Slide 1: Business Finance Pipeline
Business Finance Pipeline First reflections Appendices
Slide 2: Results Q2 2026
Business Finance Pipeline First reflections Appendices Results Q2 2026 July 30, 2026
Slide 3: Forward-looking statements
Business Finance Pipeline First reflections 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
Slide 4: Agenda
Business Finance Pipeline First reflections Appendices Agenda 01 Business Belén Garijo 02 Finance François Roger 03 Pipeline Michael Quigley 04 First reflections Belén Garijo 05 Q&A Presenters and Manuela Buxo, Olivier Charmeil, Roy Papatheodorou, and Thomas Triomphe 4 Investor Relations
Slide 5: Business
Business Finance Pipeline First reflections Appendices Business
Slide 6: Q2: double-digit sales growth
Business Finance Pipeline First reflections Appendices Q2: double-digit sales growth €11.6bn 5.2 • Vaccines Decline from high basis of comparison in flu +17.8% • Pharma launches 4.0 +37.6% Driven mostly by Ayvakit, ALTUVIIIO, and Sarclisa -1.0% • Other medicines Impacted by divestments and legacy 1.
Slide 7: Launches: strong growth and 13% of sales
Business Finance Pipeline First reflections Appendices Launches: strong growth and 13% of sales Sales (€m) Q2 349 218 NEW 1901 187 163 NEW 1132 108 85 64 23 NEW 17 NEW 7 NEW 4 NEW 2 €1,530m +61.1% All percentage changes at CER. 1. Consolidated from July 17, 2025. On a market pro-forma basis, Q2 2026
Slide 8: Immunology: Dupixent sales >€5bn in the quarter
Business Finance Pipeline First reflections Appendices Immunology: Dupixent sales >€5bn in the quarter Sales (€m)1 >1.5m patients globally Upgraded 2030 ambition, now ~ €25bn 5,154 +37.6% US: growth driven primarily by strong demand, operational improvements, and a favourable 3,832 adjustment of gro
Slide 9: Rare diseases: growth led by Ayvakit and ALTUVIIIO
Business Finance Pipeline First reflections Appendices Rare diseases: growth led by Ayvakit and ALTUVIIIO Sales (€m) Mast cell and other Ayvakit driven by growth in number of patients and duration of 1,897 +24.3% treatment across indolent and advanced systemic mastocytosis 192 Rare blood 1,554 Mast
Slide 10: Vaccines: performance of launches offset by high flu comparison
Business Finance Pipeline First reflections Appendices Vaccines: performance of launches offset by high flu comparison Sales (€m) Influenza, COVID-19 High comparison and lower Southern Hemisphere season -4.7% 1,214 Beyfortus 1,150 Flu, COVID-19 141 Driven by late season in the US and geographic expa
Slide 11: Global Health Unit access and health systems strengthening progress
Business Finance Pipeline First reflections Appendices Global Health Unit access and health systems strengthening progress Expanding access with Impact® medicines portfolio Strengthening healthcare systems through partnerships available1 in 30 underserved countries On track to reach two million pati
Slide 12: Finance
Business Finance Pipeline First reflections Appendices Finance
Slide 13: Q2: strong quarter, partly supported by positive one-offs
Business Finance Pipeline First reflections Appendices Q2: strong quarter, partly supported by positive one-offs (€m) Q2 2025 Q2 2026 Change Sales Double-digit growth led by Dupixent Net sales 9,994 11,597 +17.8% and launches. Underlying growth c.15% Business gross profit 7,742 9,411 +23.6% Business
Slide 14: H1: profitable growth, partly supported by positive one-offs
Business Finance Pipeline First reflections Appendices H1: profitable growth, partly supported by positive one-offs (€m) H1 2025 H1 2026 Change Sales Double-digit growth led by Dupixent Net sales 19,889 22,106 +15.7% and launches. Underlying growth c.13% Business gross profit 15,460 17,599 +19.0% Bu
Slide 15: Full-year 2026 business dynamics to consider
Business Finance Pipeline First reflections Appendices Full-year 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): income/expenses c.€200m (sales i
Slide 16: Update on other operating income and expenses
Business Finance Pipeline First reflections Appendices Update on other operating income and expenses Reimbursement of development balance by Regeneron Amvuttra® royalty3 • Development balance fully reimbursed • Approved for transthyretin amyloid cardiomyopathy (US, EU) at the end of Q2 2026 • Royalt
Slide 17: Upgraded 2026 guidance and 2030 ambition
