SANOFI PRESENTATION Brussels – March 27, 2018

Arnaud Delépine, Associate VP, Investor Relations

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Forward-Looking Statements

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This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended.

Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their

underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events,

operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are

generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although

Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned

that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and

generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or

implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the

uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory

authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be

filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or

commercial potential of such product candidates, the absence of guarantee that the product candidates if approved will be commercially

successful, the future approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth

opportunities and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and

the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic conditions, the impact of

cost containment initiatives and subsequent changes thereto, the average number of shares outstanding as well as those discussed or

identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and “Cautionary

Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2017. Other

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

statements.

Sanofi: a Diversified Healthcare Leader

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By geographic region By activity

Vaccines

€5,101M 14.6 %

Pharmacy

€29,954M 85.4 %

United States

€11,855M 33.8 % 2017 sales

€35,055M

Europe

€9,525M 27.2 %

Emerging Markets

€10,258M 29.3 %

Rest of the World

€3,417M 9.7 %

Continued Progress on Sanofi’s Strategic Transformation

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Sustain innovation

• Cemiplimab et dupilumab(3):

Acceleration and expansion of

their development

• Acquisition of Bioverativ: brings

late-stage R&D pipeline

• Acquisition of Ablynx(1):

transformative Nanobody®

technology platform

Drive simplification

• Fitusiran: global rights

obtained in hemophilia(4)

• Focused organization

delivered cost savings of

€1.5bn since 2015, one year

ahead of plan

Reshape portfolio

• Acquisition of Bioverativ:

strenghtens leadership in rare

diseases

• Acquisition of Ablynx: expands

rare blood disorder franchise(1)

• Divestiture of EU Generics

expected in 2018(2)

• Acquisition of Protein Sciences

in Vaccines

Execute launches

• Dupixent®: launch success

• Kevzara® : steady share gains

in the U.S.

• Praluent® and Soliqua®

100/33/SuliquaTM: launches

progressing slower than

originally anticipated

(1) Subject to the completion of the Ablynx acquisition announced on January 29, 2018

(2) Following completion of the dialogue with social partners

(3) In collaboration with Regeneron

(4) Alnylam will receive royalties based on net sales of fitusiran products

Financial Performance in 2017

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Sales: €35,055M

Gross Profit: €24,759M

R&D

€5,472M

Selling &

general expenses

€10,058M

Business operating income: €9,343M

Tax

€2,106M Financial expenses

€273M

Business net income: €6,964M

Gross margin

70.6 %

R&D / Sales ration

15.6 %

Business operating

margin

26.7 %

Net margin

19.9 %

2017 EPS Broadly Stable In-Line with Expectations

6 CER= Constant Exchange Rates

CS= Constant Structure, adjusted for BI CHC business, termination of SPMSD and others

Company Sales Business EPS

2017

€35,055M

2016

€33,821M

+0.5% at CER/CS

€5.68

2017 2016

€5.54

-0.4% at CER

2018 Financial Guidance

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Business EPS

-3% to -4%(4)

based on December 2017 average exchange rates

+2% to +5% at CER(1,2,3)

FY 2018

FW impact on Business EPS

(1) Including the anticipated contribution from the recently announced acquisitions

(2) Compared to FY2017 and barring major unforeseen adverse events

(3) FY 2017 Business EPS of €5.54

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

An Organization Based on Five Global Business Units

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Sanofi Pasteur Vaccines

Sanofi Genzyme Specialty Care

Diabetes &

Cardiovascular

General Medicines &

Emerging Markets

Consumer Healthcare

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GBUs

Sanofi Genzyme – Speciality Care Success of the New Immunology Franchise

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Global Specialty Care

Franchise Sales

6,678 M€ 19% of company sales

+14.5% at CER

Immunology

Multiple Sclerosis

Rare Diseases

Oncology

2017

Immunology

Successful launch of Dupixent®

Kevzara® launch progressing well

Multiple Sclerosis

Strong, growing franchise

Rare Diseases

Acquisitions strengthen leadership

position

Oncology

Significant expansion of development

pipeline

CER= Constant Exchange Rates

Dupixent®: Global Roll-Out in Atopic Dermatitis in 2018

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Pictures of a patient before and after treatment with

dupilumab (1)

