2011 - ir - strategy and outlook

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 labelling and other matters that could affect the availability or commercial potential of such products candidates, the absence of guarantee that the products 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 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, 2010. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

33

Agenda

2008-2011 Transformation

● Christopher A. Viehbacher, Chief Executive Officer

2008-2011 Financial Discipline

● Jérôme Contamine, Executive Vice President, Chief Financial Officer

2012-2015 Key Drivers of Growth Platforms

● Emerging Markets Hanspeter Spek President, Global Operations

● Diabetes Pierre Chancel Senior Vice President, Diabetes

● Vaccines Olivier Charmeil Senior Vice President, Vaccines

Break

44

Agenda (cont’d)

2012-2015 Key Drivers of Growth Platforms (cont’d)

● Genzyme David Meeker, MD Chief Operating Officer, Genzyme

● Merial Jose Barella Chief Executive Officer, Merial

● Consumer Health Care Hanspeter Spek President, Global Operations

2012-2015 Financial Indicators & Capital Allocation

● Jérôme Contamine, Executive Vice President, Chief Financial Officer

2012-2015 Growth Outlook

● Christopher A. Viehbacher, Chief Executive Officer

Wrap up and Q&A

2008-2011 TRANSFORMATION

Christopher A. Viehbacher

Chief Executive Officer

Objectives for Today

Highlights of key achievements to date

Evolution of our growth platforms

Capital allocation and commitment to shareholder return

Growth perspectives beyond the patent cliff

1

2

3

4

6

7

Agenda

Industry transformation

Strategy we are executing

The new Sanofi

2008-2011

The Pharmaceutical Industry Has Demonstrated Resilience

● Geographic expansion

● Diversification outside large branded Rx drugs

● Increased Business Development

● More focus on operating efficiency

● New approaches to R&D

Industry Responses

● Significant patent cliff looming

● Fewer new blockbusters

● Cost containment (e.g. U.S. healthcare reforms and EU price cuts)

● Increased regulatory hurdles

● Reimbursement challenges

Pressures on Industry

8

2008-2011

The Sector Offers Attractive FCF and Dividend Yields

(1) Actelion, Elan Corp, William Demant Hol, Shire, Straumann Hldg, Fresenius SE, Fresenius Med Care, Coloplast, Synthes Inc, Biomerieux, Essilor Intl, Smith & Nephew, Novo Nordisk AS, Merck KGAA, Getinge AB, Nobel Biocare AG, H.Lundbeck A/S, UCB, Ipsen, Celesio AG, Novartis AG, Sanofi, Roche Hldgs AG, GlaxoSmithKline, AstraZeneca Source: Broker data

European Healthcare Sector(1) Yields (%)

0

2

4

6

8

10

Jan-

88

Jan-

89

Jan-

90

Jan-

91

Jan-

92

Jan-

93

Jan-

94

Jan-

95

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Free Cash Flow YieldDividend Yield

9.4%

4.2%

9

2008-2011 Pharma Sector Offered One of Highest TSR in Last 3 Years

-1.0%

-20.0%

11.0%10.3%

5.0%

-10.2%-10.7%-11.8%

-18.2%

-22.9%

Total Shareholder Return (including distributions reinvested in equity; three years to Aug 2011)

Total Shareholder Return (including distributions reinvested in equity; three years to Aug 2011)

Source: FactSet as of August 26, 2011(1) MSCI indices(2) Includes AstraZeneca, Bristol-Myers Squibb, Sanofi, Merck & Co, GlaxoSmithKline, Bayer, Novartis, Pfizer, Johnson & Johnson, Abbott Laboratories, Roche Holding and Eli Lilly & Co. on an equal-weight basis

Pharma(2)Banks(1) CapitalGoods(1)

ConsumerDurables

& Apparel(1)Energy(1) Media(1)Telco

Services(1)Utilities(1) CAC 40 S&P 500

Equity indices

Confident in resilience of the pharma sector in a volatile economic environment

10

11

Agenda



The new Sanofi

2008-2011

Repositioning Sanofi for Sustainable Growth

2005-2008 2009-2011 2012 onwards

Focusing on Rx Blockbusters Transforming

GeneratingSustainable Growth

• Investing in growth platforms• Increasing diversification• Managing patent cliff

• Growing recurring sales• Improving risk profile

• Blockbuster drugs• Patents challenged• R&D setbacks

12

2008-2011

Three Point Strategy We Are Executing

Sustainable earnings growth

beyond 2012

Adapt structure for futurechallenges and opportunities3

Pursue external growth opportunities2

Increase innovation in R&D1

1313

Improving R&D: A Clear Progress1

● Stress-test R&D portfolio

● Keep tight control of total R&D spend

● Reduce infrastructure costs

● Rigorous decision making process

● Open innovation In progress

14

Increasing Innovation in R&D

12 fewer R&D pharma sites (from 26 to 14) and 22% headcount reduction in 2011e vs. 2008

Restructuring the organization

Focusing on high-value projects2 new products filed mid-2011

Opening up to external innovationMultiple networks of excellence

A new R&Dapproach

New head of R&D: Dr. Elias Zerhouni

New governance policy

1

1515

4 new drug filings expected before end Q1 201219 potential new launches before end 2015

16

Pursuing External Growth Opportunities

● Acquired 23 companies including Genzyme

● Completed 61 in-licensing agreements

● Entered 2 joint ventures

● Invested a total of ~€23bn in external growth

2

Since January 2009:

Added 20%to 2011e

consolidated sales growing to ~30%

in 2015

Demonstrated integration capabilities

17

3

~ x1.5

2011e2008

€3.1bn

DiabetesSolutions

~ x1.5

2011e2008

€6.5bn

EmergingMarkets(2)

~ x1.2

2011e2008

€2.9bn

HumanVaccines

~ x2.4

2011e2008

€1.2bn

ConsumerHealth Care

~ x2.3

2011e2008

Animal Health(3)

2011e2008

InnovativeProducts

€0.9bn

Adapting Sanofi around Growth Platforms(1)

(1) Expected sales are based on 1€=1.40$(2) Excluding Genzyme(3) 50% of Merial sales in 2008

Transforming our Organization with a Renewed Management Team with Significant Global Experience

3

Karen LinehanSenior VP, Legal Affairs & General Counsel

Christopher A. ViehbacherChief Executive Officer

Jérôme ContamineExecutive VPChief Financial Officer

Elias ZerhouniPresidentGlobal R&D

Olivier CharmeilSenior VPVaccines

Hanspeter SpekPresidentGlobal Operations

Roberto PucciSenior VPHuman Resources

Philippe LuscanSenior VPIndustrial Affairs

David-Alexandre GrosChief Strategy Officer

18

1919

Agenda



The new Sanofi

19

2008-2011

The New Sanofi We Have Been Building

Past Today

Geographic balance U.S. / Western Europe Global

Exposure to patent cliff High Declining

R&D Dependence Above average Below average

Organization Functionalsilos

Business oriented divisions

Culture Top down andinward looking

Collaborativeand open

Risk profile High Balanced

20

2008-2011

An Unprecedented Shift in Business Mix and Focus

Top 15 61%

…to Key Growth Platforms & Genzyme

Sales Split in 2011e

GrowthPlatforms & Genzyme

~ 66%Vaccines10%

Basebusiness

29%

FromTop 15 Products…

Sales Split in 2008€27.6bn

Genzyme

Other25%

Key Genericized

9%

Key genericized products: Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien CR® U.S., Allegra® U.S., Aprovel®Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. - Generic makers of oxaliplatin (Teva, Fresenius Kabi (formerly Dabur), Sandoz, Mayne/Hospira, MN/Par, Actavis and Sun) required to cease selling in the U.S. since June 30, 2010 but litigation continues. 21

2008-2011

Successfully Managing the Top Line Transition

% ofTotal 27% 25% 17% ~9% % of

Total 43% 47% 57% ~66%

… while Ramping upKey Growth Platforms & Genzyme

Getting the Patent Cliffbehind us…

(1) Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien CR® U.S., Allegra® U.S., Aprovel® Western EU, Xyzal®U.S., Xatral® U.S., Nasacort® U.S. - Generic makers of oxaliplatin (Teva, Fresenius Kabi (formerly Dabur), Sandoz, Mayne/Hospira, MN/Par, Actavis and Sun) required to cease selling in the U.S. since June 30, 2010 but litigation continues.(2) 2010 include sales of Merial. In 2008 and 2009, Merial Joint Venture sales were not consolidated by Sanofi

Sales of key genericized products(1) Sales of growth platforms(2) & Genzyme

2008

€11.8bn

2011e

>€22bn

2010

€18.4bn

2009

€13.8bn

+ >€10bn

2011e

~€3.0bn

2010

€5.4bn

2009

€7.5bn

2008

€7.6bn

- €4.6bn

22

2008-2011

Offsetting the Impact of the Patent Cliff on Sales

2011e2010

€30.4bn

2009

€29.3bn

2008

€27.6bn

Sales

CAGR~+6%

at CER(1)

(1) 2008 exchange rates23

2008-2011

Mitigating the Impact of the Patent Cliff on EPS

Business EPS

2011e2010

€7.06

2009

€6.64

2008

€5.59

CAGRfrom

+3% to +4%at CER(2)

Positive impact from growth platforms, cost savings and acquisitions

(1) 2010 exchange rates(2) 2008 exchange rates

-2% to -5% at CER(1)

24

25

IN SUMMARY

Entering into the Next Phase

● Sanofi has undergone an impressive transformation over 2008-2011

● Sanofi’s patent cliff will be over in 2012, leading to one of the lowest patent exposures, post cliff

● R&D rigor has allowed us to create an emerging pipeline of higher quality assets Development has been rationalized and is now state-of-the-art

● Focus shifts now to execution:● Growth of platforms ● New approach to research● Continued discipline on costs

2008-2011 FINANCIAL DISCIPLINE

Jérôme Contamine

Executive Vice President, Chief Financial Officer

27

Agenda

Progress on cost savings

Realigning the organisation

Disciplined M&A

Profitability in growth platforms

2008-2011

€2bn Cost Savings - Progressing Faster than Anticipated

Plan Plan PlanActual Actual Revised

€2bn

● Original plan was €2bn(1) by 2013

● Will achieve target 2 years ahead of schedule

€1.3bn

€0.5bn

2009 2010 2011e

(1) At CER, before inflation and tax on a constant structure basis compared to 2008

Cost Savings(1)

28

29

2008-2011

Tight Cost Control while Investing in Growth Platforms

SG&AExpenses

R&DExpenses

CoGSExpenses

Investing inGrowth Platforms

2008-2011

CoGS Ratio Peaking at around 31% in 2011/2012

(1) Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien CR® U.S., Allegra® U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. - Generic makers of oxaliplatin (Teva, Fresenius Kabi (formerly Dabur), Sandoz, Mayne/Hospira, MN/Par, Actavis and Sun) required to cease selling in the U.S. since June 30, 2010 but litigation continues.

