Press Release

Strong sales performance and double digit EPS growth marking theachievement of the 2022 profitability milestone
Paris, February 3, 2023
(1)

Q4 2022 sales growth of 2.6% at CER and business EPS

growth of 17.4% at CER®

• Specialty Care grew 18.1% driven by Dupixent (€2,402 million, +42.1%) and new product launches• Vaccines sales (-16.3%) reflecting influenza and PPH sales phasing (Q3 influenza sales: up 32.4%) as well as ramp up of non®
consolidated Vaxelis sales®

• General Medicines core assets up 8.0% while GBU sales were lower (-3.7%) mainly due to Lantus and spin-off of EUROAPI• CHC sales increased 6.6% driven by double-digit growth of Digestive Wellness, Cough & Cold and Allergy categories

Full-year 2022 delivered 7.0% sales growth and 17.1% business EPS growth at CER®

• Sales grew to €42,997 million driven by Dupixent (€8,293 million, +43.8%), adding €3 billion of incremental sales, Vaccines
up 6.3% in line with the mid-term growth objective as well as CHC strategy execution (+8.6%)• Mid-term BOI margin target of 30% and cost savings objective of €2.5 billion achieved(1)• Business EPSof €8.26 up 25.9% on a reported basis and 17.1% at CER• IFRS EPS of €5.37 (up 8.0%)• Board held on February 2, proposes annual dividend of €3.56, an increase of 6.9%

Progress on Corporate Social Responsibility strategy in Q4• Positive phase 2/3 results of acoziborole with the potential to further transform the treatment of sleeping sickness• Accelerating our ambition towards net zero emissions by 5 years, now targeting 2045
Key R&D milestones and regulatory achievements in Q4
•
•
•
•

®

Dupixent approved in Europe for prurigo nodularis and CHMP positive opinion for eosinophilic esophagitis®
Beyfortus (nirsevimab) approved in Europe for the prevention of RSV disease in all infants®
VidPrevtyn Beta approved in Europe as a booster for the prevention of COVID-19 in adults®
Enjaymo approved in Europe in adult patients with cold agglutinin disease (CAD)

Full-year 2023 business EPS guidance
(1)

(2)

• Sanofi expects 2023 business EPS
to grow low single digitat CER, barring unforeseen major adverse events. Applying
average January 2023 exchange rates, the currency impact on 2023 business EPS is estimated between -3.5% to -4.5%

Sanofi Chief Executive Officer, Paul Hudson, commented:“We closed 2022, marking the successful execution of the first chapter of our 6-year ‘Play to Win’ strategy. Specialty Care delivered®
the highest sales among our businesses. Dupixent and Vaccines continue to be our leading growth drivers. We are particularly
proud of the progress we made in R&D transformation with multiple approvals of transformative medicines and new productlaunches across Specialty Care. At the same time, we keep delivering strong proof points of our improved financial performance
underpinned by the achievement of the 30% BOI margin. Moving to the next chapter of our strategy, we are looking forward to the®
®
®
planned launches of Altuviiio and Beyfortus as well as key pivotal readouts, including the COPD indication for Dupixent . With the®
view on the expected entrants of generic competition for Aubagio in the coming months, we remain confident in our outstanding®
commercial capabilities, including the ambition to reach sales of 10 billion euros for Dupixent in 2023, enabling us to guide to low
single-digit EPS growth for the year.”Q4 2022

ChangeChangeat CER

2022

ChangeChangeat CERIFRS net sales reported€10,725m

+7.3%

+2.6%

€42,997m+13.9%+7.0%

IFRS net income reported€1,460m+29.1%_€6,720m+8.0%—

IFRS EPS reported(3)Free cash flow

Business operating income(1)

Business net income(1)

Business EPS€1.16+28.9%

_

€5.37

+8.0%

—

€2,546m+0.2%_€8,483m+4.8%—€2,724m+20.7%+15.0%€13,040m+21.7%+13.3%€2,141m+23.8%+17.6%€10,341m+25.9%+17.0%€1.71+23.9%+17.4%€8.26+25.9%+17.1%

Changes in net sales are expressed at constant exchange rates (CER) unless otherwise indicated (definition in Appendix 9). (1) In order to facilitate anunderstanding of operational performance, Sanofi comments on the business net income statement. Business net income is a non-GAAP financial
measure (definition in Appendix 9). The consolidated income statement for Q4 2022 is provided in Appendix 3 and a reconciliation of reported IFRS net
income to business net income is set forth in Appendix 4; (2) 2022 business EPS was €8.26; (3) Free cash flow is a non-GAAP financial measure(definition in Appendix 9).

1

2022 fourth-quarter and full-year Sanofi sales---------------------------1
Unless otherwise indicated, all percentage changes in sales in this press release are stated at CER--------------------In the fourth quarter of 2022, Sanofi sales were €10,725 million, up 7.3% on a reported basis. Exchange
rate movements had a positive effect of 4.7 percentage points, mainly due to the U.S. dollar. At CER,
company sales were up 2.6%.
In 2022, Sanofi sales reached €42,997 million, up 13.9% on a reported basis. Exchange rate movements
had a positive effect of 6.9 percentage points. At CER, company sales were up 7.0%.

Global Business Units
Fourth-quarter 2022 net sales by Global Business Unit (variation at CER; € million; % of total
sales)

Q4 2022 sales up 2.6% to €10,725m

CHC
+6.6%
€1,216m
11.3%
Vaccines-16.3%€1,716m
16.0%

Speciality Care
+18.1%€4,414m
41.2%

General Medicines-3.7%€3,379m
31.5%

Fourth-quarter 2022 net sales by geographic region (variation at CER; € million; % of total
sales)

United States+8.7%€4,671m
43.6%

Rest of the World+2.4%€3,418m
31.8%

Europe-5.6%€2,636m
24.6%

Fourth-quarter 2022 operating income
Fourth-quarter business operating income (BOI) increased 20.7% to €2,724 million. At CER, BOI
increased 15.0%. The ratio of BOI to net sales increased 2.8 percentage point to 25.4% (25.3% at CER).
In 2022, BOI increased 21.7% to €13,040 million. At CER, BOI increased 13.3%. The ratio of business
operating income to net sales increased 1.9 percentage point to 30.3% (30.0% at CER).

1

See Appendix 9 for definitions of financial indicators.

2

Pharmaceuticals
Fourth-quarter Pharmaceutical sales increased 7.3% to €7,793 million, mainly driven by the Specialty®
Care portfolio (up 18.1%) with continued strong performance of Dupixent while sales in General
Medicines decreased 3.7%. In 2022, Pharmaceuticals sales increased 6.9% to €30,688 million reflecting
the strong performance of Specialty Care and General Medicines core assets.

Specialty Care
Dupixent
Net sales (€ million)®

Total Dupixent

Q4 2022

Changeat CER

2022

Changeat CER

2,402+42.1%

8,293+43.8%®

In the fourth quarter, Dupixent (collaboration with Regeneron) sales increased 42.1% to €2,402®
million. In the U.S., Dupixent sales of €1,890 million (up 43.8%) were driven by continued strong
demand in the approved indications, atopic dermatitis (AD), asthma, chronic rhinosinusitis with nasal
polyposis (CRSwNP) and the strong launches of AD in children as young as 6 months as well as®
eosinophilic esophagitis and prurigo nodularis. Dupixent total prescriptions (TRx) increased 34% (year®
over-year) and new-to-brand prescriptions (NBRx) grew 48%. In Europe, fourth-quarter Dupixent sales
grew 33.2% to €249 million reflecting continued growth in AD, asthma and CRSwNP. In the Rest of theWorld region, fourth-quarter sales reached €263 million, up 40.1%, driven mainly by sales in Japan and®
China. Full-year 2022 Dupixent sales reached €8,293 million, up 43.8%.
Neurology and Immunology
Q4 2022

Changeat CER

2022

Changeat CER

493

-4.6%

2,031

-4.3%

Lemtrada17-15.8%

80

-8.5%

®

79

-17.6%

339+11.8%

589

-7.0%

2,450

-2.5%

Net sales (€ million)®

Aubagio®

KevzaraTotal Neurology and Immunology

Fourth-quarter and full-year 2022 Neurology and Immunology sales decreased 7.0% (to €589 million)®
and 2.5%, respectively, mainly due to lower Aubagio sales.
®

Aubagio sales decreased 4.6% in the fourth quarter to €493 million mainly due to lower sales in the
Rest of the World region as a result of generic competition in Canada. In the U.S., generics ofteriflunomide could enter the market on March 12, 2023, as settled with generic makers in 2017. In
Europe, teriflunomide generic competition is expected in the fourth quarter of 2023.
®

Fourth-quarter Kevzara (collaboration with Regeneron) sales decreased 17.6% to €79 million due tolower sales in Europe and the Rest of the World region. This is due to a high base in the fourth quarter of2021 which benefitted from a temporary increased global demand for IL-6 receptor blockers.
Rare DiseaseQ4 2022

Changeat CER

2022

Changeat CER

Myozyme / Lumizyme

216-17.7%

958

-8.8%

®

Fabrazyme

240

+3.6%

938

+5.2%

®

159

-8.3%

707

+2.6%

71

+1.5%

288

+6.7%

65

+1.6%

267

+6.6%

65

+306.7%

196

–

34

+126.7%91+11.0%

850

+1.8%

3,445

+5.7%

Net sales (€ million)®

®

Cerezyme®

Cerdelga®

Aldurazyme®

®

Nexviazyme /Nexviadyme
Others Rare Disease

Total Rare Disease

In the fourth quarter, Rare Disease sales increased 1.8% to €850 million driven by the launch ofTM
Xenpozyme . Full-year 2022 Rare Disease sales increased 5.7% reflecting growth across all threegeographic regions and across all franchises.
Fourth-quarter sales of the Pompe franchise increased 0.4% to €281 million driven by the ramp up of®/®
®
®
Nexviazyme Nexviadyme in the U.S., Europe and Japan. Sales of Nexviazyme /Nexviadyme were
3

®

®

€65 million in the fourth quarter (of which €49 million in the U.S.). Myozyme /Lumizyme sales®
decreased 17.7% to €216 million as a result of the conversion to Nexviazyme in the eligible Pompe
population (late-onset disease).
®

