# EDGAR Filing Document

**Accession Number:** 0001121404
**File Stem:** 0001193125-25-250744
**Filing Date:** 2025-10
**Character Count:** 332975
**Document Hash:** e16bc5e9b64fcf4292f4d3b79c041459
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-250744.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-250744

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 123

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sanofi
- **CENTRAL INDEX KEY:** 0001121404
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 133529324
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31368
- **FILM NUMBER:** 251417510

**BUSINESS ADDRESS:**
- **STREET 1:** 46 AVENUE DE LA GRANDE ARMEE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75017
- **BUSINESS PHONE:** 33153774400

**MAIL ADDRESS:**
- **STREET 1:** 46 AVENUE DE LA GRANDE ARMEE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANOFI-AVENTIS
- **DATE OF NAME CHANGE:** 20040826

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANOFI SYNTHELABO SA
- **DATE OF NAME CHANGE:** 20010104

?xml version='1.0' encoding='ASCII'? 6-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### October 27, 2025

#### Commission File Number: 001-31368

## SANOFI

#### (Translation of registrant's name into English)

#### 46, avenue de la Grande Armée, 75017 Paris, France

#### (Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 4, 2024 (NO. 333-278506) AND REGISTRATION STATEMENT ON FORM S-8 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 27, 2024 (NO. 333- 286161) AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED BY SANOFI.** 

------

#### Exhibit List

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | [Condensed Half-Year Consolidated Financial Statements for the Six Months Ended June 30, 2025](d69958dex991.htm) |
| Exhibit 99.2 | [Information on H1 2025 Financial Results](d69958dex992.htm) |
| Exhibit 99.3 | [Information on Q3 2025 Financial Results](d69958dex993.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: October 27, 2025

---

| | |
|:---|:---|
| SANOFI | SANOFI |
| By: | /s/ Alexandra Roger |
| Name: | Alexandra Roger |
| Title: | Head of Legal Corporate & Finance |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'? EX-99.1

Exhibit 99.1

Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| 1. Condensed half-year consolidated financial statements | 2 |
|  Consolidated balance sheets - assets | 2 |
|  Consolidated balance sheets - equity and liabilities | 3 |
|  Consolidated income statements | 4 |
|  Consolidated statements of comprehensive income | 5 |
|  Consolidated statements of changes in equity | 6 |
|  Consolidated statement of cash flows | 8 |
|  Notes to the condensed half-year consolidated financial statements as of June 30, 2025 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/ Basis of preparation of the half-year financial statements and accounting policies | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B/ Significant information for the first half of 2025 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C/ Events subsequent to June 30, 2025 | 34 |

---

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 1

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

1. Condensed half-year consolidated financial statements

Consolidated balance sheets - assets

(Unaudited<sup>(1)</sup>)

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | Note | June 30, 2025 | December 31, 2024 |
|  Property, plant and equipment owned | B.2. | 9574 | 10091 |
|  Right-of-use assets |  | 1433 | 1510 |
|  Goodwill | B.3. | 40283 | 43384 |
|  Other intangible assets | B.3. | 20431 | 22629 |
|  Investments accounted for using the equity method | B.5. | 3563 | 316 |
|  Other non-current assets | B.6. | 4109 | 3753 |
|  Non-current income tax assets |  | 541 | 560 |
|  Deferred tax assets |  | 8008 | 7967 |
|  Non-current assets |  | 87942 | 90210 |
|  Inventories |  | 9618 | 9431 |
|  Accounts receivable | B.7. | 7810 | 7677 |
|  Other current assets |  | 3595 | 3826 |
|  Current income tax assets |  | 397 | 724 |
|  Cash and cash equivalents | B.9. | 15359 | 7441 |
|  Assets held for sale | B.22. | 238 | 13489 |
|  Current assets |  | 37017 | 42588 |
|  Total assets |  | 124959 | 132798 |

---

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**2 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Consolidated balance sheets - equity and liabilities

(Unaudited<sup>(</sup><sup>1)</sup>)

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | Note | June 30, 2025 | December 31, 2024 |
|  Equity attributable to equity holders of Sanofi |  | 70008 | 77507 |
|  Equity attributable to non-controlling interests |  | 271 | 350 |
|  Total equity | B.8. | 70279 | 77857 |
|  Long-term debt | B.9. | 13200 | 11791 |
|  Non-current lease liabilities |  | 1524 | 1645 |
|  Non-current liabilities related to business combinations and to non-controlling interests | B.11. | 564 | 569 |
|  Non-current provisions and other non-current liabilities | B.12. | 7116 | 8096 |
|  Non-current income tax liabilities |  | 1502 | 1512 |
|  Deferred tax liabilities |  | 1715 | 2166 |
|  Non-current liabilities |  | 25621 | 25779 |
|  Accounts payable |  | 7075 | 7551 |
|  Current liabilities related to business combinations and to non-controlling interests | B.11. |  | 72 |
|  Current provisions and other current liabilities |  | 13697 | 14241 |
|  Current income tax liabilities |  | 724 | 697 |
|  Current lease liabilities  |  | 252 | 261 |
|  Short-term debt and current portion of long-term debt | B.9. | 7309 | 4209 |
|  Liabilities related to assets held for sale | B.22. | 2 | 2131 |
|  Current liabilities |  | 29059 | 29162 |
|  Total equity and liabilities |  | 124959 | 132798 |

---

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 3

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Consolidated income statements

(Unaudited<sup>(1)</sup>)

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | Note | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
|  Net sales | B.20. | 19889 | 18360 |
|  Other revenues | B.20. | 1452 | 1529 |
|  Cost of sales |  | (5881) | (5966) |
|  Gross profit |  | 15460 | 13923 |
|  Research and development expenses |  | (3717) | (3335) |
|  Selling and general expenses |  | (4506) | (4303) |
|  Other operating income | B.15. | 533 | 563 |
|  Other operating expenses | B.15. | (2476) | (1977) |
|  Amortization of intangible assets | B.3. | (777) | (898) |
|  Impairment of intangible assets | B.4. | (210) | 371 |
|  Fair value remeasurement of contingent consideration | B.6.<br>B.11. | (61) | (66) |
|  Restructuring costs and similar items | B.16. | (430) | (1060) |
|  Other gains and losses, and litigation | B.17. | (57) | (450) |
|  Operating income |  | 3759 | 2768 |
|  Financial expenses | B.18. | (361) | (583) |
|  Financial income | B.18. | 184 | 277 |
|  Income before tax and investments accounted for using the equity method |  | 3582 | 2462 |
|  Income tax expense | B.19. | (711) | (379) |
|  Share of profit/(loss) from investments accounted for using the equity method |  | 85 | (22) |
|  Net income from continuing operations |  | 2956 | 2061 |
|  Net income from discontinued operations | B.22 | 2881 | 202 |
|  Net income |  | 5837 | 2263 |
|  Net income attributable to non-controlling interests |  | 25 | 17 |
|  Net income attributable to equity holders of Sanofi |  | 5812 | 2246 |
|  Average number of shares outstanding (million) | B.8.7. | 1225.5 | 1249.4 |
|  Average number of shares after dilution (million) | B.8.7. | 1230.7 | 1253.8 |
| **•** Basic earnings per share from continuing operations (€) |  | 2.40 | 1.64 |
| **•** Basic earnings per share from discontinued operations (€) |  | 2.34 | 0.16 |
|  Basic earnings per share (€) |  | 4.74 | 1.80 |
| **•** Diluted earnings per share from continuing operations (€) |  | 2.39 | 1.63 |
| **•** Diluted earnings per share from discontinued operations (€) |  | 2.33 | 0.16 |
|  Diluted earnings per share (€) |  | 4.72 | 1.79 |

---

(a) Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**4 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Consolidated statements of comprehensive income

(Unaudited<sup>(</sup><sup>1</sup><sup>)</sup>)

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | Note | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
|  Net income |  | 5837 | 2263 |
|  Attributable to equity holders of Sanofi |  | 5812 | 2246 |
|  Attributable to non-controlling interests |  | 25 | 17 |
|  Other comprehensive income: |  |  |  |
| • Actuarial gains/(losses) | B.8.8. | 111 | 235 |
| • Change in fair value of equity instruments included in financial assets and financial liabilities | B.8.8. | 222 | (10) |
| • Tax effects | B.8.8. | (92) | (59) |
|  Subtotal: items not subsequently reclassifiable to profit or loss from continuing operations (A) |  | 241 | 166 |
| • Change in fair value of debt instruments included in financial assets | B.8.8. | 3 | (5) |
| • Change in fair value of cash flow hedges | B.8.8. | (23) | (3) |
| • Change in currency translation differences | B.8.8. | (5203) | 1040 |
| • Tax effects | B.8.8. | (95) | 35 |
|  Subtotal: items subsequently reclassifiable to profit or loss from continuing operations (B) |  | (5318) | 1067 |
|  Other comprehensive income/(loss) from continuing operations for the period, net of taxes (A+B) |  | (5077) | 1233 |
|  Other comprehensive income/(loss) for the period from discontinued operations, net of taxes (C) |  | 303 | (23) |
|  Comprehensive income |  | 1063 | 3496 |
|  Attributable to equity holders of Sanofi |  | 1076 | 3471 |
| • *Continuing operations* |  | (2097) | 3264 |
| • *Discontinued operations* |  | 3173 | 207 |
|  Attributable to non-controlling interests |  | (13) | 25 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 5

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Consolidated statements of changes in equity

(Unaudited<sup>(</sup><sup>1</sup><sup>)</sup>)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | Share<br>capital | Additional<br>paid-in<br>capital | Treasury<br>shares | Reserves<br>and<br>retained<br>earnings | Stock<br>options and<br>other<br>share-<br>based<br>payments | Other<br>compre-<br>hensive<br>income | Attribut-<br>able to<br>equity<br>holders of<br>Sanofi | Attribut-<br>able to non-<br>controlling<br>interests | Total<br>equity |
|  Balance at January 1, 2024 | 2530 | 313 | (1184) | 67499 | 4944 | (62) | 74040 | 313 | 74353 |
|  Other comprehensive income for the period |  |  |  | 166 |  | 1059 | 1225 | 8 | 1233 |
|  Net income for the period |  |  |  | 2246 |  |  | 2246 | 17 | 2263 |
|  Comprehensive income for the period |  |  |  | 2412 |  | 1059 | 3471 | 25 | 3496 |
|  Dividend paid out of 2023 earnings (€3.76 per share) |  |  |  | (4704) |  |  | (4704) |  | (4704) |
|  Payment of dividends to non-controlling interests |  |  |  |  |  |  |  | (31) | (31) |
|  Share repurchase program <sup>(a)</sup> |  |  | (302) |  |  |  | (302) |  | (302) |
|  Share-based payment plans: |  |  |  |  |  |  |  |  |  |
| • Exercise of stock options |  | 7 |  |  |  |  | 7 |  | 7 |
| • Issuance of restricted shares and vesting of existing restricted shares | 3 | (3) | 115 | (115) |  |  |  |  |  |
| • Value of services obtained from employees |  |  |  |  | 173 |  | 173 |  | 173 |
| • Tax effects of share-based payments |  |  |  |  | 4 |  | 4 |  | 4 |
|  Other changes arising from issuance of restricted shares <sup>(c)</sup> |  |  |  | 1 |  |  | 1 |  | 1 |
|  Balance at June 30, 2024 | 2533 | 317 | (1371) | 65093 | 5121 | 997 | 72690 | 307 | 72997 |
|  Other comprehensive income for the period |  |  |  | (194) |  | 1379 | 1185 | 14 | 1199 |
|  Net income for the period |  |  |  | 3314 |  |  | 3314 | 41 | 3355 |
|  Comprehensive income for the period |  |  |  | 3120 |  | 1379 | 4499 | 55 | 4554 |
|  Payment of dividends to non-controlling interests |  |  |  |  |  |  |  | (13) | (13) |
|  Share repurchase program <sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
|  Reduction in share capital | (12) | (492) | 530 | (26) |  |  |  |  |  |
|  Share-based payment plans: |  |  |  |  |  |  |  |  |  |
| • Exercise of stock options | 1 | 25 |  |  |  |  | 26 |  | 26 |
| • Issuance of restricted shares and vesting of existing restricted shares |  |  | 1 | (1) |  |  |  |  |  |
| • Employee share ownership plan | 4 | 150 |  |  |  |  | 154 |  | 154 |
| • Value of services obtained from employees |  |  |  |  | 132 |  | 132 |  | 132 |
| • Tax effects of share-based payments |  |  |  |  | 7 |  | 7 |  | 7 |
|  Change in non-controlling interests without loss of control |  |  |  | (1) |  |  | (1) | 1 |  |
|  Balance at December 31, 2024 | 2526 |  | (840) | 68185 | 5260 | 2376 | 77507 | 350 | 77857 |

---

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**6 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | Share<br>capital | Additional<br>paid-in<br>capital | Treasury<br>shares | Reserves<br>and<br>retained<br>earnings | Stock<br>options<br>and other<br>share-<br>based<br>payments | Other<br>compre-<br>hensive<br>income | Attribut-<br>able to<br>equity<br>holders of<br>Sanofi | Attribut-<br>able to non-<br>controlling<br>interests | Total<br>equity |
| Balance at January 1, 2025 | 2526 |  | (840) | 68185 | 5260 | 2376 | 77507 | 350 | 77857 |
| Other comprehensive income for the period |  |  |  | 243 |  | (4979) | (4736) | (38) | (4774) |
| Net income for the period |  |  |  | 5812 |  |  | 5812 | 25 | 5837 |
| Comprehensive income for the period |  |  |  | 6055 |  | (4979) | 1076 | (13) | 1063 |
| Dividend paid out of 2024 earnings (€3.92 per share) |  |  |  | (4772) |  |  | (4772) |  | (4772) |
| Payment of dividends to non-controlling interests |  |  |  |  |  |  |  | (32) | (32) |
| Share repurchase program <sup>(a)</sup> |  |  | (3988) |  |  |  | (3988) |  | (3988) |
| Reduction in share capital <sup>(a)</sup> | (74) |  | 3868 | (3794) |  |  |  |  |  |
| Tax on share cancellations <sup>(b)</sup> |  |  | (15) |  |  |  | (15) |  | (15) |
| Share-based payment plans: |  |  |  |  |  |  |  |  |  |
| • Exercise of stock options | 1 | 14 |  |  |  |  | 15 |  | 15 |
| *•* Issuance of restricted shares and vesting of existing restricted shares <sup>(a)</sup> | 3 | (3) |  |  |  |  |  |  |  |
| **•**Value of services obtained from employees |  |  |  |  | 177 |  | 177 |  | 177 |
| • Tax effects of share-based payments |  |  |  |  | (7) |  | (7) |  | (7) |
| Other changes arising from issuance of restricted shares <sup>(d)</sup> |  |  |  | 15 |  |  | 15 |  | 15 |
| Other changes in non-controlling interests <sup>(e)</sup> |  |  |  |  |  |  |  | (34) | (34) |
| Balance at June 30, 2025 | 2456 | 11 | (975) | 65689 | 5430 | (2603) | 70008 | 271 | 70279 |

---

*(a)* See Note B.8.2. (for amounts relating to 2024, see Note D.15.4. to the consolidated financial statements for the year ended December 31, 2024).

*(b)* Reflects new regulations implemented on the taxation of share cancellations in Article 95 of the French Finance Bill for 2025.

*(c)* For 2024, this line comprises the impact of the issuance of restricted shares to former employees of EUROAPI subsequent to the date on which Sanofi lost control of EUROAPI.

*(d)* For 2025, this line comprises the impact of the issuance of restricted shares to former employees of Opella subsequent to the date on which Sanofi lost control of Opella.

*(e)* This line comprises the impact of the derecognition of the non-controlling interests in Opella (see Note B.1.).

The accompanying notes on pages 10 to 34 are an integral part of the condensed half-year consolidated financial statements.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 7

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Consolidated statement of cash flows

(Unaudited<sup>(</sup><sup>1</sup><sup>)</sup>)

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | Note | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
| Net income attributable to equity holders of Sanofi |  | 5812 | 2246 |
| Net (income)/loss from the discontinued Opella business |  | (2881) | (202) |
| Non-controlling interests |  | 25 | 17 |
| Share of undistributed earnings from investments accounted for using the equity method |  | (15) | 96 |
| Depreciation, amortization and impairment of property, plant and equipment, right-of-use assets and intangible assets |  | 1779 | 1242 |
| Gains and losses on disposals of non-current assets, net of tax <sup>(b)</sup> |  | (266) | (229) |
| Net change in deferred taxes |  | (539) | (749) |
| Net change in non-current provisions and other non-current liabilities <sup>(c)</sup> |  | (212) | 1002 |
| Cost of employee benefits (stock options and other share-based payments) |  | 171 | 157 |
| Impact of the workdown of acquired inventories remeasured at fair value |  |  | 7 |
| Other profit or loss items with no cash effect on cash flows generated by operating activities <sup>(d)</sup> |  | 106 | 21 |
| Operating cash flow before changes in working capital |  | 3980 | 3608 |
| (Increase)/decrease in inventories |  | (635) | (917) |
| (Increase)/decrease in accounts receivable |  | (785) | 81 |
| Increase/(decrease) in accounts payable |  | 187 | 78 |
| Net change in other current assets and other current liabilities |  | 620 | (1612) |
| Net cash provided by/(used in) continuing operating activities |  | 3367 | 1238 |
| Net cash provided by/(used in) operating activities of the discontinued Opella business |  | 188 | 184 |
| Net cash provided by/(used in) operating activities <sup>(e)</sup> |  | 3555 | 1422 |
| Acquisitions of property, plant and equipment and intangible assets | B.2. - B.3. | (1420) | (1804) |
| Acquisitions of consolidated undertakings and investments accounted for using the equity method<sup>(f)</sup> | B.1. | (538) | (1885) |
| Acquisitions of other equity investments |  | (423) | (208) |
| Proceeds from disposals of property, plant and equipment, intangible assets and other non-current assets, net of tax <sup>(g)</sup> |  | 434 | 516 |
| Disposals of consolidated undertakings and investments accounted for using the equity method |  |  | 42 |
| Net change in other non-current assets |  | (32) | (16) |
| Net cash provided by/(used in) continuing investing activities |  | (1979) | (3355) |
| Net cash provided by/(used in) investing activities of the discontinued Opella business |  | (36) | (58) |
| Net cash inflow from the Opella transaction <sup>(h)</sup> | B.1. | 10742 |  |
| Net cash provided by/(used in) investing activities |  | 8727 | (3413) |
| Issuance of Sanofi shares | B.8.1. | 29 | 21 |
| Dividends paid: |  |  |  |
| • to equity holders of Sanofi |  | (4772) | (4704) |
| • to non-controlling interests |  | (27) | (25) |
| Additional long-term debt contracted | B.9.1. | 2993 |  |
| Repayments of long-term debt | B.9.1. | (1859) | (638) |
| Repayment of lease liabilities |  | (124) | (136) |
| Net change in short-term debt and other financial instruments <sup>(i)</sup> |  | 3322 | 5876 |
| Acquisitions of treasury shares and related tax effect | B.8.2 | (4003) | (302) |
| Net cash provided by/(used in) continuing financing activities |  | (4441) | 92 |
| Net cash provided by/(used in) financing activities of the discontinued Opella business |  | (48) | (3) |
| Net cash provided by/(used in) financing activities |  | (4489) | 89 |
| Impact of exchange rates on cash and cash equivalents |  | (42) | (13) |
| Cash and cash equivalents reclassified to *Assets held for sale* as of December 31, 2024 |  | 167 |  |
| Net change in cash and cash equivalents |  | 7918 | (1915) |
| Cash and cash equivalents, beginning of period |  | 7441 | 8710 |
| Cash and cash equivalents, end of period | B.9. | 15359 | 6795 |

---

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**8 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* Includes non-current financial assets.

*(c)* This line item includes contributions paid to pension funds (see Note B.12.).

*(d)* This line item mainly comprises unrealized foreign exchange gains and losses arising on the remeasurement of monetary items in non-functional currencies and on instruments used to hedge such items.

*(e)* Of which:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
| • Income tax paid | (1355) | (1434) |
| • Interest paid | (206) | (320) |
| • Interest received | 170 | 261 |
| • Dividends received from non-consolidated entities | 5 |  |

---

*(f)* This line item includes payments made in respect of contingent consideration identified and recognized as a liability in business combinations. For the six months ended June 30, 2025, this line item includes the net cash outflow arising from the acquisition of Dren-0201 (see Note B.1.2.). For the six months ended June 30, 2024 it includes the net cash outflow arising from the acquisition of Inhibrx, Inc.

*(g)* For the six months ended June 30, 2025 and June 30, 2024, this line item mainly comprises proceeds from disposals of (i) assets and businesses due to portfolio rationalization, and (ii) equity and debt instruments.

*(h)* For the six months ended June 30, 2025, this amount includes €(667) million in respect of cash and cash equivalents held by Opella as of April 30, 2025.

*(i)* For the six months ended June 30, 2025, this line item mainly comprises a commercial paper program in the United States for €3,353 million, compared with €6,060 million in the six months ended June 30, 2024. This line item also includes realized foreign exchange gains and losses on cash and cash equivalents in non-functional currencies, mainly the US dollar, and on derivatives used to manage them.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 9

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

Notes to the condensed half-year consolidated financial statements as of June 30, 2025

(Unaudited<sup>(</sup><sup>1</sup><sup>)</sup>)

#### Introduction
Sanofi, together with its subsidiaries (collectively "Sanofi", "the Group" or "the Company"), is a global healthcare leader engaged in the research, development and marketing of therapeutic solutions focused on patient needs.

Sanofi is listed in Paris (Euronext: SAN) and New York (Nasdaq: SNY).

The condensed consolidated financial statements for the six months ended June 30, 2025 were reviewed by the Sanofi Board of Directors at the Board meeting on July 30, 2025.

#### A/ Basis of preparation of the half-year financial statements and accounting policies
A.1. International financial reporting standards (IFRS)

The half-year consolidated financial statements have been prepared and presented in condensed format in accordance with IAS 34 (Interim Financial Reporting). The accompanying notes therefore relate to significant events and transactions of the period, and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024.

The accounting policies used in the preparation of the consolidated financial statements as of June 30, 2025 comply with international financial reporting standards (IFRS) as endorsed by the European Union and as issued by the International Accounting Standards Board (IASB). IFRS as endorsed by the European Union as of June 30, 2025 are available via the following web link:

https://www.efrag.org/Endorsement

The accounting policies applied effective January 1, 2025 are identical to those presented in the consolidated financial statements for the year ended December 31, 2024.

On August 15, 2023, the IASB issued "Lack of Exchangeability", an amendment to IAS 21 (The Effects of Changes in Foreign Exchange Rates), relating to how to determine the exchange rate when a currency is not exchangeable. The amendment became applicable on January 1, 2025, and does not have a material impact on the Sanofi financial statements.

In its 2025 half-year financial statements, Sanofi has used an average effective tax rate that takes into account the Pillar Two top-up tax applicable from January 1, 2024. The effective tax rate also includes a one-off impact from the 2024 component of the exceptional contribution in respect of French corporate income taxes (see Note B.19.).

A.2. Use of estimates and judgments

The preparation of financial statements requires management to make reasonable estimates and assumptions based on information available at the date the financial statements are finalized. Those estimates and assumptions may affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements, and disclosures of contingent assets and contingent liabilities as of the date of the review of the financial statements. Examples of estimates and assumptions include:

• amounts deducted from sales for projected sales returns, chargeback incentives, rebates and price reductions;

• impairment of property, plant and equipment and intangible assets;

• the valuation of goodwill and the valuation and useful life of acquired intangible assets;

• the measurement of contingent consideration receivable in connection with asset divestments and of contingent consideration payable;

• the measurement of financial assets and financial liabilities at amortized cost;

• the amount of post-employment benefit obligations;

• the amount of liabilities or provisions for restructuring, litigation, tax risks relating to corporate income taxes, and environmental risks; and

• the amount of deferred tax assets resulting from tax losses available for carry-forward and deductible temporary differences.

Actual results could differ from these estimates.

For half-year financial reporting purposes, and as allowed under IAS 34, Sanofi has determined income tax expense on the basis of an estimate of the effective tax rate for the full financial year. That rate is applied to business operating income plus financial income and minus financial expenses, and before (i) the share of profit/loss of investments accounted for using the equity method and (ii) net income attributable to non-controlling interests. The estimated full-year effective tax rate is based on the tax rates that will be applicable to projected pre-tax profits or losses arising in the various tax jurisdictions in which Sanofi operates.

