Slides
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Finance PipelineBusiness Appendices
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Results Q4/FY 2025 January 29, 2026 Finance Pipeline Business Appendices
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3 Forward-looking statements Investor Relations This document 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 product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives and subsequent changes thereto, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include the uncertainties 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, 2024. With respect to any sustainability or environmental, social and governance (ESG)-related information contained herein, in light of the significant uncertainties inherent in such statements and other related information contained herein, investors should not regard these statements as a representation or warranty by Sanofi or any other person that Sanofi will achieve its goals, objectives, aspirations, metrics, plans or targets, which may be subject to evaluation and adjustment, in any specified time frame or at all, the achievement of which shall remain subject to other conditions and considerations both within and outside Sanofi’s control. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements. Brand names appearing in this presentation are trademarks of Sanofi and/or its affiliates. Not all trademarks related to products under development have been approved as of the date of this presentation by the relevant health authorities. Abbreviations used in the main presentation are defined in the list of abbreviations. In the appendices, abbreviations are written in full the first time used. Finance PipelineBusiness Appendices
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4 Agenda Investor Relations Business Paul Hudson Finance François Roger Pipeline Houman Ashrafian Q&A Presenters and Olivier Charmeil, Brian Foard, Brendan O’Callaghan, Roy Papatheodorou, and Thomas Triomphe 01 03 02 04 Finance PipelineBusiness Appendices
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5 2025: strong commercial and financial delivery Investor Relations All percentage changes at CER. 1. The acquisition of Dynavax is currently pending; it is expected to close in Q1 2026 subject to the satisfaction of customary closing conditions. Augmented by select acquisitions Internal pipeline Compelling growth Diversified pipeline to benefit patients 9.9% growth in sales €5.7bn sales of newly launched medicines and vaccines One new blockbuster (ALTUVIIIO) Three new launches: Qfitlia (haemophilia), Wayrilz (ITP), Nuvaxovid (COVID-19) Positive data for key pipeline: amlitelimab (AD), brivekimig (HS), duvakitug (IBD), efdoralprin alfa (AATD), vaccines (flu, rabies, RSV) New phase 3 programs: Wayrilz, lunsekimig, duvakitug, yellow fever Strategic and innovative phase 1 programs, including three new gene therapies Active portfolio management and capital allocation • Opella proceeds reinvested in BD/M&A • €5bn share buyback completed • Growing dividend for 31 years 1 Finance Pipeline Business Appendices
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6 Q4: continued sales growth Investor Relations All percentage changes at CER. 1. ALTUVIIIO, Nexviazyme, Sarclisa, Ayvakit, Rezurock, Cablivi, Xenpozyme, Tzield, Qfitlia, and Wayrilz. • Pharma launches Driven by Ayvakit and ALTUVIIIO • Vaccines Beyfortus performance offset by phasing; flu driven by strong in-season epidemiology • Other medicines Sales growth impacted by divestments • Dupixent >€4bn in the quarter for a second time Dupixent 4.2 +32.2% Pharma launches1 Vaccines Other medicines 1.1 +49.4% 2.0 -2.5% 3.9 -1.2% €11.3bn +13.3% Finance Pipeline Business Appendices
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7 Launches: 34% growth in 2025 Investor Relations All percentage changes at CER. 1. On a pro-forma basis, Ayvakit full-year sales were $725m. Sales (€m) Q4 FY 686 1,781 324 1,160 203 790 157 588 168 3051 113 490 69 271 61 228 16 63 9 29 4 9 6 7 1,816 5,721 +17.1% +34.0% NEW NEW NEW NEW Finance Pipeline Business Appendices
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Continuously expanding benefit • asthma children: JP approval (Dec) • AFRS: US regulatory acceptance (Nov), potential 9th indication • CSU: EU approval (Nov) 8 Dupixent: strong volume growth; sales reached €15.7bn in 2025 Investor Relations All percentage changes at CER. 1. IQVIA SMART Patient insights edition H2 2025 weekly average NBRx through December 19, 2025. #1 biologic prescribed by dermatologists, pulmonologists, allergists, and ENTs1 outside US US 3.5 4.2 9.5 11.5 2024 2025 15.7 +25% +27% +21% 13.1 Q4: growth reflected continued penetration across established indications and new launches (COPD, CSU, BP), as well a US gross-to-net true-up in Q4 2024 FY: >30% patient growth 0.9 1.1 2.6 3.2 2024 2025 +22% +36%4.2 +32% 3.5 Q4 FY Sales (€m) Finance Pipeline Business Appendices
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0.2 0.2 0.6 0.6 0.8 0.7 0.5 0.6 2024 2025 9 Vaccines: sustained leadership in Influenza and RSV Investor Relations All percentage changes at CER. 1.3 1.3 2.7 2.6 1.7 1.8 2.6 2.3 2024 2025 -1.2%8.3 7.9 -2.5% 2.2 2.0 Q4 Influenza Q4: higher vaccination rate due to prolonged influenza season FY: market share gain of Fluzone High-Dose/Flublok despite soft vaccination rate in US; higher vaccination rate in EU Beyfortus Q4: different phasing between Q4 and Q3 versus last year FY: immunisation programs now in >45 countries Polio/Pertussis/Hib and Meningitis, travel and endemic Steady performance reflecting underlying market trends, including lower global birth cohort FY Sales (€m) BeyfortusInfluenza, COVID-19 MT&EPPH Finance Pipeline Business Appendices
