2016/10 – IR call – Dupilumab

1. October 1st, 2016
IR THEMATIC CALL ON DUPILUMAB
1

2. Sanofi 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 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, 2015. Other than as required by applicable law, Sanofi does not undertake any obligation to
update or revise any forward-looking information or statements.

3. Regeneron Forward-Looking Statements
This presentation includes forward-looking statements that involve risks and uncertainties relating to future events and the future
performance of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company"), and actual events or results may differ materially from
these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such
words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements
contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing,
and possible success and therapeutic applications of Regeneron's products, product candidates, and research and clinical programs now
underway or planned, including without limitation dupilumab; the likelihood, timing, and scope of possible regulatory approval and
commercial launch of Regeneron's late-stage product candidates and new indications for marketed products, such as dupilumab for the
treatment of adult patients with inadequately controlled moderate-to-severe atopic dermatitis, asthma, nasal polyps, and eosinophilic
esophagitis; unforeseen safety issues and possible liability resulting from the administration of products and product candidates in patients,
including without limitation dupilumab; serious complications or side effects in connection with the use of Regeneron's products and product
candidates in clinical trials; coverage and reimbursement determinations by third-party payers, including Medicare, Medicaid, and pharmacy
benefit management companies; ongoing regulatory obligations and oversight impacting Regeneron's marketed products, research and
clinical programs, and business, including those relating to the enrollment, completion, and meeting of the relevant endpoints of post-
approval studies; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron's ability
to continue to develop or commercialize Regeneron's products and product candidates, such as dupilumab; competing drugs and product
candidates that may be superior to Regeneron's products and product candidates; uncertainty of market acceptance and commercial
success of Regeneron's products and product candidates and the impact of studies (whether conducted by Regeneron or others and
whether mandated or voluntary) on the commercial success of Regeneron's products and product candidates; the ability of Regeneron to
manufacture and manage supply chains for multiple products and product candidates; unanticipated expenses; the costs of developing,
producing, and selling products; the ability of Regeneron to meet any of its sales or other financial projections or guidance and changes to
the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement, including Regeneron's
agreements with Sanofi and Bayer HealthCare LLC (or their respective affiliated companies, as applicable), to be cancelled or terminated
without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating
thereto. A more complete description of these and other material risks can be found in Regeneron's filings with the United States Securities
and Exchange Commission, including its Form 10-K for the year ended December 31, 2015 and its Form 10-Q for the quarterly period
ended June 30, 2016. Any forward-looking statements are made based on management's current beliefs and judgment, and the reader is
cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update
publicly any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new
information, future events, or otherwise.
3

4. 4
Agenda
Unmet Needs in Atopic Dermatitis
● Bill Sibold – Senior Vice President, Global Franchise Head, Multiple Sclerosis, Oncology and
Immunology, Sanofi Genzyme
Results from SOLO 1 & SOLO 2 Phase 3 Studies
● Professor Michael Cork – Head of the Academic Unit of Dermatology Research Department
of Infection and Immunity, The University of Sheffield, UK
Next Steps with Dupilumab
● Robert Terifay – Executive Vice President, Commercial, Regeneron
Q&A Session
Dupilumab is currently under clinical development, and its safety and
efficacy have not been fully evaluated by any regulatory authority.
4

5. UNMET NEEDS IN ATOPIC
DERMATITIS
5
Bill Sibold
Senior Vice President, Global Franchise Head,
Multiple Sclerosis, Oncology and Immunology,
Sanofi Genzyme
5

6. 6
Atopic Dermatitis is Characterized by Chronic or
Relapsing Inflamed Skin With Intractable Pruritus
Atopic Dermatitis (AD)
● Characterized by intense itching and
recurrent eczematous lesions
● Multifactorial etiology involving
immune-mediated inflammation,
genetic factors, and environmental
triggers
● High negative impact on quality of life
● Although it most often starts in infancy,
it is also highly prevalent in adults
Image of actual patients at entry in dupilumab studies