Sales of the Gaucher franchise decreased 5.6% (to €230 million) in the fourth quarter. Cerezyme sales
were down 8.3% to €159 million, mainly reflecting lower sales in the Rest of the World region due to®
®
unfavorable shipping patterns. Cerdelga sales were up 1.5% driven by new patients and Cerezyme
switch.
®

Fourth-quarter Fabrazyme
Rest of the World region.

sales increased 3.6% to €240 million, reflecting growth in the U.S. and theTM

Xenpozyme (olipudase alfa) was launched in the U.S., some European countries and Japan in 2022 as
the first and only enzyme replacement therapy for the treatment of non-Central Nervous System (CNS)
manifestations of Acid Sphingomyelinase. Fourth-quarter and full-year 2022 sales were €17 million and€21 million, respectively.
Oncology
Net sales (€ million)®

Jevtana®

Sarclisa®

Fasturtec®

LibtayoTotal Oncology

Q4 2022

Changeat CER

2022

Changeat CER87-24.5%

391-20.0%

86+55.6%

294+60.2%

47

+7.3%

177

+8.6%

—

-100.0%88-34.1%

221-11.7%

952-1.5%

Fourth-quarter Oncology sales decreased 11.7% (to €221 million) reflecting the end of consolidation of®
®
Libatyo sales from the beginning of July. Excluding Libtayo , Oncology sales were up 3.4% with®
Sarclisa being the main driver. Full-year 2022 Oncology sales decreased 1.5% and increased 3.8%®
when excluding Libtayo sales in both years.
®

Sanofi stopped consolidating Libtayo non-U.S. sales from the third quarter of 2022 following the
restructuring of its immuno-oncology collaboration with Regeneron Pharmaceuticals, Inc. Under theamended and restated license and collaboration agreement, Regeneron has obtained worldwide exclusive®
®
license rights to Libtayo . Prior, the companies had split equally Libtayo ’s worldwide operating profits®
and co-commercialized Libtayo in the U.S., with Sanofi solely responsible for commercialization in therest of the world.
®

Fourth-quarter Sarclisa
Europe and Japan.

sales were €86 million, up 55.6% primarily driven by performance in the U.S.

®

Fourth-quarter Jevtana sales decreased 24.5% to €87 million due to the entry of generic competition in
Europe at the end of March 2021 and lower sales in the U.S., reflecting increased competition. In the®
U.S., Jevtana is currently covered by four Orange Book listed patents US 7,241,907, US 8,927,592, US
10,583,110 and US 10,716,777. Sanofi filed patent infringement suits under Hatch-Waxman against
generic filers asserting the ‘110 patent, the ‘777 patent and the '592 patent in the US District Court for
the District of Delaware. Sanofi has reached settlement agreements with most of the defendants and thesuit against the only remaining defendant Sandoz is ongoing. In August 2022, the district court dismissed
Sanofi’s infringement claim related to the ‘592 patent. A 3-day trial took place on January 11-13 2023
and Sandoz has agreed not to launch any generic cabazitaxel product until the earlier of a district court
decision in favor of Sandoz or four months after the completion of the post-trial briefing.
Rare Blood Disorders
Q4 2022

Changeat CER

2022

Changeat CER

Eloctate

®

138

-9.2%

580

-5.9%

®

Alprolix

141+14.2%

504+10.4%®

62+52.6%

211+20.7%

11

–

22

–

352

+11.3%Net sales (€ million)

Cablivi

TM

EnjaymoTotal Rare Blood
Disorders

1,317

+5.6%

Fourth quarter and full-year 2022 Rare Blood Disorders franchise sales increased 11.3% (to €352®
®
million) and 5.6% respectively, driven by Alprolix , Cablivi and the launch of Enjaymo™, more than®
offsetting lower Eloctate sales.
4®

Eloctate sales were €138 million in the fourth quarter, down 9.2% reflecting lower sales in the U.S. due
to competitive pressure.
®

Fourth-quarter Alprolix sales were up 14.2% to €141 million driven by the Rest of the World region
which includes sales to Sobi.
®

Cablivi sales increased by 52.6% to €62 million in the fourth quarter supported by the performance inthe U.S.
Fourth-quarter and full-year sales of Enjaymo™, the first approved treatment for patients with cold
agglutinin disease were €11 million and €22 million, respectively (launched in the U.S. and Japan in 2022
and approved in Europe in November 2022).

General Medicines
Fourth-quarter General Medicines sales decreased 3.7% to €3,379 million. The deconsolidation of
2
EUROAPI third party sales had a negative impact of -3.6 percentage point (ppt) and divestments of noncore assets -0.7 ppt. Fourth-quarter Industrial sales were €177 million, down 22.7% and reflecteddeconsolidation of EUROAPI third party sales from May 10.
Full-year 2022 General Medicines sales decreased 4.2% to €14,231 million. The deconsolidation of
EUROAPI third party sales had a negative impact of -2.4ppt and divestments of non-core assets -0.8ppt in
2022. In 2022, Industrial sales were €620 million, down 26.2% and reflected deconsolidation of EUROAPI
3
third party sales. In 2022, core assets sales accounted for 47% of General Medicines sales comparedwith 43% in 2021 (excluding Industrial sales).
Core assets
Net sales (€ million)

Q4 2022®*

Changeat CER

2022

Changeat CER

Lovenox289-13.1%

1,310-13.8%®

Toujeo272+13.9%

1,117

+9.8%

®

245

+11.7%

983+2.5%

Plavix®

96+70.9%

376+65.1%

Thymoglobulin

118+26.4%

446+16.9%

®

104

-6.1%

383

+4.3%

®

69

+3.2%

261

+4.3%

®

55

-5.6%

215

+1.5%

Rezurock63+180.0%207

Others

287

+3.4%

1,091

-0.2%

1,598

+8.0%

6,389

+5.2%

Praluent®

MultaqMozobil
Soliqua®

Total core assets–*Excluding Auto generics
3

In the fourth quarter and full-year 2022, core assets sales increased 8.0% (to €1,598 million) and®
®
®
5.2%, respectively, mainly driven by growth of Praluent , Toujeo , Thymoglobulin and as well as the®
®
strong performance of Rezurock , partially offset by lower sales of Lovenox .
®

Fourth-quarter Lovenox sales decreased 13.1% to €289 million, reflecting lower COVID-19 related
demand compared to 2021, leading to a decrease of the Low Weight Molecular Heparins market. At thesame time biosimilar competition increased.
®
Fourth-quarter Toujeo sales increased 13.9% to €272 million, due to strong growth in the Rest of theWorld region primarily driven by China reflecting increasing demand and a favorable basis for comparison.
In Q4 2021, sales in China were impacted by price and inventory adjustment in anticipation of the Volume
Based Procurement (VBP) for insulins. Sales in the U.S. were down 7.5% reflecting lower average price inthe fourth quarter which more than offset volume growth.
®

Plavix sales were up 11.7% in the fourth quarter at €245 million, reflecting consistent volume growth inChina (sales up 21.6% to €108 million) which largely offset lower sales in Europe and also Japan where
the product was impacted by a mandatory price cut at the beginning of April.
®
Praluent fourth-quarter sales were €96 million, up 70.9%, driven by performance in Europe and an
accelerated ramp-up in China due to the inclusion in the National Reimbursement Drug List (NRDL)
effective January 2022.

2

EUROAPI third party sales were deconsolidated from May 10

3

Sanofi has prioritized core assets in its General Medicines portfolio with differentiated and/or established profiles that have significant opportunity for

growth in key markets.

5®

Multaq fourth-quarter sales decreased 6.1% to €104 million, reflecting a negative price effect in the
U.S. despite higher volume.
®

Fourth-quarter Soliqua sales were €55 million, down 5.6% due to lower sales in the U.S. which more®
than offset growth in the Rest of the World region. Soliqua was approved in January in China and Sanofi
will work with Chinese authorities to get access to patients through inclusion into the NRDL.
®

Sales of Rezurock were €63 million in the fourth quarter. Since launch more than 1400 patients have®
been treated with Rezurock (representing more than 30% of current addressable patient population)with strong persistency rates.
Non-core assets
Q4 2022

Changeat CER

2022

Changeat CER

429-27.6%

2,259-14.4%

104

-9.8%

478

+7.6%

Other non-core assets

1,071

-1.8%

4,485

-7.7%

Total non-core assets

1,604-10.8%

7,222

-9.0%

Net sales (€ million)®*

Lantus®

®

Aprovel /Avapro

In the fourth quarter, non-core assets sales decreased 10.8% to €1,604 million reflecting divestments®
(-1.9 ppt), and lower sales of Lantus in the U.S. In 2022, non-core assets sales decreased 9.0% (and®
®
®
7.4% excluding divestments), reflecting VBP impact in China on Lantus , Eloxatin and Taxotere sales®
as well as lower Lantus sales in the U.S.
®

Lantus sales were €429 million, down 27.6% in the fourth quarter. In the U.S., sales decreased 56.7%,
impacted by prior formulary losses as well as by erosion of the basal insulin market. In Rest of the World
region, sales were down 7.7% reflecting the insulin VBP in China starting in May this year.
In China, Sanofi participated in the VBP tender for basal insulin analogues in November 2021 and was®
®
®
among the bidding winners in Group A with Toujeo and Lantus . In China, fourth-quarter Toujeo and®
®
Lantus sales were €51 million (up 18.6%), mainly reflecting higher Toujeo sales which benefited fromgrowing demand and a favorable base of comparison due to price and inventory adjustment in the fourth®
®
quarter of 2021 in anticipation of the VBP. In 2022, Toujeo and Lantus sales were €447 million (down®
10.7%), mainly reflecting lower Lantus sales which benefitted from higher volumes at significantly lower
prices.
®
®
Fourth-quarter Aprovel /Avapro sales were down 9.8% to €104 million mainly due to lower sales in
the Rest of the World region.

Pharmaceuticals business operating income
In the fourth quarter, business operating income (BOI) of Pharmaceuticals increased 19.1% to €2,490
million (up 15.1% at CER). The ratio of BOI to net sales increased by 1.8 percentage point to 32.0%(32.4% at CER), reflecting an improvement of the gross margin ratio, moderate growth of SG&A
expenses despite continued increase in R&D expenses. In 2022, business operating income of
Pharmaceuticals increased 17.4% to €11,043 million (up 10.5% at CER). The ratio of BOI to net sales
increased by 1.1 percentage point to 36.0% (36.0% at CER).