2017 Sales: €219M

(1) For illustration purposes only. 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

(2) Launched in the U.S. in April 2017, Germany in December 2017, the Netherlands in January 2018 and Denmark in February 2018

+ 8 Emerging Market

countries

2017 Launches and 2018 Expected Launches(2)

H1 2017

H2 2017

H1 2018

H2 2018

IGA 4 IGA 1

Dupixent®: Global Launch Opportunities in Multiple Diseases

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(1) If approved in indications by applicable Health Authority

COPD= Chronic Obstructive Pulmonary Disease

AD= Atopic Dermatitis

• Dupilumab expected to be a key growth

driver with significant commercial potential

in multiple diseases(1)

• FDA to review Dupixent® (dupilumab) as

potential treatment for moderate-to-severe

asthma

Growth Opportunities across Diseases,

Geographies and Demographics(1)

Adult/adolescent Asthma U.S.

Adult AD in U.S.

Nasal Polyposis

Eosinophilic Esophagitis

Adult AD in EU

Adult AD in Japan and RoW

Adult/adolescent Asthma EU

Adult/adolescent Asthma Japan/RoW

Pediatric AD

Allergies

COPD

ILLUSTRATIVE

Time

Kevzara® - A New Treatment for Patients with Moderately to Severely Active Rheumatoid Arthritis

12 Kevzara® in collaboration with Regeneron

A major market with very important unmet needs

• 1.3 million people in the United States

• 2.9 million people in Europe

Marketed in the U.S. since May 2017 and currently being

launched in Europe

Strong Growth of the Multiple Sclerosis Franchise in 2017

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Sales Evolution

1 295 M€

CER= Constant Echange Rates

+13.6% at CER

+23.2% at CER

2014 2015 2016 2017

€1,720M

€1,114M

€467M

+20.8% at CER

€2,041M

Sanofi Pasteur - Vaccines

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Leading vaccines in 5 areas:

• Influenza

• Pediatric Combinations

• Meningitis

• Adult Boosters

• Travelers and other vaccines for endemic

countries

A strenghtened pipeline with the

acquisition of Protein Sciences

Impact from the Dengvaxia® label

update

Global Vaccines

Franchise Sales

€5,101M 14.6% of company sales

Pediatric Combinations

Influenza Vaccines

Meningitis/Pneumo

Adult Boosters

Travel/Endemic

Other

+8.3% at CER/CS

2017

CER= Constant Exchange Rates

CS= Constant Structure

Protein Sciences Broadens Our Leading Flu Vaccines Portfolio With Flublok®(1)

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HD= High-Dose

(1) The Only FDA approved recombinant protein-based influenza vaccine approved for all adults 18 and older

(2) Source: Full prescribing information

(3) http://www.nejm.org/doi/full/10.1056/NEJMoa1608862

65y old

50y old

6m old

Change standard of care

Growth driven by

product differentiation following age

Flublok

Fluzone HD QIV Fluzone HD TIV

Better efficacy

Fluzone QIV

VaxiGrip QIV

Fluzone TIV

VaxiGrip TIV

-43% Cumulative confirmed Flu

cases compared with

Traditional QIV vaccines(2,3)

Better efficacy

Diabetes and Cardiovascular Diseases

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Global DCV

Franchise Sales

€6,905M 19.7% of company sales

Diabetes Franchise

Global sales down 11.1 %

at CER in 2017

● U.S. diabetes sales decline

partially offset by strong

performance in Emerging

Markets

United States

Europe

Emerging Markets

Rest of the World

-20.2%

+0.1%

+11.6%

-0.6%

All growth rates at Constant Exchange Rates (CER)

