General Meeting 2015

1. May 4, 2015
GENERAL MEETING

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.
2

3. Agenda
2014 Results & Performance
Jérôme Contamine, Executive Vice President, Chief Financial Officer
3
Introduction & Governance
Serge Weinberg, Chairman of the Board of Directors
Compensation Policy
Gérard Van Kemmel, Director, Compensation Committee
Progress in Research & Development
Elias Zerhouni, President, Global R&D
Questions & Answers
Vote on the resolutions
Priorities & Launches
Olivier Brandicourt, Chief Executive Officer

4. Introduction & Governance
Serge Weinberg
Chairman of the Board of Directors

5. An Independent, Diversified and Renewed Board
14 Directors16 Directors
5
Current Board Composition Proposed Board Composition
A majority of independent Directors
(11 out of 16)
Recent arrival of Bonnie Bassler and
Olivier Brandicourt
5 non-French Directors (31%)
No over-boarding, for increased
attendance and involvement
A Board renewed over the past few years
International
Widely independant (10 out of 14)
Gender balanced (36% of women)
A smaller Board
Expertise in the scientific and
pharmaceutical field

6. High attendance rate
from Directors
>92%
In 2014:
An Active and Engaged Board
● Increased activity: 11 meetings
● Presentations by key Group managers on their
business units
● Review of many proposed acquisitions
● Transitional period for the office of
Chief Executive Officer
6

7. Four Specialist Committees
Audit Committee
Compensation Committee
● Chairman: Robert Castaigne
● 5 financial experts
● 5 independent members out of 6
● 6 meetings in 2014
● 3 independent members out of 4
● 12 meetings in 2014
Attendance
Rate
97%
Attendance
Rate
98%
● Regular reviews: main risks which may have an impact on financial
statements
● Specific reviews: notably progress reports on acquisitions and
investments and update on compliance programs
● The main activities of this Committee will be presented by
Gérard Van Kemmel
7

8. Four Specialist Committees (cont’d)
Appointments and Governance Committee
Strategy Committee
● 3 independent members out of 4
● 11 meetings in 2014
● 2 independent members out of 5
● 7 meetings in 2014
Attendance
Rate
98%
Attendance
Rate
87%
8
● Review of the Chief Executive Officer’s (CEO) situation and his
departure conditions
● Search for a new CEO
● Temporary combination of the offices of Chairman and CEO
● Chairmanship entrusted to Jean-René Fourtou
● Business overviews: Diabetes, Digital, Oncology, Generics, Biosurgery
● R&D financing
● Strategic opportunities
● Review of proposed acquisitions and partnerships

9. Sanofi Share Performance vs. CAC 40 since January 2011
9Source: Bloomberg (12/31/2010 - 04/30/2015)
30 €
40 €
50 €
60 €
70 €
80 €
90 €
100 €
€91.20
+91%
CAC 40
5046.5
+33%

10. Sanofi Share Performance vs. Pharma Company Peers since
January 2011
10Source: Bloomberg (12/31/2010 - 04/30/2015)
+74%
+65%+60%+54%
+23%
+207%
+141%
+105%+103%+97%+94%+91%
+137%

11. 2013 2014
€2.85€2.80
2012
€2.77
2011
€2.65
2010
€2.50
2009
€2.40
11
The Dividend Is a Core Part of our Value Proposition to
Shareholders
● Proposed dividend of €2.85 per share for 2014 financial year(1)
● 21st consecutive year of dividend increase
● Payout of 52% of our 2014 free cash flow(2)
(1) Submitted for approval by shareholders at the Annual General Meeting on May 4, 2015
(2) Free cash flow before restructuring costs. The total amount of dividend to be distributed (€3,760m) is calculated on the basis of the number of shares entitled to dividend as of December 31, 2014, i.e.
1,319,367,445, and may change if the number of shares entitled to dividend changes between January 1, 2015 and the dividend ex-date, in particular as a result of changes in the number of treasury shares,
the vesting of consideration-free shares and the exercise of stock options (if the beneficiary is entitled to dividend under the rules of the relevant plan).
(1)
Evolution of Dividend

