Strong Q3 performance drives guidance upgrade to around 14% business EPS growth at CER(1)

Q3 2021 sales grew double digit to €10.4 billion (up 10.1%) due to strong growth from Dupixent®, Vaccines and CHC

Specialty Care sales increased 20.2% with strong contribution from Dupixent® (+54.6% to €1,410 million)
Vaccines up 16.5%, with record quarterly sales driven by differentiated flu vaccines and meningitis franchise recovery
CHC increased 11.1% driven by growth of Pain care and Digestive Wellness categories
General Medicines sales down 1.7% while transformation of business model supports core assets growth (up 4.5%)
Q3 2021 business EPS(2) growth of 19.1% at CER driven by sales performance and efficiencies

Business EPS(2) was €2.18, up 19.1% on a reported basis
BOI margin reached 34.1% up 2.2 ppts reflecting improvement in Gross margin and continued expense management
IFRS EPS was €1.85 (up 19.4 %)

Progress on Corporate Social Responsibility strategy

Carbon neutrality target accelerated to 2030; a 2050 net zero objective established
Sanofi ranked #1 in the European pharma sector by ESG rating agency Vigeo Eiris (part of Moody’s ESG Solutions)
Key milestone and regulatory achievements on R&D transformation

Positive pivotal phase 3 readouts for Dupixent?® in chronic spontaneous urticaria and infant atopic dermatitis (6 months to 5 years)
Nexviazyme® approvals in U.S. and Japan?
Submissions of sutimlimab in the U.S. and olipudase alfa? in Japan under the Sakigake pathway
Acquisition of Translate Bio completed, first positive clinical data read-out validating the mRNA platform
Full-year 2021 business EPS guidance revised upward(1)

Sanofi now expects 2021 business EPS(2) to grow around 14% at CER(3), barring unforeseen major adverse events. Applying average October 2021 exchange rates, the currency impact on 2021 business EPS is estimated to be between -3.5% to -4.5%
Sanofi Chief Executive Officer, Paul Hudson, commented:

“Sanofi has delivered outstanding financial results in the third quarter. Double-digit sales growth in the period was driven by the remarkable performance of Dupixent®, record sales of Vaccines and business momentum in Consumer Healthcare, all in line with our strategic priorities. As a result of our sales performance and strong earnings, we have upgraded our full-year EPS guidance growth to around 14% at CER. In R&D, our growing pipeline of potentially transformative therapies has progressed, including the most recent positive readouts for Dupixent® in Eosinophilic esophagitis and Prurigo nodularis as well as the U.S. approval and launch of Nexviazyme® in Pompe disease. With higher R&D investment behind our pipeline assets and the two targeted bolt-on acquisitions of Translate Bio and Kadmon, we have further increased our commitment to bring innovative medicines to patients and drive future growth. Aligned with our contract with society and leading up to COP 26, we have set ourselves new ambitious ESG targets to reduce carbon emissions and accelerate our actions in fighting global climate change.”

Q3 2021 Change Change at CER 9M 2021 Change Change at CER
IFRS net sales reported €10,432 +10.1% +10.1% €27,767m +4.2% +8.2%

IFRS net income reported(4) €2,317m +18.7% _ €5,093m -54.7% —
IFRS EPS reported €1.85 +19.4% _ €4.07 -54.6% —
Free cash flow(5) €2,202m +16.9% _ €5,555m +1.9% —
Business operating income €3,558m +17.5% +17,3% €8,461m +9.7% +15.0%
Business net income(2) €2,736m +19.0% +18.8% €6,484m +11.4% +16.9%
Business EPS(2) €2.18 +19.1% +19.1% €5.18 +11.6% +17.2%
Changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (definition in Appendix 7)

(1) Sanofi already raised its full-year 2021 business EPS growth guidance to around 12% at CER on July 29; (2) 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 Q3 2021 is provided in Appendix 3 and a reconciliation of reported IFRS net income to business net income is set forth in Appendix 4; (3) 2020 restated business EPS was €5.86; (4) 9M 2021 IFRS net income reported reflected capital gain from sales of Regeneron shares in Q2 2020; (5) Free cash flow is a non-GAAP financial measure (definition in Appendix 7)

2021 third-quarter and first nine months Sanofi sales

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Unless otherwise indicated, all percentage changes in sales in this press release are stated at CER1
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In the third quarter of 2021, Sanofi sales were €10,432 million, up 10.1% on a reported basis. Exchange rate movements had a neutral effect, the negative impact of the U.S. dollar, Japanese yen and Turkish lira was offset by the increase of the Chinese Yuan and some other currencies.

In the first nine months Sanofi sales reached €27,767 million, up 4.2% on a reported basis. Exchange rate movements had a negative effect of 4.0 percentage points. At CER, company sales were up 8.2%.

Global Business Units

Third-quarter 2021 net sales by Global Business Unit (variation at CER; € million; % of total sales).
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