Slides
Page 1
Finance Pipeline First reflectionsBusiness Appendices
Page 2
Results Q2 2026 July 30, 2026 Finance Pipeline First reflections Business Appendices
Page 3
3 Forward-looking statements Investor Relations This document contains forward-looking statements within the meaning of applicable securities laws, including 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 events and economic performance. Words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” “can,” “contemplate,” “could,” “is designed to,” “may,” “might,” “potential,” “objective,” "attempt," “target,” “project,” "strategy," "strive," "desire," “predict,” “forecast,” “ambition,” “guideline,” "seek," “should,” “will,” "goal,” or the negative of these, and similar expressions are intended to identify forward-looking statements. 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 US Food and Drug Administration or the European Medicines Agency, 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; unexpected regulatory actions or delays, or government regulation generally; authorities’ decisions regarding whether and when to approve a product candidate; political pressure in the United States to mandate lower drug prices including “most favored nation” pricing for State Medicaid programs; 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, including future clinical data and analysis of existing clinical data relating to the product, including post marketing, unexpected safety, quality or manufacturing issues, competition in general; 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 French Markets Authority (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, 2025, or contained in our periodic reports on Form 6-K. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements contained herein. 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. Finance Pipeline First reflectionsBusiness Appendices
Page 4
4 Agenda Investor Relations Business Belén Garijo Finance François Roger Pipeline Michael Quigley First reflections Belén Garijo Q&A Presenters and Manuela Buxo, Olivier Charmeil, Roy Papatheodorou, and Thomas Triomphe 01 03 02 04 05 Finance Pipeline First reflectionsBusiness Appendices
Page 5
Business Finance Pipeline First reflections Business Appendices
Page 6
6 Q2: double-digit sales growth Investor Relations All percentage changes at CER. 1. ALTUVIIIO, Ayvakit, Cablivi, Myqorzo, Nexviazyme, Qfitlia, Rezurock, Sarclisa, Tzield, Wayrilz, and Xenpozyme. • Vaccines Decline from high basis of comparison in flu • Pharma launches Driven mostly by Ayvakit, ALTUVIIIO, and Sarclisa • Other medicines Impacted by divestments and legacy medicines in Europe • Dupixent Very strong performance from global volume growth and a favourable adjustment of gross-to-net deductions Dupixent 5.2 +37.6% Vaccines Pharma launches1 Other medicines 1.1 +48.3% 1.3 -4.7% 4.0 -1.0% €11.6bn +17.8% Finance Pipeline First reflections Business Appendices
Page 7
7 Launches: strong growth and 13% of sales Investor Relations All percentage changes at CER. 1. Consolidated from July 17, 2025. On a market pro-forma basis, Q2 2026 sales were $221m, an increase of 26.4% from $175m in Q2 2025. 2. Consolidated from February 10, 2026. On a market pro-forma basis, Q2 2026 sales were $132m, an increase of 43% from $92m in Q2 2025. Not including rovadicitinib; expected to be included from Q3 2026 results. Sales (€m) Q2 349 218 1901 187 163 1132 108 85 64 23 17 7 4 2 €1,530m +61.1% NEW NEW NEW NEW NEW NEW Finance Pipeline First reflections Business Appendices
Page 8
485 583 540 672 2,807 3,899 Q2 2025 Q2 2026 8 Immunology: Dupixent sales >€5bn in the quarter Investor Relations All percentage changes at CER. 1. Excludes Kevzara; Q2 2026 sales were €177m, an increase of 35.1% from €134m in Q2 2025. 2. IQVIA SMART patient insights edition H2 2025 weekly average NBRx through July 16, 2026. US: growth driven primarily by strong demand, operational improvements, and a favourable adjustment of gross-to-net deductions #1 biologic medicine prescribed by dermatologists, pulmonologists, allergists, and ENTs2 Europe, RoW: continued robust volume growth in all major countries >1.5m patients globally Upgraded 2030 ambition, now ~ €25bn Rest of World +26.9% 3,832 US +42.8% 5,154 +37.6% Europe +19.4% Sales (€m)1 Continued lifecycle management Approval in chronic spontaneous urticaria children (US), adding depth to the nine approved indications Finance Pipeline First reflections Business Appendices
Page 9
9 Rare diseases: growth led by Ayvakit and ALTUVIIIO Investor Relations All percentage changes at CER. 1. Mast cell and other: Ayvakit, Myqorzo, and rovadicitinib. 2. Rare blood: Alprolix, ALTUVIIIO, Cablivi, Eloctate, Qfitlia, and Wayrilz. 3. Lysosomal storage: Aldurazyme, Cerdelga, Cerezyme, Fabrazyme, Myozyme, Nexviazyme/Nexviadyme, Xenpozyme, and Elaprase. Mast cell and other Ayvakit driven by growth in number of patients and duration of treatment across indolent and advanced systemic mastocytosis Rare blood Growth from all medicines; ALTUVIIIO driven by patient-switches in haemophilia A Lysosomal storage Growth driven by volume and value Launch of China-specific opportunities in rare diseases first dual ROCK/JAK inhibitor in myelofibrosis cardiac myosin inhibitor in obstructive hypertrophic cardiomyopathy rovadicitinib +24.3% Rare blood2 +26.8% Lysosomal storage3 +3.0% Mast cell and other1 983 1,000 571 705 192 Q2 2025 Q2 2026 1,554 1,897 Sales (€m) Finance Pipeline First reflections Business Appendices
Page 10