2011e

~33%

2010

33.3%

28.8%

2009

33.5%

26.8%

2008

33.8%

26.6%

CoGS Ratio

Reported CoGS ratio

CoGS ratio excluding

key genericized products(1)

~31%

● Degradation of reported CoGS ratio as anticipated from 2008 to 2011● Loss of exclusivity of former

blockbusters● Higher cost of raw heparin:

negative impact >1% in 2011e vs. 2008

● Productivity improvement resulting in decrease of CoGS ratio excluding key genericized products(1)

30

2008-2011

Reduced R&D Infrastructure Costs and Headcount

54%

(1) Excluding Genzyme

~ -12%

2011e

~€830m

2008

€939m

Pharma R&D Infrastructure Costs(1) Pharma R&D Headcount(1)

~ -22%

2011e2008

~13,000

~10,000

31

2008-2011

A Deep Dive on Structural Changes in R&D Pharma Spend

Pharma R&D Spend(1)

R&D costs evolution(projects,

infrastructure, support)

-15%between2008 and

2011e

R&D costs split between

internal & external

(excluding infrastructure)

50/50in 2011e

R&D costs split between Research &

Development(excluding

infrastructure)

33/66in 2011e

Research costs split between

internal & external

(excludinginfrastructure)

70/30in 2011e

Development costs split between

internal & external

(excluding infrastructure)

40/60in 2011e

Our focus remains on improving the ratio of fixed vs. variable costs

32(1) Excluding Genzyme, Phase IV studies, local studies and medical support

2011e2010

€165m

2009

€334m

2008

€392m

2008-2011Refocusing Investment from Infrastructure to Licences/Acquisitions

54%

2011e2010

€300m

2009

€577m

2008

€72m

PharmaVaccines

(1) Including BiPar, Fovea, TargeGen, but excluding Genzyme

Pharma R&D CapitalExpenditures

R&D Investments(1) inLicences and Acquisitions

33

2008-2011

Keeping SG&A Expenses under Tight Control

2011e

24.9%

2009 2010

25.0%

2008

26.0%

SG&A/Sales Ratio● 2008-2010: >1 ppt reduction in

SG&A ratio● Significant restructuring of sales

forces in the U.S. and Europe

● Resource reallocation towards growth platforms

● Acquisitions of businesses with higher relative sales and marketing expenses

● 2011: Slight increase in SG&A ratio due to integration of Genzyme

34

2008-2011Successfully Navigating through the Patent Cliffdespite a Tougher Environment

● U.S. healthcare reform● ~$220m reduction in sales

in 2010

● ~$90m impact from excise fee in 2011

● ~$100m impact from “donut hole”

● EU price containment measures● Cumulated impact of

~€470m on sales in 2011 versus 2009

Pressure on Rx Pharma in Mature Markets

35

36

Agenda



Disciplined M&A


37

2008-2011Adapting Industrial Site Network with Larger Footprint in Emerging Markets

Mature Markets Emerging Markets

6 6 7

37 35 31

2009 2011 OngoingPlan

Vaccines

Pharma

3 4 6

35 3636

2009 2011 OngoingPlan

Vaccines

Pharma

Number of Industrial Sites (including 2008-2011 acquisitions except Genzyme and Merial)

43 4138

38 40 42

2008-2011

Reshaping of Commercial Operations in the U.S. and EU

● U.S. restructuring announced in 2010

● Sales force reduced by ~3,800 people over 2008/2011e

● EU organisation redesigned● Sales force reduction by ~2,700

people over 2008/2011e ● Implementation of 8 Multi-Country

Organisations

● Investment in mature brands significantly decreased

● Targeted resource allocation towards growth platforms&

38

2008-2011

Alignment of Resources to Match High Growth Opportunities

U.S. Western Europe Emerging Markets

‐46%

2011e

~4,500

2010

5,822

2008

8,313 ‐34%

2011e

~5,300

2010

6,167

2008

7,971

20,246

2008

+22%

2011e

~20,800

2010

17,080

Sales Force Evolution since 2008(1)

(1) Excluding Merial and Genzyme39

40

Agenda



Disciplined M&A


41

2008-2011

Discipline in M&A

Business opportunities with attractive sustainable

growth profile

Rationale for business synergies with existing

Growth Platforms

Rigorous financial evaluation criteria

● Return on capital has to exceed WACC after tax between Year 3 and Year 5 following the acquisition

Geographic complementarities

Portfolio complementarities

2008-2011

Strong and Rapid Value Creation from Key Acquisitions

ROCE expected to exceed WACC after taxYear 1-2 Year 3-4

Strong value creation in Brazil and beyond

Successful launch of Allegra® OTC

Large expertise in Branded Generics in Eastern Europe

Strong position in Animal Health

Unique expertise in Rare Diseases

42

43

Agenda



Disciplined M&A


2008-2011

Solid Profitability of our Different Activities

2011e Business Operating Margin

Pharmaceuticals excluding Plavix®/Avapro® in the U.S.

Diabetes(1)

Consumer Health Care(1)

Generics(1)

Genzyme(2)

Vaccines

Animal Health

Total Group excluding Plavix®/Avapro® in the U.S.

(1) Figures estimated assuming allocation of indirect costs proportional to sales (distribution, G&A, medical marketing) and R&D costs (R&D infrastructure) (2) Historical Genzyme perimeter

~29%

~35%

~25%

~18%

~27%

~29%

~31%

~29%

44

45

2008-2011

Sustainable Profitability in Emerging Markets

● Sustain solid and stable operating margin excluding central, administrative and R&D costs:

● Around 40%(1)

● Unique ability to manufacture locally

● Lower selling costs

● Limited G&A expenses

● Regional pricing

(1) Estimate for Business Operating Margin excluding central administrative and R&D costs in 2011

46

IN SUMMARY

An Impressive Transformation is Underway

46

Cost savings ahead of target

Control over key financial ratios

A disciplined approach to M&A

Growth platforms all solidly profitable and growing

EMERGING MARKETS

Hanspeter Spek

President, Global Operations

Emerging Markets opportunity

Sanofi’s leadership

Agenda

Growth drivers in BRIC countries and beyond

48

49

Macro Factors Point to Strong Growth in Emerging Markets

(1) IMF; CIA The World Factbook(2) IMF; internal analysis(3) IMF; WHO 2008(4) IMS Pharmerging Markets CAGR 2010-2015(5) WHO, World Population Prospects: The 2010 revision; CIA The World Factbook(6) Brookings Institution; Goldman Sachs

Emerging Markets

Population(1) 6bn

Estimated GDP growth 2010-2015(2) 5-9%

Healthcare expenditure as % of GDP(3) 5-6%

Estimated Pharmaceutical Market growth CAGR 2010-2015(4) 13-16%

Annual birth cohorts(5) 120m

Large middle class by 2030(6) ~2bn

Growth Contribution from Emerging Markets to be >70%

50

2010

World Pharmaceutical Market(1)

2015e

Contributionto Growth

(1) IMS Market Prognosis, 2011-2015

Emerging MarketsMature Markets

Opportunities and Challenges

● Growing and aging populations

● Shift from acute to chronic diseases

● Need for greater access to medicines

● Cost burden on governments and healthcare reforms

● Largely out-of-pocket markets

● Increased investment from all market players

Sales Split

74%

26%

26%

74%

64%

36%

€656bn

€837bn



Agenda


51

Emerging Markets Growth Historically at Double-digit Rates from a Large Base

● Leading position built on historical strengths

● Around €10bn of sales in Emerging Markets expected in 2011e

● ~30% of Group sales in Emerging Markets in 2011e vs. 24% in 2008

● Most active company in M&A in last 3 years in Emerging Markets resulting in accelerated sales growth(2)

52

Sanofi’s Performance in Emerging Markets(1)

(1) The world less the U.S. and Canada, Western Europe, Japan, Australia and New Zealand(2) Internal estimates

2008 2009 2010

~€10bn

2011e

+9%

+15%

200720062005

€5.0bn

Sanofi is the #1 Healthcare Company in Emerging Markets

53

A commercial presence in a large number of Emerging

Markets

Sanofi’s Scorecard in Emerging Markets(1)

Number onecompany in Emerging

Markets by market share

A top position in most of the fast growing economies

One of the biggest sales

forces in Emerging Markets

Largest proportion of

sales generated in Emerging

Marketsamong peers

A widenetwork of

industrial sites across

Emerging Markets

#1with

5.5% marketshare

#1in BRIC

and non-BRIC

>30%of global

sales

~21,000sales

representatives

42industrial

sites

~100countries with

commercialpresence

(1) IMS MIDAS MAT Q1 2011 (with constant Brazil retail panel scope) 53

Growing Exposure to Emerging Markets with a Broad and Diversified Offering

54

(1) Without Genzyme(2) Merial sales not consolidated in 2008(3) Pharmaceuticals excluding Diabetes, CHC and Generics

Emerging Market Sales and % Represented by Emerging Markets per Segment(1)

Diabetes

2011e2008

€528m

Vaccines

2011e2008

€814m

20%

Generics

2011e2008

€33m65%

Other Pharmaceuticals(3)

2011e2008

€4,614m

28%

34%

Animal Health(2)

2011e2008

€355m24%

Consumer Health Care

2011e2008

€551m 48%

% of Global Product Sales in 2011e

~€730m

~€540m

~€310m

~€370m

~€200m

~€250m

~€220m

Sales 2011e inEmerging Markets

Significant Contribution from Legacy Brands in Emerging Markets despite Generic Competition

Top Brands inEmerging Markets

~€160m

55

26%

29%

33%

53%

59%

48%

35%

15%

+8.3%

+12.7%

-23.5%

+11.4%

+0.1%

+7.2%

+12.6%

Sales GrowthH1 2011 (at CER)

+12.9%

Building a Tailored Portfolio in Emerging Markets through Multiple Acquisitions and Partnerships

Genericsand

ConsumerHealth Care

● A total of 17 deals since 2008

● Addressing income disparities

● Tapping into out-of-pocket markets

● Adding local brands

● Invested a total of around €3.7bnin acquisitions

Adjusting our Offerings to Local Needs in Fast Growing Market Segments

56



Agenda


57

Consolidating Sanofi’s #1 Position in Brazil

● Tailored approach with leading presence in each market segment

● Launch generics of high-demandoff-patent Rx drugs

● Leverage broad CHC portfolio through extended distribution channels

● Strengthen Diabetes leadershipin private and public market

● Leverage strong presence at pharmacy

Opportunity Focus

● Expected to be 6th largest market by 2015(1)

● Largely out-of-pocket

● Rising middle class with increased purchasing power

● Growth driven by generics and volume

● Sanofi ranks #1 in Brazil(2)

● Sales of ~€1.2bn in 2011e

● #1 in Generics(3) and #2 in CHC(4)

● Sales force covering >25,000 points of sales (>80% of total demand)

● Strong local manufacturing capabilities (> 90% of products manufactured locally)

(1) IMS Market Prognosis, 2011-2015 market ranking in constant US$(2) IMS PMB MAT June 2011 (restated base), 1€ = 2.30(3) Estimated from IMS MIDAS MAT Q1 2011 (4) Nicholas Hall, DB6 2011 (2010 sales) 58

59

Sanofi Covers Fastest Growing Market Segmentsin Russia

● Maximize the advantage of local insulin manufacturing capacity● Lead conversion to modern basal

insulin analogs● Low rates of diagnosis and

insulinization provide opportunity ● Regional market segmentation

● Drive leadership in CHC through higher investment in marketing mix

● Offer high quality generics at affordable prices


● Hybrid market with out-of-pocket and reimbursed funding

● Strong historic market growth

● OTC and Generics are large and fastgrowing segments(2)

● Increased government attention to healthcare market (e.g. Pharma 2020)

● Sanofi ranks #2 in Russia(3)

● Sales of ~€750m in 2011e

● #3 in OTC(4) market (Essentiale®, No-Spa®)

● Zentiva: one of the fastest growing players in Generics(5)

Opportunity Focus

(1) IMS Market Prognosis, 2011-2015 market ranking in constant US$(2) Estimated from IMS MAT Q1 2011 : Market shares of Generics and OTC are 33%. Generics and

OTC are growing 13%(3) IMS MIDAS MAT Q1 2011(4) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)(5) IMS MIDAS MAT Q1 2011. Zentiva growth: +27%

60

A Fast Expanding Industrial Hub in India

● Expand ‘Prayas’ project to improve quality of healthcare in rural India

● Quality medicines at affordable prices

● Enter CHC with Universal deal

● Provide high quality & affordable production resources to support expansion strategy in Emerging Markets


● Highly fragmented with >10,000 players

● Growing population and shifting disease profile

● Need for better accessibility and delivery of healthcare in rural areas

● Private healthcare accounts for nearly80% of total healthcare spend

● Sanofi is present in India for >55 years

● 2nd fastest growing multinational company(2)

● 4 industrial sites (~7bn tablets annually)

Opportunity Focus

(1) IMS Market Prognosis, 2011-2015 market ranking in constant US$(2) IMS MIDAS MAT Q1 2011

61

Reaching out to the Next Billion Customers in China

● Diversify geographic concentration

● Fully leverage broad portfolio

● Invest in the county hospital market ● Strategic Business Unit implemented ● Sales force expansion by