6

Vaccines
Q4 2022

Changeat CER

2022

Changeat CER802-32.0%

2,977

+2.4%

443

-16.9%

2,285

+2.5%

110

+14.3%

703-3.6%

Booster vaccines (incl. Adacel )148+12.1%

587+11.3%

Travel and endemic vaccines

121+28.6%

510+57.8%

Other vaccines

92+309.1%167+86.9%

1,716-16.3%

7,229

+6.3%

Net sales (€ million)
Influenza vaccines®

®

®

(incl. Fluzone HD/ Efluelda , Fluzone ,®

®

Flublok , Vaxigrip )Polio/Pertussis/Hib vaccines®

®

®

(incl. Hexaxim / Hexyon , Pentacel ,®

®

Pentaxim and Imovax )Meningitis vaccines®,(incl. Menactra®

MenQuadfi )®

Total Vaccines

Fourth-quarter Vaccines sales decreased 16.3% (to €1,716 million) mainly reflecting accelerated supply
phasing of influenza vaccines between the third and the fourth quarter 2022. In 2022, Vaccines sales
were up 6.3%, reflecting progressive recovery of Travel and Booster vaccines.
Influenza vaccines sales decreased 32.0% to €802 million in the fourth quarter and accounted for 30%
of northern hemisphere sales in the second half of 2022 compared to 45% in the fourth quarter of 2021.
New manufacturing capacity in the U.S. allowing for a new record year for influenza vaccines sales. This®
was again driven by continuous conversion to differentiated premium priced vaccines such as Fluzone®
HD in the U.S. and Efluelda in Europe that have demonstrated improved efficacy against a standard dose
vaccine in randomized controlled trials. Full-year 2022 influenza sales reached €2,977 million.
In the fourth quarter, Polio/Pertussis/Hib (PPH) vaccines sales decreased -16.9% to €443 million
reflecting lower sales in the Rest of the World region due to unfavorable purchasing pattern. In addition,®
®
Pentaxim sales in China decreased due to the COVID disruption. In the U.S. Vaxelis continues tocapture market share progressively replacing pentavalent vaccines in the primary series of infant®
immunization. As a reminder, Vaxelis in-market sales are not consolidated and the profits are sharedequally between Sanofi and Merck & co. Full-year 2022 PPH sales reached €2,285 million.
Fourth-quarter Meningitis sales increased 14.3% to €110 million, reflecting significant growth in the Restof the World region. In the U.S., Meningitis sales benefited from favorable purchasing pattern.
Booster vaccines sales increased 12.1% in the fourth quarter to €148 million, driven by the Rest of theWorld region.
Fourth-quarter Travel and endemic vaccines sales increased 28.6% to €121 million, reflecting growthacross all geographies in a post pandemic environment.
Sales of Other Vaccines were €92 million (up +309.1%) in the fourth quarter and included also sales of®
the recently approved monovalent recombinant-protein COVID-19 booster vaccine VidPrevtyn Beta.

Vaccines business operating income

In the fourth quarter, business operating income (BOI) decreased 8.3% (down 13.6% at CER) to €599
million compared to the same period of last year, reflecting earlier time to market of flu vaccines sales,
higher R&D expenses related to the mRNA center of excellence which were partially offset by the capitalgain generated by the sale of the Japanese encephalitis vaccine, a non-core vaccine. BOI to net sales
ratio was 34.9% (34.3% at CER) versus 33.2% in the fourth quarter of 2021.
In 2022, BOI of Vaccines increased 21.4% (up 9.8% at CER) to €3,168 million reflecting strong sales
growth, gross margin improvement, moderate SG&A evolution despite higher R&D costs. The ratio of BOI
to net sales was 43.8% (42.6% at CER) versus 41.3% in 2021.

7

Consumer Healthcare
Q4 2022

Changeat CER

2022

Changeat CER

Allergy156+15.0%

734+10.5%

Cough & Cold132

+11.2%

478+46.3%

Pain Care

303

+8.7%

1,213

+7.9%

Digestive Wellness306+12.0%

1,318+12.4%

Physical and Mental Wellness

124

-8.5%

562

+0.7%

Personal Care

157

+8.3%

586

+2.3%

Non-Core / Others

38-29.1%

189-27.4%

Total Consumer
Healthcare

1,216

+6.6%

5,080

+8.6%

Net sales (€ million)

In the fourth quarter, Consumer Healthcare (CHC) sales increased 6.6% to €1,216 million driven by
growth in all regions. This global performance includes a positive price effect of 4.7 percentage points(ppt). The divestments of non-core products had a negative impact of 0.9 ppt in the fourth quarter mainly
impacting the Non-core/others category. (The CHC organic sales growth was 7.5% in the fourth quarter
excluding divestments impact). In 2022, CHC sales increased 8.6% supported by double-digit growth inEurope and the Rest of the World region. In 2022, the divestments of non-core products had a negative
impact of 1.0 ppt. (The CHC organic sales growth was 9.6% in 2022 excluding divestments impact).
In the U.S., fourth-quarter CHC sales increased 3.9% to €326 million driven by Digestive Wellness andPersonal Care categories.
In Europe, fourth-quarter CHC sales increased 8.7% to €371 million mainly reflecting double-digit growthof Cough & Cold season and Digestive Wellness categories.
In Rest of World, fourth-quarter CHC sales increased 6.6% to €519 million, supported by double-digit
growth of Pain Care and Allergy categories.

CHC business operating income

In the fourth quarter, business operating income (BOI) of CHC increased 27.9% (up 25.5% at CER) to€381 million, driven by solid sales performance, moderate SG&A growth as well as higher capital gains
related to divestments of non-strategic assets. The ratio of BOI to net sales increased 4.5 percentage
points to 31.3% (31.6% at CER) versus the fourth quarter of 2021. In 2022, BOI of CHC increased 21.2%(up 15.8% at CER) to €1,810 million mainly driven by sales growth and higher capital gains related todivestments of non-strategic assets. The ratio of BOI to net sales increased 2.2 percentage points to35.6% (35.6% at CER).

Company sales by geographic region
Sanofi sales (€million)Q4 2022

Changeat CER

2022

Changeat CER

United States

4,671

+8.7%

18,275+12.2%

Europe

2,636

-5.6%

9,999

+2.4%

Rest of the World

+4.8%

3,418

+2.4%

14,723of which China

578

+2.3%

3,123

+6.2%

of which Japan406+10.9%

1,613

+3.1%

of which Brazil

204

+4.9%

927

-2.0%

of which Russia

172

-0.7%

674

+0.7%

10,725+2.6%

42,997+7.0%

Total Sanofi sales

In the U.S., fourth-quarter sales increased 8.7% (to €4,671 million), supported by the strong®
performance of Specialty Care driven by Dupixent .
In Europe, fourth-quarter sales decreased 5.6% (to €2,636 million) reflecting lower flu vaccines sales®
®
and deconsolidation of Libtayo sales, partially offset by Dupixent and CHC performance.
In the Rest of World region, fourth-quarter sales increased 2.4% (to €3,418 million), reflecting the®
performance of Specialty Care driven by Dupixent , growth of General Medicines core assets and CHC
which largely offset lower Vaccines sales. Sales in China increased 2.3% to €578 million, driven by
®
®
®
®
®
Dupixent , Praluent , Plavix and Toujeo which more than offset the VBP impact on Lantus and lower
Vaccines sales. In Japan, fourth-quarter sales increased 10.9% to €406 million mainly driven by the
8

®

®

growth of Dupixent , Sarclisa and CHC. In Brazil, fourth-quarter sales were up 4.9% driven by General
Medicines core-assets. Full-year 2022 sales in Brazil were down 2.0% reflecting lower Vaccines and®
Lovenox sales. In Russia, fourth-quarter sales decreased 0.7% to 172 million. In March 2022, Sanofi
has stopped any new spending not related to the supply of its essential and life-changing medicines andvaccines in Russia. This includes all advertising and promotional spending.

9

R&D update at the end of the fourth quarter 2022
Regulatory update
•

•

•

•

•

•

•

The European Commission (EC) approved Beyfortus® (nirsevimab) for the prevention of
respiratory syncytial virus (RSV) lower respiratory tract disease in newborns and infants during
their first RSV season. RSV is a common and highly contagious seasonal virus, infecting nearly all®
children by the age of two. Beyfortus is the first and only single-dose RSV protective option forthe broad infant population, including those born healthy, at term or preterm, or with specific®
health conditions. Beyfortus was also granted approval in the United Kingdom.
The U.S. Food and Drug Administration (FDA) accepted the Biologics License Application (BLA) for
Beyfortus® for the prevention of respiratory syncytial virus (RSV) lower respiratory tract diseasein newborns and infants entering or during their first RSV season and for children up to 24 monthsof age who remain vulnerable to severe RSV disease through their second RSV season.
The EC expanded the marketing authorization for Dupixent® (dupilumab) in the European Union totreat adults with moderate-to-severe prurigo nodularis (PN) who are candidates for systemic®
therapy. With this approval, Dupixent is the first and only targeted medicine specifically indicatedto treat PN in Europe and the U.S.
The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP)
adopted a positive opinion for Dupixent®, recommending the approval in Europe, to treat adults andadolescents with eosinophilic esophagitis (EoE).
VidPrevtyn® Beta was approved by the EC, as a booster for the prevention of COVID-19 in adults
who have previously received an mRNA or adenoviral COVID-19 vaccine. Designed to provide
broad protection against multiple variants, the protein-based COVID-19 booster vaccine is basedon the Beta variant antigen and includes GSK’s pandemic adjuvant.
The EC granted marketing authorization for Enjaymo® (sutimlimab) for the treatment of adultpatients with cold agglutinin disease (CAD), a rare, serious, and chronic autoimmune hemolytic
anemia.
Regeneron announced that the FDA approved Libtayo® (cemiplimab-rwlc) in combination withplatinum-based chemotherapy for the first-line treatment of adult patients with advanced nonsmall cell lung cancer (NSCLC) with no EGFR, ALK or ROS1 aberrations.This approval triggered
Sanofi receiving a $100 million regulatory milestone payment

Portfolio update
Phase 3:•••

The Dupixent® Phase 3 results in adults and adolescents with eosinophilic esophagitis (EoE)were published in the New England Journal of Medicine. Dupixent is the first and only targeted
medicine indicated in the U.S. to treat EoE patients aged 12 and older, weighing at least 40 kg.
The tolebrutinib Phase 3 trial in nrSPMS (non-relapsing secondary progressive multiple sclerosis,
HERCULES) was fully recruited in December 2022. Non-relapsing SPMS is an area of highest
unmet need in MS as no approved treatments are currently available. Sanofi continues to recruit in
PERSEUS, the trial for PPMS (primary progressive MS), outside of the U.S.
The URSA study, a randomized, double blind, placebo-controlled trial evaluating the efficacy andsafety of tolebrutinib in patients with moderate-to-severe myasthenia gravis (MG) was
discontinued after careful evaluation of the emerging competitive treatment landscape in MG.

