Q3 2012 Results

Q3 2012 RESULTS

October 25th, 2012

2

Forward Looking Statements

This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of1995, as amended. Forward-looking statements are statements that are not historical facts. These statements includeprojections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions andexpectations 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'smanagement believes that the expectations reflected in such forward-looking statements are reasonable, investors arecautioned that forward-looking information and statements are subject to various risks and uncertainties, many of whichare difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments todiffer 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 theEMA, regarding whether and when to approve any drug, device or biological application that may be filed for any suchproduct candidates as well as their decisions regarding labeling and other matters that could affect the availability orcommercial potential of such product candidates, the absence of guarantee that the product candidates if approved willbe commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's abilityto benefit from external growth opportunities, trends in exchange rates and prevailing interest rates, the impact of costcontainment policies and subsequent changes thereto, the average number of shares outstanding as well as thosediscussed 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 Form20-F for the year ended December 31, 2011. Other than as required by applicable law, Sanofi does not undertake anyobligation to update or revise any forward-looking information or statements.

3

Agenda

3

Key Highlights

● Christopher A. Viehbacher, Chief Executive Officer

Business Performance● Hanspeter Spek, President, Global Operations

● Olivier Charmeil, Senior Vice President, Vaccines

Financial Performance

● Jérôme Contamine, Executive Vice President, Chief Financial Officer

Q&A

KEY HIGHLIGHTS

Christopher A. Viehbacher

Chief Executive Officer

4

Quarterly Sales (€m)

Q3 2011 Q3 2012

€9,040m

(1) Eloxatin® and Aprovel® lost their exclusivity in the U.S. and EU, respectively, in August 2012 (2) On a reported basis, Q3 2012 sales were up +3.3% and YTD 2012 sales were up +6.2%. 5

-3.1%at CER(2)

YTD Sales (€m)

YTD 2011 YTD 2012

€26,421m

+1.2%at CER(2)

€24,881m€8,753m

Generic Competition to Legacy Blockbusters(1)

Impacted Sales Evolution in Q3 2012

YTD 2011 YTD 2012

YTD Business EPS (€)

€5.01

(1) On a reported basis, Q3 2012 Business EPS was down -6.1% and YTD 2012 Business EPS was down -1.6%.6

-8.4%at CER(1)

Q3 2011 Q3 2012

Quarterly Business EPS (€)

€1.68

-14.5%at CER(1)

€5.09€1.79

Q3 2012 Business EPS Decline Reflectsthe Loss of Exclusivity of Plavix® and Avapro® in the U.S.

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

Q2 Q1 Q2 Q3

€6,412m

€5,381m

Growth Platforms Represent Over 70% of Sales

(1) 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) 7

Q2 Q1 Q2 Q3

4.4%of Total Sales

€813m€399m

Key Genericized Products Sales(1)

(€m and % of Total Sales)

€752m

€5,753m

70.9%of Total Sales

€3,339m

€2,207m

20122009 20122009

Growth Platforms Grew by +6.4% in Q3 2012

8(1) New Genzyme perimeter includes Rare Diseases and Multiple Sclerosis franchises(2) Includes new product launches which do not belong to the Growth Platforms listed above: Multaq®, Jevtana®, Mozobil® and Zaltrap®

+17.5%

+0.7%

+5.9%

+3.8%

+22.5%

Innovative Products(2) €154m +7.6%

+6.8%

Vaccines €1,481m

Diabetes Solutions €1,486m

Consumer Health Care €733m

Animal Health €519m

Emerging Markets €2,821m

New Genzyme(1) €470m

Growth at CER

9

Genzyme Delivered Strong Performance in Q3 2012

Quarterly Sales (€m)● Q3 2012 rare diseases sales

reached €470m, up +22.5% at CER

● Strong rebound of Fabrazyme®

benefiting from:

● Supply from new Framingham plant

● Shire’s withdrawal of Replagal® BLA in the U.S. earlier this year

● Cerezyme® and Myozyme® growing at high-single digit rate at CER

&

87

116

141

101

32

163

Q32012

Q32011

Q32012

Q32011

Q32012

Q32011

(1) BLA: Biologics License Application

Eliglustat(1) - A Novel Oral Therapy in Gaucher Disease

● Potent, novel substrate inhibitor

● Oral therapy ● Eliminating challenges of infusions

● Positive results from ENGAGE, first Phase III study (vs. placebo)● Primary endpoint and all secondary

endpoints met ● Well tolerated with no serious

adverse events reported

● ENCORE Phase III results (vs. Cerezyme®) expected in early 2013

10(1) Eliglustat tartrate is an investigational drug(2) Secondary endpoints included improvements in hemoglobin levels and platelet levels, as well as liver volumes

+2%

-28%

Placebo

Eliglustat

Change in Spleen Volume(% change at 9 months)

30%Absolute Difference

11

(1) ZALTRAP® is indicated in combination with FOLFIRI for patients with metastatic colorectal cancer (mCRC) that is resistant to or has progressed following an oxaliplatin-containing regimen

(2) Van Cutsem, et al. JCO Oct 1, 2012:3499-3506; published online on September 4, 2012; 10.1200/JCO.2012.42.8201. (3) AUBAGIO® 14mg reduced progression of disability vs. placebo in TEMSO by-29,7% (p=0,0279) and in TOWER by 31,5% (p=0,0442).

