Annual Results 2014

1. FY 2014 RESULTS
Feb 5, 2015

2. 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, 2013. Other than as required by applicable law, Sanofi does not undertake any
obligation to update or revise any forward-looking information or statements.

3. 3
Agenda
3
Key Highlights
● Serge Weinberg, Chairman of the Board of Directors – CEO
Financial Performance
● Jérôme Contamine, Executive Vice President, Chief Financial Officer
Business Review
● Peter Guenter - Executive Vice President, Global Commercial Operations
● Pascale Witz - Executive Vice President, Global Divisions & Strategic Development
● Olivier Charmeil - Executive Vice President, Vaccines
● David P. Meeker - Executive Vice President & Chief Executive Officer, Genzyme
● Carsten Hellmann - Executive Vice President, Merial
R&D Update
● Elias Zerhouni - President, Global R&D
Q&A Session

4. KEY HIGHLIGHTS
4
Serge Weinberg
Chairman of the Board of Directors – CEO

5. 3
2
1
● Business EPS up +7.3% at CER in line with expectations
● Free Cash Flow up +12.3%
● Nearly €5.5bn of capital returned to shareholders(3)
● Mid single digit sales growth(1)
● Solid performance across Growth platforms(2)
● Important milestones achieved for late stage R&D projects
● Multiple new product launches underway or imminent
In 2014, Sanofi Focused on Delivering Growth
and Strengthening Innovation
5
Returning
to top line
growth
Delivering
strong financial
results
Bringing
innovative
medicines
to market
(1) FY 2014 total sales were up +4.9% at CER
(2) FY 2014 Growth Platforms sales were up +10.7% at CER, representing 76.4% of total sales
(3) Capital returned to shareholders reached €5,477m in 2014 (dividend on 2013 results of €3,676m paid in 2014
and share buy back of €1,801m executed in 2014)

6. +€0.37
-€0.22
Incremental
EPS at CER
FY 2013 FX Impact FY 2014
Net Sales Business EPS
Very Solid Top and Bottom Line Growth Achieved in 2014
6
(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
+7.3%
at CER(1)
+€1,611m
-€792m
FY 2014Incremental
Sales at CER
FY 2013 FX Impact
+4.9%
at CER(1)
€32,951m
€33,770m
€5.05
€5.20
(2)
(2)

7. Strong Performance across Growth Platforms(1)
7
(1) FY 2014 Growth Platforms sales were €25,802m (76.4% of total sales) and up +10.7% at CER. Excluding Generics in Brazil, Growth Platforms grew
+9.4% in FY 2014 at CER
(2) Excluding Generics in Brazil, Emerging Markets grew +6.5% in FY 2014 at CER and +7.6% in Q4 2014 at CER
(3) Some products recorded in prescription pharmaceuticals in 2013 were transferred as Consumer Healthcare products and totaled €68m in Q4 2013
and €273m in FY 2013. When excluding this category change, sales of Consumer Healthcare grew +4.2% in Q4 2014 and +6.8% in FY 2014 at CER
(4) Includes products launched since 2009 which do not belong to the Growth Platforms listed above: Multaq®, Jevtana®, Auvi-Q™, Mozobil® and Zaltrap®
Q4 2014
Sales & Growth at CER
FY 2014
Sales & Growth at CER
Vaccines €1,177m €3,974m
Diabetes Solutions €2,024m €7,273m
Consumer Healthcare(3)
-4.2%-4.2%€817m €3,337m
Genzyme €746m €2,604m
Emerging Markets(2)
€3,126m €11,347m
Animal Health €507m €2,076m
Other Innovative Products(4)
€209m €815m
+7.2%+7.2%
+12.1%+12.1%
+16.5%+16.5%
+24.3%+24.3%
+9.3%+9.3%
+6.7%+6.7%
+14.7%+14.7%
+16.2%+16.2%
+11.0%+11.0%
+14.0%+14.0%
+22.2%+22.2%
+7.9%+7.9%
+11.5%+11.5%
+5.9%+5.9%

8. Q3 2014 Q4 2014
10.3%10.0%
Q2 2014
10.7%
Q1 2014
+7.9%
Q4 2013
+10.0%
Q3 2013
+5.5%
Q2 2013
+6.2%
Q1 2013
+8.6%
Q4 2012
+11.5%
Q3 2012
+6.4%
Q2 2012
+7.6%
Q1 2012
+5.7%
(1) Growth at CER. Q1 2012 growth restated for Genzyme Q1 2011 (€396m)
(2) Growth at CER including Generics in Brazil was +2.5% in Q2 2013 and +14.5% in Q2 2014
8
Growth Platforms Collectively Provide a Sustainable Base
+5%
at CER
+10%
at CER
% of Group sales 63.2% 77.2%
(2)
(2)
Quarterly Sales Growth from Growth Platforms(1)

9. Oral Therapy for Gaucher
Disease Type 1
U.S. (Aug 2014)
EU (Jan 2015)
Protection against four
strains of influenza virus
U.S. (Dec 2014)
9
Relapsing forms of multiple
sclerosis
U.S. (Nov 2014)
Three New Products Granted Regulatory Approvals
over Last 6 Months
11 22 33
Key Regulatory Approvals

10. 10
Praluent™ (alirocumab) is developed in collaboration with Regeneron
(1) Rolling submission process in some endemic countries in Asia initiated in January 2015
Regulatory Filings for Four Major New Medicines
or Vaccines Accomplished over the Last Year
U.S.
EU
U.S.
EU
Endemic
markets(1)
Diabetes Hypercholesterolemia
Dengue
U.S.
Pediatric hexavalent vaccine
PR5i 6-in-1
Key Regulatory Filings
R&D
Praluent™
alirocumab
Dengue vaccine

