Deutsche Bank Healthcare Conference Jérôme Contamine, Executive Vice President, Chief Financial Officer

Boston – May 6, 2015

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, 2014. Other than as required by applicable law, Sanofi does not undertake any

obligation to update or revise any forward-looking information or statements.

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2

1

● Higher OpEx driven by new launches

● Business EPS up +2.6% at CER(2)

● Sales up +2.4% despite lower vaccines and U.S. Lantus®

sales(1)

● Solid performance of Genzyme and Merial

● Important milestones achieved for late stage R&D projects

● Multiple new product launches underway or imminent

Q1 2015 - A Good Start to the Year

3

Delivering top line growth

Posting strong financial

results

Bringing innovative medicines to market

(1) On a reported basis, Q1 2015 sales were up +12.3%

(2) On a reported basis, Business EPS was up +12.8%

Q1 2015 FX Impact

+€0.12

Incremental

EPS at CER

+€0.03

Q1 2014

Net Sales Business EPS

Solid Sales and Business EPS Delivered in Q1 2015

4

(1) On a reported basis, Q1 2015 sales were up +12.3% and Business EPS was up +12.8%

+2.6% at CER(1)

Q1 2015 FX Impact

+€782m

Incremental

Sales at CER

+€186m

Q1 2014

+2.4% at CER(1)

€7,842m

€8,810m

€1.17

€1.32

Net Sales(1) Business EPS

5

Strong FX Tailwind on Top and Bottom Line in Q1 2015

as the U.S. Dollar Strengthened

(1) Main currency impact on sales in Q1 2015: U.S. Dollar (+€551.3m); Chinese Yuan (+€77.5m);

Russian Ruble (-€64.0m);

Quarterly Currency Impact

-6.2%

-€497m -5.5%

-€443m

-1.0%

-€81m

+9.9%

+€782m

Q1 2015

Q1 2014 Q2 2014 Q3 2014

Q4 2014

+2.7%

+€229m

Q1 2015

Q1 2014 Q2 2014 Q3 2014

Q4 2014

-9.1%

-€0.11 -8.9%

-€0.10

-€0.03

-2.2%

+1.5%

+€0.02

+10.2%

+€0.12

(1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta,

Belgium, Luxembourg, Portugal, the Netherlands, Austria, Switzerland, Sweden, Ireland, Finland, Norway,

Iceland, Denmark), Japan, South Korea, Australia, and New Zealand

(2) RoW: Japan, South Korea, Canada, Australia, and New Zealand

Balanced Geographical Sales Split in Q1 2015

with Solid Growth in Emerging Markets

32.5%

33.8%

23.1%

10.6%

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(1)

€530m €586m

€846m €849m

Africa & MiddleEast

Eastern Europe,Russia & Turkey

Latin America Asia

+8.6% +7.1% +8.6% Growth at CER +2.7%

Emerging Markets Total Sales by Region

Emerging

Markets

€2,859m +7.3% at CER

U.S.

€2,976m +1.0% at CER

Western EU

€2,031m +0.6% at CER

RoW

€944m -3.5% at CER

(2)

Q1 2015 Sales by Geographies (in €m)

Q1 2015 Sales by Business Areas

(1) Q1 2015 sales were up +12.3% on a reported basis

Growth at CER

Consumer Healthcare

Generics

Genzyme

Diabetes

Oncology

€979m

€478m

€821m

€1,837m

€357m

+5.3%

+10.2%

+30.9%

-3.2%

-7.3%

Sales Growth Driven by Genzyme and Merial

in Q1 2015(1)

% of Sales

11.1%

9.3%

20.9%

5.4%

4.1%

Animal Health

Vaccines

€658m

€697m

+13.5%

-4.6%

7.9%

7.5%

Pharmaceuticals €7,455m

+2.2%

84.6%

7

Established Rx Brands €2,983m

-1.5%

33.8%

8

Genzyme Rare Disease Products Delivered Double-Digit

Growth in Q1 2015

● Rare Disease sales reached €613m in

Q1 2015, up 15.9%

● Sustained leadership positions(1)

in Gaucher, Fabry and Pompe diseases

● Gaucher disease products grew

10.1% to €199 million, including €10m

of Cerdelga® sales

● Over 60% of Cerdelga® patients are from

sources that do not cannibalize existing

Cerezyme sales

● Cerdelga® launched in its first EU market,

Germany, in April 2015

(1) Cerezyme® value share is 72% and Fabrazyme® value share is 62% based on Q1 2015 reported sales by Sanofi and Shire

&

Q1

2015

Q1

2014

Q1

2015

Q1

2014 Q1

2015

Q1

2014

€141m €156m

€199m

+27.6% at CER

+19.0% at CER

+10.1% at CER

Top 3 Rare Disease Sales (€m)