AUBAGIO® 7mg is also available in the U.S. AUBAGIO® 7 mg has not shown a statistically significant reduction in progression of disability vs. placebo.

● A novel VEGF trap for 2L m-CRC(1)

● Significant improvement in OS demonstrated in the VELOUR study(2)

● Launch on-track with sales of €7m since late August 2012

Two New Drug Approvals Granted by FDA in Q3 2012

● Only oral MS drug to significantly reduce progression of disability in two Phase III trials(3)

● Convenience of OD oral administration to avoid the burden of regular injections

● Launched in October 2012

Several Regulatory Milestones Expected in Next 6 Months

hoFH: Homozygous Familial HypercholesterolemiaheFH: Heterozygous Familial Hypercholesterolemia 12

Lyxumia® , Kynamro™ and Lemtrada™ are registered trade names submitted to health authorities for investigational agentsZaltrap® is developed in collaboration with Regeneron, Kynamro™ with Isis Pharmaceuticals and Lyxumia® is in-licensed from Zealand PharmaGenzyme is developing Lemtrada™ in MS in collaboration with Bayer HealthCare

PDUFA: Prescription Drug User Fee Act CHMP: Committee for Medicinal Products for Human Use

Expected Milestones

CHMP Opinion: Q4 2012

Products

® MetastaticColorectal Cancer

FDA Re-Submission on track(2)

CHMP Opinion: Q2 2013Relapsing Forms ofMultiple Sclerosis

CHMP Opinion: Q4 2012PDUFA Date: Jan 29, 2013(1)

TM hoFH/severe heFH in EU and hoFH in the U.S

Targeted Indications

CHMP Opinion: Q1 2013Relapsing Forms ofMultiple Sclerosis

®

CHMP Opinion: Q4 2012FDA Submission: Dec 2012

®

Type 2 Diabetes

(1) On October 18th 2012, an FDA AdCom recommended Kynamro™ for hoFH.(2) Sanofi will make an announcement when the FDA makes a decision concerning the acceptance of the file.

DTP-HepB-Polio-Hib EU Licensure: Q2 2013New 6-in-1

Paediatric Vaccine

13

Outlook for 2012 Adjusted to Reflect YTD Performance

Tailwinds Headwinds

● Solid sales performance of our Growth Platforms, in particular Diabetes & Genzyme

● Continued discipline on costs

● Good operating margin level(1)

● Small tax rate improvement

● Generic competition against legacy blockbusters(2)

● EU austerity measures

● Global macroeconomic environment

● Copaxone® agreement terminated in early Q1 2012

2012 Business EPS to be around 12% lower than 2011 Business EPS at CER(3)

barring major unforeseen adverse events

(1) Includes a one-time payment of $80m by BMS to Sanofi for resolution of disputes related to the Avalide® supply disruption in the U.S. in 2011.(2) Mainly Plavix®, Lovenox®, Eloxatin® and Avapro® in the U.S., Plavix® and Aprovel® in Western EU, Taxotere® in the U.S. & Western EU(3) Growth is at CER (Constant Exchange Rates) from a FY 2011 Business EPS of €6.65

BUSINESS PERFORMANCE

14

Hanspeter Spek

President, Global Operations

Olivier Charmeil

Senior Vice President, Vaccines

Growth Platforms and FX More Than Compensate for Generic Competition and Copaxone®/Dermik

15

Q3 2012 sales (€m)

(1) Sales impact from end of Copaxone® agreement and Dermik disposal: -€150m

+3.3%

+ €561m- €448m

- €190m

®(1)

+ €364m

Q3 2011 Q3 2012

Sanofi Pasteur - Solid Underlying Performance in Q3 2012 Impacted by Supply Constraints

16

1,145

16

MatureMarkets

EmergingMarkets

336

1,4811,343

● Q3 2012 sales of €1,481m, up +0.7% at CER● Strong PPH vaccines sales of €320m,

up +16.0% at CER ● Strong Pentaxim® uptake in China and Mexico ● Successful launch of Imovax® Polio in Japan

in Sep 2012 with sales of €65m● Submission of a new hexavalent paediatric

vaccine in EU completed in Aug 2012

● U.S. sales of €908m, down -6.9% at CER● Supply of Flu vaccines extending into Q4 2012

unlike last year● Temporary supply limitations for Pentacel®

and TheraCys®/ImmunoCyst®


(1) Closing of the transaction subject to certain conditions precedent and expected to occur in Q1 2013(2) World excluding 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

