Slides
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44th Annual J.P. Morgan Healthcare Conference San Francisco, CA, USA January 12, 2026
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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. 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.
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4 2025: strategic progress Investor Relations 1. The proposed transaction is subject to tender offer, customary closing conditions, etc. Anticipated closing in Q1 2026. 2. All changes at constant exchange rates and/or as reported with results for Q3 and YTD September 30, 2025. 3. Based on annualised sales. 4. Immune thrombocytopenia. 5. Full approval in the US and the EU. 6. Atopic dermatitis. 7.Hidradenitis suppurativa. 8. Inflammatory bowel disease. 9. Alpha-1 antitrypsin deficiency emphysema. 10. Respiratory syncytial virus. PipelineBusinessStrategy 8.7% growth in sales YTD2 €3.9bn sales YTD of 12 newly launched medicines and vaccines 2 One new blockbuster (ALTUVIIIO) 3 R&D-driven, AI-powered biopharmaceutical company committed to improving people’s lives and delivering compelling growth. Active portfolio management and capital allocation • Divestment of a controlling stake in Opella and acquisitions of Blueprint, Dynavax1, and pipeline • Growing dividend and €5bn share buyback completed Three new medicines and vaccines launched: Qfitlia (haemophilia), Wayrilz (ITP4), Nuvaxovid (COVID-195) Positive data for key pipeline • amlitelimab – AD6 phase 3 • brivekimig – HS7 phase 2 • duvakitug – IBD8 phase 2b • efdoralprin alfa – AATD9 phase 2 • vaccines (flu, rabies, RSV10) New phase 3 programs: Wayrilz, lunsekimig, duvakitug, yellow fever 2026 Continued profitable growth with tangible pipeline news flow
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5 Investor Relations phase 2 asthma potential LCM Pipeline: key mid- and late-stage development projects Status 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 phase 2 CIndU, CSU starting phase 2 MC Vaccines phase 3 AD potential LCM phase 2a HS potential LCM phase 2 IBD started phase 3 phase 2 potential safe combo lunsekimig SAR449028 (B LU-808) SAR444336 (non-beta IL2) amlitelimab brivekimig duvakitug balinatunfib itepekimab phase 3 COPD* with partnerwholly owned Neurology phase 3 RRMS, SPMS phase 3 CIDP potential LCM frexalimab riliprubart tolebrutinib under review SPMS (EU) Rare diseases/Oncology phase 3 GD3, Fabry disease phase 2 AATD phase 3 SMelenestinib venglustat efdoralprin alfa Wayrilz approved ITP (US, EU) potential LCM approved 1L, R/R MM submitted SC Sarclisa Fluzone HD SP0087 SP0202 SP0218 SP0230 SP0256 phase 3 flu 50 years+ phase 3 pneumococcal disease children phase 3 yellow fever phase 2 meningitis phase 2 RSV older adults SP0289/SP0335 phase 2 flu H5 pandemic phase 3 rabies
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6 Investor Relations Pipeline: upcoming news flow As of December 31, 2025. Key pipeline news flow only. Q4 2025* / H1 2026 H2 2026 2027 Dupixent – LSC (US) Wayrilz – ITP (JP) amlitelimab – AD Nexviazyme – IOPD (US) efdoralprin alfa – AATD (US) Fluzone HD – flu 50y+ (EU) amlitelimab – AD (full data) 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) Dupixent – LSC venglustat – Fabry disease (US) Dupixent – CSU children (US, EU) venglustat – GD3 Teizeild – T1D, S2 (EU) Fluzone HD – flu 50y+ (US) Tzield – T1D, S3 (US) SP0087 – rabies (US, EU)* Cerezyme – GD3 (US) Dupixent – AFRS (US) Wayrilz – ITP (EU)* Dupixent – BP (EU, JP) tolebrutinib – SPMS (EU) 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 Full pipeline update at Q4’25 results ✓