11. ● World-class RNAi technology
● Focus on genetically defined
diseases with a clear translational
model for RNA interference
● Market value of 11.8% ownership
of €728m on Dec 31, 2014(3)
11
A Successful Model for Productive R&D Collaborations
● Global strategic collaboration
● Access to highly productive
therapeutic human antibody
platform
● Market value of 22.3% ownership
of €7,724m on Dec 31, 2014(1,2)
(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.
11

12. Evolution of Dividend
2013 2014
€2.85€2.80
2012
€2.77
2011
€2.65
2010
€2.50
2009
€2.40
2008
€2.20
12
● Proposed dividend of €2.85 per share
for 2014 financial year(1)
● Increase of 5 cents per share
● 21st consecutive year of dividend
increase
● Payout of 54.8%
(1) To be submitted for approval by shareholders at the Annual General Meeting on May 4, 2015
Strong Commitment to Shareholder Return
(1)

13. Outlook for 2015 - Investing in Future Growth Drivers
(1) FY 2014 Business EPS of €5.20
(2) Difference between variation on reported basis and variation at constant exchange rates
• Taking into account the outlook for U.S. Diabetes as well as new
product launches and late stage pipeline development, 2015
business EPS is expected to be stable to slightly growing vs. 2014
at constant average exchange rates(1)
, barring major unforeseen
adverse events
• Applying December 31, 2014 exchange rates to this FY 2015
guidance, the additional positive FX impact on 2015 business EPS
is estimated to be between 4% and 5%(2)
FY 2015 Guidance
1313

14. FINANCIAL PERFORMANCE
Jérôme Contamine
Executive Vice President, Chief Financial Officer
14

15. Net Sales(1)
Business EPS
15
FX Impact on Top and Bottom Line Turned Positive in Q4
as the U.S. Dollar Strengthened
(1) Main currency impact on sales in Q4 2014: U.S. Dollar (+€267.1m); UK Pound (+€11.6m);
Russian Ruble (-€59.0m); Japanese Yen (-€23.3m)
Quarterly Currency Impact
-6.2%
-€497m
-9.1%
-€0.11-5.5%
-€443m
-8.9%
-€0.10
-1.0%
-€81m
-€0.03
-2.2%
Q4
Q3Q2Q1
+2.7%
+€229m
+1.5%
+€0.02
Q4
Q3Q2Q1
-€0.22
or -4.3%
in 2014
-€792m
or -2.4%
in 2014

16. CER: Constant Exchange Rates
(1) With retroactive application of IFRIC 21
(2) Included a capital gain of €79 million before tax following the sale to a third party of some minor products mainly in France and Italy
(3) Included a payment of €92m before tax following the amendment of the Actonel® agreement with Warner Chilcott
and an income of €93m before tax resulting from the Rituxan® arbitration between Hoechst and Genentech
16
BOI Reflects Launch Costs and Lower Other Current
Operating Income in Q4 2014
€m Q4 2014 Q4 2013
% Change
(reported €)
% Change
(CER)
Net sales 9,072 8,457 +7.3% +4.6%
Other revenues 98 88 +11.4% +5.7%
Cost of sales (3,041) (2,898) +4.9% +2.8%
Gross profit 6,129 5,647 +8.5% +5.5%
R&D (1,351) (1,246) +8.4% +5.8%
SG&A (2,465) (2,145) +14.9% +11.8%
Other current operating income & expenses 96 252 - -
Share of Profit/Loss of associates 65 26 - -
Minority interests (31) (40) - -
Business operating income 2,443 2,494 -2.0% -3.3%
Business operating margin 26.9% 29.5% - -
(1)
(3)(2)

17. CER: Constant Exchange Rates
17
€m Q4 2014 Q4 2013
% Change
(reported €)
% Change
(CER)
Business operating income 2,443 2,494 -2.0% -3.3%
Net financial expenses (138) (103) - -
Income tax expense (477) (577) - -
Effective tax rate 21.0% 24.0% - -
Business net income 1,828 1,814 0.8% -0.3%
Net margin 20.1% 21.4% - -
Business EPS €1.39 €1.37 1.5% 0.0%
Average number of shares outstanding (m) 1,315.8 1,321.1 - -
Stable Business EPS in Q4 2014
17
(1) With retroactive application of IFRIC 21
(2) Included a capital gain of €29m linked to the partial sale of a financial investment
(1)
(2)

18. Slight Gross Margin Improvement in 2014
● Cost of Sales (CoS) of €11,029m
in 2014, slightly up (+2.4% at CER)
● Gross margin improved by 0.7
percentage point at CER in 2014
● Reflecting higher margin from Genzyme,
recovery of Generics in Brazil and
improved industrial performance
● Partially offset by slight negative mix
impact from Vaccines and Animal Health
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 2014
66.8%
67.6%
(1) With retroactive application of IFRIC 21
(1)
Gross Margin (%)
68.3%67.7%
(1)

19. Moderate Increase in R&D Spend in 2014
In Line with Guidance
19
● 2014 R&D expenses of €4,824m
(14.3% of sales), up 1.9% at CER
● Higher spend in mAbs development
programs and Phase IV studies in
Rare Diseases and MS
● Partially offset by internal costs
savings
19
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
€1,351m
€1,246m
(1)
mAbs: Monoclonal antibodies
(1) With retroactive application of IFRIC 21
2013 2014
R&D Expenses (€m)
€4,824m / 14.3%€4,770m / 14.5%
(1)

20. SG&A Increase Driven by Launch Costs in 2014
20
● 2014 SG&A expenses of €8,991m
(26.6% of sales), up +6.6% at CER
● SG&A increase mainly driven by:
● Genzyme launch investments in MS
and Rare Diseases
● Sales & Marketing investment in
Nasacort® OTC and NexGard™
● Higher launch preparedness costs
● Salesforce expansion in China
20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
€2,465m
€2,145m
(1)
(1) With retroactive application of IFRIC 21
2013 2014
SG&A Expenses (€m)
€8,991m / 26.6%€8,603m / 26.1%
(1)

21. 21
FY 2014 Business EPS Growth of +7.3%
In Line with Financial Guidance
€m FY 2014 FY 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
(1)

