September 11th, 2012

19th CLSA Investors Forum 2012 Fabrice Baschiera, General Manager, Sanofi China

Forward Looking Statements

2

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)

H1 2012 Performance Was In-Line With Our Expectations

H1 2011 H2 2012

Total Sales (€m)

H1 2011 H1 2012

Business EPS (€)

€3.32 €17,381m

(1) On a reported basis, total sales were up +7.8% and business EPS was up +0.6% in H1 2012 5

-5.2%

at CER(1)

+3.6%

at CER(1)

€16,128m

€3.30

Growth Platforms Sales (€m and % of Total Sales)

64.9%

44.9%

Q2 2009 Q2 2010 Q2 2011 Q2 2012

€5,753m

€3,341m

Limited Patent Cliff(1) Exposure on Sales

after Eloxatin® Loss of Exclusivity in the U.S. in Aug 2012

(1) The patent cliff is the effect of the loss of exclusivity of key genericized products.

(2) 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) 6

8.5%

29.7%

Q2 2009 Q2 2010 Q2 2011 Q2 2012

4.9% when excluding

€314m of

Eloxatin® U.S. €2,207m

€752m

Key Genericized Products Sales

(€m and % of Total Sales) (2)

6

Growth Platforms Accounted for 64.9% of Group Sales

and Grew by +7.6% in Q2 2012

7

(1) New Genzyme perimeter includes Rare Diseases and Multiple Sclerosis franchises

(2) Multaq®, Jevtana® and Mozobil®

+13.7%

+3.0%

+11.3%

+9.1%

+9.1%

Innovative Products(2) €152m +4.5%

+9.8%

Vaccines €783m

Diabetes Solutions €1,436m

Consumer Health Care €738m

Animal Health €576m

Emerging Markets €2,823m

New Genzyme(1) €434m

Growth at CER

A Strong Leadership Position in Emerging Markets

8

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)

+16%

+9%

2011

€10.1bn

2010 2009 2008 2007 2006 2005

€5.0bn

Emerging Markets Sales

Emerging Markets - Record Sales and Strong Growth

in Q2 2012 Confirm our Leadership

9

(1) World excluding 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

● Q2 2012 Emerging Markets sales of €2,823m, up +9.8% at CER

Q2 2012 Geographic Sales Split

31.8% 31.5%

24.1% 12.6%

9

(1)

Non-BRIC Accounted for 65% of Emerging Markets Sales

in Q2 2012 Highlighting our Broad Geographic Scope

● Q2 2012 BRIC sales of €995m, up +15.2% at CER (1)

● Q2 2012 Other Emerging Markets sales of €1,828m, up +7.1% at CER

+12.7% +12.7% -0.1% +16.5%

Emerging Markets Q2 2012 Sales Split (Growth at CER)

(1) BRIC: Brazil, Russia, India and China

Brazil: €405m +14.0%

Russia: €203m +9.0%

India: €66m +20.2%

China: €320m +20.9%

BRIC Q2 2012 Sales (Growth at CER)

10

+9.8%

Growth

10

11

Agenda

11

Sanofi – A Leading Presence in China

Focusing on Diabetes

Conclusion

Outlook on the Healthcare Market in China

12

Greater China: Growing Contributor to Sanofi’s

Leadership Position in Emerging Markets

12

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

13

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

13

2009 2008 2007 2011 2010

981m

CAGR 38%

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

(1) Mainland China

14

Sanofi Is Progressively Developing its Key Growth

Platforms in China

14

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

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 MTH June 2012

Sanofi Has Grown Faster than its Peers in China

15

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) June 2012(3)

1

2

3

4

5

6

7

8

9

10

PFIZER

BAYER

ASTRAZENECA

SHANDONG QILU FTY

KE LUN

JS. YANGZIJIANG FTY

ROCHE

JS.L.Y.G. HENGRUI

MSD

15

16

Sanofi: Well Established in Greater China

with a Fully Integrated Presence

16

● 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

Sales of EUR 606m in H1 2012

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

Portfolio to immunize

pediatric and adult

population in China

Strong position in the

Avian Biologics market

A leading MNC(2) player in

the OTC market through

strategic acquisitions &

Joint Venture

Addressing disease

burden of 90m people

with diabetes

17

The #1 brand in the ARB class

in China(2)

