Condensed half-year consolidated financial statements B.22. Information related to Opella, presented within assets held for sale and discontinued operations On April 30 2025, the Opella transaction was closed (see Note B

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1. Condensed half-year consolidated financial statements

Consolidated balance sheets - assets

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

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Consolidated balance sheets - equity and liabilities

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

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Consolidated income statements

(a) Figures for the 2024 comparative period have been re-presented

on a consistent basis to reflect the classification of Opella as a discontinued operation.

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

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Consolidated statements of comprehensive income

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

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Consolidated statements of changes in equity

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1. Condensed half-year consolidated financial statements

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

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Consolidated statement of cash flows

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Notes to the condensed half-year consolidated financial statements as of June 30, 2025

Sanofi, together with its subsidiaries (collectively "Sanofi", "the Group" or "the Company"), is a global healthcare leader engaged in the research, development and marketing of therapeutic solutions focused on patient needs.

Sanofi is listed in Paris (Euronext: SAN) and New York (Nasdaq: SNY).

The condensed consolidated financial statements for the six months ended June 30, 2025 were reviewed by the Sanofi Board of Directors at the Board meeting on July 30, 2025.

A/ Basis of preparation of the half-year financial statements and accounting policies

A.1. International financial reporting standards (IFRS)

The half-year consolidated financial statements have been prepared and presented in condensed format in accordance with IAS 34 (Interim Financial Reporting). The accompanying notes therefore relate to significant events and transactions of the period, and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024.

The accounting policies used in the preparation of the consolidated financial statements as of June 30, 2025 comply with international financial reporting standards (IFRS) as endorsed by the European Union and as issued by the International Accounting Standards Board (IASB). IFRS as endorsed by the European Union as of June 30, 2025 are available via the following web link:

The accounting policies applied effective January 1, 2025 are identical to those presented in the consolidated financial statements for the year ended December 31, 2024.

On August 15, 2023, the IASB issued "Lack of Exchangeability", an amendment to IAS 21 (The Effects of Changes in Foreign Exchange Rates), relating to how to determine the exchange rate when a currency is not exchangeable. The amendment became applicable on January 1, 2025, and does not have a material impact on the Sanofi financial statements.

In its 2025 half-year financial statements, Sanofi has used an average effective tax rate that takes into account the Pillar Two top-up

tax applicable from January 1, 2024. The effective tax rate also includes a one-off

impact from the 2024 component of the exceptional contribution in respect of French corporate income taxes (see Note B.19.).

A.2. Use of estimates and judgments

The preparation of financial statements requires management to make reasonable estimates and assumptions based on information available at the date the financial statements are finalized. Those estimates and assumptions may affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements, and disclosures of contingent assets and contingent liabilities as of the date of the review of the financial statements. Examples of estimates and assumptions include:

Actual results could differ from these estimates.

For half-year financial reporting purposes, and as allowed under IAS 34, Sanofi has determined income tax expense on the basis of an estimate of the effective tax rate for the full financial year. That rate is applied to business operating income plus financial income and minus financial expenses, and before (i) the share of profit/loss of investments accounted for using the equity method and (ii) net income attributable to non-controlling

interests. The estimated full-year effective tax rate is based on the tax rates that will be applicable to projected pre-tax

profits or losses arising in the various tax jurisdictions in which Sanofi operates.

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A.3. Seasonal trends

Sanofi's activities are not subject to significant seasonal fluctuations.

A.4. Consolidation and foreign currency translation of the financial statements of subsidiaries in hyperinflationary economies

In 2025, Sanofi continues to account for subsidiaries based in Venezuela using the full consolidation method, on the basis that the

criteria for control as specified in IFRS 10 (Consolidated Financial Statements) are still met. The contribution of the Venezuelan subsidiaries to the consolidated financial statements is immaterial.