22. Buyback IssuanceBuyback
Evolution of Share Buyback
22
SBB: Share Buyback
(1) Number of shares outstanding in million on Dec 31st 2012, Dec 31st 2013 and Dec 31st 2014
€645m €680m
€823m
€1,801m
€1,641m
€1,004m
2012
€178m
Net SBB
€637m
Net SBB
€1,121m
Net SBB
Share count (m) 1,323.2 1,320.7 1,309.9
Issuance
Significant Increase in Share Buyback Program in 2014
2013
Issuance
2014
Buyback
Net share buyback activity was up by €484m in 2014
(1)

23. 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
Free Cash Flow (FCF) Increased by 12.3% in 2014
23
(1)
(2)
€6,043m
€7,171m
€8,471m
(4) (1)
FCF
€7,248m
(3)
FCF: Free Cash Flow
(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

24. BUSINESS REVIEW
Peter Guenter
Executive Vice President, Global Commercial Operations
Pascale Witz
Executive Vice President, Global Divisions & Strategic Development
Olivier Charmeil
Executive Vice President, Vaccines
David P. Meeker
Executive Vice President & Chief Executive Officer, Genzyme
Carsten Hellmann
Executive Vice President, Merial
24

25. Geographical Sales Mix in 2014
(1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta,
Belgium, Luxembourg, Portugal, the Netherlands, Austria, Switzerland, Sweden, Ireland, Finland, Norway,
Iceland, Denmark), Japan, 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.
33.6%
33.6%
23.3%
9.5%
25
(1)
€2,095m
€2,541m
€3,205m
€3,363m
Africa & Middle
East
Eastern Europe,
Russia & Turkey
Asia Latin America
+5.0% +6.3% +21.1%Growth at CER +2.5%
Emerging Markets Total Sales by Region
Emerging
Markets
€11,347m
+9.3% at CER
U.S.
€11,339m
+8.2% at CER
Western EU
€7,865m
+0.0% at CER
RoW
€3,219m
-7.2% at CER
(2)
(3)

26. Solid Diabetes Performance Across Regions in 2014
while Oncology Sales Show Relative Stability
26
Diabetes Oncology
● FY 2014 sales of €7,273m,
+12.1% at CER
● Solid performance across main
geographies
● U.S. sales up +12.6% at CER(1)
● EM sales up +17.4% at CER
● Western EU sales up +8.3% at CER
● Stabilization of Lantus® market
share in the U.S.(2)
● FY 2014 sales of €1,401m,
-2.5% at CER
● Mid-single digit sales erosion in
the U.S. and EM compensated
by double-digit growth in Western
EU
● Jevtana® up +19.5% at CER
● Thymoglobulin® and Mozobil®
respectively up +11.1% and +9.9%
at CER
EM: Emerging Markets
(1) SoloSTAR® represented 61.7% of U.S. Lantus® sales in Q4 2014
(2) IMS NPA (rolling 4 weeks) - Basal market retail segment

27. CHC and Generics Showed Strong Performance in EM
27
Consumer Healthcare Generics
● FY 2014 sales of €3,337m,
+16.5% at CER(1)
● Strong EM sales representing
52.6% of CHC sales
● Allegra® and Nasacort® now
respectively 1st and 5th largest
CHC brands of Sanofi
● FY 2014 sales of €1,805m,
+16.2% at CER boosted by
recovery in Brazil(2)
EM: Emerging Markets
(1) Some products recorded in prescription pharmaceuticals in 2013 were transferred as Consumer Healthcare
products and totaled €68m in Q4 2013 and €273m in FY 2013. When excluding this category change, sales
of Consumer Healthcare grew +4.2% in Q4 2014 and +6.8% in FY 2014 at CER
(2) Excluding Brazil, Generics sales were down -2.8% at CER in FY 2014
61.3%
29.5%
9.5%
Emerging
Markets
€1,106m
Western
EU
€533m
U.S.
RoW

28. Our Diabetes Team Is Focused on Ensuring Successful
Execution of Two Launches
A rapid-acting inhaled insulin
An innovative and patient friendly
device
Addressing resistance to insulin
initiation and insulin intensification
Launched in the U.S.
in Feb 2015
New Diabetes Launches in 2015
28
Smoother PK/PD profile than Lantus®
Similar HbA1c lowering with lower
hypoglycemia than Lantus®
Improved patient experience
Regulatory decisions
in the U.S. and EU
expected respectively
in Q1 & Q2 2015

29. Completion of two Phase III
trials expected in Q3 2015
LixiLan-O(3)
LixiLan-L(3)
ACS: Acute Coronary Syndrome
(1) ELIXA evaluates cardiovascular outcomes in patients with Type 2 Diabetes after Acute Coronary Syndrome during
treatment with lixisenatide
(2) LixiLan is a once-daily fixed-ratio combination of insulin glargine and lixisenatide
(3) LixiLan-O evalutates the combination of insulin glargine and lixisenatide in patients insufficiently controlled on OADs
while LixiLan-L focuses on patients not at goal on basal insulin
Additional Milestones Expected in 2015
to Further Expand our Diabetes Franchise
Key Milestones for Lixisenatide in 2015
11 22 33
U.S. regulatory submission
expected in Q3 2015
Completion of
CV outcome trial
evaluating lixisenatide in
type 2 diabetic patients
after an ACS event
expected in Q2 2015
29
study
® (2)(1)

30. 30
Praluent™ Has the Potential to Transform Management
of Hypercholesterolemic Patients with High CV Risk
● Regulatory applications accepted in the U.S. and EU
● 6-month FDA priority review granted(1)
● Positive results from ODYSSEY CHOICE I & II
● Evaluation of monthly dosing
● ODYSSEY OUTCOMES trial ongoing(2)
● Assess potential to demonstrate CV benefit
(1) FDA PDUFA date of July 24, 2015
(2) ODYSSEY OUTCOMES (n=18,000): Rationale and design in Schwartz GG et al. Am Heart J 2014;0:1-8.e1.
1
2
3
Praluent™
alirocumab