7. (1) Simpson EL et al, J Am Acad Dermatol. 2016;74(3):491-498
(2) Elman S et al. Br J Dermatol. 2010;162(3):587-593.
(3) Charman CR et al. Arch Dermatol. 2004;140(12):1513-1519.
(4) Yang Y et al. Eur J Health Econ. 2015;16:927-939.
‡Assessed using EuroQol (EQ-5D).(4)
AD Sufferers Often Experience Severe, Persistent Itch
Characteristics and Consequences of Itch in Moderate-to-Severe AD
(N = 380 patients)(1)
†Assessed using the Patient-oriented Eczema Measure (POEM).(3)
*Assessed using the 5-D pruritus scale.(2)
Severe
Frequent
Long-lasting
Pain
Disrupted sleep
experienced severe or unbearable itching*61%
86% reported daily itch symptoms†
63% reported itching at least 12 hours a day*
77% reported moderate or extreme
pain or discomfort‡
4.4 per week, on average, were interrupted
by itching†nights
7

8. 8
0
10
20
30
40
Prevalence
of fatigue
Regular
daytime
sleepiness
Insomnia
%ofpatients
Adults with AD Adults without AD
14.3
12.2
8.8
10.3
9.9
Moderate-Severe AD
Atopic Eczema
Psoriasis
Pruritis
Chronic Urticaria
U.S. 2012 National Health
Interview Survey(1)
AD has a large impact on
patient quality of life
Itch leads to
disturbed sleep
0
5
10
15
20
Symptoms of
depression
Symptoms of
anxiety
%ofpatients
Adults with AD Adults without AD
Observational cross-sectional
study conducted in
13 EU countries(2)
Risk of depression and
anxiety increases
Mean DLQI score*
Dermatology Life Quality Index:
AD data observed from multinational
clinical study (N=380)
* DLQI score range of 0 to 30; higher scores indicate a greater impact
(1) Silverberg JI et al, J Invest Dermatol. 2015;135(1):56-66
(2) Dalgard FJ et al, J Invest Dermatol. 2015 Apr;135(4):984-91
(3) Lewis V et al, J Investig Dermatol Symp Proc. 2004; 9:169-180
(4) Simpson EL et al, J Am Acad Dermatol. 2016;74(3):491-498
Atopic Dermatitis Impacts More Than Just The Skin
Negative Impact of AD on Quality of Life and Mental Health Is Underestimated
(3)
(3)
(3)
(4)
(3)

9. There Remains an Unmet Need For Safe And Effective
Treatment Options For Patients With Moderate-to-Severe AD
9
(1) Akdis CA et al. Allergy. 2006;61:969-987
(2) Guidelines by the Practical Consensus Group EAACI+AAAAI. Japanese guidelines relatively similar
(3) Grundmann SA et al, J Allergy (Cairo). 2012;2012:121797,
(4) Akhavan A et al. Semin Cutan Med Surg. 2008;27:151-155
(5) Eichenfield LF at al. J Am Dermatol. 2014;71:116-132
Current AD Treatment Algorithm(2)
Antibiotic therapy used on frequent basis with recurrent infections
(most Staph. Aureus)
TCS – Topical Corticosteroids TCI – Topical Calcineurin inhibitors
Systemic therapy include oral corticosteroids and immunosuppressants (mostly
used off-label, with the exception of cyclosporine, which is licensed for short-term
treatment of severe refractory AD in European countries).
Emollients, skin hydratation
Low-mid potency TCS and/or TCI
+ Basic treatment
Mid-high potency TCS/TCI
+ Basic treatment
Systemic or UV therapy
+ Mid-high potency TCS/TCI
+ Basic treatment
antihistamines
mildmoderatesevere
● Phototherapy (UV): Inconvenient and not
available for all patients(3)
Limitations of Currently Available Therapies
● Immunosuppressants: Long-term use
associated with significant toxicities, e.g. kidney &
liver toxicity, potentially impacting use(4)
● Topical corticosteroids (TCS): Long-term use
can cause irreversible skin atrophic changes, and
may lead to adrenal suppression(5)
Treatment guidelines recommend increasing intensity of therapy as disease severity advances(1)

