JP Morgan Healthcare Conference

Olivier Brandicourt Chief Executive Officer

San Francisco - January 10, 2017
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 Sanofis
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 Companys
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 Sanofis 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.

2
Agenda

Progress on our strategic roadmap in 2016

Reshaping the portfolio

Focused on key product launches

Sustain innovation in R&D

Outlook

3
2016: Sanofi Progressing on its Strategic Priorities

Streamlined GBU organization driving financial performance

Simplify
BI asset swap makes Sanofi a global leader in Consumer Healthcare(1)

Reshape Vaccines JV in Europe discontinued(2); EU Generics to be carved out

Focused on key launches: Toujeo, Soliqua, Praluent, Dengvaxia

Launches

Priority review granted for Dupixent in Atopic Dermatitis

Innovation
5 NMEs(3) start Ph 3: isatuximab, PD-1, sotagliflozin, olipudase alfa, NeoGAA

(1) Sanofi and Boehringer Ingelheim confirm closing of business swap on January 1st, 2017
(2) Sanofi Pasteur and MSD end joint vaccines business in Europe on January 2nd, 2017
(3) NME: New Molecular Entity 4
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Agenda

Progress on our strategic roadmap in 2016

Reshaping the portfolio

Focused on key product launches

Sustain innovation in R&D

Outlook

5
Shaping a Leading Portfolio of Diversified Businesses with
an Attractive Long-term Growth Profile

9 Months 2016 Sales by Global Business Unit(1)

Sanofi Sanofi General Diabetes & Consumer

Genzyme Pasteur Medicines & Cardiovascular Healthcare
(Specialty Care) (Vaccines) Emerging Markets

3,684m 3,225m 10,853m(2) 4,687m 2,496m

+19.1% +11.0% -1.8% -3.9% +2.3%(3)
+
Boehringer
Ingelheim(4)
1,132m
Rare diseases Flu vaccine Leader in EM Leading basal Allergy
Polio/Pertussis/Hib insulin franchise Cough & Cold
Multiple Sclerosis EU Generics
Meningitis/ (YTD Sep sales PCSK9 Digestive
Immunology
Pneumonia 610m) carve-out
Pain
Oncology expected to take
Dengue VMS
12-24 months

(1) YTD September at constant exchange rates (CER)

(2) Excluding Venezuela and Consumer Healthcare (CHC)
(3) On a comparable structure basis and excluding Venezuela
(4) BI sales for YTD September 2016 6
BI Asset Swap: A Strong Strategic Rationale for Our
Ambitions in Consumer Healthcare (CHC)

Sanofi to Become a Top Player in the 113bn OTC Market(1)

Bayer
GSK
+
Market share of 4.4% in 2016(1,2) 4.4%
4.4%
4.4%
Leverage scale in a fragmented market J&J
4.2%
Opportunity for strategic consolidation Pfizer
3.5%
Expand global footprint 2.4% Reckitt Benckiser
1.9% P&G
Brand equity offers more sustainable Other
1.0% Takeda

revenue streams
No patent cliff 73.8%

Ever-lasting brands

Reinforces ambition to be a diversified global healthcare

leader focused on human health

(1) Nicholas Hall & Company, MAT Q3 2016

(2) Excludes BI CHC in China 7
A Value Creating Transaction Based on Strong Financials

Increased Scale in
Value creation Financial implications
CHC Business

Combined CHC global sales Synergies in advertising and BOI margin contribution
of around 4.9bn in 2015(1) promotional activities expected to be around 30%
Focus on a portfolio of Global commercial platform in 2018
high-value self medications for OTC launches and Rx Expect transaction to be
switches business EPS neutral in 2017
and accretive in subsequent
years

BI Consumer Healthcare 6.7bn plus

gross cash payment 4.7bn

Sanofi Animal Health 11.4bn

(1) Excludes Boehringer Ingelheim CHC in China; value of CHC sales in Venezuela have been reduced to nearly zero due to revision of foreign
exchange rates by both companies 8
BI Transaction Increases Scale of Sanofi CHC Portfolio in
Attractive Categories and Important Geographies