12. An International and Diversified Shareholder Base(1)
12(1) Shareholder structure as of December 31, 2014, source: NASDAQ Corporate Solutions
Institutional
investors
77.3 %
Individual Shareholders
Employees
7.5 %
7.8%
6.2%
9.0%
5.5%
12.9%
13.7%
29.1%
United States
France
UK
Other EU countries
Asia
Germany
Switzerland
Canada
Rest of the world
L’Oréal
1,319,367,445
shares
0.7% Treasury
Miscellaneous
2.6%
3.4%
1.3%
1.6%
2.8%
3.4%

13. Strengthen Employee Share Ownership
13
Sanofi Wants to Strengthen
Employee Share Ownership
● 21th resolution submitted to
the present Shareholders’
General Meeting vote
● To be implemented in H2 2015
● More than 80 participating
countries
(1) At December 31, 2014
4 Plans since 2005
● >2 million shares subscribed
● >1.5 million shares subscribed
Global share plan awarding 20 restricted shares
to each Group employee
● >2.1 million restricted shares allocated
● >1.6 million shares subscribed
1.3%(1)
of Sanofi
share capital
is held by
employees
Action
2005
Action
2007
Share
2010
Action
2013

14. Compensation Policy
Gérard Van Kemmel
Director, Compensation Committee

15. Composition of the Compensation Committee
● Jean-René Fourtou
● Claudie Haigneré
● Christian Mulliez
● Gérard Van Kemmel, Chairman
In accordance
with the
AFEP-MEDEF
Code,
more than half
the members are
independent
(3 out of 4)
The Compensation Committee is composed of:
15

16. Compensation Policy for the Chairman of the Board
16
● No Directors’ attendance fee
● No annual variable compensation
● No equity compensation
● No compensation payable upon
termination of office
● No pension entitlement
● Annual fixed compensation
(gross amount)
● No adjustment in spite of the
temporary combining of the
offices of Chairman of the Board
and Chief Executive Officer for
five months
● Benefits in kind

17. Elements of Compensation of Serge Weinberg in 2014
17
(in euro) Amounts due Comments
Fixed compensation 700,000
Fixed compensation unchanged
since his appointment as Chairman
of the Board on May 17, 2010
Benefits in kind 8,174 Company car
Total 708,174

18. Elements of Compensation of Christopher Viehbacher in 2014
(in euro) Amounts due Comments
Fixed compensation 1,040,870
Amounts prorated in accordance with his presence
within the Group in 2014
Variable compensation 1,338,750
85% of the target compensation, due in 2015, prorated
in accordance with his presence within the Group in
2014 on the basis of four types of criteria:
● Attainment of financial targets compared to budget (45%)
● New product registrations and submissions (25%)
● Organizational structure of the Group and succession
planning for key posts in the Group (0%)
● Corporate Social Responsibility (15%)
Benefits in kind 3,424 Company car
18

19. Equity Compensation of Christopher Viehbacher in 2014
● 240,000 options to subscribe for
shares
● Same quantity as in 2013
● 45,000 performance shares
● Same quantity as in 2013
● Performance conditions measured
over 3 years
● 3 performance criteria:
● Business Net Income (40%)
● Return on Assets (40%)
● Total Shareholder Return (20%)
2014 Plan Conditions 2014 Grant
19

20. Settlement Agreement Signed in 2015 with Christopher Viehbacher
20
(in euro) Amounts due Comments
Severance benefit 0
Loss of the entire benefit due to the absence of change
of control or strategy
Top-up pension 0 Loss of the entire benefit
Settlement indemnity 2,961,000
Corresponding to his fixed and variable compensation
for one year
Confidentiality
undertaking - 24 months
Undertaking not to hire
away previous employees - 18 months
Undertaking to cooperate - In connection with ongoing or future legal procedures
Non-compete 246,750/month Until June 30, 2015

21. Compensation Policy for the Chief Executive Officer
● Annual fixed compensation (gross amount)
● Annual variable compensation (gross amount)
● Equity compensation, options to subscribe for
shares and performance shares
● Benefits in kind
● No Directors’
attendance fee
● Compensation payable upon on termination of office
● Severance benefit
● Top-up pension plan
● Non-compete undertaking
21