10. 32%
11%
21%
12%
17%
6%
13%
9%
5%
Manage pruritus
Reduce severity of flares
Achieve long term control
Reduce frequency of flares
Reduce redness of lesions
Reduce duration of flares
Limit psychological impact
Manage pain / soreness
Reduce thickness of lesions
Reduce sleep disruption due to AD
Needs or Treatment Goals Rated by Order of
Importance by Severe AD Patients (N=97)(1)
(1) Source: Adelphi – Atopic Dermatitis Disease Specific Program, US 2014.
● Over 30% of patients with
severe AD report managing
pruritus (itch) as most important
treatment goal
● Reduction of flare severity /
lesion severity often comes
second
● Greater emphasis on long-term
control with favorable safety for
severe patients
Symptom Improvements and Long-term Disease Control
Are Key in AD Patients’ Needs and Treatment Goals
10
Reduce frequency of flares
Reduce redness of lesions
Reduce duration of flares
Limit psychological impact
Manage pain / soreness
Reduce thickness of lesions
Reduce sleep disruption due to AD
Most important 2nd most important 3rd most important
10

11. A Broad Phase 3 Program in Adults
With Moderate-to-Severe AD
11
SOLO 1 Treatment period of 16
weeks
Patients inadequately
controlled with or
inadvisable for topical
medications
671
SOLO 2 708
SOLO-
CONTINUE
Treatment period of 36
weeks after completion of
SOLO 1 or 2
Patients who achieved
IGA 0-1 or EASI-75 at
week 16 in SOLO 1 or 2
475 On-going
CHRONOS
Treatment period of up to
52 weeks (endpoints at 16
and 52 weeks)
Patients inadequately
controlled with topical
medications
740
CAFÉ
Treatment period of 16
weeks
Severe patients only
Uncontrolled or ineligible
to oral CSA(2)
330 On-going
OLE
Open label extension for
up to 3 years allowing use
of topical therapy as
needed
Patients who
participated to previous
studies
2600 On-going
Monotherapy
1
Concomitant
administration
with TCS
2
Study Design(1) Population N Status
Open label
extension
3
TCS – Topical Corticosteroids IGA – Investigator Global Assessment
CSA – Cyclosporine A EASI – Eczema Area and Severity Index
(1) All studies are randomized, double-blind, and placebo-controlled, except OLE
(2) In patients with severe AD who are not adequately controlled with, or are intolerant to, oral CSA, or when this
treatment is currently not medically advisable. Study conducted in EU countries and in the Russian Federation.
11

12. RESULTS FROM SOLO 1 & SOLO 2
PHASE 3 STUDIES
12
Professor Michael Cork
Head of the Academic Unit of Dermatology Research
Department of Infection and Immunity
The University of Sheffield, UK
12

13. DUPILUMAB IN MODERATE-TO-SEVERE
ATOPIC DERMATITIS: RESULTS FROM TWO
RANDOMIZED PHASE 3 TRIALS (SOLO 1 & 2)
Eric L. Simpson, Thomas Bieber, Emma Guttman-Yassky, Lisa A. Beck,
Andrew Blauvelt, Michael J. Cork, Jonathan I. Silverberg, Mette Deleuran,
Yoko Kataoka, Jean-Philippe Lacour, Külli Kingo, Margitta Worm, Yves Poulin,
Andreas Wollenberg, Yuhwen Soo, Neil M.H. Graham, Gianluca Pirozzi,
Bolanle Akinlade, Heribert Staudinger, Vera Mastey, Laurent Eckert,
Abhijit Gadkari, Neil Stahl, George D. Yancopoulos, Marius Ardeleanu
13
Slides presented at late-breaker session at EADV Congress, 2016.

14. Pre- And Post-Treatment: Patient Treated With
Dupilumab 300 mg Weekly
14
IGA, Investigator Global Assessment; BSA, Body Surface Area;
EASI, Eczema Area and Severity Index; NRS, Numerical Rating Scale.
Baseline Week 16
Week 16:
• IGA score: 1
• BSA affected: 2.5%
• EASI score: 3.1
• Pruritus NRS: 1.6
Baseline:
• IGA score: 4
• BSA affected: 86.5%
• EASI score: 51.5
• Pruritus NRS: 7
• AD duration: 48 years
Example of a patient who achieved
IGA 1 in the clinical trial and is not
representative of all patients.
Individual results did vary. Photo
used with permission.

