2016/02 - Leerink Partners HC

1. Leerink Partners Healthcare Conference
David Meeker, M.D. – Executive Vice President, Head of Sanofi Genzyme
New York - February 11, 2016

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 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, 2014. Other than as required by applicable law, Sanofi does not undertake any
obligation to update or revise any forward-looking information or statements.

3. Key Accomplishments Since April 2015
On Our Way to Future Success
3
(1) LixiLan (U.S.), sarilumab (U.S.) and lixisenatide (U.S.)
(2) BioNTech, Evotec, Hanmi, Innate Pharma, Lexicon Pharmaceuticals, Regeneron and Verily (formerly Google Life Sciences),
(3) December 15, 2015 press release: Sanofi and Boehringer Ingelheim enter exclusive negotiations on business swap: subject to
execution of a definitive agreement and regulatory approvals, Sanofi would become a global leader in Consumer Healthcare and
Boehringer Ingelheim would become second largest Animal Health company
Icons designed by Freepik
3 launches of major products – Toujeo®, Praluent® and Dengvaxia®
3 submissions for regulatory review(1)
Significant R&D alliances in oncology and diabetes(2)
Key first transaction announced to reshape the portfolio(3)
New organizational model in place to drive focus and simplification
2020 strategic roadmap to create long term value

4. ● Multiple Sclerosis(1)
● Oncology(1)
● Immunology(1)
● Consumer
Healthcare(2)
● Animal Health
● Generics(2)
in Europe
● Diabetes/CV
● Vaccines
● Rare Diseases(1)
● Emerging Markets(2)
Specialty Care Global Business Unit
4
Explore strategic
options
Sustain
leadership
Build competitive
positions
(1) Will be part of Sanofi Genzyme Specialty Care Global Business Unit
(2) Will be part of General Medicines and Emerging Markets Global Business Unit

5. 5
● Strong historic growth: >25%
per year over 2012-2015
● Leading position in Rare Diseases
● Growing presence in Multiple Sclerosis
● Around 10% of Sanofi sales(1)
● Proven ability to execute in specialized
disease areas
● Historic supply chain issues
successfully addressed
(1) Calculated using FY 2015 sales
Delivered Strong Growth in 2015
€1.1bn
€3.7bn
2015
€1,785m
€2.6bn
2014
€2,604m
2013
€2,142m
2012
Multiple
Sclerosis
Rare
Diseases
+24.3%Growth
at CER
+25.9%+16.9%
Annual Sales
+29.5%

6. 2013 2014 2015
Other
New Patient Accrual Continues to Drive Double Digit
Growth in Rare Diseases
Rare Diseases Sales
€2,550m
+11.4% at CER
€2,137m
+11.2% at CER
€1,974m
6
&
(1) Excluding Russia purchase pattern Gaucher franchise grew by +10.8% at CER
(2) Four rolling quarters from Q4 2014 through Q3 2015
(3) Modified recombinant human GAA (acid alpha-glucosidase) harboring synthetic oligosaccharide ligands
● Gaucher franchise grew +8.6% at CER(1)
● Optimize launch of Cerdelga®
● Apply proven screening protocols with
hematologists
● Fabry franchise grew +17.2% at CER
● Focus primarily on nephrologists and family
tree mapping to identify new patients
● Develop oral GCS Inhibitor
● Pompe franchise grew +12.4% at CER
● Test for high risk patients in neurology and
neuromuscular specialty areas
● Develop neo-GAA(3)

7. Sustaining Leadership in Rare Diseases
7
● Sustain market share through patient-centered approach,
product differentiation and market access
● Grow market through patient screening and manufacturing expansion
● Advance internal and partnered novel pipeline
Sales CAGR for Rare Diseases expected at high single digit at CER over 2015-2020
1
2
3
Undiagnosed(1)
Undiagnosed(1)
Undiagnosed(1)
(1) Genzyme internal analysis. Include China and India

8. ● Acid sphingomyelinase deficiency (ASMD),
also known as Niemann-Pick Type B, is a
lysosomal storage disorder, characterized by
fat deposits in spleen and liver
● Patient identification uses established
diagnosis algorithm for Gaucher
● ASMD diagnosis rate in the low to mid-single
digits after testing negative for Gaucher
Gaucher Hematology Campaign
ASMD Patient Diagnosis
Olipudase alfa – An Investigational Treatment for ASMD
with FDA Breakthrough Therapy Designation(1,2)
Therapeutic Approach
Phosphorylcholine Ceramide
Sphingosine
Acid-
Ceramidase
Intended result:
Reverse and prevent somatic disease
if treatment begins early
Target the underlying metabolic defect
by replacing the missing enzyme
Olipudase
alfa
Olipudase
alfa
8
Sphingomyelin
(1) Olipudase alfa is the recombinant form of human acid sphingomyelinase currently being developed as an enzyme replacement therapy (ERT).
(2) The Breakthrough Therapy designation is supported by data from a completed Phase 1b study. The data on repeat-dose safety, pharmacodynamics,
and exploratory efficacy support continued development for the investigational use in nonneurological manifestations of ASMD.
Pivotal Phase II/III trial expected to start in Q2 2016