22. Elements of Compensation of Olivier Brandicourt in 2015
22
(in euro) Amounts due Comments
Fixed compensation 1,200,000
Variable compensation
Between 0% and 250% of his fixed compensation
target set at 150% of his fixed compensation
Benefits in kind Company car
Options awards 220,000 options
Performance shares 45,000 performance shares

23. Indemnification of Elements Lost by Olivier Brandicourt
23
(in euro) Amounts due Comments
Exceptional
compensation 2015
2,000,000 Upon his taking up office
Exceptional
compensation 2016
2,000,000
Payable in January 2016 and subject to a
condition of continued employment
Performance shares
grant
66,000 performance shares granted in 2015
with a 3-year vesting period and subject to
performance conditions
Pension plan Attribution of ten years’ service

24. Post-Office Compensation Elements of Olivier Brandicourt
24
Severance Benefit Non-Compete Indemnity Pension Plan
● Departure is non-voluntary and
linked to a change in control or
strategy
● Contingent upon fulfillment of
performance criteria
● Amounts limited to 24 months of
fixed and variable compensation
● Agreed upon at hiring
● 12 months of fixed and variable
compensation
● The amount of the termination
benefit will be reduced by any
amount received under this
non-compete indemnity
● At the Board’s discretion
● Top-up pension may not
exceed 37.5% of the reference
compensation
● Progression rate 1.5% per year
of service

25. Priorities & Launches
Olivier Brandicourt
Chief Executive Officer

26. Sanofi – Solid Assets for the Future
26
● Good performance and financial discipline
● Many new products addressing unmet
medical needs
● Strong positions in our business areas
● Leadership in Emerging Markets
Wave of
launches
Diversified
activities
Innovation
in R&D
● A successful open innovation model
● Balance between internal and external R&D
Key challenges
● Bring differentiated solutions
to physicians, patients and payors
● Focus our R&D efforts on
the most significant innovations
● Be competitive in businesses
where we are able to win
● Adapt our expenses and
investments to opportunities
and challenges● Strong balance sheet and financial discipline
Performance
financière

27. A Clear Set of Near-Term Priorities
27
Focus on launches of new medicines and vaccines
Continue strong momentum in R&D
Develop a deep understanding of the organization while strategic
review is underway
1
2
3
Engage with our shareholders4

28. 28
Substantial Improvement of Returns from R&D
10
launches
achieved
2007 - 2013
2014 - 2020
Up to
18
launches
expected
Dengue
Vaccine
PR5I
Vaccine
® ® ®
®

29. Five Major New Products Launches since 2014
Recent Product Launches
29
Relapsing remitting
multiple sclerosis
Oral treatment for
Type 1 Gaucher disease
Chewable flea and tick
treatment for dogs
New basal long-acting
insulin
Rapid-acting inhaled
insulin
®

30. ● Approved in the U.S. in February 2015
● Launched in late March 2015
● Toujeo® COACH patient support program
● Approved in Europe in April 2015
● Launch in Germany and UK expected
in Q2 2015
● Launches in other countries expected
in H2 2015 and early 2016
Toujeo® - Launch of our New Long-Acting Basal Insulin Underway
30
50%of patients
not at goal
despite treatments

31. Afrezza® - The Only Rapid-Acting Inhaled Insulin Launched in the
U.S. in February 2015
● Small portable inhaler
● Powder dissolves rapidly upon inhalation to the
lung and delivers insulin quickly to the
bloodstream
● No cleaning required
● No parts to be replaced
● Disposed of after 15 days of use
An Innovative and Patient Friendly Device
31

32. Lemtrada® - An Important Treatment for Patients with Relapsing
Remitting Multiple Sclerosis
32
(1) Genzyme holds the worldwide rights to alemtuzumab and has responsibility for its development and commercialízation in MS.
Bayer Healthcare receives contingent payments based on global sales revenue.
● Genzyme has expanded its multiple sclerosis
(MS) franchise
● Successful launch of Aubagio®
● FY 2014 sales of €433m
● Lemtrada® approved in more than 40 countries
● Launched in the U.S. in December 2014(1)2.3
million
people live with MS
worldwide

33. Expanding Genzyme’s Gaucher Franchise with Cerdelga®
33
● Oral therapy eliminating infusion challenges
● Launched in the U.S. in September 2014
● EU approval granted in January 2015
● First launches in Germany and Nordic
countries
(1) Source: www.alliance-maladies-rares.org, www.orpha.net
Gaucher Disease
Prevalence
1/
100 000(1)