15. Dupilumab: An Investigational IL-4/IL-13 Monoclonal
Antibody Targeting Type 2/Th2 Pathway
15
γc, common gamma chain; IL, interleukin; IL-4Rα, IL-4 receptor alpha; IL-13Rα, IL-13 receptor alpha; JAK, Janus kinase; STAT, signal transducer and activator
of transcription; TYK2, tyrosine kinase type 2.
15
• IL-4 and IL-13 are type 2/Th2
cytokines that are thought to mediate
many features of AD
• Dupilumab is a fully human
monoclonal antibody directed
against the IL-4Rα subunit of the
IL-4 and IL-13 receptors
IL-4Rα IL-4Rαγc IL-13Rα1
Type I receptor
B cells, T cells, monocytes,
eosinophils, fibroblasts
Type II receptor
Epithelial cells,
smooth muscle cells, fibroblasts,
monocytes, activated B cells
IL-4 IL-13
• Dupilumab is currently under clinical
development, and its safety and
efficacy have not been fully evaluated
by any regulatory authority.
Dupilumab

16. • Objective: Assess efficacy and safety of dupilumab monotherapy vs placebo in adults
with moderate-to-severe AD inadequately controlled with or medically inadvisable for
topical therapy
• 671 patients in SOLO 1 and 708 patients in SOLO 2
16
SOLO 1 & SOLO 2: Pivotal Phase 3 Studies With
Identical Study Design
* Dupilumab, 600 mg; placebo, matching placebo. q2w, every other week; qw, weekly; R, randomization; SC, subcutaneously.
Placebo SC qw
Dupilumab 300 mg SC qw
Post-treatment
options:
• Maintenance study
• Open-label
extension
• Safety follow-up
through Week 28
Screening Dupilumab 300 mg SC q2w
Treatment period
(16 weeks)
Follow-up period
(12 weeks)
Loading dose on
Day 1*
Day –35 to –1 Baseline Week 28Week 16
R

17. Baseline Disease Characteristics
17
SOLO 1 SOLO 2
Event
Placebo
qw
(n = 224)
Dupilumab
300 mg
q2w
(n = 224)
Dupilumab
300 mg
qw
(n = 223)
Placebo
qw
(n = 236)
Dupilumab
300 mg
q2w
(n = 233)
Dupilumab
300 mg
qw
(n = 239)
Duration of AD, median, years 28.0 26.0 26.0 26.0 24.5 24.0
BSA affected, median, % 57.0 53.4 54.5 53.3 50.0 50.0
EASI score, median 31.8 30.4 29.8 30.5 28.6 29.0
IGA score (range 0–4), %
3 (moderate) 50.4 51.8 52.5 51.3 50.6 53.1
4 (severe) 49.1 48.2 47.5 48.7 49.4 46.9
Peak pruritus NRS, median 7.7 7.6 7.7 7.7 7.8 7.8
Total SCORAD score, median 67.0 65.1 65.9 68.9 67.8 67.4
DLQI score, median 14.0 13.0 14.0 15.0 15.0 16.0
BSA, body surface area; DLQI, Dermatology Life Quality Index; NRS, numerical rating scale; SCORAD, SCORing Atopic Dermatitis.

18. Co-Primary Endpoints: IGA 0 or 1 And EASI-75
Response
18
† Co-primary endpoint in EU and Japan; key secondary endpoint in other regions.
14.7
11.9
51.3
44.2
52.5
48.1
0
10
20
30
40
50
60
70
80
SOLO 1 SOLO 2
10.3 8.5
37.9 36.137.2 36.4
0
10
20
30
40
50
60
70
80
SOLO 1 SOLO 2
* * * *
* *
*
*
* P < 0.0001 vs placebo * P < 0.0001 vs placebo
EASI-75† at Week 16IGA = 0 or 1 and ≥ 2 points reduction
from baseline at Week 16
Patients(%)
Dupilumab 300 mg qwDupilumab 300 mg q2wPlacebo qw

19. Pre- And Post-Treatment: Patient Treated With
Dupilumab 300 mg Weekly
19
IGA, Investigator Global Assessment; BSA, Body Surface Area;
EASI, Eczema Area and Severity Index; NRS, Numerical Rating Scale.
Baseline Week 16
Week 16:
• IGA score: 1
• BSA affected: 2.5%
• EASI score: 3.1
• Pruritus NRS: 1.6
Baseline:
• IGA score: 4
• BSA affected: 86.5%
• EASI score: 51.5
• Pruritus NRS: 7
• AD duration: 48 years
Example of a patient who achieved
IGA 1 in the clinical trial and is not
representative of all patients.
Individual results did vary. Photo
used with permission.