Business Finance Pipeline First reflections Appendices Upgraded 2026 guidance and 2030 ambition 2026 2030 sales Sales Business EPS Share Pharma Dupixent Vaccines growth growth buyback launches3 Previous Previous Previous High ~€22bn ~€10bn single-digit Slightly faster €1bn2 ~€10bn than sales1 ~10% ~
Slide 18: Pipeline
Business Finance Pipeline First reflections Appendices Pipeline
Slide 19: Pipeline: YTD status
Business Finance Pipeline First reflections Appendices Pipeline: YTD status Key news flow Q1-Q2 Status since the late-stage pipeline review1 Regulatory • Dupixent CSU children (EU), • Dupixent CSU children (US) amlitelimab AD programme will not progress to regulatory submission BP (JP), AFRS (US) ap
Slide 20: Immunology: key updates on key clinical programmes
Business Finance Pipeline First reflections Appendices Immunology: key updates on key clinical programmes Decisions Discontinuations amlitelimab in atopic dermatitis itepekimab in COPD and chronic rhinosinusitis • ESTUARY phase 3 long-term extension data showed • COPD: additional phase 3 study will
Slide 21: Rare diseases: delivering new benefits to more patients
Business Finance Pipeline First reflections Appendices Rare diseases: delivering new benefits to more patients ATS: efdoralprin alfa benefit on AAT serum levels in ElevAATe phase 2 Nexviazyme BabyCOMET phase 3 Potential to offer patients with AATD emphysema a more convenient dosing schedule Potentia
Slide 22: Oncology: Sarclisa now available with greater convenience
Business Finance Pipeline First reflections Appendices Oncology: Sarclisa now available with greater convenience First approvals for Sarclisa subcutaneous formulation Combined with standard-of-care regimens across Sarclisa IV approved indications Non-inferiority studies demonstrated comparable effic
Slide 23: Pipeline: key mid- and late-stage development projects
Business Finance Pipeline First reflections Appendices Pipeline: key mid- and late-stage development projects Immunology Rare diseases/Oncology Neurology Vaccines phase 2 asthma approved ITP (US, EU, JP) under review flu 50 years+ lunsekimig LCM CRSwNP, COPD Wayrilz LCM IgG4-RD, wAIHA Cenrifki appro
Slide 24: Pipeline: upcoming news flow
Business Finance Pipeline First reflections Appendices Pipeline: upcoming news flow frexalimab – RMS lunsekimig – asthma high-risk riliprubart – CIDP brivekimig – HS SP0202 – PCV Wayrilz – IgG4-RD frexalimab – SPMS Sarclisa – MM, TE (HD7) fitusiran – haemophilia A/B SP0218 – yellow fever Wayrilz – w
Slide 25: Pipeline: updated disease information now published
Business Finance Pipeline First reflections Appendices Pipeline: updated disease information now published 2026 epidemiology data within indications across Sanofi pipeline. Updated as of July 30, 2026 Immunology US Top-5 Europe Japan China Total allergic fungal rhinosinusitis adults (in thousands) p
Slide 26: First reflections
Business Finance Pipeline First reflections Appendices First reflections
Slide 27: My first weeks
Business Finance Pipeline First reflections Appendices My first 12 weeks On the ground with colleagues, close to science and stakeholders important to Sanofi’s future Close to people Close to science Close to business Town-hall meeting in the US R&D facility visit in France Visit in China May 2026 M
Slide 28: Early progress and clear priorities
Business Finance Pipeline First reflections Appendices Early progress and clear priorities People Science Business Financials Decisions • R&D leadership change Decisive action on pipeline: • Commitment to • Increased focus on • amlitelimab: will not progress Immunology, Rare diseases, cost disciplin
Slide 29: New, focused Executive Committee
Business Finance Pipeline First reflections Appendices New, focused Executive Committee 1 Manuela Buxo François-Xavier Roger Belén Garijo Paulo Fontoura Brendan O’Callaghan Executive VP, Executive VP, Chief Executive Officer Executive VP, Executive VP, Specialty Care Chief Financial Officer Head of
Slide 30: Q&A session
Business Finance Pipeline First reflections 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
Slide 31: Appendix Strategy
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Appendix Strategy
Slide 32: Sanofi: a focused, global biopharma company
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Sanofi: a focused, global biopharma company Business Pipeline Financials and ESG Strategic and durable with Ongoing R&D and Continued 2026 sales and an em
Slide 33: Dupixent: multiple options for continued value creation