In Argentina, the cumulative rate of inflation over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in that country. Consequently, Sanofi has (since July 1, 2018) treated Argentina as a hyperinflationary economy and has applied IAS 29. The impact of the resulting restatements is immaterial at Sanofi group level.

In Turkey, the cumulative rate of inflation

over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in that country. Consequently, Sanofi has (since January 1, 2022) treated Turkey as a hyperinflationary economy and has applied IAS 29. The impact of the resulting restatements is immaterial at Sanofi group level.

A.5. Fair value of financial instruments

Under IFRS 13 (Fair Value Measurement) and IFRS 7 (Financial Instruments: Disclosures), fair value measurements must be classified using a hierarchy based on the inputs used to measure the fair value of the instrument. This hierarchy has three levels:

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The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments.

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A.6. New pronouncements issued by the IASB and applicable from 2026

On April 9, 2024, the IASB issued IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from January 1, 2027 (subject to endorsement by the European Union). An impact assessment is currently under way. Sanofi will not early adopt this new standard.

On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments, applicable no earlier than January 1, 2026. Sanofi does not expect any material impact, and will not early adopt these amendments.

On July 18, 2024, the IASB issued Volume 11 of "Annual Improvements to IFRS", applicable from January 1, 2026. Sanofi does not expect any material impact from those improvements to various standards, which are essentially in the nature of clarifications, and will not early adopt them.

On December 18, 2024, the IASB issued "Contracts referencing nature-dependent electricity", amendments to IFRS 9 and IFRS 7, applicable from January 1, 2026. The amendments clarify the application of the own use' exemption to Power Purchase Agreements (PPAs) with physical delivery of renewable electricity, and modify the hedge accounting requirements for contracts without physical delivery (VPPAs). Sanofi does not expect any material impact and will not early adopt these amendments. Renewable energy purchase contracts entered into by Sanofi as of December 31, 2024 are described in Note D.21. to the consolidated financial statements included in the 2024 Form 20-F

for the year ended December 31, 2024 (the "2024 20-F").

B/ Significant information for the first half of 2025

B.1. Significant transactions for the first half of 2025

B.1.1. Opella - Loss of control and equity interest in OPAL JV Co

On April 30, 2025, Sanofi and CD&R closed the Opella transaction following the signature of the share purchase agreement (SPA) on February 18, 2025. Sanofi retains a significant shareholding in Opella, through a 48.2% equity interest in OPAL JV Co (formed in Luxembourg), which indirectly holds 100% of Opella. Bpifrance owns a 1.8% equity interest, and is represented on Opella's Board.

Completion of the deal resulted in the loss of control of Opella by Sanofi and the derecognition of Opella's assets and liabilities. This resulted in a net gain of

2.7 billion, reported within the line item Net income from discontinued operations

in the consolidated income statement. The proceeds from the divestment of Opella, determined on the basis of a

16 billion enterprise value, reflected the estimated share price. That price is subject to adjustments following finalization of the Opella completion accounts, expected at the earliest in the fourth quarter of 2025.

As of the closing date of the transaction, the carrying amount of Opella's assets and liabilities in the Sanofi consolidated balance sheet was

The gain took into account the following components: (i) a reclassification of unrealized foreign exchange losses amounting to

0.5 billion associated with Opella operations, in accordance with IAS 21 ("The Effects of Changes in Foreign Exchange Rates"); (ii) recognition of the retained 48.2% equity interest in OPAL JV Co (over which Sanofi exercises significant influence as defined in IAS 28 "Investments in Associates and Joint Ventures"), reported within the balance sheet line item Investments accounted for using the equity method

3.2 billion (representing the fair value of the equity interest at the date of initial recognition in accordance with IFRS 10 and included in the estimated share price, plus capitalized transaction costs); and (iii) other items, mainly comprising compensation as agreed under the separation agreements.

The Opella transaction generated a net cash inflow of

10.7 billion, presented within the line item Net cash inflow from the Opella transaction

in the statement of cash flows.