Phase 2:••The study evaluating eclitasertib (RIPK1 inhibitor) in patients with ulcerative colitis (UC) enrolled
its first participants.
Sanofi decided to terminate its collaboration program with Revolution Medicines for thedevelopment of SAR442720 (SHP2 inhibitor) for the treatment of solid tumors, following a pipeline
review and reprioritization of projects.

Phase 1:•••®

The development program for SAR444419 (anti-TNFa/IL-6 Nanobody VHH) in inflammatory
indication was initiated.
The study evaluating SAR444559, an anti-CD38 mAb of next generation in inflammatory
indication enrolled its first participants.
The study of the anti PD1/IL-15 fusion protein, SAR445877 (formerly known as KD050, entering ourpipeline through Kadmon acquisition) in patients with solid tumors enrolled its first participants.
10

•

•
•
•

The study evaluating the safety and tolerability of intravenous SAR446159 (also known as ABL301),
an anti-alpha-synuclein/IGF1R mAb in Parkinson’s Disease, was initiated in collaboration withABL Bio.
The randomized, double-blind study evaluating the safety, tolerability, and activity of SAR439459(anti-TGFb mAb), for the treatment of Osteogenesis Imperfecta, was initiated.
Three Phase 1/2 studies with different LNP formulations evaluating the safety and immunogenicityof Quadrivalent Influenza mRNA vaccine in adults, enrolled their first participants.
The Phase 1/2 study evaluating the safety and immunogenicity of the RSV mRNA vaccine in older
adults, formulated with 2 different LNPs, enrolled its first participants.

Acquisitions and major collaborations•

Sanofi and Innate Pharma announced an expansion of their collaboration, with Sanofi licensingTMa natural killer (NK) cell engager program targeting B7H3 from Innate’s ANKET (Antibody-based
NK Cell Engager Therapeutics) platform. Sanofi will also have the option to add up to twoTMadditional ANKET
targets. Upon candidate selection, Sanofi will be responsible for all
development, manufacturing and commercialization.

An update of the R&D pipeline at as of Dec 31, 2022, is available on our website: https://www.sanofi.com/en/science-and-innovation/research-and-development

11

Corporate Social Responsibility update at the end of the fourth quarter
2022
Access to medicines
Positive Phase 2/3 results of acoziborole with the potential to further transform the treatmentof sleeping sickness
Sanofi has collaborated with the World Health Organization (WHO) since 2001, with the objective tocontribute to eliminate sleeping sickness, or Human African Trypanosomiasis (HAT), by 2030.
Sleeping sickness is a neglected tropical disease, which affects mostly poor populations living in remoterural areas of sub-Saharan Africa. If left untreated, the parasitic disease is usually fatal. Since the start of
Sanofi’s collaboration with the WHO, the number of cases of sleeping sickness has fallen by 97%, from26,950 in 2001 to 805 in 2021, dropping below 1,000 for the fourth consecutive year. Through Sanofi's
partnership with the World Health Organization (WHO), the company supports disease management,
including screening of populations, disease awareness campaign, capacity building, as well as drug
donation.
In September 2020, Sanofi and the Drugs for Neglected Diseases initiative (DNDi) signed an agreement
to develop and roll out acoziborole, a single dose treatment administered at the point of diagnosis making
it a potential game-changer to support the sustainable elimination of the disease once approved. This new
chemical entity has been tested in Phase 2/3 clinical studies in Democratic Republic of Congo and Guinea.
The results, which were published in the Lancet Infectious Diseases medical journal in November 2022,
showed that the 18-month treatment success rate for acoziborole was 95% in late-stage g-HAT patients.
The study shows that acoziborole has a favorable safety profile, with no significant drug-related safety
signals being reported.
Upon approval, acoziborole could replace fexinidazole, also developed by Sanofi and DNDi and first
approved in 2018. Fexinidazole is a ten-day once-a-day treatment that is effective in both the first andthe second stages of the disease in adults and children aged six years and older.

Environment
Accelerating our ambition towards net zero emissions by 5 years, now targeting 2045
Sanofi is accelerating its efforts to address climate change and now build the road to net zero emissions
across all operations (scope 1 & 2) and the entire value chain (scope 3) by 2045. This is an accelerationof 5 years compared to Sanofi’s previous commitment towards net zero emissions by 2050.
This new commitment will be building on years of work to reduce the environmental footprint of its
products and activities. The progress of Sanofi’s environmental strategy is disclosed in appendix 10: CSR
dashboards.

ESG ratings
Sanofi has been recognized again on the 2022 CDP’s Climate Change A List for its commitment andtransparency in the fight against climate change. In addition, Sanofi has also achieved the leadershipscore (A-) for its actions to protect water resources.
Sanofi has also been awarded the 2022 Terra Carta Seal. The Seal is being awarded to companies fromaround the world who are driving innovation and leadership in their industry and tackling climate change.
All recipients must have credible transition roadmaps underpinned by globally recognised, scientificmetrics for achieving net zero by 2050 or earlier and have ambitions aligned with those of the Terra
Carta, a recovery plan for Nature, People and Planet.
Additionally, in recognition of Sanofi’ continued CSR strategy implementation, a few of Sanofi’s ESG
rankings have been positively updated:

12

13

Fourth-quarter and full-year 2022 financial results
4

Business Net Income

In the fourth quarter of 2022, Sanofi generated net sales of €10,725 million, an increase of 7.3% (up2.6% at CER). Full-year 2022 net sales were €42,997 million up 13.9% (up 7.0% at CER).
Fourth-quarter other revenues increased 73.6% (up 58.2% at CER) to €731 million, including increased
VaxServe sales of non-Sanofi products of €413 million (up 27.4% at CER). In 2022, other revenues
increased 69.2% (up 51.9% at CER) to €2,392 million, including VaxServe sales of non-Sanofi products of€1,567 million (up 28.5% at CER).
Fourth-quarter Gross Profit increased 11.2% (up 5.4% at CER) to €7,722 million. The gross margin ratio
increased 2.5 percentage point to 72.0% versus the same period of 2021, reflecting positive currency
effect, improvement of the Pharmaceuticals gross margin ratio (which increased from 75.4% to 77.1%)
driven by favorable product mix and efficiency gains and Vaccines gross margin ratio (58.9% from
56.0%), benefitting from a favorable comparison basis. CHC gross margin ratio increased 0.2 percentage
point to 62.7%. In 2022, the gross margin ratio increased 2.4 percentage points to 73.7% (73.1% at
CER) driven by Pharmaceuticals and Vaccines.
Research and Development (R&D) expenses were up 15.0% (up 10,1% at CER) to €1,823 million in
the fourth quarter, reflecting increased expenses in pharmaceuticals priority assets and early-stage
projects as well as in Vaccines. In 2022, R&D expenses increased 17.8% to €6,706 million (up 12.3% at
CER).
Fourth-quarter selling general and administrative expenses (SG&A) increased 5.0% to €2,895
million. At CER, SG&A expenses were stable, reflecting efficiency measures which more than offset
increased commercial investments in Specialty Care growth drivers. In the fourth quarter, the ratio of
SG&A to sales decreased 0.6 percentage point to 27.0% compared to the prior year. In 2022, SG&A
expenses increased 9.8% to €10,492 million (up 3.3% at CER) and the ratio of SG&A to sales was 0.9
percentage point lower at 24.4% compared to 2021.
Fourth-quarter and full-year 2022 operating expenses were €4,718 million, (up 8.6% and 3.7% at CER)
and €17,198 million (up 12.8% and 6.6% at CER).
Fourth-quarter other current operating income net of expenses was €-276 million versus €-356
million in the fourth quarter of 2021. Other current operating income net of expenses included an expenseof €659 million (versus an expense of €444 million in the fourth quarter of 2021) corresponding to theshare of profit to Regeneron of the monoclonal antibodies Alliance, additional share of profit paid bystRegeneron towards development costs (which increased from 10% to 20% from April 1 ) and thereimbursement of commercialization-related expenses incurred by Regeneron. In the fourth quarter, thisline also included €227 million of net capital gains related to portfolio streamlining compared to €61
million in the same period of 2021.
In 2022, other current operating income net of expenses was €-1,514 million versus €-946 million in
2021 and included €615 million of net capital gains related to portfolio streamlining compared to €318
million in 2021. In 2022 expense associated with the monoclonal antibodies Alliance with Regeneron was€2,367 million, which compared with an expense of €1,429 million in 2021 (see appendix 7 for further
details).
The fourth-quarter and full-year share of profit from associates was €6 million and €88 million versus€18 million and €39 million in the same periods of 2021, respectively, and included the share of U.S.
®
profit related to Vaxelis .
4

Fourth-quarter business operating income (BOI) increased 20.7% to €2,724 million. At CER, BOI
increased 15.0%. The ratio of BOI to net sales increased 2.8 percentage points to 25.4%. In 2022, BOI
was €13,040 million, up 21.7% (up 13.3% at CER). In 2022, the ratio of business operating income to
net sales increased 1.9 percentage point to 30.3% (30.0% at CER).
Net financial expenses were €-28 million and €-234 million in the fourth quarter and full-year 2022,
respectively, versus €-83 million and €-328 million in the same periods of 2021.
Fourth-quarter effective tax rate was 20,6% versus 20.5% in the same periods of 2021. Full-year 2022
effective tax rate was 19.3% versus 20.9% in 2021. Sanofi expects its effective tax rate to be around
19% in 2023.
4

Fourth-quarter business net income increased 23.8% to €2,141 million and increased 17.6% at CER.
The ratio of business net income to net sales increased 2.7 percentage points to 20.0% versus the fourth
quarter of 2021. In 2022, business net income increased 25.9% to €10,341 million and increased 17.0%

4

See Appendix 3 for 2022 fourth-quarter consolidated income statement; see Appendix 9 for definitions of financial indicators, and Appendix 4 forreconciliation of IFRS net income reported to business net income.

