Credit Suisse Healthcare Conference Bill Sibold – Executive Vice President, Sanofi Genzyme

Scottsdale, Arizona - November 8, 2017

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

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 Company’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, 2016. Other than as required by applicable law,

Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

Forward Looking Statements

2

3

Agenda

Sanofi Q3 and YTD 2017 Performance

New Sanofi Genzyme Immunology Franchise

Re-Building a Competitive Position in Oncology

Specialty Care Continues to Drive Growth for Sanofi

4

Company Sales and Business EPS Grew at CER in Q3

Business EPS

Q3 2017

€1.71

Q3 2016

€1.79

+1.1% at CER

Company Sales

Q3 2017

€9,053m

Q3 2016

€9,028m

+4.7% at CER

CER: Constant Exchange Rates

9M 2017 Company Sales

5

YTD Sales Slightly Higher Despite Significant LoEs

LoEs: Losses of Exclusivity

(1) Primarily includes SPMSD (€161m) and BI CHC (€1,131m on a Full Sales recognition

basis; €1,073m when adjusting for progressive sales recognition) in 9M 2016. Minor

disposal of CHC activities in China is also included.

(2) 9M 2016 Sales at Constant Structure

(3) Change in sales at CER

(4) Growth at Constant Exchange Rates (CER) and Constant Structure (CS)

Fx 9M 2017

€26,364m -€133m

Sales

€315m

9M 2016

CS

€26,182m

BI CHC /

SPMSD

€1,228m

9M 2016

€24,954m +1.2%

at CER/CS(4)

(1) (2)

(3)

Q3 2017 Sales by Global Business Unit

6

Specialty Care and Vaccines Delivered Strong Growth

while Diabetes Declined in-Line with Expectations

Growth

at CER/CS(1)

(1) Growth at CER and Constant Structure on the basis of Q3 2016 sales including CHC

sales from Boehringer Ingelheim, SPMSD sales and others

(2) Does not include Emerging Markets sales

(3) On a CER basis, growth was +11.0%

(4) Consumer Healthcare includes sales in Emerging Markets

(5) On a CER basis, growth was +48.5%

(6) Includes Emerging Markets sales for Diabetes & Cardiovascular and Specialty Care

(7) Emerging Markets: World excluding U.S., Canada, Western & Eastern Europe

(except Eurasia), Japan, South Korea, Australia, New Zealand and Puerto Rico

(8) Excluding global Consumer Healthcare sales and Vaccines Pictures by Freepik

Company Sales €9,053m

-0.2%

€1,298m

Diabetes & Cardiovascular -14.8%

€1,390m

Sanofi Genzyme (Specialty Care) +13.9%

€1,916m

Sanofi Pasteur (Vaccines) +7.2%

€3,317m

General Medicines & Emerging Markets -3.1% (6,7,8)

(2)

(2)

(4) €1,132m

Consumer Healthcare +1.0% (5)

(3)

7

Agenda

Sanofi Q3 and YTD 2017 Performance

New Sanofi Genzyme Immunology Franchise

Re-Building a Competitive Position in Oncology

Specialty Care Continues to Drive Growth for Sanofi

● Specialty Care franchise up +13%

(+14% first nine months 2017)

● Dupixent sales reached €75m in the U.S.

● Kevzara captured 15% NBRx market share of

subcutaneously administered IL-6 in month 4 post

launch in the U.S.(1)

● Rare Disease franchise up +2.7% due to phasing

in EM and erosion of minor brands

● Multiple Sclerosis franchise sustained double-digit

growth in a competitive market

Global Specialty Care

Franchise Sales

8

Specialty Care Delivers Another Quarter of

Double-Digit Growth in Q3

Q3 2016 Q3 2017

Immunology

Rare Diseases

Multiple Sclerosis

Oncology

€708m

€1,633m

€698m +2.7%

€495m +15.7%

€446m

€363m €363m

+5.0%

€1,517m

+12.5% at CER

All growth at CER unless otherwise stated

(1) Source: IMS NPA MD September 2017

9M 2015 9M 2016 9M 2017

Rare Diseases Franchise Sales Increased 5.3% YTD

Rare Diseases Sales

€2,162m

€2,061m

€1,890m

● Fabry franchise grew +10% to €542m

● Focus primarily on nephrologists and

family tree mapping to drive patient

identification

● Pompe franchise grew +10% to €584m

● Educate on the importance of testing

of high risk patients in neurology and

neuromuscular specialty areas

&

9

+5.3% at CER

Other

10

9M 2015 9M 2016 9M 2017

€1,540m

€362m +18.5%

at CER

€761m

● Fastest growing oral RMS product

with sales up +27% 9M 2017(1)