2017

Odyssey Outcomes: Praluent® Significantly Reduces Risk of Cardiovascular Events in High-Risk Patients

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Approved in more than 60 countries

Focus on patients with the greatest health risk

Praluent® reduced by 15%(1) the

risk of major adverse

cardiovascular events

Reduction of all cause mortality by

15%(2)

A more pronounced effect

observed in patients with baseline

LDL-C levels ≥ 100 mg/dL

Praluent® (alirocumab) is developped in collaboration with Regeneron

(1) HR=0.85, IC : 0.78-0.93, p=0.0003

(2) HR=0.85; IC: 0.73-0.98, nominal p value = 0.026

For more information: consult the press release from March 10, 2018

Integration of the Boehringer Ingelheim CHC

business being finalized

Sanofi is One of the Top 3 Players in Consumer Healthcare

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Global CHC

Franchise Sales

€4,832M 13.8 % of company sales

Pain

Digestive

Nutritionals

Other

Allergies

2017

+2.1% at CER/CS

Allergies, Cough & Cold Pain

Nutritionals Digestive

CER= Constant Exchange Rates

CS= Constant Structure

General Medicines & Emerging Markets: Leading Position in Emerging Countries Due to an Adapted Product Portfolio

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Emerging Markets(1)

Sanofi ranks #1(2)

Supported by strong growth of sales in China:

€2.2Bn : +15.1%(3)

Established Products

Accounting for nearly one third of company sales

2017 Global GEM Business Unit Sales

€14,048M

40% of company sales

(1) World excluding U.S., Canada, Europe, Japan, South Korea, Australia, New Zealand and Puerto Rico

(2) Market share (without Vaccines), IMS MIDAS | FY 2017

(3) At Constant Exchange Rates and Constant Structure

Sanofi is #1 in Emerging Markets

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Emerging Markets up +6.0% in FY 2017

More than 7 billion people

Aging population

Rapid emergence of a middle class

Improving access to healthcare

Growing GDP health expenses

Strategically and Financially Compelling M&A to Enhance Sanofi’s Growth Profile and Create Value

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Value Value

Creation

Build

Leadership

Position

Strengthen

Pipeline

Immediate

EPS

Accretion

Transforming the lives of

people with hemophilia, cold

agglutinin disease and other

rare blood disorders

$11.6 bn

€3.9 bn

Nanobody technology to

develop therapeutics in

areas of high unmet medical

need

~

(1) (2)

(1) ROIC>WACC in 3 to 5 years

(2) Business EPS is a non-GAAP financial measure (see appendix to Sanofi quarterly financial release definitions)

Bioverativ: a Leading Hemophilia Portfolio, a New Platform in Other Rare Blood Disorders

22 (1) Treatment in hemophilia A

(2) Treatment in hemophilia B

U.S. biotechnology company, ~450 employees

2017 Revenues: $1,168M +31.7%

Leadership position in the large hemophilia market with two

marketed products:

R&D : pipeline includes candidates in cold agglutinin disease,

hemophilia and other rare blood disorders

Complementary fit with fitusiran; maximizes commercial

potential of current and future products

(1) (2)

Ablynx: Provides a Leading Platform Technology and Enhances our Late-Stage Pipeline

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Innovative Nanobody® platform strengthens Sanofi’s multi-targeting R&D strategy 1

Caplacizumab expands rare blood disorders franchise following Bioverativ deal 2

Complementary mid-stage and pre-clinical programs: hematology, inflammation,

immuno-oncology, respiratory diseases 3

Expected to be neutral to Business EPS in 2018 and 2019 4

Sanofi Research and Development

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70 projects in development for NMEs

or additional indications(1)

7 potential submissions in

next 15 months

7 NME and Vaccine

approvals since 2015(2)

pivotal study starts in next 12 months

>10

(1) Includes 4 Phase 1 products and 1 Phase 2 product for which Sanofi has opt-in rights but has not exercised these rights