~1,000 representatives

● Expand CHC business

● Shape market through public-private partnerships ● Support of “China Alliance

for Diabetes Excellence“

● Expected to be 3rd largest market by 2015(1)

● Healthcare reform to improve infrastructure and to address affordability issues

● Growing demand of ~900m people in China’s 2,000 counties(2)

● Sanofi ranks #3 company in China(3)

● Sales of ~€1bn in 2011e for Greater China

● Fastest growing multinational company(3)

● Sales force of 4,500 reps

● 6 industrial sites

(1) IMS Market Prognosis, 2011-2015 market ranking in constant US$(2) Includes county-level cities and counties(3) IMS MAT June 2011

Opportunity Focus

# #

62

Beyond BRIC, Well Poised to Capture Growth in Other Fast Growing Economies

~€10bn Total Emerging Markets Sales

in 2011e

#1 in Africa and Middle East

#2 in CEE #2 in LatAm#4 in Asia

10countries with sales between

€100m and €500min 2010

Non-BRIC65%

BRIC35%

BRIC: Brazil, Russia, India, China(1) IMS MIDAS MAT Q1 2011

~3bn

LargePopulation

Sanofi Leadership Position

outside BRIC(1)

Countries with Scale

63

Key Success Factors to Sustain our Unmatched Leadership Position in Emerging Markets

Historical presence

● Leverage unique accumulated experience and diversified product portfolio

Market reach ● Expand sales forces to address rural areas

Manufacturing capacity ● Grow network of industrial sites to serve increasing volume

Quality of management ● Attract, train and retain local management talent

Tapping into local innovation ● Broaden R&D networks in Asia

Bolt-on acquisitions

● Continue to enlarge our portfolio by successfully identifying and integrating M&A targets

DIABETES

Pierre Chancel

Senior Vice President, Diabetes

Market opportunities

Delivering full value of current portfolio

Sustaining long term growth through R&D

Agenda

65

Diabetes Remains One of the Largest Opportunitiesin the Healthcare Space

Adults with diabetes worldwide(1) 350m

% of patients not achieving glycemic control target values in the U.S. and EU(2) >50%

Patients remaining undiagnosed in BRIC countries(3) ~2/3

Expected size of global diabetes market in 2015(4) $43-48bn

Expected CAGR growth of global diabetes market between 2011 and 2015(4) 4-7%

66

(1) G. Danaei, Lancet 2011; 378: 31-40(2) Adelphi Disease Specific Program (DSP) III and VII (sample of over 10,000 diabetic patient records) (3) Internal estimates based on multiple sources(4) The Global Use of Medicines: Outlook through 2015, IMS Institute for Healthcare Informatics, May 2011

The Diabetes Epidemic is Expanding in Emerging Markets

People with diabetes 2010 26m 24m 56m 9m

Rate of diagnosis 75% 75% 36% 58%

Expected diabetes population growth 2010-2015 +14% +9% +34% +14%

Insulinized patients 2010 5.6m 5.1m 4.6m 1.3m

Expected insulinized patients 2015 6.9m 6.4m 8.9m 1.7m

Key Epidemiology Facts

Source: IMS data and internal patient model67




Agenda

68

Lantus® #1 Insulin Brand Worldwide – A Growth Story

120m Lantus® SoloStar® pens sold in 2010

€3.5bn

€3.1bn

€2.5bn

€2.0bn

€1.7bn

€1.2bn

2005 2006 2007 2008 2009 2010 2011e

Lantus® Global Sales

69

• From Lantus® brand to Lantus® -based solutions

• New ambition with Apidra® and Insuman®

• Lyxumia® to expand use of GLP-1s

Key Pillars to Fuel our Ambition

• Tackling unaddressed cardiovascular morbidities

with anti-PCSK9 mAb

• Expansion in Emerging Markets(1)

(1) The world less the U.S. and Canada, Western Europe, Japan, Australia and New Zealand70

EU Insulin MarketU.S. Insulin Market

Ability to Grow Insulin Market Share in U.S. and EU

Value Share

Volume Share

Value Share

Volume Share

June 11June 08

37% 37%

SanofiNovo NordiskEli Lilly

June 11June 08

28%33%

June 11June 08

30%34%

June 11June 08

24%28%

IMS data – Monthly basis – June 2008 to June 201171

Sanofi - Fast Growing Insulin Player in BRIC-M

- 10%

0%

10%

20%

30%

40%

50%

0% 10% 20% 30% 40% 50%

Growth yoy %

Market Share %

Lilly

Novo

Sanofi

Insulin Sales (constant €)

(1) IMS Monthly data base – MAT June ’11 vs MAT June ’10 (Data for Russia only reflect IMS retail channel) (2) IMS sales MAT June ’11

● Historical focus on value market

● Opportunity for volume expansion

● Strong leadership position in diabetes in Brazil and Mexico(2)

● Renewed efforts to expand basal treatment paradigm in China

● New manufacturing site for Lantus® SoloSTAR® in China

● Acquisition of Bioton Wostok insulin plant in Russia in 2010

BRIC-M Insulin Market(1)

72

73

2012-2015: Set to Remain #1 Diabetes Brand

From Lantus® Brand to Lantus®-Based Solutions

● Now 40% of U.S. Lantus® new prescriptions with SoloSTAR®

● Majority of U.S. patients expected to use SoloSTAR® by 2015

&

● Encouraging launches in France & Germany

● Roll-out in key markets expected to be completed by end 2012

● Development ongoing to integrate advice for Lantus® dosing

Emerging Markets

● Further market access initiatives ongoing

● Disease management● Treatment paradigm● Tiered pricing● Type-1 diabetes

74

Testing Early Insulinization with Lantus® for Better Long Term Outcomes

Potential benefits of early insulinization

on disease control Additional dataon Lantus®

safety profile

Trial Results Expected Mid-2012

Lantus® label improvement

if trial endpoints metEndpoints• CV morbidity/mortality

• All-cause mortality

• Risk of diabetic microvascular outcomes

• Rate of progression of IFG or IGT to Type 2 diabetes

At high CV risk • and IFG, IGT• or newly detected diabetes• or established diabetes

>12,500 Patients

Main Endpoints

CV – Cardiovascular IFG – Impaired fasting glucose IGT – Impaired glucose tolerance

Continuous Commitment to Safety

Retrospective cohort studies

Scientific presentation in 2012

Communication to regulatory agenciesin Q4 2011 (Nordic) and Q1 2012 (U.S.)

Epidemiology Program Ongoing

Nordic databases U.S. databases International Study on Insulin and Cancer(France, UK and Canada)

Case-control study

Scientific presentation in 2013

Communication to regulatory agencies by Q1 2013

75

● Indirect comparison of nocturnal event rates in the Lantus® arm from the Novo-3579 study vs. Sanofi studies shows a different pattern of cumulative curves

● In representative* Sanofi glargine trials nocturnal hypo rates are consistent despite different glycemic control achieved at end of trials(2,3)

● Factors other than end of trial HbA1c or FPG may contribute to an increase occurrence of nocturnal hypoglycemia for the Lantus® arm in Novo-3579 trial such as● Unusually aggressive titration target

(70-90 mgl/dL FPG) in Degludec trials● Lack of enforcement of same time of

injection for the study drug and the gold standard comparator (e.g. dinner time vs any time of the day(1))

1) As presented at Novo Nordisk Capital Markets Day on May 5th, 2011 2) Massi Benedetti et al, Horm Metab Res 2003; 23:189-1963) Standl et al, Diabetes Care 2005; 28 (2): 419-420 4) Calculated from each study using confirmed hypoglycemia of PG <3.1 mmol/L; data on file.

Glargine

Degludec

Nocturnal confirmed hypoglycemia over time (weeks)

Nocturnal confirmed hypoglycemia over time (weeks)

Glargine (4009)(4)

Glargine (3002)(4)

Glargine 3002 study(2),T2–BOT (n=570) End of trial HbA1c: 8.5%

Glargine 4009 study(3),T2-BOT (n=624)End of trial HbA1c: 7.2%

* 3002 study representing a non treat-to-target trial design* 4009 study representing a treat-to-target trial design

Is the Gold Standard Basal Insulin

Degludec NN-3579 study(1)

T2–BOT (n=1030)End trial HbA1c: ~7.0%

Noc

turn

al h

ypog

lyca

emia

(eve

nts/

subj

ect)

Noc

turn

al h

ypog

lyca

emia

(eve

nts/

subj

ect)

Indirect comparison of event rates using same hypo definition as respectively shown in Degludec NN-3579

and two Sanofi glargine studies (3002, 4009)

Delivering the Full Value of Other Portfolio Assets

● New ambition with Apidra®

● New U.S. sales and marketing platform• Dedicated sales force since July 2011

● Expansion in Asia• Accelerate penetration in Japan• Partnered with IDF and Chinese Diabetes Society

to help building the first Type 1 diabetes registry• Launch expected in 2012 in China

Established Insulins

Optimized Devices

Innovative Blood Glucose Monitoring

● Untapped opportunities for Insuman®

● Regulatory submission anticipated in 2011 in South-East Asia

● Short-acting and pre-mixed forms currently in Phase III in China

● SoloStar® submission in Russia expected by end 2011

IDF: International Diabetes Federation77




Agenda

78

Six R&D Projects with a Goal of Submission in 2011-2015

Lyxumia® (lixisenatide)GLP-1 agonist

Type 2 diabetes

Lantus®

Insulin glargineReduction in CV morbidity & mortality

Insuman® (Asia)Human insulin vials and cartridges

Type 2 diabetes

SAR236553 Anti-PCSK-9 mAb

Hypercholesterolemia

Phase III

Products in Development / Major LCM Activities Status Update

Planned submissions for EU in Q4 2011, Japan mid-2012, U.S. in Q4 2012

Phase II Entered Phase II in Q1 2011 – Fully enrolled

(1) Also includes other Phase I projects which are not for submission before 2015 and therefore not mentioned here, i.e. SAR407899 and SAR101099Partners: Lixisenatide (AVE0010): Zealand Pharma, SAR236553 (REGN727): Regeneron

Phase I(1)

Phase I trials completed in Q3 2011

Initiation of Phase III expected early 2013

ORIGIN study results expected mid 2012

Phase III ongoing in ChinaSubmissions ongoing in SE-Asia

Lantus® + lixisenatide Insulin glargine + GLP-1 agonist

Single pen device / Type 2 diabetes

New formulationInsulin glargine

Type 1 + 2 diabetes

79

Broad Phase III Program Including as Add-on to Basal Insulin

GetGoal‐MonoGetGoal‐Mono Japan

Drug naïve patients

Placebo controlled in OAD failure GetGoal‐M (metformin)

GetGoal‐F1 (metformin)

GetGoal‐M Asia (metformin)

GetGoal‐S (sulfonylurea)

GetGoal‐P (pioglitazone)

GetGoal‐X vs. exenatideActive‐controlled

GetGoal‐L (basal insulin)GetGoal‐L Asia (basal insulin)Placebo controlled on

top of basal insulin

CV Study ELIXA

Reported

Phase III Program

Lyxumia® is the intended trademark for lixisenatide. Lixisenatide is currently not approved or licensed anywhere in the world.