*(1)* These unaudited condensed half year consolidated financial statements as of June 30, 2025 should be read in conjunction with Sanofi's audited consolidated financial statements as of December 31, 2024.

**10 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

A.3. Seasonal trends

Sanofi's activities are not subject to significant seasonal fluctuations.

A.4. Consolidation and foreign currency translation of the financial statements of subsidiaries in hyperinflationary economies

In 2025, Sanofi continues to account for subsidiaries based in Venezuela using the full consolidation method, on the basis that the criteria for control as specified in IFRS 10 (Consolidated Financial Statements) are still met. The contribution of the Venezuelan subsidiaries to the consolidated financial statements is immaterial.

In Argentina, the cumulative rate of inflation over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in that country. Consequently, Sanofi has (since July 1, 2018) treated Argentina as a hyperinflationary economy and has applied IAS 29. The impact of the resulting restatements is immaterial at Sanofi group level.

In Turkey, the cumulative rate of inflation over the last three years is in excess of 100%, based on a combination of indices used to measure inflation in that country. Consequently, Sanofi has (since January 1, 2022) treated Turkey as a hyperinflationary economy and has applied IAS 29. The impact of the resulting restatements is immaterial at Sanofi group level.

A.5. Fair value of financial instruments

Under IFRS 13 (Fair Value Measurement) and IFRS 7 (Financial Instruments: Disclosures), fair value measurements must be classified using a hierarchy based on the inputs used to measure the fair value of the instrument. This hierarchy has three levels:

• Level 1: quoted prices in active markets for identical assets or liabilities (without modification or repackaging);

• Level 2: quoted prices in active markets for similar assets or liabilities, or valuation techniques in which all important inputs are derived from observable market data; and

• Level 3: valuation techniques in which not all important inputs are derived from observable market data.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 11

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Note | Type of financial<br>instrument | Measurement<br>principle | Level in<br>fair value<br>hierarchy | Valuation<br>technique | Method used to determine fair value | Method used to determine fair value | Method used to determine fair value | Method used to determine fair value |
| Note | Type of financial<br>instrument | Measurement<br>principle | Level in<br>fair value<br>hierarchy | Valuation<br>technique |  | Market data | Market data | Market data |
| Note | Type of financial<br>instrument | Measurement<br>principle | Level in<br>fair value<br>hierarchy | Valuation<br>technique | Valuation<br>model | Exchange<br>rate | Interest rate | Volatilities |
| B.6. | Financial assets<br>measured at fair value (quoted equity instruments) | Fair value | 1 | Market value | Quoted market price | N/A | N/A | N/A |
| B.6. | Financial assets measured at fair value (quoted debt instruments) | Fair value | 1 | Market value | Quoted market price | N/A | N/A | N/A |
| B.6. | Financial assets measured at fair value (unquoted equity instruments) | Fair value | 3 | Amortized cost/ Peer comparison (primarily) | If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. | If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. | If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. | If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. |
| B.6. | Financial assets measured at fair value (contingent consideration receivable) | Fair value | 3 | Revenue-based approach | The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. to the consolidated financial statements for the year ended December 31, 2024. | The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. to the consolidated financial statements for the year ended December 31, 2024. | The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. to the consolidated financial statements for the year ended December 31, 2024. | The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. to the consolidated financial statements for the year ended December 31, 2024. |
| B.6. | Long-term loans and advances and other non-current receivables | Amortized<br>cost | N/A | N/A | The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. | The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. | The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. | The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. |
| B.6. | Financial assets measured at fair value held to meet obligations under post-employment benefit plans | Fair value | 1 | Market value | Quoted market price | N/A | N/A | N/A |
| B.6. | Financial assets designated at fair value held to meet obligations under deferred compensation plans | Fair value | 1 | Market value | Quoted market price | N/A | N/A | N/A |
| B.9. | Investments in mutual funds | Fair value | 1 | Market value | Net asset value | N/A | N/A | N/A |
| B.9. | Negotiable debt instruments, commercial paper, instant access deposits and term deposits | Amortized<br>cost | N/A | N/A | Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. | Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. | Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. | Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. |
| B.9.<br> B.12. | Financial liabilities | Amortized cost <sup>(a)</sup> | N/A | N/A | In the case of financial liabilities with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements.<br>For financial liabilities with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments).<br>For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. | In the case of financial liabilities with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements.<br>For financial liabilities with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments).<br>For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. | In the case of financial liabilities with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements.<br>For financial liabilities with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments).<br>For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. | In the case of financial liabilities with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements.<br>For financial liabilities with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments).<br>For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. |
| B.9. | Lease liabilities | Amortized<br>cost | N/A | N/A | Future lease payments are discounted using the incremental borrowing rate. | Future lease payments are discounted using the incremental borrowing rate. | Future lease payments are discounted using the incremental borrowing rate. | Future lease payments are discounted using the incremental borrowing rate. |
| B.10. | Forward currency contracts | Fair value | 2 | Revenue-based approach | Present value of future cash flows | Mid<br>Market Spot | < 1 year: Mid Money Market<br>> 1 year: Mid Zero Coupon | N/A |
| B.10. | Interest rate swaps | Fair value | 2 | Revenue-<br>based<br>approach | Present value of future cash flows | Mid<br>Market<br>Spot | < 1 year: Mid Money<br>Market and Euronext<br>interest rate futures<br>> 1 year: Mid Zero<br>Coupon | N/A |
| B.10. | Cross-currency<br>swaps | Fair value | 2 | Revenue-<br>based<br>approach | Present value of future cash flows | Mid<br>Market<br>Spot | < 1 year: Mid Money<br>Market and Euronext<br>interest rate futures<br>> 1 year: Mid Zero<br>Coupon | N/A |
| B.11. | Liabilities related to business combinations and to non-controlling interests | Fair value | 3 | Revenue-<br>based<br>approach | Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note B.11. | Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note B.11. | Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note B.11. | Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note B.11. |

---

*(a)* In the case of debt designated as a hedged item in a fair value hedging relationship, the carrying amount in the consolidated balance sheet includes changes in fair value attributable to the hedged risk(s).

**12 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

A.6. New pronouncements issued by the IASB and applicable from 2026

On April 9, 2024, the IASB issued IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from January 1, 2027 (subject to endorsement by the European Union). An impact assessment is currently under way. Sanofi will not early adopt this new standard.

On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments, applicable no earlier than January 1, 2026. Sanofi does not expect any material impact, and will not early adopt these amendments.

On July 18, 2024, the IASB issued Volume 11 of "Annual Improvements to IFRS", applicable from January 1, 2026. Sanofi does not expect any material impact from those improvements to various standards, which are essentially in the nature of clarifications, and will not early adopt them.

On December 18, 2024, the IASB issued "Contracts referencing nature-dependent electricity", amendments to IFRS 9 and IFRS 7, applicable from January 1, 2026. The amendments clarify the application of the 'own use' exemption to Power Purchase Agreements (PPAs) with physical delivery of renewable electricity, and modify the hedge accounting requirements for contracts without physical delivery (VPPAs). Sanofi does not expect any material impact and will not early adopt these amendments. Renewable energy purchase contracts entered into by Sanofi as of December 31, 2024 are described in Note D.21. to the consolidated financial statements included in the 2024 Form 20-F for the year ended December 31, 2024 (the "2024 20-F").

#### B/ Significant information for the first half of 2025
B.1. Significant transactions for the first half of 2025

#### B.1.1. Opella - Loss of control and equity interest in OPAL JV Co
On April 30, 2025, Sanofi and CD&R closed the Opella transaction following the signature of the share purchase agreement (SPA) on February 18, 2025. Sanofi retains a significant shareholding in Opella, through a 48.2% equity interest in OPAL JV Co (formed in Luxembourg), which indirectly holds 100% of Opella. Bpifrance owns a 1.8% equity interest, and is represented on Opella's Board.

Completion of the deal resulted in the loss of control of Opella by Sanofi and the derecognition of Opella's assets and liabilities. This resulted in a net gain of €2.7 billion, reported within the line item **Net income from discontinued operations** in the consolidated income statement. The proceeds from the divestment of Opella, determined on the basis of a €16 billion enterprise value, reflected the estimated share price. That price is subject to adjustments following finalization of the Opella completion accounts, expected at the earliest in the fourth quarter of 2025.

As of the closing date of the transaction, the carrying amount of Opella's assets and liabilities in the Sanofi consolidated balance sheet was €11.3 billion.

The gain took into account the following components: (i) a reclassification of unrealized foreign exchange losses amounting to €0.5 billion associated with Opella operations, in accordance with IAS 21 ("The Effects of Changes in Foreign Exchange Rates"); (ii) recognition of the retained 48.2% equity interest in OPAL JV Co (over which Sanofi exercises significant influence as defined in IAS 28 "Investments in Associates and Joint Ventures"), reported within the balance sheet line item **Investments accounted for using the equity method** at an amount of €3.2 billion (representing the fair value of the equity interest at the date of initial recognition in accordance with IFRS 10 and included in the estimated share price, plus capitalized transaction costs); and (iii) other items, mainly comprising compensation as agreed under the separation agreements.

The Opella transaction generated a net cash inflow of €10.7 billion, presented within the line item **Net cash inflow from the Opella transaction** in the statement of cash flows.

As a reminder, on October 21, 2024, Sanofi and CD&R entered into exclusive negotiations for the transfer of a controlling interest in Opella. As of December 31, 2024, completion of the transaction was considered highly probable. In accordance with the classification and presentation requirements of IFRS 5 (see Note B.7. to the consolidated financial statements for the year ended December 31, 2024), all assets of Opella and all liabilities directly related to those assets were classified from October 21, 2024 in the line items **Assets held for sale** and **Liabilities related to assets held for sale**, respectively, in the consolidated balance sheet (see Notes D.8. and D.36. to the consolidated financial statements for the year ended December 31, 2024). Opella (formerly known as Consumer Healthcare) constituted an operating segment of Sanofi until October 21, 2024 (see Note D.35., "Segment Information" to the consolidated financial statements for the year ended December 31, 2024). Consequently, Opella met the definition of a discontinued operation under IFRS 5 (see Note B.7. to the consolidated financial statements for the year ended December 31, 2024), as a result of which the net income from that business was presented separately within the line item **Net income from discontinued operations** in the consolidated income statement. This presentation in a separate income statement line item applied to operations for the year ended December 31, 2024, and on a consistent basis for the comparative periods presented. The cash flows arising from operating, investing and financing activities of the Opella business were also presented in separate line items in the consolidated statements of cash flows for the year ended December 31, 2024 and for the comparative periods presented.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 13

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

#### B.1.2. Acquisition of Dren-0201, Inc.
On May 27, 2025, Sanofi announced the completion of the acquisition of 100% of Dren-0201, Inc., adding SAR448501 (formerly DR-0201) to Sanofi's immunology pipeline. DR-0201, now named SAR448501, has shown robust B-cell depletion in pre-clinical and early clinical studies. This potential first-in-class targeted bispecific myeloid cell engager targets and engages specific tissue-resident and trafficking myeloid cells to induce deep B-cell depletion via targeted phagocytosis. Recent pre-clinical and early clinical study data in autoimmune diseases suggest that deep B-cell depletion has the potential to reset the adaptive immune system, leading to sustained treatment-free remission in patients with refractory B-cell mediated autoimmune diseases such as lupus, where significant unmet medical needs remain.

The transaction did not meet the criteria for a business combination under IFRS 3, and consequently was accounted for as an acquisition of a group of assets.

The acquisition price was $600 million. Of that amount (plus acquisition-related costs), $562 million was allocated to in-process development in respect of SAR448501, and recognized within **Other intangible assets** in accordance with IAS 38. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed in the transaction.

In addition, potential future payments totalling $1.3 billion contingent on attainment of certain development and launch milestones have been recognized as off balance sheet commitments. These milestones will be added to the value of the SAR448501 intangible asset if and when attained.

The impact of this acquisition, as reflected within the line item **Acquisitions of consolidated undertakings and investments accounted for using the equity method** in the consolidated statement of cash flows, is a net cash outflow of $602 million.

#### B.1.3. Agreed transactions expected to be finalized in the second half of 2025

#### Acquisition of Vigil Neuroscience, Inc.
On May 22, 2025, Sanofi announced that it had entered into an agreement to acquire Vigil Neuroscience, Inc. ("Vigil"), a publicly traded clinical-stage biotechnology company focused on developing novel therapies for neurodegenerative diseases. This acquisition in neurology, one of Sanofi's four strategic disease areas, enhances Sanofi's early-stage pipeline and includes VG-3927, which will be evaluated in a phase 2 clinical study in Alzheimer's disease. VG-3927 is an oral small molecule TREM2 agonist. Activating TREM2 is expected to enhance the neuroprotective function of microglia in Alzheimer's disease.

Under the terms of a share purchase agreement (including the exclusive right of first negotiation for an exclusive license to VG-3927 or for transfer of the rights to research, develop, manufacture, and commercialize VG-3927) entered into by Sanofi and Vigil in June 2024 for an amount of $40 million, Sanofi already held an equity interest in Vigil Neuroscience, Inc., representing approximately 12% of Vigil's share capital. That equity interest was remeasured at market value as at June 30, 2025 through **Other comprehensive income**.

VGL101, Vigil's second molecule program, is not being acquired by Sanofi.

Sanofi will acquire all outstanding common shares of Vigil for $8.00 per share in cash at closing. Based on $8.00 per share, the total equity value of Vigil represents approximately $470 million (on a fully diluted basis).

In addition, Vigil's shareholders will receive one non-transferable and non-tradeable contractual contingent value right (CVR) per Vigil share entitling the holder to receive a deferred cash payment of $2.00, contingent upon the first commercial sales of VG-3927.

The acquisition is expected to close in the third quarter of 2025 subject to closing conditions.

#### Acquisition of Blueprint Medicines Corporation
On June 2, 2025, Sanofi and Blueprint Medicines Corporation (Blueprint), a US-based, publicly traded biopharmaceutical company specializing in systemic mastocytosis (SM), a rare immunological disease, and other KIT-driven diseases, entered into an agreement under which Sanofi agreed to acquire Blueprint.

The acquisition included a rare immunology disease medicine, Ayvakit/Ayvakyt (avapritinib), approved in the US and the EU, and a promising advanced and early-stage immunology pipeline. Blueprint's established presence among allergists, dermatologists, and immunologists is expected to enhance Sanofi's growing immunology pipeline.

Under the terms of the acquisition, Sanofi agreed to pay $129.00 per share in cash at closing, representing an equity value of approximately $9.1 billion for 100% of the shares. Blueprint shareholders also received one non-tradable contractual contingent value right (CVR) per share which entitles the holder to receive two potential milestone payments of $2.00 and $4.00 per CVR on the attainment of future development and regulatory milestones within the applicable milestone period, respectively, for BLU-808. The total equity value of the transaction, including potential CVR payments, represents approximately $9.5 billion on a fully diluted basis.

In July 2025, Sanofi obtained control of Blueprint after all tender offer and merger conditions had been met.

**14 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.2. Property, plant and equipment

The table below sets forth acquisitions and capitalized interest by operating segment for the first half of 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(€ million) | <br>June 30, 2025 | <br>June 30, 2025 | <br>June 30, 2024 | <br>June 30, 2024 |
| &nbsp;&nbsp;Acquisitions |  | 702 |  | 591 |
| &nbsp;&nbsp;Biopharma |  | 663 |  | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Of which Manufacturing & Supply |  | 453 |  | 366 |
| &nbsp;&nbsp;Opella (discontinued operation, see Note B.1.) |  | 39 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Of which capitalized interest |  | 22 |  | 22 |

---

Firm orders for property, plant and equipment stood at €732 million as of June 30, 2025.

B.3. Goodwill and other intangible assets

Goodwill amounted to €40,283 million as of June 30, 2025, versus €43,384 million as of December 31, 2024. The movement during the period was mainly due to the impact of changes in exchange rates.

Movements in other intangible assets during the first half of 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(€ million) | Acquired R&D | Products,<br> trademarks and<br> other rights | Software | Total other<br> intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross value at January 1, 2025 | 12866 | 66348 | 1852 | 81066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in scope of consolidation<sup>(b)</sup> | 500 |  |  | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and other increases | 332 | 302 | 42 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals and other decreases | (22) | (199) | (7) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation differences | (1339) | (5159) | (49) | (6547) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers <sup>(a)</sup> | (40) | (244) | (8) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross value at June 30, 2025 | 12297 | 61048 | 1830 | 75175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization and impairment at January 1, 2025 | (4497) | (52507) | (1433) | (58437) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense |  | (800) | (52) | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses, net of reversals <sup>(c)</sup> | (201) | (9) |  | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposals and other decreases | 22 | 199 | 8 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation differences | 427 | 3772 | 40 | 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers <sup>(a)</sup> |  | 281 | 6 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization and impairment at June 30, 2025 | (4249) | (49064) | (1431) | (54744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrying amount at January 1, 2025 | 8369 | 13841 | 419 | 22629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrying amount at June 30, 2025 | 8048 | 11984 | 399 | 20431 |

---

*(a)* *The "Transfers" line mainly comprises (i) acquired R&D that came into commercial use during the period and (ii) reclassifications of assets to* **Assets held for sale** *.* 

*(b)* The "Changes in scope of consolidation" line mainly comprises the intangible asset recognized as part of the Dren-0201, Inc. acquisition (see Note B.1.)

*(c)* See Note B.4.

"Products, trademarks and other products" mainly comprise:

• marketed products, with a carrying amount of € 11.0 billion as of June 30, 2025 (versus € 12.7 billion as of December 31, 2024) and a weighted average amortization period of approximately 10 years; and

• technological platforms brought into service, with a carrying amount of € 1.0 billion as of June 30, 2025 (versus € 1.1 billion as of December 31, 2024) and a weighted average amortization period of approximately 18 years.

B.4. Impairment of intangible assets

The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €210 million in the first half of 2025 linked to research and development projects.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 15

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.5. Investments accounted for using the equity method

Investments accounted for using the equity method consist of associates and joint ventures (see Note B.1. to the consolidated financial statements for the year ended December 31, 2024), and comprise:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(€ million) | % interest | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp;OPAL JV Co <sup>(a)</sup> | 48.2 | 3239 |  |
| &nbsp;&nbsp;EUROAPI <sup>(b)</sup> | 29.6 | 82 | 82 |
| &nbsp;&nbsp;Infraserv GmbH & Co. Höchst KG <sup>(c)</sup> | 31.2 | 93 | 102 |
| &nbsp;&nbsp;MSP Vaccine Company <sup>(d)</sup> | 50.0 | 79 | 81 |
| &nbsp;&nbsp;Other investments |  | 70 | 51 |
| &nbsp;&nbsp;Total |  | 3563 | 316 |

---

*(a)* Following the loss of control of Opella, Sanofi holds 48.2% of OPAL JV Co (CD&R holds 50% and Bpifrance holds 1.8%), see Note B.1.. As of June 30, 2025, the investment includes a €241 million loan to OPAL JV Co being in substance part of the investment.

*(b)* The investment in EUROAPI includes an impairment loss booked in prior years determined by reference to the quoted market price (€2.89 as of June 30, 2025, and €2.88 as of December 31, 2024).

*(c)* Joint venture.

*(d)* Joint venture. MSP Vaccine Company owns 100% of MCM Vaccine BV.

The line item **Share of profit/(loss) from investments accounted for using the equity method** showed net income of €85 million for the first half of 2025 (versus a net loss of €22 million for the first half of 2024), including €11 million for Sanofi's share of profits from OPAL JV Co for the period from May 1, 2025 through June 30, 2025.

The financial statements include commercial transactions between Sanofi and some equity-accounted investments that are classified as related parties. The principal transactions and balances with related parties are summarized below:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2024 |
|  Sales <sup>(c) (d)</sup> | 29 | 59 |
|  Royalties and other income <sup>(c)</sup> <sup>(d)</sup> | 63 | 33 |
|  Purchases of goods and services (including research expenses) <sup>(c)</sup> <sup>(d)</sup> | 371 | 333 |
| (€ million) | June 30, 2025 | December 31, 2024 |
|  Accounts receivable and other receivables <sup>(a)</sup> | 299 | 184 |
|  Other assets <sup>(b)</sup> | 189 | 189 |
|  Accounts payable and other payables | 637 | 160 |

---

*(a)* Includes loans to joint ventures and associates.

*(b)* In October 2024, Sanofi raised its investment in EUROAPI by €200 million in the form of a perpetual subordinated hybrid bond. The fair value of this investment as of June 30, 2025 was €189 million (and was also €189 million as of December 31, 2024).

*(c)* Figures for 2024 comparative periods have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(d)* For the six months ended June 30, 2025, these amounts include transactions between Sanofi and OPAL JV Co for the period from May 1, 2025 through June 30, 2025.

Key items from the OPAL JV Co 2025 unaudited half-year consolidated financial statements, as provided in accordance with Sanofi's consolidation timelines, are presented below:

---

| | |
|:---|:---|
| (€ million) | June 30, 2025 |
|  Consolidated income statement |  |
|  Net sales and other revenues *(a)* | 887 |
|  Net income *(a)* | 24 |
|  Consolidated statement of comprehensive income |  |
|  Other comprehensive income | (1) |
|  Comprehensive income | 23 |

---

*(a)* With effect from May 1, 2025, OPAL JV Co is accounted for using the equity method following the loss of control of Opella by Sanofi on April 30, 2025.

**16 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

---

| | |
|:---|:---|
| (€ million) | June 30, 2025 |
| Consolidated balance sheet |  |
| Non-current assets | 16179 |
| Current assets | 2937 |
| Total assets | 19116 |
| Equity attributable to equity holders of OPAL JV Co | 5754 |
| Equity attributable to non-controlling interests | 541 |
| Total equity | 6295 |
| Non-current liabilities | 11039 |
| Current liabilities | 1782 |
| Total liabilities | 12821 |
| Total equity and liabilities | 19116 |

---

B.6. Other non-current assets

Other non-current assets comprise:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | December 31, 2024 |
| Equity instruments at fair value through other comprehensive income | 2105 | 1559 |
| Debt instruments at fair value through other comprehensive income | 362 | 357 |
| Other financial assets at fair value through profit or loss | 965 | 1027 |
| Pre-funded pension obligations | 146 | 156 |
| Long-term prepaid expenses | 143 | 152 |
| Long-term loans and advances and other non-current receivables | 382 | 502 |
| Derivative financial instruments | 6 |  |
| Total | 4109 | 3753 |

---

B.7. Accounts receivable

Accounts receivable break down as follows:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | December 31, 2024 |
| Gross value | 7896 | 7777 |
| Allowances | (86) | (100) |
| Carrying amount | 7810 | 7677 |

---

The impact of allowances against accounts receivable in the first half of 2025 was a net expense of €4 million (versus a net expense of €3 million for the first half of 2024).

The table below shows the ageing profile of overdue accounts receivable, based on gross value:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | Overdue accounts<br>gross value | Overdue accounts<br>gross value | Overdue by<br><1 month | Overdue by<br><1 month | Overdue by<br>1-3 months | Overdue by<br>1-3 months | Overdue by<br>3-6 months | Overdue by<br>3-6 months | Overdue by<br>6-12 months | Overdue by<br>6-12 months | Overdue by<br>> 12 months | Overdue by<br>> 12 months |
| As of June 30, 2025 |  | 386 |  | 122 |  | 103 |  | 73 |  | 48 |  | 40 |
| As of December 31, 2024 |  | 650 |  | 316 |  | 194 |  | 87 |  | 9 |  | 44 |

---

Amounts overdue by more than one month relate mainly to public-sector customers.

Some Sanofi subsidiaries have assigned receivables to factoring companies or banks without recourse. The amount of receivables that met the conditions described in Note B.8.6. to the consolidated financial statements for the year ended December 31, 2024 and hence were derecognized was €12 million as of June 30, 2025 (versus €14 million as of December 31, 2024). The residual guarantees relating to those transfers were immaterial as of June 30, 2025.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 17

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.8. Consolidated shareholders' equity

#### B.8.1. Share capital
As of June 30, 2025, the share capital was €2,455,512,548 and consisted of 1,227,756,274 shares (the total number of shares outstanding) with a par value of €2.

Treasury shares held by Sanofi are as follows:

---

| | | |
|:---|:---|:---|
|  | Number of shares<br>(million) | % of share capital<br>for the period |
| June 30, 2025 | 10.66 | 0.868% |
| December 31, 2024 | 9.53 | 0.755% |
| June 30, 2024 | 15.33 | 1.211% |
| January 1, 2024 | 13.45 | 1.063% |

---

A total of 171,150 shares were issued in the first half of 2025 as a result of the exercise of Sanofi stock subscription options.