Another Solid Quarter in Emerging Markets in Q3 2012

● Q3 2012 Emerging Markets sales of €2,821m, up +6.8% at CER

● Further reduced exposure to Western EU where austerity measures continue

● Acquisition of Genfar(1) in Colombia to expand our presence in LatAm

31.2%

33.2%

22.6%

13.0%

17

(2)

+11.3% +9.4% +1.1% +2.8%Growthat CER

Double Digit Growth of our Diabetes Franchisefor a Seventh Consecutive Quarter


18

● Q3 2012 Diabetes sales of €1,486m, up +17.5% at CER● Continued strong performance of Lantus®, up +20.7% at CER

USA: €800m +22.1%

Emerging Markets: €204m +31.5%

Western EU: €197m +6.6%

RoW: €78m +22.8%

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

1,279

968900

2010 2011 2012

Growthat CER

Broadening our Diabetes Platformwith New Patient Focused Solutions

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® ● Once-daily and pronounced PPG lowering effect

● Use on top of basal insulin

● ELIXA: CV outcome study ongoing

Lyxumia® is the intended trademark for lixisenatide. Lixisenatide is currently not approved or licensed anywhere in the world.Lixisenatide was in-licensed from Zealand Pharma A/S. PPG: postprandial glucose PK/PD – Pharmacokinetic/Pharmacodynamic TD1 and TD2: Type 1 and Type 2 diabetes(1) Except for the device intended for Japan (2 steps to maintenance dose with one pen)(2) EDITION I, II, III, IV, JPI, JPII - ClinicalTrials.gov Identifier: NCT 1499082, 01499095, 01676220 & 01683266, 01689129 & 01689142

● Unique flat PK/PD profile and lower injection volume

● EDITION program: six Phase III trials currently ongoing in T1D and T2D(2)

● First state-of-the art re-usable insulin pen, manufactured by a global company in India

● For use with Sanofi’s insulin portfolio in India and possibly other Emerging Markets

NEWINSULIN GLARGINE

FORMULATION

20

665

576

356

Q3 2009 Q3 2010 Q3 2011 Q3 2012

Now a Top 3 Player in Consumer Healthcare(1)

733

(1) Source: Nicholas Hall & Company - MAT June 2012


● Solid Q3 2012 sales of €733m, up +5.9% at CER● Strong double digit growth in Emerging Markets, up +16.1% at CER driven

by local champions (Dorflex®, NoSpa®, Lactacyd®, Enterogermina®)

● New Joint-Venture in Japan with Hisamitsu to launch OTC allergy medications

Allegra® FX

Merial Shows Steady Performance in Q3 2012

21

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

519

● Q3 2012 sales of €519m, up +3.8% at CER ● Continued strong growth in Emerging

Markets: €140m, up +21.1% at CER

● Good sales of Heartgard®

● Increased fipronil generic competitionin the U.S. partially compensated by launch of Frontline® TRITAK

● Best-in-class business operating margin further increased to 33.6% in 9M 2012 thanks to integration synergies

470


(1) Business operating margin of 32.2% in 9M 2012

22

An Innovative Productwith a Breakthrough Design(1)

(1) Sanofi U.S. licensed the North American commercialization rights to the epinephrine auto-injector from Intelliject, Inc.,(2) Source: 2010 American Academy of Allergy, Asthma & Immunology (AAAAI) Practice Parameters (3) Source: Mylan Form 10-K for the period ending Dec 31, 2011 and Mylan Investor Day on Feb 21, 2012(4) IMS MAT sales through July 2012

● Nearly 6 million people in the U.S. may be at risk for anaphylaxis(2)

● One main U.S. competitor with >95% market share(3): EpiPen® from Mylan ● Estimated U.S. sales of $570m(4)

● Auvi-Q™ offers a unique compact size and shape● Audio and visual cues that guide users

through the injection process

● Retractable needle mechanism

● FDA approval in Aug and U.S. launch planned in Q1 2013

FINANCIAL PERFORMANCE

Jérôme Contamine

Executive Vice President, Chief Financial Officer

23

The Patent Cliff Explains the BOI Decline in Q3 2012

€m Q3 2012 Q3 2011 % Change(reported €)

% Change(CER)

Net sales 9,040 8,753 +3.3% -3.1%

Other revenues 200 419 -52.3% -55.1%

Cost of sales (2,881) (2,755) +4.6% +0.4%

Gross profit 6,359 6,417 -0.9% -8.1%

R&D (1,149) (1,221) -5.9% -10.7%

SG&A (2,183) (2,114) +3.3% -2.7%

Other current operating income & expenses 67 40 - -

Share of Profit/Loss of associates 6 276 -97.8% -97.1%

Non controlling interests (39) (54) - -

Business operating income 3,061 3,344 -8.5% -16.7%

Business operating margin 33.9% 38.2% - -

24CER: Constant Exchange Rates

Q3 2012Q3 2011 Q3 2011

25

Loss of U.S. Exclusivity of Plavix® and Avapro® Impacted Other Revenues & Income from Associates in Q3 2012

Evolution of "Other Revenues"

Evolution of“Income from Associates"

(1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012(2) Including a positive impact from a one-time payment of $80m by BMS. When excluding this payment, “Other Revenues” would have been €45m lower. (3) BNI impact calculated including a one-time payment of $80m by BMS.