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10 Vaccines: augmenting pipeline and protecting older adults 1. Competitor’s hepatitis B vaccines are given in three doses over six months. Investor Relations • Bivalent RSV+HMPV vaccine with strong immune responses in phase 1 study for both RSV and HMPV; targeting thermostable ready-to-use liquid formulation • Molecular Clamp technology for vaccine antigen design • Acquisition closed in December 2025 • HEPLISAV-B, the leading US adult hepatitis B vaccine with a differentiated two-dose regimen1 • Shingles vaccine candidate currently in phase 1/2 studies • Closing expected in Q1 2026 Finance Pipeline Business Appendices
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11 Sanofi leads industry working group on PAS 2090, a defining moment for sustainable healthcare Investor Relations 1. Standard sponsored by NHS England, the Office for Life Sciences, and the Pharmaceutical life-cycle assessement Consortium (11 pharma companies led by Sanofi and sponsored by the SMI Health TaskForce and the Pharmaceutical Environmental Group). Medicine substance Medicine Packaging Distribution Patient use End-of-life Packaging recyclingDevice recyclingMaterial recycling Dupixent Optimise API manufacturing Toujeo and Hexaxim Enhance manufacturing, packaging, devices production Key lifecycle stages Examples: eco-design for footprint reduction 1st global standard1 to measure and communicate the environmental impact of medicines and vaccines across their lifecycle Finance Pipeline Business Appendices
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Finance Q4/FY 2025 Finance Pipeline Business Appendices
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13 Q4: strong quarter Investor Relations All percentage changes at CER. 1. Margin at actual exchange rates. 13 Sales Double-digit growth led by Dupixent and pharma launches Business gross margin +1.1pp, driven by product mix and efficiencies Operating expenses R&D: moderate increase SG&A: driving growth and preparing for launches Business operating income Strong increase supported by operating expense leverage, partly offset by profit sharing Business EPS +26.7%, reflecting operating income growth (€m) Q4 2024 Q4 2025 Change Net sales 10,564 11,303 +13.3% Business gross profit 7,844 8,518 +15.6% Business gross margin 74.3%1 75.4%1 +1.1pp R&D -2,257 -2,291 +6.6% SG&A -2,648 -2,746 +9.6% Operating expenses -4,905 -5,037 +8.2% Percentage of net sales 46.4% 44.6% -1.8pp Other operating income and expenses -886 -1,178 +43.0% Business operating income 2,078 2,341 +21.7% Business operating margin 19.7%1 20.7%1 +1.0pp Effective tax rate 18.8% 18.5% -0.3pp Total business net income 1,642 1,856 +22.3% Average number of shares, million 1,253.6 1,212.7 -3.3% Business EPS 1.31 1.53 +26.7% Finance PipelineBusiness Appendices
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14 Sales growth driven by strong volume developments Investor Relations 1. Excludes hyperinflation impact and Opella for comparison purposes. Sales growth Volume Price +12.3% -2.4% 2025 +11.1% -1.6% 2024 +7.0% -3.3% 2023 +9.9% +9.5%1 +3.7%1 +34% compounded volume growth over the last three years Finance PipelineBusiness Appendices
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15 Delivering profitable growth while investing in 2025 Investor Relations All percentage changes at CER. Barring unforeseen events. 1. Excludes any impact from hyperinflation. 2. At actual exchange rates. 3. Before share buyback. 15 2025 guidance high single-digit percentage1 +9.9% Business EPS growth 2025 guidance low double-digit percentage3 +15.0% Business gross margin2 +1.8 pp Operating expenses2 Reflecting operating income growth and share buyback (+12.2% excluding SBB) Driven by product mix and efficiencies Growth led by Dupixent and pharma launches Sales growth Increase driven by BD/M&A +€448m R&D +€360m Driving growth and preparing for launches SG&A Finance PipelineBusiness Appendices
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16 Solid free cash flow generation Investor Relations Free cash flow definition is in appendix 9 of the Q4 and FY 2025 results press release. 1. Others includes €733m of factoring, -€162m of capex net of depreciations, €15m of interests paid, €191m of tax paid, €148m of restructuring, -€386m of forex impact and -€397m of other items excluding tax. 6.0 1.4 1.1 0.1 8.1 -0.5 (€bn) Free cash flow December 31, 2025 Free cash flow December 31, 2024 BOI at CER Change in working capital excluding tax Acquisition net of proceeds before tax Others1 +35.8% 14.5% of sales 18.5% of sales Finance PipelineBusiness Appendices
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17 Strong balance sheet, with an intention to retain AA rating Investor Relations See appendix 5 of the Q4 and FY 2025 results press release for more details. Credit ratings reaffirmed: Moody’s Aa3/stable, S&P AA/stable, Scope AA/stable as of December 31, 2025. 1. Before restructuring, acquisitions and disposals. 5.0 12.0-10.4 -9.9 11.0 4.8 0.8 8.8 Net debt December 31, 2024 Net debt December 31, 2025 FCF1 BD/M&A OthersShare buyback DividendOpella proceeds ND/BOI 0.8x ND/BOI 0.9x (€bn) Finance PipelineBusiness Appendices
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Organic investments1 Business development/M&A Increased dividend for the 31st consecutive year Share buyback 18 Capital allocation policy executed in 2025 Investor Relations 1. At actual exchange rates. 2. Subject to approval at the annual general meeting on April 29, 2026. €10.4bn Opella proceeds reinvested into: Proposed dividend2R&D +€448m Sales & marketing +€360m Blueprint €8.4bn Dynavax €1.9bn Vicebio €1.0bn Dren Bio DR-0201 €0.5bn Vigil Neuroscience €0.4bn Program completed €4.12 (+5.1%) €5bn Finance PipelineBusiness Appendices