In addition, 2,682,051 shares vested under Sanofi restricted share plans during the first half of 2025, of which 1,156,205 were fulfilled by issuance of new shares and 1,525,846 by allotment of existing shares free of charge.

#### B.8.2. Repurchase of Sanofi shares
On April 30, 2024, the Annual General Meeting of Sanofi shareholders authorized a share repurchase program for a period of 18 months. Under that program, Sanofi repurchased 39,344,633 of its own shares during the first half of 2025 for a total amount of €3,988 million.

During the meeting of the Board of Directors on January 29, 2025, the Board authorized Sanofi to repurchase the Company's shares, for an amount not exceeding €5 billion, under the terms and conditions set by the General Meeting of April 30, 2024 in its 19th resolution. As part of this authorization, Sanofi entered into a share buyback agreement with its historical shareholder L'Oréal on February 2, 2025 for the acquisition of 2.34% of Sanofi's share capital, equivalent to 29,556,650 shares, for a total amount of approximately €3 billion, representing a price of €101.50 per share. The conclusion of that agreement was approved by the Board of Directors on the same day prior to the signing of the agreement, and in accordance with the procedure set forth in Articles L. 225-38 et seq. of the French Commercial Code.

On April 30, 2025, the Annual General Meeting of Sanofi shareholders authorized a share repurchase program for a period of 18 months. Sanofi did not use that authorization during the first half of 2025.

#### B.8.3. Reduction in share capital
During the first half of 2025, treasury shares amounting to €3,868 million were cancelled further to decisions taken by the Sanofi Board of Directors on March 13, 2025 and April 23, 2025.

Those reductions have no impact on shareholders' equity, except for the impact of the tax on share cancellations.

#### B.8.4. Restricted share plans
Restricted share plans are accounted for in accordance with the policies described in Note B.24.3. to the consolidated financial statements for the year ended December 31, 2024. The principal features of the plans awarded in 2025 are set forth below:

---

| | |
|:---|:---|
|  | 2025 |
| &nbsp;&nbsp;&nbsp;Type of plan | Performance share plan |
| &nbsp;&nbsp;&nbsp;Date of Board meeting approving the plan | 30 April, 2025 |
| &nbsp;&nbsp;&nbsp;Total number of shares subject to a 3-year service period | 4021370 |
| &nbsp;&nbsp;&nbsp;Of which with no market condition | 2599478 |
| &nbsp;&nbsp;&nbsp;Fair value per share awarded <sup>(a)</sup> | €83.94 |
| &nbsp;&nbsp;&nbsp;Of which with market conditions | 1421892 |
| &nbsp;&nbsp;&nbsp;Fair value per share awarded other than to the Chief Executive Officer (1,331,892 shares in total) <sup>(b)</sup> | €79.25 |
| &nbsp;&nbsp;&nbsp;Fair value per share awarded to the Chief Executive Officer (90,000 shares) <sup>(b)</sup> | €75.10 |
| &nbsp;&nbsp;&nbsp;Fair value of plan at the date of grant (€ million) | 331 |

---

*(a)* Quoted market price per share at the date of grant, adjusted for dividends expected during the vesting period.

*(b)* Weighting between (i) fair value determined using the Monte Carlo model and (ii) market price of Sanofi shares at the date of grant, adjusted for dividends expected during the vesting period.

**18 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

The total expense recognized for all restricted share plans, and the number of restricted shares not yet fully vested, are shown in the table below:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | June 30, 2024 |
| &nbsp;&nbsp;&nbsp;Total expense for restricted share plans (€ million) | 146 | 128 |
| &nbsp;&nbsp;&nbsp;Number of shares not yet fully vested | 11550347 | 11192984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under 2025 plans | 4020451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under 2024 plans | 4110089 | 4498109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under 2023 plans | 3313588 | 3652352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under 2022 plans | 106219 | 3031060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under 2021 plans |  | 11463 |

---

#### B.8.5. Capital increases
On January 29, 2025, the Sanofi Board of Directors approved a capital increase reserved for employees, offering the opportunity for them to subscribe for new Sanofi shares at a price of €72.97 per share. The subscription period was open from June 10 through June 30, 2025. Sanofi employees subscribed for a total of 2,260,776 shares, and this capital increase was supplemented by the immediate issuance of a further 116,794 shares for the employer's contribution. The total expense recognized for this capital increase in the first half of 2025 was €31 million, determined in accordance with IFRS 2 (Share-Based Payment) on the basis of the discount granted to the employees.

On January 31, 2024, the Sanofi Board of Directors approved a capital increase reserved for employees, offering the opportunity for them to subscribe for new Sanofi shares at a price of €72.87 per share. The subscription period was open from June 4 through June 24, 2024. Sanofi employees subscribed for a total of 2,124,445 shares, and this capital increase was supplemented by the immediate issuance of a further 119,951 shares for the employer's contribution. The total expense recognized for this capital increase in the first half of 2024 was €45 million, determined in accordance with IFRS 2 (Share-Based Payment) on the basis of the discount granted to the employees.

#### B.8.6. Stock subscription option plans
No stock subscription option plans were awarded in the first half of 2025 or in 2024.

No further stock option plan expenses were recognized through equity in either the first half of 2025 or 2024.

The table below provides summary information about options outstanding and exercisable as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Range of exercise prices per share | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Range of exercise prices per share | Number of options | Weighted average<br>residual life<br>(years) | Weighted average<br>exercise price<br>per share<br>(€) | Number of options | Weighted average<br>exercise price<br>per share<br>(€) |
| &nbsp;&nbsp;&nbsp;From €60.00 to €70.00 per share | 168784 | 2.84 | 65.84 | 168784 | 65.84 |
| &nbsp;&nbsp;&nbsp;From €70.00 to €80.00 per share | 299250 | 2.98 | 76.48 | 299250 | 76.48 |
| &nbsp;&nbsp;&nbsp;From €80.00 to €90.00 per share | 257010 | 1.86 | 88.97 | 257010 | 88.97 |
| &nbsp;&nbsp;&nbsp;Total | 725044 |  |  | 725044 |  |

---

#### B.8.7. Number of shares used to compute diluted earnings per share
Diluted earnings per share is computed using the number of shares outstanding plus stock options with dilutive effect and restricted shares.

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) |
| &nbsp;&nbsp;&nbsp;Average number of shares outstanding | 1225.5 | 1249.4 |
| &nbsp;&nbsp;&nbsp;Adjustment for stock options with dilutive effect | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;Adjustment for restricted shares | 5.1 | 4.3 |
| &nbsp;&nbsp;&nbsp;Average number of shares used to compute diluted earnings per share | 1230.7 | 1253.8 |

---

As of June 30, 2025, December 31, 2024 and June 30, 2024, all stock options were taken into account in computing diluted earnings per share because they all had a dilutive effect.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 19

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

#### B.8.8. Other comprehensive income
Movements within other comprehensive income are shown below:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) |
| &nbsp;&nbsp;&nbsp;Actuarial gains/(losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Actuarial gains/(losses) excluding investments accounted for using the equity method | 105 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Tax effects | (25) | (57) |
| &nbsp;&nbsp;&nbsp;Equity instruments included in financial assets and financial liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (excluding investments accounted for using the equity method) | 222 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (investments accounted for using the equity method, net of taxes) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Equity risk hedging instruments designated as fair value hedges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Tax effects | (60) | (2) |
| &nbsp;&nbsp;&nbsp;Items not subsequently reclassifiable to profit or loss | 243 | 166 |
| &nbsp;&nbsp;&nbsp;Debt instruments included in financial assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (excluding investments accounted for using the equity method) <sup>(a)</sup> | 3 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (investments accounted for using the equity method, net of taxes) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Tax effects |  | 1 |
| &nbsp;&nbsp;&nbsp;Cash flow hedges and fair value hedges: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (excluding investments accounted for using the equity method) <sup>(b)</sup> | (23) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value (investments accounted for using the equity method, net of taxes) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Tax effects | 6 | 1 |
| &nbsp;&nbsp;&nbsp;Change in currency translation differences: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) <sup>(c)</sup> | (5266) | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Currency translation differences (investments accounted for using the equity method) | (26) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Hedges of net investments in foreign operations | 390 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;• Tax effects | (101) | 33 |
| &nbsp;&nbsp;&nbsp;Items subsequently reclassifiable to profit or loss | (5017) | 1067 |

---

(a) Includes reclassifications to profit or loss: immaterial over all periods.

(b) Includes reclassifications to profit or loss: €2 million in the first half of 2025, immaterial in the first half of 2024.

(c) Currency translation differences on foreign subsidiaries are mainly due to the appreciation of the US dollar.

Includes reclassifications to profit or loss: a €459 million loss in the first half of 2025 relating to the deconsolidation of Opella (see Note B.1.)., a €5 million profit in 2024, and immaterial in the first half of 2024.

B.9. Debt, cash and cash equivalents

Changes in financial position during the period were as follows:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 13200 | 11791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt and current portion of long-term debt | 7309 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage debt | 10 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | 20519 | 16137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (15359) | (7441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage cash and cash equivalents | (58) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt <sup>(a)</sup> | 5102 | 8772 |

---

(a) Net debt does not include lease liabilities, which amounted to €1,776 million as of June 30, 2025 and €1,906 million as of December 31, 2024.

"Net debt" is a non-IFRS financial measure used by management and investors to measure Sanofi's overall net indebtedness.

20 SANOFI HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

#### B.9.1. Net debt at value on redemption
A reconciliation of the carrying amount of net debt in the balance sheet to value on redemption as of June 30, 2025 is shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (€ million) |  |  |  | Value on redemption | Value on redemption |
| (€ million) | Carrying amount at<br>June 30, 2025 | Amortized cost | Adjustment to debt<br>measured at fair<br>value | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 13200 | 39 | 78 | 13317 | 11940 |
| &nbsp;&nbsp;&nbsp;Short-term debt and current portion of long-term debt | 7309 | 2 |  | 7311 | 4218 |
| &nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage debt | 10 |  | (78) | (68) | 13 |
| &nbsp;&nbsp;&nbsp;Total debt | 20519 | 41 |  | 20560 | 16171 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | (15359) |  |  | (15359) | (7441) |
| &nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage cash and cash equivalents | (58) |  |  | (58) | 76 |
| &nbsp;&nbsp;&nbsp;Net debt <sup>(a)</sup> | 5102 | 41 |  | 5143 | 8806 |

---

(a) Net debt does not include lease liabilities, which amounted to €1,776 million as of June 30, 2025 and €1,906 million as of December 31, 2024.

The table below shows an analysis of net debt by type, at value on redemption:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (€ million) | non-current | current | Total | non-current | current | Total |
| &nbsp;&nbsp;&nbsp;Bond issues | 13259 | 2322 | 15581 | 11876 | 2716 | 14592 |
| &nbsp;&nbsp;&nbsp;Other bank borrowings | 58 | 4847 (a) | 4905 | 64 | 1290 | 1354 |
| &nbsp;&nbsp;&nbsp;Other borrowings |  | 1 | 1 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Bank credit balances |  | 141 | 141 |  | 209 | 209 |
| &nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage debt |  | (68) | (68) |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;Total debt | 13317 | 7243 | 20560 | 11940 | 4231 | 16171 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | (15359) | (15359) |  | (7441) | (7441) |
| &nbsp;&nbsp;&nbsp;Interest rate and currency derivatives used to manage cash and cash equivalents |  | (58) | (58) |  | 76 | 76 |
| &nbsp;&nbsp;&nbsp;Net debt | 13317 | (8174) | 5143 | 11940 | (3134) | 8806 |

---

(a) As of June 30, 2025, current other bank borrowings include €4,535 million related to the US commercial paper program and €230 million related to the Negotiable European Commercial Paper program in France.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 21

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

Principal financing and debt reduction transactions during the period

Sanofi carried out the following bond issues during the period:

i. March 2025: a bond issue of €1.5 billion in two tranches:

• € 850 million of floating-rate bonds maturing March 2027, with quarterly coupons and bearing interest at an annual rate of 3-month Euribor plus 30 basis points; and

• € 650 million of fixed-rate bonds maturing March 2031, with annual coupons and bearing interest at an annual rate of 2.750%.

ii. June 2025: a bond issue of €1.5 billion in two tranches:

• € 750 million of fixed-rate bonds maturing June 2029, with annual coupons and bearing interest at an annual rate of 2.625%; and

• € 750 million of fixed-rate bonds maturing June 2032, with annual coupons and bearing interest at an annual rate of 3.000%.

Two bond issues were redeemed in 2025:

i. the € 1 billion fixed-rate bond issue from April 2020, which was redeemed at maturity on April 1, 2025; and

ii. the € 850 million fixed-rate bond issue from April 2022, which was redeemed at maturity on April 6, 2025.

As of June 30, 2025, Sanofi had two syndicated credit facilities linked to social and environmental criteria in place to manage its liquidity in connection with current operations:

i. a syndicated credit facility of € 4 billion, drawable in euros and US dollars and expiring on December 6, 2027, for which no further extension options are available; and

ii. a syndicated credit facility of € 4 billion, drawable in euros and US dollars and expiring on March 6, 2030, for which no further extension options are available.

As of June 30, 2025, neither facility was drawn down.

Sanofi also has two short-term debt programs:

i. a € 6 billion Negotiable European Commercial Paper program in France; and

ii. a $10 billion Commercial Paper program in the United States.

During the first half of 2025:

i. the average drawdown under the US Commercial Paper program was $2.63 billion; and

ii. the average drawdown under the Negotiable European Commercial Paper program in France was € 0.02 billion.

The financing in place as of June 30, 2025 at the level of the holding company (which manages most of Sanofi's financing needs centrally) is not subject to any financial covenants, and contains no clauses linking credit spreads or fees to the credit rating.

#### B.9.2. Market value of net debt
The market value of Sanofi's debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value |  | 4589 |  | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value on redemption |  | 5143 |  | 8806 |

---

**22 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.10. Derivative financial instruments

#### B.10.1 Currency derivatives used to manage operating risk exposures
The table below shows operating currency hedging instruments in place as of June 30, 2025. The notional amount is translated into euros at the relevant closing exchange rate.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| June 30, 2025 |  |  | Of which derivatives designated<br>as cash flow hedges | Of which derivatives designated<br>as cash flow hedges | Of which derivatives designated<br>as cash flow hedges | Of which derivatives not<br>eligible for hedge<br>accounting | Of which derivatives not<br>eligible for hedge<br>accounting |
| (€ million) | Notional<br>amount | Fair value | Notional<br>amount | Fair value | Of which<br>recognized<br>in equity | Notional<br>amount | Fair value |
|  Forward currency sales | 6619 | 133 |  |  |  | 6619 | 133 |
|  of which US dollar | 3351 | 100 |  |  |  | 3351 | 100 |
|  of which Singapore dollar | 539 | 10 |  |  |  | 539 | 10 |
|  of which Chinese yuan renminbi | 480 | 14 |  |  |  | 480 | 14 |
|  of which Japanese yen | 253 | 9 |  |  |  | 253 | 9 |
|  of which pound sterling | 173 | 2 |  |  |  | 173 | 2 |
|  Forward currency purchases | 4418 | (84) |  |  |  | 4418 | (84) |
|  of which US dollar | 2540 | (55) |  |  |  | 2540 | (55) |
|  of which Singapore dollar | 610 | (15) |  |  |  | 610 | (15) |
|  of which Chinese yuan renminbi | 277 | (5) |  |  |  | 277 | (5) |
|  of which Turkish lira | 159 | (4) |  |  |  | 159 | (4) |
|  of which United Arab Emirates dirham | 120 | (5) |  |  |  | 120 | (5) |
|  Total | 11037 | 49 |  |  |  | 11037 | 49 |

---

The above positions mainly hedge material foreign currency cash flows arising after the end of the reporting period in relation to transactions carried out during the six months ended June 30, 2025 and recognized in the balance sheet at that date. Gains and losses on hedging instruments (forward contracts) are calculated and recognized in parallel with the recognition of gains and losses on the hedged items. Due to this hedging relationship, the commercial foreign exchange difference on those items (hedging instruments and hedged transactions) will be immaterial in the second half of 2025.

#### B.10.2. Currency and interest rate derivatives used to manage financial exposure
The cash pooling arrangements for foreign subsidiaries outside the eurozone, and some of Sanofi's financing activities, expose certain Sanofi entities to financial foreign exchange risk (i.e. the risk of changes in the value of loans and borrowings denominated in a currency other than the functional currency of the lender or borrower).

That foreign exchange exposure is hedged using derivative instruments (currency swaps or forward contracts) that alter the currency split of Sanofi's debt once those instruments are taken into account.

The table below shows financial currency hedging instruments in place as of June 30, 2025. The notional amount is translated into euros at the relevant closing exchange rate.

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 |
| (€ million) | Notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value | Maximum<br> expiry date |
|  Cross currency seller swaps | 1476 | 5 |  |
| &nbsp;&nbsp;&nbsp; of which US dollar | 1476 (a) | 5 | 2032 |
|  Forward currency sales | 7723 | 176 |  |
| &nbsp;&nbsp;&nbsp; of which US dollar | 6007 (b) | 148 | 2025 |
| &nbsp;&nbsp;&nbsp; of which Pound sterling | 601 | 7 | 2025 |
| &nbsp;&nbsp;&nbsp; of which Japanese yen | 303 | 9 | 2025 |
|  Forward currency purchases | 3609 | (44) |  |
| &nbsp;&nbsp;&nbsp; of which Singapore dollar | 1289 | (14) | 2025 |
| &nbsp;&nbsp;&nbsp; of which US dollar | 1094 (c) | (33) | 2026 |
| &nbsp;&nbsp;&nbsp; of which Hungarian forint | 639 | 7 | 2025 |
|  Total | 12808 | 137 |  |

---

*(a)* *Comprises two cross currency swaps, (i) with a notional amount of $870 million, pay 4.16% receive EUR 2.50%, expiring 2029 and (ii) with a notional amount of $870 million, pay 4.53% receive EUR 3.00%, expiring 2032, designated as a fair value hedge of the exposure of an equivalent amount of cash & cash equivalents to fluctuations in the EUR/USD spot rate. As of June 30, 2025, the fair value of the swaps was an asset of €5 million, with €18 million debited to* **Other comprehensive income** *under the cost of hedging accounting treatment.* 

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 23

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

(b) Includes forward sales with a notional amount of $3,615 million expiring in 2025, designated as a hedge of Sanofi's net investment in Bioverativ. As of June 30, 2025, the fair value of these forward contracts represented an asset of €77 million; the opposite entry was recognized in Other comprehensive income , with the impact on financial income and expense being immaterial.

(c) Includes forward purchases with a notional amount of $1,000 million expiring in 2025, designated as a fair value hedge of the exposure of $1,000 million of bond issues to fluctuations in the EUR/USD spot rate. As of June 30, 2025, the fair value of these contracts represented a liability of €25 million, with €0 million credited to Other comprehensive income to recognize the hedging cost.

To optimize the cost of debt or reduce the volatility of debt, Sanofi uses derivative instruments (interest rate swaps and cross currency swaps) to alter the fixed/floating rate split of its net debt.

The table below shows instruments of this type in place as of June 30, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | Of which<br>designated as fair<br>value hedges | Of which<br>designated as fair<br>value hedges | Of which designated<br>as cash flow hedges | Of which designated<br>as cash flow hedges | Of which designated<br>as cash flow hedges |
| (€ million) | 2025 | 2026 | 2027 | 2028 | 2029<br>and<br>beyond | Total | Fair<br>value | Notional<br>amount | Fair<br>value | Notional<br>amount | Fair<br>value | Of which<br>recognized<br>in equity |
| &nbsp;&nbsp;&nbsp;Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;pay capitalized SOFR USD / receive 1.17% |  |  |  | 848 |  | 848 | (54) | 848 | (54) |  |  |  |
| &nbsp;&nbsp;&nbsp;pay 2.08% / receive Euribor 3m |  |  | 850 |  |  | 850 | (7) |  |  | 850 | (7) | (3) |
| &nbsp;&nbsp;&nbsp;pay capitalized Ester / receive 0.92% |  |  |  |  | 650 | 650 | (27) | 650 | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | 850 | 848 | 650 | 2348 | (88) | 1498 | (81) | 850 | (7) | (3) |

---

B.11. Liabilities related to business combinations and to non-controlling interests

For a description of the nature of the liabilities reported in the line item Liabilities related to business combinations and to non-controlling interests, refer to Note B.8.4. to the consolidated financial statements for the year ended December 31, 2024.

The liabilities related to business combinations and to non-controlling interests shown in the table below are level 3 instruments under the IFRS 13 and IFRS 7 fair value hierarchy (see Note A.5.).

Movements in liabilities related to business combinations and to non-controlling interests in the first half of 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (€ million) | MSD contingent<br>consideration<br>(European<br>Vaccines<br>business) | Shire contingent<br>consideration<br>arising from<br>acquisition of<br>Translate Bio | Other | Total<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Balance at January 1, 2025 | 72 | 568 | 1 | 641 |
| &nbsp;&nbsp;&nbsp;Payments made | (72) |  |  | (72) |
| &nbsp;&nbsp;&nbsp;Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) <sup>(b)</sup> | 1 | 71 |  | 72 |
| &nbsp;&nbsp;&nbsp;Currency translation differences | (1) | (76) |  | (77) |
| &nbsp;&nbsp;&nbsp;Balance at June 30, 2025 |  | 563 | 1 | 564 |
| &nbsp;&nbsp;&nbsp;Of which: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Current portion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Non-current portion |  |  |  | 564 |

---

(a) As of January 1, 2025, this comprised a non-current portion of €569 million and a current portion of €72 million.

---

| | |
|:---|:---|
| (b | Amounts mainly reported within the income statement line item "Fair value remeasurement of contingent consideration".  |

---

As of June 30, 2025, Liabilities related to business combinations and to non-controlling interests mainly comprised the contingent consideration liability towards Shire Human Genetic Therapies Inc. (Shire) arising from Sanofi's acquisition of Translate Bio in September 2021. The fair value of the Shire liability is determined by applying the contractual terms to development and sales projections that are weighted to reflect the probability of success, and discounted. The liability was measured at

€563 million as of June 30, 2025, compared with

€568 million as of December 31, 2024. If the discount rate were to fall by one percentage point, the fair value of the Shire liability would increase by approximately 10%.

The MSD contingent consideration liability arising from the 2016 acquisition of the Sanofi Pasteur activities carried on within the former Sanofi Pasteur MSD joint venture was extinguished during 2024 in accordance with the contractual terms. Sanofi has no further liability in respect of this contingent consideration following settlement of the milestone linked to 2024 sales.

24 SANOFI HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.12. Non-current provisions and other non-current liabilities

The line item Non-current provisions and other non-current liabilities comprises the following:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | December 31, 2024 |
|  Provisions | 5003 | 5762 |
|  Other non-current liabilities<sup>(a)</sup> | 2113 | 2334 |
|  Total | 7116 | 8096 |

---

(a) Includes €1,756 million at June 30, 2025 relating to the liability for royalties payable to Sobi on net sales of Beyfortus in the United States (see Note C.2. to the consolidated financial statements for the year ended December 31, 2024) . Given the method used to calculate royalties payable, an increase or decrease in sales forecasts would lead to a proportionate change in the amount of the liability. The nominal value of payments estimated to be due within more than one year but less than five years is €1,027 million; the nominal value of payments estimated to be due after more than five years is €2,293 million.

The table below shows movements in provisions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (€ million) | Provisions for<br>pensions & other<br>post-employment<br>benefits | Provisions for<br>other long-term<br>benefits | Restructuring<br>provisions | Other<br>provisions | Total |
| &nbsp;&nbsp;Balance at January 1, 2025 | 1992 | 821 | 799 | 2150 | 5762 |
| &nbsp;&nbsp;Increases in provisions and other liabilities | 69 (a) | 78 | 175 | 293 | 615 |
| &nbsp;&nbsp;Provisions utilized | (167)<sup>(a)</sup> | (61) | (10) | (378) | (616) |
| &nbsp;&nbsp;Reversals of unutilized provisions | (17)<sup>(a)</sup> |  | (2) | (178) | (197) |
| &nbsp;&nbsp;Transfers <sup>(b)</sup> | (4) |  | (158) | (93) | (255) |
| &nbsp;&nbsp;Net interest related to employee benefits, and unwinding of discount | 37 | 1 | 2 | 20 | 60 |
| &nbsp;&nbsp;Currency translation differences | (94) | (74) | (4) | (83) | (255) |
| &nbsp;&nbsp;Actuarial gains and losses on defined-benefit plans (B.12.1.) | (111) |  |  |  | (111) |
| &nbsp;&nbsp;Balance at June 30, 2025 | 1705 | 765 | 802 | 1731 | 5003 |

---

(a) In the case of "Provisions for pensions and other post-employment benefits", the "Increases in provisions" line corresponds to rights vesting in employees during the period, and past service cost; the "Provisions utilized" line corresponds to contributions paid into pension funds and to beneficiaries; and the "Reversals of unutilized provisions" line corresponds to plan curtailments, settlements and amendments.