®

80

● Main efficacy A1c(1) endpoint met in all studies

● Pronounced effect on post-prandial glucose(2)

● Decrease in body weight as monotherapy or in combination with OAD or basal insulin(2)

● Promising safety profile vs. exenatide twice daily(3)

● 3-fold fewer symptomatic hypoglycemic events ● Better gastrointestinal tolerability

● Simplicity for enhanced compliance● 1 injection per day● 1 step to maintenance dose(4)

● 1 single pen device per dose

81

: First Data Leading To Unique Profile®

®

Lyxumia® is the intended trademark for lixisenatide. Lixisenatide is currently not approved or licensed anywhere in the world.(1) A1c used for HbA1c – Glycated hemoglobin (2) GetGoal program (3) GetGoal-X (4) GetGoal-F1

~90% of patients stayed on maintenance dose

Ideal Partner to Basal Insulin

● High willingness of physicians to use GLP-1s as add-on to basal insulin(1)

● More than 7m patients receiving Lantus® worldwide(2)

● GetGoal-L & -L Asia to support indication as add-on to basal insulin

● [Lyxumia® + Lantus®] combination moving forward● “Free combination” Phase III trial(3)

expected to complete by end 2011 ● Injection device in development to allow

Lantus® variable dose and Lyxumia®

fixed dose

GetGoal-L AsiaSubgroup analysis of Lantus® users(4)

A1c change from baseline (%)

Placebo 93

8.45

Lyxumia®

948.43

Patient, NBaseline A1c

Lyxumia® is the intended trademark for lixisenatide. Lixisenatide is currently not approved or licensed anywhere in the world.(1) >30% of GLP-1 users receive insulin in the UK. Source: ABCD (Association of British Clinical Diabetologists) Audits, B. Ryder at the Diabetes UK Annual Professional Conference (April 2011), and http://professional.diabetes.org/News_Display.aspx?TYP=9&ori=rss&CID=85182(2) IMS Full year data 2010, Adelphi DSP VII, internal estimates(3) Trial EFC10781 / “Free combination” means Lyxumia® (vs. Placebo) after Lantus® titration in patients insufficiently controlled with MET +/- TZD(4) >60% of patients previously on Lantus® in GetGoal-L Asia

LS Mean Difference vs. Placebo p<0.0001M

ean

Cha

nge

(%)

®

-0.89

+0.02

82

Anti-PCSK9 mAb - A Significant Opportunity to Tackle Unaddressed Cardiovascular Morbidities

● New ESC/EAS guidelines recommend more stringent LDL-C target for very high risk patients including diabetic patients with target organ damage(2)

● Only 41% of very high risk patients reach the newly defined goals with current lipid lowering therapies(3)

● Phase II results expected in H1 2012

(1) Swergold G. J Am Coll Cardiol 2011;57:E2023 (2) ESC/EAS guidelines on dyslipidemia European Heart Journal (2011) 32, 1769–1818(3) Virani American Heart Journal 2011; 161:1140-6

LDL-C Mean % Change from Baseline(1)

Subcutaneaous Injection of SAR236553 or Placebo

- 70- 60- 50- 40- 30- 20- 10

0 10 20

0 10 20 30 40 50 60 70 80 90 100 110

LS Means Calculated LDL-C Percent Change (%)

Placebo B CA D

Study Days

- 60%

83

From Lantus® brand to Lantus®-based solutions

New ambition with Apidra® and Insuman®

Expansion in Emerging Markets

Lyxumia® to expand use of GLP-1s

Diabetes: Focusing on Sustainable Growth

Tackling unaddressed cardiovascular morbiditieswith anti-PCSK9 mAb

(1) CAGR84

VACCINES

Olivier Charmeil

Senior Vice President, Vaccines

The vaccines market

Sanofi Pasteur leadership

Agenda

Growth drivers

86

Vaccines Market – All the Key Attributes for a Growth Platform

Vaccines Market

Major unmet needs remain

● Large birth cohorts in Emerging Markets

● Many diseases with low immunization rates or no vaccines

● Expansion opportunity in adult segment

Barriers to market entry are high

● Complex biological processes

● Rigorous manufacturing and regulatory standards

● Expertise required in many technologies

● Reliability and commitment to public health key to market access

87

Top 5 Companies Have Combined ~80% Market Share

Others19% Sanofi

Pasteur21%

Merck18%

GSK20%

Pfizer16%

Novartis5%

Sanofi Pasteur: a leading global player (1) Market share based on Sanofi Pasteur internal estimates (2) Excluding pandemic influenzaSanofi Pasteur MSD sales allocated 50/50 to Merck and Sanofi (minus supply sales from JV partners to SP MSD)

Global Market Sales(2):

~€17bn

2010 Market Share(1) excluding A/H1N1

88

Global Vaccines Market Growth to Remain Healthy

Projected Worldwide Vaccines Market Sales

(1) 2012-2015 CAGR based on Sanofi Pasteur internal estimates

CAGR(1)

+6 to 7%

2015e2014e2013e2012e

€23bn

89

Agenda

The vaccines market


Growth drivers

90

Flu27%

Polio/ Pertussis/

Hib31%

Boosters12%

Meningitis/ Pneumo13%

Travel & Endemics

11%

Other6%

Sanofi Pasteur Great Fundamentals to Capture Future Growth

● Leading commercial presence● €3.8bn consolidated sales in

2010(1)

● >1bn doses produced per year

● Present in 150 countries

● Leadership position in pediatrics, flu, meningitis, travel & endemic

● Promising R&D pipeline● 13 projects in clinical

development, including Dengue

● Strong record of alliances

Broad Product Offering

Sales Split 2011e

(1) Including €452m of pandemic influenza revenues (A/H1N1)91

World Class Industrial Operations

Sanofi Pasteur Industrial Sites

Shenzhen

Chachoengsao(1)

Ocoyoacac

Toronto

Pilar

Hyderabad

Swiftwater (PA)Canton (MA)Rockville (MD)

Marcy-l’EtoileVal de ReuilNeuville

€1bn investment in production capacity in last 5 years to meet global demand

(1) Joint Venture: GPO-MBP92

Agenda

The vaccines market


Growth drivers

93

Defend and Reinforce Position in Mature Markets(1)

Two Strategic Imperatives for 2012-2015

● Large population and birth cohorts

● Low immunization rates

● Economic growth driving demand and public funding

Aggressively Pursue Growth Opportunities in Emerging Markets(2)

● Value creating opportunities through product differentiation

● Still room for expansion of coverage

● Concentrated competition

2015e2014e2013e2012e 2015e2014e2013e2012e

(1) U.S, Canada, Western Europe, Australia, New Zealand, and Japan(2) World less North America, Western Europe, Japan and Australia/New Zealand(3) Estimated CAGR 2012-2015 for the vaccines market based on Sanofi Pasteur internal estimates

€14bn

€9bn

MarketCAGR +4%(3)

MarketCAGR +11%(3)

1 2

94

Key Growth Drivers

Mature Markets– Flu vaccines U.S.– Enhanced performance of JV with Merck in EU– Expansion in Japan

Emerging Markets– Pediatric combos– BRICM – Dengue

Strong Pipeline

95

MATURE MARKETS

Flu Vaccines Will Drive U.S. Sales Growth in 2012-2015

Fluzone® High-Dose

Fluzone®

Fluzone® ID

Fluzone® QIV ID

Fluzone® QIV IM

Time

Value

Segmentation expected to be completed by 2015

QIV: Quadrivalent IM: Intramuscular ID: Intradermal

Sustained leadership and value creation through differentiation

Marketed70m doses; 43% MS in 2010

Fluzone® Quadrivalent: • 4 strains for broader

protection • Intramuscular (QIV IM)• Intradermal (QIV ID)

U.S. recommendations for universal coverage expected to contribute

illustrative

U.S. flu sales expected to grow at double-digit CAGR 2012-2015

1

96

MATURE MARKETS

Opportunities in Europe and Japan

● Strong presence with Sanofi Pasteur MSD joint-venture(1)

● €918m sales in 2010, 30% MS

● Strong leadership position in HPV, booster and flu vaccines

● New JV Head appointed

● Restructuring implemented to adapt to end of HPV vaccination catch-up period

● Opportunities with LCM initiatives in existing segments (HPV, boosters) and new launches

Europe Japan

● Market opening more widely to non local players

● Unprecedented government funding €2bn over 2010-2015 to support immunization, including Hib

● ActHIB®, first and only Hib vaccine introduced in Japan (Dec 2008)

● Opportunity to launch new vaccines (IPV stand alone, pediatric combos, Adacel®)

1

(1) 50/50 JV with Merck & Co in Europe: sales not consolidated by Sanofi Pasteur – JV accounted for using the equity methodHPV: Human papilloma virus IPV: Inactivated polio vaccine Hib: Haemophilus influenzae type b 97

EMERGING MARKETS

Sanofi Pasteur Has a Well Established Presencein Emerging Markets

(1) Global Sanofi Pasteur 2010 sales: €3,808m, including €452m A/H1N1 vaccine(2) Market Share: Sanofi Pasteur internal estimates (3) 2010 sales excluding pandemic influenza. Including pandemic influenza, sales in Emerging Markets were €1,386m.

• Present in over 100 countries• Investing in local manufacturing• Regional approaches for R&D

EmergingMarkets

Sales(3): €1,025m

Latin America

€157m

€196m

Eastern Europe

& Turkey

€312m

Asia

€309m

Africa & Middle East

Sanofi Pasteur 2010 Sales(1) and Market Share (MS)(2) in Emerging Markets

MS20%

2

98

EMERGING MARKETS

A Pediatric Combo PortfolioTailored to Unmet Needs in Emerging Markets

(1) Pediatric combination includes Diphtheria, Tetanus, Pertussis, inactivated Polio, plus Haemophilus b and/or Hepatitis B depending on vaccine(2) Corresponding to birth cohorts of about 124m in Emerging Markets. Primary series in 3 doses for each antigen.wcP: whole cell Pertussis acP: acellular Pertussis OPV: oral polio vaccine IPV: inactivated polio vaccine Hib: Haemophilus influenzae type b

100%(2)

0%

Immunization Rate %● Full range of combo vaccines to address

different market needs

● Inactivated Polio Virus / Acellular Pertussis combo vaccines:TetraximTM

Pentaxim®

Hexaxim® submitted to EMA for Scientific Opinion under Article 58

● Whole cell Pertussis combo vaccine:Shan5® (by Shantha)

● Investment in capacity for key combo(1)

antigens to meet global demand

● Up to 300md IPV, 200md acP and 180md Hib, etc.

2

Pertussis Hib

wcP

acP

IPV

OPV

Polio

99

EMERGING MARKETS

2012-2015: Unique Footprint in Emerging Markets to Contribute to Expansion

● Expansion of flu immunization, in partnership with Butantan Institute

● IPV introduction in public market

● Expansion of new vaccines (Menactra®, Adacel®)

● Key country for Dengue vaccine

● Pentaxim®: first 5-in-1 launched in 2011

● Flu facility about to come on line

● Rabies vaccines VRVg expected launch in 2014

Brazil

IndiaChina

● Leading OPV supplier for polio eradication

● Shantha: Strategic asset for further expansion in India and Emerging Markets

● Shan5: Expected to bid for supply for 2nd part of 2013-2015 UNICEF tender

Mexico

● Unique flu industrial base (Ocoyoacac) and partnership (Birmex)

● AcXim range included in national immunization program

● High potential for future products: Hexaxim®, Dengue

2

100

EMERGING MARKETS

Dengue – Increasing Geographic Spread and Burden

Global Dengue Activity (CDC)

● 2.5-3.5bn people in tropical and subtropical regions● Annual incidence of 230m cases, 2m severe, 25,000 deaths● High economic burden● Market estimated to be over €1bn

2

Dengue Risk Transmission Areas and Dengue Reports (From U.S. CDC-HealthMap, Year 2010): www.healthmap.org/dengueCDC: Centers for Disease Control

Country levelProvince or local levelArea of ongoing transmission

101

EMERGING MARKETS

Developing a Safe and EffectiveTetravalent Vaccine against Dengue

Worldwide clinical development (n=43,000(1))

First submissions planned in 2013

Construction of manufacturing facility

● Satisfactory consistent safety profile and balanced immune response observed in early trials

● 1st efficacy Phase IIb results expected end 2012 (n=4,000)

● Expanded efficacy Phase III studies ongoing

● Working with various stakeholders to support creation of appropriate immunization policies and funding

● Priority access to highly endemic countries in SE-Asia and Latin America (2014 onwards)

● 100m doses facility planned to be on line by 2014 (Neuville, France)

● Large investment: €350m

2

(1) Phase IIb and Phase III final enrollment102

PIPELINE

A Solid R&D Pipeline to Fuel our Growth beyond 2015

● Dengue vaccine (Ph III) global roll-out to continue beyond 2015

● Three projects targeting hospital-acquired infections (Ph I & II)● Clostridium difficile (Ph II), Pseudomonas aeruginosa and Streptococcus pneumonia (Ph I)