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19 2026 business dynamics to consider Investor Relations All percentage changes at CER. Barring unforeseen events. For full-year 2026, and based on January 2026 average currency exchange rates, a currency impact of approximately -2% on sales and -3% on business EPS is anticipated. 1. For additional details, please refer to the appendix slide 35. 2. Based on Sanofi estimates for 2026 and 2027 using EUR/USD rate at 1.15. 3. Excludes any impact from hyperinflation. 4. Before share buyback. Guidance (at CER) Sales growth Business EPS growth Sales • Divestments of other medicines: c.€200m (sales impact) • Vaccines: slightly negative growth P&L Operating expense control • R&D: moderate increase (before BD/M&A) • Sales and marketing: increase to support growth/launches • G&A: stable high single-digit percentage3 slightly faster than sales4 Effective tax rate Stable Business gross margin Increase Financial income/expenses Expected increase due to 2025 and 2026 BD/M&A Other operating income/expenses • Capital gains (divestments): c.€500m • Profit sharing increasing faster than sales growth • REGN development balance1: decrease by c.€400m over 2025 • Amvuttra royalty1: increase by c.€500m2 over 2025 Share buyback €1bn Finance PipelineBusiness Appendices
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Pipeline Finance Pipeline Business Appendices
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21 2025: sustainable progress across the pipeline Investor Relations As of December 16, 2025. 1. Includes the US, EU, Japan, and China. phase 3 readouts phase 2 readouts new molecules entered clinical development, including gene therapies 10 3 Pipeline delivery Mid to late stage 12 15 regulatory approvals1 regulatory submission acceptances1 priority reviews fast-track designations orphan designations 5 8 22 9 20 Regulatory scorecard More options to more patients Three launches Medicines and vaccines First RNAi antithrombin in hemophilia A and B approved in the US and China First BTK inhibitor in ITP approved in the US and the EU, under review in Japan First recombinant COVID-19 vaccine with full approval in the US and the EU Finance Pipeline Business Appendices
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22 Pipeline: Q4 highlights Investor Relations For abbreviations, please see slide 48. tolebrutinib (BTK inhibitor) Dupixent CSU (EU), asthma children (JP) Teizeild T1D, stage 2 (EU) Wayrilz ITP (EU) Cerezyme GD3 (US) Cablivi aTPP (CN), children (US) Qfitlia haemophilia (CN) Myqorzo hypertrophic cardiomyopathy (CN) Redemplo familial chylomicronemia syndrome (CN) Regulatory approvals Dupixent AFRS (US priority review), CSU children (JP) Tzield T1D, stage 2 children (US priority review) SP0087 rabies (EU) Regulatory submission acceptances amlitelimab AD program positive results Dupixent AFRS primary endpoint met tolebrutinib PPMS primary endpoint not met Phase 3 readouts duvakitug CD (STARSCAPE-1/2), UC (SUNSCAPE-1/2) Wayrilz IgG4-related diseases (RILIEF) Phase 3 starts PPMS: phase 3 did not meet the primary endpoint; no regulatory submission SPMS: US complete response Finance Pipeline Business Appendices
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COAST 1 Week 24 COAST 2 Week 24 SHORE Week 24 ATLANTIS Q4W Q12W Q4W Q12W Q4W Q12W Week 24 Week 52 Non-responder imputation vIG1-AD 21.1% 22.5% 25.3% 25.7% 28.7% 32.3% 35.4% 50.3% EASI-75 35.9% 39.1% 41.8% 40.5% 48.1% 46.8% 62.9% 76.5% Treatment policy vIG1-AD 26.5% 29.1% 28.8% 27.7% 29.9% 32.9% EASI-75 46.0% 50.3% 49.7% 45.9% 50.9% 48.1% 23 amlitelimab: new data provide increasing confidence in long- term sustained and progressive benefit and patient convenience Investor Relations Source: amlitelimab COAST 1: https://www.sanofi.com/assets/dotcom/pressreleases/2025/2025-09-04-05-00-00-3144170-fr.pdf. COAST 2, SHORE, and ATLANTIS: https://www.sanofi.com/assets/dotcom/pressreleases/2026/2026-01-23-06-00-00- 3224400-en.pdf. Progressively increasing efficacy Endpoints/percent of patients Key observations Data in three phase 3 studies; one phase 2 • Potential for quarterly dosing from the start • Efficacy progressively increasing throughout the treatment period • No evidence of plateau through Week 24 and 52 • Monotherapy or in combination with topical corticosteroids • Well-tolerated, acceptable safety profile Further phase 3 data and global regulatory submission in H2 2026 Finance Pipeline Business Appendices
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24 amlitelimab: majority of OCEANA AD program now delivered Investor Relations SC efficacy and safety effect on vaccine antibody response long-term safety, tolerability, and efficacy with background TCS/TCI blinded maintenance response and safety with background TCS/TCI and inadequate response to biologics/JAK inhibitors Phase 2 Phase 3 Readout from AQUA and ESTUARY phase 3 studies in H2 2026 Finance Pipeline Business Appendices
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Approvals Global medicines 25 China: significant progress with regional strategy Investor Relations vWF-A1 Nanobody® VHH for the treatment of acquired thrombotic thrombocytopenic purpura Small antithrombin interfering RNA in haemophilia A and B Small molecule cardiac myosin inhibitor for the treatment of obstructive hypertrophic cardiomyopathy Small APOC3 RNAi reducing triglycerides in patients with familial chylomicronaemia symptoms China-only medicines Finance Pipeline Business Appendices
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26 Pipeline: key mid- and late-stage development projects Investor Relations As of December 31, 2025. *Itepekimab met the primary endpoint in one of two COPD phase 3 studies. Itepekimab’s future development in COPD is dependent on further analysis of phase 3 data and regulatory feedback. A check mark indicates the availability of the first data for/achievement of the clinical development milestone mentioned in the box; green colour indicates primary endpoint(s) met; red cross indicates phase 3 primary endpoint not met. Immunology Vaccines with partnerwholly owned NeurologyRare diseases/Oncology riliprubart frexalimab tolebrutinib under review SPMS (EU) phase 3 CIDP potential LCM phase 3 RMS, SPMS Fluzone HD phase 3 flu 50 years+ SP0202 phase 3 pneumococcal disease children SP0218 phase 3 yellow fever SP0230 phase 2 meningitis SP0256 phase 2 RSV+HMPV older adults SP0289/SP0335 phase 2 flu H5 pandemic SP0087 phase 3 rabies phase 2 MCSAR444336 (non-beta IL2) phase 3 AD potential LCMamlitelimab phase 2a HS potential LCMbrivekimig phase 2 IBD started phase 3 CD/UC duvakitug phase 2 potential combo balinatunfib itepekimab phase 3 COPD* phase 2 CIndU, CSUSAR449028 (BLU-808) phase 2 asthma potential LCMlunsekimig SAR445399 (IL1R3 mAb) phase 2 HS efdoralprin alfa Wayrilz approved ITP (US, EU) potential LCM phase 3 GD3, Fabry disease phase 2 AATD approved 1L, R/R MM submitted SC Sarclisa phase 3 SM venglustat elenestinib Finance Pipeline Business Appendices
