Slide 1: Business Finance Pipeline
Business Finance Pipeline Appendices
Slide 2: Results Q1 2026
Business Finance Pipeline Appendices Results Q1 2026 April 23, 2026
Slide 3: Forward-looking statements
Business Finance Pipeline Appendices Forward-looking statements 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 histo
Slide 4: Agenda
Business Finance Pipeline Appendices Agenda 01 Business Olivier Charmeil 02 Finance François Roger 03 Pipeline Houman Ashrafian 04 Q&A Presenters and Manuela Buxo, Brendan O’Callaghan, Roy Papatheodorou, and Thomas Triomphe 4 Investor Relations
Slide 5: Q1: double-digit sales growth
Business Finance Pipeline Appendices Q1: double-digit sales growth €10.5bn 4.2 • Pharma launches Driven primarily by Ayvakit, ALTUVIIIO, +13.6% 3.9 and Sarclisa +30.8% -4.1% • Vaccines Slight growth driven by PPH, including Heplisav-B • Other medicines 1.2 1.3 Impacted by divestments and legacy medi
Slide 6: Launches: 14% of sales
Business Finance Pipeline Appendices Launches: 14% of sales Sales (€m) Q1 325 284 208 NEW 1771 167 133 68 63 NEW 462 NEW 16 14 NEW 10 NEW 5 NEW 1 €1,517m +43.8% All percentage changes at CER. 1. Consolidated from July 17, 2025. On a market pro-forma basis, Q1 2026 sales were $207m, an increase of 38
Slide 7: Immunology: strong start for Dupixent
Business Finance Pipeline Appendices Immunology : strong start for Dupixent 1 Sales (€m) Exceeded €4.1bn in sales Reached >1.4m patients on medicine 4,170 +30.8% Growth boosted by lower basis of comparison in 2025 3,480 #1 biologic medicine prescribed by dermatologists, pulmonologists, allergists, a
Slide 8: Dupixent: multiple options for continued value creation
Business Finance Pipeline Appendices Dupixent: multiple options for continued value creation Defend Extend Innovate Robust patent portfolio of issued Potential to extend Dupixent dosing Potential to pursue additional patents and pending applications interval (to Q4W) to improve molecules with expira
Slide 9: Rare diseases: strong growth led by Ayvakit and ALTUVIIIO
Business Finance Pipeline Appendices Rare diseases: strong growth led by Ayvakit and ALTUVIIIO Sales (€m) Mast cell Ayvakit steadily gaining patients, across indolent and advanced systemic mastocytosis +20.1% 1,752 Rare blood 1,566 177 Mast cell Driven by patient-switches to ALTUVIIIO in hemophilia
Slide 10: Vaccines: consistent delivery in a challenging environment
Business Finance Pipeline Appendices Vaccines: consistent delivery in a challenging environment Sales (€m) Beyfortus Driven by expansion in Southern Hemisphere (SH) +2.1% 1,326 1,293 Influenza, COVID-19 73 Influenza, COVID-19 67 Lower SH uptake partially offset by Nuvaxovid sales in Europe -4.1% 284
Slide 11: Sanofi's 25-year WHO partnership to eliminate sleeping sickness
Business Finance Pipeline Appendices Sanofi’s 25-year WHO partnership to eliminate sleeping sickness Long-standing Decreasing number of new sleeping sickness cases Acoziborole: co-developed with partnership Drugs for Neglected Diseases initiative • WHO goal of eliminating 30,00 0 • CHMP positive opi
Slide 12: Finance
Business Finance Pipeline Appendices Finance Q1 2026
Slide 13: Q1: strong quarter, on track to reach full-year guidance
Business Finance Pipeline Appendices Q1: strong quarter, on track to reach full-year guidance (€m) Q1 2025 Q1 2026 Change Sales Double-digit growth led by Dupixent Net sales 9,895 10,509 +13.6% and launches Business gross profit 7,718 8,188 +14.4% Business gross margin Business gross margin 78.0%1 7
Slide 14: 2026 business dynamics to consider
Business Finance Pipeline Appendices 2026 business dynamics to consider P&L Sales Operating expense control Other operating income/expenses Financial • Divestments of other medicines: • R&D: moderate increase • Capital gains (divestments): c.€400m income/expenses c.€200m (sales impact)1 (before BD/M
Slide 15: Pipeline
Business Finance Pipeline Appendices Pipeline
Slide 16: Pipeline: Q1 highlights
Business Finance Pipeline Appendices Pipeline: Q1 highlights Regulatory Dupixent CSU children (EU) approvals BP (JP) AFRS (US) Rezurock cGVHD, 3L (EU) Tzield T1D, stage 2 children (US) Phase 3 readouts venglustat GD3 primary endpoint met FD primary endpoint not met Phase 3 starts frexalimab kidney t