10 Vaccines: performance of launches offset by high flu comparison Investor Relations All percentage changes at CER. Influenza, COVID-19 High comparison and lower Southern Hemisphere season Beyfortus Driven by late season in the US and geographic expansion Meningitis, travel, and endemic High comparison in Rest of World PPH primary and boosters, including Heplisav-B Heplisav-B consolidation and underlying growth offset Rest of World birth cohort decline 693 700 307 287 72 108 141 54 Q2 2025 Q2 2026 Beyfortus +54.2% MT&E -5.9% PPH, Heplisav-B +1.4% Flu, COVID-19 -61.7% -4.7%1,214 1,150 Sales (€m) Finance Pipeline First reflections Business Appendices
Page 11
11 Global Health Unit access and health systems strengthening progress Investor Relations 1. Through registration or import licenses. 40,000+ trained healthcare professionals and community health workers 1,000+ supported pharmacies and distributors in supply-chain strengthening Strengthening healthcare systems through partnershipsExpanding access with Impact® medicines portfolio available1 in 30 underserved countries 500,000 patients linked to care (medical treatment, support services, etc.) On track to reach two million patients with non-communicable diseases (NCDs) treatments by 2030 6.5 million people screened for NCDs 1.1 million patients diagnosed Finance Pipeline First reflections Business Appendices
Page 12
Finance Finance Pipeline First reflections Appendices Business
Page 13
13 Q2: strong quarter, partly supported by positive one-offs Investor Relations All percentage changes at CER. 1. At actual exchange rates. 13 Sales Double-digit growth led by Dupixent and launches. Underlying growth c.15% Business gross margin +3.7pp driven by product mix and reversal of provision related to Sarclisa SC Operating expenses R&D: impacted by wind-down costs from pipeline decisions and 2025 acquisitions SG&A: impacted by 2025 acquisitions Business operating income Increase due to strong sales growth and operating leverage, partially offset by profit sharing Effective tax rate +2.2pp due to pipeline changes Business EPS +33.3%, ahead of sales growth (€m) Q2 2025 Q2 2026 Change Net sales 9,994 11,597 +17.8% Business gross profit 7,742 9,411 +23.6% Business gross margin 77.5%1 81.2%1 +3.7pp R&D -1,909 -2,233 +17.9% SG&A -2,284 -2,465 +9.0% Operating expenses -4,193 -4,698 +13.1% Percentage of net sales 42.0%1 40.5%1 -1.5pp Other operating income and expenses -1,116 -1,446 +35.2% Business operating income 2,461 3,291 +35.8% Business operating margin 24.6%1 28.4%1 +3.8pp Effective tax rate 19.5% 21.7% +2.2pp Total business net income 1,940 2,501 +31.0% Average number of shares, million 1,217.1 1,196.6 -1.7% Business EPS 1.59 2.09 +33.3% Finance Pipeline First reflectionsBusiness Appendices
Page 14
14 H1: profitable growth, partly supported by positive one-offs Investor Relations All percentage changes at CER. 1. At actual exchange rates. 14 Sales Double-digit growth led by Dupixent and launches. Underlying growth c.13% Business gross margin Underlying gross margin increase >+1pp Operating expenses R&D: impacted by wind-down costs from pipeline decisions and 2025 acquisitions SG&A: impacted by 2025 acquisitions Business operating income Increase due to strong sales growth and operating leverage, partially offset by profit sharing Business EPS Strong profitable growth (€m) H1 2025 H1 2026 Change Net sales 19,889 22,106 +15.7% Business gross profit 15,460 17,599 +19.0% Business gross margin 77.7%1 79.6%1 +1.9pp R&D -3,717 -3,980 +9.9% SG&A -4,506 -4,792 +10.3% Operating expenses -8,223 -8,772 +10.1% Percentage of net sales 41.3%1 39.7%1 -1.6pp Other operating income and expenses -1,943 -2,636 +46.8% Business operating income 5,363 6,258 +22.3% Business operating margin 27.0%1 28.3%1 +1.3pp Effective tax rate 21.0% 21.8% +0.8pp Total business net income 4,152 4,765 +20.4% Average number of shares, million 1,225.5 1,200.4 -2.0% Business EPS 3.39 3.97 +22.7% Finance Pipeline First reflectionsBusiness Appendices
Page 15
15 Full-year 2026 business dynamics to consider Investor Relations All percentage changes at CER. Barring unforeseen events. For full-year 2026, and based on July 2026 average currency exchange rates, a currency impact of approximately -1% on sales and -2% on business EPS is anticipated. 1. Excludes any potential divestment of the Medley generics business in Brazil. Please see the Q2 2025 results press release, page 10, for details. 2. For additional details, please refer to the slide 16. 3. Based on Sanofi Vara consensus. Sales • Divestments of other medicines: c.€200m (sales impact)1 • Vaccines: slightly negative growth; Q3: low to mid-teens decrease Operating expense control • R&D: moderate increase (excluding discontinuation costs, potential BD/M&A) • Sales and marketing: increase to support growth/launches • G&A: stable (before exceptional items and BD/M&A) Effective tax rate Now c.21%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.€400m • Profit sharing increasing faster than sales growth • REGN development balance2: decrease by c.€500m over 2025 • Amvuttra royalty2: increase by c.€500m3 over 2025 P&L Finance Pipeline First reflectionsBusiness Appendices
Page 16
16 Update on other operating income and expenses Investor Relations 1. As of December 31, 2025, the “development balance” amounted to €0.5bn at closing rate. 2. Development balance is fully reimbursed from Q2 2026. Development balance reimbursement amount impacted by depreciation of USD vs. EUR and rounding effects. 3. Alnylam medicine. 4. 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. Quarterly royalties are estimated for using prior quarter actual sales and adjusted when final figures are received, with true-up adjustments recorded one quarter later. 5. Actuals for 2023, 2024 and 2025 at annual actual exchange rate and Sanofi Vara consensus for the 2026-2030 timeframe. 0.6 1.0 1.4 Regeneron development balance reimbursement (€bn) Amvuttra® royalty5 (€bn) 2023 2024 20251 20262 2027 0 -0.5 -0.6 2023 2024 2025 2026 2027 0.1 0.2 0.50.7 0.8 +0.4 +0.51.1 • Development balance fully reimbursed at the end of Q2 2026 • Approved for transthyretin amyloid cardiomyopathy (US, EU) • Royalty on global net sales in all indications (30% on sales above $1.5bn)4 Reimbursement of development balance by Regeneron Amvuttra® royalty3 2028 2029 2030 1.6 1.8 2.0 Indicative (Sanofi estimates) Indicative (Sanofi Vara consensus) BOI impact BOI impact Finance Pipeline First reflectionsBusiness Appendices