(b) Mainly transfers to Current provisions and other current liabilities .

#### Provisions for pensions and other post-employment benefits
For an analysis of the sensitivity of obligations in respect of pensions and other employee benefits as of December 31, 2024, and of the assumptions used as of that date, see Note D.19.1. to the consolidated financial statements for the year ended December 31, 2024.

The principal assumptions used (in particular, discount and inflation rates) and the market value of plan assets for the eurozone, the United States and the United Kingdom were reviewed as of June 30, 2025 to take into account changes during the first half of the year.

During the first half of 2025, Sanofi completed a further buy-in (amounting to

€101 million) to cover the remaining uninsured liabilities arising under the main defined benefit pension scheme in the United Kingdom. Consequently, all scheme members are now fully insured as a result of buy-in transactions, except for liabilities rising from guaranteed minimum pension equalization (as described in Note D.19.1. to the consolidated financial statements for the year ended December 31, 2024).

Actuarial gains and losses arising on pensions and other post-employment benefits and recognized in equity are as follows (amounts reported before tax):

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 <sup>(c)</sup><br>(6 months)  | June 30, 2024 <sup>(c)</sup><br>(6 months)  |
| &nbsp;&nbsp;Actuarial gains/(losses) on plan assets | (45) | (138) |
| &nbsp;&nbsp;Actuarial gains/(losses) on benefit obligations | 152 (a) | 373 (b) |

---

(a) Includes the effects of (i) the change in discount rates (in a range between 0.00% and +0.30%) and (ii) the -0.30% change in the inflation rate in the United Kingdom in the first half of 2025.

(b) Includes the effects of (i) the change in discount rates (in a range between +0.40% and +0.65%) and (ii) the +0.10% change in the inflation rate in the United Kingdom in the first half of 2024.

(c) Includes actuarial gains/ (losses) related to Opella of €(4) million for the first half of 2025 and €(6) million for the first half of 2024 .

SANOFI HALF-YEAR FINANCIAL REPORT 2025 25

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.13. Off balance sheet commitments

Off balance sheet commitments to third parties as of December 31, 2024 are presented in Note D.21.1. to the consolidated financial statements for the year ended December 31, 2024.

The principal commitments entered into, amended or discontinued during the period are described below:

• In April 2025, Sanofi entered into a license and collaboration agreement with Earendil Labs for two bispecific antibodies in the field of autoimmune and inflammatory bowel diseases: HXN-1002 (targeting a 4ß7 and TL1A for potential treatment of moderate to severe ulcerative colitis and Crohn's disease) and HXN-1003 (targeting TL1A and IL23 for potential treatment of colitis and skin inflammation). Under the terms of the agreement, Earendil Labs received an upfront payment of $125 million, is eligible to receive up to a total of $1.7 billion in development and commercial milestone payments, and is eligible to receive tiered royalties on product sales.

As of June 30, 2025, Sanofi has not entered into any material new long-term renewable energy contract agreements as part of its sustainability strategy. The main existing agreements are presented in Note D.21.1. to the consolidated financial statements in the 2024 Form 20-F.

B.14. Litigation and arbitration proceedings

Sanofi and its affiliates are involved in litigation, arbitration and other legal proceedings. These proceedings typically are related to product liability claims, intellectual property rights (particularly claims against generic companies seeking to limit the patent protection of Sanofi products), competition law and trade practices, commercial claims, employment and wrongful discharge claims, tax assessment claims, waste disposal and pollution claims, and claims under warranties or indemnification arrangements relating to business divestitures.

The matters discussed below constitute the most significant developments since publication of the financial statements for the year ended December 31, 2024.

#### B.14.1. Products
Zantac product litigation in the US

As regards the ongoing Zantac product litigation in the US, the Separation Agreement (see Notes D.1 and D.22 to the consolidated financial statements in the 2024 Form 20-F) entered into between Sanofi and Opella specifies that Sanofi will indemnify the Opella group in respect of liabilities relating to (i) the commercialization of any Zantac branded products (i.e. products containing ranitidine as their active pharmaceutical ingredient) prior to closing, and (ii) all personal injury claims resulting from the manufacturing or handling of Zantac prior to closing.

In April 2025, Sanofi reached several settlement deals that in total resolve a majority of the Delaware State Court consolidated litigation. In addition, in May 2025, Sanofi reached settlements with the City of Baltimore and the New Mexico Attorney General, amicably resolving both those matters. Other cases are pending in various state courts.

On July 10, 2025, the Delaware Supreme Court unanimously reversed the Superior Court's denial of Defendants' *Daubert* motion based on the lack of reliability of plaintiff's experts on causation and remanded its findings back to the Superior Court for proceedings consistent with the rulings in the opinion.

It is not possible, at this stage, to assess with certainty the outcome of these lawsuits.

Talc product litigation in the US

As of June 30, 2025, Sanofi was named as a defendant in approximately 900 ongoing product liability actions. To date, no cases have proceeded to trial.

It is not possible, at this stage, to assess with certainty the outcome of these lawsuits.

#### B.14.2. Patents
Praluent (alirocumab)-related Amgen patent litigation in Europe

Regarding Amgen's EP 3 666 797, in April 2025, the Opposition Division of the European Patent Office ruled in Amgen's favor and decided to maintain the patent as granted. Sanofi has appealed this decision to the Technical Board of Appeals of the European Patent Office, and the appeal hearing is scheduled for April 2026.

Plavix (clopidogrel) Litigation (Commonwealth) Litigation in Australia

This matter has been finalized with no possibility of appeal. The matter is closed.

#### B.14.3. Other litigation
Plavix (clopidogrel) - Attorney General action in Hawaii

In May 2025, the parties agreed to settle the Hawaii action, with Sanofi US to pay $350 million pursuant to its settlement agreement and Bristol-Myers Squibb to pay $350 million pursuant to its separate settlement agreement. The appeal and the underlying case were dismissed pursuant to the settlement. This matter is closed.

**26 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

Plavix (clopidogrel)-related litigation in France

In the claim filed by the *Caisse Nationale d'Assurance Maladie – CNAM* (French Social Security), hearings were held in June 2025.

340B drug pricing program in the US

In the action filed by Sanofi against the Department of Health and Human Services (HHS), the Health Resources and Services Administration (HRSA) and their respective administrators, following a joint hearing held on April 29, 2025 in Sanofi's case and the similar cases filed by Eli Lilly, Bristol Myers Squibb, Novartis, and Kalderos, the district court held on May 15, 2025 that, although Section 340B does not categorically prohibit the use of manufacturer rebates, it does not allow HRSA to require preapproval of a manufacturer rebate program.

The district court also held that HRSA's letter determining that Sanofi would violate Section 340B if it launched its Credit (rebate) Model was arbitrary and capricious and remanded the Sanofi matter back to HRSA for further consideration. Eli Lilly, Bristol Myers Squibb, Novartis, and Kalderos appealed the district court's decision to the Circuit Court. Those appeals, along with a similar appeal by Johnson & Johnson, have been expedited and consolidated.

ADR Proceedings in the US

In June 2025, Sanofi received notice that Hudson Headwaters Health Network (Hudson Headwaters) had filed a petition for monetary relief against Sanofi before the HRSA ADR (Administrative Dispute Resolution) Panel. Hudson Headwaters alleges that Sanofi has violated Section 340B by allowing only one contract pharmacy to be selected and utilized per covered entity, if the covered entity does not have an in-house pharmacy capable of dispensing its drug. Hudson Headwaters alleges that this Sanofi policy is an "overcharge" under Section 340B.

State Litigation in the US

In lawsuits filed by PhRMA and certain other manufacturers challenging a contract pharmacy law passed by the State of Mississippi, the court denied for each of the plaintiffs their preliminary injunctions in their respective lawsuits. The plaintiffs appealed the denials of the preliminary injunction motions.

Various other challenges to similar state laws have been filed by PhRMA and/or certain manufacturers in a number of other states, including in Colorado, Kansas, Louisiana, Maryland, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma, Tennessee, Utah, South Dakota, and Vermont.

B.15. Other operating income and expenses

**Other operating income** amounted to €533 million in the first half of 2025 (versus €563 million in the first half of 2024), and **Other operating expenses** to €2,476 million (*versus* € 1,977 million in the first half of 2024).

Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The main items included in **Other operating income** were: in the first half of 2025, (i) income from pharmaceutical partners of €87 million (versus €121 million in the first half of 2024), of which €70 million came from Regeneron (versus €96 million in the first half of 2024, see table below) and (ii) gains on disposals of assets and operations of €344 million, primarily on divestments of non strategic products (versus €319 million in the first half of 2024).

**Other operating expenses** for the first half of 2025 included €2,331 million of expenses related to Regeneron (compared with €1,841 million in the first half of 2024), as shown in the table below.

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) |
| &nbsp;&nbsp;Income & expense related to profit/loss sharing under the Monoclonal Antibody Alliance | (2475) | (1934) |
| &nbsp;&nbsp;Additional share of profit paid by Regeneron towards development costs | 494 | 389 |
| &nbsp;&nbsp;Reimbursement to Regeneron of selling expenses incurred | (346) | (292) |
| &nbsp;&nbsp;Total: Monoclonal Antibody Alliance | (2327) | (1837) |
| &nbsp;&nbsp;Other (mainly Zaltrap and Libtayo) | 66 | 92 |
| &nbsp;&nbsp;Other operating income/(expenses), net related to Regeneron | (2261) | (1745) |
| &nbsp;&nbsp;&nbsp;&nbsp;of which amount presented in "Other operating income" | 70 | 96 |

---

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 27

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.16. Restructuring costs and similar items

**Restructuring costs and similar items** comprise the following:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
| &nbsp;&nbsp;Employee-related expenses | 201 | 810 |
| &nbsp;&nbsp;Charges, gains or losses on assets<sup>(b)</sup> | 109 | (27) |
| &nbsp;&nbsp;Costs of transformation programs | 80 | 114 |
| &nbsp;&nbsp;Other restructuring costs | 40 | 163 |
| &nbsp;&nbsp;Total | 430 | 1060 |

---

*(a)* Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* This line consists of impairment losses and accelerated depreciation charges related to closed or divested sites (including leased sites), and gains or losses on divestments of assets arising from reorganization decisions made by Sanofi.

Restructuring and similar costs decreased by €630 million between June 30, 2024 and June 30, 2025. In the first half of 2024, restructuring and similar costs mainly comprised the impacts of (i) the renewal of the Job Management and Career Paths (GEPP) program in France to cover the 2024-2026 period, including scope extensions in the job profiles affected by transformations and (ii) a voluntary redundancy program announced in 2024 in connection with the reorganization of R&D operations to make Sanofi a leader in immunology.

B.17. Other gains and losses, and litigation

For the first half of 2025, **Other gains and losses, and litigation** is a charge of €57 million, mainly related to major litigation. That compares with a charge of €450 million in the first half of 2024, mainly comprising a provision recognized in respect of the litigation related to Plavix (clopidogrel) in the US state of Hawaii.

Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

B.18. Financial expenses and income

An analysis of financial expenses and income is set forth below:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
| &nbsp;&nbsp;Cost of debt <sup>(b)</sup> | (219) | (306) |
| &nbsp;&nbsp;Interest income <sup>(c)</sup> | 162 | 239 |
| &nbsp;&nbsp;Cost of net debt | (57) | (67) |
| &nbsp;&nbsp;Non-operating foreign exchange gains/(losses) | 1 |  |
| &nbsp;&nbsp;Unwinding of discounting of provisions <sup>(d)</sup> | (22) | (19) |
| &nbsp;&nbsp;Net interest cost related to employee benefits | (37) | (39) |
| &nbsp;&nbsp;Net interest expense on lease liabilities | (22) | (20) |
| &nbsp;&nbsp;Other<sup>(e)</sup> | (40) | (161) |
| &nbsp;&nbsp;Net financial income/(expenses) | (177) | (306) |
| &nbsp;&nbsp;comprising: Financial expenses | (361) | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial income | 184 | 277 |

---

*(a)* Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* Includes net gain/(loss) on interest rate and currency derivatives used to manage debt: €(25) million in the first half of 2025 and €(24) million in the first half of 2024.

*(c)* Includes net gain/(loss) on interest rate and currency derivatives used to manage cash and cash equivalents: €(4) million in the first half of 2025 and €(18) million in the first half of 2024.

*(d)* Primarily on provisions for environmental risks, restructuring provisions, and provisions for product-related risks (see Note B.12.).

*(e)* Includes a financial expense of €50 million for the six months ended June 30, 2025 and €176 million for the six months ended June 30, 2024 for the remeasurement of the liability recorded in the balance sheet for estimated future royalties on Beyfortus sales in the US.

The impact of the ineffective portion of hedging relationships was not material in either 2025 or 2024.

**28 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.19. Income tax expense

Sanofi has elected for tax consolidations in a number of countries, principally France, Germany, the United Kingdom and the United States.

The table below shows the allocation of income tax expense between current and deferred taxes:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) <sup>(a)</sup> |
| &nbsp;&nbsp;Current taxes | (1202) | (1108) |
| &nbsp;&nbsp;Deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |
| &nbsp;&nbsp;Total | (711) | (379) |
| &nbsp;&nbsp;Income before tax and investments accounted for using the equity method | 3582 | 2462 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The difference between the effective tax rate (on income before tax and investments accounted for using the equity method) and the standard corporate income tax rate applicable in France is explained as follows:

---

| | | |
|:---|:---|:---|
| (as a percentage) | June 30, 2025<br>(6 months)<sup>(b)</sup> | June 30, 2024<br>(6 months)<sup>(a)(b)</sup> |
| &nbsp;&nbsp;Standard tax rate applicable in France | 25.8 | 25.8 |
| &nbsp;&nbsp;Difference between the standard French tax rate and the rates applicable to Sanofi<sup>(c)</sup> | (7.3) | (15.5) |
| &nbsp;&nbsp;Revisions to tax exposures and settlements of tax disputes | 2.3 | 2.3 |
| &nbsp;&nbsp;Other<sup>(d)</sup> | (1.0) | 2.8 |
| &nbsp;&nbsp;Effective tax rate | 19.8 | 15.4 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* Rate calculated on the basis of the estimated effective tax rate for the full financial year (see Note A.2.).

*(c)* The difference between the French tax rate and tax rates applicable to foreign subsidiaries reflects the fact that Sanofi has operations in many countries, most of which have lower tax rates than France.

The 2024 component of the temporary exceptional corporate income tax contribution, introduced under the 2025 French Finance Bill, is included in the tax charge but excluded from the calculation of the annual average effective tax rate in accordance with IAS 34.

*(d)* For the six months ended June 30, 2025, this line includes a tax expense of €17 million, representing the estimated impact of Pillar Two based on Sanofi's current understanding of Pillar Two rules, and €52 million for the six months ended June 30, 2024.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 29

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.20. Revenue from contracts with customers

#### B.20.1. Analysis of net sales
The table below sets forth net sales for the six months ended June 30, 2025 and June 30, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | (€ million) | Europe | United<br>States | Other<br>countries | June 30,<br>2025 | Europe | United<br>States | Other<br>countries | June 30,<br>2024 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Total Group | &nbsp;&nbsp;&nbsp;Total Group | 4144 | 9535 | 6210 | 19889 | 4072 | 8292 | 5996 | 18360 |
| &nbsp;&nbsp;&nbsp;Immunology | &nbsp;&nbsp;&nbsp;Immunology |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | Dupixent | 944 | 5283 | 1085 | 7312 | 770 | 4437 | 931 | 6138 |
| &nbsp;&nbsp;&nbsp;Rare diseases | &nbsp;&nbsp;&nbsp;Rare diseases |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | ALTUVIIIO |  | 456 | 86 | 542 |  | 259 | 21 | 280 |
|  | Nexviazyme/Nexviadyme | 132 | 195 | 60 | 387 | 95 | 174 | 51 | 320 |
|  | Cablivi | 55 | 71 | 10 | 136 | 43 | 60 | 10 | 113 |
|  | Xenpozyme | 44 | 47 | 19 | 110 | 24 | 37 | 11 | 72 |
| &nbsp;&nbsp;&nbsp;Neurology | &nbsp;&nbsp;&nbsp;Neurology |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | Aubagio | 40 | 76 | 22 | 138 | 95 | 96 | 18 | 209 |
| &nbsp;&nbsp;&nbsp;Oncology | &nbsp;&nbsp;&nbsp;Oncology |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | Sarclisa | 83 | 119 | 74 | 276 | 64 | 100 | 63 | 227 |
| &nbsp;&nbsp;&nbsp;Other medicines | &nbsp;&nbsp;&nbsp;Other medicines |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | Rezurock | 23 | 220 | 20 | 263 | 12 | 188 | 7 | 207 |
|  | Tzield | 1 | 27 | 1 | 29 | 1 | 20 |  | 21 |
| &nbsp;&nbsp;&nbsp;Industrial sales | &nbsp;&nbsp;&nbsp;Industrial sales | 241 | 1 | 9 | 251 | 273 | 1 |  | 274 |
| &nbsp;&nbsp;&nbsp;Vaccines | &nbsp;&nbsp;&nbsp;Vaccines |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;of which | Polio/Pertussis/<br>Hib Vaccines | 223 | 320 | 818 | 1361 | 248 | 311 | 789 | 1348 |
|  | Meningitis, travel and endemics vaccines | 96 | 319 | 194 | 609 | 97 | 301 | 185 | 583 |
|  | RSV vaccine (Beyfortus) | 85 | 68 | 203 | 356 | 7 | 116 | 77 | 200 |
|  | Influenza Vaccines | 52 | 54 | 108 | 214 | 30 | 16 | 142 | 188 |
| &nbsp;&nbsp;&nbsp;Total net sales | &nbsp;&nbsp;&nbsp;Total net sales | 4144 | 9535 | 6210 | 19889 | 4072 | 8292 | 5996 | 18360 |

---

*(a)* Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

#### B.20.2. Other revenues

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months)<sup>(a)</sup> |
|  VaxServe sales of non-Sanofi products | 842 | 854 |
|  Sales to Opella <sup>(b)</sup> | 61 | 95 |
|  Royalties | 68 | 62 |
|  Other<sup>(c)</sup> | 275 | 341 |
|  Total Biopharma Other revenues | 1246 | 1352 |
|  Sales / Revenues from Opella products<sup>(d)</sup> | 206 | 177 |
|  Total Other revenues | 1452 | 1529 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* Revenues generated from the manufacture of Consumer Healthcare products on behalf of Opella entities. Until April 30, 2025, Opella entities were within the scope of discontinued operations (see Note B.1). With effect from May 1, 2025, Opella entities are treated as related parties in accordance with IAS24 (see Note B.5.).

*(c)* This line mainly comprises revenues received under agreements for Sanofi to provide manufacturing services to third parties.

*(d)* Consumer Healthcare activities not transferred on the effective date of loss of control of Opella. These are primarily (i) hospital sales of Opella products in China, the transfer of which will be finalized no earlier than 2028; (ii) sales made by the dedicated entity Opella Russie, of which Sanofi continues to hold the capital (Sanofi is continuing to distribute Opella products in Russian territory under a distribution agreement signed in connection with the separation, the parties reserving the right to discuss the transfer of that entity during the term of the distribution agreement); and (iii) sales of the Gold Bond product range, which are continuing in the United States through the retained subsidiary Gold Bond LLC (holder of the associated worldwide property rights).

**30 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.21. Segment information

The segment information presented by Sanofi consists of a single operating segment: Biopharma.

The Biopharma operating segment comprises commercial operations and research, development and production activities relating to the Specialty Care, General Medicines and Vaccines franchises plus support and corporate functions, for all geographical territories. It also includes revenues generated from the manufacture of Consumer Healthcare products invoiced to Opella, which constitutes a related party with effect from the deconsolidation date (April 30, 2025). Those revenues, which before that date represented intragroup transactions classified within continuing operations, are presented within **Other Revenues** in the income statement. The Biopharma operating segment also includes the purchase price of Biopharma products manufactured by Opella.

The "Other" category comprises primarily, but not exclusively, Consumer Healthcare activities not transferred on the effective date of loss of control of Opella. These are primarily (i) hospital sales of Opella products in China, the transfer of which will be finalized no earlier than 2028; (ii) sales made by the dedicated entity Opella Russie, of which Sanofi continues to hold the capital (Sanofi is continuing to distribute Opella products in Russian territory under a distribution agreement signed in connection with the separation, the parties reserving the right to discuss the transfer of that entity during the term of the distribution agreement); and (iii) sales of the Gold Bond product range, which are continuing in the United States through the retained subsidiary Gold Bond LLC (holder of the associated worldwide property rights).

#### B.21.1. Segment results
Sanofi reports segment results on the basis of "Business operating income". This indicator is used internally by Sanofi's chief operating decision maker to measure the performance of the operating segment and to allocate resources.

"Business operating income" is derived from **Operating income**, adjusted as follows:

• amortization and impairment losses charged against intangible assets (other than software and other rights of an industrial or operational nature), are eliminated;

• fair value remeasurements of contingent consideration relating to business combinations (IFRS 3) or business divestments, and presented within the line item **Fair value remeasurement of contingent consideration**, are eliminated;

• expenses arising from the remeasurement of inventories following business combinations (IFRS 3) or acquisitions of groups of assets that do not constitute a business within the meaning of paragraph 2b of IFRS 3, are eliminated;

• amounts reported within the line items **Restructuring costs and similar items** are eliminated;

• other gains and losses (including gains and losses on major divestments), presented within the line item **Other gains and losses, and litigation**, are eliminated;

• other costs and provisions related to litigation, presented within the line item **Other gains and losses, and litigation**, are eliminated;

• the share of profits/losses from investments accounted for using the equity method is added, to the extent that this relates to joint ventures and associates with which Sanofi has a strategic alliance; and

• the portion attributable to non-controlling interests related to continuing operations and excluding the effects of the above reconciliation items, is deducted.

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 31

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

Segment results are shown in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) | June 30, 2025 (6 months) |
| (€ million) | Biopharma | Biopharma | Biopharma | Other | Other | Other | Total | Total | Total |
|  | June 30,<br>2025 | Change vs.<br>June 30,<br>2024 on a<br>reported<br>basis (IFRS) | Change vs.<br>June 30,<br>2024 at<br>constant<br>exchange<br>rates<br>(non-IFRS) | **June 30,<br>2025** | Change vs.<br>June 30,<br>2024 on a<br>reported<br>basis (IFRS) | Change vs.<br>June 30,<br>2024 at<br>constant<br>exchange<br>rates<br>(non-IFRS) | **June 30,<br>2025** | Change vs.<br>June 30,<br>2024 on a<br>reported<br>basis (IFRS) | Change vs.<br>June 30,<br>2024 at<br>constant<br>exchange<br>rates<br>(non-IFRS) |
| &nbsp;&nbsp;Net sales | 19889 | +8.3% | +9.9% |  | —% |  | 19889 | +8.3% | +9.9% |
| &nbsp;&nbsp;Other revenues | 1246 | -7.8% | -6.4% | 206 | +16.4% | +15.3% | 1452 | -5.0% | -3.9% |
| &nbsp;&nbsp;Cost of sales | (5753) | -1.6% | -0.1% | (128) | +16.4% | +14.5% | (5881) | -1.3% | +0.2% |
| &nbsp;&nbsp;Research and development expenses | (3716) | +11.5% | +12.3% | (1) | —% | —% | (3717) | +11.5% | +12.3% |
| &nbsp;&nbsp;Selling and general expenses | (4447) | +4.7% | +5.9% | (59) | +5.4% | +5.4% | (4506) | +4.7% | +5.9% |
| &nbsp;&nbsp;Other operating income and expenses | (1941) |  |  | (2) |  |  | (1943) |  |  |
| &nbsp;&nbsp;Share of profit/(loss) from investments accounted for using the equity method | 77 |  |  |  |  |  | 77 |  |  |
| &nbsp;&nbsp;Net income attributable to non-controlling interests | (8) |  |  |  |  |  | (8) |  |  |
| &nbsp;&nbsp;Business operating income | 5347 | +8.8% | +11.0% | 16 | -27.3% | -27.3% | 5363 | +8.6% | +10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As % of net sales | 26.9% |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27.0% |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, 2024 (6 months) (a) | June 30, 2024 (6 months) (a) | June 30, 2024 (6 months) (a) |
| (€ million) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biopharma | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;Net sales | 18360 |  | 18360 |
| &nbsp;&nbsp;Other revenues | 1352 | 177 | 1529 |
| &nbsp;&nbsp;Cost of sales | (5849) | (110) | (5959) |
| &nbsp;&nbsp;Research and development expenses | (3334) | (1) | (3335) |
| &nbsp;&nbsp;Selling and general expenses | (4247) | (56) | (4303) |
| &nbsp;&nbsp;Other operating income and expenses | (1426) | 12 | (1414) |
| &nbsp;&nbsp;Share of profit/(loss) from investments accounted for using the equity method | 66 |  | 66 |
| &nbsp;&nbsp;Net income attributable to non-controlling interests | (6) |  | (6) |
| &nbsp;&nbsp;Business operating income | 4916 | 22 | 4938 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The table below, presented in compliance with IFRS 8, shows a reconciliation between "Business operating income" and **Income before tax and investments accounted for using the equity method**:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025<br>(6 months) | June 30, 2024<br>(6 months) (a) |
| &nbsp;&nbsp;Business operating income | 5363 | 4938 |
| &nbsp;&nbsp;Share of profit/(loss) from investments accounted for using the equity method<sup>(b)</sup> | (77) | (66) |
| &nbsp;&nbsp;Net income attributable to non-controlling interests<sup>(c)</sup> | 8 | 6 |
| &nbsp;&nbsp;Amortization and impairment of intangible assets<sup>(d)</sup> | (987) | (527) |
| &nbsp;&nbsp;Fair value remeasurement of contingent consideration | (61) | (66) |
| &nbsp;&nbsp;Expense arising from the impact of acquisitions on inventories<sup>(e)</sup> |  | (7) |
| &nbsp;&nbsp;Restructuring costs and similar items<sup>(f)</sup> | (430) | (1060) |
| &nbsp;&nbsp;Other gains and losses, and litigation<sup>(g)</sup> | (57) | (450) |
| &nbsp;&nbsp;Operating income | 3759 | 2768 |
| &nbsp;&nbsp;Financial expenses | (361) | (583) |
| &nbsp;&nbsp;Financial income | 184 | 277 |
| &nbsp;&nbsp;Income before tax and investments accounted for using the equity method | 3582 | 2462 |

---

*(a)* Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

*(b)* Joint ventures and associates with which Sanofi has entered into a strategic alliance.