9. Collaboration Provides Access to Unique
RNAi Opportunities
● ~50,000 patients worldwide
● FAP and FAC are the two predominant forms
● Liver transplantation is often required early and
TTR stabilizers provide modest benefit
● Autosomal dominant with >100 defined mutations
● Misfolds and forms amyloid deposits in nerves, heart,
other tissues
Progressive,
debilitating
monogenic
disease
Mutant
transthyretin (TTR)
is genetic cause
RNAi
is a potentially
transformative
therapy
● Knockdown disease causing protein
● Aim to halt progression, possibly achieve regression
Transthyretin-Mediated Amyloidosis (ATTR) Program
FAP: Familial amyloidotic polyneurapthy
FAC: Familial amyloidotic cardiomyopathy 9

10. Patisiran: Familial Amyloidotic
Polyneuropathy
Patisiran: an Investigational IV Administered RNAi
Therapeutic to Treat the FAP Form of ATTR
● Positive Phase II results in FAP
● Statistically significant, dose dependent
TTR knockdown of up to 96%(1)
● Phase II Open-Label Extension (OLE)
ongoing
● APOLLO Phase III trial ongoing
● FDA submission targeted for late 2017
10
Dose Response and Duration
of TTR Knockdown
Patisiran is developed in collaboration with Alnylam
FAP: Familial amyloidotic polyneurapthy; ATTR: Transthyretin (TTR)-mediated amyloidosis
(1) Minimal drug-related adverse events reported in FAP patients out to nearly two years. The most common drug-related or possibly drug-related
adverse events were flushing (25.9%) and infusion-related reactions (18.5%), which were both mild in severity and did not result in any
discontinuations.
(2) Excludes post-day 28 data from one patient that experienced drug extravasation during second infusion
% Mean Serum TTR Knockdown
Relative to Baseline (SEM) - n=29
Days Since First Visit
Cohort 0.30 mg/kg q3w
Cohorts 0.01-0.30 mg/kg q4w
Patisiran
Treatment Groups
0.01 mg/kg q4w (n=4)
0.05 mg/kg q4w (n=3)
0.15 mg/kg q4w (n=3)
0.30 mg/kg q4w (n=6)(2)
0.30 mg/kg q3w (n=12)

11. Revusiran: Familial Amyloidotic
Cardiomyopathy
● Positive Phase II results in TTR
cardiac amyloidosis patients(1)
● Phase II Open Label Extension
(OLE) ongoing
● Subcutaneous administration
● Phase III ENDEAVOUR trial
ongoing with data expected in 2018
11
Rapid, Dose-dependent, Consistent, Durable
Knockdown of Serum TTR of Up to 98% in Phase II(2)
Revusiran: an Investigational Subcutaneously Administered
RNAi Therapeutic to Treat the FAC Form of ATTR
Revusiran is developed in collaboration with Alnylam
FAC: Familial amyloidotic cardiomyopathy; ATTR: Transthyretin (TTR)-mediated amyloidosis
(1) Serious adverse events (SAEs) were observed in 8 patients (32%), including one death due to infiltrative cardiomyopathy; none of the SAEs were
deemed to be related to study drug. The majority of the adverse events (AEs) were mild or moderate in severity; injection site reactions (ISRs)
were reported in 11 patients (44%). As previously reported, 3 patients discontinued due to recurrent localized reactions at the injection site or a
diffuse rash; no further discontinuations due to ISRs have occurred
(2) Based on the enrollment of 26 patients, including 12 patients with senile systemic amyloidosis (SSA) and 14 patients with FAC

12. ● Antithrombin (AT) is a key endogenous
anticoagulant
● Inactivates Factor Xa and thrombin
● Attenuates thrombin generation
● Expressed in liver; circulates in plasma
● Human AT deficiency associated
with increased thrombin generation
● Subcutaneous fitusiran aimed at
correcting coagulation defects by
knockdown of AT
● Currently in Phase I in
moderate-to-severe
hemophilia
Fitusiran (ALN-AT3): an Investigational RNAi
Therapeutic Targeting Antithrombin
AT
FIX
FVIII
FIXa
FVIIa FVII
FVIIIa
FVa FV
FX
FXa
Fibrinogen Fibrin
ThrombinProthrombin
Blood clot
Intrinsic system Extrinsic system
Hemophilia B
Hemophilia A
FVIII
FIX
AT
12
Coagulation Cascade
Phase III planned to start in Q3 2016
Fitusiran is developed in collaboration with Alnylam