14

at CER. The ratio of business net income to net sales increased 2.4 percentage points to 24.1% versus
2021.
4

In the fourth quarter of 2022, business earnings per share (EPS) was €1.71, up 23.9% on a reported
basis (up 17,4% at CER). The average number of shares outstanding was 1,254.0 million versus 1,254.9
8
million in the fourth quarter of 2021. In 2022, business earnings per share was €8.26, up 25.9% on areported basis and up 17.1% at CER. The average number of shares outstanding was 1,251.9 million
versus 1,252.5 million in 2021.

Reconciliation of IFRS net income reported to business net income (seeAppendix 4)
In 2022, the IFRS net income was €6,720 million. The main items excluded from the business net income
were:•An amortization charge of €2,053 million related to fair value remeasurement on intangible assetsof acquired companies (primarily Genzyme: €535 million, Bioverativ: €377 million, Boehringer
Ingelheim CHC business: €188 million, Ablynx: €168 million and Kadmon €159 million) and toacquired intangible assets (licenses/products: €334 million). These items have no cash impact on
the Company.

•

An impairment of intangible assets of €1,700 million of which €1,586 million are related to
SAR444245 recorded in the third quarter.

•

An upfront payment of $900 million (€856 million) and a regulatory milestone payment of $100
million (€96 million) received by Sanofi from Regeneron following the restructuring of the
Immuno-Oncology agreement and collaboration. These items are included in Consolidated income
statements line Other Operating Income (see Appendix 7).

•

Restructuring costs and similar items of €1,336 million related to streamlining initiatives.

•

Other gains and losses, and litigation charge of €370 million, mainly including costs related to®
major litigations (including the estimated future defense costs relating to the Zantac litigation).

•A €962 million tax effect arising from the items listed above, mainly comprising €771 million ofdeferred taxes generated by amortization and impairments of intangible assets and €231 million
associated with restructuring costs and similar items (see Appendix 4).

Capital Allocation
In 2022, free cash flow before restructuring, acquisitions and disposals decreased by 10.8% to €8,902
million, after net changes in working capital (€-477 million) and capital expenditures (€-1,594 million).
55After acquisitions (€-824 million), proceeds from disposals (€1,531 million) and payments related to6
restructuring and similar items (-€1,126 million), free cash flow increased 4.8% to €8,483 million. Afterthe acquisition of Amunix (-€875 million), the dividend paid by Sanofi (-€4,168 million), net debt
decreased from €9,983 million at December 31, 2021 to €6,437 million at December 31, 2022 (amountnet of €12,736 million cash and cash equivalents).

5
6

Not exceeding €500 million per transaction (inclusive of all payments related to the transaction).
non-GAAP financial measure (definition in Appendix 9).

15

Forward-Looking Statements
This press release 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 projections and estimates and their underlying assumptions,statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, productdevelopment and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”,“anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Although Sanofi’s management believes that the expectations
reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject tovarious risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results anddevelopments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks anduncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post
marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biologicalapplication that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect theavailability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, thefuture approval and commercial success of therapeutic alternatives, Sanofi’s ability to benefit from external growth opportunities, to complete relatedtransactions and/or obtain regulatory clearances, risks associated with intellectual property and any related pending or future litigation and the ultimate
outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment initiatives
and subsequent changes thereto, and the impact that COVID-19 will have on us, our customers, suppliers, vendors, and other business partners, andthe financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include
the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and“Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2021. Other
than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

Appendices
Appendix 1:

Fourth-quarter and full-year 2022 sales by GBU, franchise, geographic region and product

Appendix 2:

Fourth-quarter and full-year 2022 business net income statement

Appendix 3:

Fourth-quarter and full-year 2022 consolidated income statement

Appendix 4:

Reconciliation of IFRS net income reported to business net income

Appendix 5:

Change in net debt

Appendix 6

Simplified consolidated balance sheet

Appendix 7

Other current operating income net of expenses – Regeneron Alliances

Appendix 8:

Currency sensitivity

Appendix 9:

Definitions of non-GAAP financial indicators

Appendix 10: CSR Dashboards

Media Relations

Sandrine Guendoul | + 33 6 25 09 14 25 | sandrine.guendoul@sanofi.com
Nicolas Obrist | + 33 6 77 21 27 55 | nicolas.obrist@sanofi.com
Victor Rouault | + 33 6 70 93 71 40 | victor.rouault@sanofi.com
Chrystel Baude | + 33 6 70 98 70 59 | chrystel.baude@sanofi.com
Sally Bain | + 1 617 834 6026 | sally.bain@sanofi.com
Evan Berland | +1 215 432 0234 | evan.berland@sanofi.com
Kate Conway | + 1 508 364 4931 | kate.conway@sanofi.com

Investor Relations

Eva Schaefer-Jansen | + 33 7 86 80 56 39 | eva.schaefer-jansen@sanofi.com
Arnaud Delépine | + 33 6 73 69 36 93 | arnaud.delepine@sanofi.com
Corentine Driancourt | + 33 6 40 56 92 21 | corentine.driancourt@sanofi.com
Felix Lauscher | + 1 908 612 7239 | felix.lauscher@sanofi.com
Nathalie Pham | + 33 7 85 93 30 17 | nathalie.pham@sanofi.com
Tarik Elgoutni| + 1 617 528 8427 | Tarik.Elgoutni@sanofi.com

16

Appendix 1: 2022 fourth-quarter and full-year net sales by GBU, franchise, geographic region andproduct
Q4 2022(€ million)
Dupixent

Total Sales
2,402

UnitedStates% CER% reported% CER+42.1 %

+55.1 %

1,890

EuropeRest of the
world

% CER

+43.8 %

249

% CER

+33.2 %

263

+40.1 %

Aubagio493-4.6 %+3.1 %

357

0.0 %

123

-1.6 %

13-58.8 %

Lemtrada17-15.8 %

-10.5 %

5

-16.7 %

5

-16.7 %

7

-14.3 %

Kevzara79-17.6 %

-13.2 %

44

+11.1 %

25

-32.4 %

10

-44.4 %

Neurology & Immunology

589-7.0 %+0.2 %

406+0.8 %

153-8.9 %

30-49.2 %

Cerezyme

159-8.3 %-12.2 %

50

-2.2 %

56-8.2 %

53-12.0 %

Cerdelga71+1.5 %+6.0 %

40

0.0 %

28

0.0 %

3

+25.0 %

Myozyme216-17.7 %

-15.0 %

73

-26.7 %

99

-4.8 %

44-27.1 %

Nexviazyme

65+306.7 %+333.3 %49+214.3 %8+800.0 %8

0.0 %Fabrazyme

240+3.6 %+7.6 %

123+4.8 %

58-1.7 %

59+6.7 %

Aldurazyme

65+1.6 %+3.2 %

16-6.7 %

21

0.0 %

28

+7.4 %

850+1.8 %+3.9 %

355+4.6 %

282+3.3 %

213-3.3 %

Jevtana87-24.5 %

-20.9 %

59

-25.4 %

7

-58.8 %

21

+4.5 %

Fasturtec

47+7.3 %+14.6 %

31

+12.0 %

12

0.0 %

4

0.0 %

Libtayo—-100.0 %-100.0 %

—

0.0 %

1

-100.0 %(1)-100.0 %Rare Disease

Sarclisa86+55.6 %

+59.3 %

35

+52.4 %

27

+30.0 %

24

+100.0 %Oncology

221-11.7 %

-7.9 %

125-3.4 %

47-42.3 %

49

+20.0 %

Alprolix

141+14.2 %

+24.8 %

101

+3.4 %

—

0.0 %

40

+50.0 %

Eloctate

138-9.2 %-2.1 %

97-14.7 %

—

0.0 %

41

+5.1 %

Cablivi

62+52.6 %

+63.2 %

36

+73.7 %

22

+21.1 %

4

0.0 %

352

+11.3 %

+20.5 %

241

+4.3 %

22+21.1 %

89

+30.8 %

+18.1 % +26.6 %+11.5 %

Rare Blood DisorderSpecialty Care

3,017

+24.8 %

753

+3.7 %

644

Lovenox289-13.1 %

-13.7 %

3

-40.0 %

154

-8.3 %

132-17.4 %

Toujeo272+13.9 %

+18.3 %

69

-7.5 %

106+3.9 %

97+55.0 %

Plavix245+11.7 %

+10.4 %

2

0.0 %

25

-7.4 %

218+14.5 %

Multaq104-6.1 %+5.1 %

94-6.7 %

3-40.0 %

7+50.0 %

Thymoglobulin

118+26.4 %

+35.6 %

76

+25.9

%

9

0.0

%

33

+37.5

Mozobil69+3.2 %+9.5 %

41+2.8 %

18+20.0 %

10

-16.7 %

Praluent

96+70.9 %

+74.5 %

—

0.0 %

65

+46.7 %

31

+180.0 %Soliqua/iGlarLixi

55-5.6 %+1.9 %

30-15.6 %

7

-12.5 %

18

+21.4 %

Rezurock63+180.0 %+215.0 %63+180.0 %

1

0.0 %

(1)

