Slide 1: Business Finance Pipeline
Business Finance Pipeline Appendices
Slide 2: Results Q1 2025
Business Finance Pipeline Appendices Results Q1 2025 April 24, 2025
Slide 3: Forward-looking statements
Business Finance Pipeline Appendices Forward-looking statements This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projecti
Slide 4: Agenda
Business Finance Pipeline Appendices Agenda 01 Business Paul Hudson 02 Finance François Roger 03 Pipeline Houman Ashrafian 04 Q&A Presenters and Olivier Charmeil, Brian Foard, Brendan O’Callaghan, Roy Papatheodorou, and Thomas Triomphe 4 Investor Relations
Slide 5: Q1: strong performance with sales up 9.7%
Business Finance Pipeline Appendices Q1: strong performance with sales up 9.7% 4.2 9.9bn 3.5 -2.3% • Pharma launches Strong outperformance driven by ALTUVIIIO +9.7% +20.3% • Vaccines Performance driven by favorable Beyfortus (€bn) phasing 1.3 • Dupixent Strong volume growth across all indications an
Slide 6: Launches: 11% of sales
Business Finance Pipeline Appendices Launches: 11% of sales Sales (€m) Q1 284 251 195 136 131 67 56 11 €1,131m +46.5% All percentage changes at CER. 6 Investor Relations
Slide 7: Dupixent: a strong start in 2025
Business Finance Pipeline Appendices Dupixent: a strong start in 2025 Sales (€m) Q1 performance 3,480 Global growth +20.3%, reaching €3.5bn in sales with €1.0bn outside #1 NBRx and #1 TRx market share across the US all approved indications1 2,835 US sales reflected customary COPD launches underway a
Slide 8: Dupixent: access, education, and patient awareness key to success in COPD
Business Finance Pipeline Appendices Dupixent: access, education, and patient awareness key to success in COPD High unmet need Increasing patient awareness with branded recognized by payers US TV campaign US: solid coverage with >85% commercial and >90% Medicare Germany: positive benefit rating by n
Slide 9: Vaccines: Q1 growth driven by favorable Beyfortus phasing
Business Finance Pipeline Appendices Vaccines: Q1 growth driven by favorable Beyfortus phasing Sales (€m) Next steps Pipeline update +11.4% Beyfortus Chlamydia vaccine received US fast- 1,326 • Expansion into smaller countries track designation and started phase 1 1,178 • Focus on increasing next-se
Slide 10: Sanofi's updated sustainability strategy: a breath of fresh AIR
Business Finance Pipeline Appendices Sanofi’s updated sustainability strategy: a breath of fresh AIR Tackling the impact of environmental challenges on health and healthcare Access to healthcare Environmental Impact Building access to care programs for Reducing environmental impact across the popula
Slide 11: Finance
Business Finance Pipeline Appendices Finance Q1 2025 (new scope excluding Opella)
Slide 12: Q1: strong sales performance and operating leverage
Business Finance Pipeline Appendices Q1: strong sales performance and operating leverage (€m) Q1 2024 Q1 2025 Change Sales Net sales 8,933 9,895 +9.7% Growth driven by launches, Dupixent, and favorable Beyfortus phasing Other revenues 793 711 -11.9% Gross profit 6,761 7,718 +12.6% Gross margin Gross
Slide 13: Capital allocation execution
Business Finance Pipeline Appendices Capital allocation execution Opella: post-transaction shareholding Expected proceeds will be redeployed in accordance with the capital allocation policy 1 Organic investment ~48% 50% ~2% 2 M&A/Business Acquisition of DR-0201 from Dren Bio EV €16bn development DR-
Slide 14: 2025: business dynamics to consider; guidance confirmed
Business Finance Pipeline Appendices 2025: business dynamics to consider; guidance confirmed Sales P&L Q2 2025 Q2 2025 Lantus US: sales increased in Q2 2024 driven by the Expenses: R&D - unfavorable base of comparison with unavailability of a competitor medicine ~€200m income in Q2 2024 (Sobi reimbu
Slide 15: Pipeline
Business Finance Pipeline Appendices Pipeline
Slide 16: Pipeline: Q1 milestones
Business Finance Pipeline Appendices Pipeline: Q1 milestones Regulatory approvals Acquisition of Dren Bio’s DR-0201 bispecific B-cell depleter1 Dupixent COPD (JP) Qfitlia Hemophilia A and B (US) CD20-directed myeloid cell engager providing NDMM (JP), NDMM, TI (EU, CN) targeted phagocytosis and robus
Slide 17: Immunology: clinical evidence for OX40L in three diseases
Business Finance Pipeline Appendices Immunology: clinical evidence for OX40L in three diseases amlitelimab: high efficacy in asthma brivekimig: achieved HS primary objective2 amlitelimab: ahead in AD Clinically meaningful and durable efficacy on Brivekimig dual TNFa and OX40L inhibition Recruitment
Slide 18: Immunology: balinatunfib a safe oral for potential combinations
Business Finance Pipeline Appendices Immunology: balinatunfib a safe oral for potential combinations balinatunfib: safe oral in psoriasis rheumatoid arthritis (RA) Following the science in immunology: new studies Generally well tolerated across doses with no Phase 2 readout anticipated new safety co
Slide 19: Qfitlia: redefining convenience in hemophilia prophylaxis
Business Finance Pipeline Appendices Qfitlia: redefining convenience in hemophilia prophylaxis with as few as six injections per year Clinically meaningful control in hemophilia A/B, irrespective of inhibitors Restoring hemostasis with optimized dosing Proportion of participants Low treatment burden
Slide 20: Pipeline: increasing news flow