34. Successful launch of NexGard®, a New Oral Anti-Parasitic
for Dogs
34
● First and only beef-flavored oral treatment in the U.S.
● Chewable tablet
● Eliminates fleas and ticks in dogs
● Launched in the U.S. and in France in early 2014

35. Praluent® (alirocumab) is developed in collaboration with Regeneron
(1) Rolling submission process in some endemic countries in Asia initiated in January 2015
Three Products Submitted for Regulatory Review
Key Regulatory Filings
Dengue Vaccine Dengue
Hypercholesterolemia
Pediatric hexavalent vaccine
(Polio, diphteria, tetanos, pertussis,
Hib and hepatitis B)
PR5I 6-in-1 U.S.
U.S.
Endemic
markets(1)
Europe
35

36. Praluent® - Targeting Hypercholesterolemic Patients at High
Cardiovascular (CV) Risk with Unmet Needs
36
24
million
patients
with high CV risk(1)
● 12 positive Phase III studies(2)
● LONG TERM study(3)
● LDL-C(4) reduction of -62% compared to placebo
● 81% of patients reached LDL-C goal
● Regulatory reviews underway in the U.S. and Europe
● FDA decision expected on July 24, 2015
● EU decision expected in Q1 2016
Praluent® (alirocumab) is developed in collaboration with Regeneron
(1) 2016 estimates for U.S., EU Top 5 and Japan. Source: U.S. NHANES, Market Scan, IMS and Sanofi estimates. For further information, see presentation of Nov 20, 2014
(2) For further information, see press releases dated March 27, 2014, July 30, 2014, Nov 19, 2014 and January 9, 2015
(3) > 2,300 patients at high CV risk studied for 65 weeks
(4) LDL-C: Low density lipoprotein cholesterol or “bad cholesterol”

37. Make Dengue the Next Vaccine-Preventable Disease
(1) WHO, Dengue and severe dengue, factsheet no.117, updated in March 2014, available on http://www.who.int/mediacentre/factsheets/fs117/en/
(2) WHO, 2012, Global Strategy for Dengue Prevention and Control
37
A Breakthrough Innovation to Help Reduce
the Burden of Dengue(2)
Dengue Vaccine
100
million
dengue cases
per year(1)
37
● Rolling submission for Dengue vaccine initiated in
several endemic countries in Asia and Latin America
● First commercial batches produced and inventory
build-up underway
● Up to 80 million lyophilized doses by end of 2015
● First license anticipated before year-end 2015

38. Corporate Social Responsibility (CSR)
A Strategy Placing the Patient at the Core of our Activity
● 4 strategic pillars
● PATIENT – Improving access to healthcare
● ETHICS – Acting ethically
● PEOPLE – Working together
● PLANET – Preserving the environment
● Committed to the United Nations Global Compact
for 15 years
● External recognition of our CSR performance
38

39. Expanding Access to Healthcare and Ensuring Patient Safety
In 2014, Sanofi’s access to healthcare programs
resulted in:
● 270,000 healthcare professionals trained
● 89 million patients receiving diagnosis,
vaccination, treatment, or disease self-management
training
● 100 million people targeted by awareness
campaigns
300
access to
healthcare
programs
Partnerships
with local players
in
80
countries
39

40. Strong Partnerships to Help Patients Most in Need
World
Health
Organization
DNDi Foundation
PATH
MMV
Bill and Melinda
Gates Foundation
Partnership fighting neglected tropical
diseases
● $75m in financial support and drug donations
● Objective: Eliminating sleeping sickness by 2020
Commitment against malaria
● Training and education programs
● Development of an anti-malarial treatement not
protected by patent, accessible for the neediest(1)
● Development of semi-synthetic artemisinin
• 30 million
people screened for
sleeping sickness
since 2001
• >180,000
patients treated
• 7.7 million
children educated
about prevention(2)
• >340 million
treatments distributed
since 2007
40
DNDi: Drugs for Neglected Diseases intitiative
PATH: NGO specialised in health solutions
MMV: Medicines for Malaria Venture
(1) Coarsucam / Artesunate-Amodiaquine Winthrop (Asaq Winthrop®)
(2) Via our «Schoolchildren against malaria » program