31. 31
2014
€3,974m
2013
€3,716m
Other
Adult Boosters
Travel/Endemic
Polio/Pertussis/Hib
Influenza Vaccines
Meningitis/Pneumo
Sanofi Pasteur Delivered Robust Growth in 2014 Despite
Capacity Constraints in a Context of Strong Demand
● Strong Flu sales of €1,178m, +25.2%
at CER driven by the U.S. and Mexico
● U.S. market leadership with 64m
doses sold in 2014
● FDA approval of updated prescribing
information for Fluzone® High-Dose
● PPH sales of €1,154m, +1.9% at CER
driven by the continued recovery of
Pentacel® in the U.S.
● Sanofi Pasteur continues to address
remaining supply constraints in 2015
PPH: Polio, Pertussis, Hib vaccines
(1) Includes VaxServe, a U.S. healthcare supplier serving primary care physician offices, community
immunization providers, immunizing pharmacies, travel clinics and corporations
(1)
FY 2014 Sales (in €m)
+7.2%
at CER

32. New Record Flu Vaccines Campaign in the U.S.
2013
€533m
2014
€694m
+25.7%
at CER
41% 88%
32
Successful Flu Vaccines Differentiation Strategy in the U.S.
Flu Vaccines Sales (in €m)

33. On Track to Make Dengue
the Next Vaccine-Preventable Disease
● Rolling submission for Dengue vaccine
initiated in several endemic countries in Asia
● First completed submission expected in H1 2015
● First commercial batches produced and
inventory build-up underway
● 22m lyophilized doses produced by end of 2014
● Up to 80m lyophilized doses expected to be
available by end of 2015
● First license anticipated before year-end 2015
(1) WHO, 2012, Global Strategy for Dengue Prevention and Control
A Breakthrough Innovation to Help Reduce the Burden of Dengue(1)
3333

34. 34
Genzyme Rare Disease Products Delivered
Double-Digit Growth Again in 2014
● FY 2014 Rare Disease sales
of €2,137m, up +11.2% at CER
● Sustained leadership positions(1)
for Cerezyme®, Fabrazyme® and
Myozyme®
● Committed to developing new
therapies
● Revusiran entered Phase III for familial
amyloidotic cardiomyopathy (FAC)(2)
● GZ402671, an oral GCS inhibitor,
advances to Phase II for Fabry disease
(1) Cerezyme® value share is 72% and Fabrazyme® value share is 54% based on 9M 2014 reported sales by Sanofi and Shire
(2) Revusiran (ALN-TTRsc), a subcutaneously administered RNAi therapeutic, is developed in collaboration with Alnylam
&
20142013 20142013 20142013
€460m
€542m
€715m
+23.0%
at CER
+9.8%
at CER
+8.3%
at CER
Top 3 Rare Disease Products Sales

35. Source of Patients
Expanding Genzyme’s Gaucher Franchise with Cerdelga®
● Oral therapy eliminating infusion
challenges
● Launched in the U.S. in Sep 2014
● Reimbursement progressing well
with coverage by 88% of plans
● EU approval granted in Jan 2015
● First launches anticipated to be
in Germany and Nordic countries
35
Other therapies
New treatment
starts
Clinical trials
Cerezyme®37%
40%
19% 4%
(1)
(1) Proportion of patients on Cerdelga® since launch

36. Robust Growth and Steady Market Share Gains
Achieved by Genzyme’s Aubagio® in 2014
Quarterly Sales (€m)
€146m
● FY 2014 sales of €433m vs. €166m
last year
● Results from 2 Phase III studies
added to U.S. label
● Only oral treatment to significantly reduce
the risk of sustained accumulation of
disability in 2 Phase III studies
in RMS (TEMSO and TOWER)
● Positive data in early MS(1)
(TOPIC)
● Majority of switches coming from
Tecfidera® in Q4 2014(2)
(1) Patients with a first clinical event consistent with MS
(2) IMS U.S. 36

37. 37
Lemtrada® Acceleration Expected with FDA Approval
(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.
● FY 2014 sales of €34 million
● FDA approval received in Nov 2014
● Infrastructure to support REMS program fully operational
● First patients infused within 2 weeks of approval
● New dedicated field teams in place in U.S.(1)
● Ensuring appropriate education and confidence to prescribe
● Full team in field starting in February
1
2
3

38. Merial Returned to Growth in 2014
38
● FY 2014 sales of €2,076m up +6.7%
at CER(1)
● High single digit growth in Companion
Animal (61.7% of sales)
● Production animal sales growth in-line
with market growth
● Successful launch of NexGard™
● New soft, beef-flavored chew treating
fleas and ticks for dogs with first year
sales of €113m
● Frontline® family sales stabilized
in 2014 supported by investment
in ad campaign
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
-3.1%
-5.7% -6.3%
Merial Sales Growth at CER
-6.4%
-1.6%
+12.7%
+6.2%
+11.5%
(1) FY 2014 Companion Animal sales were €1,281m (61.7% of Merial sales) and up +8.8% at CER
while FY 2014 Production Animal sales were €795m (38.3% of Merial sales) and up +3.5% at CER

39. R&D UPDATE
39
Elias Zerhouni
President, Global R&D

40. Significant Phase III Advances Achieved in the Last Year
Significant progress in
Phase III program in RA
U.S. submission in Q4 2015
Two Phase III studies
(LixiLan-O & LixiLan-L)
fully recruited
Start of Phase III trial
in Familial Amyloid
Cardiomyopathy
Start of two Phase III
studies in Type 1 and
Type 2 Diabetes
Phase III trial in Familial
Amyloid Polyneuropathy
on track
sarilumab
LixiLan
patisiran
insulin lispro
revusiran
Start of Phase III program
in Atopic Dermatitis and
breakthrough designation
dupilumab
40
RA: Rheumatoid Arthritis
Sarilumab and dupilumab are developed in collaboration with Regeneron
Patisiran and revusiran are developed in collaboration with Alnylam