Market Rank(1,2)
Global
Sanofi size in +
Global Categories bn(1)
Highly complementary portfolio
boosts market position in priority 33.1 #5 #3
categories
#6
6 iconic brands generate 60% of 19.6 #10

BI CHC sales in 2015

16.2 #5 #1

/ 15.4 #4 #2

BI footprint complementary in 3.8 #3 #2

strategically important countries(2)
Japan (299m), U.S. (186m) and 1.0 #1 #1
Germany (162m)

(1) Nicholas Hall & Company, MAT Q3 2016

(2) BI sales in 2015 9
Agenda

Progress on our strategic roadmap in 2016

Reshaping the portfolio

Focused on key product launches

Sustain innovation in R&D

Outlook

10
Focus on 6 Major Launches to Drive Future Growth

11
 - Capturing Share in Key Markets

Toujeo Market Share(1,2)

Top EU Countries, Japan and the U.S.

Toujeo generated sales 411m YTD

20%
September 2016
6.8% TRx market share in the U.S.(1)
15%
Launched in 35 countries

10%
U.S. formulary status remains favorable
>3/4 commercial lives covered in 2017
5%

Solid performance in top EU countries

despite introduction of biosimilar glargine 0%
W0 W10 W20 W30 W40 W50 W60 W70 W80 W90
Week since launch
Strong rebound in Japan following the
France Germany UK Spain Japan U.S.
lifting of the 2-week prescription limitation
in September 2016

(1) IMS Rapid weekly as of December 21th, 2016

(2) Market Share of the Basal insulin market in International Units for France, Germany, Spain, UK and Japan, in TRx
12
for the U.S.;
 - Important Addition to our Diabetes Franchise

Launched in the U.S.

U.S. FDA approval of Soliqua 100/33
January 4, 2017
Once-daily fixed-ratio combination of Lantus and
GLP-1 receptor agonist Adlyxin (lixisenatide)
Indicated for adults with type 2 diabetes
inadequately controlled on basal insulin
(less than 60 Units daily) or lixisenatide
Administered with the SoloStar pen device

SOLIQUA 100/33 U.S. product profile

Wide dosing range (15 to 60 units of insulin)
in a single pen
Flexible switching regimen with recommended
starting dose of 15 or 30 units

Positive CHMP opinion on SULIQUA in Nov 16;

EU regulatory decision anticipated in Jan 17

>50% of people with diabetes remain uncontrolled on basal insulin(1)

(1) Banegas JR, et al. Eur Heart J. 2011;32(17):2143-52, DOI: 10.1093/eurheartj/ehr080; Stark Casagrande S, et al. Diabetes Care. 2013;36(8):2271-9,
DOI: 10.2337/dc12-2258; Vouri SM, et al. J Manag Care Pharm. 2011;17(4):304-12, http://www.ncbi.nlm.nih.gov/pubmed/21534641 13
 - Litigation and Product Update

Sanofi and Regeneron will appeal the District Courts rulings in the Federal
Circuit Court of Appeals, including requesting a stay of the injunction
during the pendency of the appeal
Will vigorously defend our case through the appeal process as we believe
that Amgens asserted patent claims are invalid and the facts and
controlling law support our position
Praluent continues to be available to patients
More than 18,000 patients in the U.S. treated(1)
Approximately 85% of prescriptions are dispensed at the low 75mg dose(2)

ODYSSEY OUTCOMES trial expected to complete in late 2017 as planned

DMC will continue to monitor study
Focused on patients with the highest medical need

Praluent is developed and commercialized in collaboration with Regeneron

(1) Internal estimates
(2) IMS Health 14
 Re-submission for Regulatory Review in
the U.S. expected in Q1 2017

Based on review of responses to the FDA 483 as

well as proposed corrective actions, the FDA has
classified the Le Trait fill and finish facility as
acceptable
Expect FDA inspection of Le Trait and re-submission
of sarilumab BLA in Q1 2017(1)
IL-6 plays key roles in the local joint symptoms and
systemic manifestations of rheumatoid arthritis (RA)
Positive Phase 3 efficacy/safety data in
methotrexate-inadequate responder (IR) and
difficult-to-treat TNF-IR populations(2)
Positive sarilumab monotherapy efficacy data
compared to Humira monotherapy(3)

U.S. launch preparation activities ongoing

Sarilumab is developed in collaboration with Regeneron Pharmaceuticals, Inc.