Q3 2012

€419m

Loss of Exclusivity of Plavix® and Avapro® in the U.S.(1)

€276mImpact onQ3 2012

Business Net Income:

€469m(3)

€200m(2)

€6m

Q2 2012Q1 2012 Q3 2012 Q2 2012Q1 2012 Q3 2012

26

Sales and Business Operating Income Lifted Againby Favorable Currency Tailwind in Q3 2012

(1) Currency impact on sales in Q3 2012: USD / US dollar (+€354m); JPY / Japanese Yen (+€82m); CNY / Chinese Yuan (+€40m)

Quarterly Currency Impact (in % points)

+2.4%

+5.8%

+4.0%

+8.0%

€486m

€187m

€235m

€120m

+6.4%€561m

+8.2%

€277m

9M 2012+5.0% or €1,234m

Sales Business Operating Income

9M 2012+6.8% or €632m

CoS Ratio In-Line with Guidance of ~31.5% for FY 2012

Cost of Sales (%)

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

● Relatively stable Cost of Sales (CoS) in Q3 2012: €2,881m, up +0.4% at CER

● CoS ratio slightly up in 9M 2012 vs. 9M 2011 (31.1% vs. 30.9%)reflecting:

● Product mix evolution partially compensated by productivity enhancement

● Favourable currency impact

32.0%31.5%31.0% 30.7%30.4% 30.8%

27

31.9%

(1) Cost of Sales was up +0.4% at CER

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

13.9%

Good Control of R&D Expenses in Q3 2012

28

● Q3 2012 R&D expenses of €1,149m, down -10.7% at CERreflecting:● Good internal cost management

● Ongoing transforming initiatives

● Positive impact of a reimbursement related to a new 6-in-1 paediatric vaccine by the SPMSD JV

● R&D/Sales ratio down 0.6 points in 9M 2012 vs. 9M 2011 (13.5% vs. 14.1%)

28

R&D/Sales Ratio (%)

15.2%13.8%14.1% 14.3% 14.0%

12.7%

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Tight Control over G&A Expenses in Q3 2012

29

SG&A/Sales Ratio (%)● Q3 2012 SG&A expenses of €2,183m, down -2.7% at CER reflecting:

● Genzyme integration synergies

● Tight control of G&A expenses down -4.1% at CER

● SG&A/Sales ratio down 0.4 pointsin 9M 2012 vs. 9M 2011 (25.0% vs. 25.4%)

29

24.2% 26.1% 24.9%24.8%27.2%

25.8% 24.1%

Business EPS Down 14.0% at CER in Q3 2012

30

€m Q3 2012 Q3 2011 % Change(reported €)

% Change(CER)

Business operating income 3,061 3,344 -8.5% -16.7%

Net financial expenses (84) (121) - -

Income tax expense (756) (825) - -

Effective tax rate -25.1% -27.5% - -

Business net income 2,221 2,398 -7.4% -15.9%

Net margin 24.6% 27.4% - -

Business EPS 1.68 1.79 -6.1% -14.5%

Average number of shares outstanding (in million) 1,318.4 1,339.4 - -

CER: Constant Exchange Rates (1) Including a capital gain linked to the divestment of the stake in Yves Rocher

(1)

Net Debt Sep 30, 2012

Restructuring Costs & Others

+403

Dividend & Share

Repurchase

-4,312

Acquisitions & Licensing

-348

CapEx

- 991

Net Cash from Operating Activities

Net Debt Dec 31, 2011

Solid Free Cash Flow Generated in 9M 2012Despite the Loss of Exclusivity of Plavix® in the U.S.