● Several pediatric vaccines tailored for specific markets● Hexaxim® (Registration), DTP-HepB-Polio-Hib (Ph III)

● New generation of existing vaccines● Flu (Ph III), Rabies (Ph II), Meninge (Ph II)

● Shantha R&D capabilities facilitate opportunities to meet health needs of the developing world ● Rotavirus (Ph I), HPV and Shan6 (Pre-clinical)

1

2

3

4

5

3

Higher probability of success in vaccines vs. pharmaceuticals

103

Vaccines: Well Positioned with a Long Growth Runway

● Leverage industrial platform to meet demand and optimize market access

● Solid R&D pipeline, including first Dengue vaccine, addressing unmet needs worldwide

● Leading global market position with 2011e sales growth of 7-8%(1)

● Solid operating margin of around 29% in 2011e

● Delivering single digit growth rate in 2012-2013 and double digit in 2014-2015

● > 50% of growth in mature markets expected to be driven by flu vaccines

● Emerging Markets expected to represent 40-45% of sales in 2015

(1) At constant exchange rates, excluding 2010 pandemic influenza revenues (A/H1N1) 104

GENZYME

David Meeker, MD

Chief Operating Officer, Genzyme

106

Orphan diseases and Genzyme

Personalized genetic health opportunity

Agenda

Multiple sclerosis opportunity

The new Genzyme

Orphan Drug Market

Orphan Drug Market is Attractive and Offers Growth Potential Due to Significant Unmet Needs

● Significant unmet needs create strong growth potential● Under-served patient population

● Drugs available for only ~200 out of >6,000 orphan diseases(1)

● 85% orphan diseases are life threatening and 50% are pediatric(2)

● Several attractive market characteristics ● Unique development challenges

● Regulatory exclusivity period

● >$10bn sales for orphan-only drugs growing at high single digit since 2000 ● Expected to reach $18bn in 2015(3)

107(1) BioWorld Today, 2011(2) Food and Drug Administration, "Office of Orphan Products Development," Budget 2010(3) EvaluatePharma; internal analysis

A Pioneering Approach to Orphan Diseases

Challenges Genzyme Expertise

Limited disease awareness Physician education

Small number of experts Identification/training/engagement

Limited patient advocacy Enabling patient communities

Limited outcomes data Patient registries establish natural history and long-term follow up

Lasting commitment 20 years of innovation, next generation therapies

108

● Global leader in rare genetic diseases● Transformative therapies treating

patients in >100 countries

● 77% of sales outside the U.S. in 2010

● Established, long-term partnerships● Rare genetic disease KOLs

● Patient groups

● Governments/health authorities

● Technical expertise across broad range of technology platforms● Protein-based, cell and gene therapies

● Therapeutic polymers and biomaterials

● Small molecules

109

A 30 Year History of Expansion

(1) Includes only Personalized Genetic Health historical sales of Genzyme

2002 2003 2004 2005 2006 2007 2008 2009 2010

ROW

U.S.

Genzyme PGH Historical Sales(1)

$645m

$2,227m

$1,571m

110



Agenda


The new Genzyme

111

Unleashing the Full Potential of Genzyme within Sanofi

DevelopMS

franchise

Escalateexisting

R&D programs

Broaden biologics

experience

Leverage global

scope and manufacturing

expertise

CreateR&D hubin Boston

(2)

112

The New Genzyme – A More Focused Scope

Gaucher disease

Fabry disease

Pompe disease

Gaucherdisease

PGH Personalized

GeneticHealth

MSMultiple

Sclerosis

MPS I(1)

MPS II(1)

Thyroid cancer

Familial Hyper-

cholestero-lemia

eliglustat KynamroTM

Marketed Products

Products in Development

Products in Development

(1) MPS: Mucopolysaccharidosis(2) LemtradaTM and AubagioTM are the registered names submitted to health authorities for investigational agents, respectively

alemtuzumab and teriflunomide.

(2)

Oncology

Key Brands from Genzyme

Integration of Other Genzyme Divisions into Sanofi

Biosurgery / Renal

Key Brands from Genzyme

113

Leverage Sanofi global footprint

114



Agenda


The new Genzyme

1983

2001

115

Cerezyme® is the Foundation of the Genzyme Model

Transformative Therapy

2010 Sales Split

Ensure Market AccessExtensive Global Reach

● Increase awareness

● Enable access to diagnostic testing

● Identify and train experts

● Support patient advocacy

● Partner with healthcare systems

27%

EU

41%

U.S.ROW

32%

116

Untapped Cerezyme® Opportunity in Gaucher Disease

(1) Symptomatic prevalence and diagnosed patient estimates from 2010 PGH Market Models / Epidemiology Database.(2) Sims K, Pastores G, Weinreb N, Barranger J, Rosenbloom B, Packman S, et al. Improvement of bone disease by imiglucerase (Cerezyme®) therapy

in patients with skeletal manifestations of type 1 Gaucher disease: results of a 48-month longitudinal cohort study. Clin Genet 2008; 73:430-40.

● Focus is on supplying patients● Differentiated profile:

● 20 years of proven safety and efficacy

● Demonstrated bone benefits(2)

● Significant additional opportunity exists with undiagnosed patients

Total treatedDiagnosed

~7,000 ~6,400

CZ treated

~4,800

Large population of undiagnosed

patients(1) 9% of diagnosed

patients not treated

117

Myozyme®/Lumizyme®: Only Approved Treatment for Pompe

117(1) Symptomatic Prevalence based on 2011 Pompe Epi Model in 92 countries (excluding China and India). (2) Identified and treated patient numbers from regional patient trackers and LSD WW Report as of December 2010

MZ/LZ treated

~1,500

Total treated

~1,500

Diagnosed

~2,000


patients(1)

19% of diagnosed

patients not treated(2)

● Long-term potential commercial opportunity similar to Cerezyme®

● Documented clinical benefit across disease spectrum

● Focus is on:

● Driving disease awareness

● Partnering with physicians to increase early diagnosis

118

Myozyme®: Our Most Successful Launch

(1) Reflects the first full fiscal year after launch 118

0

50

100

150

200

250

300

350

400

450

0 1 year 2 year 3 year 4 year

Fabrazyme®

Aldurazyme®

(1)

$m

Myozyme®/Lumizyme®

Ceredase®/Cerezyme®

119

Fabrazyme® Potential Unleashed when Supply is Restored

(1) Symptomatic prevalence and diagnosed patient estimates from 2010 PGH Market Models / Epidemiology Database.

Total treated

~4,200

FZ treated

~6,000

Diagnosed


patients(1)

30% of diagnosed

patients not treated

~1,600

● Efficacy demonstrated at 1mg/kg● Regain significant market share by:

● Restoring supply● Driving importance of dose in

clinical outcomes● Growing patient awareness

● First Framingham product release anticipated in Q1 2012

120

Fabrazyme® – Treating the Family

Finding 1 new index patient leads, on average, to diagnosis of another 5 patients in that family

121

Expanding Manufacturing Capacity is Key to Future Growth

Sites Today 2012e 2015e Capacity

12,000L

20,000L

Framingham, MAnew plant

8,000L

Allston, MA

Geel, Belgium

Creation of the Genzyme

R&D Center

Leveraging Genzyme’s Innovative Capabilities

● Strong expertise in PGH and MS

● Unique biologics platform

● Commitment to open innovation

● Integrated innovation hub in the Boston area

122

Eliglustat – A Potential Game Changer in Gaucher Disease

StatusThe Product

● Potent, novel substrate inhibitor

● Oral therapy convenience with a capsule● Eliminating challenges of

infusing patients

● Clinical profile expected to be similar to Cerezyme®

● Global Phase III program underway

● Phase III data anticipated in H1 2013

123

124

Eliglustat Clinical Data Comparable to Cerezyme®

%Change

8.0

0.0

-2.0

-4.0

-6.0

-8.0

6.0

4.0

2.0

Changein g/dL

-90

-60

-30

0

30

60

90

Baseline 1 year 2 years18 months6 months

Platelets

Hemoglobin

Spleen

22%

-22%

81%

63%40%

-36% -47% -52%

0.9g/dL 1.6g/dL 1.8g/dL 2.1g/dL

Cerezyme® Range

Eliglustat Phase 2 Trial Results: Treatment Changes to 2 Years

125

Eliglustat: Potential Transformative Therapy(1)

December 2006pre-treatment (18 years)

December 20093 years post treatment (21 years)(2)

(1) Investigational drug(2) Patient from Phase II clinical trial

126

126

Familial Hypercholesterolemia: Maximizing Kynamro™Potential through Genzyme’s Orphan Disease Expertise

HeFH(4): 1 million patients

HoFH(2) Severe FH(3)

Understanding Rarity

~40,000 patients(1)

(1) Patients for HoFH and Severe FH in US and EU markets (2) Homozygous Familial Hypercholesterolemia(3) Severe Familial Hypercholesterolemia = treated LDL-C >200mg/dL with CAD, or >300mg/dL without CAD(4) Heterozygous Familial Hypercholesterolemia

On statins: 60 million patients

(1) Data on file

Long-term Effects of Kynamro™ in Extension StudyInterim Data Analysis

Study Week

26n=130

52n=110

76n=58

104n=26

Mea

n %

Cha

nge

(95%

CI)

Change from Baseline in Lipids(1)

● Safety profile consistent with all four Phase III studies

● Liver fat stabilized or decreased in some patients with treatment beyond 12 months

● Sustained reduction in apo B production decreased LDL and Lp(a)

● Filed in EU for HoFH and severe HeFH in July 2011

Filing expected in the U.S. for HoFH in Q4 2011

-40

-35

-30

-25

-20

-15

-10

-5

0

LDL-C ApoB Lp(a)

127

Strong PGH Growth Potential

2012e 2015e

2012e-2015edouble digit

CAGR

Projected Genzyme PGH Sales

● Drive Pompe disease awareness

● Regain Cerezyme® and Fabrazyme® market share

● Restore manufacturing supply

● File eliglustat, a 2nd generation Gaucher product

● File Kynamro™ to treat familial hypercholesterolemia

Key Growth Drivers

128

129



Agenda


The new Genzyme

130

Global MS Market Expected to Continue to Grow

MS Market Sales(1)Key Facts about MS

● ~2.1m patients worldwide

● Prevalent in young women (~2:1 female/male ratio)

● Life expectancy 5-10 years lower than unaffected people

● A major impact on family, social and professional life

● Symptoms include fatigue, weakness, walking and balance difficulties, vision problems

Multiple SclerosisCAGR

~6%

(1) Evaluate Pharma

2010 2015e

U.S.