41. Our Focus Continues to Be on Excellence in Execution
of Sanofi’s Strategy
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 Priorities
Maintain financial discipline
Focus company resources
on must-win priorities
Ensure successful launches
Strategy
Sustain leadership positions
41

42. Progress in
Research & Development
Elias Zerhouni
President, Global R&D

43. Significant Achievements in Phase III
Familial Amyloid
Cardiomyopathy
Type 2 Diabeteslixisenatide (U.S.)
revusiran
Atopic Dermatitis
Asthma
dupilumab
Sarilumab and dupilumab are developed in collaboration with Regeneron
Patisiran and revusiran are developed in collaboration with Alnylam
Type 2 Diabetes
Familial Amyloid
Polyneuropathy
sarilumab
LixiLan
patisiran
Rheumatoid Arthritis
Key Advances of Phase III Projects
43

44. Sarilumab: An Investigational Monoclonal Antibody for
Rheumatoid Arthritis (RA)
Phase III ongoing
● First positive results in
moderate to severe
rheumatoid arthritis(2)
● Additional results
expected in 2015
Sarilumab is developed in collaboration with Regeneron / IL6R –Interleukin-6 receptor: contributes to the inflammatory mechanism of rheumatoid arthritis
(1) World Health Organization: Worldwide chronic rheumatic conditions
(2) SARIL-RA-MOBILITY in patients resistant to methotrexate with moderate to severe RA
sarilumab
70
million
people estimated
to be affected by RA(1)
Fully human
monoclonal antibody
targeting IL6R
● Delivered
subcutaneously
● Evaluated for use with
pre-filled syringe or
autoinjector
Regulatory
submissions
expected
● Late 2015 in the U.S.
● Late 2016 in
Europe and Japan
44

45. Dupilumab Offers Potential to Change Management of Patients
Severely Affected by Various Allergic Diseases(1)
Dupilumab is developed in collaboration with Regeneron / IL4Rα – Interleukin-4 alpha receptor
(1) Atopic Dermatitis, Asthma, Nasal Polyposis, Eosinophilic Oesophagitis
(2) Adapted from White Book on Allergy published in 2011, http://www.worldallergy.org/UserFiles/file/WAO-White-Book-on-Allergy_web.pdf
(3) World Health Organization, http://www.who.int/mediacentre/factsheets/fs307/en
IL‐4
IL‐4R c
Type I
Receptor
Type II
Receptor
IL‐13
IL‐4R IL‐13R1
or
Fully-human monoclonal
antibody targeting IL4Rα
● Atopic Dermatitis
● Phase III ongoing
● Dupilumab received
“Breakthrough Therapy”
designation by FDA
● Asthma
● Phase III initiated
● Nasal Polyposis
● Start of Phase III expected
in Q3 2015
● Eosinophilic Oesophagitis
● Phase II ongoing
Atopic Dermatitis
5 million
people in the
U.S. and Europe(2)
Asthma
235-300
million
people worldwide(3)
45

46. LixiLan: Fixed-Ratio Combination of Lantus® and Lyxumia®
in a Single Daily Injection
46
Phase III ongoing
● LixiLan-O: study in patients
insufficiently controlled on oral
anti-diabetics
● LixiLan-L: study in patients not
at goal on basal insulin
Results expected in Q3 2015
Regulatory
submissions
expected
● Late 2015 in the U.S.
● Early 2016
in Europe
®
+
= Phase II results
● 84% of patients
reached A1c goal
< 7%(1)
(1) Proof of concept study (323 patients) : a 24-week randomized, open-label trial comparing the efficacy and safety of insulin glargine/ lixisenatide fixed ratio combination versus insulin glargine,
in type 2 diabetes inadequately controlled with metformin

47. Lyxumia® (lixisenatide) for Patients with Type 2 Diabetes
Submitted in the U.S. Soon
47
GLP-1 receptor agonist
approved in more than
50 countries
Regulatory
submission
in the U.S.
● Expected
in Q3 2015
®
study
● Positive results on the
cardiovascular safety
of lixisenatide in a high-risk
population of adults with
type 2 diabetes