Sarilumab is an investigational agent under clinical development and its safety and efficacy has not been fully evaluated by any Regulatory Authority
(1) Subject to successful FDA prelicense inspection related to dupilumab
(2) Most frequently reported Treatment Emergent Adverse Events include serious infections, injection site erythema and neutropenia
(3) Based on one head to head superiority study comparing sarilumab and Humira in improving signs and symptoms of RA in adults (MONARCH).
A second confirmatory study has not been conducted. Neutropenia, which was not associated with infections, was more common with sarilumab than 15
Humira. Not included in the initial BLA filed with FDA; Humira (adalimumab) is an AbbVie brand

First-in-Class Biologic for Adults with
Moderate to Severe Atopic Dermatitis

Atopic Dermatitis (AD) IGA 4 IGA 1

Characterized by intense itching

and recurrent eczematous lesions
Multifactorial etiology involving
immune-mediated inflammation,
genetic factors, and environmental
triggers
Although it often starts in infancy,
it is also highly prevalent in adults
BSA affected: 86.5% BSA affected: 2.5%
EASI score: 51.5 EASI score: 3.1
Pruritus NRS: 7 Pruritus NRS: 1.6
AD duration: 48 years

Pictures from Phase 3 clinical trial provided for illustration purposes only to show
how the clinical parameters above may correlate to the clinical presentation of a patient.(1)

BLA accepted for priority review by the FDA with PDUFA date of March 29, 2017
Dupixent is developed in collaboration with Regeneron Pharmaceuticals, Inc.
Dupixent is an investigational agent under clinical development and its safety and efficacy has not been fully evaluated by any Regulatory Authority
IGA: Investigator Global Assessment BSA: Body Surface Area EASI: Eczema Area and Severity Index NRS: Numerical Rating Scale
(1) Images are taken from one patient at baseline (left) and at 16 weeks (right). Results were not representative of all patients and individual results did
vary. In phase 3 clinical trials, the percentage of patients achieving an IGA score of 0 or 1 ranged from 36%-38%. Adverse events that were higher for 16
Dupixent vs placebo included injection site reactions and conjunctivitis; Photo used with permission
 Launch Focused on Patients with the
Highest Unmet Medical Need

Physician Focus Patient Focus

Target physicians Intolerant to or

with experience inadequate response
prescribing biologics to an existing therapy
(i.e. Psoriasis) (e.g. Topicals,
Oral/systemic steroids,
Up to 7,000 doctors Immuno-suppressants)
in the U.S.
Around 300,000
adult patients
in the U.S.

Dupixent is developed in collaboration with Regeneron Pharmaceuticals, Inc.

Dupixent is an investigational agent under clinical development and its safety and efficacy has not been fully evaluated by any Regulatory Authority 17
A Pipeline in One Product - Clinical Studies in Multiple
Indications Underway

Type 2, including Th-2 mediated diseases

Atopic dermatitis (AD)
Phase 3, March 29 FDA PDUFA Date
Accepted for review by EMA in Dec 2016

Asthma
Phase 3 fully enrolled and U.S. submission
expected in Q4 2017

Pediatric expansion in AD(1) and Asthma

DUPILUMAB Ph 3 studies in AD (age 6-11 and 12-17) and
Asthma (age 6-11) expected to start Q1 2017

Nasal polyposis
Phase 3 started in Q4 2016

Additional Eosinophilic esophagitis Ph 2 data exp. H2 17

Indications
Food allergy Phase 2 expected to start 2017

(1) FDA Breakthrough designation for adults and pediatric moderate to severe atopic dermatitis
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 - Update on Launches in Endemic Countries

Dengvaxia approved in 13 countries(1)