Page 17
PreviousPrevious 17 Upgraded 2026 guidance and 2030 ambition Investor Relations All percentage changes and guidance/ambitions at CER (July 2026). Barring unforeseen events. For full-year 2026, and based on July 2026 average currency exchange rates, a currency impact of approximately -1% on sales and -2% on business EPS is anticipated. 1. Before share buyback. 2. As of April 29, 2026, the full programme had been purchased in the open market. 3. Risk-adjusted net sales at CER of all Pharma launches since 2019 as reported in the quarterly results as well as very limited contributions from the late-stage pipeline. 4. Approximately half from changes in currency, and approximately half from changes in underlying business performance and mix. Sales growth Dupixent Pharma launches3 Vaccines ~€9bn ~€10bn Total ambition upgraded by ~10%4 at CER ~€25bn ~€22bn ~€10bn 2026 2030 sales €1bn2 Business EPS growth Share buyback High single-digit Previous ~10% Slightly faster than sales1 Finance Pipeline First reflectionsBusiness Appendices
Page 18
Pipeline Finance Pipeline First reflections Business Appendices
Page 19
19 Pipeline: YTD status Investor Relations 1. Year-end late-stage pipeline review, 16 December 2025. Link to materials: https://www.sanofi.com/en/investors/financial-results-and-events/investor-presentations/2025-year-end-late-stage-pipeline-review. Key news flow Q1-Q2 Status since the late-stage pipeline review1 • Dupixent CSU children (EU), BP (JP), AFRS (US) • Rezurock cGVHD, 3L (EU) • Tzield stage 2 T1D children (US) • Four regulatory designations • One new phase 3 study • One new phase 2 study • Dupixent CSU children (US) • Tzield stage 3 T1D (US) • Wayrilz ITP (JP) • Sarclisa SC MM (US, EU, JP) • Cenrifki SPMS (EU) • Four regulatory designationsOther Regulatory approvals AD programme will not progress to regulatory submission amlitelimab phase 2 studies asthma and CRSwNPlunsekimig approved SC (US, EU, JP)Sarclisa under review GD3 (US priority, EU, JP) venglustat Fluzone HD under review flu 50 years+ (US, EU) Cenrifki approved SPMS (EU) • venglustat GD3 (LEAP2MONO) • venglustat Fabry (PERIDOT) • Dupixent LSC • amlitelimab AD (ESTUARY) • Nexviazyme IOPD • venglustat Fabry (CARAT) • riliprubart CIDP (MOBILIZE) Phase 3 readouts riliprubart phase 3 study CIDP (MOBILIZE) discontinued itepekimab programmes discontinued with partnerwholly owned Finance Pipeline First reflectionsBusiness Appendices
Page 20
20 Immunology: key updates on key clinical programmes Investor Relations Decisions amlitelimab in atopic dermatitis • ESTUARY phase 3 long-term extension data showed sustained maintenance of clinical response without relapse for up to 72 weeks • No new cases of Kaposi's sarcoma • Will not progress to regulatory submission as part of an ongoing strategic assessment of the pipeline duvakitug progressing in collaboration with Teva • Commitment to initiate phase 2 studies in hidradenitis suppurativa and fibrostenotic Crohn’s disease Discontinuations itepekimab in COPD and chronic rhinosinusitis • COPD: additional phase 3 study will not proceed • CRSwNP: ongoing CEREN -1 and CEREN -2 phase 3 studies will not proceed to final analysis • CRSsNP: phase 2 study did not meet internal efficacy expectations Programmes discontinued balinatunfib in inflammatory bowel disease • Phase 2 studies in Crohn’s disease and ulcerative colitis did not meet internal efficacy expectations Programme discontinued Finance Pipeline First reflectionsBusiness Appendices
Page 21
0 5 10 15 20 25 30 35 0 4 8 12 16 20 24 28 32 Week pdAAT QW efdoralp rin alfa Q4W efdoralp rin alfa Q3W Median (Q1, Q3) (µM) LLN: 23.8 µM 21 Rare diseases: delivering new benefits to more patients Investor Relations Source efdoralprin alfa: ATS 2026 presentation. Source Nexviazyme BabyCOMET: https://www.sanofi.com/assets/dotcom/pressreleases/2026/2026-06-30-05-00-00-3319382-en.pdf. ATS: efdoralprin alfa benefit on AAT serum levels in ElevAATe phase 2 Potential to offer patients with AATD emphysema a more convenient dosing schedule • Efdoralprin alfa Q3W demonstrated mean increases in fAAT trough levels more than three times greater than pdAAT QW (p<0.0001) at week 32 • Potential to be the first medicine to sustain normal fAAT levels with Q3W • Efdoralprin alfa detected in each lung lobe of every patients at week 24 • Well tolerated and comparable safety profile to existing therapies Potential for a first regulatory submission in H2 2026 (US) Functional AAT (fAAT) trough levels over time Nexviazyme BabyCOMET phase 3 Potential life-saving benefits in IOPD • 94% of babies alive and free from invasive ventilation at week 52 (95% CI: 0.63 -0.99) • Improvements across all key secondary endpoints at week 52 • Safety consistent with established profile • Intended for regulatory submission in the US venglustat US priority review type 3 Gaucher disease, PDUFA Nov 25, 2026 Progress across lysosomal storage diseases Finance Pipeline First reflectionsBusiness Appendices
Page 22