41. 41
(1) At CER, 5 years for each product from and including the first full year of launch
(2) Non-risk adjusted sales projections
Returns from R&D Are Expected to Substantially Improve
Potential cumulative
first 5 years sales
~€7.5bn(1,2)
2007 - 2013
2014 - 2020
Potential cumulative
first 5 years sales
>€30bn(1,2)
 10 launches achieved
 Up to 18 launches expected
Praluent™
alirocumab
Dengue
Vaccine

42. 11
22
33
44
55
42
Vatelizumab(2)
Multiple Sclerosis
IL4/IL13 bi-specific mAb
Idiopathic Pulmonary Fibrosis
Anti-GDF8 mAb
Sarcopenia
Oral GCS Inhibitor
Fabry Disease
rhASM
Niemann-Pick type B
66
77
88
99
Neo GAA
Pompe Disease
C-MET kinase inhibitor
Solid Tumors
Anti-CXCR5 mAb
Systemic Lupus Erythematosus
GLP-1/GIP co-agonist
Diabetes
Anti-GDF8 mAb is developed in collaboration with Regeneron
(1) Phase II or Phase I R&D projects
(2) Anti-VLA2 mAb
Sanofi Has Additional Potentially Transformative Drugs
R&D Assets to Watch(1)

43. 2015
Expected Regulatory Decisions Q1 Q2 Q3 Q4
● Toujeo® in Diabetes in U.S. & EU  
● Praluent™ (alirocumab) in Hypercholesterolemia (U.S.) 
● PR5i 6-in-1 pediatric vaccine (U.S.) 
● Dengue vaccine in Endemic Countries 
Expected Regulatory Submissions Q1 Q2 Q3 Q4
● Lyxumia® in Diabetes (U.S.) 
● LixiLan in Diabetes (U.S. & E.U.) 
● Sarilumab in Rheumatoid Arthritis (U.S.) 
Expected Headline Phase III Data Releases Q1 Q2 Q3 Q4
● Lyxumia® ELIXA CV outcome study in Diabetes 
● LixiLan in Diabetes 
● Sarilumab in Rheumatoid Arthritis
Expected Phase III Starts Q1 Q2 Q3 Q4
● Dupilumab in Asthma and Nasal Polyposis  
Innovation Momentum Set to Continue in 2015
43

44. CONCLUSION
44
Serge Weinberg
Chairman of the Board of Directors – CEO

45. Our Focus Continues to Be on Excellence in Execution
of Sanofi’s Strategy
45
Adapt structure for future
challenges and opportunities3
Bring innovative products
to market2
Grow a global healthcare leader
with synergistic platforms1
Seize value-enhancing
growth opportunities4
2015 Focus
Maintain financial discipline
Focus company resources
on must-win priorities
Ensure successful launches
Strategy
Sustain leadership positions

46. APPENDICES
R&D Pipeline
46

47. 47
Late Stage Pipeline – Pharma & Vaccines
LixiLan
lixisenatide + insulin glargine
Fixed-Ratio / Type 2 diabetes
patisiran (ALN-TTR02)
siRNA inhibitor targeting TTR
Familial amyloid polyneuropathy
Clostridium difficile
Toxoid vaccine
Toujeo® (U300)
insulin glargine
Type 1+2 diabetes, U.S., EU
Lyxumia® (lixisenatide)
GLP-1 agonist
Type 2 diabetes, U.S.
revusiran (ALN-TTRsc)
siRNA inhibitor targeting TTR
Familial amyloid cardiomyopathy
Rotavirus
Live attenuated tetravalent
Rotavirus oral vaccine
Praluent™ (alirocumab)
Anti-PCSK-9 mAb
Hypercholesterolemia, U.S., EU
SAR342434
insulin lispro
Type 1+2 diabetes
Kynamro® (mipomersen)
Apolipoprotein B-100 antisense
Severe HeFH, U.S.
VaxiGrip® QIV IM
Quadrivalent inactivated
influenza vaccine
Dengue
Mild-to-severe
dengue fever vaccine
sarilumab
Anti-IL-6R mAb
Rheumatoid arthritis
Jevtana® (cabazitaxel)
Metastatic prostate cancer (1L)
PR5i
DTP-HepB-Polio-Hib
Pediatric hexavalent vaccine, U.S., EU
dupilumab
Anti-IL4Rα mAb
Atopic dermatitis
SYNVISC-ONE®
Medical device
Pain in hip OA
Quadracel®
Diphtheria, tetanus, pertussis
& polio vaccine; 4-6 y of age
47
N
N
N
N New Molecular Entity Immune Mediated Diseases
Rare Diseases
Oncology
Diabetes Solutions
Vaccines
Infectious Diseases
Cardiovascular / Renal
Diseases
Age Related Degenerative
Diseases
Ophthalmology
Biosurgery
N
Phase III Registration
N
N
N
N

48. Early Stage Pipeline – Pharma & Vaccines
dupilumab
Anti-IL4Rα mAb
Asthma; Nasal polyposis;
Eosinophilic oesophagitis
SAR391786
Anti-GDF8 mAb
Sarcopenia
GZ402671
Oral GCS Inhibitor
Fabry Disease
vatelizumab
Anti-VLA 2 mAb
Multiple sclerosis
SAR650984
Anti-CD38 naked mAb
Multiple myeloma
Rabies VRVg
Purified vero rabies vaccine
SAR156597
IL4/IL13 Bi-specific mAb
Idiopathic pulmonary fibrosis
SAR3419
Maytansin-loaded anti-CD19 mAb
B-cell refractory/relapsed malignancies
Meningitis ACYW conj.
2nd generation meningococcal
conjugate infant vaccine
sarilumab
Anti-IL-6R mAb
Uveitis
Combination
SAR245409 (XL765) / MSC1936369B
Oral dual inhibitor of PI3K & mTOR / pimasertib
Ovarian cancer
Tuberculosis
Recombinant subunit vaccine
fresolimumab
TGFβ antagonist
Focal segmental glomerulosclerosis
Combination
ferroquine / OZ439
Antimalarial
Malaria
Phase II
N
N
N
N
N
48
N
48
N New Molecular Entity Immune Mediated Diseases
Rare Diseases
Oncology
Diabetes Solutions
Vaccines
Infectious Diseases
Cardiovascular / Renal
Diseases
Age Related Degenerative
Diseases
Ophthalmology
Biosurgery
N
N
N