13. 2013 2014 2015
Multiple Sclerosis Franchise Sales Doubled to Over €1bn
● Aubagio® sales up +77.8% at CER
● Fastest growing oral MS drug in the U.S.
in 2015(1)
● U.S. weekly TRx share of 6.6%(1)
● Now Genzyme’s #1 product in sales
● Lemtrada® sales reached €243m
in 2015, up from €34m in 2014
● Western Europe sales tripled
● 53% of sales generated in the U.S.
13
Multiple Sclerosis Sales
€1,114m
+112% at CER
€871m
+77.8%
at CER
€243m
€467m
+178% at CER
€168m
(1) IMS U.S. TRx for week ending January 15, 2016

14. 14
A Successful New Global Campaign
● Approved in more than 50 countries
● >40,000 people treated with Aubagio®
worldwide
● Only oral MS treatment to significantly
reduce the risk of SAD in 2 Phase III
studies in RMS(1) (TEMSO and TOWER)
● Positive data in early MS(2) (TOPIC)
● New analysis of MRI data showing
significant reductions in brain volume loss
● Favorable tolerability, once daily dosing
SAD: sustained accumulation of disability
(1) AUBAGIO® (teriflunomide) is effective across key measures of disease activity: sustained disability
progression (14 mg only), annualized relapse rate, and MRI activity. Common side effects with AUBAGIO
led to treatment discontinuation rates ≤3.3% in clinical trials.
(2) Patients with a first clinical event consistent with MS

15. 15
Potential to Transform MS Patients’ Lives
● Approved in more than 40 countries
● Extensive clinical development program
with 5,400 patient-years of follow-up
● Durable improvements in relapse, disability,
and MRI outcomes over 5 years in active
RRMS demonstrated in CARE-MS I and II
extension studies
 No retreatment with Lemtrada® after the
initial 2 courses in the core studies for
most patients through Year 5
(1) The most common side effects of Lemtrada® are rash, headache, thyroid disorder, pyrexia, nasopharyngitis, nausea, urinary tract
infection, fatigue, insomnia, upper respiratory tract infection, herpes viral infection, urticaria, pruritus, fungal infection, arthralgia, pain in
extremity, back pain, diarrhea, sinusitis, oropharyngeal pain, paresthesia, dizziness, abdominal pain, flushing, and vomiting. Other serious
side effects associated with Lemtrada® include autoimmune thyroid disease, autoimmune cytopenias, infections and pneumonitis.
(2) Label includes a boxed warning noting a risk of serious, sometimes fatal autoimmune conditions, serious and lifethreatening
infusion reactions and noting Lemtrada® may cause an increased risk of malignancies including thyroid cancer, melanoma and
lymphoproliferative disorders. Lemtrada® is contraindicated in patients with HlV infection.

16. 16
Strategy to Grow the Multiple Sclerosis Franchise
● Successfully complete global launches of Aubagio® and Lemtrada®
● Expand LCM activities to maximally support existing products
● Develop Lemtrada® for subcutaneous use
● Run a PoC study in Progressive MS with Lemtrada®
● Reinforce presence in “high efficacy” category
● Advance GLD52, a next generation anti-CD52 mAb,
through Phase I
● Enter into the neuroprotection / remyelination segment
● Eight programs currently in research
Ambition to double the size of the MS franchise sales from 2015 to 2020 to >€2bn
LCM: Life Cycle Management
1
2
3
4

17. 17
Immuno-Modulation
is at the core of
Sanofi’s R&D strategy
Rheumatoid
Arthritis
Asthma
Atopic Dermatitis
Inflammatory
Bowel DiseaseSystemic
Lupus
Erythematosus
Immunology is a New Growth Engine for Sanofi

