAERBIN PHARM.

2009(2) Q1 2012(3)

1

2

3

4

5

6

7

8

9

10

PFIZER

ASTRAZENECA

BAYER

KE LUN

ROCHE

JS. YANGZIJIANG FTY

SHANDONG QILU FTY

JS.L.Y.G. HENGRUI

MSD

16

17

Sanofi: Well Established in Greater China with a Fully Integrated Presence

● Present since 1982

● 11 regional offices with ~7,000 employees in Greater China ● Of which >4,000 sales force

● Network of 6 manufacturing sites

● Newly established CHC platform

● Vaccines with local production

● Animal Health with local production

● Integration of Genzyme

● Regional R&D platform

Shanghai HQ

Hong Kong

Taipei

Tianjin

Hangzhou

Beijing

Shenyang

Guangzhou

Wuhan

Chengdu

Wulumuqi

Nanjing

Shenzhen

Sanofi’s Presence in China

Regional offices Manufacturing site Pharmaceuticals

Greater China offices

Tangshan

Manufacturing site Consumer Healthcare

Manufacturing site Animal Health (Merial)

Manufacturing site Vaccines

Nanchang

Jinan

18

Agenda








19

China: Main Macro Economic Indicators Point Toward Continued and Superior Growth

Population in 2011(1) 1.34bn

Estimated Real GDP Growth 2012-2017(2)

Healthcare Expenditures as % of GDP(3)

Middle-class and Affluent Population in 2015(4)

Pharma Market Growth 2011-2016 (CAGR)(5)

7-8%

4.5-5%

52%

5.7

(1) China 2010 population census (2) IMF World Economic Outlook,April 2012; internal analysis (CAGR) (3) WHO 2011, Global Health Expenditure Database; country data 2009 (4) Annual house hold income > US$10,000; BCG and internal analysis (5) IMS Market Prognosis China 2012-2016 (2012)

7-8%

5%

52%

16.1%

China Healthcare Reform

Key Healthcare

Reform Activities

● Better and broader basic medical insurance coverage

● Improving medical services and patient care by CHCs(1) and rural health centers

● Increasing government funding for chronic diseases and vaccination

● Improving quality of medical services

● Implementation of payment reform by the government, such as global budget and pay by disease

● Cost containment with price cuts

● EDL policies to favor usage of local cheap generics in CHCs(1)

and township hospitals

Challenges Opportunities

20 (1) CHC – Community Healthcare Centers

21

(1) Health care expenditure reflects the total expenditure on medical and health care services, which includes government expenditure, social expenditure and individual cash expenditure. –

(2) WHO 2011: ‘Total expenditure on health as % of Gross National Product’ (GDP): U.S. = 15.8%; Germany = 10.5%; Brazil = 8.4% (3) Source: China National Bureau of Statistics, Ministry of Finance

The 2009 - 2011 Healthcare Reform Has Led to a Significant Increase in Healthcare Investment

Health Care Expenditure(1, 2, 3)

HC expenditure as % of GDP

Significant Incremental Healthcare Investment(3)

Original plan

866503

320

0

2

4

6

8

10

12

14

162,000

1,500

1,000

500

0 2009

5.1%

2005

4.7%

2001

4.6%

1997

4.1%

RMB bn

850 RMB bn

Updated report 1,134 RMB bn

Investment into county healthcare system, both infrastructure and

insurance

1,720

2009-2011:

8.4%

10.5%

15.8%

5.1%

431502

583676

785

910

22 (1) IMS consulting, China 2015 study (September 2011) (2) IMS Market Prognosis China 2012-2016 (2012)

China Expected to Become a ~150bn USD Pharma Market by 2016

Projected China Market Growth(2)

Growth (%)

600

1,000

200

0 2015

16.0%

2013

16.1%

2012

16.4%

2011

16.2%

0.0

RMB bn

400

800

1,200

2014

16.1% ● Market growth driven by increasing

demand in Cities and Counties

● Market growth also driven by increasing “middle class” and aging population

● Impact from healthcare policies to reduce drug prices expected to continue

● China is projected to generate 27% of the world’s pharmaceutical market growth over 2011-2015

10.0

18.0

China will be the 2nd largest Pharmaceutical market by 2015(1)