49. Early Stage Pipeline – Pharma & Vaccines
SAR405838 (MI-773)
HDM2 / p53 antagonist
Solid tumors
GZ402668
GLD52 (anti-CD52 mAb)
Relapsing multiple sclerosis
GZ402663 (sFLT-01)
Gene therapy
Age-related macular degeneration (AMD)
Streptococcus pneumonia
Meningitis & pneumonia vaccine
SAR566658
Maytansin-loaded anti-CA6 mAb
Solid tumors
SAR113244
Anti-CXCR5 mAb
Systemic lupus erythematosus
StarGen®
Gene therapy
Stargardt disease
Herpes Simplex Virus Type 2
HSV-2 vaccine
SAR125844
C-MET kinase inhibitor
Solid tumors
SAR252067
Anti-LIGHT mAb
Crohn’s disease
UshStat®
Gene therapy
Usher syndrome 1B
SAR245408 (XL147)
Oral PI3K inhibitor
Solid tumors
SAR228810
Anti-protofibrillar AB mAb
Alzheimer’s disease
GZ402665
(rhASM)
Niemann-Pick type B
Combination
SAR405838 / MSC1936369B
Solid tumors
SAR425899
GLP-1 / GCGR agonist
Diabetes
GZ402666
neo GAA
Pompe Disease
SAR408701
Anti-CEACAM5 ADC
Solid tumors
Phase I
N
N N
N
N
N
N
N N
49
N
N
N New Molecular Entity Immune Mediated Diseases
Rare Diseases
Oncology
Diabetes Solutions
Vaccines
Infectious Diseases
Cardiovascular / Renal
Diseases
Age Related Degenerative
Diseases
Ophthalmology
Biosurgery
N
N
N
N

50. 50
Phase I Phase II Phase III Registration TOTAL
Oncology 5 3 0 0 8
Diabetes Solutions 1 0 2 1 4
Cardiovascular / Renal
Diseases
0 1 0 1 2
Immune Mediated
Diseases
3 2 2 0 7
Infectious Diseases 0 1 0 0 1
Ophthalmology 3 0 0 0 3
Rare Diseases 2 1 2 0 5
Age Related
Degenerative Diseases
1 1 0 0 2
Vaccines 2 3 3 3 11
TOTAL 17 12 9 5
R&D Pipeline Summary Table(1)
29 14 NMEs & Vaccines
43
50
32
(1) Excluding life cycle management programs

51. 51
Expected R&D Milestones
51
Product Event Timing
Dengue vaccine Expected regulatory submission in endemic countries H1 2015
Quadracel® Expected U.S. regulatory decision Q1 2015
Toujeo® (U300) Expected U.S. regulatory decision in Diabetes Q1 2015
Toujeo® (U300) Expected EU regulatory decision in Diabetes Q2 2015
Lyxumia® (lixisenatide) Expected ELIXA CV outcome trial top-line results Q2 2015
Dupilumab Expected start of Phase III trial in Asthma Q2 2015
Praluent™ (alirocumab) Expected U.S. regulatory decision in Hypercholesterolemia Q3 2015
PR5i vaccine (DTP-HepB-Polio-Hib) Expected U.S. regulatory decision Q3 2015
LixiLan Expected Phase III top line results in Diabetes Q3 2015
Lyxumia® (lixisenatide) Expected U.S. regulatory submission in Diabetes Q3 2015
Dupilumab Expected start of Phase III trial in Nasal Polyposis Q3 2015
Sarilumab Expected Phase III top line results in Rheumatoid Arthritis H2 2015
Vaxigrip® QIV IM (3+ years) Expected EU regulatory submission Q4 2015
Dengue vaccine Expected regulatory decision in endemic countries Q4 2015
LixiLan Expected U.S. and EU regulatory submissions in Diabetes Q4 2015
Sarilumab Expected U.S. regulatory submission in Rheumatoid Arthritis Q4 2015

52. APPENDICES
FINANCE
52

53. Business EPS Currency Sensitivity
€
24.5%
US $
34.4%
Japanese Yen
6.0%
£
2.1%
Australian $
1.5%
Canadian $
1.5%
Brazilian
Real
3.7%
Chinese
Yuan
4.5%
Russian
Ruble
2.3%
Others
17.6%
Mexican Peso
1.9%
Currency Exposure on 2014 Sales Currency Average Rates
2015 Currency Sensitivity
53
2013 2014 % change
€/$ 1.33 1.33 +0.1%
€/Yen 129.66 140.38 +8.3%
€/Real 2.87 3.12 +8.9%
€/Ruble 42.32 51.01 +20.5%
Currency Variation € / Currency Business EPS Sensitivity
USD -0.05 +0.10
JPY +5 -0.03
RUB +10 -0.06