18. Positioning Sarilumab for Potential Success in the
Rheumatoid Arthritis Biologic Market(1)
18
Sarilumab is developed in collaboration with Regeneron
(1) Sarilumab is an investigational agent under clinical development and its safety and efficacy has not been fully
evaluated by any Regulatory Authority
(2) Two subcutaneous dosing options- 200 mg and 150 mg, every other week - for all patients (not weight based)
(3) X-ray data demonstrating 90% inhibition of structural damage with 200 mg every 2 weeks SC dosing
(4) Humira® (adalimumab) is an AbbVie brand
(5) Biologics License Application submitted to the FDA in October 2015
● IL-6 plays key roles in the local joint symptoms and
systemic manifestations of rheumatoid arthritis (RA)
● Entering an €18bn RA market where unmet need is still high
● IL-6 class >€1bn in sales and growing >20%
● Unique profile features potential dosing flexibility(2) and
impact on bone erosion(3)
● Positive Phase 3 data in methotrexate-inadequate
responder (IR) and difficult-to-treat TNF-IR populations
● Phase 3 MONARCH monotherapy study vs. Humira®
results expected in Q2 2016(4)
● U.S. regulatory decision expected in Q4 2016(5)
● E.U. submission anticipated in Q3 2016

19. MOBILITY: Sarilumab Inhibited Progression of
Structural Damage
19
Sarilumab is developed in collaboration with Regeneron
*p<0.0001, **p=0.003
(1) Change from Baseline in mTSS (Van der Heijde modified Total Sharp Score)
(2) In the MOBILITY study, infections were the most frequently reported adverse events and were reported with a higher incidence in the sarilumab
groups vs. placebo, all in combination with MTX (39.6% for 200 mg, 40.1% for the 150 mg group and 31.1% for pbo). The incidence of serious
infections was 4.0% in the 200 mg + MTX group, 2.6% in the 150 mg + MTX group, and 2.3% in the placebo + MTX group.
(3) Incidence ≥3%
Q2W = every other week; SC = subcutaneous
0
1
2
3
0 4 8 12 16 20 24 28 32 36 40 44 48 52
90%
*
*
70%
Placebo + MTX
sarilumab 150 mg q2w + MTX
sarilumab 200 mg q2w + MTX
**
*
● X-ray data(1) demonstrating
90% inhibition of progression of
structural damage with 200 mg
Q2W SC dosing
● Safety profile consistent with
mechanism of action(2)
● Most common adverse events(3)
included neutropenia, increased
ALT, and upper respiratory
infections
Change from Baseline in mTSS
at Week 24 and Week 52

20. Fully Human IL-4Rα mAb Targeting
Intracellular Signaling of Both IL-4 and IL-13
Dupilumab – A Pipeline in a Product with
Multi-blockbuster Potential(1)
Dupilumab is developed in collaboration with Regeneron
Th2: T-helper 2 cells involved in “humoral-mediated” immunity
(1) Dupilumab is an investigational agent under clinical development and its safety and efficacy have not been fully evaluated by any regulatory agency 20
IL‐4
IL‐4R c
Type I
Receptor
Type II
Receptor
IL‐13
IL‐4R IL‐13R1
or
IL-4/IL-13 pathway may be a fundamental driver in these Th2-mediated allergic diseases
Atopic Dermatitis
● Received “Breakthrough Therapy” designation by FDA
● SOLO 1 and 2 Phase III top line results expected in Q1 2016
● CHRONOS Phase III interim results expected in Q2 2016
● U.S. regulatory submission expected in Q3 2016
Asthma
● Phase III ongoing
● Completed Phase 2b trial considered pivotal by FDA
Nasal Polyposis
● Start of Phase III expected in Q4 2016
Eosinophilic Esophagitis
● Phase II ongoing

21. ● Over 5 million people in the U.S. and
EU(1) estimated to be affected by
moderate-to-severe atopic dermatitis
● 40% of moderate-to-severe patients
uncontrolled with topicals
● Characterized by eczematous
dermatitis with intractable pruritus
● Negative impact on Quality of Life is
underestimated
● Similar or higher than in psoriasis
● Greater risk for psychological distress
including anxiety, depression and
suicidal ideation(2,3,4)
21
Atopic Dermatitis Is a Serious, Chronic, Inflammatory
Skin Condition
21
(1) Adapted from White Book on Allergy published in 2011, http://www.worldallergy.org/UserFiles/file/WAO-White-Book-on-Allergy_web.pdf
(2) Journal of Psychomatic Research 57 (2004) 195-200
(3) Acta Derm Venereol 2004;84(3):205-12
(4) Suicide Life Threat Behav 2006 2006 Feb;36(1):120-4

