Page 1

Paris , October 28 , 2021 Strong Q3 performance drives guidance upgrade to around 14 % business EPS growth at CER ( ¹ ) Q3 2021 sales grew double digit to € 10.4 billion ( up 10.1 % ) due to strong growth from Dupixent® , Vaccines and CHC Specialty Care sales increased 20.2 % with strong contribution from Dupixent® ( + 54.6 % to € 1,410 million ) • Vaccines up 16.5 % , with record quarterly sales driven by differentiated flu vaccines and meningitis franchise recovery • CHC increased 11.1 % driven by growth of Pain care and Digestive Wellness categories General Medicines sales down 1.7 % while transformation of business model supports core assets growth ( up 4.5 % ) ● Q3 2021 business EPS ( 2 ) growth of 19.1 % at CER driven by sales performance and efficiencies Business EPS ( 2 ) was € 2.18 , up 19.1 % on a reported basis • BOI margin reached 34.1 % up 2.2 ppts reflecting improvement in Gross margin and continued expense management IFRS EPS was € 1.85 ( up 19.4 % ) Progress on Corporate Social Responsibility strategy • Carbon neutrality target accelerated to 2030 ; a 2050 net zero objective established Sanofi ranked # 1 in the European pharma sector by ESG rating agency Vigeo Eiris ( part of Moody's ESG Solutions ) SANOFI Key milestone and regulatory achievements on R & D transformation Positive pivotal phase 3 readouts for DupixentⓇ in chronic spontaneous urticaria and infant atopic dermatitis ( 6 months to 5 years ) NexviazymeⓇ approvals in U.S. and Japan Submissions of sutimlimab in the U.S. and olipudase alfa in Japan under the Sakigake pathway Acquisition of Translate Bio completed , first positive clinical data read - out validating the mRNA platform Full - year 2021 business EPS guidance revised upward ( ¹ ) Sanofi now expects 2021 business EPS ( 2 ) to grow around 14 % at CER ( ³ ) , barring unforeseen major adverse events . Applying average October 2021 exchange rates , the currency impact on 2021 business EPS is estimated to be between -3.5 % to -4.5 % Sanofi Chief Executive Officer , Paul Hudson , commented : " Sanofi has delivered outstanding financial results in the third quarter . Double - digit sales growth in the period was driven by the remarkable performance of Dupixent® , record sales of Vaccines and business momentum in Consumer Healthcare , all in line with our strategic priorities . As a result of our sales performance and strong earnings , we have upgraded our full - year EPS guidance growth to around 14 % at CER . In R & D , our growing pipeline of potentially transformative therapies has progressed , including the most recent positive readouts for Dupixent in Eosinophilic esophagitis and Prurigo nodularis as well as the U.S. approval and launch of Nexviazyme® in Pompe disease . With higher R & D investment behind our pipeline assets and the two targeted bolt - on acquisitions of Translate Bio and Kadmon , we have further increased our commitment to bring innovative medicines to patients and drive future growth . Aligned with our contract with society and leading up to COP 26 , we have set ourselves new ambitious ESG targets to reduce carbon emissions and accelerate our actions in fighting global climate change . " IFRS net sales reported IFRS net income reported ( 4 ) IFRS EPS reported Free cash flow ( 5 ) Business operating income Business net income ( 2 ) Business EPS ( 2 ) Q3 2021 € 10,432m € 2,317m € 1.85 € 2,202m € 3,558m € 2,736m € 2.18 Change + 10.1 % + 18.7 % + 19.4 % + 16.9 % + 17.5 % + 19.0 % + 19.1 % Change at CER + 10.1 % + 17,3 % + 18.8 % + 19.1 % 9M 2021 1 € 27,767m € 5,093m € 4.07 € 5,555m € 8,461m € 6,484m € 5.18 Change + 4.2 % -54.7 % -54.6 % + 1.9 % + 9.7 % + 11.4 % + 11.6 % Change at CER + 8.2 % + 15.0 % + 16.9 % + 17.2 % Changes in net sales are expressed at constant exchange rates ( CER ) unless otherwise indicated ( definition in Appendix 7 ) ( 1 ) Sanofi already raised its full - year 2021 business EPS growth guidance to around 12 % at CER on July 29 ; ( 2 ) In order to facilitate an understanding of operational performance , Sanofi comments on the business net income statement . Business net income is a non - GAAP financial measure ( definition in Appendix 7 ) . The consolidated income statement for Q3 2021 is provided in Appendix 3 and a reconciliation of reported IFRS net income to business net income is set forth in Appendix 4 ; ( 3 ) 2020 restated business EPS was € 5.86 ; ( 4 ) 9M 2021 IFRS net income reported reflected capital gain from sales of Regeneron shares in Q2 2020 ; ( 5 ) Free cash flow is a non - GAAP financial measure ( definition in Appendix 7 )