0.0 %

Others core assets

287+3.4 %+8.7 %

62-21.1 %

94

+1.1 %

131+23.0 %

+14.7 %

Core Assets

4,414

%

1,598

+8.0 %+11.8 %

440

+4.8 %

482+2.3 %

676

Lantus429-27.6 %

-26.4 %

115

-56.7 %

104-9.6 %

210-7.7 %

Aprovel104-9.8 %-7.1 %

2-33.3 %

20

-4.8 %

82-10.2 %

Others non-core assets

1,071-1.8 %-1.6 %

112-15.9 %

269

-12.2 %

690

+5.4 %

Non-Core Assets

1,604-10.8 %

-10.0 %

229

-43.3 %

393

-11.2 %

982

+0.9 %

177-22.7 %

-19.5 %

2-75.0 %

171

-18.3 %

4-70.0 %

General Medicines

Industrial Sales

3,379-3.7 %-1.5 %

671-18.9 %

1,046

-6.8 %

1,662+5.5 %

Pharmaceuticals

7,793+7.3 % +12.6 %

3,688+13.7 %

1,799

-2.6 %

2,306+7.2 %

Polio / Pertussis / Hib443-16.9 %

-18.4 %

80

-31.4 %

80

-1.2 %

283-16.3 %

Booster Vaccines

148+12.1 %

+19.4 %

73

+6.6 %

39-11.4 %

36

+84.2 %

Meningitis

110+14.3 %

+20.9 %

54

-24.2 %

5

0.0 %

51

+79.3 %

Influenza Vaccines

802-32.0 %

-26.6 %

404

-9.6 %

248-46.6 %

150

-39.6 %

Travel and Endemic Vaccines

121+28.6 %

+33.0 %

28

+62.5 %

24

+47.1 %

69

+13.8 %

1,716

-16.3 %

-12.6 %

657

-11.6 %

466

-22.9 %

593

-15.0 %

Allergy156+15.0 %

+22.8 %

91

+2.5 %

7

0.0 %

58

+41.5 %

Cough and Cold132

+11.2 %

+13.8 %

—

0.0 %

74

+15.4 %

58

+5.9 %

Pain Care

303+8.7 %+10.2 %

56

-3.8 %

141+3.6 %

106+24.7 %

Digestive Wellness306+12.0 %

+10.9 %

45

+20.6 %

107

+18.5 %

154

+6.0 %

Physical Wellness69-15.2 %

-12.7 %

—

0.0 %

7

-22.2 %

62

-14.3 %

Mental Wellness55+2.0 %+7.8 %

14

0.0 %

22

0.0 %

19

+5.9 %

Personal Care

157

+8.3 %+18.9 %

126

+10.8 %—

-100.0 %31+3.4 %

Non-Core / Others

38-29.1 %

-30.9 %

(6)

-700.0 %13+9.1 %

31-23.3 %

1,216

+6.6 %+9.5 %

326+3.9 %

371+8.7 %

519+6.6 %

10,725

+2.6%

+7.3%

4,671

+8.7%

2,636

-5.6%

3,418

+2.4%

Vaccines

Consumer Healthcare

Company17

2022(€ million)

UnitedStates% reported

8,293+43.8 %

+58.0 %

6,346

+41.6 %

940

+44.4 %

1,007

+56.6 %

2,031

-4.3 %+3.9 %

1,420-3.8 %

511

0.0 %

100

-26.0 %

Lemtrada

80-8.5 %-2.4 %

31-20.0 %

22

-8.3 %

27+8.7 %

Kevzara339+11.8 %

+18.1 %

186

+23.0 %

106

+2.9 %

47

0.0 %

2,450

-2.5 %+5.4 %

1,637-1.8 %

639+0.2 %

174-15.7 %

Cerezyme707+2.6 %+3.5 %

194-0.6 %

239-2.0 %

274+9.0 %

Cerdelga288+6.7 %+13.4 %

160

+7.6 %

111+5.7 %

17+5.9 %

Myozyme958-8.8 %-4.5 %

318-24.1 %

408

-0.5 %

232+1.8 %

Nexviazyme

196+952.9 %+1052.9 %158+833.3 %17+750.0 %

21

0.0 %

Fabrazyme

938+5.2 %+11.1 %

471

+5.8 %

228+2.2 %

239+7.1 %

Aubagio

Neurology & Immunology

Aldurazyme% CER

Europe% CERRest of the
world

% CER

Dupixent

Total Sales

% CER

267

+6.6 %+9.9 %

61

0.0 %

86

+2.4 %

120+13.3 %

3,445

+5.7 %+10.2 %

1,367

+6.3 %

1,104+3.3 %

974+7.8 %

Jevtana391-20.0 %

-14.1 %

275

-3.2 %

33-70.5 %

83

-4.4 %

Fasturtec

177+8.6 %+16.4 %

113

+12.2 %

48

+4.3 %

16

0.0 %Libtayo88-34.1 %

-31.8 %

—

0.0 %

70

-34.3 %

18

-33.3 %

Sarclisa294+60.2 %

+67.0 %

127

+68.7 %

88

+35.9 %

79+82.2 %

Oncology952-1.5 %+4.4 %

515+12.0 %

239

-27.5 %

198

+15.4 %

Alprolix

504+10.4 %

+21.7 %

406

+8.7 %

—

0.0 %

98

+17.1 %

Eloctate580-5.9 %+3.0 %

450-6.8 %

—

0.0 %

130

-3.0 %

Cablivi

211+20.7 %

+28.7 %

110

+21.0 %

94

+16.0 %

7+200.0 %+5.6 %+15.4 %

983

+3.8 %

94+16.0 %

240

+8.7 %+19.4 % +29.1 %10,848+22.7 %

3,016

+8.9 %

2,593+20.6 %

Rare Disease

Rare Blood DisorderSpecialty Care

1,317

16,457

Lovenox

1,310-13.8 %

-11.8 %

17

-48.3 %

658

-5.8 %

635-19.9 %

Toujeo1,117+9.8 %+15.3 %

283

-3.1 %

421+7.1 %

413+23.7 %

Plavix983+2.5 %+5.8 %

9-11.1 %

101

-12.2 %

873

+4.7 %

Multaq383+4.3 %+16.4 %

347

+5.5 %

16-27.3 %

20

+26.7 %

Thymoglobulin

446+16.9 %

+27.4 %

269

+15.5 %

34

0.0 %

143

+24.8 %

Mozobil261+4.3 %+12.0 %

154

+6.2 %

67+11.7 %

40

-11.4 %

Praluent

376+65.1 %

+72.5 %

55

+860.0 %229+41.6 %

92

+61.5 %

Soliqua/iGlarLixi

215+1.5 %+10.3 %

119

-7.8 %

29

0.0 %

67

+23.5 %

Rezurock207+815.0 %+935.0 %206+815.0 %

1

0.0 %

—

0.0 %

1,091

-0.2 %+5.0 %

194-30.8 %

361

+3.4 %

536+14.4 %

+3.7 %

Others core assets

Core Assets

6,389+5.2 %+10.8 %

1,653

+11.6 %

1,917

+2.9 %

2,819

Lantus2,259-14.4 %

-9.4 %

757-22.1 %

426

-10.1 %

1,076

-10.4 %

Aprovel478+7.6 %+14.1 %

7

-40.0 %

82

-5.7 %

389+12.7 %

Others non-core assets

4,485-7.7 %-5.2 %

412-10.7 %

1,129

-11.6 %

2,944

-5.6 %

Non-Core Assets

7,222-9.0 %-5.5 %

1,176-18.6 %

1,637

-10.9 %

4,409

-5.5 %

620-26.2 %

-23.3 %

17

-63.4 %

587

-21.9 %

16

-63.6 %

General Medicines

Industrial Sales

14,231-4.2 %+0.1 %

2,846-4.2 %

4,141-6.9 %

7,244-2.5 %

Pharmaceuticals

30,688+6.9 % +13.8 %13,694+15.9 %

7,157

-0.8 %

9,837+2.8 %

Polio / Pertussis / Hib

2,285+2.5 %+5.8 %

456-13.8 %

325

+6.9 %

1,504+7.2 %

587+11.3 %

+20.3 %

330

+4.3 %

154+5.5 %

103+55.6 %
-8.2 %

Booster Vaccines
Meningitis
Influenza Vaccines
Travel and Endemic Vaccines

Vaccines
Allergy
Cough and Cold703

-3.6 %+6.8 %

531-4.9 %

15+1400.0 %

157

2,977

+2.4 %+13.3 %

1,737

+8.2 %

681-6.4 %

559-0.4 %

510+57.8 %

+66.7 %

153

+57.0 %

94+123.8 %263+42.7 %

+6.3 % +14.3 %

3,291+3.0 %

1,341+9.7 %

2,597+8.4 %

439+5.7 %

55+10.2 %

240

+19.8 %

7,229
734

+10.5 %

+19.9 %

478

+46.3 %

+49.4 %

—

0.0 %

263

+69.2 %

215

+24.4 %

Pain Care

1,213+7.9 %+11.0 %

212

-4.1 %

555+8.3 %

446+13.4 %

Digestive Wellness

1,318+12.4 %

+16.5 %

144

+3.2 %

432+11.3 %

742

+14.9 %

Physical Wellness324-3.7 %+0.3 %

—

0.0 %

23

-20.7 %

301

-2.0 %

Mental Wellness238+7.6 %+12.8 %

51

-2.2 %

107+8.0 %

80+13.8 %

Personal Care586

+2.3 %+12.9 %

453

+2.3 %

1-75.0 %

132

+5.0 %

Non-Core / Others

189-27.4 %

-27.0 %

(9)-200.0 %65-27.5 %

133

-18.8 %

5,080

+8.6 % +13.7 %

1,290+0.8 %

1,501+13.1 %

2,289

+10.0 %

42,997+7.0% +13.9%

18,275 +12.2%

9,999

+2.4%

14,723+4.8%

Consumer Healthcare

Company

18

Appendix 2: Business net income statement
Fourth quarter 2022

Pharmaceuticals

Vaccines

Change Q4 2022

Q4
2021

Change

Q4
2022

Q4
2021

€ million

Q4 2022

Q4
2021

Net sales

7,793

6,919

12.6%

1,716

1,964

-12.6%

1,216

Other revenues

232

112

107.1%

479

295

62.4%

16

Cost of Sales(2,015)(1,817)10.9%(1,184)(1,159)

2.2%

(469)

As % of net sales(25.9)% (26.3)%

Gross Profit

6,010

5,214

As % of net sales

77.1%

75.4%

Research anddevelopment
expenses(1,328)(1,185)As % of net sales(17.0)% (17.1)%

Selling and general
expenses(1,677)