● Increasing breadth and depth of prescribing

with sales up +19% 9M 2017

● Momentum continues, YTD 62% patient

growth

10

Multiple Sclerosis Sales

€1,178m +26.9%

at CER

Multiple Sclerosis Franchise Continued to Deliver

Strong Growth First 9 Months 2017

€1,236m

DMT: Disease Modifying Therapy

(1) IMS NPA Market Dynamics

+24.8% at CER

11

Attractive Efficacy, Safety, Tolerability and

Once-Daily Oral Dosing Profile(1)

● Approved in 80 countries with >80,000 patients

currently treated worldwide

● Growing and positive experience among patients

and neurologists(2)

● Established safety and tolerability with

over 10 years of clinical trial data(3)

● Only oral RMS treatment to:

● Significantly reduce the risk of disability progression

in two Phase III studies(4)

● Studied in newly diagnosed RMS patients, 72% of

whom remained relapse free(5)

RMS: relapsing multiple sclerosis

(1) Aubagio® (teriflunomide) is effective across key measures of disease activity: sustained

disability progression (14 mg only), annualized relapse rate, and MRI activity.

Common side effects with Aubagio® led to treatment discontinuation rates ≤3.3% in

clinical trials.

(2) Sanofi Genzyme market research

(3) The TEMSO Extension Study: Kappos L et al. ECTRIMS 2015. P1099, O’Connor

P et al. ECTRIMS 2015. P555.

(4) TEMSO study: O’Connor P et al. N Engl J Med. 2011;365:1293-1303; TOWER

study: Confavreux C et al. Lancet Neurol. 2014;13:247-256.

(5) TOPIC study: Miller AE, et al. Lancet Neurol. 2014;13:977-986.

(1) IMS NPA/NSP, September 2017

(2) Oral category includes Aubagio®, Gilenya®, Tecfidera® ; Intravenous category includes Tysabri®, LEMTRADA®, Ocrevus™ ;

Injectable category includes Avonex®, Betaseron/Betaferon®, Copaxone®, Glatopa®, Rebif®, Extavia®, Plegridy™, Zinbryta™

(3) IMS NPA, week ending October 20th, 2017

Making Steady TRx Share Gains in Highly

Competitive Market

Aubagio® is the Fastest Growing

Oral Relapsing MS Product(2)

U.S. TRx Share(3)

Oral Therapies Have Gained

Significant Market Share(1)

U.S. TRx Share(3)

17% 29% 34% 37% 38%

74% 61% 55% 52% 50%

9% 10% 10% 11% 12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 9M 2017

Injectables Intravenous Orals

Tecfidera®

22.0%

0%

5%

10%

15%

20%

25%

Oct-15 Apr-16 Oct-16 Apr-17 Oct-17

Gilenya®

12.1%

9.6%

12

13

Physician Experience and Real World Patient

Results Expected to Drive Continued Growth

● Approved in more than 65 countries with over 16,000 patients

treated commercially worldwide

● Over 15 years clinical trial data

● Over 10,000 patient-years of follow up

● Only relapsing MS therapy in the U.S. which offers efficacy in the

absence of continuous treatment(1)

● No retreatment with Lemtrada® after the initial 2 courses in the core

studies for a majority of patients through Year 7(2)

● ICER report finds Lemtrada® “provided the highest number of

QALYs gained while costing less than all other treatments except

supportive care”(3)

DMTs: Disease-Modifying Therapies

(1) Sustained improvements in relapse, disability, and MRI over 5 years in active RRMS in the absence of continuous dosing demonstrated in CARE-MS I and II extension studies

(2) The percentages of those not receiving retreatment with Lemtrada were: 61% from CARE-MS I and 52% from CARE-MS II

(3) Institute for Clinical and Economic Review (ICER) Final Evidence Report on Disease-Modifying Therapies for Multiple Sclerosis, including daclizumab and ocrelizumab (March 2017

14

Agenda

Sanofi Q3 and YTD 2017 Performance

New Sanofi Genzyme Immunology Franchise

Re-Building a Competitive Position in Oncology

Specialty Care Continues to Drive Growth for Sanofi

Positioned to Grow IL-6 Class and Benefit

from Evolving RA(1) Treatment Paradigm

15

● Launch underway in the U.S. and EU

● U.S. product label includes:

● Consistent efficacy in both MTX-IR(2) and

TNF-IR(3) patients

● Radiographic data supportive of clinical

profile on joint erosion and space narrowing

● Bi-weekly administration for both 200mg and

150mg doses

● Improved market access for 2018

● Captured 15% NBRx share in new

subcutaneous RA IL-6 category in September

(1) Rheumatoid arthritis

(2) MTX-IR: Methotrexate inadequate response

(3) TNF-IR: Anti-TNFa inadequate response

Consistent Efficacy Data

in MTX-IR and TNF-IR patients % of patients achieving ACR20/50/70 at week 24

19.8% 24.8%

37.0% 45.6%

58.0% 66.4%

33.4%

16.6% 7.3%

Kevzara 150mg Kevzara 200mg Placebo

18.2%

ACR70

19.9% 16.3%

ACR50

37.0% 40.8%

ACR20

55.8% 60.9%

33.7%

7.2%

MO

BIL

ITY

MT

X-I

R(3

)

TA

RG

ET

TN

F-I

R(4

)

16

Kevzara - Global Launches of IL-6 mAb in RA Ongoing

(1) Rheumatoid Arthritis

(2) Mechanism of Action

(3) MTX-IR: methotrexate Inadequate Responder; TNF-IR: TNF Inadequate Responder

(4) 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 Humira.

Not included in the initial BLA filed with FDA; Humira (adalimumab) is an AbbVie brand

(5) Every 2 weeks

Trends in RA(1)…

● Use of non-TNFα MOA(2) products is increasing

● Anti-TNFα cycling declining

● Increasing number of patients on

monotherapy

● Patient preference for

sub-cutaneous administration

● IL-6 plays a key role in the

pathophysiology of RA

● Positive Phase 3 results

in MTX-IR and TNF-IR patients(3)

● Positive monotherapy data

versus Humira monotherapy(4)

● Sub-cutaneous administration with

less frequent Q2W(5) dosing

… potentially addressed by Kevzara®

Dupilumab: A Pipeline in a Product – First Approval in

Adults with Moderate-to-Severe Atopic Dermatitis (AD)

Il-4/IL-13 signaling is

considered to be central

to many Type-2 mediated

diseases

IL-4/ IL-13

Atopic Dermatitis

Asthma

Nasal Polyps

Eosinophilic Esophagitis

Food Allergy

(1) Dupilumab is under clinical development in asthma, nasal polyps and eosinophilic esophagitis and its safety and efficacy in these indications have not been

fully evaluated by any Regulatory Authority 17

18

Global Rollout Underway

● Dupixent U.S. launch trend ahead of other

recently launched biologics in dermatology

● Cumulatively over 23,000 patients prescribed

since launch

● Over 7,100 HCPs have prescribed

● ~70% of target physicians are repeat prescribers

● Continued progress with U.S. market access

● 79% of commercial lives covered(1)

● Prior Authorization approval rate >80%

● European approval received in September and

launch in Germany planned by end 2017

0

500

1,000

1,500

2,000

2,500

3,000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

DupixentÒ CosentyxÒ TaltzÒCosentyx Taltz

Weekly TRx since launch

Source: IMS NPA in the U.S. Last week included is October 13th 2017.

(1) Coverage by health plans that currently have a published Dupixent policy but may not have a contract in place

weeks

19

Positive Phase 3 QUEST Study for Dupilumab

in Asthma(1,2)

EoS: Blood eosinophils levels at baseline

FEV1 : Forced Expiratory Volume

Results for the 200mg and 300mg dose groups were generally comparable on

both exacerbations and FEV1

(1) Dupilumab is under investigation in Asthma and the safety and efficacy have

not been evaluated by any regulatory authorities

(2) In adults and adolescents

(3) Adverse Events

(4) Injection Site Reactions

(5) At 300mg every 2 weeks. p<0.001 for all groups

(6) Primary Endpoint

● Dupilumab Phase 3 QUEST study confirms

safety and efficacy profile in uncontrolled

persistent asthma(1)

● First biologic to demonstrate both reduction in

exacerbations and FEV1 improvement in overall

population in Phase 3

● Overall rate of AEs(3) similar to placebo; ISR(4)

more common with dupilumab (17%) than

placebo (8%)

● On track for sBLA submission in Q4 2017

LIBERTY ASTHMA QUEST Primary endpoints

p<0.001

p<0.001 p<0.001

Reduction in s

evere

asth

ma a

ttacks

at 52 w

eeks

(5)

300 EoS/L 150 EoS/L Overall population(6)

Mean F

EV

1

impro

vem

ent at

12 w

eeks

(5)

-46% -60% -67%

+130mL / +9% +150mL / +11%

+240mL / +18%

Placebo dupilumab

20

● Dupilumab significantly reduced maintenance

OCS use in severe asthma patients

● 80% of dupilumab patients reduced OCS use by at

least half compared to 50% for placebo in the overall

population

● 59% reduction in asthma attacks in overall

population despite reduced OCS use

● Dupilumab significantly increased FEV1

(+220mL /15%) compared to placebo

● Safety profile consistent with previous Phase 3

studies

Positive Phase 3 VENTURE Study Further Strengthens

Dupilumab’s Clinical Profile in Asthma(1,2)