*(c)* Excludes (i) restructuring costs and (ii) other adjustments attributable to non-controlling interests.

*(d)* The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €210 million in the first half of 2025 linked to research and development projects. As of June 30, 2024, this line includes a net reversal of impairment losses amounting to €371 million, mainly due to an increase in the expected recoverable amounts of certain marketed products and other rights.

*(e)* This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date.

*(f)* See Note B.16.

*(g)* See Note B.17.

**32 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

------

Exhibit 99.1

1. Condensed half-year consolidated financial statements

#### B.21.2. Other segment information
Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

The tables below show the split by operating segment of (i) the carrying amount of investments in joint ventures and associates accounted for using the equity method with which Sanofi has entered into a collaboration agreement; (ii) acquisitions of property, plant and equipment; and (iii) acquisitions of intangible assets.

Investments accounted for using the equity method mainly comprise MSP Vaccine Company and Infraserv GmbH & Co. Höchst KG (see Note B.5.).

Acquisitions of intangible assets and property, plant and equipment correspond to acquisitions paid for during the period.

---

| | | |
|:---|:---|:---|
|  | Biopharma | Biopharma |
| (€ million) | June 30, 2025 | June 30, 2024 |
|  Investments accounted for using the equity method <sup>(a)</sup> | 483 | 229 |
|  Acquisitions of property, plant and equipment | 845 | 882 |
|  Acquisitions of other intangible assets | 575 | 922 |

---

*(a)* Carrying amount at the end of the reporting period.

#### B.21.3. Information by geographical region
The geographical information on net sales provided below is based on the geographical location of the customer.

---

| | | |
|:---|:---|:---|
|  | Net sales | Net sales |
| (€ million) | June 30, 2025 | June 30, 2024 (a) |
|  Europe | 4144 | 4072 |
|  of which France | 835 | 855 |
|  United States | 9535 | 8292 |
|  Rest of the World | 6210 | 5996 |
|  of which China | 1388 | 1406 |
|  Total | 19889 | 18360 |

---

*(a)* Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.

In accordance with IFRS 8, the non-current assets reported below exclude financial instruments, deferred tax assets, pre-funded pension obligations, and right-of-use assets as determined under IFRS 16.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (€ million) | Property, plant<br>and equipment | Goodwill | Other<br>intangible<br>assets | Property, plant<br>and equipment | Goodwill | Other<br>intangible<br>assets |
|  Europe | 5438 |  | 3167 | 5550 |  | 3307 |
|  of which France | 2953 |  |  | 3112 |  |  |
|  United States | 2080 |  | 16725 | 2411 |  | 18711 |
|  Rest of the World | 2056 |  | 539 | 2130 |  | 611 |
|  of which China | 83 |  |  | 96 |  |  |
|  Total | 9574 | 40283 | 20431 | 10091 | 43384 | 22629 |

---

As stated in Note D.5. to the consolidated financial statements for the year ended December 31, 2024, goodwill is not allocated by geographical region.

#### B.21.4. Disclosures about major customers
Sales generated by Sanofi with its biggest customers, in particular certain wholesalers in the United States, represented 35% of net sales in the first half of 2025. Sanofi's three largest customers respectively accounted for approximately 18%, 12% and 5% of consolidated net sales in the first half of 2025 (versus approximately 13%, 9% and 7% in the first half of 2024).

**SANOFI** HALF-YEAR FINANCIAL REPORT 2025 33

------

#### **Table of Contents**
Exhibit 99.1

1. Condensed half-year consolidated financial statements

B.22. Information related to Opella, presented within assets held for sale and discontinued operations

On April 30 2025, the Opella transaction was closed (see Note B.1.) triggering loss of control, and resulting in the derecognition of all assets and liabilities of Opella subsidiaries. As of December 31, 2024, all Opella assets and associated liabilities were classified as held for sale, in accordance with IFRS 5.

---

| | |
|:---|:---|
| (€ million) | December 31, 2024 |
|  Assets |  |
|  Property, plant and equipment owned | 760 |
|  Right-of-use assets | 116 |
|  Goodwill | 7255 |
|  Other intangible assets | 2928 |
|  Inventories | 600 |
|  Accounts receivable | 989 |
|  Other assets | 841 |
|  Total assets held for sale | 13489 |
|  Liabilities |  |
|  Lease liabilities | 112 |
|  Non-current provisions and other non-current liabilities | 204 |
|  Accounts payable | 797 |
|  Current provisions and other current liabilities | 570 |
|  Other liabilities | 448 |
|  Total liabilities related to assets held for sale | 2131 |

---

In accordance with IFRS 5, the Opella held for sale asset group, and the related liabilities, were measured at the lower of carrying amount and fair value less costs to sell. This valuation did not result in the recognition of any impairment.

The table below shows the main items presented within **Net income from discontinued operations**:

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2024 |
|  Net sales and other revenues <sup>(a)</sup> | 1736 | 2645 |
| Operating income <sup>(a)</sup> | 266 | 277 |
| Gain on disposal of Opella before tax | 2781 |  |
| &nbsp;&nbsp;&nbsp;Income before tax and investments accounted for using the equity method, including gain on disposal of Opella before tax | 3039 | 278 |
| Income tax expense <sup>(b)</sup> | (158) | (85) |
| Net income from discontinued operations (Opella) | 2881 | 202 |

---

*(a)* For the first half of 2025, these lines include the net sales and operating income of Opella until the date of loss of control date (see Note B.1.).

*(b)* In 2025, this line includes an expense of €88 million related to the tax impact on the gain arising on the loss of control of Opella.

The table below presents basic and diluted earnings per share from discontinued operations (Opella), in accordance with IAS 33 (Earnings per Share):

---

| | | |
|:---|:---|:---|
| (€ million) | June 30, 2025 | June 30, 2024 |
|  Net income from discontinued operations (Opella) | 2881 | 202 |
|  Average number of shares outstanding (million) | 1225.5 | 1249.4 |
|  Average number of shares after dilution (million) | 1230.7 | 1253.8 |
|  Basic earnings per share (in euros) | 2.34 | 0.16 |
|  Diluted earnings per share (in euros) | 2.33 | 0.16 |

---

#### C/ Events subsequent to June 30, 2025
On July 22, 2025, Sanofi announced that it had entered into an agreement to acquire Vicebio Ltd ("Vicebio"), a privately held biotechnology company headquartered in London, UK. The acquisition brings to Sanofi an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV), both respiratory viruses, and expands Sanofi's capabilities in vaccine design and development with Vicebio's 'Molecular Clamp' technology. Under the terms of the agreement, Sanofi would acquire all of Vicebio's share capital for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including receipt of regulatory approvals.

**34 SANOFI** HALF-YEAR FINANCIAL REPORT 2025

## Exhibit 99.2

*Exhibit 99.2*

---

| | |
|:---|:---|
|  *INFORMATION ON HALF-YEAR 2025 FINANCIAL RESULTS* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Significant events of the first half of 2025  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Events subsequent to June 30, 2025 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Comments to the condensed half-year consolidated financial statements for the six months ended June 30, 2025 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Risk factors and related party transactions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Appendix - research and development pipeline | 18 |

---

*A. Significant events of the first half of 2025* 

**A.1. First-half 2025 overview** 

During the first half of 2025, Sanofi continued to implement its growth and innovation strategy, focused on launching major innovations, reallocating resources and developing innovative research and development (R&D). Significant events connected with the implementation of this strategy are described below (for additional information on developments related to R&D see also Section "A.2. Research and Development").

During the meeting of the Board of Directors on January 29, 2025, the Board authorized Sanofi to *repurchase the Company's shares*, for an amount not exceeding €5 billion, under the terms and conditions set by the General Meeting of April 30, 2024 in its 19th resolution. As part of this authorization, Sanofi entered into a share buyback agreement with its historical shareholder L'Oréal on February 2, 2025 for the acquisition of 2.34% of Sanofi's share capital, equivalent to 29,556,650 shares, for a total amount of approximately €3 billion, representing a price of €101.50 per share. The conclusion of that agreement was approved by the Board of Directors on the same day prior to the signing of the agreement, and in accordance with the procedure set forth in Articles L. 225-38 et seq. of the French Commercial Code. In addition, on February 6, 2025 Sanofi entered into a mandate with an investment services provider to repurchase its own shares for a maximum amount of €2 billion, between February 7, 2025 and December 31, 2025.

As part of its Euro Medium Term Note program, Sanofi carried out *two bond* issues in the first half of 2025. On March 5, 2025, a first issue of €1.5 billion was completed, comprising €850 million of floating-rate bonds (3-month Euribor + 0.300%) maturing in March 2027, and €650 million of fixed-rate bonds (2.750% per annum) maturing in March 2031. On June 17, 2025; a second issue of €1.5 billion was completed, consisting of two tranches of €750 million each: one at a fixed rate of 2.625% per annum maturing in June 2029, and the other at a fixed rate of 3.000% per annum maturing in June 2032. Sanofi will use the net proceeds from the issuance of these bonds for general corporate purposes.

On April 30, 2025, Sanofi announced the completion of the transaction with Clayton, Dubilier & Rice ("CD&R") relating to Sanofi's consumer healthcare business, *Opella*. Pursuant to the transaction, Sanofi retains a 48.2% equity interest in OPAL JV Co, which indirectly holds 100% of Opella. Bpifrance holds a minority stake of 1.8% and will be represented on Opella's Board. As a result of the transaction, Sanofi has recognized a net gain of €2.7 billion, reported within the line item ***Net income from discontinued operations*** in the consolidated income statement (see Note B.7. to the consolidated financial statements for the year ended December 31, 2024). Sanofi has received total net cash proceeds of €10.7 billion pursuant to the transaction, presented within the line item ***Net cash inflow from the Opella transaction*** in the statement of cash flows.

On May 22, 2025, Sanofi announced that it had entered into an agreement to acquire *Vigil Neuroscience, Inc*. ("Vigil"), a US-based publicly traded clinical-stage biotechnology company focused on developing novel therapies for neurodegenerative diseases. This acquisition in neurology is expected to enhance Sanofi's early-stage pipeline, and includes VG-3927, an oral small molecule TREM2 agonist currently in development for Alzheimer's disease. Sanofi had previously invested $40 million in June 2024, including a pre-emptive right to VG-3927.

On May 27, 2025, Sanofi announced the completion of the acquisition of *DR-0201*, a targeted bispecific antibody developed by Dren Bio, Inc., a privately held clinical-stage biopharmaceutical company. The definitive agreement was signed on March 19, 2025. DR-0201, now named SAR448501, engages myeloid cells for robust B-cell depletion, as demonstrated in preclinical and early clinical studies. Under the merger agreement, Sanofi acquired Dren-0201, a subsidiary of Dren Bio, for an upfront payment of $600 million, supplemented by potential milestone payments of up to $1.3 billion contingent upon attainment of development and commercialization milestones.

On June 2, 2025, Sanofi and *Blueprint Medicines Corporation* ("Blueprint"), a US-based, publicly traded biopharmaceutical company specializing in systemic mastocytosis ("SM"), a rare immunological disease, and other KIT-driven diseases, entered into an agreement under which Sanofi agreed to acquire Blueprint.

Net sales for the first half of 2025 amounted to €19,889 million, 8.3% higher than in the first half of 2024. At constant exchange rates ("CER")<sup>(</sup><sup>1</sup><sup>)</sup>, net sales rose by 9.9%, driven mainly by strong performances for Dupixent, ALTUVIIIO and Beyfortus.

*<sup>(1)</sup>* *Non-IFRS financial measure: see definition in Section C.3.,"Net sales."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

***Net income attributable to equity holders of Sanofi*** amounted to €5,812 million in the first half of 2025, compared to €2,246 million in the first half of 2024. Earnings per share was €4.74 for the first half of 2025, compared to €1.80 for the first half of 2024. Business net income<sup>(</sup><sup>2</sup><sup>)</sup> was €4,152 million, an increase of 7.6% compared to the first half of 2024, while business earnings per share ("business EPS"<sup>(2)</sup>) was €3.39, an increase of 9.7% compared to the first half of 2024.

**A.2. Research and development** 

During the first half of 2025, Sanofi maintained its R&D efforts with the aim of improving quality of life for people around the globe by developing innovative vaccines and medicines.

Progress made in R&D during the period is described in detail below, and an update on the R&D pipeline is presented in Section E. of this document.

*Immunology* 

**Dupixent (dupilumab)** 

After evaluation under priority review by the US Food and Drug Administration ("FDA"), Dupixent was approved for the treatment of adult patients with **bullous pemphigoid** ("BP"), a chronic, debilitating, and relapsing skin disease with underlying type-2 inflammation that typically occurs in an elderly population. The approval is based on data from the pivotal ADEPT phase 2/3 study that evaluated the efficacy and safety of Dupixent compared to placebo in adults with moderate-to-severe BP. Additional regulatory applications are under review around the world, including in the European Union ("EU"), Japan, and China.

Dupixent was granted marketing and manufacturing authorization in Japan for the treatment of chronic obstructive pulmonary disease ("COPD") in adults whose disease is not adequately controlled with existing therapy. The approval in Japan was based on data from the BOREAS phase 3 study.

**itepekimab (IL33 mAb)** 

The AERIFY-1 phase 3 study evaluating itepekimab in former smokers with inadequately controlled COPD met the primary endpoint of a statistically significant reduction in moderate or severe acute exacerbations compared to placebo of 27% at week 52, a clinically meaningful benefit. With a reduction of only 2% at week 52, the AERIFY-2 phase 3 study did not meet the same primary endpoint. In the studies, patients were randomized to receive itepekimab every two weeks, every four weeks, or placebo, which was added to inhaled triple or double standard-of-care therapy. The safety of itepekimab was consistent across the studies, and adverse events were generally comparable between treatment and placebo groups. Sanofi and Regeneron are reviewing the data, including the apparent loss of benefit in AERIFY-2, and will discuss with regulatory authorities to evaluate next steps.

The CEREN 1 and CEREN 2 phase 3 studies of two dose regimens of itepekimab compared with placebo as add-on therapy to intranasal corticosteroids in patients with inadequately controlled CRSwNP commenced dosing the first patients.

**amlitelimab (CD40 mAb)** 

The COAST 1 and SHORE phase 3 studies, part of the OCEANA study program in atopic dermatitis ("AD"), have completed patient recruitment ahead of schedule. Patient recruitment proceeded efficiently, providing an opportunity to optimize the overall sample sizes and robustness of the studies. The OCEANA program is anticipated to read out in 2025 (initial data) and 2026 (full data) and will provide the foundation for potential regulatory submissions.

**Rezurock (belumosudil)** 

Based on a pre-specified interim analysis, a decision was made to discontinue the ROCKnrol-1 phase 3 study evaluating belumosudil in first-line chronic graft-versus-host disease. No major safety concerns were identified.

**riliprubart (C1s mAb)** 

The US FDA granted orphan drug designation to riliprubart for the treatment of antibody-mediated rejection ("AMR") in solid organ transplantation. This designation reflects Sanofi's commitment to addressing a critical unmet need in transplant medicine, where AMR remains a significant challenge with no FDA-approved treatments available.

*Rare diseases* 

**Qfitlia (fitusiran)** 

The US FDA approved Qfitlia, the first antithrombin ("AT")-lowering medicine for routine prophylaxis to prevent or reduce the frequency of bleeding episodes in adult and pediatric patients (aged 12 or older) with hemophilia A or B with or without factor VIII or IX inhibitors. The approval is based on data from the ATLAS phase 3 studies that demonstrated clinically meaningful bleed protection as measured by annualized bleeding rates across hemophilia patients with or without inhibitors. In conjunction with the Qfitlia approval, the FDA also cleared Siemens

*<sup>(2)</sup>* *Non-IFRS financial measure: see definition in Section C.2., "Net income attributable to equity holders of Sanofi (IFRS measure) and Business net income (non-IFRS financial measure)."* 

**2** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

Healthineers' INNOVANCE<sup>®</sup> AT assay as a companion diagnostic for Qfitlia to measure AT levels. The medicine is also under regulatory review in China.

**Cerezyme (imiglucerase)** 

The US FDA accepted for review the submission of a supplemental biologics license application ("sBLA") for Cerezyme to treat patients with Gaucher disease type 3 ("GD3"), with no age limitation, for patients with GD1 and GD3. The FDA decision is expected in the first quarter of 2026.

**rilzabrutinib (BTK inhibitor)** 

The US FDA granted orphan drug designation to rilzabrutinib, a novel, advanced, oral, reversible Bruton's tyrosine kinase ("BTK") inhibitor that works via multi-immune modulation to target a reduction in vaso-occlusive crises (which may occur via inflammation), in sickle cell disease.

*Neurology* 

**tolebrutinib (BTK inhibitor)** 

The US FDA is evaluating under priority review the regulatory submission of tolebrutinib, the submission of which was accepted in the first half of 2025, to treat non-relapsing secondary progressive multiple sclerosis ("nrSPMS") and to slow disability accumulation independent of relapse activity. The FDA decision is expected before the end of 2025. A regulatory submission has also been accepted and is under review in the EU. The positive results from the HERCULES phase 3 study that form the basis for these regulatory submissions were published in the *New England Journal of Medicine* ("NEJM") in April 2025. As part of the ongoing regulatory review, discussions with the FDA and the EMA are continuing with respect to efficacy and safety, including liver safety, from the clinical studies.

**riliprubart (C1s mAb)** 

In Japan, riliprubart was granted orphan drug designation for people with chronic inflammatory demyelinating polyneuropathy ("CIDP"). Despite available therapies, many CIDP patients are left with residual symptoms, including weakness, numbness, and fatigue that can lead to long-term morbidity and diminished quality of life. Approximately 30% of people with CIDP do not respond to standard therapies. The orphan drug designation is granted to medicines that address rare medical diseases or conditions with unmet medical needs. There are currently approximately 4,000 people diagnosed with CIDP in Japan.

*Oncology* 

**Sarclisa (isatuximab)** 

Following the adoption of a positive opinion by the European Medicines Agency's ("EMA") Committee for Medicinal Products for Human Use ("CHMP"), Sarclisa in combination with the standard-of-care regimen bortezomib, lenalidomide, and dexamethasone ("VRd") was approved in January in the EU for the treatment of adult patients with newly diagnosed multiple myeloma ineligible for autologous stem cell transplant ("NDMM, TI"). Sarclisa in combination with VRd was also approved in Japan and China for the treatment of adult patients with NDMM, TI. These approvals are based on data from the IMROZ phase 3 study.

In January, Sarclisa in combination with pomalidomide and dexamethasone was approved in China for the treatment of adult patients with MM who have received at least one prior line of therapy, including lenalidomide and a proteasome inhibitor. This approval is based on results from the pivotal ICARIA-MM phase 3 study, using the China-based IsaFiRsT real-world study as bridging data.

Following the positive opinion by the CHMP, Sarclisa in combination with VRd was approved in the EU for the induction treatment of adult patients with NDMM who are eligible for autologous stem cell transplant. The positive CHMP opinion was based on part one results from the two-part, double-randomized, German-speaking Myeloma Multicenter Group ("GMMG")-HD7 study.

Results from the IRAKLIA phase 3 study demonstrated that Sarclisa administered at a fixed dose subcutaneously ("SC") via an on-body delivery system in combination with pomalidomide and dexamethasone ("Pd") met its co-primary endpoints of non-inferior objective response rate and observed concentration before dosing at steady state compared to intravenous Sarclisa administered at a weight-based dose in combination with Pd in patients with relapsed or refractory ("R/R") MM. These results will be the basis for regulatory submissions in the US and in the EU in 2025. Additional studies evaluating Sarclisa SC formulations across different combinations and lines of therapy are ongoing.

*Vaccines* 

**MenQuadfi (meningitis, six weeks+)** 

In May, the US FDA updated MenQuadfi's approval, which now includes active immunization in children aged six weeks to 23 months for the prevention of invasive meningococcal disease caused by Neisseria meningitidis serogroups A, C, W, and Y.

**Nuvaxovid (COVID-19)** 

Sanofi's collaboration partner Novavax, Inc. announced that the US FDA had approved the biologics license application ("BLA) for Nuvaxovid for active immunization to prevent coronavirus disease 2019 ("COVID-19") caused by severe acute respiratory syndrome coronavirus 2 ("SARS-CoV-2") in adults aged 65 years and older and individuals aged 12 through 64 years who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19 (e.g. asthma, cancer, diabetes, obesity, smoking). Nuvaxovid has been available for use in the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

US under Emergency Use Authorization since July 2022 and has full market approvals in the EU, UK and other countries. Under a May 2024 agreement, Sanofi has a co-exclusive license to co-commercialize Nuvaxovid in most countries worldwide and a sole license to Nuvaxovid for use in combination with Sanofi's flu vaccines, currently in phase 1 clinical studies.

**SP0087 (rabies)** 

The phase 3 study of the vero cell vaccine for the prevention of rabies read out positively on safety and immunogenicity. It is intended for use as a vaccine, and as a booster after two to three years. This study and previous studies support a US regulatory submission for prevention of rabies before and after exposure in all populations in the second half of 2025.

**SP0282 (E. coli sepsis)** 

In February, a scheduled review of the E.mbrace phase 3 study conducted by an independent data monitoring committee (IDMC) determined that Sanofi's and Johnson & Johnson's vaccine candidate for extraintestinal pathogenic E. coli was not sufficiently effective at preventing invasive E. coli disease ("IED") compared to placebo. No safety signals related to the vaccine candidate were identified and, throughout the study, investigators ensured that participants who developed IED received prompt treatment and care. As a result of the IDMC's determination, the E.mbrace study was discontinued.

**SP0218 (yellow fever)** 

A vaccine candidate is in development to prevent yellow fever infection in populations aged nine months and older. A phase 3 study in adults has commenced dosing the first patient.

**A.3. Other significant events** 

*A.3.1. Corporate governance* 

The Combined General Shareholders' Meeting of Sanofi was held on April 30, 2025 at the Palais des Congrès in Paris, and was chaired by Frédéric Oudéa. All resolutions submitted to the vote were adopted by the shareholders. Decisions taken by the General Meeting included approving the individual company and consolidated financial statements for the year ended December 31, 2024 and distributing an ordinary annual dividend of €3.92 per share. The meeting also approved the reappointment of Carole Ferrand, Barbara Lavernos, Emile Voest and Antoine Yver as directors, and ratified the co-opting of Jean-Paul Kress as an independent director to replace Gilles Schnepp, who resigned from office effective December 31, 2024. On a proposal from the Appointments, Governance and CSR Committee, the Board of Directors appointed Clotilde Delbos, independent director, as Chairwoman of the Compensation Committee; she succeeds Patrick Kron, who will remain as a member of the Committee. Following the expiry of Fabienne Lecorvaisier's term of office at the close of the Annual General Meeting of April 30, 2025, the Board of Directors now comprises 16 members, of whom two are directors representing employees. The Board of Directors retains a large majority of independent directors.