54. 54
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 1,315.8 million in the fourth quarter of 2014 and 1,321.1 million in the fourth quarter of 2013
(1) Including impact of transition to IFRIC 21
Fourth quarter 2014 Group Total Pharmaceuticals Vaccines Animal Health Others
€ million Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1) Change Q4 2014 Q4 2013(1)
Net sales 9,072 8,457 7.3% 7,388 7,054 4.7% 1,177 959 22.7% 507 444 14.2% - -
Other revenues 98 88 11.4% 77 71 8.5% 10 9 11.1% 11 8 37.5% - -
Cost of sales (3,041) (2,898) 4.9% (2,200) (2,211) (0.5%) (619) (501) 23.6% (222) (186) 19.4% - -
As % of net sales (33.5%) (34.3%) (29.8%) (31.3%) (52.5%) (52.2%) (43.8%) (41.9%)
Gross profit 6,129 5,647 8.5% 5,265 4,914 7.1% 568 467 21.6% 296 266 11.3% - -
As % of net sales 67.6% 66.8% 71.3% 69.7% 48.3% 48.7% 58.4% 59.9%
Research and development
expenses
(1,351) (1,246) 8.4% (1,162) (1,068) 8.8% (142) (136) 4.4% (47) (42) 11.9% - -
As % of net sales (14.9%) (14.7%) (15.7%) (15.1%) (12.1%) (14.2%) (9.3%) (9.5%)
Selling and general expenses (2,465) (2,145) 14.9% (2,112) (1,855) 13.9% (173) (133) 30.1% (177) (157) 12.7% (3) -
As % of net sales (27.2%) (25.4%) (28.6%) (26.3%) (14.7%) (13.9%) (34.9%) (35.4%)
Other current operating
income/expenses
96 252 118 259 (1) (3) 2 1 (23) (5)
Share of profit/loss of
associates* and joint ventures
65 26 51 18 13 9 1 (1) - -
Net income attributable to
non-controlling interests
(31) (40) (30) (39) - - (1) (1) - -
Business operating income 2,443 2,494 (2.0%) 2,130 2,229 (4.4%) 265 204 29.9% 74 66 12.1% (26) (5)
As % of net sales 26.9% 29.5% 28.8% 31.6% 22.5% 21.3% 14.6% 14.9%
Financial income and expenses (138) (103)
Income tax expense (477) (577)
Tax rate** 21.0% 24.0%
Business net income 1,828 1,814 0.8%
As % of net sales 20.1% 21.4%
Business earnings per share***
(in euros)
1.39 1.37 1.5%

55. 55
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 1,315.8 million in 2014 and 1,323.1 million in 2013
(1) Including impact of transition to IFRIC 21
Full year 2014 Group Total Pharmaceuticals Vaccines Animal Health Others
€ million 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1) Change 2014 2013(1)
Net sales 33,770 32,951 2.5% 27,720 27,250 1.7% 3,974 3,716 6.9% 2,076 1,985 4.6% - -
Other revenues 339 355 (4.5%) 272 295 (7.8%) 33 30 10.0% 34 30 13.3% - -
Cost of sales (11,029) (10,983) 0.4% (8,282) (8,518) (2.8%) (1,948) (1,776) 9.7% (799) (689) 16.0% - -
As % of net sales (32.7%) (33.4%) (29.9%) (31.3%) (49.0%) (47.8%) (38.4%) (34.7%)
Gross profit 23,080 22,323 3.4% 19,710 19,027 3.6% 2,059 1,970 4.5% 1,311 1,326 (1.1%) - -
As % of net sales 68.3% 67.7% 71.1% 69.8% 51.8% 53.0% 63.2% 66.8%
Research and development
expenses
(4,824) (4,770) 1.1% (4,174) (4,087) 2.1% (493) (518) (4.8%) (157) (165) (4.8%) - -
As % of net sales (14.3%) (14.5%) (15.1%) (15.0%) (12.4%) (13.9%) (7.6%) (8.3%)
Selling and general expenses (8,991) (8,603) 4.5% (7,692) (7,362) 4.5% (614) (588) 4.4% (682) (653) 4.4% (3) -
As % of net sales (26.6%) (26.1%) (27.7%) (27.0%) (15.5%) (15.8%) (32.9%) (32.9%)
Other current operating
income/expenses
164 450 194 422 2 3 20 (1) (52) 26
Share of profit/loss of associates*
and joint ventures
147 85 106 48 40 41 1 (4) - -
Net income attributable to
non-controlling interests
(127) (162) (126) (162) - 1 (1) (1) - -
Business operating income 9,449 9,323 1.4% 8,018 7,886 1.7% 994 909 9.4% 492 502 (2.0%) (55) 26
As % of net sales 28.0% 28.3% 28.9% 28.9% 25.0% 24.5% 23.7% 25.3%
Financial income and expenses (447) (503)
Income tax expense (2,155) (2,134)
Tax rate** 24.0% 24.0%
Business net income 6,847 6,686 2.4%
As % of net sales 20.3% 20.3%
Business earnings per share***
(in euros)
5.20 5.05 3.0%

56. Reconciliation of Business Net Income to Consolidated
Net Income Attributable to Equity Holders of Sanofi
56
(1) Including impact of transition to IFRIC 21
(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €563 million in the fourth quarter of 2014
and €657 million in the fourth quarter of 2013
(3) 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
(4) Based on an average number of shares outstanding of 1,315.8 million in the fourth quarter of 2014 and 1,321.1 in the fourth quarter of 2013
€ million Q4 2014 Q4 2013(1) Change
Business net income 1,828 1,814 0.8%
Amortization of intangible assets(2) (620) (682)
Impairment of intangible assets 135 (919)
Fair value remeasurement of contingent consideration liabilities (126) 499
Expenses arising from the impact of acquisitions on inventories - (1)
Restructuring costs (113) (70)
Additional yearly expense related to US Branded Prescription Drug Fee(3) - -
Tax effect of items listed above: 311 442
Amortization of intangible assets 89 216
Impairment of intangible assets (57) 338
Fair value remeasurement of contingent consideration liabilities 235 (128)
Expenses arising from the impact of acquisitions on inventories - -
Restructuring costs 44 16
Other tax items - -
Share of items listed above attributable to non-controlling interests 4 1
Restructuring costs of associates and joint ventures, and expenses
arising from the impact of acquisitions on associates and joint ventures
(80) (24)
Net income attributable to equity holders of Sanofi 1,339 1,060 26.3%
Consolidated earnings per share(4) (in euros) 1.02 0.80