As % of net sales(21.5)% (22.6)%

Other current
operating income/expenses(1,565)(69.0)% (59.0)%
15.3%

12.1%

1,011

1,100

58.9%

56.0%

(264)

(210)

(272)

(248)

Total Group

Change

Q4
2022

Q4
2021

ChangeQ4 2022

Q4
2021

1,111

9.5%

—

—

—%

10,725

9,994

7.3%

14

14.3%

4

—

—%

731

421

73.6%

(431)

8.8%

(66)

(64)

3.1%

(3,734)(3,471)

7.6%(38.6)% (38.8)%
-8.1%

25.7%

(15.4)% (10.7)%
7.2%

Other(1)Consumer Healthcare

9.7%(15.9)% (12.6)%

763

694

62.7%

62.5%

(56)

(49)

(4.6)%(4.4)%

(367)

(361)

(34.8)% (34.7)%
9.9%

14.3%

(62)

(175)

(64)

(141)

-3.1%

24.1%

7,722

6,944

72.0%

69.5%

(1,823)(1,585)

1.7%

(579)

(584)

-0.9%

(30.2)% (32.5)%(2,895)15.0%(2,758)5.0%(27.0)% (27.6)%

(376)

121

5

39

11

70

4

(276)

(356)

Share of profit/loss of
associates* and joint
ventures

—

9

3

6

3

3

—

—

6

18

Net income
attributable to noncontrolling interests

(9)

(6)

—

—

(1)

—

—

(1)

(10)

(7)

Business
operating income

2,490

2,091

599

653

381

298

(746)

(786)

2,724

2,256

As % of net sales

32.0%

30.2%

34.9%

33.2%

31.3%

26.8%

25.4%

22.6%

-8.3%

11.2%

(17.0)% (15.9)%

(506)

19.1%

Change

27.9%

-5.1%

Financial income and expenses

(28)

(83)

Income tax expenses

(555)

(443)

Tax rate**

20,6%

20,5%

Business net
income

2,141

1,730

As % of net sales

20.0%

17.3%

Business earnings / share(in euros)***

1.71

1.38

20.7%

23.8%

23.9%

* Net of tax.
** Determined on the basis of Business income before tax, associates, and non-controlling interests.
*** Based on an average number of shares outstanding of 1,254.0 million in the fourth quarter of 2022 and 1,254.9 million in the fourth quarter of
2021.
(1)

Other includes the cost of global support functions (Finance, Human Resources, Information Solution & Technologies, Sanofi Business Services,etc…).

19

Appendix 2: Business net income statement
Full Year 2022

Pharmaceuticals

Vaccines

Other(1)Consumer Healthcare

Total Group€ million

FY
2022

FY
2021

Net sales

30,688657

Cost of Sales(7,511)

As % of net sales(24.5)% (25.8)%

Gross Profit

23,834

20,269As % of net sales

77.7%

75.2%

Research anddevelopment
expenses(5,067)(4,330)As % of net sales(16.5)% (16.1)%

Selling and general
expenses(5,923)

As % of net sales(19.3)% (19.7)%

Other current
operating income/expenses(1,800)(1,172)

132

128

152

111

2

(13)

(1,514)(946)

Share of profit/loss of
associates* and joint
ventures

28

17

48

11

12

11

—

—

88

39

Net income
attributable to noncontrolling interests

(29)

(49)

—

(1)

(4)

(5)

—

(1)

(33)

(56)

Business
operating income

11,043

9,409

3,168

2,609

1,810

1,493

21.2% (2,981) (2,797)

13,04010,714

As % of net sales

36.0%

34.9%

43.8%

41.3%

35.6%

33.4%

30.3%

28.4%

Other revenues

Change

FY
2022

FY
2021

Change

FY
2022

FY
2021

Change

FY
2022

FY
2021

Change

FY
2022

FY
2021

Change26,970

13.8%

7,229

6,323

14.3%

5,080

4,468

13.7%

—

—

—%

42,99737,76113.9%

264148.9%

1,666

1,095

52.1%

62

55

12.7%

7

—

—%

2,392

1,414

69.2%

(6,965)

7.8%(4,101)(3,430)19.6%(1,827)(1,606)

13.8%

(253)

(250)

1.2%

(5,326)(56.7)% (54.2)%
17.6%

17.0%

4,794

3,988

66.3%

63.1%

(936)

(712)

(36.0)% (35.9)%
20.2%

31.5%

(12.9)% (11.3)%
11.2%

(870)

(805)

8.1%

(12.0)% (12.7)%

17.4%

3,315

2,917

65.3%

65.3%

(187)

(153)

(3.7)%(3.4)%(1,478)(1,388)11.8%(31.8)% (32.4)%
13.6%

22.2%

(246)

(516)

(250)

(497)

-1.6%

3.8%

31,697

26,924

73.7%

71.3%

(6,706)(5,692)

17.7%

17.8%

(15.6)% (15.1)%
6.5%(2,221)(2,036)

9.1%(29.1)% (31.1)%

21.4%(13,692) (12,251)(10,492) (9,555)

9.8%(24.4)% (25.3)%

6.6%

Financial income and expenses

(234)

(328)

Income tax expenses(2,465)(2,173)

Tax rate**

19.3%

20.9%

Business net
income10,341

8,213

As % of net sales

24.1%

21.7%

Business earnings / share(ineuros)***

8.26

6.56

21.7%

25.9%

25.9%

* Net of tax.
** Determined on the basis of Business income before tax, associates, and non-controlling interests.
*** Based on an average number of shares outstanding of 1,251.9 million in the full year of 2022 and 1,252.5 million in the full year of 2021.
(1)

Other includes the cost of global support functions (Finance, Human Resources, Information Solution & Technologies, Sanofi Business Services,etc…).

20

Appendix 3: Consolidated income statements€ million

Q4 2022

Q4 2021

FY 2022

FY 2021Net sales

10,725

9,994

37,761Other revenues

731

421

42,997
2,392

Cost of sales(3,734)(3,475)(13,695)(12,255)

7,722

6,940

31,69426,920Research and development expenses(1,823)(1,585)(6,706)(5,692)

Selling and general expenses(2,895)(2,758)(10,492)(9,555)Gross profit

1,414

Other operating income

778

192

2,403

859

Other operating expenses

(958)

(548)

(2,965)(1,805)

Amortization of intangible assets

(457)

(420)

(2,053)(1,580)

Impairment of intangible assets

(27)

(15)

(1,700)(192)

Fair value remeasurement of contingent consideration

12

(5)

27

(4)

Restructuring costs and similar items

(170)

(326)

(1,336)(820)

Other gains and losses, and litigation

(233)

(1)

(370)

(5)

Operating income

1,949

1,474

8,502

8,126

Financial expenses

(148)

(93)

(440)

(368)

Financial income
Income before tax and associates and joint ventures
Income tax expense
Share of profit/(loss) of associates and joint ventures
Net income
Net income attributable to non-controlling interests
Net income attributable to equity holders of Sanofi
Average number of shares outstanding (million)
IFRS Earnings per share (in euros)

120

10

206

40

1,921

1,391

8,268

7,798

(407)

(268)

(1,503)(1,558)

3

18

68

39

1,517

1,141

6,833

6,279

57

10

113

56

1,460

1,131

6,720

6,223

1,254.0

1,254.9

1,251.9

1,252.5

1.16

0.90

5.37

4.97

21

Appendix 4: Reconciliation of Net income attributable to equity holders of Sanofi to Business net
income€ million
Net income attributable to equity holders of Sanofi
Amortization of intangible assets
Impairment of intangible assets

(1)

(2)

Fair value remeasurement of contingent consideration(3)

Expenses arising from the impact of acquisitions on inventories
Income resulting from license-out(4)Restructuring costs and similar items

Q4 2022

Q4 2021

FY 2022

FY 2021

1,460

1,131

6,720

6,223

457

420

2,053

1,580

27

15

1,700

192

35

5

53

4

—

4

3

4

(96)

—

(952)

—

170

326

1,336

820

Other gains and losses, and litigation

233

1

370

5

Tax effect of the items listed above:

(148)

(174)

(962)

(614)

(143)

(95)

(771)

(415)

2

(4)

(9)

(2)

Restructuring costs and similar items

(30)

(79)

(231)

(200)

Other tax effects

23

4

49

3

3

2

20

(1)

2,141

1,730

10,341

8,213

1.16

0.90

5.37

4.97

Amortization and impairment of intangible assets
Fair value remeasurement of contingent consideration

Other items

Business net income
IFRS earnings per share(5)(in euros)(1)

Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations: €430 million in
the fourth quarter of 2022 and €397 million in the fourth quarter of 2021.

(2)

In Q3 2022, impairment of €1,586 million related to SAR’245 Non-alpha IL2.

(3)

In 2022, including non-controlling interest impact of €(80) million resulting from fair value adjustment of a contingent consideration in a
subsidiary(4)

Upfront payment of $900 million (Q3 2022) and, regulatory milestone of 100m$ (Q4 2022) in connection with Libtayo license-out reported in theConsolidated income statements line Other Operating Income.

(5) Q4: Based on an average number of shares outstanding of 1,254.0 million in the fourth quarter of 2022 and 1,254.9 million in the fourth quarterof 2021.
FY: Based on an average number of shares outstanding of 1,251.9 million in the full year of 2022 and 1,252.5 million in the full year of 2021.

22

Appendix 5: Change in net debt
€ million

FY 2022

FY 2021

Business net income

10,341

8,213

1,587

1,469

Depreciation & amortization & impairment of property, plant and equipment
and software
Other items

(955)

220

10,973

9,902

(477)

1,475

Acquisitions of property, plant and equipment and software(1,594)(1,400)Free cash flow before restructuring, acquisitions and disposals

8,902

9,977

(824)

(1,488)

Restructuring costs and similar items paid

(1,126)(1,060)

Proceeds from disposals of property, plant and equipment, intangible assets(1)
and other non-current assets net of taxes

1,531

667

Free cash flow

8,483

8,096

Acquisitions of investments in consolidated undertakings including(2)
assumed debt

(1,192)(5,298)101—

Issuance of Sanofi shares

188

186

Acquisition of treasury shares

(497)

(382)

(4,168)(4,008)631

213

Change in net debt

3,546

(1,193)

Beginning of period

9,983

8,790

Closing of net debt

6,437

9,983

Operating cash flow
Changes in Working Capital

Acquisitions of intangibles assets, investments and other long-term financial(1)
assetsProceeds from disposals of assets net of taxes

Dividends paid to shareholders of Sanofi
Other items

(3)

(2)

(1)

Free cash flow includes investments and divestments not exceeding a cap of €500 million per transaction (inclusive of all payments related to thetransaction).