ROW

$11.2bn

~$15.3bn

53%

57%

47% 43%

: A Promising Investigational Agent for MS

CARE-MS I CARE-MS II

Patients 581 840

Study Duration 2 years 2 years

PatientPopulation

Treatmentnaïve

Treatment experienced

TreatmentArms

Alemtuzumabvs. IFNβ 1a

Alemtuzumabvs. IFNβ 1a

Co-primary

Outcomes

Relapse RateDisability

Progression

Relapse RateDisability

Progression

Data Timing Jul 2011 Q4 2011

● Strong efficacy(1)

● 55% reduction in relapse rate over 2 years compared to Rebif®

● Non statistically significant result on time to 6-month SAD(2)

(HR=0.70, p=0.22)

● Unique convenience● Annual dosing

● Manageable safety● Safety profile consistent with

Phase II clinical trial experience

(1) Results as reported from CARE MS I trial(2) SAD - Sustained Accumulation of Disability

Filing expected in the U.S. & EU in Q1 2012

131

132

Aubagio®: An Exciting New Oral Treatment for MS

Filed in the U.S. in Q3 2011 and EU filing expected in Q1 2012

● Solid safety profile● No deaths, malignancies or

serious infections

● Drop out rate in Phase III similar to placebo

● Convenient● Once daily oral dosing

● Efficacy● 32% relapse rate reduction

● 30% reduction in disability progression

(1) Adjusted for Expanded Disability Status Scale score strata at baseline and takes duration of treatment into account. ARR - Annualized Relapse Rate, RRR - Relative risk reduction, HRR - Hazard ratio reduction

0 0,1 0,2 0,3 0,4 0,5 0,6

T. 14 mg

T. 7 mg

Placebo

TEMSO: Reduction in Adjusted(1) AAR

RRR: 31.2%p=0.0002

RRR: 31.5%p=0.0005

0 12 24 36 48 60 72 84 96 1080%

20%

10%

HRR: 23.7%p=0.0835

HRR: 29.8%p=0.0279

30%PlaceboT. 7 mgT. 14 mg

Week

TEMSO: Reduction in Disability Progression (%)

Unmet need 3

Efficacy with manageable safety

Unmet need 2

Convenience & efficacy

Early MS/CIS(1) RRMS(2) and early active MS

RMS(3) severe/ highly active

Addressing the Full Spectrum of MSDrivers: Safety, Efficacy, and Support Services

Lemtrada™

133

Quality of patient/physician support services

Aubagio®

Unmet need 1

Convenience& safety

Rebif®

Lemtrada™

Aubagio™

133

(1) CIS: Clinically Isolated Syndrome, study presently ongoing (2) RRMS: Relapse Remitting Multiple Sclerosis(3) RMS: Relapsing Multiple Sclerosis

134134

2012-2015: Key Growth Drivers

● Maximize market opportunity for PGH business

● Increase manufacturing capabilities for Cerezyme® & Fabrazyme®

● Increase Pompe disease awareness/diagnosis

● Launch eliglustat and Kynamro™

● Further expand PGH business through internal and external opportunities

● Establish leading MS franchise

● Launch Aubagio™ and Lemtrada™

134

ANIMAL HEALTH

Jose Barella

Chief Executive Officer, Merial

136

Market opportunities in Animal Health

Merial - A leader in Animal Health

Strategic priorities for Merial

Agenda

Animal Health Offers Attractive Business Dynamics

Animal HealthMarket

● Pets increasingly treated as a family member

● Protein consumption increasing given demographic trends and living standards

● Long product life cycles and limited generic competition

● Importance of brand equity

● Complex manufacturing (e.g. biologicals)

● Complex regulatory environment (e.g. food safety, multiple agencies)

● Higher probabilities of success and lower costs of development than human pharma

● Synergies with the human pharma business

137

31%

69%

138

A Diversified Market by Region and Species

2010 Market Split by Segment

A €15bn market in 2010

2010 Market Split by Geographic Area

69% 31%

59%

41%

41% Companion animals• Dogs, Cats• Horses• Other

59% Production animals• Cattle, Sheep• Pigs• Poultry• Veterinary Public Health

Developed Markets• United States • Western EU• Japan, Canada, Australia,

New Zealand

Emerging Markets• Latin America• Asia • Eastern Europe• Middle East, Africa

Source: Vetnosis ($20bn 2010 market converted to Euro at 1.3$/Euro); Sanofi regional format.

139

Companion Animals

Strong Growth Drivers in Both Segments

● Increased consumption of protein food in Emerging Markets - “Feed the planet”

● Increased medicalization of animal population to improve animal yields

● Convenience for mass medicalization

● Focus on prevention

Production Animals

● Increasing human / pet emotional bond –“Pet as a family member”

● Pets is the largest individual AH segment

● Aging populations in western countries

● Growing GDP per capita in Emerging Markets

● Unmet medical needs (e.g. cancer, diabetes)

2015e2010 2015e2010

€6bn €9bn

MarketCAGR +5%

MarketCAGR +5%

A €20bn market expected in 2015Source: Vetnosis ($20bn 2010 market & $26bn 2015 market converted to Euro at 1.3$/Euro)

140140

Emerging Markets Expected to Grow Twice As Fast as Developed Markets

Global Animal Health Sales

DevelopedMarkets

2015e

€20bn

64%

36%

2010

€15bn

69%

31%

CAGR ~4%

CAGR~8%

EmergingMarkets

Source: Vetnosis ($20bn 2010 market & $26bn 2015 market converted to Euro at 1.3$/Euro); Sanofi regional format.

141




Agenda

Merial Has Strong Positions in Both Companion and Production Animals Segments

142

A Strong Foothold in Production Animals

The Leader in Companion Animals & Parasiticides

(2010 Proforma Sales) (2010 Proforma Sales)€1.3bn

€0.7bn

Source: Vetnosis

Medicated Feed Additive

143

#1 Animal Health brand(1)

Parasiticide controlling fleas and ticks for pets

Top-tier Pets brandParasiticide controlling heartworms for pets

Internal and external parasiticide control for cows, sheep and pigs

Recombinant DNA vaccinesMerial is a leader in pets vaccines

Leading innovative recombinant vaccine for poultry

A Wide Range of Leading Premium Brands

(1) Vetnosis 2010 product ranking

144

A Broad, Diversified Geographic Footprint

● Merial’s strength is led by the #1 position in the U.S., the largest Pets market(1)

● 23% of sales in Emerging Markets, approaching Western Europe in size (vs. 19% in 2007)● ~50% of Emerging Market revenues

are from Latin America ● Growth driven by Asia and

Latin America● Room for further expansion

8%

42% U.S.

27%

WesternEurope

23%Emerging

Markets

Other Countries

Merial: 2010 Sales Split by Region

(1) Vetnosis

145




Agenda

146

Strategic Priorities for Merial

Pursueopportunities in

Emerging Markets

Ensure steadyprogression of a

balancedportfolio

Diversify portfolio:

opportunistic acquisitions

andalliances

Leverageindustrial assets

Reinforceposition in core

markets

147147

Core Markets

Animal Health Products Have Long Life Cycles

● Absence of third party payers limits attractiveness for competitive entries

● Long product life cycles of pioneer brands(1)

● Average of 60% molecular share despite generic competition

● Average age of compounds exceeds 30 years

● Merial brand awareness will be key in its defense against generics

Frontline® EMEA(2) Sales

Limited impact of Frontline® generics in major markets

Branded generic entry

(1) Vetnosis study on the top 50 compounds of the AH industry based on 2008 sales. Average computed based on a universe of 35 compounds subject to generic competition.

(2) EMEA: Western Europe, Eastern Europe, Middle East, Africa

6/2008 6/20106/2009 6/2011

Last 12 Month Sales

148

Core Markets

Reinforcing our Leadership in Pet Parasiticides

● Frontline®: largest product in the Animal Health market● 2010 sales of €762m

● Strong IP rights(1)

● U.S. compound patent expired in 2010

● Key patents: formulation, fipronil manufacturing process, and combination

● New products

● Certifect®: U.S. launched in Q3 2011; ROW launch planned in 2012

● Next generation Pet Parasiticides

Merial: Estimated Pet Flea & Tick Sales

2011 2013 20152012 2014

Frontline®

New pet parasiticide products

(1) The U.S. District Court for the Middle District of Georgia ruled that Velcera and Cipla are in contempt for sales of Pet ArmorPlusTM products (fipronil + methoprene) and enjoined (prohibited) such sales

149149

Emerging Markets

Maximizing the Emerging Markets Opportunity

Merial Strategy

(1) Merial internal estimates, VPH: Veterinary Public Health(2) Vetnosis

Animal Health in Emerging Markets

● Focus on Production Animals by leveraging strongholds:● Grow Avian leadership● Invest in Swine franchise ● Expand Ruminant position● Secure #1 VPH(1) position

(Foot and Mouth disease, etc.)

● Enhance position as Pets leader(2)

● Leverage Sanofi footprint

● Market needs still fairly basic● Cost sensitive, generic markets● Growth from Production Animals

linked to demand for protein● Pet market only in early stages

of development● High barriers to entry

● India: local production● China: government control

over specific disease treatments

150

R&D Portfolio

Robust Development Pipeline

● 6 launches in 2011● Certifect® for flea, tick control● Zactran® for Bovine Respiratory Disease● Equine West Nile Virus vaccine● Supleneo®, a nutraceutical for joint health● Feline Rabies vaccines for EU● Blue Tongue Virus 1-8 vaccine

● 27 potential launches from 2011 to 2015● 13 for companion animals● 14 for production animals● 17 biological and 10 pharmaceutical

products

● Consistent R&D investment of ~7% of sales

Projected New Drug Launches(1)

6

7

3

8

3

2011

2012

2013

2014

2015

Higher probabilities of success and lower development costs than human pharma

(1) Projects evaluated with greater than 50% probability of success

151

Direct Benefits of Sanofi’s Scale and Expertise

Cost Savings Research Emerging Markets

● Shared services: IS, Finance, Legal, Communications, etc.

● Procurement: Travel, raw materials, services, logistics (freight & distribution), real estate, etc.

● Common technology platforms: expression systems, formulations, delivery devices

● Molecule discovery for Pets: pain management, oncology, diabetes, etc.

● Sanofi’s strength and established presence enable Merial to move quickly

● Initiative to leverage Sanofi footprint in India and Russia in the near term

Operating margin projected to further increase

Animal Health: A Sustainable Growth Platform

● Strong industry fundamentals

● Reinforce positions in Mature Markets, extend the pet parasiticide franchise, strengthen position in production animals

● Capture Emerging Markets growth supported by Avian, VPH and Sanofi’s footprint

● Deliver on key pipeline projects: new launches expected to account for >20% of 2015 sales

● Improve operating margin through manufacturing efficiencies and integration into the Sanofi organization

● Selected opportunistic business development transactions

152

CONSUMER HEALTH CARE

Hanspeter Spek

President, Global Operations

Market characteristics

Agenda

Growth drivers

Sanofi’s expansion in CHC

154

155

OTC Market Offers Sustainable Growth without Volatility Caused by Patent Expiries

Market Drivers

● Large and highly fragmented market

● Growing propensity to self-medicate

● Importance of brands to convey quality and trust

● M&A still a major focus for growth

● Only a few worldwide brands

● Unregulated pricing

A €77bn Market in 2010(1)

€77bn€74bn€71bn€68bn

2007 2008 2009 2010

OTC market expected to grow to €100bn by 2015(1)

CAGR ~3.4%

(1) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)


Growth drivers


Agenda

156

Sanofi Has Become a Global Player inConsumer Health Care

● Expanded market position beyond European focus of Sanofi’s legacy CHC business

● Enlarged revenue basethrough 11 acquisitions

● Improved presence in the U.S. and China

● Obtained access to new retailand distribution channels in Asia

● Experienced managementrecruited to drive CHC business in regions

● Continued expansion in all key CHC markets through regional hubs

157

#3 in Central &

EasternEurope

Among top 10

in U.S.(2)

#1 in Latin

America

Scaling upin China and Asia

Key Actions

1

2

3

4

5

Results(1)

#1in Australia

6

#3 in Russia

(1) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)(2) Including Allegra® OTC sales in 2011, internal estimates

Target of high single digit growth over 2012-2015

New Strategic Focus in Late 2008 Driving Performance

158

2008 2009 2010 2011e

€1.4bnBolt-on acquisitionsin key OTC markets

~2x

Doubling Global Revenue BaseExpected in Only 2 Years

Strategic Priorities2008-2011

Rx-to-OTC switch strategy e.g. Allegra®

Boost sales ofexisting brands

Leveraging the Strong Platform of Legacy Brands

159

● Significant contribution from "local champions"

● Total sales of top 5 legacy brands expected to be >€750m in 2011e

● Iconic brands ● Strong brand recognition in local

markets

● Solid presence in key categories● Fever & Pain, Digestive Health

● Continue to drive brand strategy through improved marketing mixes in the countries locally

Doliprane® #1in France

Dorflex® #1in Brazil

NoSpa® #9in Russia

Enterogermina® #2in Italy

Essentiale® #2in Russia

TOTAL

1) IMS MIDAS MAT Q2 2011

"Local Champions"

2011e sales growth: ~+18%

OTC Ranking(1)

Addedimportant brandequity to existingCHC business

Significant transactions in established and

emerging CHC markets in 2008-2011

Building a Strong CHC Base through Bolt-on Acquisitions and Organic Growth

160

CHC Sales Split in 2011e

Others

CHC revenue base increased through acquisitions by >€800m

Doliprane®

Essentiale®

Enterogermina®

Maalox®

No-Spa®

Magne B6®

Dorflex®

Lactacyd®

Top existing brandsAllegra®

Agenda


Growth drivers


161

Key Growth Drivers

Expanding in the U.S.