(2) Adlyxin®, Dengvaxia®, Dupixent®, Kevzara®, Praluent®, Soliqua™ /Suliqua™ 100/33, Toujeo®

7 Potential Submissions(1) for New Products or Additional Indications Over Next 15 Months

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BLA, RRMM BLA,

metastatic

CSCC

NDA,

Type 1 Diabetes

sBLA,

Nasal Polyps

Planned Submissions

cemiplimab isatuximab

sBLA,

ODYSSEY

CVOT

2nd generation

meningococcal

ACYW conjugate

vaccine

Men Quad TT

sBLA,

AD,

adolescents

12-<18y

dupilumab

S1 2018 S2 2018 S1 2019

(1) Number of submissions determined by first submission to a regulatory authority in a country; subsequent submissions to other global regulatory authorities are not included in the

count of 7 potential submissions

New Wave of Pivotal Study Starts Expected in 2018

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alemtuzumab • Primary Progressive MS

• COPD

• Eosinophilic Esophagitis

dupilumab(1)

Anti-IL4Rα mAb

• Autosomal dominant polycystic kidney disease (ADPKD)

venglustat(2)

Oral GCS inhibitor

isatuximab Anti-CD38 mAb

• 1L MM SCT eligible

• 1L MM SCT ineligible

cemiplimab(1)

• 1st line NSCLC

mavacamten(4) • Obstructive Hypertrophic

Cardiomyopathy

COPD= Chronic Obstructive Pulmonary Disease; NSCLC= Non-Small Cell Lung Cancer

(1) Collaboration with Regeneron

(2) Phase 2/3 registrational study

(3) Collaboration with Hanmi

(4) Collaboration with Myokardia. Sanofi will lead ex-U.S. regulatory and commercial

activities to mavacamten program where it has ex-U.S. commercialization rights

SAR425899 GLP-1/GCR dual agonist

• Obesity

efpeglenatide(3)

Once-weekly GLP-1RA

• Type 2 Diabetes

Source: Bloomberg

Sanofi Share Performance vs. Pharma Company Peers since January 2018, in Euro

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Stock Performance since January 1st, 2018 in €

CAC40: -1.4%

-9.3% -9.5% -11.1%

-9.3% -8.1%

-9.0%

-5.9% -4.8%

-3.3% -2.0%

-0.1%

5.6%

13.8% Median

-5.9% Average

-4.1%

S&P Sectors since Sept 29, 2017 – source Nasdaq – as of March 1, 2018

Sector Rotation from Defensive to More Cyclical Sectors

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14.1% 14.8%

9.5%

4.3% 3.6%

1.1%

-3.3%

-5.8%

-8.0%

Pharma

The Dividend is a Core Part of our Value Proposition to Shareholders

Evolution of Dividend

• Proposed dividend of €3.03 per share for 2017 financial year(1)

• 24th consecutive year of dividend increase

29 (1) Submitted for approval by shareholders at the Annual General Meeting on May 2, 2018

€2.20 €2.40 €2.50 €2.65 €2.77 €2.80 €2.85 €2.93 €2.96 €3.03

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

An Active Communication with our Individual Shareholders

Your publications

• Shareholder Handbook

• Letter to Shareholders

• Fact Sheet

Online information

• www.sanofi.com/shareholders

• Sanofi IR mobile app

• Social Media

Twitter

YouTube

LinkedIn

SlideShare

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• Annual General Meeting 2018

• May 2: Paris

• Salon Actionaria 2018

• November 22 - 23: Paris

Meetings with Shareholders

Shareholders Committee

• 4 events planned in 2018

• Visit of Marcy-l’Etoile Sanofi Pasteur industrial site

• Meetings with management and the Chairman

Meetings planned in 2018

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Nantes

Paris

Bruxelles

Reims

Nancy

Lyon

Nice

Sanofi: Life is a Health Journey

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