57. Reconciliation of Business Net Income to Consolidated
Net Income Attributable to Equity Holders of Sanofi
57
(1) Including impact of transition to IFRIC 21
(2) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €2,361 million in 2014 and €2,804 million in 2013
(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
(6) Based on an average number of shares outstanding of 1,315.8 million in 2014 and 1,323.1 million in 2013
€ million 2014 2013(1) Change
Business net income 6,847 6,686 2.4%
Amortization of intangible assets(2) (2,482) (2,914)
Impairment of intangible assets 26 (1,387)
Fair value remeasurement of contingent consideration liabilities (303) 314
Expenses arising from the impact of acquisitions on inventories - (8)
Restructuring costs (411) (300)
Other gains and losses, and litigation(3) 35 -
Additional yearly expense related to US Branded Prescription Drug Fee(4) (116) -
Tax effect of items listed above: 1,094 1,480
Amortization of intangible assets 728 939
Impairment of intangible assets (18) 527
Fair value remeasurement of contingent consideration liabilities 254 (85)
Expenses arising from the impact of acquisitions on inventories - 2
Other gains and losses, and litigation (13) -
Restructuring costs 143 97
Other tax items(5) (110) (109)
Share of items listed above attributable to non-controlling interests 8 4
Restructuring costs of associates and joint ventures. and expenses arising
from the impact of acquisitions on associates and joint ventures
(198) (50)
Net income attributable to equity holders of Sanofi 4,390 3,716 18.1%
Consolidated earnings per share(6) (in euros) 3.34 2.81

58. 58
Consolidated Income Statements
(1) Including impact of transition to IFRIC 21
(2) In 2014, including a tax on dividends paid to shareholders of Sanofi: (110) M€ compared to (109) M€ in 2013
€ million Q4 2014 Q4 2013(1) 2014 2013(1)
Net sales 9,072 8,457 33,770 32,951
Other revenues 98 88 339 355
Cost of sales (3,041) (2,899) (11,029) (10,991)
Gross profit 6,129 5,646 23,080 22,315
Research and development expenses (1,351) (1,246) (4,824) (4,770)
Selling and general expenses (2,465) (2,145) (9,107) (8,603)
Other operating income 164 288 327 691
Other operating expenses (68) (36) (163) (241)
Amortization of intangible assets (620) (682) (2,482) (2,914)
Impairment of intangible assets 135 (919) 26 (1,387)
Fair value remeasurement of contingent consideration liabilities (126) 499 (303) 314
Restructuring costs (113) (70) (411) (300)
Operating income 1,685 1,335 6,143 5,105
Financial expenses (159) (154) (605) (612)
Financial income 21 51 193 109
Income before tax and associates and joint ventures 1,547 1,232 5,731 4,602
Income tax expense(2) (166) (135) (1,171) (763)
Share of profit/loss of associates and joint ventures (15) 2 (51) 35
Net income 1,366 1,099 4,509 3,874
Net income attributable to non-controlling interests 27 39 119 158
Net income attributable to equity holders of Sanofi 1,339 1,060 4,390 3,716
Average number of shares outstanding (million) 1,315.8 1,321.1 1,315.8 1,323.1
Earnings per share (in euros) 1.02 0.80 3.34 2.81

59. 59
Cash Flow Statements
(1) Including impact of transition to IFRIC 21
(2) Excluding restructuring costs
€ million 2014 2013(1)
Business net income 6,847 6,686
Depreciation amortization and impairment of property. plant and equipment and software 1,230 1,211
Net gains and losses on disposals of non-current assets, net of tax (205) (261)
Other non-cash items (389) (106)
Operating cash flow before changes in working capital(2) 7,483 7,530
Changes in working capital(2) 988 125
Acquisitions of property, plant and equipment and software (1,223) (1,198)
Free cash flow(2) 7,248 6,457
Acquisitions of intangibles, excluding software (334) (200)
Acquisitions of investments, including assumed debt(2) (2,292) (319)
Restructuring costs paid (774) (659)
Proceeds from disposals of property, plant and equipment, intangibles, and other non-current assets,
net of tax
252 368
Issuance of Sanofi shares 680 1,004
Dividends paid to shareholders of Sanofi (3,676) (3,638)
Acquisition of treasury shares (1,801) (1,641)
Disposals of treasury shares, net of tax 1 2
Transactions with non-controlling interests including dividends (8) (52)
Foreign exchange impact (525) 355
Other items 101 (1)
Change in net debt (1,128) 1,676

60. 60
Balance Sheets
(1) Including impact of transition to IFRIC 21
ASSETS
€ million
12/31/14 12/31/13(1)
LIABILITIES
€ million
12/31/14 12/31/13(1)
Property, plant and equipment 10,396 10,182 Equity attributable to equity-holders of Sanofi 56,120 56,904
Intangible assets (including goodwill) 53,740 52,529
Equity attributable to non-controlling
interests
148 129
Non-current financial assets, investments in
associates, and deferred tax assets
9,819 9,418 Total equity 56,268 57,033
Long-term debt 13,276 10,414
Non-current liabilities related to business
combinations and to non-controlling interests
1,133 884
Non-current assets 73,955 72,129 Provisions and other non-current liabilities 9,578 8,735
Deferred tax liabilities 4,105 5,060
Inventories, accounts receivable and other
current assets
16,086 15,655 Non-current liabilities 28,092 25,093
Cash and cash equivalents 7,341 8,257 Accounts payable and other current liabilities 11,363 9,728
Current liabilities related to business
combinations and to non-controlling interests
131 24
Short-term debt and current portion of
long-term debt
1,538 4,176
Current assets 23,427 23,912 Current liabilities 13,032 13,928
Assets held for sale or exchange 10 14
Liabilities related to assets held for sale or
exchange
- 1
Total ASSETS 97,392 96,055 Total LIABILITIES & EQUITY 97,392 96,055