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27 Pipeline: upcoming news flow Investor Relations As of December 31, 2025. Key pipeline news flow only. H1 2026 H2 2026 2027 Dupixent – LSC (US) Dupixent – CSU children (JP) amlitelimab – AD Wayrilz – ITP (JP) Nexviazyme – IOPD (US) SP0087 – rabies (EU) efdoralprin alfa – AATD (US) SP0087 – rabies (US) Nexviazyme – IOPD lunsekimig – asthma venglustat – Fabry disease SP0230 – meningitis venglustat – GD3 fitusiran – hemophilia A/B (EU, JP) riliprubart – CIDP (US, EU) frexalimab – RMS (US, EU) SP0218 – yellow fever (US, EU) amlitelimab – AD (remaining data) Dupixent – LSC venglustat – Fabry disease (US) Dupixent – CSU children (US, EU) venglustat – GD3 Tzield – T1D, S3 (US) Fluzone HD – flu 50y+ (US, EU) Tzield – T1D, S2 children (US) Dupixent – AFRS (US) tolebrutinib – SPMS (EU) Dupixent – BP (EU, JP) Sarclisa – SC (US, EU, JP) frexalimab – RMS brivekimig – HS riliprubart – CIDP itepekimab – CRSwNP SP0202 – PCV fitusiran – hemophilia A/B SP0218 – yellow fever phase 3 data readout [regulatory submission phase 2 data readoutregulatory decision Finance Pipeline Business Appendices
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Q&A session To ask a question Click on the Raise hand icon Check your audio device is well connected By Zoom Raise and lower your hand: dial *9 Unmute and mute your microphone: dial *6 By phone Any problems? Email us: investor.relations@sanofi.com Finance Pipeline Business Appendices
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Appendix Finance Finance Pipeline Business Appendices Appendix Pipeline Abbreviations Collaborations Appendix Finance
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30 Q4 sales Investor Relations All percentage changes at CER. Q4 2025 (€m) Change Dupixent 4,246 32.2% Beyfortus 686 -14.9% Influenza, COVID-19 575 31.5% Polio/Pertussis/Hib primary vaccines and Boosters 551 -9.5% Lantus 419 1.1% Toujeo 332 18.6% ALTUVIIIO 324 53.0% Fabrazyme 252 -1.1% Meningitis, Travel and endemic vaccines 227 -4.8% Plavix 214 7.6% Nexviazyme/Nexviadyme 203 15.8% Lovenox 179 -21.6% Cerezyme 171 2.9% Ayvakit 168 - Sarclisa 157 27.7% Alprolix 149 -4.1% Industrial Sales 136 13.7% Praluent 132 20.0% Kevzara 131 10.3% Thymoglobulin 124 6.4% Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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31 FY sales Investor Relations All percentage changes at CER. FY 2025 (€m) Change Dupixent 15,714 25.2% Polio/Pertussis/Hib primary vaccines and Boosters 2,554 -4.4% Influenza, COVID-19 2,314 -5.8% Beyfortus 1,781 9.5% Lantus 1,733 10.3% Toujeo 1,345 12.0% Meningitis, Travel and endemic vaccines 1,287 0.8% ALTUVIIIO 1,160 77.6% Fabrazyme 1,019 0.1% Plavix 910 3.1% Lovenox 822 -14.4% Nexviazyme/Nexviadyme 790 21.4% Cerezyme 695 -3.9% Alprolix 603 7.0% Sarclisa 588 28.5% Praluent 526 9.3% Myozyme 519 -21.0% Kevzara 507 23.6% Rezurock 490 8.7% Thymoglobulin 490 3.7% Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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32 FY: delivering profitable growth Investor Relations All percentage changes at CER. 1. Margin at actual exchange rates. 32 (€m) FY 2024 FY 2025 Change Net sales 41,081 43,626 +9.9% Business gross profit 31,091 33,793 +12.7% Business gross margin 75.7%1 77.5%1 +1.8pp R&D -7,394 -7,842 +8.8% SG&A -9,183 -9,543 +7.3% Operating expenses -16,577 -17,385 +7.9% Percentage of net sales 40.4% 39.9% -0.5pp Other operating income and expenses -3,293 -4,424 +40.2% Business operating income 11,343 12,149 +11.9% Business operating margin 27.6%1 27.8%1 +0.2pp Effective tax rate 19.8% 19.9% +0.1pp Total business net income 8,912 9,555 +12.1% Average number of shares, million 1,251.4 1,220.4 -2.5% Business EPS 7.12 7.83 +15.0% Sales Growth led by Dupixent and launches Business gross margin +1.8pp, driven by product mix and efficiencies Operating expenses R&D: increase driven by BD/M&A SG&A: driving growth and preparing for launches Business operating income Strong increase supported by operating expense leverage, partly offset by profit sharing Business EPS +15.0%, reflecting operating income growth and share buyback Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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33 Currency impact Investor Relations Sales (€m) Business EPS (€) -116 +98 -384 -578 -667 -0.10 -0.06 +0.02 -0.17 Q4 Q1 Q2 2024 Q3 2025 Q4 Q1 2024 Q4 2025 Q4 -0.13 Q3Q2 Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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34 Currency sensitivity and exposure Investor Relations Currency Variation Net sales sensitivity Business EPS sensitivity US Dollar +0.05 USD/EUR -€1,069m -€0.23 Japanese Yen +5 JPY/EUR -€46m -€0.02 Chinese Yuan +0.2 CNY/EUR -€60m -€0.02 Brazilian Real +0.4 BRL/EUR -€44m -€0.01 Currency average rates Q4 2024 Q4 2025 Change €/US Dollar 1.067 1.164 +9.1% €/Yen 162.434 179.327 +10.4% €/Yuan 7.685 8.253 +7.4% €/Real 6.229 6.273 +0.7% €/Ruble 106.724 92.886 -13.0% US Dollar 52.4% Euro 19.2% Chinese Yuan 4.8% Japanese Yen 3.0% Mexican Peso 1.9% Canadian Dollar 1.8% Brazilian Real 1.7% British Pound 1.0% Saudi Arabian Riyal 0.9% Taiwanese Dollar 0.8% Others 12.5% Currency exposure on Q4 2025 sales2026 business EPS currency sensitivity Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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35 Considerations for other operating income and expenses Investor Relations 1. Sanofi funds 100% upfront until first positive phase 3, then 80% thereafter. 2. Via a quarterly payment of 20% of Regeneron's profit share. 3. As of December 31, 2025, the “Development balance” amounted to €0.5bn at closing rate. 4. Development balance expected to be fully reimbursed around mid-year 2026. 5. Alnylam medicine. 6. Royalty details: 15% from $0-$150m; 17.5% from $150m-$300m; 20% from $300m-$500m; 25% from $500m-$1.5bn; and 30% above $1.5bn. 7. Actuals for 2023, 2024 and 2025 at annual actual exchange rate and Sanofi estimates for 2026 and 2027 using EUR/USD rate at 1.15. 0.7 1.0 1.3 Regeneron development balance reimbursement (€bn) Amvuttra® royalty7 (€bn) 2023 2024 20253 20264 2027 Indicative (Sanofi estimates) 0 -0.4 -0.7 2023 2024 2025 2026 2027 0.1 0.2 0.5 Indicative (Sanofi estimates) 0.7 0.8 +0.3 +0.5 1.1 • Sanofi funds majority of development costs¹ • Regeneron reimburses up to 50% of cumulative costs² • Recently approved in the US and EU for ATTR-CM • Royalty on global net sales in all indications (30% on sales above $1.5bn)6 Reimbursement of development balance by Regeneron Amvuttra® royalty5 Finance PipelineBusiness Appendices Appendix Pipeline AbbreviationsCollaborations Appendix Finance