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Dupixent: multiple options for continued value creation Defend Extend Innovate Robust patent portfolio of issued Potential to extend Dupixent dosing Poten
Slide 34: Pursuing what's possible for rare disease patients
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pursuing what’s possible for rare disease patients Rare blood Lysosomal storage Mast cell and other Three pillars creating one integrated approach, • haem
Slide 35: Appendix Finance
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Appendix Finance
Slide 36: Currency impact
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Currency impact Sales (€m) Business EPS (€) -172 -0.03 -384 -0.10 -578 -0.13 -667 -733 -0.16 -0.17 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2026 2025 2026 36 In
Slide 37: Appendix Pipeline
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Appendix Pipeline
Slide 38: Pipeline: registration and phase 3
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: registration and phase 3 Registration venglustat oral GCS inhibitor Gaucher disease type 3 (US, EU, JP) SP0087 vero cell rabies (EU) Sarclisa CD
Slide 39: Pipeline: phase 2
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: phase 2 Immunology Rare diseases Crohn’s disease Wayrilz BTK inhibitor Graves’ disease hidradenitis suppurativa efdoralprin alfa7 AAT fusion pro
Slide 40: Pipeline: phase 1
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: phase 1 Immunology Neurology SAR446422 CD28xOX40 bispecific Ab inflammatory indication geographic atrophy in dry age-related SAR446597 BbxC1s AA
Slide 41: Pipeline: opportunities from licensing agreements
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: opportunities from licensing agreements Partner Target Indication C4X oral IL17A inhibitor inflammatory indication HXN-1002, TL1Axa4b7 mAb Earen
Slide 42: Pipeline: China a source of innovation
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: China a source of innovation Business development Company Targets Indications Adagene masked anti-CTLA-4, bispecific SAFEbody programmes solid t
Slide 43: Pipeline: regulatory designations since 2020
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: regulatory designations since 2020 Orphan Fast track (US) Breakthrough therapy Priority review Dupixent – BP (JP) ALTUVIIIO – haemophilia A Dupi
Slide 44: Pipeline: Q2 appendix changes
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: Q2 appendix changes New in Removed from Registration Registration venglustat – Gaucher disease type 3 (US, EU, JP) Dupixent – bullous pemphigoid
Slide 45: What's next: Immunology
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts What’s next: Immunology SAR449028 brivekimig lunsekimig lunsekimig lunsekimig brivekimig brivekimig WT KIT inhibitor phase 2 phase 2 phase 2/3 phase 2 pha
Slide 46: What's next: Vaccines
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts 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 he
Slide 47: Pipeline: main clinical studies across disease areas
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: main clinical studies across disease areas Immunology Rare diseases brivekimig (TNFaxOX40L Nanobody® VHH) Rezurock (ROCK2 inhibitor) Nexviazyme
Slide 48: Pipeline: main clinical studies across disease areas
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Pipeline: main clinical studies across disease areas Oncology Neurology Vaccines Sarclisa (CD38 mAb) frexalimab (CD40L mAb) Fluzone HD (inactivated quadri
Slide 49: Collaborations
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Collaborations Ref Name Companies Alprolix ALTUVIIIO Swedish Orphan Biovitrum (Sobi) Eloctate Beyfortus AstraZeneca Dupixent Kevzara Regeneron itepekimab
Slide 50: Abbreviations
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Abbreviations AAT(D) alpha-1-antitrypsine (deficiency) GA geographic atrophy PCV pneumococcal conjugate vaccine AAV adeno-associated virus GCS glucosylcer
Slide 51: Investor relations team contacts
Business Finance Pipeline First reflections Appendices Appendix Strategy Appendix Finance Appendix Pipeline Collaborations Abbreviations Contacts Investor relations team contacts Thomas Kudsk Larsen Alizé Kaisserian Head of IR IR Officer General medicines All pipeline, Immunology, and Oncology +44 7
Slide 52: Business Finance Pipeline
Business Finance Pipeline First reflections Appendices