48. Patisiran and revusiran developped in collaboration with
Alnylam(1)
48
TTR: transthyretin is the disease-causing protein in TTR-mediated amyloidosis
(1) Genyzme’s exclusive territory rights for the ALN-TTR programs concern the world, excluding North America and Western Europe
patisiran
siRNA inhibitor targeting transthyretin
(TTR)
● Administered by intravenous injection
Phase III ongoing in
Familial Amyloid Polyneuropathy
revusiran
siRNA inhibitor targeting transthyretin
(TTR)
● Administered by subcutaneous injection
Phase III ongoing in
Familial Amyloid Cardiomyopathy

49. 49
A Successful Model for Productive R&D Collaborations
(1) REGN closing share price on Dec 31, 2014 was $410.25
(2) “Significant influence” under IFRS rules allows Sanofi to account for its investment in Regeneron using the Equity method from April 4, 2014
(3) ALNY closing share price on Dec 31, 2014 was $97.00
● Access to highly productive therapeutic human antibody platform
● Market value of 22.3% ownership of €7,724m on Dec 31, 2014(1,2)
● World-class RNAi technology providing a platform for the
development of medicines in rare genetic diseases
● Market value of 11.8% ownership of €728m on Dec 31, 2014(3)
● Novel adeno-associated virus (AAV) gene therapies for severe
central nervous system disorders
● Upfront commitment of $100m and potential milestone payments of
up to $745m
49

50. Vatelizumab(1)
Multiple Sclerosis
IL4/IL13 bi-specific mAb
Idiopathic Pulmonary Fibrosis
Anti-GDF8 mAb
Sarcopenia
Oral GCS Inhibitor
Fabry Disease
Anti-CD38 mAb
Multiple Myeloma
Olipudase alfa
Niemann-Pick type B
Neo GAA
Pompe Disease
C-MET kinase inhibitor
Solid Tumors
Anti-CXCR5 mAb
Systemic Lupus Erythematosus
GLP-1/GIP co-agonist
Diabetes
Phase II
A New Wave of Potentially Transformative Drugs in Phase I and II
Phase I
50
Anti-GDF8 mAb is developed in collaboration with Regeneron
(1) Anti-VLA2 mAb

51. 2014 Results & Performance
Jérôme Contamine
Executive Vice President, Chief Financial Officer

52. 52
Solid Top and Bottom Line Growth Achieved in 2014
(1) On a reported basis, FY 2014 sales were up +2.5% and Business EPS was up +3.0%
(2) With retroactive application of IFRIC 21
(3) Business EPS: Business earnings per share is defined as business net income divided by the weighted average number of shares outstanding. Business net income is defined as net income attributable to equity holders of Sanofi
excluding (i) amortization of intangible assets, (ii) impairment of intangible assets, (iii) fair value remeasurement of contingent consideration liabilities related to business combinations, (iv) other impacts associated with acquisitions
(including impacts of acquisitions on associates), (v) restructuring costs, (vi) other gains and losses (including gains and losses on disposals of non-current assets), (vii) costs or provisions associated with litigation, (viii) tax effects
related to the items listed above as well as effects of major tax disputes, (ix) tax (3%) on dividends paid to Sanofi shareholders, (x) adjustment by the one-time additional yearly expense, unrelated to segment performance and
recorded in 2014 on the income statement line selling and general expenses, following the final US IRS regulation related to annual Branded Prescription Drug Fee issued in July 2014. The items (v), (vi) and (vii) correspond to those
reported in the income statement lines “Restructuring costs” and “Gains and losses on disposals, and litigation”.
Net Sales Business EPS(3)
32 951M€
33 770M€
5,05€
5,20€
(2)
FY 2014FX Impact
-€0.22
Incremental
EPS at CER
+€0.37
FY 2013FX Impact FY 2014FY 2013
+€1,611m
-€792m
Incremental
Sales at CER
€32,951m
€33,770m
€5.05
€5.20
(2)
(2)
+4.9%
à TCC(1)
+7.3%
à TCC(1)

