T A B L E O F C O N T E N T S 2012 HALF - YEAR FINANCIAL REPORT Translation of the French Language Original CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS ASSETS 2 CONSOLIDATED BALANCE

2012 HALF-YEAR FINANCIAL REPORT

Translation of the French Language Original

CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS

The condensed half-year consolidated financial

statements are unaudited but have been subject to a review

by the statutory auditors in accordance with professional standards applicable

CONSOLIDATED BALANCE SHEETS ASSETS

The accompanying notes on pages 8 to 32 are an integral part of the

condensed half-year consolidated financial statements.

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CONSOLIDATED BALANCE SHEETS LIABILITIES AND EQUITY

The accompanying notes on pages 8 to 32 are an integral part of the

condensed half-year consolidated financial statements.

CONSOLIDATED INCOME STATEMENTS

The accompanying notes on pages 8 to 32 are an integral part of the condensed half-year consolidated financial

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

The accompanying notes on pages 8 to 32 are an integral part of the condensed half-year consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

The accompanying notes on pages 8 to 32 are an integral part of the condensed half-year consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

The accompanying notes on pages 8 to 32 are an integral part of the condensed half-year consolidated financial

NOTES TO THE CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2012

Sanofi, together with its subsidiaries (collectively Sanofi or the Group ), is a diversified global healthcare leader

engaged in the research, development and marketing of therapeutic solutions focused on patient needs. Sanofi has fundamental strengths in the healthcare field, operating via seven growth platforms: Diabetes Solutions, Human Vaccines, Innovative

Products, Consumer Health Care, Emerging Markets, Animal Health and New Genzyme. Sanofi, the parent company of the Group, is a soci t anonyme (a form of limited liability company) incorporated under the laws of France. The

registered office is at 54, rue La Bo tie, 75008 Paris.

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

The condensed consolidated financial statements for the six months ended June 30, 2012 were reviewed by the Sanofi Board of

Directors at the Board meeting on July 25, 2012.

A Basis of preparation and accounting policies

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, 2011.

The accounting policies used in the preparation of the consolidated financial statements as of

June 30, 2012 comply with international financial reporting standards (IFRS) as endorsed by the European Union and as issued by the International Accounting Standards Board (IASB). Except for the change described in Note A.1.1., the accounting

policies applied as of June 30, 2012 are identical to those described in the notes to the published consolidated financial statements for the year ended December 31, 2011.

IFRSs endorsed by the European Union as of June 30, 2012 can be accessed under the heading IAS/IFRS Standards and Interpretations

http://ec.europa.eu/internal market/accounting/ias/index en.htm

standards and amendments applicable in the period

The new standards, amendments to standards, and interpretations issued by the

IASB and mandatorily applicable with effect from the 2012 financial year are listed below; they have no impact on the Group s consolidated financial statements:

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A.1.2. New standards and amendments applicable in 2013

The principal new standards and amendments that will be applicable to Sanofi from 2013 are:

A description of these standards and amendments, and of the expected impact of applying them, is provided in Note B.28. to the consolidated financial statements for the year ended December 31, 2011.

Of the texts listed above, only the amended IAS 19 has already been endorsed by the European Union. In June 2012, the Accounting

Regulatory Committee (ARC) issued a recommendation that the first five of the texts listed above should be mandatorily applicable for annual financial periods beginning on or after January 1, 2014 at the latest, with an option for early

adoption. Sanofi expects to apply these standards and amendments with effect from January 1, 2013.

standards, interpretations and amendments issued in the first half of 2012

In March 2012, the IASB issued an amendment to

IFRS 1, dealing with government loans. This amendment relates to first-time adoption of IFRS, and hence does not apply to Sanofi.

In May 2012, the IASB issued the 2009-2011 cycle of Annual Improvements to IFRSs, consisting of six amendments applicable to annual financial

periods beginning on or after January 1, 2013; these amendments have not yet been endorsed by the European Union. Two of them relate to first-time adoption of IFRS, and hence do not apply to Sanofi. The others deal with:

Sanofi does not expect the application of these amendments to have any impact on the Group.

A.2. USE OF ESTIMATES

The preparation of financial statements requires management to make reasonable estimates and assumptions based on information available at the date

of the finalization of the financial statements. These 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 at the date of the review of the financial statements. Examples of estimates and assumptions include:

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. This rate is

applied to Income before tax and associates and joint ventures. The estimated 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

Actual results could vary from these estimates.

A.3. SEASONAL TRENDS

Sanofi s activities are not subject to significant seasonal fluctuations.

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B Significant information for the first half of 2012

B.1. FINAL PURCHASE PRICE ALLOCATION FOR

ACQUISITIONS MADE IN 2011

The final purchase price allocation of Genzyme, acquired on April 4, 2011, is as follows:

Following the completion of the valuation process during the purchase price allocation

period, the amount of deferred tax liabilities was increased by 489 million relative to the provisional allocation as of

December 31, 2011 (refer to Note D.1.1. to the consolidated financial statements for the year ended December 31, 2011). Consequently, the comparative figures as published in respect of the 2011 financial year have been revised, in

accordance with paragraph 49 of IFRS 3.

The other acquisitions made in 2011 (refer to note D.1.2. to the consolidated financial statements for the year ended December 31, 2011) did not require any adjustments to their initial purchase price

B.2. IMPACT OF CHANGES IN SCOPE OF CONSOLIDATION

The acquisitions made during the first half of 2012 were those of Pluromed, Inc. (Biosurgery) and Newport (Animal Health). The impact of these acquisitions at Group level is not material.

Sanofi made no divestments during the period.

B.3. PROPERTY, PLANT AND EQUIPMENT

Acquisitions of property, plant and equipment in the first half of 2012 amounted to

608 million. This reflects investments in the Pharmaceuticals segment of

495 million, including industrial facilities ( 391 million). The Vaccines segment accounted for 80 million of acquisitions during the

period, and the Animal Health segment for 33 million.

An impairment loss of 107 million was taken against property, plant and equipment during the

period (see Note B.16.).

Firm orders for property, plant and equipment as of June 30, 2012 totaled 332 million.

AND OTHER INTANGIBLE ASSETS

Movements in intangible assets other than goodwill during the first half of 2012 were as follows:

Acquisitions of intangible assets other than goodwill (excluding software) in the first half of 2012 amounted to 76 million.

reported for changes in scope of consolidation relates to intangible assets (other than goodwill) recognized in connection with acquisitions made during the period (see Note B.2.).