20. EASI: % Change From Baseline
20
LS, least squares; SE, standard error.
-80
-70
-60
-50
-40
-30
-20
-10
0
0 1 2 4 6 8 12 16
-80
-70
-60
-50
-40
-30
-20
-10
0
0 1 2 4 6 8 12 16
−37.6
−30.9
−72.3*
−67.1*
−72.0*
−69.1*
* P < 0.0001 vs placebo* P < 0.0001 vs placebo
SOLO 1 SOLO 2
LSmeanpercentchange
inEASIfrombaseline(±SE)
WeekWeek
Dupilumab 300 mg qw (censored)Dupilumab 300 mg q2w (censored)Placebo qw (censored)
Censored analysis categorized patients who received rescue treatment as missing data from the time of rescue, missing data were imputed by multiple
imputation.

21. Peak Pruritus NRS: % Change From Baseline
21
NRS, numerical rating scale.
-80
-70
-60
-50
-40
-30
-20
-10
0
0 2 4 6 8 10 12 14 16
-80
-70
-60
-50
-40
-30
-20
-10
0
0 2 4 6 8 10 12 14 16
*
−15.4
−44.3*
−48.3*
*
* P < 0.0001 vs placebo * P < 0.0001 vs placebo
SOLO 1 SOLO 2
LSmeanpercentchangein
peakpruritusNRSfrombaseline(±SE)
WeekWeek
Dupilumab 300 mg qw (censored)Dupilumab 300 mg q2w (censored)Placebo qw (censored)
−26.1
−51.0*
−48.9*
*
*
Censored analysis categorized patients who received rescue treatment as missing data from the time of rescue, missing data were imputed by multiple
imputation.

22. DLQI And POEM: Proportions of Patients Achieving
Improvement ≥ 4 (MCID) From Baseline at Week 16
22
DLQI, Dermatology Life Quality Index; MCID, minimal clinically important difference; POEM, Patient-Oriented Eczema Measure.
30.5
27.6
64.1
73.1
58.4
62.0
0
10
20
30
40
50
60
70
80
SOLO 1 SOLO 2
26.9
24.4
67.6
71.7
63.1 64.0
0
10
20
30
40
50
60
70
80
SOLO 1 SOLO 2
*
* *
*
* Nominal P < 0.0001 vs placebo * Nominal P < 0.0001 vs placebo
*
*
**
DLQI POEM
Patients(%)
Dupilumab 300 mg qwDupilumab 300 mg q2wPlacebo qw

23. HADS-A (Anxiety) And HADS-D (Depression):
Proportions of Patients Achieving Score < 8 at Week 16
23
1. Bjelland I, et al. J Psychosom Res. 2002;52:69-77.
HADS, Hospital Anxiety and Depression Scale; HADS-A, HADS Anxiety subscale; HADS-D, HADS Depression subscale.
Dupilumab 300 mg qwDupilumab 300 mg q2wPlacebo qw
12.4
6.1
41.0 39.5
36.3
41.2
0
10
20
30
40
50
60
70
80
SOLO 1 SOLO 2
* Nominal P < 0.0001 vs placebo
† Nominal P = 0.0001 vs placebo
*
† * *
Patients(%)
• Analysis conducted in patients with clinical symptoms of anxiety or depression at baseline
(i.e., HADS-A or HADS-D ≥ 8)1