Slide 17: Dermatology: progressive efficacy in amlitelimab phase 2
Business Finance Pipeline Appendices Dermatology: progressive efficacy in amlitelimab phase 3 Consistent benefit Across studies and endpoints 40 40 40 • Continued improvement in efficacy vIGA-AD 0/1 30 30 25.72 30 32.32 with no evidence of plateau 22.52 28.72 through week 24 Percentage of patients (
Slide 18: Respiratory: pipeline of new opportunities
Business Finance Pipeline Appendices Respiratory: pipeline of new opportunities Asthma, moderate-to-severe CRSwNP COPD Positive lunsekimig AIRCULES phase 2 study Positive lunsekimig DUET phase 2 study lunsekimig Statistically significant and clinically meaningful: • Statistically significant and cli
Slide 19: Other immunology: broadening the scope
Business Finance Pipeline Appendices Other immunology: broadening the scope Duvakitug showed robust phase 2 maintenance efficacy New pipeline licensing In patients who have responded after 14-week induction Extending the presence in cGVHD 58% • Durable efficacy through week 44 Rovadicitinib, JAK/ROC
Slide 20: Rare diseases: expanding in lysosomal storage diseases
Business Finance Pipeline Appendices Rare diseases: expanding in lysosomal storage diseases Gaucher Fabry ASMD MPS1 Pompe Established marketed type 1 and 3 marketed marketed infantile-/late-onset marketed marketed type 1 NEW Launches venglustat venglustat and pipeline (LEAP2MONO (PERIDOT phase 3 mar
Slide 21: Pipeline: key mid- and late-stage development projects
Business Finance Pipeline Appendices Pipeline: key mid- and late-stage development projects Immunology Rare diseases/Oncology Neurology Vaccines approved ITP (US, EU) amlitelimab phase 3 AD Wayrilz potential LCM tolebrutinib under review SPMS (EU) Fluzone HD phase 3 flu 50 years+ phase 2 asthma luns
Slide 22: Pipeline: upcoming news flow
Business Finance Pipeline Appendices Pipeline: upcoming news flow frexalimab – RMS brivekimig – HS riliprubart – CIDP amlitelimab – AD (remaining data) itepekimab – CRSwNP SP0202 – PCV Nexviazyme – IOPD Dupixent – LSC fitusiran – hemophilia A/B SP0218 – yellow fever H1 2026 H2 2026 2027 venglustat –
Slide 23: Q&A session
Business Finance Pipeline Appendices Q&A session To ask a question By Zoom By phone Any problems? Click on the Raise and lower Email us: Raise hand icon your hand: dial *9 investor.relations@sanofi.com Check your audio device Unmute and mute is well connected your microphone: dial *6
Slide 24: Appendix Finance
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Appendix Finance
Slide 25: Q1 sales
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Q1 sales (€m) Q1 2026 Change Dupixent 4,170 30.8% Polio/pertussis/hib primary vaccines and boosters, incl. Heplisav B 664 4.2% Lantus 419 -0.7% Toujeo 375 10.5% ALTUVIIIO 325 42.2% Beyfortus 284 2.8%
Slide 26: Solid free cash-flow generation
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Solid free cash-flow generation (€bn) -0.2 0.1 0.3 -0.1 +2.4% 1.0 1.1 1 2 3 4 5 6 Free cash flow BOI at CER Change in Acquisition net Others1 Free cash flow March 31, 2025 working capital of proceeds
Slide 27: Strong balance sheet, with an intention to retain AA rating
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Strong balance sheet, with an intention to retain AA rating (€bn) 0.8 -1.6 2.0 0.8 -0.1 12.9 11.0 1 2 3 4 5 6 7 Net debt Free Cash Flow1 Proceeds BD/M&A Share buyback Others Net debt December 31, 202
Slide 28: Currency impact
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Currency impact Sales (€m) Business EPS (€) +98 +0.02 -384 -0.10 -578 -0.13 -667 -733 -0.16 -0.17 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2026 2025 2026 28 Investor Relations
Slide 29: Currency sensitivity and exposure
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Currency sensitivity and exposure 2026 business EPS currency sensitivity Currency exposure on Q1 2026 sales Net sales Business EPS Currency Variation sensitivity sensitivity Others 13.8% US Dollar +0
Slide 30: Considerations for other operating income and expenses