22. Parameter Placebo 300mg q2w 300mg qw
EASI Score 18% 68.2% 73.7%
50/75/90 EASI
Improvement
29.5%/11.5%/3.3% 78.1%/53.1%/29.7% 82.5%/60.3%/36.5%
IGA Response 1.6% 29.7% 33.3%
Pruritus NRS 11.4% 52.9% 59.7%
5-D Pruritus
Score
8.2% 35.4% 43.6%
Dupilumab is developed in collaboration with Regeneron
(1) Mean percent change in EASI (Eczema Area Severity Index)
(2) Proportion of patients achieving EASI-50/70/90
(3) Proportion of patients achieving IGA ≤ 1 (Investigator’s Global Assessment score of 0 “clear” or 1 “almost clear”)
(4) Mean percent change in pruritus NRS (Numeric Rating Scale) weekly averaged
(5) Mean percent change 5-D Pruritus Score
Dupilumab Significantly Improved Signs and Symptoms
in Moderate-to-Severe AD Patients Uncontrolled by Topicals
300mg qw and 300mg q2w dose regimens being studied in Phase 3 program
22
p<0.0001 vs placebo for all parameters
Phase IIb Study in AD - Change in Efficacy Endpoints at 16 Weeks(1-5)
Primary endpoint
of Phase 3 studies

23. Dupilumab Safety Findings in Moderate-to-Severe
Atopic Dermatitis
23
21%
PlaceboDupilumab
23%
18.5%
Nasopharyngitis
8%
PlaceboDupilumab
15%
12%
Headache
3%
Dupilumab Placebo
9.5%
5%
Injection site
reactions
● Nasopharyngitis, the most common adverse event, balanced across dupilumab
treatment groups vs. placebo
● Headache and injection site reactions more frequent with dupilumab
Ongoing follow-up period of 16 weeks after treatment
Phase IIb Study
Dupilumab is developed in collaboration with Regeneron

24. ● 235-300m people worldwide estimated to
be affected by asthma(1)
● ~25m people in the U.S. alone
● 10 to 20% of patients uncontrolled despite
existing therapies
● Chronic inflammatory disease leading to
acute and chronic narrowing of the airway
and increased mucus production
● Patients with asthma experience
wheezing, shortness of breath, cough
and chest tightness
24
Moderate-to-Severe Asthma Negatively Impacts the Lives
of Patients and Is Associated with High Burden to Society
24
(1) WHO, http://www.who.int/mediacentre/factsheets/fs307/en/

25. Dupilumab Shows Improvement in Lung Function
in Phase IIb in Moderate-to-Severe Asthma
25
Dupilumab is developed in collaboration with Regeneron
FEV1=forced expiratory volume over one second
During the treatment period, patients continue their stable medium- or high-dose inhaled corticosteroid and long-acting beta agonist (ICS/LABA)
combination product
This result was based on a pre-specified interim analysis, which occurred when all patients had reached Week 12 of the 24-week treatment period
0
100
200
300
400
500
High Eosinophils Population Overall population
Placebo
200mg Q2W
300mg Q2W
10.4%
25.9%(1)
25.8%
(2)
mL
18.0%
(1)
17.7%
(1)
6.2%
(1) p<0.001 vs placebo
(2) p<0.01 vs placebo
Phase IIb - Mean Improvement in FEV1
(mL and % Change from Baseline)

26. 26
Dupilumab Shows a 64-75% Reduction in Exacerbations
in Phase IIb in Moderate-to-Severe Asthma
0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
0,9
High Eosinophils Population Overall population
Placebo
200mg Q2W
300mg Q2W
Dupilumab is developed in collaboration with Regeneron
During the treatment period, patients continue their stable medium- or high-dose inhaled corticosteroid and long-acting beta agonist (ICS/LABA)
combination product
This result was based on a pre-specified interim analysis, which occurred when all patients had reached Week 12 of the 24-week treatment period
-75%
(1)
-64%
(1)
-67%
(2)
-67%
(3)
(1) p<0.05 vs placebo
(2) p<0.01 vs placebo
(3) p<0.001 vs placebo
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
Phase IIb - Annualized Rate of Severe Exacerbation Events

27. 27
Dupilumab Safety Profile in Moderate-to-Severe Asthma
46%
PlaceboDupilumab
45%
42%
Infections
5%
PlaceboDupilumab
7%
3%
Severe AEs
12%
Dupilumab Placebo
25%
13%
Injection site
reactions
● Injection site reaction was the most common adverse event and was more frequent with dupilumab
● Other common adverse events in the study included upper respiratory tract infection, headache,
nasopharyngitis and bronchitis
● Incidence of infections of serious adverse events was balanced across treatment groups
Phase IIb Study
Dupilumab is developed in collaboration with Regeneron

28. Four Strategic Priorities
28
Reshape
the portfolio
Deliver
outstanding
launches
Simplify the organization
Sustain
innovation
in R&D
1 2 3
4
Taking our Strategy Forward in 2016