Engineered through a compact, battery-free device 22 Oncology: Sarclisa now available with greater convenience Investor Relations First approvals for Sarclisa subcutaneous formulation Combined with standard-of-care regimens across Sarclisa IV approved indications Non-inferiority studies demonstrated comparable efficacy, pharmacokinetics, and safety profiles relative to IV, while offering substantially reduced administration time and a lower incidence of infusion -related reactions relative to IV Sarclisa CirCLIQ on-body injector • Enable a potential at-home administration where approved, supported by HCPs or monitored patient self- use • Hidden needle offering an automated 10ml-dose delivery with no hyaluronidase and no manual push Approved in the US, EU, and Japan. Regulatory decision in China in 2027 Finance Pipeline First reflectionsBusiness Appendices
Page 23
23 Pipeline: key mid- and late-stage development projects Investor Relations As of June 30, 2026. 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 Cenrifki approved SPMS (EU) phase 3 CIDP (VITALIZE) phase 3 RMS, SPMS Fluzone HD under review flu 50 years+ (US, EU) SP0202 phase 3 pneumococcal disease children SP0218 phase 3 yellow fever 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 2 HSbrivekimig phase 3 CD/UC duvakitug phase 2 inflammatorySAR449028 (BLU-808) phase 2 asthma LCM CRSwNP, COPDlunsekimig SAR445399 (IL1R3 mAb) phase 2 inflammatory efdoralprin alfa Wayrilz approved ITP (US, EU, JP) LCM IgG4-RD, wAIHA under review GD3 (US priority, EU, JP) phase 2 AATD approved MM SC (EU, US, JP) under review (CN)Sarclisa phase 3 SM venglustat elenestinib Finance Pipeline First reflectionsBusiness Appendices
Page 24
Nexviazyme – IOPD (US) Dupixent – CSU children (JP) efdoralprin alfa – AATD (US) venglustat – GD3 (US) SP0087 – rabies (US) Fluzone HD – flu 50y+ (US) SP0087 – rabies (EU) 24 Pipeline: upcoming news flow Investor Relations As of June 30, 2026. Key pipeline news flow only. H2 2026 2027 2028 Myqorzo – nHCM (CN) Sarclisa – MM, TE (US) Redemplo – sHTG (CN) SP0218 – yellow fever (EU) fitusiran – haem A/B (EU, JP) Dupixent – AFRS (JP) frexalimab – RMS venglustat – GD3 (EU, JP) riliprubart – CIDP (US, EU) Sarclisa – SC (CN) Fluzone HD – flu 50y+ (EU) phase 3 data readout [regulatory submission phase 2 data readoutregulatory decision frexalimab – RMS lunsekimig – asthma high-risk riliprubart – CIDP brivekimig – HS SP0202 – PCV fitusiran – haemophilia A/B SP0218 – yellow fever Wayrilz – IgG4-RD frexalimab – SPMS Wayrilz – wAIHA Sarclisa – smouldering MMSarclisa – MM, TE (HD7) Wayrilz – IgG4-RD (US, EU) frexalimab – SPMS Wayrilz – wAIHA (US, EU) SP0202 – PCV (US, EU) Sarclisa – smouldering MM SP0218 – yellow fever (US) Finance Pipeline First reflectionsBusiness Appendices
Page 25
25 Pipeline: updated disease information now published Investor Relations Immunology US Top-5 Europe Japan China Total allergic fungal rhinosinusitis adults (in thousands) prevalence bio-eligible 85 70 - - - - - - 85 70 asthma 12 years+ (in thousands) prevalence treated bio-eligible 23,500 1,600 900 18,420 1,790 800 4,900 600 200 - - - 46,820 3,990 1,900 Rare diseases haemophilia A (in thousands) prevalence treated 24 13 22 11 6 5 38 - 90 28 haemophilia B (in thousands) prevalence treated 8 4 5 2 1 1 5 - 19 7 Neurology wet age-related macular degeneration (in thousands) prevalence treated 823 683 935 636 234 145 1,546 961 3,538 2,425 chronic inflammatory demyelinating polyneuropathy (in thousands) prevalence treated Ig-experienced 31 28 13 23 19 8 4 3 2 39 33 6 97 83 28 Vaccines US Top-5 Europe Japan China Total flu (in millions) eligible eligible 50y+ 343 124 162 106 40 40 563 365 1,108 635 meningococcal disease (in millions) eligible 4 5 1 18 28 pneumococcal disease (in millions) eligible 4 3 1 9 16 …more included in the download available on sanofi.com 2026 epidemiology data within indications across Sanofi pipeline. Updated as of July 30, 2026 Finance Pipeline First reflectionsBusiness Appendices
Page 26
First reflections Finance Pipeline First reflections Business Appendices
Page 27
27 Investor Relations Close to people Close to science Close to business My first 12 weeks On the ground with colleagues, close to science and stakeholders important to Sanofi’s future Town-hall meeting in the US May 2026 R&D facility visit in France May 2026 Visit in China June 2026 Finance Pipeline First reflections Business Appendices
Page 28
28 Early progress and clear priorities Investor Relations People • R&D leadership change • Focused Executive Committee aligned with the strategic priorities Science Decisive action on pipeline: • amlitelimab: will not progress to regulatory submission • itepekimab: discontinuation • balinatunfib: discontinuation • duvakitug: new indications • Commitment to Immunology, Rare diseases, and Vaccines; evaluating additional growth opportunities Financials • Increased focus on cost discipline • Upgraded 2026 guidance and 2030 ambition Business • Drive culture of greater accountability • Strengthen execution and decision-making • Fast-track R&D transformation via improved scientific rigour, governance, and operations • Ongoing strategic assessment of the pipeline • Appropriately balance internal and external research; increase access to China innovation • Intensify disciplined licensing and M&A activities • Further leverage strong commercial capabilities in the US and Europe/Japan, with an opportunity to expand in China • Early discussions with Regeneron to identify opportunities for further collaboration • Sustain profitable growth with increased focus on cash generation • Confirmed commitment to capital allocation principles, including dividend and dividend policy Decisions Priorities and focus Finance Pipeline First reflections Business Appendices
Page 29