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Considerations for other operating income and expenses Reimbursement of development balance by Regeneron Amvuttra® royalty5 • Sanofi funds majority of development costs¹ • Approved in the US and EU f
Slide 31: Appendix Pipeline
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Appendix Pipeline
Slide 32: Pipeline: registration and phase 3
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: registration and phase 3 Registration Dupixent IL4R mAb bullous pemphigoid (EU) tolebrutinib BTK inhibitor secondary progressive multiple sclerosis (US, EU) Tzield CD3 mAb type 1 diabetes,
Slide 33: Pipeline: phase 2
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: phase 2 Immunology Rare diseases 1 Crohn’s disease Wayrilz BTK inhibitor Graves’ disease balinatunfib oral TNFR1 signaling inhibitor ulcerative colitis efdoralprin alfa7 AAT fusion protein
Slide 34: Pipeline: phase 1
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: phase 1 Immunology Oncology SAR446422 CD28xOX40 bispecific Ab inflammatory indication SAR445953 CEACAM5-Topo1 ADC colorectal cancer SAR446959 MMP13xADAMTS5xCAP Nanobody® VHH knee osteoarthr
Slide 35: Pipeline: opportunities from licensing agreements
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: opportunities from licensing agreements Partner Target Indication C4X oral IL17A inhibitor inflammatory indication HXN-1002, TL1Axa4b7 mAb Earendil Labs (Helixon) HXN-1003, TL1AxIL23p19 mAb
Slide 36: Pipeline: China a source of innovation
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: China a source of innovation Business development Company Targets Indications Adagene masked anti-CTLA4, bispecific SAFEbody programs solid tumors Biomap protein-level artificial intelligen
Slide 37: Pipeline: regulatory designations since 2020
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: regulatory designations since 2020 Orphan Fast track (US) Breakthrough therapy Priority review Dupixent – AFRS (US) itepekimab – COPD Dupixent – AD (US) Dupixent – AD children (US), AFRS (U
Slide 38: Pipeline: Q1 appendix changes
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: Q1 appendix changes New in Removed from Registration Registration Fluzone HD – flu (50+ years) (US, EU) Dupixent – allergic fungal rhinosinusitis (US) (approved) Dupixent – bullous pemphigo
Slide 39: What's next: Immunology
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations What’s next: Immunology SAR449028 brivekimig lunsekimig lunsekimig lunsekimig brivekimig brivekimig riliprubart phase 2 phase 2 phase 2 phase 2/3 phase 2 phase 2 phase 2 phase 2 CIndU/CSU severe/ CRS
Slide 40: What's next: Vaccines
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations What’s next: Vaccines pneumococcal disease 21-valent conjugate acne mRNA chlamydia mRNA shingles subunit New fields phase 3 phase 2 phase 1 phase 1 PPH hexa, penta, quadrivalent boosters boosters app
Slide 41: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: main clinical studies across disease areas Immunology Rare diseases amlitelimab (OX40L mAb) Rezurock (ROCK2 inhibitor) Nexviazyme (enzyme replacement therapy) - AD (COAST 1: NCT06130566, CO
Slide 42: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Pipeline: main clinical studies across disease areas Neurology Oncology frexalimab (CD40L mAb) Sarclisa (CD38 mAb) SP0289 (mRNA) - RMS (FREXALT: NCT06141473) - MM, 1L TE (GMMG-HD7: NCT03617731) - flu
Slide 43: Collaborations
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Collaborations Ref Name Companies Alprolix ALTUVIIIO Swedish Orphan Biovitrum (Sobi) Eloctate Beyfortus AstraZeneca Dupixent itepekimab Regeneron Kevzara duvakitug Teva Pharmaceuticals frexalimab Imm
Slide 44: Abbreviations
Business Finance Pipeline Appendices Appendix Finance Appendix Pipeline Collaborations Abbreviations Abbreviations AAT(D) alpha-1-antitrypsine (deficiency) ENT ear, nose, and throat doctor PCV pneumococcal conjugate vaccine AAV adeno-associated virus EoE eosinophilic esophagitis pJIA polyarticular j
Slide 45: Business Finance Pipeline
Business Finance Pipeline Appendices