2016

15.9%

23

Agenda





Expanding our Reach in the Vaccines Market



Diabetes is One of the Largest Opportunities in the Healthcare Space in China

Adults with diabetes in China(1) >90m

Patients not diagnosed(2) ~2/3

Insulinized patients in China in 2010(3) 4.6m

Expected size of Chinese diabetes market in 2020(4) $3.2bn

Expected growth of China diabetes market between 2012 and 2017 (CAGR)(4) 14.4%

24

(1) Yang et al., 2010 (2) Internal estimates based on multiple sources (3) IMS data and internal patient model (4) IMS Therapy Prognosis 2011-2020 China Diabetes

Sanofi’s Share in the Diabetes Market in China Almost Tripled over the Last 4 Years

25

China Diabetes Market Share by Diabetes Player (Value) Market Share (%)

MAT Q1 2012(2) 2007(1)

+85.3%

Lilly Novo Bayer

(1) IMS CHPA Dec 2007 . (2) IMS CHPA March 2012

Others

Lantus® Qtr. Value Market Share(2) in Insulin (%)

(1) IMS CHPA March 2012 (2) MS CHPA MAT Q1-2012 (3) IMS CHPA MAT 03/12; Cities where Lantus is the #1 insulin include Xi’an, Shenzhen, Suxi region, Chengdu, Dalian, Guangzhou.

● Lantus® launched in China in 2004 ● SoloStar® launched in 2009

● Recent improved market access in China's two largest insulin markets ● Shanghai (December 2010) ● Beijing (July 2011)

● Leading insulin in several big cities(3) ahead of Novo Nordisk

● Only available in disposable pens

● Low average daily dosing per patient

Lantus® Has Reached 17.2% Market Share of Total Insulins in China in March 2012(1)

11-Q3

0

2

4

6

8

10

12

14

1615.8%

06-Q1

05-Q3

05-Q1

04-Q3

15.4% 14.9%

14.7%

06-Q3

13.1%

07-Q1

12.4%

07-Q3

10.5%

08-Q1

8.5%

08-Q3

7.1%

09-Q1

6.6%

09-Q3

3.5%

10-Q1

2.7%

10-Q3

1.4%

11-Q1

0.7% 0.3%

12-Q1

Enter ~70% provincial RDL

Launch SoloStar®

Enter NRDL

26

Delivering the Full Value of Other Portfolio Assets in the Chinese Diabetes Market

● From Lantus® to Lantus® -based solutions

● Further expand basal insulin treatment paradigm

● Expand leadership position with Amaryl®

● Grab untapped opportunities with Apidra®, Insuman® and Blood Glucose Monitoring devices

● Local clinical development ongoing for Lyxumia®

27

Established Insulins

Optimized Devices

Innovative Blood Glucose Monitoring

“China Initiative for Diabetes Excellence” - A Major Public-Private Partnership in Diabetes

● First public-private partnership to develop a patient-centric, integrated diabetes management program in China

● Landmark program for the prevention and control of diabetes announced in May 2011 ● 5-years initiative led by the Bureau of Disease Prevention and Control of the Ministry of

Health ● Collaboration with the Chinese Diabetes Society

● Train 500 emerging experts, followed by 10,000 community and county doctors ● Enhancing patients’ self-management capabilities through education and

organized peer support groups

5 years program

Educate millions of patients

Cascade to 10,000 country doctors

Train 500 emerging KOLs

28

● Local Manufacturing of Lantus® SoloSTAR® Pen in Beijing Facility inaugurated in May 2012

● A strategic decision to manufacture Lantus® SoloSTAR® locally in China

● Capacity of 48m units

● Second phase of the US$90m project to install a high-tech cartridge aseptic production line announced

Continuous Commitment to Fighting Diabetes in China

29

30

Agenda








31

Sanofi Has Become a Global Player in CHC

● Expanded market position beyond European focus of Sanofi’s legacy CHC business

● Enlarged revenue base through 11 acquisitions

● Improved presence in the U.S. and China

● Obtained access to new retail and distribution channels in Asia

● Experienced management recruited to drive CHC business in regions

● Continued expansion in all key CHC markets through regional hubs

#3 in Central &

Eastern Europe

Among top 10

in U.S.(2)

#1 in Latin

America

Scaling up in China and Asia

Key Actions

1

2

3

4

5

Results(1)

#1 in Australia

6

#3 in Russia

(1) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales) (2) Including Allegra® OTC sales in 2011, internal estimates

Target of high single digit growth over 2012-2015

32

Sanofi has moved up to #4 among all MNCs in the Attractive Consumer Healthcare Market in China