*A.3.2. Legal and arbitration proceedings* 

For a further description of certain significant developments in legal and arbitration proceedings since publication of the financial statements for the year ended December 31, 2024, refer to Note B.14. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025 available as [Exhibit 99.1](d69958dex991.htm) to our Report on Form 6-K dated October 27, 2025.

*US Department of Health and Human Services ("HHS"), Office of Inspector General ("OIG") Philadelphia Subpoena* 

In May 2025, Sanofi US received a subpoena from the Philadelphia Office of the US Department of Health and Human Services Office of Inspector General ("HHS-OIG"). The subpoena seeks information about Sanofi's agreements with pharmacy benefit managers ("PBMs") and group purchasing organizations ("GPOs"), particularly regarding the provision of drug utilization data from 2020 to the present.

The investigation is being conducted jointly by the US Department of Justice ("DOJ"), the US Attorney's Office for the Eastern District of Pennsylvania, and the HHS-OIG. Sanofi is cooperating with this investigation.

*US Department of Justice (DOJ) - Civil Investigative Demand ("CID") - Beyfortus* 

In March 2025, Sanofi US received a CID from the DOJ under the False Claims Act. The CID requests information related to the Respiratory Syncytial Virus ("RSV") vaccine Beyfortus, which Sanofi co-develops and co-commercializes with a partner company. The CID specifically references a May 2024 FDA inspection of a manufacturing facility in North Carolina where Beyfortus was filled into syringes. Sanofi is cooperating with this investigation.

*A.3.3. Other events* 

On June 5, 2025. Sanofi announced the launch of Action 2025, a global employee share ownership plan open to around 70,000 employees in 55 countries. Now in its eleventh year, the program demonstrates the ongoing commitment of Sanofi and its Board of Directors to ensuring that employees benefit from the company's growth and success.

The shares were offered at a subscription price of €72.97, representing a 20% discount to the average of the 20 opening prices of Sanofi shares from May 7 to June 3, 2025. For every five shares subscribed, employees were entitled to receive one free share (up to a maximum of four free shares per employee). Every eligible employee was able to purchase up to 1,500 Sanofi shares, subject to the maximum legal limit set at 25%

**4** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

of their gross annual salary, minus any voluntary deductions already made under employee savings schemes such as the Company Savings Plan and/or Group Savings Plan and/or Group Retirement Savings Plan (PERCO) during 2025; the above limit does not apply to voluntary contributions to the "PERCOL" retirement savings plan.

*B. Events subsequent to June 30, 2025* 

For information relating to events subsequent to June 30, 2025, refer to Note C to the Condensed half-year consolidated financial statements for the six months ended June 30, 2025 available as [Exhibit 99.1](d69958dex991.htm) to our Report on Form 6-K dated October 27, 2025.

*C. Comments to the condensed half-year consolidated financial statements for the six months ended June 30, 2025* 

Unless otherwise indicated, all financial data in this report are presented in accordance with International Financial Reporting Standards (IFRS), including international accounting standards and interpretations (see Note A.1. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025).

**Comments to the condensed half-year consolidated income statements for the six months ended June 30, 2025 and June 30, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (€ million) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025**<br> **(6 months)** | **as % of net sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2024**<br> **(6 months) (a)** | **as % of net sales** |
|  **Net sales** | **19889** | **100.0%** | **18360** | **100.0%** |
|  Other revenues | 1452 | 7.3% | 1529 | 8.3% |
|  Cost of sales | (5881) | -29.6% | (5966) | -32.5% |
|  **Gross profit** | **15460** | **77.7%** | **13923** | **75.8%** |
|  Research and development expenses | (3717) | -18.7% | (3335) | -18.2% |
|  Selling and general expenses | (4506) | -22.7% | (4303) | -23.4% |
|  Other operating income | 533 |  | 563 |  |
|  Other operating expenses | (2476) |  | (1977) |  |
|  Amortization of intangible assets | (777) |  | (898) |  |
|  Impairment of intangible assets | (210) |  | 371 |  |
|  Fair value remeasurement of contingent consideration | (61) |  | (66) |  |
|  Restructuring costs and similar items | (430) |  | (1060) |  |
|  Other gains and losses, and litigation | (57) |  | (450) |  |
|  **Operating income** | **3759** | **18.9%** | **2768** | **15.1%** |
|  Financial expenses | (361) |  | (583) |  |
|  Financial income | 184 |  | 277 |  |
|  **Income before tax and investments accounted for using the equity method** | **3582** | **18.0%** | **2462** | **13.4%** |
|  Income tax expense | (711) |  | (379) |  |
|  Share of profit/(loss) from investments accounted for using the equity method | 85 |  | (22) |  |
|  **Net income from continuing operations** | **2956** | **14.9%** | **2061** | **11.2%** |
|  Net income from discontinued operations | 2881 | 14.5% | 202 | 1.1% |
|  **Net income** | **5837** | **29.3%** | **2263** | **12.3%** |
|  Net income attributable to non-controlling interests | 25 |  | 17 |  |
|  **Net income attributable to equity holders of Sanofi** | **5812** | **29.2%** | **2246** | **12.2%** |
|  Average number of shares outstanding (million) | 1225.5 |  | 1249.4 |  |
|  Average number of shares after dilution (million) | 1230.7 |  | 1253.8 |  |
| • Basic earnings per share from continuing operations (€) | 2.40 |  | 1.64 |  |
| • Basic earnings per share from discontinued operations (€) | 2.34 |  | 0.16 |  |
|  **Basic earnings per share (in euros)** | 4.74 |  | 1.80 |  |
| • Diluted earnings per share from continuing operations (€) | 2.39 |  | 1.63 |  |
| • Diluted earnings per share from discontinued operations (€) | 2.33 |  | 0.16 |  |
|  **Diluted earnings per share (in euros)** | 4.72 |  | 1.79 |  |

---

*(a) Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation* (see Note B.7. to the Consolidated financial statements for the year ended December 31, 2024).

**C.1. Segment information** 

*C.1.1. Operating segments* 

In accordance with IFRS 8 (Operating Segments), the segment information reported by Sanofi is prepared on the basis of internal management data provided to our Chief Executive Officer, who is the chief operating decision maker of Sanofi. The performance of the single operating segment is monitored individually using internal reports and common indicators. The operating segment disclosures required under IFRS 8 are provided in Note B.21. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025.

The segment information presented by Sanofi consists of a single operating segment: Biopharma.

The Biopharma operating segment comprises commercial operations and research, development and production activities relating to the Specialty Care, General Medicines and Vaccines franchises plus support and corporate functions, for all geographical territories. It also includes

**5** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

revenues generated from the manufacture of Consumer Healthcare products invoiced to Opella, which constitutes a related party with effect from the deconsolidation date (April 30, 2025). Those revenues, which before that date represented intragroup transactions classified within continuing operations, are presented within ***Other Revenues*** in the income statement. The Biopharma operating segment also includes the purchase price of Biopharma products manufactured by Opella.

The "Other" category comprises primarily, but not exclusively, Consumer Healthcare activities not transferred on the effective date of loss of control of Opella. These are primarily (i) hospital sales of Opella products in China, the transfer of which will be finalized no earlier than 2028; (ii) sales made by the dedicated entity Opella Russie, of which Sanofi continues to hold the capital (Sanofi is continuing to distribute Opella products in Russian territory under a distribution agreement signed in connection with the separation, the parties reserving the right to discuss the transfer of that entity during the term of the distribution agreement); and (iii) sales of the Gold Bond product range, which are continuing in the United States through the retained subsidiary Gold Bond LLC (holder of the associated worldwide property rights).

*C.1.2. Income before tax and investments accounted for using the equity method (IFRS measure) and Business operating income (non-IFRS measure)* 

We report segment results on the basis of "Business operating income". This indicator is used internally by Sanofi's chief operating decision maker to measure the performance of the operating segment and to allocate resources. For a definition of "Business operating income", and a reconciliation between that indicator and "Income before tax and investments accounted for using the equity method," refer to Section C.5. "Income before tax and investments accounted for using the equity method and Business operating income and segment results" and Note B.21.1. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025.

In the first half of 2025, "Income before tax and investments accounted for using the equity method" (IFRS measure) amounted to €3,582 million (compared to €2,462 million for the first half of 2024). In the first half of 2025, "Business operating income" (non-IFRS measure) amounted to €5,363 million (compared to €4,938 million for the first half of 2024).

Because our "Business operating income" and "Business operating income margin" are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, these are non-IFRS measures that have no standardized meaning prescribed by IFRS.

**C.2. Net income attributable to equity holders of Sanofi (IFRS measure) and Business net income (non-IFRS financial measure)** 

"Net income attributable to equity holders of Sanofi" (IFRS measure) for the first half of 2025 was to €5,812 million, 158.8% higher than the first half of 2024 (€2,246 million). "Business net income" (non-IFRS measure) for the first half of 2025 amounted to €4,152 million, 7.6% up on the first half of 2024 (€3,859 million). That represents 20.9% of net sales, versus 21.0% for the first half of 2024.

We also report "Business earnings per share" (business EPS), a non-IFRS financial measure which we define as business net income divided by the weighted average number of shares outstanding.

In the first half of 2025, "net income attributable to equity holders of Sanofi" divided by the weighted average number of shares outstanding was €5,812 (an increase of 163.3% compared to the first-half figure of €2,246 for the first half of 2024). Business EPS was €3.39 for the first half of 2025, an increase of 9.7% compared to the 2024 first-half figure of €3.09, based on an average number of shares outstanding of 1,225.5 million for the first half of 2025 and 1,249.4 million for the first half of 2024.

We define "Business net income" as ***Net income attributable to equity holders of Sanofi*** determined under IFRS, excluding the following items:

• net income from discontinued operations, including Opella;

• amortization and impairment losses charged against intangible assets (other than software and other rights of an
industrial or operational nature);

• fair value remeasurements of contingent consideration relating to business combinations (IFRS 3), or to
divestments of operations meeting the definition of a business;

• expenses arising from the remeasurement of inventories following business combinations (IFRS 3) or acquisitions of
groups of assets that do not constitute a business within the meaning of paragraph 2b of IFRS 3;

• restructuring costs and similar items (presented within the line item  ***Restructuring costs and similar items)*** ;

• other gains and losses (including gains and losses on major divestments), presented within the line item  ***Other gains and losses, and litigation*** ;

• other costs and provisions related to litigation (presented within the line item  ***Other gains and losses, and litigation***);

• (income)/expenses related to financial liabilities accounted for at amortized cost and subject to periodic
remeasurement in accordance with paragraph B5.4.6 of IFRS 9 (Financial Instruments);

• tax effects related to the items listed above as well as effects of major tax disputes;

**6** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

• the share of profits/losses from investments accounted for using the equity method, except for joint ventures and
associates with which Sanofi has a strategic alliance; and

• the portion attributable to non-controlling interests of the items listed
above.

The table below reconciles ***Net income attributable to equity holders of Sanofi*** to our "Business net income":

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(€ million) | <br> **June 30, 2025<br>(6 months)** | <br> **June 30, 2025<br>(6 months)** | <br> **June 30, 2024<br>(6 months) (a)** | <br> **June 30, 2024<br>(6 months) (a)** |
| &nbsp;&nbsp; **Net income attributable to equity holders of Sanofi (IFRS)** |  | **5812** |  | **2246** |
| &nbsp;&nbsp; Net (income)/loss from the discontinued Opella business <sup>(b)</sup> |  | (2881) |  | (202) |
| &nbsp;&nbsp; Amortization of intangible assets |  | 777 |  | 898 |
| &nbsp;&nbsp; Impairment of intangible assets<sup>(c)</sup> |  | 210 |  | (371) |
| &nbsp;&nbsp; Fair value remeasurement of contingent consideration |  | 68 |  | 72 |
| &nbsp;&nbsp; Expenses arising from the impact of acquisitions on inventories |  |  |  | 7 |
| &nbsp;&nbsp; Restructuring costs and similar items |  | 430 |  | 1060 |
| &nbsp;&nbsp; Other gains and losses, and litigation<sup>(d)</sup> |  | 57 |  | 450 |
| &nbsp;&nbsp; Financial (income)/expenses relating to financial liabilities accounted for at amortized cost and subject to periodic remeasurement<sup>(e)</sup> |  | 50 |  | 176 |
| &nbsp;&nbsp; Tax effects of the items listed above: |  | (384) |  | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• *amortization and impairment of intangible assets*<br>| | *(173)* | | *(48)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• *fair value remeasurement of contingent consideration*<br>| | *(14)* | | *(17)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• *tax effects of restructuring costs and similar items*<br>| | *(113)* | | *(343)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• *other items*<br>| | *(84)* | | *(169)* |
| &nbsp;&nbsp; Other tax effects |  | 11 |  | 7 |
| &nbsp;&nbsp; Other items <sup>(f)</sup> |  | 2 |  | 93 |
| &nbsp;&nbsp; **Business net income (non-IFRS)** |  | **4152** |  | **3859** |
| &nbsp;&nbsp; Average number of shares outstanding (million) |  | 1225.5 |  | 1249.4 |
| &nbsp;&nbsp; Basic earnings per share (IFRS) (in euros) |  | 4.74 |  | 1.80 |
| &nbsp;&nbsp; Reconciling items per share (in euros) <sup>(g)</sup> |  | (1.35) |  | 1.29 |
| &nbsp;&nbsp; Business earnings per share (non-IFRS) (in euros) |  | 3.39 |  | 3.09 |

---

*(a)* *Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*(b)* *In 2025, this line includes €2,693 million related to the net gain on the Opella divestment, recognized on the date of loss of control (refer to Note B1.1 to our condensed half-year statements).* 

*(c)* *The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €210 million in the first half of 2025 linked to research and development projects.* 

---

| | |
|:---|:---|
| | *For the six months ended June 30, 2024, this line corresponds to a net reversal of impairment losses amounting to €371 million, mainly due to an increase in the expected recoverable amounts of certain marketed products and other rights in the Biopharma segment.*  |

---

*(d)* *For the first half of 2025, Other gains and losses, and litigation is a charge of €57 million, mainly related to major litigation. That compares with a charge of €450 million in the first half of 2024, mainly comprising a provision recognized in respect of the litigation related to Plavix (clopidogrel) in the US state of Hawaii.* 

*(e)* *This line corresponds to the financial expense arising from remeasurement of the financial liability recognized in the balance sheet to reflect estimated future royalties on sales of Beyfortus in the United States.* 

*(f)* *In the first half of 2024, this line mainly comprised an impairment loss taken against the equity interest in EUROAPI, based on the quoted market price: €2.89 as of June 30, 2025, €2.55 as of June 30, 2024.* 

*(g)* *Corresponds to the reconciliation between basic earnings per share (IFRS) and business earnings per share (non-IFRS): sum total of reconciling items divided by the weighted average number of shares outstanding.* 

The most significant reconciling items between "Business net income" and ***Net income attributable to equity holders of Sanofi*** relate to (i) the purchase accounting effects of our acquisitions of groups of assets and business combinations, particularly the amortization and impairment of intangible assets (other than software and other rights of an industrial or operational nature); (ii) the impacts of restructuring actions or transactions regarded as non-recurring, where the amounts involved are particularly significant; (iii) the remeasurements recognized through profit or loss in respect of (a) amounts receivable in respect of business divestments and accounted for at fair value, (b) liabilities arising from business combinations (IFRS 3) and accounted for at fair value, (c) liabilities accounted for at amortized cost and subject to periodic remeasurement under IFRS 9; and (iv) the net income from discontinued operations, including Opella. We believe that excluding those impacts enhances an investor's understanding of our underlying economic performance, because it gives a better representation of our recurring operating performance.

We believe that eliminating charges related to the purchase accounting effects (particularly amortization and impairment of some intangible assets) enhances comparability of our ongoing operating performance relative to our peers. Those intangible assets (principally rights relating to research and development, technology platforms and commercialization of products) are accounted for in accordance with IAS 38 (Intangible Assets) and IFRS 3 (Business Combinations).

**7** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

We also believe that eliminating the other effects of business combinations (such as the incremental cost of sales arising from the workdown of acquired inventories remeasured at fair value in business combinations) gives a better understanding of our recurring operating performance.

Eliminating restructuring costs and similar items enhances comparability with our peers because those costs are incurred in connection with reorganization and transformation Company's programs, integration or separation as part of material deals.

We believe that eliminating the effects of transactions that we regard as non-recurring and that involve particularly significant amounts (such as major gains and losses on disposals, and costs and provisions associated with major litigation and other major non-recurring items) improves comparability from one period to the next.

Finally, remeasurements recognized in profit or loss during the period in respect of (i) assets or liabilities accounted for at fair value and recognized in the balance sheet in connection with business acquisitions or divestments or (ii) liabilities accounted for at amortized cost and subject to periodic remeasurement, generally determined on the basis of revised sales forecasts, are not reflective of our operating performance.

In addition to the items mentioned above relating to our continuing operations, "Business net income" excludes net income from the Opella discontinued operation, the results of which have been presented separately in the consolidated income statement since October 2024 (comparative figures have been re-presented on a consistent basis). Under IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations), a discontinued operation is defined as a component of an entity that has been disposed of or is classified as held for sale, and represents a separate major line of business. With effect from October 2024, "Business net income" from continuing operations is used by management to measure Sanofi's financial performance on an ongoing basis. We believe that providing a performance measure aligned with our management approach is useful for investors and analysts.

We remind investors, however, that "Business net income" should not be considered in isolation from, or as a substitute for, ***Net income attributable to equity holders of Sanofi*** reported in accordance with IFRS. In addition, we strongly encourage investors and potential investors not to rely on any single financial measure but to review our financial statements, including the notes thereto, carefully and in their entirety.

We compensate for the material limitations described above by using "Business net income" only to supplement our IFRS financial reporting and by ensuring that our disclosures provide sufficient information for a full understanding of all adjustments included in "Business net income".

Because our "Business net income" and "Business EPS" are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures.

**C.3. Net sales** 

Net sales for the first half of 2025 amounted to €19,889 million, 8.3% higher than in the first half of 2024. Exchange rate fluctuations had a negative effect of 1.6 percentage points overall, due mainly to adverse trends in the euro exchange rate against the US dollar, Brazilian real and Mexican peso. At constant exchange rates (CER, see definition below), net sales rose by 9.9%, driven mainly by strong performances for Dupixent, ALTUVIIIO and Beyfortus. Divestments and medicines/portfolio streamlining had a negative impact of 0.4 percentage points on sales growth.

**Reconciliation of net sales (IFRS) to net sales at constant exchange rates (non-IFRS)** 

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months) (a)** | **Change** |
|  **Net sales** | **19889** | **18360** | **+8.3%** |
|  Effect of exchange rates | 286 |  |  |
|  **Net sales at constant exchange rates** | **20175** | **18360** | **+9.9%** |

---

*(a)* *Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

When we refer to changes in our net sales at constant exchange rates (CER), that means we have excluded the effect of exchange rates by recalculating net sales for the relevant period using the exchange rates that were used for the previous period, with the exception of countries treated as hyperinflationary economies under IAS 29 (i.e. Argentina and Turkey, see Note A.4 to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025).

*C.3.1. Net sales by segment* 

Our net sales comprise the net sales generated by our Biopharma segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (€ million) | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months)** | **Change on**<br> **a reported**<br> **basis** | **Change at**<br> **constant**<br> **exchange rates** |
|  Biopharma segment | 19889 | 18360 | +8.3% | +9.9% |
|  **Total net sales** | **19889** | **18360** | **+8.3%** | **+9.9%** |

---

**8** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

*C.3.2. Net sales by medicine, vaccine and geography* 

Net sales by main product and geographical region break down as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(€ million)* | **Total sales** | **Change<br>(reported)** | **Change<br>(CER)** | **United<br>States** | **Change<br>(CER)** | **Europe** | **Change<br>(CER)** | **Rest of<br>the world** | **Change<br>(CER)** |
|  **Immunology** |  |  |  |  |  |  |  |  |  |
|  Dupixent | 7312 | +19.1% | +20.7% | 5283 | +20.7% | 944 | +22.3% | 1085 | +19.2% |
|  Kevzara | 245 | +29.6% | +30.7% | 151 | +46.7% | 65 | +10.2% | 29 | +12.0% |
|  **Rare diseases** |  |  |  |  |  |  |  |  |  |
|  Fabrazyme | 525 | —% | +1.0% | 261 | +0.8% | 134 | +3.9% | 130 | -1.5% |
|  ALTUVIIIO (\*) | 542 | +93.6% | +95.4% | 456 | +78.4% |  | —% | 86 | +304.8% |
|  Nexviazyme / Nexviadyme (\*) | 387 | +20.9% | +21.6% | 195 | +13.2% | 132 | +38.9% | 60 | +17.6% |
|  Cerezyme | 363 | -10.8% | -8.6% | 91 | -4.2% | 119 | -5.6% | 153 | -13.0% |
|  Alprolix | 305 | +12.5% | +13.7% | 240 | +7.6% |  | —% | 65 | +43.5% |
|  Myozyme | 275 | -25.9% | -24.8% | 91 | -24.6% | 97 | -33.1% | 87 | -13.5% |
|  Aldurazyme | 163 | +1.2% | +1.9% | 36 | +2.8% | 43 | -4.4% | 84 | +5.0% |
|  Cerdelga | 166 | +0.6% | +1.2% | 89 | -1.1% | 68 | +4.6% | 9 | —% |
|  Eloctate | 135 | -29.3% | -28.8% | 97 | -22.8% |  | —% | 38 | -40.6% |
|  Cablivi (\*) | 136 | +20.4% | +20.4% | 71 | +18.3% | 55 | +25.6% | 10 | +10.0% |
|  Xenpozyme (\*) | 110 | +52.8% | +54.2% | 47 | +27.0% | 44 | +83.3% | 19 | +81.8% |
|  Qfitlia (Fitusiran) (\*) | 1 | —% | —% | 1 | —% |  | —% |  | —% |
|  **Neurology** |  |  |  |  |  |  |  |  |  |
|  Aubagio | 138 | -34.0% | -33.0% | 76 | -18.8% | 40 | -57.9% | 22 | +22.2% |
|  **Oncology** |  |  |  |  |  |  |  |  |  |
|  Sarclisa (\*) | 276 | +21.6% | +22.5% | 119 | +20.0% | 83 | +29.7% | 74 | +19.0% |
|  Jevtana | 141 | +0.7% | +0.7% | 108 | +9.0% | 2 | -50.0% | 31 | -16.7% |
|  Fasturtec | 88 | +2.3% | +3.5% | 57 | +1.8% | 25 | +4.3% | 6 | +14.3% |
|  **Other medicines** |  |  |  |  |  |  |  |  |  |
|  Lantus | 876 | +15.4% | +17.7% | 395 | +47.8% | 149 | -14.9% | 332 | +9.9% |
|  Toujeo | 692 | +9.1% | +10.3% | 126 | +8.5% | 248 | +2.9% | 318 | +17.4% |
|  Plavix | 473 | —% | +1.9% | 3 | —% | 44 | -4.3% | 426 | +2.6% |
|  Lovenox | 447 | -13.7% | -11.0% | 9 | +50.0% | 247 | -19.0% | 191 | -1.0% |
|  Rezurock (\*) | 263 | +27.1% | +28.0% | 220 | +18.1% | 23 | +91.7% | 20 | +185.7% |
|  Praluent | 267 | +8.1% | +8.5% |  | —% | 209 | +22.9% | 58 | -23.4% |
|  Thymoglobulin | 248 | +0.8% | +2.4% | 154 | —% | 21 | +10.5% | 73 | +5.7% |
|  Aprovel | 212 | -0.5% | +0.9% | 3 | +50.0% | 35 | -5.4% | 174 | +1.7% |
|  Multaq | 160 | -1.2% | -0.6% | 145 | +1.4% | 5 | -16.7% | 10 | -18.2% |
|  Soliqua/iGlarLixi | 136 | +19.3% | +21.1% | 44 | +15.8% | 26 | +13.0% | 66 | +28.3% |
|  Tzield (\*) | 29 | +38.1% | +38.1% | 27 | +35.0% | 1 | —% | 1 | —% |
|  Mozobil | 16 | -65.2% | -63.0% | 2 | -60.0% | 5 | -82.1% | 9 | -23.1% |
|  Other | 1971 | -12.9% | -10.4% | 176 | -16.7% | 584 | -12.1% | 1211 | -8.6% |
|  Industrial Sales | 251 | -8.4% | -8.0% | 1 | —% | 241 | -11.0% | 9 | —% |
|  **Vaccines** |  |  |  |  |  |  |  |  |  |
|  RSV vaccine (Beyfortus) (\*) | 356 | +78.0% | +79.0% | 68 | -43.1% | 85 | +1114.3% | 203 | +168.8% |
|  Polio / Pertussis / Hib Vaccines & Boosters | 1361 | +1.0% | +2.4% | 320 | +3.9% | 223 | -10.1% | 818 | +5.8% |
|  Influenza Vaccines | 214 | +13.8% | +15.4% | 54 | +237.5% | 52 | +73.3% | 108 | -21.8% |
|  Meningitis, Travel and Endemics Vaccines | 609 | +4.5% | +5.5% | 319 | +7.3% | 96 | -2.1% | 194 | +6.5% |
|  **Biopharma** | **19889** | **+8.3%** | **+9.9%** | **9535** | **+16.4%** | **4144** | **+1.8%** | **6210** | **+6.4%** |
|  **Launches (\*)** | 2100 | +45.8% | +46.9% | 1204 | +27.1% | 423 | +71.5% | 473 | +100.0% |

---

*Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation, forming the basis for the percentage change data calculated in the above table.* 

**9** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

*C.3.3. Biopharma segment* 

In the first half of 2025, revenue from the Biopharma business (see Section C.1. "Segment Information" for detailed segment information) was €19,889 million, up 8.3% on a reported basis and 9.9% at constant exchange rates ("CER"), driven by Dupixent and new launches.