Business Finance Pipeline Appendices Pipeline: increasing news flow amlitelimab – AD Nexviazyme – IOPD balinatunfib – RA lunsekimig – asthma venglustat – Fabry disease SAR447537 – AATD lunsekimig – CRSwNP venglustat – GD3 SAR447873 – GEP NETs itepekimab – COPD eclitasertib – UC riliprubart – CIDP SP
Slide 21: 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 your Email us: Raise hand icon hand: dial *9 investor.relations@sanofi.com Check your audio device Unmute and mute is well connected your microphone: dial *6
Slide 22: Finance appendices
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Finance appendices (new scope excluding Opella)
Slide 23: Sales biopharma
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Sales biopharma Q1 2025 (€m) Change Dupixent 3,480 20.3% Polio/Pertussis/Hib vaccines & Boosters 668 3.8% Lantus 450 24.4% Toujeo 354 10.0% Meningitis, Travel and endemic vaccines 302 3.5% RSV (B
Slide 24: Currency impact
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Currency impact Sales (€m) Business EPS (€) +98 +0.02 -116 -201 -0.06 -0.08 -335 -0.12 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2024 2025 24 Investor Relations
Slide 25: Currency sensitivity and exposure
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Currency sensitivity and exposure 2025 business EPS currency sensitivity Currency exposure on Q1 2025 sales Net sales Business EPS Currency Variation sensitivity sensitivity Others 15.5% US Dolla
Slide 26: Free cash flow
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Free cash flow (€bn) 1.3 0.3 1.0 -0.5 0.5 -0.4 Business operating Change in Acquisition net Free cash flow Free cash flow Other1 income at CER working capital of proceeds Q1 2025 Q1 2024 excludin
Slide 27: Net debt evolution
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Net debt evolution (€bn) 3.6 0.2 11.2 8.8 0.3 -1.6 Net debt FCF3 M&A and BD Acquisition of Other5 Net debt Dec 31, 20241,2 activity4 treasury shares March 31, 20251,2 Credit ratings reaffirmed: M
Slide 28: Capital allocation policy confirmed
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Capital allocation policy confirmed 1 Organic investment 2 M&A/Business development 3 Growing dividend 4 Share buyback Dividend increase expected for the 30th consecutive year Sanofi intends to c
Slide 29: Pipeline appendices
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline appendices
Slide 30: What's next: Immunology
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations What’s next: Immunology SAR444656 rilzabrutinib SAR444656 balinatunfib rilzabrutinib eclitasertib balinatunfib balinatunfib Oral phase 2 phase 2 phase 2 phase 2 phase 2 phase 2 phase 2 phase 2 in
Slide 31: What's next: Vaccines
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations What’s next: Vaccines pneumococcal disease 21-valent conjugate acne mRNA chlamydia mRNA New fields phase 3 phase 1 phase 1 PPH hexa, penta, quadrivalent boosters boosters approved approved mening
Slide 32: Pipeline: Q1 appendix changes
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: Q1 appendix changes New in Removed from Regulatory Phase 3 Regulatory Phase 3 Submission Dupixent – Bullous pemphigus (US, EU, CN) itepekimab – chronic rhinosinusitis with Approval Dupi
Slide 33: Pipeline: registration and phase 3
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: registration and phase 3 Registration bullous pemphigoid (US, EU, CN) rilzabrutinib BTK inhibitor immune thrombocytopenia (US, EU, CN) DupixentA IL4xIL13 mAb chronic spontaneous urticar
Slide 34: Pipeline: phase 2
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: phase 2 Immunology DupixentA IL4xIL13 mAb ulcerative colitis hidradenitis suppurativa 6 brivekimig TNFaxOX40L Nanobody ® VHH bronchiectasis type 1 diabetes A itepekimab IL33 mAb chronic
Slide 35: Pipeline: phase 1
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: phase 1 Immunology Oncology SAR444336 non-beta IL2 SynthorinTM inflammatory indication SAR4458773 PD1xIL15 fusion protein solid tumors SAR4453991 IL1R3 mAb inflammatory indication SAR44
Slide 36: Pipeline: regulatory designations since 2020
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: regulatory designations since 2020 Orphan drug Fast track (US) Breakthrough therapy Priority review Dupixent – BP, EoE (US) itepekimab – COPD Dupixent – AD (US) Dupixent – AD, PN (US, C
Slide 37: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: main clinical studies across disease areas Immunology Rare diseases Dupixent (IL4xIL13 mAb) eclitasertib (RIPK1 inhibitor) Nexviazyme (enzyme replacement therapy) - BP (NCT04206553) - u
Slide 38: Pipeline: main clinical studies across disease areas
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Pipeline: main clinical studies across disease areas Oncology Vaccines Sarclisa (CD38 mAb) SP0087 (vero cell) SP0237 (mRNA) - MM, 1L TI (IMROZ: NCT03319667) - Rabies (NCT04127786) - flu (NCT06744
Slide 39: Collaborations
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Collaborations Ref Name Developed in collaboration with… A Dupixent itepekimab Regeneron Kevzara B frexalimab ImmuNext C SP0202 SK bioscience D eclitasertib Denali E SAR444656 Kymera F duvakitug
Slide 40: Abbreviations
Business Finance Pipeline Appendices Finance appendices Pipeline appendices Collaborations Abbreviations Abbreviations AAT alpha-1-antitrypsine HAT human african trypanosomiasis PASI psoriasis area severity index AATD alpha-1-antitrypsine deficiency HD high dose PCV pneumococcal conjugate vaccine Ab
Slide 41: Business Finance Pipeline
Business Finance Pipeline Appendices