LIBERTY ASTHMA VENTURE Primary endpoint and FEV1 improvement

p<0.001

p<0.001

Reduction in

main

tenance

cort

icoste

roid

s

use

Overall population(3) 300 EoS/L

-70%

Placebo dupilumab

All data at week 24

EoS: Blood eosinophils levels at baseline OCS: Oral corticosteroids

FEV1 : Forced Expiratory Volume

The overall rates of adverse events, including infections, conjunctivitis (2 events

dupilumab, 3 events placebo), and herpes were comparable between the dupilumab

and placebo groups. Injection site reactions were more common with dupilumab (9% of

patients) than placebo (4% of patients).

(1) Dupilumab is under investigation in Asthma and the safety and efficacy have not

been evaluated by any regulatory authorities

(2) In adults and adolescents

(3) Primary endpoint

-42% -80%

-43%

p<0.0001

Overall population(3) 300 EoS/L

Mean F

EV

1

impro

vem

ent +220mL / +15%

+320mL / +25%

21

Agenda

Sanofi Q3 and YTD 2017 Performance

Specialty Care Continues to Drive Growth for Sanofi

New Sanofi Genzyme Immunology Franchise

Re-Building a Competitive Position in Oncology

22

Re-Building a Competitive Position in Oncology

MoA: Mechanism of Action

(1) HDeckert, et al. Clin Cancer Res 2014;20:4574–83.

(2) For the treatment of adults with metastatic cutaneous squamous cell carcinoma (CSCC) and adults with locally advanced and unresectable CSCC

Isatuximab

(anti-CD38)

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

● FDA breakthrough designation received in CSCC(2)

● Several other indications with other targets/modalities being considered

Cemiplimab

(PD-1)

Sanofi’s Antibody Drug Conjugates (ADCs) in Phase 1 complementary to

our multi-specific antibody platform and IO strategy

● Product profile potentially differentiated

● Targets unique epitope with a distinct combination MoA(1)

● Phase 3 study in relapsed/refractory multiple myeloma initiated in Q4 2016

● Potential indications beyond multiple myeloma being explored

SAR439684 (PD-1 inhibitor): Registrational Phase 2

Underway Supported by Positive Early Results in CSCC

23

● PD-1 (SAR439684) positive Phase 1 study

results in advanced CSCC(1)

● 46.2% ORR(2) and 69.2% DCR(3)

● Generally well tolerated(4)

● Anticipated FDA submission in mCSCC

in Q1 2018 based on current Phase 2

● Additional studies initiated:

● 1st line NSCLC(5): Phase 3 started

● Advanced BCC(6): Phase 2 started

● Recurrent or Metastatic, Platinum-refractory

Cervical Cancer: Phase 3 started

In collaboration with Regeneron

SAR439684 is an investigational agent under clinical

development and its safety and efficacy has not been fully

evaluated by any Regulatory Authority; also known as

REGN2810

(1) Cutaneous Squamous Cell Carcinoma

(2) Overall Response Rate

(3) Disease Control Rate

(4) The most common treatment-related adverse event of

any grade was fatigue (23.1%). All grade 3 or higher

adverse events occurred once and included arthralgia

(3.8%), maculopapular rash (3.8%), asthenia (3.8%),

aspartate aminotransferase (AST) elevation (3.8%)

and alanine aminotransferase (ALT) elevation (3.8%).

(5) Non-Small Cell Lung Cancer

(6) Basal Cell Carcinoma

(7) Data presented at ASCO 2017

months

PD-1 ORR in Phase 1 CSCC(7)

Percent change in target lesions from baseline

mCSCC locally advanced

(100%)

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

0 2 4 6 8 10 12

24

Conclusion

Specialty Care Continues to Drive Growth for Sanofi 1

Re-Building a Competitive Position in Oncology 5

U.S. Dupixent® Launch Performing Ahead of Expectations 4

Core Rare Disease Brands Remain Strong 2

Multiple Sclerosis Franchise Continues to Deliver Strong Growth 3

25

Invitation to Sanofi’s “Sustaining Innovation” Events

December 13, 2017

Paris - France

December 15, 2017

Boston - U.S.

(1) A live webcast will be available on www.sanofi.com

Analyst meeting(1) to discuss

Sanofi’s R&D strategy and

development pipeline

Lunch meeting with Management

Registration

8:00am

Day ends at

2:30pm

Series of

Q&A sessions

Lunch meeting with Management

Registration

8:00am

Day ends at

2:30pm

Please

register by

December 1, 2017