Comments on the performances of our major Biopharma segment products are provided below.

**New pharmaceutical product launches** 

*ALTUVIIIO* (hemophilia A) generated sales of €542 million in the first half of 2025, primarily in the United States, driven by continued patient switches from older plasma-derived and recombinant factor medicines and to a lesser extent from non-factor treatments. Sales in the Rest of the World region, at €86 million, benefited from the launch in Japan and sales of supplies to Sanofi's collaboration partner Sobi in Europe. Sales of the hemophilia A franchise (ALTUVIIIO + Eloctate) reached €683 million (an increase compared to the first half of 2024), due to the strong commercial performance of ALTUVIIIO.

*Nexviazyme/Nexviadyme* (Pompe disease) sales reached €387 million, up 20.9% on a reported basis and 21.6% at CER, driven by Europe (+38.9% at CER) and the United States (an increase of +13.2% at CER to €195 million) where all eligible/non-pediatric patients have converted from Myozyme/Lumizyme. Sales of the Pompe disease franchise (Nexviazyme/Nexviadyme and Myozyme/Lumizyme combined) reached €668 million, a decrease compared to the first half of 2024. Nexviazyme/Nexviadyme sales now represent 58% of the Pompe disease franchise.

Over the same period, sales of *Sarclisa* (multiple myeloma) reached €276 million, an increase of 21.6% on a reported basis and 22.5% at CER compared to first half of 2024, driven by increased use in the front-line setting and market share gains globally.

Sales of *Rezurock* (chronic graft-versus-host disease, third line) reached €263 million in the first half, an increase of 27.1% on a reported basis and 28.0% at CER, driven by the United States (increase of 18.1% at CER) and by a significant increase in volumes in Europe (€23 million) and the Rest of the World (€20 million).

Sales of *Cablivi* (acquired thrombotic thrombocytopenic purpura) reached €136 million (an increase of 20.4% on a reported basis and 20.4% at CER) in the first half compared to first half of 2024, driven by an increase in the number of patients identified for this treatment (aided by artificial intelligence in the United States), and by launches in Europe and the Rest of the World.

Sales of *Xenpozyme* (acid sphingomyelinase deficiency) were €110 million in the first half, an increase of 52.8% on a reported basis and 54.2% at CER, reflecting an increase in the number of patients identified for this treatment across all regions.

Sales of *Tzield* (delayed onset of type 1 diabetes) reached €29 million (an increase of 38.1% on a reported basis and 38.1% at CER) with sales benefiting from ongoing investment in education and progress in screening.

*Qfitlia* (hemophilia A and B) received marketing authorization in the United States on March 28, 2025, with sales in the first half of 2025 amounting to €1 million.

**Immunology** 

*Dupixent* generated net sales of €7,312 million in the first half of 2025, up 19.1% on a reported basis and 20.7% at CER. Global sales were driven by increased use in all approved indications, including atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis and chronic spontaneous urticaria, plus emerging use in COPD and bullous pemphigoid. In the United States, sales of Dupixent reached €5,283 million in the first half of 2025, driven by volume across all established and newly approved indications. In Europe, the product's net sales for the first half of 2025 totaled €944 million, an increase compared to first half of 2024, reflecting strong momentum in all approved indications. In the Rest of the World region, Dupixent posted net sales of €1,085 million (an increase compared to first half of 2024).

**Other main medicines** 

*Lantus* sales were €876 million (an increase of 15.4% on a reported basis and 17.7% at CER) in the first half of 2025. In the United States, sales increased by 47.8% at CER, benefiting from a temporary increase in demand due to the unavailability of competing medicines during this period. In the Rest of the World region, sales increased by 9.9% at CER; conversely, sales in Europe decreased by 14.9% at CER.

*Toujeo* sales rose by 9.1% on a reported basis and 10.3% at CER to €692 million, driven by the Rest of the World region (increase of 17.4% at CER), where the product continued to increase its share of the buoyant basal insulin market.

Sales of the Fabry disease treatment *Fabrazyme* reached €525 million in the first half of 2025 (no change on a reported basis and an increase of 1.0% at CER compared to first half of 2024), reflecting slight growth in the number of patients.

*Plavix* sales stayed the same as the first half of 2024 on a reported basis and were up 1.9% at CER at €473 million, reflecting volume growth in the Rest of the World region offset by volume-based procurement in China.

*Lovenox* sales decreased by 13.7% on a reported basis and 11.0% at CER to €447 million, mainly as a result of the impact from biosimilar competition in Europe.

**10** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

*Cerezyme* sales decreased by 10.8% on a reported basis and 8.6% at CER to €363 million, due to the absence of inflationary pressure in 2025 and the cessation of treatment by some patients. Sales for the Gaucher disease franchise (Cerezyme and Cerdelga) were €539 million, a decrease compared to first half of 2024.

In the first half of 2025, sales of *Alprolix* amounted to €305 million, an increase of 12.5% on a reported basis and 13.7% at CER, driven by the Rest of the Word region and the United States.

Sales of *Myozyme/Lumizyme* decreased by 25.9% on a reported basis and 24.8% at CER in the first half of 2025 to €275 million compared to first half of 2024, due to the ongoing shift to Nexviazyme/Nexviadyme as mentioned above.

First-half net sales of *Praluent* reached €267 million, an increase of 8.1% on a reported basis and 8.5% at CER driven by higher sales in Europe, partly offset by lower sales in the Rest of the World region.

*Thymoglobulin* sales rose by 0.8% on a reported basis and 2.4% at CER in the first half of 2025 to €248 million, driven by the Rest of the World region.

*Cerdelga* sales were €166 million, an increase of 0.6% on a reported basis and 1.2% at CER, reflecting continued growth in Europe but a decline in sales in the United States.

*Eloctate* posted sales of €135 million in the first half of 2025, a decrease of 29.3% on a reported basis and 28.8% at CER, reflecting switches to ALTUVIIIO.

Sales of *Aubagio* were down 34.0% on a reported basis and 33.0% at CER at €138 million, in line with the loss of exclusivity in the United States and Europe in 2023. Aubagio sales are expected to continue to decline.

**Vaccines** 

In the first half of 2025, Vaccines sales increased 9.5% on a reported basis and 10.9% at CER at €2,540 million compared to first half of 2024, driven by expansion of Beyfortus into new markets.

Sales of *Polio/Pertussis/Hib (PPH) Vaccines*, including Boosters, rose by 1.0% on a reported basis and 2.4% at CER to €1,361 million, primarily driven by demand for boosters to re-vaccinate adolescents and adults and by pediatric combos in the United States and international markets.

*Meningitis, Travel and Endemics Vaccines* sales increased by 4.5% on a reported basis and 5.5% at CER to €609 million, reflecting a favorable ordering pattern in meningitis in the United States and the Rest of the World region, partly offset by phasing of travel and endemics vaccines.

*Beyfortus* sales reached €356 million, driven by additional sales in the Northern Hemisphere, in particular Germany. In the Rest of the World region, sales were driven by the roll-out in Japan and Brazil, and by expansion in Australia. Beyfortus is routinely used to protect infants in more than 25 countries. Sanofi entered into an agreement effective April 1, 2025 to deliver Beyfortus, among other vaccines, to the Centers for Disease Control and Prevention (CDC) to be further delivered by the CDC in the United States, for a total order amount of approximately $2 billion.

Sales of *Influenza Vaccines* reached €214 million, an increase of 13.8% on a reported basis and 15.4% at CER, due to one-offs from late-season immunizations in the US and Europe, while sales in the Rest of the World region decreased by 21.8% at CER due to increased competition.

*C.3.4. Net sales by geographical region* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (€ million) | **June 30, 2025<br>(6 months)** | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months)** | **June 30, 2024<br>(6 months)** | **Change on a<br> reported basis** | **Change on a<br> reported basis** | **Change at constant<br>exchange rates** | **Change at constant<br>exchange rates** |  |
|  United States |  | 9535 |  | 8292 |  | +15.0% |  | +16.4% |  |
|  Europe |  | 4144 |  | 4072 |  | +1.8% |  | +1.8% |  |
|  Rest of the World |  | 6210 |  | 5996 |  | +3.6% |  | +6.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which China* | | *1388* | | *1406* | | *-1.3%* | | *+0.1%* | |
|  **Total net sales** |  | **19889** |  | **18360** |  | **+8.3%** |  | **+9.9%** |  |

---

*Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation, which is used as the baseline in 2024 for the percentage change data calculated in the above table.* 

In the first half of 2025, net sales in the *United States* reached €9,535 million, an increase of 15.0% on a reported basis and 16.4% at CER compared to first half of 2024, driven by strong growth for Dupixent, new pharmaceutical product launches and a temporary increase in demand for Lantus, although sales of some legacy medicines were lower. Vaccines sales were broadly stable, though Beyfortus sales decreased.

In *Europe*, 2025 first-half net sales rose by 1.8% both on a reported basis and at CER, to €4,144 million. Growth was driven by Dupixent and launches, partially offset by lower sales of other main medicines and vaccines.

In the *Rest of the World region*, first-half net sales increased by 3.6% on a reported basis and 6.4% at CER compared to first half of 2024, to €6,210 million, driven mainly by Dupixent, Beyfortus, pharmaceutical product launches, insulins, and PPH and booster vaccines, while other medicines and flu vaccines declined. Sales in China declined 1.3% on a reported basis but increased 0.1% at CER to €1,388 million, and were

**11** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

generally impacted by the declining market and by lower prices as a result of the renewed national reimbursement drug list and volume-based procurement.

**C.4. Other income statement items** 

*C.4.1. Other revenues* 

***Other revenues*** decreased by 5.0% to €1,452 million in the first half of 2025 (versus €1,529 million in the first half of 2024).

The ***Other revenues*** line item includes VaxServe sales of non-Sanofi products, amounting to €842 million (versus €854 million in 2024). In addition, ***Other revenues*** includes sales of Opella products in markets retained by Sanofi (€206 million); sales to Opella (€61 million); royalties (€68 million); and sales of other services/manufacturing services (€275 million).

*C.4.2. Gross profit* 

***Gross profit*** for the first half of 2025 was €15,460 million, versus €13,923 million for the first half of 2024, a rise of 11.0%, driven by a portfolio shift towards specialty care and an enhanced product mix. Gross margin (the ratio of gross profit to net sales) also increased, reaching 77.7% in the first half of 2025 (versus 75.9% in the first half of 2024).

*C.4.3. Research and development expenses* 

***Research and development expenses*** (R&D expenses) in the first half of 2025 totaled €3,717 million (versus €3,335 million in the first half of 2024). The increase is explained mainly by (i) a one-time reimbursement in the first half of 2024 (the comparative period) for past ALTUVIIIO development, and (ii) wind-down costs for the discontinued E. coli sepsis vaccine candidate. R&D expenses represent 18.7% of net sales, compared with 18.2% in the first half of 2024, and a year-on-year increase of 11.5%.

*C.4.4. Selling and general expenses* 

***Selling and general expenses*** amounted to €4,506 million in the first half of 2025 (22.7% of net sales), versus €4,303 million in the first half of 2024 (23.4% of net sales). The overall increase of 4.7% reflects continued support for launches and newer medicines in specialty care and vaccines.

The ratio of selling and general expenses to net sales was 0.8 of a percentage point lower than in the first half of 2024.

*C.4.5. Other operating income and expenses* 

In the first half of 2025, ***Other operating income*** amounted to €533 million, slightly lower than in the first half of 2024, and ***Other operating expenses*** increased to €2,476 million (versus €1,977 million in the first half of 2024).

Overall, ***other operating income and expenses*** represented a net expense of €1,943 million in the first half of 2025, compared with a net expense of €1,414 million in the first half of 2024.

---

| | | | |
|:---|:---|:---|:---|
| (€ million) | **June 30, 2025** | **June 30, 2024** | **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating income | 533 | 563 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | (2476) | (1977) | (499) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other operating income/(expenses), net** | **(1943)** | **(1414)** | **(529)** |

---

For the first half of 2025, this item included €2,261 million of net expenses related to Regeneron (versus €1,745 million in the first half of 2024), as shown in the table below.

---

| | | |
|:---|:---|:---|
| (€ million) | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Income & expense related to (profit)/loss sharing under the Monoclonal Antibody Alliance | (2475) | (1934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional share of profit paid by Regeneron towards development costs | 494 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement to Regeneron of selling expenses incurred | (346) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total: Monoclonal Antibody Alliance** | **(2327)** | **(1837)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other (mainly Zaltrap and Libtayo)** | **66** | **92** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other operating income/(expenses), net related to Regeneron Alliance** | **(2261)** | **(1745)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **of which amount presented in "Other operating income"** | **70** | **96** |

---

***Other operating income and expenses*** (net) also includes gains on divestments of assets and operations totaling €344 million, mainly related to portfolio rationalization (versus €319 million for the first half of 2024).

*C.4.6. Amortization of intangible assets* 

Amortization charged against intangible assets in the first half of 2025 amounted to €777 million, compared to €898 million in the first half of 2024. This decrease was mainly driven by intangible assets reaching the end of their amortization periods.

**12** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

*C.4.7. Impairment of intangible assets* 

The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €210 million in the first half of 2025 linked to R&D projects.

In the first half of 2024, the results of impairment tests on other intangible assets led to a net reversal of impairment losses amounting to €371 million recognized in connection with the divestments of the ProXTen technology platform and of the marketed product Enjaymo, for which some related assets had been subject to impairment losses in previous years.

*C.4.8. Fair value remeasurement of contingent consideration* 

Fair value remeasurements of contingent consideration assets and liabilities relating to business combinations (recognized in accordance with IFRS 3) represented a net expense of €61 million in the first half of 2025, versus a net expense of €66 million in the first half of 2024.

*C.4.9. Restructuring costs and similar items* 

***Restructuring costs and similar items*** amounted to a charge of €430 million in the first half of 2025, compared with a charge of €1,060 million in the first half of 2024.

Restructuring and similar costs decreased by €630 million between June 30, 2024 and June 30, 2025. In the first half of 2024, restructuring and similar costs mainly comprised the impacts of (i) the renewal of the Job Management and Career Paths (GEPP) program in France to cover changes in employment status during the 2024-2026 period, including an extension of the kinds of job profiles affected by potential changes in employee status under this program and (ii) a voluntary redundancy program announced in 2024 in connection with the reorganization of Sanofi's R&D operations to focus on making Sanofi a leader in immunology.

*C.4.10. Other gains and losses, and litigation* 

For the first half of 2025, ***Other gains and losses, and litigation*** recognized a charge of €57 million, mainly related to major litigation. That compares with a charge of €450 million in the first half of 2024, which mainly was comprised a provision recognized in respect of the litigation related to Plavix (clopidogrel) in the US state of Hawaii (see Note B.14. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025).

*C.4.11. Operating income* 

***Operating income*** amounted to €3,759 million in the first half of 2025, versus €2,768 million in the first half of 2024. The year-on-year change was mainly due to the increase in ***Gross profit***.

*C.4.12. Financial income and expenses* 

Net financial expenses were €177 million in the first half of 2025, €129 million lower than the 2024 first-half amount of €306 million. The 2025 first half amount includes a financial expense of €50 million (compared to €176 million for the first half of 2024) in respect of the remeasurement of the liability recorded in the balance sheet for estimated future royalties on Beyfortus sales in the US.

Our cost of total debt was €219 million in the first half of 2025, compared to €306 million in the first half of 2024. Our cost of net debt (see the definition in Section C.7. "Consolidated balance sheet" below) was €57 million in the first half of 2025, compared to €67 million in the first half of 2024.

*C.4.13. Income before tax and investments accounted for using the equity method* 

***Income before tax and investments accounted for using the equity method*** for the first half of 2025 was €3,582 million, compared to €2,462 million in the first half of 2024.

*C.4.14. Income tax expense* 

***Income tax expense*** totaled €711 million in the first half of 2025, compared €379 million in the first half of 2024, giving an effective tax rate (based on consolidated net income) of 19.8%, compared to 15.4% in the first half of 2024. The increase in income tax expense was mainly due to a year-on-year decrease in restructuring costs relating to severance plans announced in the first half of 2025 and to Sanofi's ongoing employee status transformation projects (€113 million in the first half of 2025, compared to €343 million in the first half of 2024). This was partly offset by a rise in the tax effects of amortization and impairment of intangible assets (€173 million in the first half of 2025, compared €48 million in the first half of 2024).When calculated on business net income, our effective tax rate was 21.0% in the first half of 2025, compared with 20.0% in the first half of 2024 and 19.8% for 2024 as a whole.

The main factors in this year-on-year change were (i) the impact of the OECD Pillar Two model rules, which aim to ensure that large multinationals pay a minimum level of tax on the income arising in each jurisdiction where they operate; and (ii) the full effect of the 2024 portion of the temporary exceptional corporate income tax contribution introduced under the 2025 French Finance Bill. This latter item is excluded from the annual average effective tax rate calculation in accordance with IAS 34.

**13** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

The effective tax rate on our "Business net income"<sup>(</sup><sup>3</sup><sup>)</sup> is a non-IFRS financial measure. "Business net income" is calculated on the basis of business operating income, minus net financial expenses and before (i) the share of profit/loss from investments accounted for using the equity method and (ii) net income attributable to non-controlling interests. We believe the presentation of this measure, used by our management, is also useful for investors as it provides a mean of analyzing the effective tax cost of our current business activities. It should not be seen as a substitute for the effective tax rate based on consolidated net income. Because our "Business net income" and effective tax rate on our "Business net income" are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, these are non-IFRS measures that have no standardized meaning prescribed by IFRS.

*C.4.15. Share of profit/(loss) from investments accounted for using the equity method* 

***Share of profit/(loss) from investments accounted for using the equity method*** showed net income of €85 million for the first half of 2025 (versus a net loss of €22 million for the first half of 2024), including €11 million for Sanofi's share of profits from OPAL JV Co for the period starting May 1st, 2025 until June 30, 2025.

*C.4.16. Net income from continuing operations* 

***Net income from continuing operations*** amounted to €2,956 million in the first half of 2025, compared with €2,061 million in the first half of 2024.

*C.4.17. Net income from discontinued operations* 

Due to (i) the classification of Opella's assets and liabilities as held for sale since the announcement on October 21, 2024 of the opening of exclusive negotiations with CD&R for the transfer of those assets and liabilities and (ii) the assessment that Opella qualifies as a principal line of business within the meaning of IFRS 5, the net income or loss of Opella is presented in a separate line item, ***Net income from discontinued operations*** (see Notes B.1. and B.22. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025).

In the first half of 2025, ***Net income from discontinued operations*** amounted to €2,881 million, reflecting the net income of Opella until the date of loss of control and also including a net gain of €2,693 million resulting from the divestment of Opella as of the date of loss of control.

In the first half of 2024, ***Net income from discontinued operations*** amounted to € 202 million.

*C.4.18. Net income* 

***Net income*** amounted to €5,837 million in the first half of 2025, including a gain of €2,693 million on the divestment of Opella, compared to €2,263 million in the first half of 2024.

*C.4.19. Net income attributable to non-controlling interests* 

***Net income attributable to non-controlling interests*** for the first half of 2025 was €25 million, compared to €17 million for the first half of 2024.

*C.4.20. Net income attributable to equity holders of Sanofi* 

***Net income attributable to equity holders of Sanofi*** amounted to €5,812 million in the first half of 2025, compared to €2,246 million in the first half of 2024.

Basic earnings per share (EPS) was €4.74, compared with €1.80 for the first half of 2024, based on an average number of shares outstanding of 1,225.5 million for the first half of 2025 and 1,249.4 million for the first half of 2024. Diluted earnings per share was €4.72, versus €1.79 for the first half of 2024, based on an average number of shares after dilution of 1,230.7 million for the first half of 2025 and 1,253.8 million for the first half of 2024.

**C.5. Income before tax and investments accounted for using the equity method and Business operating income and segment results** 

In the first half of 2025, our "Business operating income" (see below and Note B.21.1. to our Condensed half-year consolidated financial statements for a definition and reconciliation of this non-IFRS financial measure and further details) was €5,363 million, compared to €4,938 million for the first half of 2024, an increase of 8.6%.

Our business operating income (non-IFRS) is reconciled with our Income before tax and investments accounted for using the equity method (IFRS) in Note "B.21. Segment information — B.21.1. Segment results" to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025.

The table below sets forth our business operating income for the Biopharma segment:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(€ million)** | **June 30, 2025<br>(6 months)** | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months) <sup>(a)</sup>** | **June 30, 2024<br>(6 months) <sup>(a)</sup>** | | **Change** | **Change** | |
|  Biopharma segment business operating income (non-IFRS) |  | 5347 |  | 4916 |  | | *+8.8%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *As percentage of sales* | | *26.9%* | | *26.8%* | |  |  |  |
|  Other |  | 16 |  | 22 |  | | *-27.3%* | |

---

*(a)* *Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*<sup>(3)</sup> See definition in Section C.2., "Net income attributable to equity holders of Sanofi (IFRS measure) and Business net income (non-IFRS financial measure)."* 

**14** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

**C.6. Consolidated statements of cash flows** 

Summarized consolidated statements of cash flows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(€ million) | **June 30, 2025<br>(6 months)** | **June 30, 2024<br>(6 months) <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) continuing operating activities | 3367 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) operating activities of the discontinued Opella business | 188 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by/(used in) operating activities** | **3555** | **1422** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) continuing investing activities | (1979) | (3355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) investing activities of the discontinued Opella business | (36) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash inflow from the Opella transaction <sup>(b)</sup> | 10742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by/(used in) investing activities** | **8727** | **(3413)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) continuing financing activities | (4441) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) financing activities of the discontinued Opella business | (48) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by/(used in) financing activities** | **(4489)** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of exchange rates on cash and cash equivalents | (42) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents reported as held for sale as of December 31, 2024 | 167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in cash and cash equivalents** | **7918** | **(1915)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents, beginning of period** | **7441** | **8710** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents, end of period** | **15359** | **6795** |

---

*(a)* *Figures for the 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*(b)* *For the six months ended June 30, 2025, this amount includes €(667) million in respect of cash and cash equivalents held by Opella as of April 30, 2025.* 

***Net cash provided by/(used in) continuing operating activities*** represented a net cash inflow of €3,367 million in the first half of 2025, against €1,238 million in the first half of 2024.

Operating cash flow before changes in working capital for the first half of 2025 was €3,980 million, versus €3,608 million in the first half of 2024.

Working capital requirements decreased by €613 million in the first half of 2025, versus a decrease of €2,370 million in the first half of 2024; the year-on-year change mainly reflects a reduction in provisions for rebates in the United States as a consequence of the reduction in the list price of Lantus from January 1, 2024.

***Net cash provided by/(used in) continuing investing activities*** represented a net cash outflow of €1,979 million in the first half of 2025, including the impact of the acquisition of Dren-0201, Inc. for $602 million (see Note B.1.2. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025). That compares with a net cash outflow of €3,355 million in the first half of 2024, resulting mainly from the acquisition of Inhibrx, Inc. for $2,035 million.