● China is the 2nd largest OTC market ● $12.3 billion, +8.4% in 2011(1)

● Per capita consumption still low vs. most developed markets

● CHC market offers excellent outlook ● Growing affluence and population of the

urban middle class ● Increased awareness of self medication ● Increase in government spending on

healthcare

● Sanofi has entered the dynamic CHC market in China through two major transactions over the past 2 years

(1) Nicholas Hall DB6 2012; MNC = Multinational Company

Johnson & Johnson

GSK

Pfizer

Bayer

Rohto

Bausch+Lomb

MSD

A&Z

BMS

Top MNCs in the Consumer Healthcare Market in China(1)

1

2

3

4

5

6

7

8

9

10

3.4%

1.9%

1.4%

1.0%

0.9%

0.8%

0.6%

0.5%

0.5%

0.5%

33

Scaling up to create top position in China

Enlarged portfolio & leadership in two biggest

categories in China(3)

Accelerating CHC in China

External Growth

Three-pronged Strategy in Consumer Healthcare in China

Organic Growth and OTC Switches

1 3 Enlarge Portfolio

• Vitamins, Minerals, Supplements(1)

• Cough & Cold(2)

• Women’s Healthcare

2

(1) 21 Super Vita: #2 VMS brand by volume in China (IMS Pharmatrend June 2011) (2) Good Baby: #3 Cold brand by value in China (IMS Pharmatrend June 2011) (3) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)

Top MNC in China • Lactacyd launched in May 2011

• Essentiale: Planned Rx-OTC Switch

Leverage platform by access to expanding distribution channels

Two Leading Brands in the Largest OTC Categories

34

China’s 2nd largest Multi-Vitamin brand(1)

#1 leading pediatric Cough & Cold brand(2)

(1) IMS 24 cities, MAT Y12March: 21VT volume share ranks #2, MS 17.3%, value share ranks #5, MS 7.1%

(2) Euromonitor 2012 report (value)

Hangzhou, Zhejiang

Tangshan, Hebei

Sanofi has Competitive Strength in the CHC Market in China

• Well established national distribution network

• 260+ cities direct coverage • Presence on Tier 2-6 cities • Cover 70,000+ drugstores • Over 100 Tier 1 distributors • 80+ national key chains • Over 1,000 sales force and

merchandising team

Brand availability Local Production

• Local cost structure • 2 production sites in

Hangzhou and Tangshan, • New VMS factory in

Hangzhou to be completed by end of 2012

• Highest standards for Quality, Sustainability and Supply Chain

35

36

Agenda








37

Chinese Local Manufacturers

CNBG / Sinopharm

Estimated Total Market Size ~€1.1bn(1)

Other MNCs

● A highly fragmented vaccines market in China

● Over 40 local players

● Annual birth cohort of ~15m babies

● Sanofi Pasteur is the #1 MNC(2)

vaccines company and the #2 player in the overall market(1)

● World-class Flu Vaccines manufacturing site in Shenzhen

● Commercial production in 2013

● Pentaxim® and Imovax® are growth drivers in the pediatric market

Vaccines Market in China

(1) Internal analysis (2) MNC = Multinational Company

Sanofi Pasteur is a Leading Multinational Company in the Vaccines Market in China

Pentaxim® Has Set New Milestones in China’s Vaccines Market

38

● >200m RMB sales in 1 year after launch in the private market

● Breakthrough in Class II vaccines market

● Included in Chinese Preventive Medicine Association published guidelines on 5-in-1 combo-vaccines in China

Pentaxim® is the first 5-in-1 combination vaccine in China

Imovax® is Safeguarding a Healthy Future for China’s Children

39

● 1.3m babies vaccinated since launch and >3m doses administered within 2.5 years after launch

● Opportunity to access the public market

● One of the safest pediatric vaccines, recommended by the WHO

Imovax Polio® is the only injectable Polio vaccine registered in China

40

Agenda






Strong position in Animal Health through Avian


Merial: Sustained Performance Driven by Emerging Markets

41

Sanofi total sales in Animal Health 2011 €2.03bn, +4.3%(1)

25% in the

Emerging Markets(2), +12.4%

A Leader in the Companion Animals market

Dog population in China with access to flea & tick products is estimated 7m

Ambition to cover >80% of the pets market in China to drive growth of

Frontline® Plus

(1) Growth at CER (Constant Exchange Rates) (2) World less North America (USA, 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