Branded oncology portfolio

covers top cancer types in

China

The #1 Rx Pharmaceutical

product in China(1)

17

Human

Vaccines

Consumer

Health Care

Animal

Health

A Large Portfolio of Flagship Brands Across our Growth

Platforms that Fits the Local Needs in China

Diabetes

Solutions

(1) IMS CHPA MAT June 2012, value

(2) IMS CHPA June 2012 , volume; ARB – Angiotensin Receptor Blockers

(3) MNC = Multi National Company

A Broad Healthcare Offering in China’s Counties

18

283 Cities(1) 1,950 Counties(2)

Population ~900m

Characteristics

1. Huge base

2. Lower affordability, higher

out-of-pocket spend

3. Geographically broad

(1) Defined as prefectural level cities (PLCs). (2) Defined as county-level cities (CLCs) or counties

Reaching out to China’s ~2,000 counties

Primary Care Business Unit

implemented in 2011

A successful business

model supported by a

dedicated sales force

Portfolio approach to fully

leverage our broad product

offering

Cover key Provinces with

several hundred Counties

Addressing the medical

needs of a huge population

Diversify geographic

concentration

Strategy

China with 31 provinces Ex.: Zhejiang province

19

Agenda

19

Sanofi – A Leading Presence in China

Focusing on Diabetes

Conclusion

Outlook on the Healthcare Market in China

20

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

● Essential Drug Lists (EDL)

policies to favor usage of local

cheap generics in CHCs(1) and

township hospitals

Challenges Opportunities

21 (1) CHC – Community Healthcare Centers

22

(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%; China = 5.1%

(3) Source: China National Bureau of Statistics, Ministry of Finance, 2011

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

866

503

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

583

676

785

910

23

(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 expected to be the 2nd

largest

Pharmaceutical market by 2015(1)

2016

15.9%

24

Agenda

24

Sanofi – A Leading Presence in China

Focusing on Diabetes

Conclusion

Outlook on the Healthcare Market in China

Diabetes Remains One of the Largest Opportunities

in the Healthcare Space

Adults with diabetes worldwide(1) 350m

% of patients not achieving glycemic control target values in the U.S. and EU(2) >50%

Patients remaining undiagnosed in BRIC countries(3) ~2/3

Expected size of global diabetes market in 2015(4) $43-48bn

Expected CAGR growth of global diabetes market between 2011 and 2015(4) 4-7%

25

(1) G. Danaei, Lancet 2011; 378: 31-40

(2) Adelphi Disease Specific Program (DSP) III and VII (sample of over 10,000 diabetic patient records)

(3) Internal estimates based on multiple sources

(4) The Global Use of Medicines: Outlook through 2015, IMS Institute for Healthcare Informatics, May 2011

Lantus® #1 Insulin Brand Worldwide – A Growth Story

€2.031bn

€2.450bn

€3.916bn

€3.510bn

€3.080bn

2007 2008 2009 2010 2011

2007-2011

CAGR

+17.8%

26

Diabetes is a Fast Growing Disease in China

27

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%

27

(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

28 28

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

MAT Q2 2012(2) 2007(1)

+85.3%

Lilly Novo Bayer

(1) IMS CHPA MAT Dec 2007 .

(2) IMS CHPA MAT June 2012

Others

RMB million

Insulins:

CAGR 2007-2011 at + 32%

MAT June 2012, Growth +20.8%

Sales Value of Diabetes Therapy Segments

Source data : IMS CHPA MAT June 2012

GLP-1 share 0.43%

3,752

59%

41%

8,326

54%

46%

2009

6,768

55%

45%

2008

5,231

56%

44%

2007 MAT 2012

10,554

51%

49%

2011

9,882

52%

48%

2010

Insulins Are the Fastest Growing Diabetes Segment in China -

Representing Already Half of the Diabetes Market

29

RM

B ‘m

il

Oral Anti-Diabetics (OADs):