29 New, focused Executive Committee1 Investor Relations 1. Effective from September 1, 2026. Paulo Fontoura Executive VP, Head of R&D Thomas Grenier Executive VP, General Medicines Jamie Haney Executive VP, General Counsel Manuela Buxo Executive VP, Specialty Care Thomas Triomphe Executive VP, Vaccines Brendan O’Callaghan Executive VP, Manufacturing and Supply Belén Garijo Chief Executive Officer François-Xavier Roger Executive VP, Chief Financial Officer Véronique Jaillet Executive VP, Chief People Officer, interim Finance Pipeline First reflections Business Appendices
Page 30
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 First reflections Business Appendices
Page 31
Appendix Strategy Finance Pipeline First reflections Business Appendices Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Abbreviations Contacts
Page 32
Pipeline Ongoing R&D and pipeline expansion • internal research • external licensing, M&A Focus on Immunology, Rare diseases, Oncology, Neurology, Ophthalmology, and Vaccines Key platforms in Nanobody® molecules, antibodies, gene therapies, and vaccines, incl. mRNA Business Global presence and manufacturing footprint with commercial strength1 ~37% Immunology ~15% Rare diseases ~18% Vaccines ~30% Other Strategic and durable with an emphasis on biologics1 ~13%2 Launches ~51% US ~21% Europe ~28% RoW Continued 2026 sales and business EPS growth3 • sales: c.10% increase • bEPS: slightly faster Clear capital deployment priorities; 31 years of dividend increases Sustainability strategy focused on access, impact on environment, and resilience of healthcare systems Financials and ESG 32 Sanofi: a focused, global biopharma company Investor Relations 1. Based on 2025 sales of €43,626m. 2. Included in Rare diseases, Vaccines, and Other. 3. At constant exchange rates. Biopharmaceutical company committed to improving people’s lives Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 33
33 Dupixent: multiple options for continued value creation Investor Relations Potential to extend Dupixent dosing interval (to Q4W) to improve patient convenience • higher dose (asthma); development currently ongoing • co-formulation; clinical studies to start in H2 2026 Extend Innovate Potential to pursue additional molecules Defend Robust patent portfolio of issued patents and pending applications with expiration dates from 2031 to 2045 Vigorous defence planned with expectation to protect Dupixent innovations beyond the US compound patent expiration (March 2031) Leverage existing alliance infrastructure Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 34
34 Pursuing what’s possible for rare disease patients Investor Relations Three pillars creating one integrated approach, purpose-built for patient impact: to reach more patients, faster, across more communities rovadicitinib Catalysts for the Rare Ecosystem 1 Innovators with Impact 2 Pioneers in Therapeutic Possibilities 3 Rare blood Lysosomal storage Mast cell and other • haemophilia A and B • immune thrombocytopenia • acquired thrombotic thrombocytopenic purpura • Gaucher disease • Fabry disease • Pompe disease (infantile- and late-onset) • mucopolysaccharidosis type I • acid sphingomyelinase deficiency • indolent/advanced systemic mastocytosis • obstructive hypertrophic cardiomyopathy • myelofibrosis • familial chylomicronaemia symptoms Further indications in the pipeline • IgG4-related disease • sickle cell disease • warm autoimmune haemolytic anaemia • Gaucher disease type 3 • Graves’ disease • indolent/advanced systemic mastocytosis • non-obstructive hypertrophic cardiomyopathy • alpha-1 antitrypsin deficiency emphysema • myotonic dystrophy type 1 Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 35
Appendix Finance Finance Pipeline First reflections Business Appendices Appendix Finance CollaborationsAppendix PipelineAppendix Strategy Abbreviations Contacts
Page 36
36 Currency impact Investor Relations Sales (€m) Business EPS (€) -384 -578 -667 -733 -172 -0.10 -0.17 Q2 Q3 Q4 2025 Q1 -0.13 Q2 2026 Q2 Q3 Q4 2025 Q1 Q2 2026 -0.16 -0.03 Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 37
Appendix Pipeline Finance Pipeline First reflections Business Appendices Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Abbreviations Contacts
Page 38
38 Pipeline: registration and phase 3 Investor Relations As of June 30, 2026. For collaborations, please see slide 49. For abbreviations, please see slide 50. Children and adolescents’ indication extensions are not included. 1. Also known as SP0178. 2. Also known as SAR443765. 3. Also known as SAR441344. 4. Also known as SAR445088. Phase 3 Registration venglustat oral GCS inhibitor Gaucher disease type 3 (US, EU, JP) Sarclisa CD38 mAb subcutaneous multiple myeloma (CN) Fluzone HD1 multivalent inactivated influenza 50 years+ (US, EU) SP0087 vero cell rabies (EU) Neurology frexalimab3 CD40L mAb relapsing multiple sclerosis non-relapsing secondary progressive multiple sclerosis riliprubart4 C1s mAb IVIg-treated chronic inflammatory demyelinating polyneuropathy Oncology Sarclisa CD38 mAb newly diagnosed multiple myeloma, transplant eligible (HD7) newly diagnosed multiple myeloma, transplant eligible (IsKia) smouldering multiple myeloma (ITHACA) Vaccines SP0202 21-valent conjugate pneumococcal disease (children) SP0218 vero cell yellow fever Immunology Dupixent IL4R mAb chronic pruritus of unknown origin duvakitug TL1A mAb Crohn’s disease ulcerative colitis lunsekimig2 IL13xTSLP Nanobody® VHH chronic obstructive pulmonary disease Rezurock ROCK2 inhibitor chronic lung allograft dysfunction frexalimab3 CD40L mAb kidney transplant rejection Rare diseases Nexviazyme enzyme replacement therapy infantile-onset Pompe disease (US) elenestinib D816V-mutated KIT inhibitor indolent/smouldering systemic mastocytosis fitusiran RNAi targeting antithrombin haemophilia A and B (EU, JP) Wayrilz BTK inhibitor sickle cell disease IgG4-related disease warm autoimmune haemolytic anaemia Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 39