License application filed in 31 endemic
countries including the U.S. FDA in Dec
2016
~750,000 people administered to date

Sales of 50m in first 9 months of 2016

Sales largely from Philippines and
Paran state in Brazil
Working on roll-out of immunization
program in other states of Brazil

WHO recommends vaccination in high disease burden geographies(2)

(1) Bolivia, Brazil, Cambodia, Costa Rica, El Salvador, Guatemala, Indonesia, Mexico, Paraguay, Peru, the Philippines, Thailand and Singapore
(2) http://www.who.int/wer/2016/wer9130.pdf?ua=1 19
Agenda

Progress on our strategic roadmap in 2016

Reshaping the portfolio

Focused on key product launches

Sustain innovation in R&D

Outlook

20
Expanding Pipeline in Leadership Categories:
Diabetes and Rare Diseases

Sotagliflozin Olipudase alfa NeoGAA

Dual SGLT1 and SGLT2 Rare genetic lysosomal Rare genetic lysosomal
inhibitor(1) storage disorder: storage disorder:
Limiting meal time glucose Acid sphingomyelinase Second-generation therapy
absorption and increasing deficiency, ASMD(2) for Pompe disease
renal glucose excretion FDA Breakthrough NeoGAA(3) glycan structure
Oral administration Therapy designation could potentially have
Leveraging Sanofi efficacy, safety and
Favorable safety profile convenience advantages
Genzymes strong
Positive Phase 3 data in presence in hematology First patient enrolled in
Type 1 diabetes announced pivotal Phase 3 COMET
Pivotal Phase 2/3 trial
Phase 3 program in Type 2 started in July 2016 study in November 2016
diabetes started in 2016

(1) SGLT2 (sodium-glucose cotransporter type 2) is a transporter responsible for most of the glucose reabsorption performed by
the kidney; SGLT1 (sodium-glucose cotransporter type 1) is a transporter responsible for glucose and galactose absorption in
the gastrointestinal tract, and to a lesser extent than SGLT2, glucose reabsorption in the kidney
(2) Also known as Niemann-Pick Type B
(3) GAA: Genetic deficiency or dysfunction of the lysosomal enzyme acid alpha-glucosidase 21
Re-Building a Competitive Position in Oncology

Product profile potentially differentiated

Targets unique epitope with a distinct combination MoA(1)
Isatuximab
(anti-CD38) Phase 3 study in relapsed/refractory multiple myeloma initiated in December(2)

Potential indications beyond multiple myeloma being explored

Pivotal Phase 2/3 study in cutaneous squamous cell carcinoma ongoing

PD-1
Phase 2 study in basal cell carcinoma expected to start in H1 2017
(REGN2810)
Start of Phase 2 study in non-small cell lung cancer planned for H1 2017

Sanofis Antibody Drug Conjugates (ADCs) in Phase 1 complementary

to our multi-specific antibody platform and IO strategy

MoA: Mechanism of Action

(1) HDeckert, et al. Clin Cancer Res 2014;20:457483.
(2) ICARIA-MM: A phase 3 randomized, open-label, multicenter study comparing Isatuximab (SAR650984) in Combination with Pomalidomide And Low-
22
Dose Dexamethasone verRsus Pomalidomide and Low-Dose Dexamethasone In patients with refractory or relapsed and refractory Multiple Myeloma
Agenda

Progress on our strategic roadmap in 2016

Reshaping the portfolio

Focused on key product launches

Sustain innovation in R&D

Outlook

23
Driving Financial Performance on our 2020 Roadmap

2018 - 2020
2016 - 2017
Accelerate growth from
Deliver stated financial objectives priority launches
FY2016 EPS guidance raised in October Continue to build scale
in priority businesses
FY2017 guidance to be released on Feb 8th, 2017
Capture margin
Achieve targeted cost savings
improvement
At least 1.5bn by 2018
Re-investment of savings will be scaled
3.5bn buy-back commitment by year-end 2017
1.7bn shares repurchased since Q3 results Accelerate
Potential additional opportunistic SBB Growth

Financial
Targets

24