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Appendix Pipeline Finance Pipeline Business Appendices Appendix Pipeline Appendix Finance Abbreviations Collaborations
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37 Pipeline: registration and phase 3 Investor Relations As of December 31, 2025. For collaborations, please see slide 47. For abbreviations, please see slide 48. Pediatric and adolescents’ indication extensions are not included. *Itepekimab’s future development in COPD is dependent on further analysis of phase 3 data and regulatory feedback. 1. Also known as SAR441344. 2. Also known as SAR445088. 3. Also known as SP0178. Wayrilz BTK inhibitor immune thrombocytopenia (JP) tolebrutinib BTK inhibitor secondary progressive multiple sclerosis (US, EU) Sarclisa CD38 mAb subcutaneous relapsed/refractory multiple myeloma Neurology frexalimab1 CD40L mAb relapsing multiple sclerosis non-relapsing secondary progressive multiple sclerosis riliprubart2 C1s mAb SOC-refractory chronic inflammatory demyelinating polyneuropathy IVIg-treated chronic inflammatory demyelinating polyneuropathy Rare diseases Nexviazyme enzyme replacement therapy infantile-onset Pompe disease elenestinib D816V-mutated KIT inhibitor indolent/smoldering systemic mastocytosis fitusiran RNAi targeting antithrombin hemophilia A and B (EU, JP) Wayrilz BTK inhibitor Sickle cell disease IgG4-related disease warm autoimmune hemolytic anemia venglustat oral GCS inhibitor Fabry disease Gaucher disease type 3 Oncology Sarclisa CD38 mAb newly diagnosed multiple myeloma, transplant eligible (HD7) (US) newly diagnosed multiple myeloma, transplant eligible (IsKia) smoldering multiple myeloma (ITHACA) Phase 3 Vaccines Fluzone HD4 multivalent inactivated flu (50+ years) SP0087 vero cell rabies SP0202 21-valent conjugate pneumococcal disease (children) SP0218 vero cell yellow fever Registration DupixentA IL4R mAb allergic fungal rhinosinusitis (US) bullous pemphigoid (EU, JP) Tzield CD3 mAb type 1 diabetes, stage 3 (US) Immunology amlitelimab OX40L mAb atopic dermatitis Dupixent IL4R mAb chronic pruritus of unknown origin lichen simplex chronicus duvakitug TL1A mAb Crohn’s disease ulcerative colitis itepekimab IL33 mAb chronic obstructive pulmonary disease* chronic rhinosinusitis with nasal polyps lunsekimig IL13xTSLP Nanobody® VHH chronic obstructive pulmonary disease Rezurock ROCK2 inhibitor chronic lung allograft dysfunction Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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38 Pipeline: phase 2 Investor Relations As of December 31, 2025. For collaborations, please see slide 47. For abbreviations, please see slide 48. Paediatric and adolescents’ indication extensions are not included. 1. Also known as SAR441566. 2. Also known as SAR441344. 3. Also known as SAR443765. 4. Also known as SAR445088. 5. Also known as BLU-808. 6. Also known as MAB212, in-licensed from MAB Discovery. 7. Also known as SAR447537 and formerly known as INBRX-101. 8. Also known as KD050. Immunology amlitelimab OX40L mAb asthma balinatunfib1 oral TNFR1 signaling inhibitor Crohn’s disease ulcerative colitis brivekimig TNFaxOX40L Nanobody® VHH Crohn’s disease hidradenitis suppurativa type 1 diabetes, stage 3 ulcerative colitis frexalimab2 CD40L mAb type 1 diabetes itepekimab IL33 mAb chronic rhinosinusitis without nasal polyps lunsekimig3 IL13xTSLP Nanobody® VHH asthma asthma, high-risk atopic dermatitis chronic rhinosinusitis with nasal polyps riliprubart4 C1s mAb antibody-mediated rejection rilzabrutinib BTK inhibitor asthma chronic spontaneous urticaria SAR4490285 wild-type KIT inhibitor chronic induced/spontaneous urticaria allergic rhinoconjunctivitis SAR444336 non-beta IL2 SynthorinTM microscopic colitis SAR4453996 IL1R3 mAb hidradenitis suppurativa Rare diseases Wayrilz BTK inhibitor Graves’ disease efdoralprin alfa7 AAT fusion protein alpha-1 antitrypsin deficiency emphysema frexalimab rilzabrutinib brivekimig CD40L mAb BTK inhibitor TNFaxOX40L Nanobody® VHH focal segmental glomerulosclerosis/ minimal change disease Vaccines SP0230 5-valent ACWY+B meningitis SP0256 mRNA respiratory syncytial virus+human metapneumovirus (older adults) SP0268 mRNA acne SP0289 mRNA flu H5 pandemic SP0335 inactivated adjuvanted flu H5 pandemic Neurology SAR402663 sFLT01 AAV gene therapy wet age-related macular degeneration Oncology SAR4458778 PD1xIL15 fusion protein solid tumors Sarclisa CD38 mAb relapsed/refractory multiple myeloma in combination Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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39 Pipeline: phase 1 Investor Relations As of December 31, 2025. For collaborations, please see slide 47. For abbreviations, please see slide 48. Pediatric and adolescents’ indication extensions are not included. 1. Also known as DR-0201. 2. Formerly known as VG-3927. 3. Also known as VXB-251. 