Immunology brivekimig TNFaxOX40L Nanobody® VHH Crohn’s disease hidradenitis suppurativa stage 3 type 1 diabetes ulcerative colitis frexalimab2 CD40L mAb stage 3 type 1 diabetes lunsekimig3 IL13xTSLP Nanobody® VHH asthma asthma, high-risk chronic rhinosinusitis with nasal polyps SAR4490285 wild-type KIT inhibitor chronic urticaria SAR444336 non-beta IL2 SynthorinTM microscopic colitis SAR4453996 IL1R3 mAb hidradenitis suppurativa 39 Pipeline: phase 2 Investor Relations As of June 30, 2026. For collaborations, please see slide 49. For abbreviations, please see slide 50. Children 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, formerly known as INBRX-101. 8. Also known as KD050. 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 SP0256 mRNA respiratory syncytial virus+human metapneumovirus (older adults) SP0268 mRNA acne SP0289 mRNA influenza H5 pandemic SP0335 inactivated adjuvanted influenza 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 Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 40
40 Pipeline: phase 1 Investor Relations As of June 30, 2026. For collaborations, please see slide 49. For abbreviations, please see slide 50. Children and adolescents’ indication extensions are not included. 1. Also known as DR-0201. 2. Also known as KT-485. 3. Also known as BLU-924. 4. Formerly known as VG-3927. 5. Also known as VXB-241. 6. Also known as VXB-251. 7. Also known as Z-1018. Immunology SAR446422 CD28xOX40 bispecific Ab inflammatory indication SAR4485011 CD20 bispecific mAb inflammatory indication SAR4479712 IRAK4 degrader hidradenitis suppurativa Oncology SAR445953 CEACAM5-Topo1 ADC colorectal cancer SAR4493363 pan KRAS inhibitor colorectal cancer SAR446523 GPRC5D mAb relapsed/refractory multiple myeloma Vaccines SP0287 Fluzone HD+Nuvaxovid influenza+COVID-19 SP0287 Flublok+Nuvaxovid influenza+COVID-19 SP0291 mRNA respiratory syncytial virus+human metapneumovirus+parainfluenza type 3 (older adults) SP0269 mRNA chlamydia SP03405 subunit respiratory syncytial virus+human metapneumovirus (older adults) SP03416 subunit respiratory syncytial virus+human metapneumovirus+parainfluenza type 3 (older adults) SP03427 subunit adjuvanted shingles Neurology SAR446597 BbxC1s AAV gene therapy geographic atrophy in dry age-related macular degeneration SAR4488514 TREM2 agonist Alzheimer’s disease Rare diseases SAR446268 DMPK AAV gene therapy myotonic dystrophy type 1 Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 41
41 Pipeline: opportunities from licensing agreements Investor Relations As of June 30, 2026. For abbreviations, please see slide 50. Partner Target Indication C4X oral IL17A inhibitor inflammatory indication Earendil Labs (Helixon) HXN-1002, TL1Axa4b7 mAb inflammatory indicationHXN-1003, TL1AxIL23p19 mAb additional targets Kali Therapeutics KT501, CD19xBCMAxCD3 T-cell engager immune-mediated diseases, phase 1 Nurix SAR448272/NX-3911, STAT6 degrader inflammatory indication Recludix SAR448755/REX8756, STAT6 inhibitor inflammatory indication, phase 1 Recursion orally active small molecules inflammatory indication, oncology miRecule MC-DX4, antibody RNA conjugate facioscapulohumeral muscular dystrophy Scribe Tx RNA-guided CRISPR-associated programmes rare diseases Adel SAR449548/ADEL-Y01, acK280 tau mAb Alzheimer’s disease Innate Pharma IPH62, anti-B7H3 NK cell engager oncology SK bioscience next-generation conjugate vaccines (children, adults) pneumococcal disease Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 42
42 Pipeline: China a source of innovation Investor Relations As of June 30, 2026. For abbreviations, please see slide 50. Company Targets Indications Expedition EXPD-101, DPP1 inhibitor inflammatory indication GluBio GLB-005, GLB-007, WIZ degraders sickle cell disease Quantx oral small molecules inflammatory indication Business development Company Targets Indications Adagene masked anti-CTLA-4, bispecific SAFEbody programmes solid tumors BioMap protein-level artificial intelligence platform multiple Corxel/Cytokinetics Myqorzo, cardiac myosine inhibitor obstructive and non-obstructive hypertrophic cardiomyopathy Earendil Labs HXN-1002, TL1Axa4b7 mAb HXN-1003, TL1AxIL23p19 mAb additional targets inflammatory indication Insilico Medicine artificial intelligence discovery platform multiple CTTQ/Sino Biopharm rovadicitinib, JAK/ROCK inhibitor myelofibrosis, cGVHD TJ Bio uliledlimab, CD73 mAb oncology VisiRNA/Arrowhead Redemplo, RNA interference familial chylomicronemia syndrome, severe hyperglyceridemia Equity investments Company Targets Indications Beijing segatroxaban multiple Cstone pralsetinib/avapritinib multiple Out-licensing Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 43
43 Pipeline: regulatory designations since 2020 Investor Relations As of June 30, 2026. For abbreviations, please see slide 50. Breakthrough therapy Dupixent – COPD (US), EoE (US) Redemplo – sHTG (CN) ALTUVIIIO – haemophilia A (US, CN) Qfitlia – haemophilia A/B (US) Wayrilz – wAIHA (US) Ayvakit – ISM (US) Nexviazyme – Pompe (US) venglustat – GD3 (US) riliprubart – CIDP (CN) Beyfortus – RSV (CN) Fast track (US) ALTUVIIIO – haemophilia A Qfitlia – haemophilia A/B Wayrilz – IgG4-RD, ITP efdoralprin alfa – AATD venglustat – GD3 (JP) SAR446268 – DM1 SAR446597 – GA SAR402663 – wet AMD SP0087 – rabies Fluzone HD+Nuvaxovid – flu+COVID-19 Flublok+Nuvaxovid – flu+COVID-19 SP0289 – influenza H5 pandemic SP0256 – RSV+HMPV (older adults) SP0269 – chlamydia SP0340 – RSV+HMPV (older adults) Priority review Dupixent – AD infants (US), children (US, CN), adolescent (CN), AFRS (US), BP (US, CN), COPD (US), CRSwNP adolescents (US), EoE (US) children (US), PN (US, CN) Tzield – stage 2 T1D (CN), children (US) Tzield – stage 3 T1D (US) Soliqua – T2D (CN) Rezurock – cGVHD (US) ALTUVIIIO – haemophilia A (US) Ayvakit – GIST (US), advSM (US), ISM (US) Cablivi – aTTP (children US, EU, CN) Nexviazyme – Pompe (US, JP, CN) venglustat – Fabry disease (JP), GD3 (US, JP) Xenpozyme – ASMD (US) Aubagio – R/R MS children (US) Sarclisa – NDMM, 1L TI (US), R/R MM (EU) Fexinidazole – HAT (US) Beyfortus – RSV (CN) Accelerated assessment Xenpozyme – ASMD (EU) Beyfortus – RSV (EU) Orphan Dupixent – BP (JP) Wayrilz – IgG4-RD (US, EU, JP), ITP (EU, JP), SCD (US), wAIHA (US, EU, JP) Nexviazyme – Pompe (JP) Xenpozyme – ASMD (JP) venglustat – GD3 (JP) efdoralprin alfa – AATD (US, EU) SAR446268 – DM1 (US, EU) riliprubart – CIDP (US, EU, JP) SAR446523 – R/R MM (US) Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 44