24. Adverse Events
24
SOLO 1 SOLO 2
Event
Placebo
qw
(n = 222)
Dupilumab
300 mg
q2w
(n = 229)
Dupilumab
300 mg
qw
(n = 218)
Placebo
qw
(n = 234)
Dupilumab
300 mg
q2w
(n = 236)
Dupilumab
300 mg
qw
(n = 237)
Patients, n (%)
≥ 1 AE 145 (65) 167 (73) 150 (69) 168 (72) 154 (65) 157 (66)
≥ 1 SAE 11 (5) 7 (3) 2 (1) 13 (6) 4 (2) 8 (3)
Death 0 0 0 0 1 (< 1) 1 (< 1)
AEs leading to treatment
discontinuation
2 (1) 4 (2) 4 (2) 5 (2) 2 (1) 3 (1)
Infections and infestations* 63 (28) 80 (35) 74 (34) 76 (33) 65 (28) 68 (29)
Skin infections
(adjudicated)
18 (8) 13 (6) 14 (6) 26 (11) 14 (6) 15 (6)
Non-skin infections 49 (22) 69 (30) 67 (31) 57 (24) 58 (25) 61 (26)
Herpes viral infections† 9 (4) 15 (7) 9 (4) 8 (3) 10 (4) 12 (5)
* MedDRA System Organ Class. † MedDRA High Level Term. AE, adverse event; MedDRA, Medical Dictionary for Regulatory Activities; SAE, serious AE.

25. Adverse Events Reported in ≥ 5% of Patients
in Any Treatment Group
25
SOLO 1 SOLO 2
Event*
Placebo
qw
(n = 222)
Dupilumab
300 mg
q2w
(n = 229)
Dupilumab
300 mg
qw
(n = 218)
Placebo
qw
(n = 234)
Dupilumab
300 mg
q2w
(n = 236)
Dupilumab
300 mg
qw
(n = 237)
Patients, n (%)
Nasopharyngitis 17 (8) 22 (10) 25 (12) 22 (9) 20 (9) 20 (8)
Conjunctivitis 2 (1) 11 (5) 7 (3) 1 (< 1) 9 (4) 9 (4)
Upper respiratory tract
infection
5 (2) 6 (3) 11 (5) 5 (2) 7 (3) 9 (4)
Injection-site reaction 13 (6) 19 (8) 41 (19) 15 (6) 32 (14) 31 (13)
Atopic dermatitis 67 (30) 30 (13) 21 (10) 81 (35) 32 (14) 38 (16)
Headache 13 (6) 21 (9) 11 (5) 11 (5) 19 (8) 22 (9)
Allergic conjunctivitis 2 (1) 12 (5) 7 (3) 2 (1) 2 (1) 3 (1)
* MedDRA Preferred Term.

26. Conclusions
• In the pivotal phase 3 studies the primary endpoints were met
• Both dose regimens of dupilumab showed clinically meaningful improvement and
statistical significance versus placebo in:
– AD signs and symptoms (including itch/pruritus and sleep)
– Health-related quality of life
– Symptoms of anxiety/depression
• Significant improvement in itch was observed as early as Week 2
• Most AEs were mild or moderate
– Injection site reactions and conjunctivitis were more frequent with dupilumab
– Overall, there were no observed increases in infections with dupilumab
• Dual targeting of IL-4 and IL-13 represents a potential therapeutic option in
adults with moderate-to-severe AD
26
Dupilumab is currently under clinical development, and its safety and
efficacy have not been fully evaluated by any regulatory authority.

27. NEXT STEPS WITH DUPILUMAB
27
Robert Terifay
Executive Vice President, Commercial,
Regeneron
27

28. Uncontrolled Moderate-to-Severe Atopic Dermatitis
Represents a Significant Unmet Need in Adults
28
Those who have failed topical and
eligible for systemic therapy
1
Those who have failed oral/systemic
steroids
2
3
These patients face substantial burden of disease and may need new treatment options
At Launch,
Focus on
Patient Groups
with
Greatest Need
28
Those who have failed and/or are
intolerant to immunosuppressant therapy

29. Regulatory Milestones and Next Development Steps in AD
29
The European Medicines Agency (EMA) and FDA have conditionally accepted Dupixent® as the trade name for dupilumab.
TCS – Topical corticosteroids
BLA – Biological license application
● Positive Phase 3 data when administered in monotherapy
(SOLO 1, SOLO 2) and concomitantly with TCS (CHRONOS)
● Clinically meaningful and significant improvements in skin clearing (IGA
scores) disease severity (EASI scores) and symptoms (pruritus NRS)
● Favorable safety profile
● Most common adverse events in the dupilumab groups, compared to placebo,
were injection site reactions and conjunctivitis
● Designation as Breakthrough Therapy in adult AD indication in the U.S.
and as Promising Innovative Medicine in the UK
● BLA accepted for priority review by the FDA with an action date of
March 29, 2017
● EU and Japan submission expected in Q4 2016
● CONTINUE and CAFÉ studies ongoing
● Phase 3 pediatric studies in AD and in asthma to begin in 2017
DUPIXENT®