53. Strong Performance of Most Business Areas in 2014
53
Full-Year 2014 Sales by Business Areas
CER: Constant Exchange Rates
(1) Some products recorded in prescription pharmaceuticals in 2013 were transferred as Consumer Healthcare products and totaled €273m in FY 2013.
When excluding this category change, sales of Consumer Healthcare grew +6.8% in FY 2014 at CER
9.9%
7.7%
6.1%
11.8%
21.5%
Growth at CER
Consumer Healthcare(1)
Genzyme
Animal Health
Vaccines
Diabetes
€3,337m
€2,604m
€2,076m
€3,974m
€7,273m
€11,300m
+16.5%
+24.3%
+6.7%
+7.2%
+12.1%
% of Sales
82.1% Pharmaceuticals €27,720m +4.4%
33.5%
4.2% Oncology
Established Rx Brands
€1,401m -2.5%
-6.7%
5.3% Generics €1,805m +16.2%

54. Geographical Sales Mix in 2014
Growth at CER
CER: Constant Exchange Rates
(1) World excluding U.S., Canada, Western Europe, Japan, Australia, and New Zealand
(2) Row: Japan, Canada, Australia and New Zealand
(3) Excluding Generics in Brazil, LatAm grew +10.8% in FY 2014 at CER
Well-Balanced Geographical Sales Split in 2014
with Solid Growth in Emerging Markets and the U.S.
+5.0% +6.3% +21.1%+2.5%
Emerging Markets Total Sales by Region
(3)
54
33.6%
33.6%
23.3%
9.5%
(1)
€2,095m
€2,541m
€3,205m
€3,363m
Africa & Middle
East
Eastern Europe,
Russia & Turkey
Asia Latin America
Emerging
Markets
€11,347m
+9.3%
U.S.
€11,339m
+8.2%
Western EU
€7,865m
+0.0%
Rest of the World
€3,219m
-7.2%
(2)

55. 55
FY 2014 Business EPS Growth of +7.3%
in Line with Financial Guidance
€m 2014 2013
% Change
(reported €)
% Change
(CER)
Net sales 33,770 32,951 2.5% 4.9%
Other revenues 339 355 -4.5% -5.1%
Gross profit 23,080 22,323 3.4% 5.9%
R&D (4,824) (4,770) +1.1% +1.9%
SG&A (8,991) (8,603) +4.5% +6.6%
Business operating income 9,449 9,323 1.4% 5.4%
Effective tax rate 24.0% 24.0% - -
Business net income 6,847 6,686 2.4% 6.7%
Business EPS €5.20(2)
€5.05 3.0% 7.3%
CER: Constant Exchange Rates
(1) With retroactive application of IFRIC 21
(2) FY 2014 Business EPS at CER was €5.42. The negative FX impact on Business EPS was €0.22 in 2014

56. Moderate Increase in Expenses Due to Investments in R&D
and Launches of New Products
56
201420132013 2014 20142013
Cost of Sales (€m) R&D Expenses (€m) SG&A Expenses (€m)
32.7%
of sales
14.3%
of sales
26.6%
of sales
€8,991m
€4,824m
€11,029m€10,983m
€4,770m
€8,603m
(1) With retroactive application of IFRIC 21
(1) (1) (1)

57. Net Income(1)
Increased by 18.1%
57
€m 2014 2013(2) % Change
(reported €)
Business net income 6,847 6,686 2.4%
Amortization of intangible assets (2,482) (2,914)
Impairment of intangible assets 26 (1,387)
Fair value remeasurement of contingent consideration liabilities (303) 314
Restructuring costs (411) (300)
Other gains and losses, and litigation(3) and expenses arising from the impact of acquisitions on
inventories
35 (8)
Additional yearly expense related to US Branded Prescription Drug Fee(4) (116)
Tax effect of items listed above 1,094 1,480
Other tax items(5) (110) (109)
Restructuring costs of associates and joint ventures and expenses arising from the impact of acquisitions
on associates and joint ventures, and share of items listed above attributable to non-controlling interests
(190) (46)
Net income attributable to equity holders of Sanofi 4,390 3,716 18.1%
(1) Attributable to equity holders of Sanofi
(2) Including impact of transition to IFRIC 21
(3) Day one profit on Alnylam shares presented in financial result
(4) Annual fee related to 2013 sales following the final IRS regulation issued in July 2014 that has changed the timing of liability recognition and leads to a one-time “double” expense in the year of 2014
(5) Tax on dividends paid to shareholders of Sanofi