31

(2)

(3)

In €m

-10,859-9,304

FCF+5,812

+6,803

(2)

(1) Free Cash Flow of €6,507m in 9M 2011(2) Including derivatives related to the financial debt: €456m at December 31, 2011, and €561m at September 30, 2012(3) Excluding Restructuring costs

9M 2012

● Free Cash Flow of €5,812m, down -10.7% in 9M 2012(1)

● Dividend of €3,487m paid in Q2 2012

● Share repurchases of €825m in 9M 2012

● Net debt decreased by €2,043m in Q3 2012

Business EPS Slightly Better than Anticipated in 9M 2012

As expected, 9M 2012 sales benefited from a solid performance of our Growth Platforms and from the consolidation of Genzyme for one additional quarter

Generic competition to our legacy blockbusters was as fierce as expected and EU austerity measures have somewhat intensified in 9M 2012

Continued discipline on costs as demonstrated in 9M 2012 and progressive increase in new product launch costs

Some specific items have positively impacted 9M 2012 business EPS

Performance in 9M 2012 allows us to adjust our FY 2012 guidance despite a challenging global environment

1

2

3

4

32

5

APPENDICES

R&D Pipeline

33

34

Late Stage Pipeline – Pharma & Vaccines

eliglustat tartrateGlucosylceramide synthetase inhibitor

Gaucher disease

otamixabanDirect Xa inhibitor

ACS

Quadracel®Diphtheria, tetanus, pertussis& polio vaccine; 4-6 y of age

Hexaxim™ / New hexavalent vaccineDTP-HepB-Polio-Hib vaccine

iniparib (BSI-201)Squamous NSCLC (1L)

lixisenatide GLP-1 agonist

Type 2 diabetes, U.S.

VaxiGrip® QIV IMQuadrivalent inactivated

influenza vaccine

Fluzone® QIV IMQuadrivalent inactivated

influenza vaccine

ombrabulinVascular disrupting agent

Soft tissue sarcoma (2L/3L)

Insulin glargineNew formulation

Type 1+2 diabetes

Aubagio® (teriflunomide)Relapsing forms of Multiple sclerosis

(RMS) – Monotherapy, EU

SAR302503 (TG101348)JAK-2 inhibitor

Myelofibrosis (1L)

mipomersenApolipoprotein B-100 antisense

Severe HeFH, U.S.

alemtuzumab Anti-CD52 mAb

Multiple sclerosis, EU

Jevtana® (cabazitaxel) Metastatic prostate cancer (1L)

SAR236553Anti-PCSK-9 mAb

Hypercholesterolemia

Allegra®

fexofenadineDry syrup, Japan

SYNVISC-ONE™Medical device Pain in hip OA

sarilumab (SAR153191)Anti-IL-6R mAb

Rheumatoid arthritis

mipomersenApolipoprotein B-100 antisenseHoFH and severe HeFH in EU;

HoFH in U.S.

MACI®Cell-based treatment

Articular cartilage defects

DengueMild-to-severe

dengue fever vaccine

lixisenatideGLP-1 agonist

Type 2 diabetes, EU / Japan

Aubagio® (teriflunomide)Multiple sclerosis Adjunct therapy

DTP-HepB-Polio-HibPediatric hexavalent vaccine

Zaltrap® (aflibercept)VEGF-Trap

2nd line mCRC, EU

RegistrationPhase III

N

N

N

N

N

N

34

N

N N

N

N New Molecular EntityCentral Nervous System

Genetic diseases

OncologyMetabolic Disorders

VaccinesInternal Medicine

Biosurgery

Thrombosis

AgingOphthalmology

N

Early Stage Pipeline – Pharma & Vaccines

iniparib (BSI-201)Platinum-resistant ovarian cancer (2L)

FOV1101FDC prednisolone/cyclosporine

Allergic conjunctivitis

SAR231893Anti-IL4 mAb

Asthma; Atopic dermatitis

SAR3419Maytansin-loaded anti-CD19 mAb

B-cell malignancies refractory/relapsed (NHL, ALL)

SAR292833 (GRC15300)TRPV3 antagonist

Neuropathic pain, osteoarthritic pain

ferroquineAntimalarial

Malaria

SAR256212 (MM121) anti-ErbB3 mAb

Breast cancer (2L, 3L)

SAR110894H3 antagonist

Alzheimer's disease

fresolimumabTGFβ antagonist

Fibrosis

SAR245408 (XL147)Oral PI3K inhibitor

Endometrial cancer (2L)

SAR113945IKK-β inhibitorOsteoarthritis

SAR97276Antimalarial

Malaria

SAR245409 (XL765)Oral dual inhibitor of PI3K & mTOR

Non-Hodgkin lymphoma

Meninge ACYW conj.2nd generation meningococcal

Conjugate infant vaccine

SAR279356 (F598)Anti-PNAG mAb

Serious infections

ombrabulinVascular disrupting agent

Ovarian cancer (2L)

ACAM-CdiffClostridium difficile

Toxoid vaccine

SAR339658VLA 2 antagonist

Inflammatory bowel disease

SAR302503 (TG101348)JAK-2 inhibitor

Polycythemia vera (2L)Incyte (ruxolitinib) resistant/intolerant MF

Rabies VRVgPurified vero rabies vaccine

SAR156597IL4/IL13 Bi-specific mAb

Idiopathic pulmonary fibrosis

Jevtana® (cabazitaxel) Small cell lung cancer (2L)