Strong Position in the Avian Biologicals Market in China

42

Rank(1) Company MS%

1 CAHIC 23%

2 JinYu 11%

3 Yebio 7%

4 Da Hua Nong 6%

5 Weike 6%

6

5%

7 Boehringer Ingelheim 3%

8 Wuhan Chopper 2%

9 MERCK AH (I/SP) 2%

10 Guangdong Winsun 1%

● China is a huge animal production market ● Broiler population of 8.3 billion ● Layer population of 1.6 billion ● Porker production of 650 million

● A highly fragmented Animal Health market of RMB 18bn (USD 2.6bn) ● 2/3 Pharmaceuticals, 1/3 Biologicals ● >1,500 mostly local players ● Livestock with a low level of

industrialized operations

● In Biologicals, Merial is #6 and #1 Multinational Company in China(1)

● 9% market share in Avian Biologicals

(1) CEESA, China Vet Drug Association, internal analysis

43

Agenda





Expanding our Reach in the Vaccines Market

Strong position in Animal Health through Avian


Operational Model

Footprint & Milestones

Leverage Local and Regional Innovation through Asia-Pacific based R&D Activities, with China leading the Effort

● 2005 - Sanofi established a Clinical Research Unit in China

● 2008 - Expanded to a full R&D Center

● 2010 - Established the AP R&D Therapeutic Strategy Unit

● 2012 - China R&D becomes part of Asian Hub – One of the Sanofi Global R&D Centers

● Virtual Discovery and Captive Development ● Access local talent ● Leverage cutting edge science & capture innovation in China

● Coupled with Sanofi’s strong in-house development capability

● Forming win-win partnerships across the entire R&D value chain in China

44

Academic Partnerships

Industrial Partnerships

NCSED

Tianjing Institute of Hematology

KBI

NERCDND

Partnerships with Top Chinese Institutions and Biotechs for Innovative Research

45

Slit Trap - An Innovation from China Developed by Sanofi Asia-Pacific R&D

Slit-Trap A recombinant fusion Protein

Slit Trap binds and depletes Slit thereby blocking Robo/Slit signaling

● Hepatocellular carcinoma – a high unmet need in the Asia-Pacific region ● Responsible for ~half million annual deaths

● High mortality, short survival, and inadequate Standard of Care

● Slit Trap – first in class agent targeting a novel anticancer drug target – Robo/Slit signaling pathway

● Original technology licensed from Shanghai Institutes for Biological Sciences

● Currently in preclinical development phase ● First in human study planned in Asia-Pacific region

● Extensive collaboration with leading experts and key translational medicine centers in the region

Slit

Robo

Robo/Slit engagement promoting

angiogenesis and metastasis

46

CONCLUSION

47

48

● Solid historical presence and fully-integrated structure

● Strong socio-economic drivers underpinning growth

● Well-suited portfolio for China’s medical needs (Rx, CHC, Vaccines, Diabetes, Animal Health, Genzyme)

● Growing position in Diabetes by maximizing the value of the entire portfolio

● Increasing access to new market segments at the county level

● Significant investments in local production facilities serving all Growth Platforms and accelerated investment in R&D

● Industry lead in talent attraction, development and retention

Sanofi Is Poised to Sustain Significant Growth in China

Continued Execution of Strategy Expected to Deliver Sustainable Growth Over 2012-2015

49

Expected 2012-2015 Sales CAGR

Diversified sources of growth and scale in businesses with significant barriers to entry

Low small molecule patent exposure in mature markets(1)

Large Emerging Markets presence(2)

Potential new product launches(3)

Operating margin evolution

2012-2015 Business EPS CAGR

Increased dividend payout ratio(4)

Corporate Social Responsibility

(1) 2012 sales from chemical products exposed to patent expiry in the U.S., Japan and Western Europe over 2012/2015 (2) Based on 2015 internal estimates (3) Over 2012-2015 (4) Dividend paid in 2014

~6%

50% of 2013 results

18

38-40%

Rebounding

> Sales CAGR

At least 5%

The Dividend Remains a Key Element of Shareholder Value Creation

50

● Dividend of €2.65 per share for 2011

● Progressive increase of payout target to 50% for 2013 Business Net Income(1)

(1) Dividend to be paid in 2014

2011

€2.65

2010

€2.50

2009

€2.40

2008

€2.20

Evolution of Dividend

Payout 35%

Payout 40%

Dividend

+6%

Documents

2012 - Jp Morgan China Conference