58. 58 58
(1) Including derivatives related to the financial debt +€290m at December 31st 2013 and +€302m at December 31st 2014
(2) Excluding Restructuring costs
(3) Including €1,629m in Regeneron and €535m in Alnylam
(4) Other including Restructuring costs
Free Cash Flow (FCF) Up 12.3% in 2014
Net Debt (in €m)
Other Net Debt Dec 31, 2014
-€1,205m
Dividend
-€3,676m
Acquisitions,
Licensing, Net
of Disposals
-€2,374m
Share Repurchase
-€1,801m
Proceeds from
Issuance of Shares
€680m
CapEx
-€1,223m
Net Cash from
Operating Activities
Net Debt Dec 31, 2013(1)
(2)
€6,043m
€7,171m
€8,471m
(4) (1)
FCF
€7,248m
(3)

59. Capital Investments Grew Slightly in 2014
59
Important Investments in our Industrial Capacity in 2014
2014
€1,223m
2013
€1,198m
Industrial
Affairs
R&D
Licences
& Alliances
Support
Functions
Animal Health,
Genzyme &
Vaccines(1)
Pharmaceutical
Operations
(1) Excluding Industrial Affairs
In 2015, CapEx should be between €1.8bn and €1.9bn, reflecting
continued investment in biologic manufacturing capacity and capabilities
CapEx Evolution and Breakdown in 2014
7%
12%
8%
2%
7%
64%

60. Our International Development Enables a Strong Presence
in France
60
(1) Human and animal health
(2) Companies with headquarters in France
● Of which 25% in France
27,000 employees on 48 sites
#1
R&D investor
accross all
industries(2)
>110,000 employees
worldwide
● Of which 7% in France
€2.5bn in 2014
€33.8bn
global sales #1
producer of
medicines and
vaccines
in France(1)
€4.6bn
industrial investments
worldwide over 5 years
● Of which 38% in France
€1.7bn over 5 years
€4.8bn
global R&D expenses
● Of which 45% in France
€2.2bn in 2014

61. An Industrial Heritage in France Serving Patients Worlwide
61
● Of which 24% in France
● 22 production sites
● 4 distribution platforms
● 85% of French production
for export
● €12.9bn exportations
Neuville-sur-Saône (Rhône, France)
First dengue vaccine production site
#1
industrial
pharmaceutical
player
in France
#4
exporter company
of France
107 industrial sites
worldwide

62. Strong Balance Sheet
December 31, 2014
Assets
Liabilities & Equity
Net Debt (A-B) 7.2
In €bn
Change vs.
December 31, 2013
+ 1.2
- 1.3
- 0.9
- 0.7
+ 0.1
+ 0.2
+ 1.2
53.7
20.2
4.4
7.3
56.3
14.8
14.5
(1) Including interest rate and currency derivatives used to hedge debt
62
+ 0.6
Intangible assets
Other non-current assets
WCR
Net cash (B)
Equity attributable
Provisions and other
non-current liabilities
Financial debt (A)(1)

63. Outlook for 2015 - Investing in Future Growth Drivers
636363
Business EPS Growth
FX impact on Business EPS Approximately +12%(2)
Stable to slightly growing at CER(1)
2015
(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

64. FX Impact
+€0.12
Incremental
EPS at CER
+€0.03
Q1 2014 Q1 2015
+€782m
Incremental
Sales at CER
FX Impact Q1 2015Q1 2014
+€186m
Q1 2015 - A Good Start to the Year
64
Net Sales Business EPS
+2.6%
at CER(1)
€8,810m
€1.17
€1.32
+2.4%
at CER(1)
(1) On a reported basis, Q1 2015 sales were up +12.3% and Business EPS was up +12.8%
€7,842m

65. Paris
● SANOFI IR: Mobile application dedicated to
Sanofi’s financial news
● Available in the App Store and on Google Play
● Publications for individual shareholders
● Shareholder Handbook
● Letter to Shareholders
● Fact Sheet
● A rich and useful Website
● With a dedicated section for individual shareholders
www.sanofi.com/shareholders
● Regular meetings
● 6 shareholder meetings in France in 2014
● Actionaria shareholder exhibition
● Individual Shareholders Committee
Regular Information for our Shareholders
65