Q1 2022 Change IFRS net sales reported 9,674m +12.6% IFRS net income reported 2,009m +28.3% IFRS EPS reported 1.61 +28.8% Business operating income 3,065m +16.2% Changes in net sales are expressed at constant exchange ra

Changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (definition in Appendix

Q1 2022 sales growth driven by Dupixent and CHC

Q1 2022 business EPS(1) up 16.1% at CER driven by higher sales and improving margins

Key milestone and regulatory achievements on R&D transformation

(1) In order to facilitate an understanding of operational performance, Sanofi comments on the business net income statement. Business net

income is a non-GAAP financial measure (definition in Appendix 7). The consolidated income statement for Q1 2022 is provided in Appendix 3 and a reconciliation of reported IFRS net income to business net

income is set forth in Appendix 4; (2) 2021 business EPS was 6.56.

2022 first-quarter Sanofi sales

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Unless otherwise indicated,

all percentage changes in sales in this document are stated at CER1

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quarter of 2022, Sanofi sales were 9,674 million, up 12.6% on a reported basis. Exchange rate movements had a positive effect of 4.0 percentage points, mainly due to the U.S. dollar.

Global Business Units

First-quarter 2022 net

sales by Global Business Unit (variation at CER; million; % of total sales)

First-quarter 2022 net sales by geographic region (variation at CER; million; % of total sales)

First-quarter 2022 operating income

First-quarter business operating income (BOI) increased.. The ratio of BOI to net sales increased 1.0 percentage point to 31.7%.

2022 Pharmaceutical sales increased 7.5% to 7,326 million, mainly driven by the Specialty Care portfolio (up 17.8%) with continued strong performance of Dupixent while sales in General Medicines decreased 0.7%.

In the first quarter, Dupixent (collaboration with

Regeneron) sales increased 45.7% to 1,614 million. In the U.S., Dupixent sales of

1,176 million (up 38.1%) were driven by continued strong demand in AD in adults, adolescents, and children aged 6 to 11 years, and continued uptake in asthma and chronic rhinosinusitis with

nasal polyposis (CRSwNP). Dupixent total prescriptions (TRx) increased 43% (year-over-year) and new-to-brand prescriptions (NBRx) grew 32%. In Europe, first-quarter Dupixent sales

grew 53.3% to 211 million reflecting continued growth in AD and additional launches in younger population in AD, asthma and CRSwNP.

Neurology and Immunology

In the first quarter, Neurology and Immunology sales grew 0.3% to

611 million, reflecting strong Kevzara sales which were partially offset by lower Aubagio sales.

Aubagio sales decreased 6.6% in the first quarter to 491 million due to lower sales in the U.S. as a result of both competitive pressure and price.

Sales in Europe were stable.

First-quarter Kevzara (collaboration with Regeneron)

sales increased 61.4% to 95 million due to a COVID-19 related increase in global demand for IL-6 receptor

blockers and the temporary tocilizumab shortage.

In the first quarter, Rare Disease sales increased 1.9% to

804 million driven by the Pompe franchise, partially offset by unfavorable purchasing patterns in Rest of the World region primarily for the Gaucher and Fabrazyme franchises. Underlying

patients base treated grew around 6% compared to the same quarter of last year.

First-quarter sales of the Pompe franchise (Myozyme/Lumizyme + Nexviazyme ) increased 8.9% to 265 million primarily from new patient

accruals and the ramp up of Nexviazyme .

Myozyme /Lumizyme sales decreased 3.0% to 235 million

mainly reflecting the conversion to Nexviazyme in the U.S. Sales of Nexviazyme (which was launched in the US in

August 2021 and in Japan in November 2021) were 30 million in the first quarter (of which 26 million in the U.S.).

Sales of the Gaucher franchise (Cerezyme

+ Cerdelga ) decreased 4.2% (to 232 million) in the first quarter. Over the

period, Cerezyme sales decreased 6.7% to 165 million, mainly due to unfavorable buying patterns resulting in lower sales in

the Rest of the World region. In parallel, Cerdelga sales were up 3.2% driven by switches and new patient accruals in Europe and the U.S.

First-quarter Fabrazyme sales increased 2.4% to

220 million driven mainly by Europe and the U.S. In the Rest of the World region, despite unfavorable purchasing patterns,

Fabrazyme sales were stable.

First-quarter 2022 sales of Oncology increased 6.8% (to 244

million) driven by the Sarclisa launch which more than offset the impact of Jevtana generic competition in Europe.