Phase II

N

N

N

N

N

N

N

N

N

N N

N

N

3535


Genetic diseases



Biosurgery

Thrombosis

AgingOphthalmology

N

N

36

Early Stage Pipeline – Pharma & Vaccines

SAR153192Anti-DLL4 mAb

Solid tumors

SAR405838 (MI-773)HDM2 / p53 antagonist

Solid tumors and hematological malignancies

SAR252067Anti-LIGHT mAb

Crohn’s disease & Ulcerative colitis

RotavirusLive Attenuated Tetravalent

Rotavirus oral vaccine

GZ402674Non-camptothecin topo1 inhibitor

Solid tumors

SAR260301PI3K β selective

PTEN – Deficient tumors

SAR100842LPA-1/LPA-3

Skin manifestation of scleroderma

Streptococcus pneumoniaMeningitis & pneumonia vaccine

SAR650984Anti-CD38 naked mAb

Hematological malignancies

SAR127963P75 receptor antagonist

Trauma brain injury

SAR113244Anti-CXCRS mAb

Systemic lupus erythematosus

Pseudomonas aeruginosaAntibody fragment product

Prevention of ventilator-associated pneumonia

SAR566658Maytansin-loaded anti-DS6 mAb

DS6 positive solid tumors

GZ404477(AAV-hAADC)Gene therapy

Parkinson's disease

SAR407899Rho kinase inhibitor

Diabetic nephropathy

Tuberculosis Recombinant subunit vaccine

SAR307746Anti-Ang2 mAb

Solid tumors

SAR391786Rehabilitation post orthopedic surgery

lixisenatide + Lantus®

GLP-1 agonist + insulin glargineFix-Flex / Type 2 diabetes

RetinoStat®

Gene therapy Wet age-related macular degeneration (AMD)

SAR125844C-Met kinase inhibitor

Solid tumors

SAR228810Anti-protofibrillar AB mAb

Alzheimer’s disease

SAR164653Cathepsin A inhibitor

CV-related complications & deaths in diabetic patients

StarGen®

Gene therapyStargardt disease

CombinationsSAR245409 / MSC1936369B

SAR245408/SAR256212 (MM121)Solid tumors

SAR399063DHA-GLP + vit DPre-sarcopenia

GZ402665(rhASM)

Niemann-Pick type B

GZ402663 (sFLT-01)Gene therapy

Age-related macular degeneration(AMD)

SAR393590 (Oral clofaribine)DNA synthesis inhibitor

Hematological malignancies

SAR404460DHA-GPL + Vit DPre-sarcopenia

GZ402671GCS InhibitorFabry Disease

UshStat®

Gene therapyUsher syndrome 1B

Jevtana® (cabazitaxel) Gastric cancer (2L)

SAR126119TAFIa inhibitor

Acute ischemic stroke

Phase IN

N

N

N

NN

N

N N

N

N

N N

36

NN

N

N

N

N


Genetic diseases



Biosurgery

Thrombosis

AgingOphthalmology

N

NN

N

N

N

N

37

Phase I Phase II Phase III Registration TOTAL

Oncology 8 4 3 0 15

Metabolic Disorders 2 0 1 2 5

Thrombosis 1 0 1 0 2

Central Nervous System 2 0 0 2 4

Internal Medicine 3 7 1 0 11

Ophthalmology 4 1 0 0 5

Genetic Diseases 2 0 1 0 3

Aging 4 3 0 0 7

Vaccines 4 3 4 2 13

TOTAL 30 18 11 6

R&D Pipeline Summary TableNew Molecular Entities (NMEs) and Vaccines

48 17NMEs & Vaccines

65

37

52

38

Expected R&D Milestones – Pharmaceuticals

38

Product Event TimingZaltrap® (aflibercept) Expected CHMP decision in 2nd line mCRC in EU Q4 2012

Lyxumia® (lixisenatide) Expected CHMP decision in type 2 diabetes in EU Q4 2012

Kynamro™ (mipomersen) Expected CHMP decision in hoFH and severe heFH in EU Q4 2012

ombrabulin Phase III headline results in sarcoma Q4 2012

anti-PCSK9 mAb Expected start of CV morbi/mortality Phase III (ODYSSEY program) Nov 2012

Lyxumia® (lixisenatide) Expected FDA submission in type 2 diabetes in U.S. Dec 2012

AubagioTM (teriflunomide) Expected CHMP decision in RMS in EU Q1 2013

Kynamro™ (mipomersen) Expected FDA decision in hoFH in the U.S. Q1 2013

eliglustat tartrate Phase III headline results in Gaucher disease (ENCORE) Q1 2013