44 Pipeline: Q2 appendix changes Investor Relations As of June 30, 2026. For collaborations, please see slide 49. For abbreviations, please see slide 50. New in Registration Dupixent – bullous pemphigoid (EU) (withdrawn) Tzield – stage 3 type 1 diabetes (US) (approved) Wayrilz – immune thrombocytopenia (JP) (approved) Cenrifki – secondary progressive multiple sclerosis (EU) (approved) Sarclisa – subcutaneous (US, EU, JP) (approved) Removed from Phase 2 balinatunfib – Crohn’s study (did not meet internal efficacy expectations; programme discontinued) balinatunfib – ulcerative colitis (did not meet internal efficacy expectations; programme discontinued) itepekimab – chronic rhinosinusitis without nasal polyps (programme discontinued) riliprubart – antibody-mediated rejection (did not meet the internal efficacy expectations) rilzabrutinib – asthma (data read out in 2024) rilzabrutinib – chronic spontaneous urticaria (data read out in 2024) Phase 3 amlitelimab – atopic dermatitis (will not progress to regulatory submission) Dupixent – lichen simplex chronicus (did not meet primary endpoint) itepekimab – chronic obstructive pulmonary disease (programme discontinued) itepekimab – chronic rhinosinusitis with nasal polyps (programme discontinued) riliprubart – SOC-refractory chronic inflammatory demyelinating polyneuropathy (did not meet futility criteria) venglustat – Fabry disease (did not meet primary endpoint) SP0087 – rabies (under review EU) Phase 1 SAR447971 – hidradenitis suppurativa SAR449336 – colorectal cancer Phase 1 SAR446959 – knee osteoarthritis (benefit-risk ratio did not support programme continuation) Registration venglustat – Gaucher disease type 3 (US, EU, JP) SP0087 – rabies (EU) Designations CN breakthrough Redemplo – severe hypertriglyceridemia US priority review venglustat – type 3 Gaucher disease US fast-track SP0335 – influenza H5 pandemic US fast-track SP0340 – RSV+HMPV (older adults) Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 45
45 What’s next: Immunology Investor Relations As of June 30, 2026. Pediatric and adolescents’ indication extensions are not included. Dashed lines represent future clinical study starts, barring unforeseen events. For abbreviations, please see slide 50. Illustrative; selected projects only. 1. Ongoing discussions with regulatory authorities and Regeneron before a decision on a potential third phase 3 study. SAR449028 WT KIT inhibitor phase 2 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 frexalimab phase 2 frexalimab phase 3 kidney transplant Dupixent approved (US, EU, JP, CN) Dupixent approved (US, EU, JP, CN) Dupixent approved (US, EU, JP) Dupixent approved (US, JP, CN) Dupixent AFRS approved (US), CPUO phase 3 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), approved stage 3 (US) Rezurock approved cGVHD (US, EU), phase 3 CLAD AD PN CSU HS BP others asthma COPD CRS EoE IBD T1D transplant dermatology respiratory gastroenterology endocrinology autoimmune Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 46
New fields pneumococcal disease 21-valent conjugate phase 3 acne mRNA phase 2 chlamydia mRNA phase 1 shingles subunit phase 1 PPH boosters hexa, penta, quadrivalent approved boosters approved Meningitis, travel and endemic 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 46 What’s next: Vaccines Investor Relations As of March 31, 2026. Illustrative; selected projects only. For abbreviations, please see slide 50. Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 47
47 Pipeline: main clinical studies across disease areas Investor Relations As of June 30, 2026. For abbreviations, please see slide 50. Immunology brivekimig (TNFaxOX40L Nanobody® VHH) - CD (CHROMA CD: NCT06958536) - HS (BRIGHTEN: NCT07170917) - stage 3 T1D (NCT06812988) - UC (COLOR UC: NCT06975722) Dupixent (IL4R mAb) - CPUO (NCT05263206) duvakitug (TL1A mAb) - CD (STARSCAPE-1: NCT07184931, STARSCAPE-2: NCT07184944) - UC (SUNSCAPE-1: NCT07184996, SUNSCAPE-2: NCT07185009) frexalimab (CD40L mAb) - kidney transplant rejection (FREXERA: NCT07412470) - stage 3 T1D (FABULINUS: NCT06111586) lunsekimig (IL13xTSLP Nanobody® VHH) - moderate to severe asthma (AIRCULES: NCT06102005) - high-risk asthma (AIRLYMPUS: NCT06676319) - COPD (PERSEPHONE: NCT07190209, THESEUS: NCT07190222) - CRSwNP (NCT06454240) Rezurock (ROCK2 inhibitor) - CLAD (ROCKaspire: NCT06082037) rovadicitinib (JAK/ROCK inhibitor) - cGVHD, 2L (NCT06300320, NCT04944043) SAR449028 (wild-type KIT inhibitor) - chronic urticaria (NCT06931405) SAR444336 (non-beta IL2 SynthorinTM) - microscopic colitis (NCT07156175) SAR445399 (IL1R3 mAb) - HS (CLAROS: NCT07225569) SAR446422 (CD28xOX40 bispecific Ab) - inflammatory indication SAR448501 (CD20 bispecific antibody) - inflammatory indication (NCT06647069) SAR447971 (IRAK4 degrader) - hidradenitis suppurativa (NCT07629336) Rare diseases Nexviazyme (enzyme replacement therapy) - IOPD (Mini-COMET: NCT03019406, Baby-COMET: NCT04910776) efdoralprin alfa (AAT fusion therapy) - AATD (ELEVAATE: NCT05856331, ELEVAATE OLE: NCT05897424) elenestinib (oral KIT D816V inhibitor) - indolent/smouldering SM (HARBOR: NCT04910685) fitusiran (RNAi targeting antithrombin) - haemophilia A and B (ATLAS-OLE: NCT03754790, ATLAS-PEDS: NCT03974113, ATLAS-NEO: NCT05662319) frexalimab/rilzabrutinib/brivekimig - FSGS/MCD (RESULT: NCT06500702) venglustat (oral GCS inhibitor) - GD3 (LEAP2MONO: NCT05222906) Wayrilz (BTK inhibitor) - Graves’ disease (NCT06984627) - IgG4-RD (RILIEF: NCT07190196) - ITP (LUNA 3: NCT04562766) - SCD (LIBRA: NCT06975865) - wAIHA (LUMINA 3: NCT07086976) SAR446268 (DMPK AAV gene therapy) - DM1 (BrAAVe: NCT06844214) Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 48