30. ● Pivotal Study expected to start in 1Q 2017
● 16-week trial + 12-week follow up
Dupilumab Phase 3 Development in Pediatric AD
Will be by Successive Age Groups
30
● Pivotal Study expected to start in H1 2017
● 16-week trial + 12-week follow up
● Pivotal Study expected to start in 2018
● 16-week trial + 12-week follow up
Adolescents
12-17 years
6-11 years
6 months
to 5 years

31. 31
Dupilumab: Clinical Studies in Multiple Indications
Nasal polyposis  Phase 3 to start in Q1 2017
Eosinophilic esophagitis  Phase 2 ongoing
Asthma
 Phase 3 fully enrolled
Atopic dermatitis
 Phase 3, March 29 FDA Action Date
Additional
Indications
Type 2, including Th2-mediated diseases
DUPILUMAB

32. 32
LIBERTY ASTHMA Program: Key Dupilumab Studies
Underway
QUEST (pivotal Phase 3) TRAVERSE VENTURE
Trial
Description
Adult and adolescent (>12 years)
patients with persistent asthma
inadequately controlled by ICS +
second controller
Long-term safety/tolerability in
severe uncontrolled asthmatic
patients who participated to
previous dupilumab studies
Evaluating reduction in use of
OCS in adult and adolescent
patients (>12 years) with severe
steroid-dependent asthma
Target N 1638 2082 150
Length of
Trial
69 wks (5-wk screening + 52-wk
treatment + 12-wk follow-up)
112 wks (96-wk treatment + 12-
wk follow-up)
46 wks (10-wk screening + 24-wk
treatment + 12-wk follow-up)
Active
Treatment
Arms
• Loading Dose (400 mg) + 200
mg Q2W
• Loading Dose (600 mg) + 300
mg Q2W
• Loading Dose (400 mg) + 200
mg Q2W
• Loading Dose (600 mg) + 300
mg Q2W
• Loading Dose (600 mg) + 300
mg Q2W
Primary
Endpoint
Severe exacerbation events over
52 weeks and FEV1 change at
week 12
Number of AEs at week 112 Change in OCS dose at week 24
Fully enrolled
OCS – oral corticosteroids FEV1 – Forced expiratory volume in one second AEs – Adverse events
sBLA – supplemental BLA
sBLA in asthma indication will include results from Phase 2b study and LIBERTY ASTHMA QUEST
2nd sBLA Filing in AsthmaInitial sBLA Filing

33. Nasal Polyps and Eosinophilic Esophagitis Clinical
Studies Progressing
33
Nasal Polyps (NP) Eosinophilic Esophagitis (EoE)
(1) Bachert C et al, JAMA 2016;315(5):469-79 (The study included 60 adults with chronic sinusitis and nasal
polyposis refractory to intranasal corticosteroids)
NP is a disease characterized
by symptoms related to
inflammation of the upper
airways with obstruction of the
sinus and nasal passages
● Positive Phase 2 trial reported(1)
● Phase 3 study expected to
begin in early 2017
EoE is a chronic disease
characterized by symptoms
related to esophageal
dysfunction
and eosinophilic-predominant
inflammation
● Proof-of-concept, Phase 2 trial
underway

34. Preparing For Launch in Atopic Dermatitis
34
● Sustained efficacy confirmed in Phase 3 studies completed in
atopic dermatitis
● Unique mechanism of action; potentially the first monoclonal
antibody to launch in atopic dermatitis
● Sanofi’s Specialty Care Business Unit (Sanofi Genzyme)
and Regeneron preparing for launch
● Sanofi and Regeneron to co-promote in the U.S.
● Major presence at congresses, including EADV
● Comprehensive patient support program

35. Q&A SESSION
3535