Lemtrada™ (alemtuzumab) Expected CHMP decision in RMS in EU Q2 2013

iniparib Phase III headline results in 1st line squamous NSCLC Q2 2013

otamixaban Phase III headline results in ACS Q2 2013

JAK2 inhibitor Phase III headline results in myelofibrosis Q2 2013

39

Expected R&D Milestones – Vaccines

39

Product Event TimingFluzone® QIV ID Expected start of Phase III study Q4 2012

Vaxigrip® QIV IM Expected submission of regulatory file in EU Q1 2013

Fluzone® QIV IM Expected licensure in the U.S. Q2 2013

6-in-1 paediatric vaccine Expected licensure in EU Q2 2013

ACAM-Cdiff Expected start of Phase III study Q3 2013

APPENDICES

FINANCE

40

Business Net Income Statement

* Net of tax** Determined on the basis of Business income before tax, associates, and non‐controlling interests*** Based on an average number of shares outstanding of 1,318.4 million in the third quarter of 2012 and 1,339.4 million in the third quarter of 2011

Third quarter 2012

Net sales 7,040 6,940 1.4% 1,481 1,343 10.3% 519 470 10.4% 9,040 8,753 3.3%Other revenues 184 406 (54.7%) 7 8 (12.5%) 9 5 80.0% 200 419 (52.3%)Cost of sales (2,133) (2,094) 1.9% (578) (502) 15.1% (170) (159) 6.9% (2,881) (2,755) 4.6%As % of net sales (30.3%) (30.2%) (39.1%) (37.4%) (32.7%) (33.9%) (31.9%) (31.5%)Gross profit 5,091 5,252 (3.1%) 910 849 7.2% 358 316 13.3% 6,359 6,417 (0.9%)As % of net sales 72.3% 75.7% 61.4% 63.2% 69.0% 67.2% 70.3% 73.3%Research and development expenses

(1,016) (1,031) (1.5%) (97) (154) (37.0%) (36) (36) 0.0% (1,149) (1,221) (5.9%)

As % of net sales (14.4%) (14.9%) (6.5%) (11.5%) (6.9%) (7.7%) (12.7%) (13.9%)Selling and general expenses

(1,874) (1,827) 2.6% (153) (140) 9.3% (156) (147) 6.1% (2,183) (2,114) 3.3%

As % of net sales (26.6%) (26.3%) (10.3%) (10.4%) (30.1%) (31.2%) (24.1%) (24.2%)Other current operating income/expenses

58 (1) (2) 2 7 (4) 4 43 67 40

Share of profit/loss of associates*

10 269 (4) 7 6 276

Net income attributable to non-controlling interests

(39) (55) 1 (39) (54)

Business operating income 2,230 2,607 (14.5%) 654 564 16.0% 173 130 33.1% 4 43 3,061 3,344 (8.5%)

As % of net sales 31.7% 37.6% 44.2% 42.0% 33.3% 27.7% 33.9% 38.2%Financial income and expenses (84) (121)

Income tax expense (756) (825)

Tax rate** 25.1% 27.5%Business net income 2,221 2,398 (7.4%)As % of net sales 24.6% 27.4%Business earnings per share*** (in euros) 1.68 1.79 (6.1%)

Group Total

Millions of euros Q3 2012 Q3 2011 Q3 2011 % changeQ3 2012 Q3 2012 Q3 2011Q3 2011

Pharmaceuticals

% change

Vaccines Animal health

Q3 2012 Q3 2011

Other

% change Q3 2012% change

Business Net Income Statement

* Net of tax** Determined on the basis of Business income before tax, associates, and non‐controlling interests*** Based on an average number of shares outstanding of 1,319 million in the first nine months of 2012 and 1,318.9 million in the first nine months of 2011

Nine months 2012

Net sales 21,867 20,670 5.8% 2,881 2,651 8.7% 1,673 1,560 7.2% 26,421 24,881 6.2%Other revenues 829 1,222 (32.2%) 17 18 (5.6%) 27 14 92.9% 873 1,254 (30.4%)Cost of sales (6,564) (6,167) 6.4% (1,144) (1,052) 8.7% (516) (486) 6.2% (8,224) (7,705) 6.7%As % of net sales (30.0%) (29.8%) (39.7%) (39.7%) (30.8%) (31.2%) (31.1%) (30.9%)Gross profit 16,132 15,725 2.6% 1,754 1,617 8.5% 1,184 1,088 8.8% 19,070 18,430 3.5%As % of net sales 73.8% 76.1% 60.9% 61.0% 70.8% 69.7% 72.2% 74.1%Research and development expenses

(3,067) (2,994) 2.4% (381) (418) (8.9%) (116) (106) 9.4% (3,564) (3,518) 1.3%

As % of net sales (14.0%) (14.5%) (13.2%) (15.8%) (6.9%) (6.8%) (13.5%) (14.1%)Selling and general expenses

(5,637) (5,441) 3.6% (441) (404) 9.2% (514) (469) 9.6% (1) (1) (6,593) (6,315) 4.4%

As % of net sales (25.8%) (26.3%) (15.3%) (15.2%) (30.7%) (30.1%) (25.0%) (25.4%)Other current operating income/expenses