&

Q22013

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Genzyme’s Multiple Sclerosis Business Continued

to Accelerate in Q1 2015

Genzyme MS Franchise Sales (€m)

€208m ● MS sales up +118% at CER to €208m in

Q1 2015

● Aubagio® sales of €170m more than

doubled vs. €78m in Q1 last year

● Only oral treatment with sustained

accumulation of disability data in U.S. label

● Q1 2015 sales of Lemtrada® were €38m,

surpassing FY 2014 sales of €34m

9

€83m

Lemtrada® Aubagio®

Merial Started 2015 with Strong Growth Driven

by NexGard® Launch and Frontline® Stabilization

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● Q1 2015 sales of €658m up +13.5%

● Companion animal sales up +13.1% to

€443m (67% of sales)

● Production animal sales up +14.5% to

€215m

● NexGard® sales more than doubled

in Q1 2015 compared to the same

period of 2014

● Frontline® family continued stable

performance with sales up +1.2% Q2

2013Q3

2013Q4

2013Q1

2014Q2

2014Q3

2014Q4

2014Q1

2015

-5.7% -6.3%

Merial Sales Growth at CER

-6.4%

-1.6%

+12.7%

+6.2%

+11.5%

+13.5%

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Q1

2015

€697m

Q1

2014

€628m

Other

Adult Boosters

Travel/Endemic

Polio/Pertussis/Hib

Influenza Vaccines

Meningitis/Pneumo

Sanofi Pasteur Sales in Q1 2015 Reflect the Delay of the

Southern Hemisphere Influenza Campaign

● Q1 2015 Sanofi Pasteur sales were

€697m, down 4.6% at CER

● Excluding influenza vaccines, sales grew

17.2% in Q1

● Strong PPH sales of €282m, +15.6%

were driven by the continued recovery

of Pentacel® in the U.S.

● Sanofi Pasteur continues to address

remaining supply constraints in 2015

● Menactra® sales grew 50.0% to €87m

due to favorable CDC order phasing in

the U.S.

PPH: Polio, Pertussis, Hib vaccines

(1) Includes VaxServe, a U.S. healthcare supplier serving primary care physician offices, community

immunization providers, immunizing pharmacies, travel clinics and corporations

(1)

Vaccine Sales (€m)

-4.6% at CER

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Diabetes Sales Reflect Expected Change in U.S. Lantus®

Net Pricing

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Diabetes Sales (€m)

€1,837m

● Global diabetes sales of €1,837m

down -3.2% at CER(1) in Q1 2015

● In Emerging Markets and Western EU,

diabetes sales were up +18.5% and

+4.7%, respectively

● U.S. Lantus® sales were down 13.1% due

to expected rebates required to maintain

favorable formulary positions

● Toujeo® sales were €7m reflecting

pre-launch wholesaler demand

● Afrezza® was launched in the U.S. in

Feb 2015

€1,662m

-3.2% at CER(1)

(1) On a reported basis, Q1 2015 diabetes sales were up +10.5% 12

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

13

● Toujeo® was launched in the U.S. at the end of March

● Secured earlier and broader market access than expected

● Toujeo® COACH patient support program available at launch

● European Commission approved Toujeo® in April 2015

● Launch in Germany and UK expected in Q2 2015

● Launches in other countries expected in H2 2015 and early

2016

Global Launch of a New Once-Daily Long-Acting Basal

Insulin Underway

Sanofi Expects to Launch High Potential New Medicines

and Vaccines at an Accelerated Pace

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Up to 18 Launches

2014 - 2020

sarilumab

(U.S.)

Dengue

Vaccine

patisiran Anti-CD38

mAb

PR5i

Vaccine

Vaccine

Shan5

(U.S.)

insulin

lispro

Rotavirus

Vaccine

Praluent™ is the intended trade name for alirocumab.

ILLUSTRATIVE

®

15

Praluent® (alirocumab) is developed in collaboration with Regeneron

(1) Rolling submission process initiated in some endemic countries in Asia and Latin America in 2015.

Regulatory Filings for Three Major New Medicines

or Vaccines Submitted over the Last Year

Key Regulatory Filings

U.S.

Pediatric hexavalent vaccine

PR5i 6-in-1

Endemic

markets(1)

Dengue

Dengue vaccine

U.S.

E.U.