4. Also known as VXB-351. Immunology SAR446422 CD28xOX40 bispecific Ab inflammatory indication SAR446959 MMP13xADAMTS5xCAP Nanobody® VHH knee osteoarthritis SAR4485011 CD20 bispecific mAb inflammatory indication Oncology SAR445953 CEACAM5-Topo1 ADC colorectal cancer SAR446523 GPRC5D mAb relapsed/refractory multiple myeloma Vaccines SP0287 Fluzone HD+Nuvaxovid flu+COVID-19 SP0287 Flublok+Nuvaxovid flu+COVID-19 SP0291 mRNA respiratory syncytial virus+human metapneumovirus+parainfluenza type 3 (older adults) SP0269 mRNA chlamydia SP03403 subunit respiratory syncytial virus+human metapneumovirus (older adults) SP03414 subunit respiratory syncytial virus+human metapneumovirus+parainfluenza type 3 (older adults) Neurology SAR446597 BbxC1s AAV gene therapy geographic atrophy in dry age-related macular degeneration SAR4488512 TREM2 agonist Alzheimer’s disease Rare diseases SAR446268 DMPK AAV gene therapy myotonic dystrophy type 1 Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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40 Pipeline: Q4 appendix changes Investor Relations As of December 31, 2025. For collaborations, please see slide 47. For abbreviations, please see slide 48. New in Registration Dupixent – allergic fungal rhinosinusitis (US) Phase 3 duvakitug – Crohn’s disease duvakitug – ulcerative colitis Wayrilz – IgG4-related disease Phase 2 SAR444336 – microscopic colitis SAR445399 – hidradenitis suppurativa Registration Dupixent – chronic spontaneous urticaria (EU) (approved) Teizeild – type 1 diabetes, stage 2 (EU) (approved) Qfitlia – hemophilia A and B (CN) (approved) Wayrilz – immune thrombocytopenia (EU) (approved) Cerezyme – Gaucher disease type 3 (US) (approved) aficamten – hypertrophic cardiomyopathy (CN) (approved) plozasiran – familial chylomicronemia syndrome (CN) (approved) Phase 3 Dupixent – allergic fungal rhinosinusitis (to registration) tolebrutinib – primary progressive multiple sclerosis (negative) Phase 2 amlitelimab – alopecia areata (deprioritised) amlitelimab – celiac disease (deprioritised) amlitelimab – systemic sclerosis (deprioritised) balinatunfib – rheumatoid arthritis (completed) Dupixent – ulcerative colitis (deprioritised) duvakitug – Crohn’s disease/ulsecrative colitis (to phase 3) eclitasertib – ulcerative colitis (deprioritised) frexalimab – systemic lupus erythematosus (deprioritised) itepekimab – bronchiectasis (deprioritised) Wayrilz – IgG4-related disease (to phase 3) SAR447873 – gastroenteropancreatic neuroendocrine tumors (deprioritised) Phase 1 SAR444335 – microscopic colitis (to phase 2) SAR445399 – hidradenitis suppurativa (to phase 2) SAR445514 – inflammatory indication (deprioritised) SAR446159 – Parkinson’s disease (deprioritised) SP0237 – flu (deprioritised) Removed from Designations US priority review Dupixent – allergic fungal rhinosinusitis US priority review Tzield – type 1 diabetes, stage 2 children EU orphan efdoralprin alfa – alpha-1 antitrypsin deficiency emphysema CN priority review Cablivi – acquired thrombotic thrombocytopenic purpura Phase 1 SAR446597 – geographic atrophy in dry age-related macular degeneration SAR446268 – myotonic dystrophy type 1 SP0340 – respiratory syncytial virus+human metapneumovirus older adults SP0341 – respiratory syncytial virus+human metapneumovirus+parainfluenza type 3 older adults Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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41 Pipeline: partnerships with rights to license Investor Relations As of December 31, 2025. For abbreviations, please see slide 48. Partner Target Indication Nurix STAT6 degrader inflammatory indication Recludix SAR448755, STAT6 inhibitor inflammatory indication Recursion orally active small molecules inflammatory indication, oncology Earendil Labs (Helixon) TL1Axa4b7 mAb inflammatory indicationTL1AxIL23p19 mAb additional targets C4X oral IL17A inhibitor inflammatory indication Kymera IRAK4 degrader inflammatory indication Scribe Tx RNA-guided CRISPR-associated programs rare disease Adel SAR449548/ADEL-Y01, acK280 tau mAb Alzheimer’s disease Innate Pharma anti-B7H3 NK cell engager oncology SK bioscience next-generation conjugate vaccines (children, adults) pneumococcal disease Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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SAKIGAKE (JP) Xenpozyme – ASMD 42 Pipeline: regulatory designations since 2020 Investor Relations As of December 31, 2025. For abbreviations, please see slide 48. 1. In addition to the CNPV granted by the FDA. Breakthrough therapy Dupixent – AD (US) Dupixent – COPD (US) Dupixent – EoE (US) Rezurock – cGvHD (US) ALTUVIIIO – hemophilia A (US, CN) Qfitlia – hemophilia A/B (US) Nexviazyme – Pompe (US) Xenpozyme – ASMD (US) Ayvakit – advSM (US) tolebrutinib – SPMS (US) riliprubart – CIDP (CN) Beyfortus – RSV (US, CN) PRIME (EU) Xenpozyme – ASMD Beyfortus – RSV SP0125 – RSV (toddlers) Fast track (US) itepekimab – COPD ALTUVIIIO – hemophilia A Qfitlia – hemophilia A/B Wayrilz – IgG4-RD, ITP Nexviazyme – Pompe Xenpozyme – ASMD venglustat – Fabry efdoralprin – AATD SAR446268 – DM1 SAR446597 – GA SAR402663 – wet AMD CD123 NKCE – AML Beyfortus – RSV SP0125 – RSV (toddlers) SP0202 – pneumococcal disease SP0087 – rabies Fluzone HD+Nuvaxovid – flu+COVID-19 Flublok+Nuvaxovid – flu+COVID-19 SP0289 – flu (H5 pandemic) SP0256 – RSV+HMPV (older adults) SP0269 – chlamydia Priority review Dupixent – AD children (US), AFRS (US), BP (US, CN), COPD (US), CRSwNP adolescents (US), EoE (US) children (US), PN (US, CN) Kevzara – RA (US) Tzield – T1D, stage 2 (CN), children (US) Tzield – T1D, stage 3 (US1) Soliqua – T2D (CN) Rezurock – cGvHD (US) ALTUVIIIO – hemophilia A (US) Nexviazyme – Pompe (US, JP, CN) Cablivi – aTTP (children US, JP, CN) Xenpozyme – ASMD (US) Ayvakit – GIST (US), advSM (US), ISM (US) tolebrutinib – SPMS (US) Sarclisa – NDMM, 1L TI (US) Fexinidazole – HAT (US) Beyfortus – RSV (CN) Accelerated assessment Dupixent – PN (CN) Xenpozyme – ASMD (EU) Beyfortus – RSV (EU) Orphan Dupixent – AFRS (US) ALTUVIIIO – hemophilia A (US, EU) Qfitlia – hemophilia A/B (US, EU) Wayrilz – IgG4-RD (US, EU), ITP (US, EU, JP), SCD (US), wAIHA (US) Rezurock – cGvHD (US) Cerdelga – Gaucher (US) Nexviazyme – Pompe (US, JP) Xenpozyme – ASMD (US, EU, JP) venglustat – Fabry, Gaucher (US, EU, JP) efdoralprin alfa – AATD (US, EU) SAR446268 – DM1 (US, EU) riliprubart – AMR (US), CIDP (US, EU, JP) Sarclisa – MM (US) SAR446523 – R/R MM (US) Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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43 What’s next: Immunology Investor Relations As of December 31, 2025. Pediatric and adolescents’ indication extensions are not included. Dashed lines represent future clinical study starts, barring unforeseen events. For abbreviations, please see slide 48. Illustrative; selected projects only. 1. itepekimab’s future development in COPD is dependent on further analysis of phase 3 data and regulatory feedback. lunsekimig phase 2 SAR449028 phase 2 CIndU/CSU brivekimig phase 2 lunsekimig phase 2 severe/ high-risk lunsekimig phase 2/3 lunsekimig phase 2 CRSwNP brivekimig phase 2 CD/UC brivekimig phase 2 riliprubart phase 2 AMR amlitelimab phase 3 itepekimab 1 phase 3 itepekimab phase 3 CRSwNP/ phase 2 CRSsNP SAR444336 phase 2 microscopic colitis frexalimab phase 2 Dupixent approved (US, EU, JP, CN) Dupixent approved (US, EU, JP, CN) Dupixent approved (US, EU, JP) Dupixent approved (US) sub. (EU, JP) Dupixent phase 3, AFRS sub. (US) Dupixent approved (US, EU, JP, CN) Dupixent approved (US, EU, JP, CN) Dupixent approved CRSwNP (US, EU, JP) Dupixent approved (US, EU) duvakitug phase 3 CD/UC teplizumab approved stage 2 (US, EU, CN), stage 3 sub. (US) Rezurock approved cGvHD (US) phase 3 CLAD AD PN CSU HS BP CPUO/AFRS asthma COPD CRS EoE IBD T1D transplant dermatology respiratory gastroenterology endocrinology autoimmune Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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New fields pneumococcal disease 21-valent conjugate phase 3 acne mRNA phase 2 chlamydia mRNA phase 1 PPH boosters hexa, penta, quadrivalent approved boosters approved Meningitis, travel and endemic meningitis 5-valent (ABCWY) phase 2 yellow fever vero cell phase 3 rabies vero cell phase 3 yellow fever vero cell phase 3 rabies vero cell phase 3 yellow fever vero cell phase 3 rabies vero cell phase 3 MenQuadfi 4-valent (ACWY) approved yellow fever/rabies/typhoid/hepatitis A approved RSV Beyfortus RSV mAb approved RSV combination (older adults) mRNA phase 1/2 RSV combination (older adults) subunit phase 1/2 Flu COVID-19 flu H5 pandemic mRNA phase 2 flu H5 pandemic inactivated adjuvanted phase 2 Flublok+COVID-19, Fluzone HD+COVID-19 (50y+) phase 1/2 Nuvaxovid COVID-19 approved flu standard dose Fluzone, Vaxigrip approved flu standard dose Fluzone, Vaxigrip approved differentiated flu Flublok approved differentiated flu Flublok, Fluzone HD approved infant/toddler/pediatric adolescent/adult older adult 44 What’s next: Vaccines Investor Relations As of December 31, 2025. Illustrative; selected projects only. For abbreviations, please see slide 48. Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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45 Pipeline: main clinical studies across disease areas Investor Relations As of December 31, 2025. For abbreviations, please see slide 48. Immunology amlitelimab (OX40L mAb) - AD (COAST 1: NCT06130566, COAST 2: NCT06181435, SHORE: NCT06224348, AQUA: NCT06241118, ESTUARY: NCT06407934) - asthma (TIDE-Asthma: NCT05421598) balinatunfib (oral TNFR1si) - CD (SPECIFIC-CD: NCT06637631) - UC (SPECIFIC-UC: NCT06867094) brivekimig (TNFaxOX40L Nanobody® VHH) - CD (CHROMA CD: NCT06958536) - HS (BRIGHTEN: NCT07170917) - T1D, stage 3 (NCT06812988) - UC (COLOR UC: NCT06975722) Dupixent (IL4R mAb) - AFRS (LIBERTY-AFRS-AI: NCT04684524) - BP (NCT04206553) - CPUO (NCT05263206) - CSU (Study B: NCT04180488) - lichen simplex chronicus (STYLE 1: NCT06687967, STYLE 2: NCT06687980) duvakitug (TL1A mAb) - Crohn’s disease (STARSCAPE-1: NCT07184931, STARSCAPE-2: NCT07184944) - ulcerative colitis (SUNSCAPE-1: NCT07184996, SUNSCAPE-2: NCT07185009) frexalimab (CD40L mAb) - T1D, stage 3 (FABULINUS: NCT06111586) itepekimab (IL33 mAb) - COPD (AERIFY-1:NCT04701983, AERIFY-2: NCT04751487, AERIFY-3: NCT0532641, AERIFY-4: NCT06208306) - CRSwNP (CEREN 1: NCT06834347, CEREN 2: NCT06834360) - CRSsNP (NCT06691113) lunsekimig (IL13xTSLP Nanobody® VHH) - moderate to severe asthma (AIRCULES: NCT06102005) - high-risk asthma (AIRLYMPUS: NCT06676319) - AD (NCT06790121) - COPD (PERSEPHONE: NCT07190209, THESEUS: NCT07190222) - CRSwNP (NCT06454240) Rezurock (ROCK2 inhibitor) - chronic lung allograft dysfunction (ROCKaspire: NCT06082037) riliprubart (C1s inhibitor) - AMR (NCT05156710) rilzabrutinib (BTK inhibitor) - asthma (NCT05104892) - CSU (RILECSU: NCT05107115) teplizumab (CD3 mAb) - T1D, stage 2 (delay onset of stage 3) (PETITE-T1D: NCT05757713) - T1D, stage 3 (delay progression) (PROTECT Extension: NCT04598893) - T1D, stage 3 (delay progression) (BETA PRESERVE: NCT07088068) SAR449028 (wild-type KIT inhibitor) - chronic induced/spontaneous urticaria (NCT06931405) - allergic rhinoconjunctivitis (NCT06922448) SAR444336 (non-beta IL2 SynthorinTM) - microscopic colitis (NCT07156175) SAR445399 (IL1R3 mAb) - HS (CLAROS: NCT07225569) SAR446422 (CD28xOX40 bispecific Ab) - inflammatory indication SAR446959 (MMP13xADAMTS5xCAP Nanobody® VHH) - knee osteoarthritis (NCT06704932) SAR448501 (CD20 bispecific antibody) - inflammatory indication (NCT06647069) Rare diseases Nexviazyme (enzyme replacement therapy) - IOPD (Mini-COMET: NCT03019406 and Baby-COMET: NCT04910776) efdoralprin alfa (AAT fusion therapy) - AATD (NCT05856331, ELEVAATE OLE: NCT05897424) elenestinib (oral KIT D816V inhibitor) - indolent/smoldering systemic mastecytosis (HARBOR: NCT04910685) fitusiran (RNAi targeting antithrombin) - hemophilia A and B (ATLAS-OLE: NCT03754790, ATLAS-PEDS: NCT03974113, ATLAS-NEO: NCT05662319) frexalimab/rilzabrutinib/brivekimig - focal segmental glomerulosclerosis/minimal change disease (RESULT: NCT06500702) venglustat (oral GCS inhibitor) - Fabry disease (PERIDOT: NCT05206773, CARAT: NCT05280548) - GD3 (LEAP2MONO: NCT05222906) Wayrilz (BTK inhibitor) - Graves’ disease (NCT06984627) - IgG4-RD (RILIEF: NCT07190196) - ITP (LUNA 3: NCT04562766) - Sickle cell disease (LIBRA: NCT06975865) - wAIHA (LUMINA 3: NCT07086976) SAR446268 (DMPK AAV gene therapy) - DM1 (BrAAVe: NCT06844214) Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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46 Pipeline: main clinical studies across disease areas Investor Relations As of December 31, 2025. For abbreviations, please see slide 48. Oncology Sarclisa (CD38 mAb) - MM, 1L TE (GMMG-HD7: NCT03617731) - MM, 1L TE (IsKia: NCT04483739) - smoldering MM (NCT04270409) - R/R MM (IRAKLIA: NCT05405166) - R/R MM (NCT04643002) SAR445877 (PD1xIL15 fusion protein) - solid tumors (NCT05584670) SAR445953 (CEACAM5-Topop1 ADC) - colorectal cancer (NCT06131840) SAR446523 (GPRC5D mAb) - R/R MM (NCT06630806) Vaccines Fluzone HD (inactivated quadrivalent) - flu (50 years+) (NCT06641180) SP0087 (vero cell) - rabies (NCT04127786) SP0202 (21-valent conjugate) - pneumococcal disease (NCT06736041, NCT06975878) SP0218 (vero cell) - yellow fever (NCT07002060) SP0230 (5-valent (ACWY+B)) - meningitis (NCT06128733 and NCT06647407) SP0256 (mRNA) - RSV+HMPV (older adults) (NCT06134648, NCT06686654) SP0268 (mRNA) - acne (NCT06316297) SP0289 (mRNA) - flu (H5 pandemic) (NCT06727058) SP0335 (inactivated adjuvanted) - flu pandemic (NCT06560151) SP0287 (Fluzone HD+Nuvaxovid) - flu+COVID-19 (NCT06695117) SP0287 (Flublok+Nuvaxovid) - flu+COVID-19 (NCT06695130) SP0291 (mRNA) - RSV+hMPV+PIV3 (older adults) (NCT06604767) SP0269 (mRNA) - chlamydia (NCT06891417) SP0340 (subunit) - RSV+HMPV (older adults) (NCT06556147) SP0341 (subunit) - RSV+HMPV+PIV3 (older adults) (NCT07295028) Neurology frexalimab (CD40L mAb) - RMS (FREXALT: NCT06141473) - nrSPMS (FREVIVA: NCT06141486) - MS (FREXCITE: NCT07325292) riliprubart (C1s inhibitor) - SOC-refractory CIDP (MOBILIZE: NCT06290128) - IVIg-treated CIDP (VITALIZE: NCT06290141) - long-term study (NCT06859099) tolebrutinib (BTK inhibitor) - SPMS (HERCULES: NCT04411641) - PPMS (PERSEUS: NCT04458051) SAR402663 (sFLT01 AAV gene therapy) - wet AMD (NCT06660667) SAR446597 (Factor Bb/C1s AAV gene therapy) - dry AMD (NCT07215234) SAR448851 (TREM2 agonist) - Alzheimer’s disease (NCT06343636) Finance PipelineBusiness Appendices Appendix Pipeline Appendix Finance AbbreviationsCollaborations
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47 Collaborations Investor Relations Ref Name Companies aficamten Cytokinetics ALTUVIIIO Swedish Orphan Biovitrum (Sobi) Beyfortus AstraZeneca Dupixent itepekimab Kevzara Regeneron duvakitug Teva Pharmaceuticals frexalimab ImmuNext Nuvaxovid Novavax plozasiran Arrowhead SAR445953 Pfizer SAR447873 RadioMedix, Orano Med SAR449548 Adel SP0202 SK bioscience Finance PipelineBusiness Appendices Appendix Pipeline Abbreviations Collaborations Appendix Finance
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48 Abbreviations Investor Relations AAT alpha-1-antitrypsine AATD alpha-1-antitrypsine deficiency AAV adeno-associated virus Ab antibody AD atopic dermatitis ADC antibody drug conjugate AFRS allergic fungal rhinosinusitis AML acute myeloid leukemia AMR antibody-mediated rejection API active pharmaceutical ingredient APOC3 apolipoprotein C3 ASMD acid sphingomyelinase deficiency aTTP acquired thrombotic thrombocytopenic purpura ATTR-CM transthyretin amyloid cardiomyopathy BP bullous pemphigoid BTK Bruton’s tyrosine kinase CD cluster of differentiation CD Crohn’s disease CEACAM5 carcinoembryonic antigen cell adhesion molecule 5 cGvHD chronic graft-versus-host disease CIDP chronic inflammatory demyelinating polyneuropathy CIndU cold induced urticaria COPD chronic obstructive pulmonary disease CPUO chronic pruritus of unknown origin CRISPR clustered regularly interspaced short palindromic repeats CSU chronic spontaneous urticaria C1s complement component 1s d/wAMD dry/wet age-related macular degeneration DMPK dystrophia myotonica protein kinase DM1 myotonic dystrophy type 1 EASI-75 eczema area and severity index ENT ear, nose, and throat doctor EoE eosinophilic esophagitis FeNO fractional exhaled nitric oxide GA geographic atrophy GCS glucosylceramide synthase GD1/3 Gaucher disease type 1 or 3 GIST gastro-intestinal stromal tumor GPRC5D G-protein-coupled receptor class 5 member D HAT human african trypanosomiasis HD High-Dose HMPV human metapneumovirus HS hidradenitis suppurativa IBD inflammatory bowel disease vIGA validated investigator global assessment IGF1R insulin-like growth factor 1 receptor IgG4-RD IgG4-related disease IL interleukin IOPD infante-onset pompe disease IRAK4 interleukin-1 receptor-associated kinase-4 ITP immune thrombocytopenia IV intravenous IVIg intravenous immunoglobulin LCM lifecycle management LD loading dose LSC lichen simplex chronicus mAb monoclonal antibody MC microscopic colitis MM multiple myeloma mRNA messenger RNA MTX methotrexate NBRx new-to-brand prescription NDMM newly diagnosed multiple myeloma NfL neurofilament light chain NK natural killer OBI on-body injector OX40L OX40 ligand PAS publicly available specification PCV pneumococcal conjugate vaccine pJIA polyarticular juvenile idiopathic arthritis PMR polymyalgia rheumatica PN prurigo nodularis PPMS primary progressive multiple sclerosis Q4/12W every four/twelve weeks RA rheumatoid arthritis RMS relapsing multiple sclerosis RNAi RNA interference ROCK2 rho associated coiled-coil containing protein kinase 2 RRD response rate difference R/R relapsed/refractory RSV respiratory syncytial virus SC subcutaneous SCD Sickle cell disease sJIA systemic juvenile idiopathic arthritis SLE systematic lupus erythematosus SM systemic mastocytosis SSTR somatostatin receptor SOC standard of care SPMS secondary progressive multiple sclerosis STAT6 signal transducer and activator of transcription 6 TCI topical calcineurin inhibitor TCS topical corticosteroid TE/I transplant-eligible/ineligible TL1A TNF-like ligand 1a TNF tumor necrosis factor TREM2 triggering receptor expressed on myeloid cells 2 TSLP thymic stromal lymphopoietin T1/2D type 1/2 diabetes UC ulcerative colitis vWF von Willebrand factor wAIHA warm autoimmune hemolytic anemia Finance PipelineBusiness Appendices Appendix Pipeline Abbreviations Collaborations Appendix Finance
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Finance Pipeline Business Appendices