CAGR 2007-2011 at + 23%

MAT June 2012 Growth, +11.3%

Sanofi Has Reached the #3 Position in the Chinese

Diabetes Market

30

● Disease burden increasing

dramatically

● Diabetes patient population up

4-fold from 2001 to 2008(1)

● Healthcare expenditures on

diabetes are estimated to have

reached $6.9bn in 2010(2)

● Sanofi Diabetes BU created in

2009 in China

● Sanofi now #3 in the Diabetes market

in China(3)

● Sanofi’s diabetes franchise

outpacing market growth

(1) New England Journal of Medicine 2010;362:1090-101

(2) IDF press statement, March 2010

(3) IMS CHPA 2007; MAT 06/2012

RK CORP MS%

1

NOVO

NORDISK 34.1%

2 Bayer HC 16.8%

3 ELI LILLY 5.7%

4 SERVIER 4.2%

5 BMS 3.9%

6 GSK 3.7%

7 3.5%

RK CORP MS%

1

NOVO

NORDISK 35.4%

2 Bayer HC 14.1%

3 9.9%

4 ELI LILLY 6.5%

5 BMS 4.1%

6 HUADONG 3.1%

7 SERVIER 2.5%

2007 June 2012

Companies in the Chinese Diabetes

Market Ranked by Market Share(3)

30

Lantus® Has Reached 16.5% of Total Insulin Market in

China in June 2012(1)

Lantus® Qtr. Value Market Share(2)

in Insulin (%)

(1) IMS CHPA June 2012

(2) MS CHPA Q2-2012

(3) IMS CHPA MAT 06/12; Cities where Lantus is the #1 insulin include Guangzhou, Suxi, Nanjing, Chengdu, Xi’an, Dalian, Shenzhen, Ningbo, Shijiazhuang

● 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

0

2

4

6

8

10

12

14

16

05-

Q4

1.4%

05-

Q2

0.7%

04-

Q4

11-

Q4

15.8%

15.4%

11-

Q2

14.9%

10-

Q4

14.7%

10-

Q2

13.1%

09-

Q4

09-

Q2

12.4%

12-

Q2

15.7%

0.3%

08-

Q4

10.5%

8.5%

08-

Q2

07-

Q4

7.1%

07-

Q2

6.6%

06-

Q4

3.5%

06-

Q2

2.7%

Enter ~70%

provincial RDL

Launch

SoloStar®

Enter

NRDL

31 31

● Despite generic

competition, Amaryl®

is a growth driver for

the OAD market in

China

● In June, Amaryl®

reached 6.5% market

share of the total

OAD market in China,

growing at 11.2%(1)

● Amaryl® expected to

remain an important

driver in our diabetes

portfolio in China

50% 51% 57% 65% 69%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

MAT ~ 05/2008 MAT ~ 05/2009 MAT ~ 05/2010 MAT ~ 05/2011 MAT ~ 05/2012

Generic

Amaryl

25% 27% 30% 37% 41%

0%

20%

40%

60%

80%

100%

MAT ~ 05/2008 MAT ~ 05/2009 MAT ~ 05/2010 MAT ~ 05/2011 MAT ~ 05/2012

Generic

Amaryl

Amaryl® is Gaining Market Share in Value and Volume

against Generics in the Oral Anti-Diabetics Market

32

A Value Share in Glimepiride

Am Volume Share in Glimepiride

1)IMS CHPA June 2012

“China Initiative for Diabetes Excellence” -

A Major Public-Private Partnership in Diabetes

33

● 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

33

● 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

34 34

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®

35 35

Established Insulins

Optimized Devices

Innovative Blood

Glucose Monitoring

36

Agenda

36

Sanofi – A Leading Presence in China

Focusing on Diabetes

Conclusion

Outlook on the Healthcare Market in China

Sanofi Is Poised to Sustain Significant Growth

in China

37

● 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

37

Continued Execution of Strategy Expected to Deliver

Sustainable Growth Over 2012-2015

38

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 to be 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

39

● 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%