48 Pipeline: main clinical studies across disease areas Investor Relations As of June 30, 2026. For abbreviations, please see slide 50. Oncology Sarclisa (CD38 mAb) - MM, 1L TE (GMMG-HD7: NCT03617731) - MM, 1L TE (IsKia: NCT04483739) - smouldering MM (NCT04270409) - R/R MM (IRAKLIA: NCT05405166) - R/R MM (NCT04643002) SAR445877 (PD1xIL15 fusion protein) - solid tumors (NCT05584670) SAR445953 (CEACAM5-Topo1 ADC) - colorectal cancer (NCT06131840) SAR446523 (GPRC5D mAb) - R/R MM (NCT06630806) SAR449336 (pan KRAS) - colorectal cancer (NCT07629960) Neurology frexalimab (CD40L mAb) - RMS (FREXALT-1, FREXALT-2: NCT06141473) - nrSPMS (FREVIVA: NCT06141486) - MS (FREXCITE: NCT07325292) riliprubart (C1s inhibitor) - IVIg-treated CIDP (VITALIZE: NCT06290141) - long-term (NCT06859099) 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) 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) 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) SP0242 (subunit adjuvanted) - herpes (NCT06569823) Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 49
49 Collaborations Investor Relations Ref Name Companies Alprolix ALTUVIIIO Eloctate Swedish Orphan Biovitrum (Sobi) Beyfortus AstraZeneca Dupixent Kevzara itepekimab Regeneron duvakitug Teva Pharmaceuticals frexalimab ImmuNext redemplo Arrowhead rovadicitinib Sino Biopharm Myqorzo Corxel (Cytokinetics) Nuvaxovid Novavax SAR445953 Pfizer SAR449548 Adel SP0202 SK bioscience Appendix Finance Collaborations Appendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 50
50 Abbreviations Investor Relations AAT(D) alpha-1-antitrypsine (deficiency) AAV adeno-associated virus Ab antibody AD atopic dermatitis ADC antibody drug conjugate AFRS allergic fungal rhinosinusitis ASMD acid sphingomyelinase deficiency aTTP acquired thrombotic thrombocytopenic purpura ATTR-CM transthyretin amyloid cardiomyopathy BCMA B-cell maturation antigen 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 COPD chronic obstructive pulmonary disease CRISPR clustered regularly interspaced short palindromic repeats CRSsNP chronic rhinosinusitis without nasal polyps CRSwNP chronic rhinosinusitis with nasal polyps CSU chronic spontaneous urticaria CTLA-4 cytotoxic T-lymphocyte-associated protein 4 C1s complement component 1s d/wAMD dry/wet age-related macular degeneration DDP1 dipeptidyl peptidase 1 DMPK dystrophia myotonica protein kinase DM1 myotonic dystrophy type 1 EASI eczema area and severity index EoE eosinophilic esophagitis GA geographic atrophy GCS glucosylceramide synthase GD1/3 Gaucher disease type 1 or 3 GIST gastrointestinal stromal tumor GPRC5D G-protein-coupled receptor class 5 member D HAT human african trypanosomiasis HCM hypertrophic cardiomyopathy HD high-Dose HMPV human metapneumovirus HS hidradenitis suppurativa HTG hypertriglyceridemia IBD inflammatory bowel disease IgG4-RD IgG4-related disease IL interleukin IOPD infante-onset Pompe disease IRAK4 interleukin-1 receptor-associated kinase-4 ISM indolent systemic mastocytosis ITP immune thrombocytopenia IV(Ig) intravenous (immunoglobulin) JAK Janus kinase LCM lifecycle management LSC lichen simplex chronicus mAb monoclonal antibody MC microscopic colitis MM multiple myeloma mRNA messenger RNA NBRx new-to-brand prescription NDMM newly diagnosed multiple myeloma NK natural killer OX40L OX40 ligand PCV pneumococcal conjugate vaccine pdAAT plasma-derived alpha-1-antitrypsine PN prurigo nodularis PPH polio/pertussis/Haemophilus influenzae b Q(3/4)W every (three/four) weeks RA rheumatoid arthritis RMS relapsing multiple sclerosis RNAi RNA interference ROCK rho associated coiled-coil containing protein kinase R/R relapsed/refractory RSV respiratory syncytial virus SC subcutaneous SCD Sickle cell disease sJIA systemic juvenile idiopathic arthritis SM systemic mastocytosis SOC standard of care SPMS secondary progressive multiple sclerosis STAT6 signal transducer and activator of transcription 6 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 wAIHA warm autoimmune haemolytic anaemia Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 51
51 Investor relations team contacts Investor Relations Thomas Kudsk Larsen Head of IR General medicines +44 7545 513 693 thomas.larsen@sanofi.com Alizé Kaisserian IR Officer All pipeline, Immunology, and Oncology +33 6 47 04 12 11 alize.kaisserian@sanofi.com Keita Browne IR Officer Immunology marketed, and Finance +1 617 685 6662 keita.browne@sanofi.com Nathalie Pham IR Officer Rare diseases +33 7 85 93 30 17 nathalie.pham@sanofi.com Nina Goworek IR Vice President General medicines +1 908 569 8086 nina.goworek@sanofi.com Thibaud Châtelet IR Officer Vaccines, and Finance +33 6 80 80 89 90 thibaud.chatelet@sanofi.com Yun Li IR Officer Diabetes, Neurology, Finance, and ESG +33 6 84 00 90 72 yun.li@sanofi.com Aline Communeau Private shareholders +33 6 98 90 45 15 aline.communeau@sanofi.com Marie Lang Corporate access +33 6 70 83 59 31 marie.lang@sanofi.com Caroline Kuriata Corporate access, US +1 973 385 3184 caroline.kuriata@sanofi.com Appendix Finance CollaborationsAppendix Pipeline Appendix Strategy Finance Pipeline First reflectionsBusiness Appendices Abbreviations Contacts
Page 52
Finance Pipeline First reflections Business Appendices