37 41 (3) 1 8 (11) 20 32 62 63

Share of profit/loss of associates*

435 828 (10) 5 13 425 846

Net income attributable to non-controlling interests

(143) (191) 1 (143) (190)

Business operating income

7,757 7,968 (2.6%) 919 801 14.7% 562 503 11.7% 19 44 9,257 9,316 (0.6%)

As % of net sales 35.5% 38.5% 31.9% 30.2% 33.6% 32.2% 35.0% 37.4%Financial income and expenses (311) (299)

Income tax expense (2,339) (2,299)

Tax rate** 27.0% 27.5%Business net income 6,607 6,718 (1.7%)As % of net sales 25.0% 27.0%Business earnings per share*** (in euros) 5.01 5.09 (1.6%)

9M 2012 9M 2011 9M 2012% change % change9M 2012 9M 2012 9M 20119M 2011

Other

% change

Vaccines Animal health Group Total

Millions of euros 9M 2012 9M 2011 9M 2011

Pharmaceuticals

% change

4343

Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of sanofi

Millions of euros Q3 2012 Q3 2011 % changeBusiness net income 2,221 2,398 (7.4%)Amortization of intangible assets (816) (804)

Impairment of intangible assets 12 (7)

Fair value remeasurement of contingent consideration liabilities (86) 233

Expenses arising from the impact of acquisitions on inventories (3) (140)

Restructuring costs (57) (70)

Other gains and losses, and litigation

Tax effect of: 294 427

amortization of intangible assets 277 354 impairment of intangible assets (4) 2 fair value remeasurement of contingent consideration liabilities 3 5 expenses arising on the workdown of acquired inventories 1 42 restructuring costs 17 24 other gains and losses, and litigation

Share of items listed above attributable to non-controlling interests 1

Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures (7) (7)

Net income attributable to equity holders of sanofi 1,559 2,030 (23.2%)Consolidated earnings per share (in euros) 1.18 1.52 (22.4%)

4444

Reconciliation of Business Net Income to Consolidated Net Income Attributable to Equity Holders of sanofi

Millions of euros 9M 2012 9M 2011 % changeBusiness net income 6,607 6,718 (1.7%)Amortization of intangible assets (2,491) (2,505)

Impairment of intangible assets (28) (76)

Fair value remeasurement of contingent consideration liabilities (192) 167

Expenses arising from the impact of acquisitions on inventories (20) (404)

Restructuring costs (307) (537)

Other gains and losses, and litigation (517)

Tax effect of: 1,008 1,429

amortization of intangible assets 892 913 impairment of intangible assets 10 22 fair value remeasurement of contingent consideration liabilities 6 10 expenses arising on the workdown of acquired inventories 6 120 restructuring costs 94 174 other gains and losses, and litigation 190

Share of items listed above attributable to non-controlling interests 2

Restructuring costs of associates and joint ventures, and expenses arising from the impact of acquisitions on associates and joint ventures (22) (21)

Net income attributable to equity holders of sanofi 4,557 4,254 7.1%Consolidated earnings per share (in euros) 3.45 3.23 6.8%

Consolidated Income Statements

€ million

Net sales 9,040 8,753 26,421 24,881

Other revenues 200 419 873 1,254

Cost of sales (2,884) (2,895) (8,244) (8,109)

Gross profit 6,356 6,277 19,050 18,026

Research and development expenses (1,149) (1,221) (3,564) (3,518)

Selling and general expenses (2,183) (2,114) (6,593) (6,315)

Other operating income 117 90 436 281

Other operating expenses (50) (50) (374) (218)

Amortization of intangible assets (816) (804) (2,491) (2,505)

Impairment of intangible assets 12 (7) (28) (76)

Fair value remeasurement of contingent consideration liabilities (86) 233 (192) 167

Restructuring costs (57) (70) (307) (537)

Other gains and losses, and litigation (517)

Operating income 2,144 2,334 5,937 4,788

Q3 2011Q3 2012 9M 20119M 2012

Consolidated Income Statements

€ million

Operating income 2,144 2,334 5,937 4,788

Financial expenses (135) (153) (407) (387)

Financial income 51 32 96 88Income before tax and associates and joint ventures 2,060 2,213 5,626 4,489

Income tax expense (462) (398) (1,331) (870)Share of profit / loss of associates and joint ventures (1) 269 403 825

Net income 1,597 2,084 4,698 4,444

Net income attributable to non-controlling interests 38 54 141 190

Net income attributable to equity holders of sanofi 1,559 2,030 4,557 4,254

Average number of shares outstanding (million) 1,318.4 1,339.4 1,319.0 1,318.9

Consolidated earnings per share (in euros) 1.18 1.52 3.45 3.23

Q3 2011Q3 2012 9M 20119M 2012

Documents

Q3 2012 Results