Hypercholesterolemia

16

Praluent® Has the Potential to Transform Management

of Hypercholesterolemic Patients with High CV Risk

● Regulatory reviews underway in the U.S. and Europe

● FDA decision expected in July 2015(1)

● EU decision expected in Q1 2016

● 18-month results of ODYSSEY LONG TERM study were

published in NEJM(2)

● Fewer major CV events observed in post hoc analysis(3)

● ODYSSEY OUTCOMES trial ongoing(4)

● Assess potential to demonstrate CV benefit

(1) FDA PDUFA target action date of July 24, 2015

(2) Robinson JG, Farnier M, Krempf M, et al. Efficacy and safety of alirocumab in reducing lipids and cardiovascular

events. N Engl J Med 2015;372:1489-99. DOI: 10.1056/NEJMoa1501031

(3) Praluent group (27 of 1550 patients, 1.7%) compared with placebo group (26 of 788 patients, 3.3%; hazard ratio 0.52;

95 % CI, 0.31 to 0.90; nominal p < 0.01)

(4) ODYSSEY OUTCOMES (n=18,000): Rationale and design in Schwartz GG et al. Am Heart J 2014;0:1-8.e1.

On Track to Make Dengue

the Next Vaccine-Preventable Disease

● Rolling submission for Dengue vaccine initiated

in endemic countries in Asia and Latin America

● First completed submission expected in H1 2015

● First commercial batches produced and

inventory build-up underway

● Up to 80m lyophilized doses expected to be available

by end of 2015

● First license anticipated before year-end 2015

(1) WHO, 2012, Global Strategy for Dengue Prevention and Control

A Breakthrough Innovation to Help Reduce the Burden of Dengue(1)

17 17

(1) ELIXA evaluated cardiovascular outcomes in patients with Type 2 Diabetes after Acute Coronary Syndrome during

treatment with lixisenatide

(2) LixiLan is a once-daily fixed-ratio combination of insulin glargine and lixisenatide

(3) LixiLan-O evalutates the combination of insulin glargine and lixisenatide in patients insufficiently controlled on OADs

and LixiLan-L focuses on patients not at goal on basal insulin

Additional Clinical Milestones and Regulatory Filings

Expected in 2015

Key Milestones in 2015

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Type 2 Diabetes

ELIXA study results

support U.S. regulatory

submission expected in

Q3 2015(1)

Type 2 Diabetes

Completion of two

Phase III trials

expected in Q3 2015(3)

U.S. regulatory

submission anticipated

in Q4 2015

(2)

Rheumatoid Arthritis

Further Phase III data

expected in 2015

Regulatory submission

expected in late 2015

in the U.S. and H2

2016 in EU

sarilumab

2015

Expected Regulatory Decisions Q1 Q2 Q3 Q4

● Toujeo® in Diabetes in U.S. & EU

● Praluent® (alirocumab) in Hypercholesterolemia (U.S.)

● PR5i 6-in-1 pediatric vaccine (U.S.)

● Dengue vaccine in Endemic Countries

Expected Regulatory Submissions Q1 Q2 Q3 Q4

● Lyxumia® in Diabetes (U.S.)

● LixiLan in Diabetes (U.S. & EU)

● Sarilumab in Rheumatoid Arthritis (U.S.)

Expected Headline Phase III Data Releases Q1 Q2 Q3 Q4

● Lyxumia® ELIXA CV outcome study in Diabetes

● LixiLan in Diabetes

● Sarilumab in Rheumatoid Arthritis

Expected Phase III Starts Q1 Q2 Q3 Q4

● Dupilumab in Asthma and Nasal Polyposis

Innovation Momentum Set to Continue in 2015

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Net Debt (in €m)

Other Net Debt

Mar 31, 2015

-€773m

Acquisitions,

Licensing, Net

of Disposals

-€327m

Share Repurchase

-€794m

Proceeds from

Issuance of Shares

€247m

CapEx

-€355m

Net Cash from

Operating Activities

Net Debt

Mar 31, 2014

Net Debt Increased by 5.6% in Q1 2015 due to Translation

Impact of our Debt Held in U.S. Dollars

(1)

(2)

€7,171m €7,571m €1,602m

(3) (1)

FCF

€1,247m

FCF: Free Cash Flow

(1) Including derivatives related to the financial debt of +€302m at December 31st, 2014 and of +€360m at March 31st, 2015

(2) Excluding Restructuring costs

(3) Other including Restructuring costs of -€148m and FX impact of -€593m 20

Business EPS Growth

Approximately +12%(2)

Stable to slightly growing at CER(1)

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(1) FY 2014 Business EPS of €5.20

(2) Difference between variation on a reported basis and variation at CER, when applying March 2015 average exchange rates

to the remaining three quarters of the year

Outlook for 2015 - Investing in Future Growth Drivers

FY 2015

FX impact on Business EPS

Our Focus Continues to Be on Excellence in Execution

of Sanofi’s Strategy

22

Adapt structure for future

challenges and opportunities 3

Bring innovative products

to market 2

Grow a global healthcare leader

with synergistic platforms 1

Seize value-enhancing

growth opportunities 4

2015 Focus

Maintain financial discipline

Focus company resources

on must-win priorities

Ensure successful launches

Strategy

Sustain leadership positions