Reinforcing brand equity in Europe

Investing in the dynamic CHC market in China

1

2

3

Strengthening #1 position in Australia(1)4

Rx to OTC switches5

(1) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales) 162

EXPANDING IN THE U.S.

Strengthening U.S. Position

● Filled geographic hole in global presence● Immediate “leadership”

position in U.S.

● Large portfolio of OTC products● Allergy, skincare,

topical pain, toiletries

163

● Switch Allegra® from Rx to OTC in U.S.

● Development of Chattem portfolio in the U.S. and beyond

● Operating margin estimated among best-in-class OTC players

OTC Acquisition Value Creation

1

H1 2010 H2 2010 H1 2011


U.S. Sales Up Almost 100%

164

CHC U.S. Sales

$442m

$225m

1

$188m(1)

1) Chattem was acquired by Sanofi on February 9, 2010

®


Allegra® – A Very Successful Rx to OTC Switch

● Launched in March 2011

● Exceptional trade success and speed to market

● Premium merchandising and promotional support

● Successfully building brandawareness

● Allegra® #2 brand in the category(1)

165

0 2 4 6 8

10 12 14 16 18

7/8/10

2/10/1

0

4/9/10

10/30

/1011

/27/10

12/25

/101/2

2/11

2/19/1

13/1

9/11

4/16/1

15/1

4/11

6/11/1

17/9

/11

Claritin® Zyrtec®Allegra®

Nielsen Unit Share (%)(1)

4 weeks ending

1

(1) A.C. Nielsen Food, Drug and Mass excluding Walmart (represents 64% of all outlets) 4-week data through week ending 8/6/2011

8/6/11

Harmonizing Marketing Mixes of Pan European Brands for Profitable Growth

Category Available in

DIGESTIVE HEALTH Maalox® 12

countries

HEALTH CAPITAL Magne B6® 8

countries

BEAUTY Oenobiol® 7 countries

ALLERGY Allegra® /Telfast®

8 countries

● Existing pan European brand equity and recognition

● Broader presence across key categories helped by acquisitions

● Improve advertising and promotional efficiency by harmonizing marketing mixes

● Seamless execution of multi-country launches

Pan European Brands

GROWING IN EUROPE2

166

167

GROWING IN EUROPE

Opportunity to Build Pan European Umbrella Brand

6 different local brands

1 European Umbrella Brand

8 countriesDifferent package designs and

promotional campaigns

● Allergy category – Attractive growth area for CHC in Europe

● >€300m category(1)

● Highly fragmented

● Opportunity to consolidate Sanofi’s localized anti-allergy portfolio

● Diverse portfolio of multiple brands mainly in smaller countries

● Objective to develop a pan European umbrella brand to provide complete solution for Allergy needs

Harmonization of brand marketing mix

Advertising and promotional investmentCost of goods sold

Developing an Umbrella Brand in the Allergy Category

2

(1) IMS-OTCIMS (MAT Q1 2011)

Scaling up to createtop position in China

and Asia

Acquired leadership in the two biggest

categories in China(3)

Leverage platform by access to expanding distribution channels

INVESTING IN CHINA

Accelerating CHC in China

M&A and Joint Venture

Three-pronged Strategy in Consumer Health Care in China

Organic Growthand OTC Switches

• Lactacyd® launched in May

• Essentiale®

CHC expected to generate >10% of total China sales by 2015

1 3Enlarge Portfolio

• Vitamins, Minerals, Supplements(1)

• Cough & Cold(2)

2

(1) 21 Super Vita: #2 VMS brand by volume in China (IMS Pharmatrend June 2011)(2) Good Baby: #3 Cold brand by value in China (IMS Pharmatrend June 2011)(3) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)

3

168

GROWTH IN AUSTRALIA

Built #1 Position in Australia

169

4

Strong Brands

Vitamins & Mineral Supplements

Symbion Deal

Symbion deal in 2008 laid foundation for Sanofi’s leadership in OTC market(1)

Enhanced #1 position in VMS category through acquisition of leading Vitamin D brand(2)

1) Nicholas Hall, OTC YearBook 2011, DB6 2011 (2010 sales)2) Aztec information systems, National Market data, July 2011

CHC contributing to redesign of Australian affiliate profile

Strategic Priorities for Future Growth in Consumer Health Care

170170

● Opportunity for global coordination of product development

● Further expansion of geographical reach in Emerging Markets

● Harmonizing marketing mixes to boost investments behind brands

● New launches of existing brands from other regions

● Cenovis®, Lactacyd®, Essentiale®

● Rx to OTC switch opportunities actively pursued

● Targeted M&A opportunities locally and globally

2012-2015 FINANCIAL INDICATORS & CAPITAL ALLOCATION

Jérôme Contamine

Executive Vice President, Chief Financial Officer

172

Agenda

Impact of U.S. Plavix® and Avapro®

Cost savings

Margin trends

Capital allocation

173

2012-2015

One Last Significant Headwind Remaining

Evolution of Group "Other Revenues"

Evolution of Group "Associates"

(1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012

2012e2011e2010 2010 2012e2011e

€1,036m€1,651m

Patent Expiry of Plavix® and Avapro® in the U.S.(1)

- 54% - 61% 2012e ~ €1.4bn

2013e ~ €700m

Impact on Business Net Income

Evolution

174

Agenda


Cost savings

Margin trends

Capital allocation

Significant Cost Synergies Expected from the Acquisition of Genzyme…

$700mSynergies Split

0% 10% 20% 30% 40% 50% 60%

IndustrialAffairs

R&D

Operations

SupportFunctions, ISand Other

● Level of cost synergies expected to reach $700m by 2013

● Around 30% of 2010 OpEx baseline

● Main drivers of cost synergies:

● Integration of Oncology in Sanofi

● R&D sharing platform and leveraging Boston as a hub for Sanofi in the U.S.

● Focus on purchasing and CapEx efficiency in Industrial Affairs

● Shared organisation for support functions per country/region

175

New Initiatives Combined with Genzyme Expected to Generate Total Cost Savings of €2bn by 2015

Cost savingsof

€2bn(2)

● CoGS● Industrial network balancing ● Increased headcount producitivity: +7% pack p.a. /FTE ● Increase global capacity utilization by 10% (2010-2015)

● R&D(1)

● Flat to slightly declining expenses

● Commercial operations● Reinforce new operating model in mature markets

● Purchasing● Continue to improve purchasing cost

● Support functions● Leverage shared services and North American model

● Merial synergies● Genzyme synergies

(1) 2011 R&D expenses on a proforma basis should reach around €5bn(2) At CER, before inflation and tax on a constant structure basis 176

177

Agenda


Cost savings

Margin trends

Capital allocation

2012-2015

Business Operating Margin Set to Rebound from 2012

Business Operating Margin Evolution

ILLUSTRATIVE

Synergies from Genzyme and Merial

Leveraging growth platforms

2012~31%

New cost savings programs

2015

Sustained profitability improvement of growth platforms expected from 2012 to 2015

178

Impact of Plavix®

and Avapro®

in the U.S. (1)

2012-2015

Main Metrics Set to Improve in a Post Patent Cliff Era

Sales

Gross margin

R&D expenses

Operating cash flow

GROWING

IMPROVING

FLAT to DECLINING

STRONG

SG&A ratio IMPROVING

179

180

Agenda


Cost savings

Margin trends

Capital allocation

181

2012-2015

Deploying Capital Effectively

Free cash flow use(1)

Balanced Capital Deployment

Externalgrowth

CapEx and working capital

management

Shareholder returns

Debt reimbursement

1 2 3 4

(1) After R&D investments

182

2012-2015

Strong Control of Investment Policy

2008 2009 2010 2011e 2013e

€1,409m €1,414m€1,274m

Pharma& Others

Vaccines

Genzyme

Keeping Tight Control on CapEx

1

Targeting CapEx range of €1.5bn to €1.6bn as from 2013

● Strong improvement in working capital management in 2010 and H1 2011

● Further improvement expected by 2013● Optimizing purchase to pay

progress

● Reduce inventories to CoGS by at least 1 month (except Genzyme)

● Stabilize DSO despite change in business mix

Streamlining Working Capital

CapEx excluding product acquisitions

Merial

183

Net Debt Evolution

2012-2015

Optimizing our Capital Structure2

2012e

~€10bn(1)

End Q2 2011

€13.2bn

2010

€1.6bn

● Reasonable leverage

● Strong commitment to retain solid credit ratings

● Current ratings:● Moody’s:

A2- stable outlook

● Standard & Poor’s: AA- stable outlook

(1) At 1.40 $/€

184

2012-2015Near Term Bolt-on Acquisitions to Strengthen Growth Platforms

3

Business Development Priority Areas

● BD activities to continue to strengthen Growth Platforms

● Potential for bolt-on acquisitions in the near term of €1bn to €2bn

● Further R&D partnerships

● Consumer Health Care, Animal Health● Enlarge portfolio and

develop global presence

● Emerging Markets● Seize opportunities to

generate sales synergies

● R&D partnerships focused on early stage projects

185

2012-2015

Sustaining Higher Shareholders Returns

● Progressive increase of payout target to 50% in 2014(1)

● Opportunistic use of share repurchasing to tackle dilution over time

20142011

€2.50

2010

€2.40

2009

€2.20

Evolution of Dividendby year of payment

4

Payout35%

Payout50%

(1) Dividend paid in 2014

2012-2015 GROWTH OUTLOOK

Christopher A. Viehbacher

Chief Executive Officer

2012-2015Targeting at Least 5% Compounded Annual Growth Ratefor Group Sales

(1) Incl. Jevtana®, Multaq®

(2) Historical Genzyme perimeter including LemtradaTM

(3) Incl. BGM, Lyxumia®

Growth Platforms & Genzyme: >80% of Group sales

Total Group Sales

2015e

New products(1)

Animal Health

Vaccines

Consumer Healthcare

Genzyme(2)

Diabetes(3)

Pharma Emerging

Other

2008

Growth Platforms

Other

KeyGenericized

Animal Health

Vaccines

Consumer Healthcare

Diabetes(3)

Pharma Emerging

Other

Key Gen.

2012e

CAGRat least 5%

2011e

Key Gen.

Other

Growth Platforms

€27.6bn

Genzyme(2)

Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien CR® U.S., Allegra®

U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. - Generic makers of oxaliplatin (Teva, Fresenius Kabi (formerly Dabur), Sandoz, Mayne/Hospira, MN/Par, Actavis and Sun) required to cease selling in the U.S. since June 30, 2010 but litigation continues. 187

2012-2015

Dynamic Growth From Multiple Growth Platforms

Emerging Markets

Vaccines

AnimalHealth

Consumer Health Care

Diabetes Solutions

2012e-2015e CAGR Sales Growth >5%

New Genzyme(1)

Growth Rate Scale

Double digit High single digit Mid single digit

(1) Personalized Genetic Health and Multiple Sclerosis188

Conservative assumptionsof R&D contribution

embedded in 2015 estimates

Low exposureto small molecule generic entries

in mature markets(1)

2012-2015

Offering a Lower Risk Profile

● Only 6% of post cliff sales come from small molecules facing generic exposure over 2012-2015

● Biological portfolio not expected to have significant competition from biosimilars by 2015

● 2015e sales projections do not include significant sales from new product launches over 2012-2015 (5 to 7%)

189(1) 6% of 2012 sales estimates

Six NME Filings Expected in 9 Months

Kynamro™ (mipomersen)– hoFH and severe heFH in Jul 2011 in EU and hoFH in Q4 2011 in the U.S.