(2)

Includes transactions that are above a cap of €500 million per transaction (inclusive of all payments related to the transaction).

(3)

In 2022, includes upfront payment of $900 million and regulatory milestone of $100 million received as part of Libtayo®

license-out.

23

Appendix 6: Simplified consolidated balance sheet
Assets (€ million)

December31, 2022

December31, 2021

Liabilities & equity (€million)December31, 2022

December31, 2021

Equity attributable toequity holders of Sanofi

73,144

68,681368

350

Total equity

73,512

69,031Long-term debt

14,857

17,123

1,904

1,839

Equity attributable to noncontrolling interests

Property, plant andequipment - Owned
Assets

9,869

10,028Non-current leaseliabilities

Right-of-use assets

1,815

1,948

674

577

Intangible assets(including goodwill)

69,39569,463

6,341

6,721

Non-current income tax
assets242

175

Non-current liabilities
related to businesscombinations and to noncontrolling interests
Non-current provisions
and other non-current
liabilities
Non-current income tax
liabilities

1,979

2,039

Non-current financial
assets & investments inassociates and deferred
tax assets

9,153

7,975

Deferred tax liabilities

1,344

1,617

Non-current assets

90,47489,589Non-current liabilities

27,09929,916

Accounts payable & Other
current liabilities

18,834

17,397

Current liabilities related
to business combinations
and to non-controllinginterests

105

137

Current income tax
liabilities

574

309

Inventories, accounts
receivable and othercurrent assets

20,916

19,854Current income tax assets

374

612

Current lease liabilities

277

269

Cash and cash equivalents

12,736

10,098

Short-term debt andcurrent portion of longterm debt

4,174

3,183

Current assets

34,02630,564Current liabilities

23,964

21,295

85

89

10

0

124,585

120,242

124,585

120,242

Assets held for sale or
exchange
Total assets

Liabilities related to assets
held for sale or exchange
Total equity andliabilities

24Appendix 7: Other current operating income net of expenses – Regeneron Alliances€ million

2022

2021

(2,325)(1,253)

434

127

(476)

(303)

(2,367)(1,429)

16

68

168

(12)

(2,183)(1,373)

Monoclonal Antibodies Alliance
Income & Expense related to profit/loss sharing
Additional share of profit paid by Regeneron related to development costs
Regeneron commercial operating expenses reimbursement

Total: Monoclonal Antibody Alliance
Immuno-Oncology AllianceTotal Immuno-Oncology Alliance
Other Regeneron®

®

Total others related to Regeneron (mainly Libtayo and Zaltrap )(1)

Total Regeneron Alliances(1) This line excludes an upfront payment of $900 million and a regulatory milestone payment of $100 million received by Sanofi from Regeneron inconnection with the Amended IO Discovery Agreement signed in June 2022. These items are included in the Consolidated income statements line Other
Operating Income.

Appendix 8: Currency sensitivity
2023 business EPS currency sensitivity
Currency

Variation

Business EPS Sensitivity

U.S. Dollar+0.05 USD/EUR-EUR 0.17

Japanese Yen+5 JPY/EUR-EUR 0.02

Chinese Yuan

+0.2 CNY/EUR-EUR0.03

Brazilian Real

+0.4 BRL/EUR-EUR0.02

Russian Ruble+10 RUB/EUR-EUR 0.02

Currency exposure on Q4 2022 sales
Currency

Q4 2022

US $Euro €
Chinese Yuan
Japanese Yen
Brazilian Real45.2 %
21.1 %
5.1 %
3.7 %
1.9 %
1.8 %
1.5 %
1.5 %
1.2 %
1.2 %
15.8 %

Mexican pesos
Russian ruble
Canadian $Australian $British Pound
OthersCurrency average rates
Q4 2021

Q4 2022

Change

€/$
€/Yen

1.144
130.065

1.021
144.203-10.8%+10.9%€/Yuan

7.315

7.264

-0.7%

€/Real

6.387

5.372

-15.9%€/Ruble83.10864.072-22.9%

25

Appendix 9: Definitions of non-GAAP financial indicators
Company sales at constant exchange rates (CER)
When we refer to changes in our net sales “at constant exchange rates” (CER), this means that we exclude the effect ofchanges in exchange rates.
We eliminate the effect of exchange rates by recalculating net sales for the relevant period at the exchange rates used forthe previous period.
Reconciliation of net sales to Company sales at constant exchange rates for the fourth quarter and thefull-year 2022
€ million

Q4 20222022

Net sales

10,72542,997475

2,585

10,25040,412

Effect of exchange rates
Company sales at constantexchange rates
Business net income

Sanofi publishes a key non-GAAP indicator. Business net income is defined as net income attributable toequity holders of Sanofi excluding:
•
•
•
•
•
•
•
•
•
•

amortization of intangible assets,
impairment of intangible assets,fair value remeasurement of contingent consideration related to business combinations or todisposals,
expenses arising from the impact of acquisitions on inventories
other impacts associated with acquisitions (including impacts of acquisitions on associates andjoint ventures),(1)
restructuring costs and similar items ,(1)other gains and losses (including gains and losses on disposals of non-current assets ),(1)
costs or provisions associated with litigation ,tax effects related to the items listed above as well as effects of major tax disputes,
net income attributable to non-controlling interests related to the items listed above.

(1) Reported in the line items Restructuring costs and similar items and Gains and losses on disposals, and litigation, which are defined in
Notes B.19. and B.20. to our consolidated financial statements.

Free cash flow

Free cash flow is a non-GAAP financial indicator which is reviewed by our management, and which we
believe provides useful information to measure the net cash generated from the Company’s operations
1
1
that is available for strategic investments (net of divestments ), for debt repayment, and for capital
return to shareholders. Free Cash Flow is determined from the Business Net Income adjusted for
depreciation, amortization and impairment, share of profit/loss in associates and joint ventures net of
dividends received, gains & losses on disposals, net change in provisions including pensions and otherpost-employment benefits, deferred taxes, share-based expense and other non-cash items. It comprises
2
net changes in working capital, capital expenditures and other asset acquisitions net of disposal
2
proceeds , and payments related to restructuring and similar items. Free cash flow is not defined by IFRS
and it is not a substitute measure for the IFRS aggregate net cash flows in operating activities.
1

Amount of the transaction above a cap of €500 million per transaction (inclusive of all payments related to the transaction).

2

Not exceeding a cap of €500 million per transaction (inclusive of all payments related to the transaction).

26

Reconciliation from net cash provided by/(used in) operating activities to free cash flow
€ million

2022

2021

10,526

10,522(1,656)(1,516)

Acquisitions of intangibles assets, investments and other long-term financial assets(824)(1,488)Proceeds from disposals of property, plant and equipment, intangible assets and other(2)
non-current assets net of taxes

1,531

667

Repayment of lease liabilities

(291)

(149)

(803)

60

8,483

8,096

Net cash provided by/(used in) operating activities in the Consolidated(1)
statements of cash flows
Acquisition of property, plant and equipment and software
(2)

(3)

Others(4)Free cash flow
1

Most directly comparable IFRS measure to free cash flow.

2

Transactions up to €500 million per transaction.

3

In 2022, includes upfront payment of $900 million and regulatory milestone of $100 million received as part of Libtayo

4

Non IFRS indicator (see definition in Appendix 9).

®

license-out.

27

Appendix 10: CSR dashboards
Affordable access
Sanofi Global Health
FY 2021• 9,276,504 patients

Malaria

treated

Tuberculosis

NCD

FY 2022•• 23 countries•• 146,356 patients treated• 28 countries• 138,593 patients• 40,439 patients treated• 16 countries• 185,151 patientstreated• 17 countries
treated• 28 countries

Rare disease vials donation
FY 2021# Patients treated#Vials donated# of access plan

2,835,392 patientstreated18 countries

FY 2022

1,083
109,677
Global access PlanFY 20211,122
121,025

Pilot phase in progress

Global access plan initiatedfor 2 assets

FY 2022

R&D for unmet needs
Eradicate Polio# Inactivated Polio Vaccine (IPV)
doses supplied

FY 202150.5 million IPV doses supplied
to UNICEF for GAVI countries

FY 202247 million IPV doses supplied to
UNICEF for GAVI countries

Sleeping sickness elimination
FY 2021# Patients tested

2 million# Patients treated805

FY 2022
Data updated annually at Q2 23

Pediatric cancer treatment development
FY 2021# of assets identified

2 assets identified, preclinicalstudies started

FY 2022•
1 asset pre-clinicalassessment complete•
1 asset in protocol
preparation for clinical study•
1 additional asset
identified for clinical development

28

Planet Care
Blister free vaccines
FY 202129% of blister free syringe
produced% blister free syringe vaccines

Eco design
FY 2021
4 LCAs completed# of Life Cycle Analysis (LCA)FY 202233% of blister free syringe
produced
FY 2022
7 LCAs completed & 1 inprogress
Eco-design digital solution
launched

Scope 1 & 2 emissions
FY 2021-24.4%

GHG reduction vs 2019 %FY 2022-29.4%

Renewable electricity% electricity consumption from renewablesources

FY 202151.7%

FY 202262.0%

Eco car fleet
FY 2021
26.2% eco-fleet% eco car fleet on total car fleet

FY 2022
34.1% eco-fleet

In and beyond the workplace
FY 2021

FY 2022

Diverse Senior Leadership% of women

34.2% of our executives
40.1% of our seniorleaders were women

37.2% of our executives
41.7% of our seniorleaders were womenEngagement with communities# volunteers# hours

KPI

FY 2021
4,975 volunteers
26,906 hours
From Leaders to Citizens
FY 2021
Roll out planned in 2022

FY 2022
6,825 volunteers
46,976 hours
FY 2022
More than half of theleaders have completed
the initial eLearning phase29