First-quarter Jevtana sales decreased 25.4% to

98 million following the entry of generic competition in some European markets (down 75.6%) at the end of March 2021. In the U.S., sales were up 8.6%, where Jevtana is currently covered by four Orange Book listed patents US 7,241,907, US 8,927,592, US 10,583,110 and US 10,716,777. Sanofi filed patent infringement suits under Hatch-Waxman against generic

filers asserting the 110 patent, the 777 patent and the 592 patent in the US District Court for the District of Delaware. Sanofi has reached settlement agreements with some of the defendants and the suit against the remaining

defendants is ongoing. A 3-day trial against Apotex and Sandoz has been scheduled starting January 2023 and the remaining defendants have agreed not to launch any generic cabazitaxel product until the earlier

of a district court decision in favor of the defendants or four months after the completion of the post-trial briefing. Jevtana also received a regulatory data exclusivity related to the CARD

clinical study which expires in December 2023.

First-quarter Sarclisa sales were 65 million (versus 34 million in the first quarter of 2021) primarily driven by performance in the U.S. ( 25 million), Europe ( 22 million) and Japan.

In the first quarter, Rare Blood Disorders franchise sales increased 1.8%

( 293 million), reflecting Cablivi and Alprolix growth partially offset by

lower Eloctate /Alprolix industrial sales to Sobi (recorded in the Rest of the World region).

138 million in the first quarter, down 3.0% reflecting lower sales in the U.S. (down 1.9%) and in the Rest of the World region.

First-quarter Alprolix sales were up 2.0% to

108 million driven by the U.S. sales (up 8.9%), partially offset by lower sales in the Rest of the World region.

Cablivi sales increased by 15.8% to

46 million in the first quarter driven by launches in Europe (up 46.7% to 23 million). In the U.S., sales of the product were down

4.5% to 22 million, due to the COVID-19 environment impacting treatment initiations at the hospital level.

First quarter General Medicines sales decreased 0.7% to 3,760 million and were stable

excluding portfolio streamlining.

In the first quarter, core assets sales increased 4.7% to

1,594 million, driven by Toujeo , Praluent , Multaq , Thymoglobulin and Rezurock (consolidated from November 9, 2021),

partially offset by lower sales of Lovenox . Core assets sales grew across all geographies in the first quarter.

First-quarter Lovenox sales

decreased 8.2% to 377 million, mainly reflecting lower sales in the Rest of the World region (down 11.9%) due to high base of comparison in the first quarter of 2021 which benefitted from

strong Covid-related demand (WHO guidelines recommending the use of low molecular weight heparins in hospitalized COVID-19 patients). In addition, biosimilar competition and supply limitations affected the

First-quarter Toujeo sales increased 6.3% to 274 million due to growth in Europe and the Rest of the World region, partially offset by lower sales in the U.S.

In China, the Volume Based Procurement (VBP) for insulins is expected to be implemented in May 2022. In November 2021, Sanofi participated in the

VBP tender for basal insulin analogues and was among the bidding winners in the group A with Lantus /Toujeo . Sanofi expects its

glargine (Toujeo /Lantus ) sales to decrease in China in 2022, due to high volumes

at significantly lower prices. In China, Toujeo /Lantus sales were

459 million in 2021.

Plavix sales were stable in the

first quarter to 261 million, higher sales in the Rest of the World region (up 1.4%) offsetting lower sales in Europe. Plavix sales

in China were down 3.4% to 123 million due to a high base of comparison in the first quarter of 2021.

Multaq first quarter sales grew 13.9% to

87 million, reflecting strong U.S. sales growth.

Sales of Rezurock , a recently FDA-approved, first-in-class treatment for chronic

graft-versus-host disease (cGVHD) for adult and pediatric patients 12 years and older who have failed at least two prior lines of systemic therapy, were consolidated as of November 9, 2021 (through the Kadmon acquisition) and generated 41 million in the first quarter. Rezurock performance reflects the rapidly expanding pool of prescribing institutions as well as pent-up demand from cGVHD patients who have already failed multiple systemic therapies.

Praluent first-quarter sales were 69 million, up 21.4% driven by Europe performance. In Rest of the World region, sales were up 6.7%. In China,

Praluent was included in the NDRL list at the beginning of 2022.

Soliqua sales increased 15.9% to 53 million driven by the Rest of World region (up 54.5%) supported by new launches and Solimix results.

In the first quarter, non-core assets sales decreased 4.2% to 1,983 million reflecting portfolio streamlining (-1.4ppt), lower Lantus sales as well as the impact of VBP wave 5 in China on Eloxatin and Taxotere sales.

671 million, down 1.5% in the first quarter, due to lower sales in Europe, reflecting biosimilar competition and continuous Toujeo