1

2 Aubagio™ (teriflunomide)– RMS in Aug 2011 in the U.S. and Q1 2012 in EU

3

Zaltrap™ (aflibercept)– 2L-mCRC in Sep 2011 in the U.S. and Q4 2011 in EU

4

Lyxumia® (lixisenatide)– Type 2 diabetes in Q4 2011 in EU

5

Lemtrada™ (alemtuzumab)– RMS in Q1 2012 in the U.S. and EU

6

hoFH: Homozygous Familial HypercholesterolemiaheFH: Heterozygous Familial HypercholesterolemiaVTE: Venous Thrombo Embolism

RMS: Relapsing Forms of Multiple SclerosismCRC: Metastatic Colorectal CancerNME: New Molecular Entity

Visamerin® / Mulsevo® (semuloparin)– VTE prevention in chemo-treated patients in Sep 2011 in the U.S. and EU

190

Expected regulatory submission of Zaltrap® in 2nd line mCRC in EU

Expected regulatory submission of Lyxumia® in EU

Phase III top-line results of Lemtrada™ in multiple sclerosis (CARE-MS 2)

Phase III top-line results of Aubagio™ in multiple sclerosis (TENERE)

Solid R&D Newsflow Expected in Next 12 Months

Q3 2011

Q4 2011

Q4 2011

Q4 2011

Q4 2011

Q4 2011

Q4 2011

Q1 2012

Key Milestones Timing

Phase II results of Zaltrap® in 1st line mCRC (AFFIRM)

Lyxumia® in Type 2 diabetes - Further Phase III data presentation

Expected regulatory submission of Kynamro™ in U.S. for hoFH

Expected regulatory submission of Aubagio™ in EU

191

Q1 2012Expected regulatory submission of Lemtrada™ in MS in U.S. and EU

Q1 2012

Q2 2012

Start of Phase III for Fluzone® QIV ID

Scientific opinion for Hexaxim® issued by EMA

Q4 2011Start of Phase III for Vaxigrip® QIV IM

PGH & MS

DiabetesOncologyOther Pharma

Ophthalmology

Vaccines

Note: Scope includes pharmaceuticals NMEs (excluding LCM) and vaccines. Only first launches in a given market are mentioned.

2012-2015

Nineteen Potential New Launches

69

13

19

Kynamro™(mipomersen)

Lemtrada™(alemtuzumab)Aubagio™(teriflunomide)

Lyxumia®

(lixisenatide)Zaltrap™(aflibercept)

Visamerin®

(semuloparin)

Hexaxim®

ombrabulin

Dengue vaccine

eliglustat

SAR302503(JAK-2 inhibitor)

otamixaban

DTP-HepB-Polio-Hib

FOV1101(prednisporin)

SAR236553anti-PCSK-9 mAb

iniparib

sarilumabanti IL6R mAb

2012 2013 2014 2015

Cumulative Number of ProjectsPharmaceuticals (excluding LCM) and Vaccines

Fluzone® QIV IM

Quadracel®

192

Leveraging our P&L from 2012 to 2015

EPS 2015eEPS 2012e

Business EPS CAGRgreater than Sales CAGR

2012-2015

Targeting Business EPS Growth Superior to Sales Growth

193

2012-2015

Sanofi - A Strong Scorecard for 2012-2015

2012-2015 Sales CAGR

Diversified sources of growth

Scale in businesses with significant barriers to entry

Low small molecule patent exposure in mature markets(1)

Large Emerging Markets presence(2)

Potential new product launches(3)

Operating margin evolution

2012-2015 Business EPS CAGR

Increased dividend payout ratio

(1) 2012 sales from chemical products exposed to patent expiry in the U.S., Japan and Western Europe over 2012/2015(2) Based on 2015 internal estimates(3) Over 2012-2015(4) Dividend paid in 2014

~6%

50% by 2014(4)

19

38-40%

Rebounding

> Sales CAGR

At least 5%

194

IN SUMMARY

The New Sanofi Offers An Attractive Profile

5. Track record of successful execution

1. Consistent and sustainable growth outlook

2. Growth Platforms & Genzyme expected >80% of sales by 2015

3. Unparalleled position in Emerging Markets

4. Emerging R&D pipeline of higher quality assets

195

6. Lower risk profile

IN SUMMARY

Sanofi: A Rare Intersection Between Growth, Quality and Value

GrowthQ

ualit

yValue

196

APPENDICES

R&D Pipeline

Late Stage Pipeline – Pharma & Vaccines

N New Molecular Entity

G GenzymeCentral Nervous System

Genetic diseases

OncologyMetabolic Disorders

Vaccines

Internal Medicine

RegistrationPhase III

Biosurgery

* ORIGIN: Evaluation of Lantus® in reducing cardiovascular morbidity & mortality

iniparib(BSI-201)

mTNBC; squamous LC

otamixabanDirect Xa inhibitor

ACS

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

Hexaxim®

DTP-HepB-Polio-Hib vaccine

afliberceptVEGF-Trap

2nd line mCRC; 1st line mHRPC

semuloparin (AVE5026)Indirect Xa/IIa inhibitor

VTE prevention in cancer patients

Fluzone® QIV IMQuadrivalent inactivated influenza

vaccine

Plavix®

clopidogrel bisulfate Pediatric, EU; Stent, Japan

ombrabulin (AVE8062)Vascular disrupting agent

Sarcoma

Plavix®

clopidogrel bisulfate PAD, Japan

DengueMild-to-severe

dengue fever vaccine

mipomersenApolipoprotein B-100 antisense

hoFH and severe heFH (EU)

Clolar® / Evoltra®

Purine analogueAdult acute myeloid leukemia (AML)

Lantus®

insulin glargineORIGIN*; Pediatric, EU

DTP-HepB-Polio-HibPediatric hexavalent vaccine

teriflunomideRelapsing forms of multiple sclerosis

(RMS) – monotherapy (U.S.)

teriflunomideMultiple sclerosis

(monotherapy, adjunct therapy & CIS)

lixisenatide (AVE0010)GLP-1 agonist

Type 2 diabetes

Allegra®

fexofenadineDry syrup, Japan

alemtuzumab Anti-CD52 mAb

Multiple sclerosis

mipomersenApolipoprotein B-100 antisense

hoFH (U.S.)

sarilumab (SAR153191)Anti-IL-6R mAb

RA

MACI®Cell-based treatment

Articular cartilage defects

eliglustat tartrateGlucosylceramide synthetase inhibitor

Gaucher disease

prochymalMesenchymal stem cell

Graft-versus-host disease

N

G

G

G

N

N

N

N

N

N

N

G

NG

Thrombosis

NG

N

198

Early Stage Pipeline – Pharma & Vaccines


G GenzymeCentral Nervous SystemCardiovascularGenetic diseases

OncologyMetabolic Disorders

Vaccines

Internal Medicine

Phase II

Ophthalmology

iniparib (BSI-201)

Ovarian cancer, non-squamous NSCLC, neoadjuvant breast cancer

FOV1101FDC prednisolone/ cyclosporine

Allergic conjunctivitis

SAR231893Anti-IL4 mAb

Asthma; Atopic dermatitis

afliberceptVEGF-Trap

1st line colorectal cancer

FOV2302Plasma kallikrein inhibitor

Retinal vein occlusion induced macular edema

ferroquineAntimalarial

Malaria

SAR256212 (MM-121)anti-ErbB3 mAbBreast cancer

FOV2304Bradykinin B1 antagonistDiabetic macular edema

fresolimumab (GC1008)TGFβ antagonist

Fibrosis

SAR245408 (XL147)Oral PI3K inhibitorEndometrial cancer

SAR164877Anti-NGF mAb

Pain(on clinical hold)

ACAM-CdiffClostridium difficile

Toxoid vaccine

SAR245409 (XL765)Oral dual inhibitor of PI3K & mTOR

Cancer

SAR110894H3 antagonist

Alzheimer's disease

RabiesmAb post exposure prophylaxis

ombrabulin (AVE8062)Vascular disrupting agent

Ovarian 2nd line, NSCLC 1st line

atalurenTranscription modulator

Cystic fibrosis

Rabies VRVgPurified vero rabies vaccine

SAR236553 (REGN727)Anti-PCSK-9 mAb

Hypercholesterolemia

Multaq®

Antiarrhythmic agentAtrial fibrillation, Japan

Meninge ACYW conj.2nd generation meningococcal

conjugate Infant vaccine

Recombinant human TSH Modified (rhTSH-M)

Goiter

N

N

N

N

N

N

N

N

N

N

N

G N

G N

NG

199

Early Stage Pipeline – Pharma & Vaccines

Phase ISAR153192

Anti-DLL4 mAbCancer

Genz644282Topoisomerase-1 inhibitor

Solid tumors

Gene therapy (sFLT-01)Age related Macular Degeneration

(AMD)

SAR114137Cathepsin S/K inhibitor

OA pain & Peripheral neuropathic pain

SAR3419Maytansin-loaded anti-CD19 mAb

non-Hodgkin’s lymphoma

Mozobil® (plerixafor)CXCR4 AntagonistTumor Sensitization

Gene therapy (AAV-AADC)Parkinson's disease

SAR152954H3 antagonist

Sleep disorders

SAR256212 (MM-121) anti-ErbB3 mAb

Solid tumors, ovarian cancer

tasidotin(GC1008) Microtubule disrupter

Melanoma

SAR339658VLA 2 antagonist

Inflammatory Bowel disease

SAR411298FAAH inhibitorCancer pain

SAR103168Multikinase inhibitor

AML

Oral clofaribinePurine analogue

Myelodysplastic syndromes

SAR113945IKK-β inhibitorOsteoarthritis

RotavirusLive Attenuated Tetravalent

Rotavirus oral vaccine

SAR650984Anti-CD38 naked mAb

Hematological malignancies

SAR407899Rho kinase inhibitor

Diabetic nephropathy

SAR292833 (GRC15300)TRPV3 antagonist

Neuropathic pain, osteoarthritic pain

Streptococcus pneumoniaMeningitis & pneumonia vaccine

SAR302503 (TG101348)JAK-2 inhibitor

Myelofibrosis, refractory polycythemia

lixisenatide + Lantus®

GLP-1 agonist + insulin glargineSngle pen device / Type 2 diabetes

SAR100842LPA-1/LPA-3

Internal medicine

Pseudomonas aeruginosaAntibody fragment product

Prevention ofventilator-associated pneumonia

SAR566658Maytansin-loaded anti-DS6

Solid tumors

SAR101099Urotensin II receptor antagonist

Diabetic nephropathy

SAR279356 (F598)Anti-PNAG mAb

Serious infections

Tuberculosis Recombinant subunit vaccine

SAR307746 (REGN910)Anti-Ang2 mAb

Cancer

New formulationInsulin glargine

Type 1+2 diabetes

SAR97276Antimalarial

Malaria

RetinoStat®

Gene therapy Wet age-related macular degeneration

(AMD)

SAR125844Met kinase inhibitor

Solid tumors

Acid sphingomyelinaseNiemann-Pick type B

SAR156597IL4/IL13 Bi-specific mAb

Idiopathic Pulmonary Fibrosis

SAR104772/SAR126119TAFIa inhibitor

Acute ischemic stroke

N

N

N

N

N

N

N

N

N

G

G

N

N

G

G


G GenzymeCentral Nervous System

Genetic diseasesOncologyMetabolic Disorders

VaccinesInternal Medicine

Thrombosis

Ophthalmology

N

N

N

N

N

N

N

N

N

N

N

N

N N

G

G N

NG

200

Phase I Phase II Phase III Registration TOTAL

Oncology 10 3 3 0 16

Metabolic Disorders 2 2 1 1 6

Thrombosis 1 0 2 0 3

Central Nervous System 3 2 0 1 6

Internal Medicine 7 3 2 0 12

Ophthalmology 1 3 0 0 4

Genetic Diseases 3 1 1 0 5

Vaccines 4 4 4 1 13

TOTAL 31 18 13 3

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

49 16NMEs & Vaccines

52

65

201

2011 - ir - strategy and outlook

Documents

forwardlooking statements

forwardlooking information

executive vice president

chief executive officerwrap

chief financial officer2012

future financial results

md chief operating officer

future approval