Acquisitions of property, plant and equipment and intangible assets totaled €1,420 million, versus €1,804 million in the first half of 2024. There were €845 million of acquisitions of property, plant and equipment (versus €882 million in the first half of 2024), corresponding primarily to investments in industrial facilities. Acquisitions of intangible assets (€575 million, versus €922 million in the first half of 2024) mainly comprised contractual payments for intangible rights, primarily under license and collaboration agreements.

After-tax proceeds from disposals (excluding disposals of consolidated entities and investments in joint ventures and associates) amounted to €434 million in the first half of 2025, compared with €516 million for the first half of 2024, and related mainly to divestments of assets and operations relating to portfolio streamlining and to disposals of equity and debt instruments.

***Net cash provided by/(used in) continuing financing activities*** represented a net cash outflow of €4,441 million in the first half of 2025, compared with a net inflow of €92 million in the first half of 2024. The 2025 first-half figure includes (i) the dividend payout to our shareholders of €4,772 million (versus €4,704 million in the first half of 2024); (ii) €4,332 million of net external debt contracted (versus net external debt contracted of €5,102 million in the first half of 2024); (iii) movements in Sanofi's share capital, including purchases of treasury shares and the

**15** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

related tax effects (€4,003 million, versus €302 million in the first half of 2024); and (iv) share capital increases of €29 million (compared with €21 million in the first half of 2024).

The ***net change in cash and cash equivalents*** in the first half of 2025 was an increase of €7,918 million, compared with a decrease of €1,915 million in the first half of 2024.

**C.7. Consolidated balance sheet** 

Total assets were €124,959 million as of June 30, 2025, versus €132,798 million as of December 31, 2024, representing a decrease of €7,839 million.

***Total debt*** was €20,519 million as of June 30, 2025, compared to €16,137 million as of December 31, 2024. ***Net debt*** was €5,102 million as of June 30, 2025, compared to €8,772 million as of December 31, 2024. "Net debt" is a non-IFRS measure that is not a standardized measure, and may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, this measure has no standardized meaning prescribed by IFRS.

We believe the presentation of this non-IFRS financial measure, which is reviewed by our management, provides useful information to measure our overall liquidity and capital resources. We define "net debt" as (i) the sum total of short-term debt, long-term debt, and interest rate derivatives and currency derivatives used to manage debt, minus (ii) the sum total of cash and cash equivalents and interest rate derivatives and currency derivatives used to manage cash and cash equivalents. However, it should not be seen as a substitute for an IFRS measure.

---

| | | |
|:---|:---|:---|
| (€ million) | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 13200 | 11791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and current portion of long-term debt | 7309 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate and currency derivatives used to manage debt | 10 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total debt** | **20519** | **16137** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | (15359) | (7441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate and currency derivatives used to manage cash and cash equivalents | (58) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net debt <sup>(a)</sup> (non-IFRS)** | **5102** | **8772** |
| &nbsp;&nbsp;&nbsp;&nbsp; Total equity | 70279 | 77857 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gearing ratio (non-IFRS)** | **7.3%** | **11.3%** |

---

*(a)* *Net debt does not include lease liabilities, which amounted to €1,776 million as of June 30, 2025 and €1,906 million as of December 31, 2024.* 

The ratio of total debt to total equity increased from 20.7% as of December 31, 2024 to 29.2% as of June 30, 2025. To assess our financing risk, we use the "gearing ratio", a non-IFRS financial measure, the presentation of which we believe provides useful information and is used by our management. This ratio (which we define as the ratio of net debt to total equity) decreased from 11.3% as of December 31, 2024 to 7.3% as of June 30, 2025. Analyses of our debt as of June 30, 2025 and December 31, 2024 are provided in Note B.9. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025.

Our "gearing ratio" is not a standardized measure, and may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, this measure has no standardized meaning prescribed by IFRS and should not be seen as a substitute for any IFRS measures.

We expect that the future cash flows generated by our operating activities will be sufficient to repay our debt. The financing arrangements in place as of June 30, 2025 at the Sanofi parent company level are not subject to covenants regarding financial ratios and do not contain any clauses linking credit spreads or fees to Sanofi's credit rating.

Other key movements in the balance sheet are described below.

Total equity was €70,279 million as of June 30, 2025, versus €77,857 million as of December 31, 2024. The net change reflects the following principal factors:

• an increase representing our net income for the first half of 2025
(€ 5,837 million);

• an decrease of € 5,203 million due to currency translation
differences arising on the financial statements of foreign subsidiaries, mainly due to movements in the US dollar;

• a decrease representing the dividend payout to our shareholders of € 4,772 million; and

• the repurchase by Sanofi of 39,344,633 of its own shares during the first half of 2025 for a total amount of € 3,988 million, plus € 15 million of related tax payments.

As of June 30, 2025 we held 10.66 million of our own shares, recorded as a deduction from equity and representing 0.868% of our share capital.

***Goodwill*** and ***Other intangible assets*** (€60,714 million in total) decreased by €5,299 million, due mainly to the impact of exchange rates and particularly to the fluctuation in the US dollar.

**16gggg** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

***Investments accounted for using the equity method*** (€3,563 million) increased by €3,247 million. This increase primarily results from Sanofi retaining a 48.2% equity interest in OPAL JV Co following the loss of control of Opella, with CD&R holding 50% and Bpifrance holding 1.8%. For further details, please refer to Note B.1. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025.

***Other non-current assets*** (€4,109 million) increased by €356 million.

***Net deferred tax assets*** were €6,293 million as of June 30, 2025, compared with €5,801 million as of December 31, 2024, an increase of €492 million.

***Non-current provisions and other non-current liabilities*** (€7,116 million) fell by €980 million relative to December 31, 2024. This reduction is mainly due to foreign exchange impacts (€522 million), and to the settlement reached on the litigation related to Plavix (clopidogrel) in the US state of Hawaii (see Note B.14. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025).

***Liabilities related to business combinations and to non-controlling interests*** (€564 million) decreased by €77 million.

*D. Risk factors and related party transactions* 

**D.1. Risk factors** 

The main risk factors to which Sanofi is exposed are described in the Annual Report on Form 20-F for the year ended December 31, 2024 (the 2024 20-F) filed with the US Securities and Exchange Commission on February 13, 2025<sup>(4)</sup>.

The risk "Completion of the separation of Opella is subject to conditions that may not be satisfied and we may fail to realize any or all of the anticipated benefits of the separation and/or face unintended adverse impacts on our business" is replaced by the risk "**We may fail to realize any or all of the anticipated benefits of the separation of Opella and/or face unintended adverse impacts on our business**;" and should be read as follows: 

"On April 30, 2025, we announced that the Opella transaction had been completed. Completion of the separation, for which we have incurred and are expected to incur significant costs, may not achieve the expected benefits in full or in part and there is no guarantee as to the timing of when or if any such benefits may be realized. The success of the transaction and its expected benefits will depend on several factors, including many factors outside of our control, and a number of assumptions that may prove incorrect.

Further to the separation, we may face a number of challenges relating to the implementation of the separation and to operating without the Opella business. There may be adverse financial, operational, regulatory, consumer, patient and reputational implications if we fail (either wholly or in part) to meet such challenges. Such adverse implications could impact our financial condition, results of operations and/or prospects. For example, since the separation our business is smaller and less diversified than previously, and is more susceptible to adverse developments in the remaining business and markets in which we operate. Accordingly, should any part of our remaining business underperform, this could have a greater adverse impact on our results or financial condition following separation than would have been the case prior to the separation. In addition, post-separation we have greater relative exposure to the global pharmaceuticals and vaccines markets and the associated risks and will no longer benefit from exposure to the Consumer Healthcare market we had prior to separation from the Opella business; this change makes us more reliant on R&D processes (see "—Several factors may hinder or delay Sanofi's research and development efforts to renew Sanofi's portfolio of medicines and vaccines" in Item 3.D. of the 2024 Form 20-F). There is a risk that the anticipated benefits of the separation may not be realized as expected.

The process of separating Opella from our remaining operations may be complex, time-consuming, and resource-intensive, and will require the separation of previously shared systems, processes, and infrastructure, which could result in unanticipated costs, delays, or ongoing operational inefficiencies. In connection with the divestiture, we are required to provide transitional services to Opella, which will require further resources and could expose us to additional liabilities.

Finally, as we retain a holding in Opella of 48.2% with veto rights only on certain matters, we will not control operational decisions and Opella's success will depend on its ability to retain talent and skilled professionals and take advantage of the opportunities that lie ahead in its segment. Therefore, our remaining holding in Opella may fall in value if Opella's strategy does not deliver the expected benefits."

The risk "Our largest shareholder owns a significant percentage of the share capital and voting rights of Sanofi" is modified and should now be read as follows:

"Following the buy-back we made of a block of shares from L'Oréal in February 2025, and after cancellation on March 13, 2025 of said shares, as of June 30, 2025 L'Oréal held 7.23% of Sanofi's share capital and 13.12% of Sanofi's effective voting rights (excluding treasury shares). Individuals linked to L'Oréal currently serve on Sanofi's Board of Directors. For as long as L'Oréal retains its interest in our share capital and voting rights, it will remain in a position to exert influence in the appointment of directors and officers of Sanofi and in other corporate actions that require shareholder approval."

Any of those risks, and others that we may not yet have identified, could materialize during the second half of 2025 or during subsequent periods, and could cause actual results to differ materially from those described elsewhere in this report.

*<sup>(4)</sup>* *Available on the website of the SEC.* 

**17** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

**D.2. Related party transactions** 

Our principal related parties are defined in Note D.33. to our consolidated financial statements included in the 2024 Form 20-F (page F-92)<sup>(1)</sup>.

Note B.5. to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025 provides a description of the main transactions and balances for the six months ended June 30, 2025 with equity-accounted entities that qualify as related parties.

Sanofi did not enter into any transactions with key management personnel during the first half of 2025.

Financial relations with the Group's principal shareholders fall within the ordinary course of business and were immaterial in the first half of 2025.

*E. Appendix - research and development pipeline* 

*R&D Pipeline* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Registration**<br>**Name** | <br>**Description** | <br>**Indication** |
| Dupixent <sup>(a)</sup> | IL4xIL13 mAb | Bullous pemphigoid (EU, JP, CN) Chronic spontaneous urticaria (EU) |
| Qfitlia <sup>(1)</sup> | RNAi targeting anti-thrombin | Hemophilia A and B (CN) |
| rilzabrutinib | BTK inhibitor | Immune thrombocytopenia (US, EU, CN) |
| Cerezyme | Enzyme replacement therapy | Gaucher disease type 3 (US) |
| tolebrutinib | BTK inhibitor | Non-relapsing secondary progressive MS (US, EU) |
| Sarclisa | CD38 mAb | NDMM, TE (HD7) (EU) |

---

**18** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

---

| | | |
|:---|:---|:---|
| **Phase 3** |  |  |
| **Name** | **Description** | **Indication** |
| <br> **Immunology** | <br> **Immunology** | <br> **Immunology** |
| Dupixent<sup>(a)</sup> | IL4xIL13 mAb | • Chronic pruritus of unknown origin |
| Dupixent<sup>(a)</sup> | IL4xIL13 mAb | • Lichen simplex chronicus |
| itepekimab<sup>(a) (2)</sup> | IL33 mAb | • Chronic obstructive pulmonary disease |
| itepekimab<sup>(a) (2)</sup> | IL33 mAb | • Chronic rhinosinusitis with nasal polyps |
| amlitelimab | OX40L mAb | Atopic dermatitis |
| Rezurock | ROCK2 inhibitor | Chronic lung allograft dysfunction |
| Tzield | CD3 mAb | Type 1 diabetes |
| <br> **Rare diseases**<br>|  |  |
| Nexviazyme | Enzyme replacement therapy | Infantile-onset Pompe disease |
| venglustat | Oral GCS inhibitor | • Fabry disease |
| venglustat | Oral GCS inhibitor | • Gaucher disease type 3 |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Description** | **Indication** |
| <br> **Neurology** | <br> **Neurology** | <br> **Neurology** |
| tolebrutinib | BTK inhibitor | Primary progressive MS |
| frexalimab<sup>(b)</sup> | CD40L mAb | • Relapsing MS |
| frexalimab<sup>(b)</sup> | CD40L mAb | • Non-relapsing secondary progressive MS |
| riliprubart | C1s inhibitor | • SOC-refractory CIDP |
| riliprubart | C1s inhibitor | • IVIg-treated CIDP |
| <br> **Oncology** | <br> **Oncology** | <br> **Oncology** |
| Sarclisa | CD38 mAb | NDMM, TE (HD7) (US) |
| Sarclisa | CD38 mAb | NDMM, TE (IsKia) |
| Sarclisa | CD38 mAb | Smoldering MM (ITHACA) |
| Sarclisa | <br> CD38 mAb subcutaneous | <br> Relapsed/refractory MM (IRAKLIA) |
| <br> **Vaccines** | <br> **Vaccines** | <br> **Vaccines** |
| Fluzone HD | Multivalent inactivated vaccine | Flu (50 years+) |
| SP0087 | Vero cell vaccine | Rabies |
| SP0125 | Live attenuated vaccine | RSV (toddlers) |
| SP0202<sup>(c)</sup> | 21-valent conjugate vaccine | Pneumococcal disease |
| SP0218 | Vero cell vaccine | Yellow fever |

---

*(1) Also known as fitusiran, currently in phase 3 in the EU* 

*(2) Subject to further analysis and regulatory discussions* 

*Collaborations (a) Regeneron - (b) ImmuNext - (c) SK bioscience* 

*Abbreviations* 

---

| | |
|:---|:---|
| *BTK:* | *Bruton's tyrosine kinase - CD: Cluster of differentiation - C1s: Complement component 1s - CIDP: Chronic inflammatory demyelinating polyneuropathy - CN: China - EU: Europe - GCS: Glucosylceramide synthase - HD: High dose - IL: Interleukin - IVIg: Intravenous immunoglobulin - JP: Japan - mAb: Monoclonal antibody - MM: Multiple myeloma - MS: Multiple sclerosis - NDMM: Newly diagnosed multiple myeloma - RNAi: RNA interference - ROCK2: Rho Associated coiled-coil containing protein kinase 2 - RSV: Respiratory syncytial virus - SOC: Standard of care - TE: Transplant eligible - US: United States of America*  |

---

**19** 

------

*Exhibit 99.2*

2. Information on H1 2025 Financial Results

---

| | | |
|:---|:---|:---|
| **Phase 2**<br> **Name**<br> **Immunology** | <br>**Description** | <br>**Indication** |
| Dupixent<sup>(a)</sup> | IL4xIL13 mAb | Ulcerative colitis |
| itepekimab<sup>(a)</sup> | IL33 mAb | • Bronchiectasis |
| itepekimab<sup>(a)</sup> | IL33 mAb | • Chronic rhinosinusitis without nasal polyps |
| amlitelimab | OX40L mAb | • Alopecia areata |
| amlitelimab | OX40L mAb | • Asthma |
| amlitelimab | OX40L mAb | • Celiac disease |
| amlitelimab | OX40L mAb | • Systemic sclerosis |
| rilzabrutinib | BTK inhibitor | • Asthma |
| rilzabrutinib | BTK inhibitor | • Chronic spontaneous urticaria |
| rilzabrutinib | BTK inhibitor | • IgG4-related disease |
| frexalimab <sup>(b)</sup> | CD40L mAb | • Systemic lupus erythematosus |
| frexalimab <sup>(b)</sup> | CD40L mAb | • Type 1 diabetes |
| balinatunfib | Oral TNFR1<br> signaling inhibitor | • Rheumatoid arthritis |
| balinatunfib | Oral TNFR1<br> signaling inhibitor | • Crohn's disease |
| balinatunfib | Oral TNFR1<br> signaling inhibitor | • Ulcerative colitis |
| lunsekimig | IL13xTSLP<br> NANOBODY<sup>®</sup> VHH | • Asthma |
| lunsekimig | IL13xTSLP<br> NANOBODY<sup>®</sup> VHH | • High-risk asthma |
| lunsekimig | IL13xTSLP<br> NANOBODY<sup>®</sup> VHH | • Atopic dermatitis |
| lunsekimig | IL13xTSLP<br> NANOBODY<sup>®</sup> VHH | • Chronic rhinosinusitis with nasal polyps |
| eclitasertib<sup>(c)</sup> | RIPK1 inhibitor | Ulcerative colitis |
| brivekimig | TNFaxOX40L<br> NANOBODY<sup>®</sup> VHH | • Hidradenitis suppurativa |
| brivekimig | TNFaxOX40L<br> NANOBODY<sup>®</sup> VHH | • Type 1 diabetes |
| duvakitug<sup>(e)</sup> | TL1A mAb | • Crohn's disease |
| duvakitug<sup>(e)</sup> | TL1A mAb | • Ulcerative colitis |
| riliprubart | C1s inhibitor | Antibody-mediated |
| riliprubart | C1s inhibitor | rejection |

---

---

| | | |
|:---|:---|:---|
| **Phase 1**<br> **Name**<br> **Immunology** | <br>**Description** | <br>**Indication** |
| SAR444336 | Non-beta IL2 Synthorin<sup>TM</sup> | Inflammatory indication |
| SAR445399<sup>(1)</sup> | IL1R3 mAb | Inflammatory indication |
| SAR445514 <sup>(f)</sup> | Trifunctional anti- BCMA NK cell engager | Inflammatory indication |
| SAR446422 | CD28xOX40 bispecific Ab | Inflammatory indication |
| SAR446959 | MMP13xADAMTS5xCAP NANOBODY<sup>®</sup> VHH | Knee osteoarthritis |
| SAR448501 | CD20 bispecific mAb | Inflammatory indication |
| **Neurology** |  |  |
| SAR446159 <sup>(g)</sup> | SynucleinxIGF1R mAb | Parkinson's disease |
| SAR402663 | AAV2-sFLT01 gene therapy | Wet age-related macular degeneration |

---

---

| | | |
|:---|:---|:---|
| **Name**<br> **Rare diseases** | **Description** | **Indication** |
| rilzabrutinib | BTK inhibitor | Warm autoimmune hemolytic anemia |
| SAR447537 | AAT fusion protein | Alpha-1 antitrypsin deficiency |
| frexalimab rilzabrutinib<br> brivekimig | CD40L mAb BTK inhibitor TNFaxOX40L NANOBODY<sup>®</sup> VHH | Focal segmental glomerulosclerosis/ minimal change disease |
| **Oncology** |  |  |
| Sarclisa | CD38 mAb | Relapsed/refractory MM |
| SAR447873<sup>(e)</sup> | SSTR targeting alpha-emitter therapy | Gastroenteropancreatic neuroendocrine tumors |
| SAR445877 | PD1xIL15 fusion protein | Solid tumors |
| **Vaccines** |  |  |
| SP0230 | 5-valent (ACWY+B) vaccine | Meningitis |
| SP0256 <sup>(1)</sup> | mRNA vaccine | RSV (older adults) |
| SP0268 | mRNA vaccine | Acne |
| SP0289 | mRNA vaccine | Flu (H5 pandemic) |
| SP0335 | Inactivated adjuvanted vaccine | Flu (H5 pandemic) |
| **Name** | **Description** | **Indication** |
| **Oncology** |  |  |
| SAR445953 <sup>(h)</sup> | CEACAM5-Topo1 ADC | Colorectal cancer |
| SAR446523 | GPRC5D mAb | Multiple myeloma |
| **Vaccines** |  |  |
| SP0237 | mRNA vaccine | Flu |
| SP0287 | Fluzone HD+Nuvaxovid | Flu+COVID-19 |
| SP0287 | Flublok+Nuvaxovid | Flu+COVID-19 |
| SP0256 <sup>(2)</sup> | mRNA vaccine | RSV+hMPV (older adults) |
| SP0291 | mRNA vaccine | RSV+hMPV+PIV3 (older adults) |
| SP0269 | mRNA vaccine | Chlamydia |

---

*(1) Also known as MAB212, in-licensed from MAB Discovery* 

*Collaborations (a) Regeneron - (b) ImmuNext - (c) Denali - (d) Teva Pharmaceuticals - (e) RadioMedix and Orano Med - (f) Innate Pharma - (g) ABL Bio - (h) Pfizer* 

*Abbreviations* 

---

| | |
|:---|:---|
| *AAT:* | *Alpha-1 antitrypsin - AAV2: Adeno-associated virus type 2 - Ab: Antibody - ADAMTS5: A Disintegrin And Metalloproteinase with Thrombospondin Motifs 5 - ADC: Antibody-drug conjugate - BCMA: B-Cell maturation antigen - BTK: Bruton's tyrosine kinase - C1s: Complement component 1s - CAP: Cartilage anchoring protein - CD: Cluster of differentiation - CEACAM5: Carcinoembryonic antigen cell adhesion molecule 5 - GPRC5D: G-protein coupled receptor family C group 5 member D - H5: hemagglutinin 5 - hMPV: human Metapneumovirus - IGF1R: Insulin-like growth factor 1 receptor - IgG4: Immunoglobulin G4 - IL: Interleukin - IL1R3: Interleukin-1 receptor 3 - mAb: Monoclonal antibody - MM: Multiple myeloma - MMP13: Matrix metallopeptidase 13 - mRNA: messenger RNA - NK: Natural killer - PD1: Programmed death protein 1 – PIV3: Parainfluenza virus type 3 - RIPK1: Receptor-interacting serine/threonine protein kinase 1 - RSV: Respiratory syncytial virus - SSTR: Somatostatin receptor - TL1A: Tumor necrosis factor-like cytokine 1A - TNFa: Tumor necrosis factor alpha - TNFR1: Tumor necrosis factor receptor 1 - Topo1: Topoisomerase - TSLP: Thymic stromal lymphopoietin*  |

---

**Forward-looking statements** 

This document contains forward-looking statements as defined in the US 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, product development and potential, and statements regarding future performance. Words such as "believe," "anticipate," "can," "contemplate," "could," "plan," "expect," "intend," "is designed to," "may," "might," "plan," "potential," "objective," "target," "estimate," "project," "predict," "forecast," "ambition," "guideline," "should," "will," "estimates," "plans" or the negative of these and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are generally identified by the words "expects," "anticipates," "may," "is considering," "believes," "intends," "envisages," "aims," "plans," "is designed to," "could," "forecasts," "predicts," "potential," "objective," "estimates," "projects," "is programming," "is likely to" and "wants" or the negative thereof, 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 to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

These risks and uncertainties 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 biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi's ability to benefit from external growth opportunities, to complete related transactions 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 global crisis may have on us, our customers, suppliers, vendors, and other business partners, and the 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 US Securities and Exchange Commission (SEC) and the French *Autorité des marchés financiers* (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, 2024. For an update on significant litigations, refer to Note B.14. "Legal and arbitration proceedings" to our Condensed half-year consolidated financial statements for the six months ended June 30, 2025, and to Section "A.3.2. Legal and arbitration proceedings," and Section C. "Risk factors and related party transactions," of this document.

Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

All trademarks mentioned in this document are protected and are either trademarks owned by Sanofi and/or its subsidiaries, or trademarks licensed to Sanofi and/or its subsidiaries, or trademarks owned by third parties (including Regeneron and Sobi).

**20**

## Exhibit 99.3

*Exhibit 99.3* 

*Q3 and YTD 2025 summary* 

The information presented in this document relates to the three-month period ended September 30, 2025 (referred to as "the quarter" or "Q3 2025") and the nine-month period ended September 30, 2025 (referred to as "the year to date" or "YTD 2025") compared to the three-month period ended September 30, 2024 (referred to as "Q3 2024") and the nine-month period ended September 30, 2024 (referred to as "YTD 2024"), respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q3 2025** | **Change** | **Change** <br> **at CER**  | <br> **YTD 2025**  | **Change** | **Change** <br> **at CER**  |
|  IFRS net sales reported | €12,434m | +2.3% | +7.0% | €32,323m | +5.9% | +8.7% |
|  IFRS net income reported | €2,802m | -0.5% |  | €8,614m | +70.2% |  |
|  IFRS EPS reported | €2.30 | +2.2% |  | €7.04 | +73.8% |  |

---

In Q3 2025, sales were €12,434 million and increased by 2.3%. Exchange rate movements had a negative effect of 4.7 percentage points (pp). The divestments of medicines/portfolio streamlining had a negative impact of 0.3pp on sales growth. In YTD 2025, sales were €32,323 million and increased by 5.9% (as reported). Exchange rate movements had a negative effect of 2.8pp. The divestments of medicines/portfolio streamlining had a negative impact of 0.4pp on sales growth.

**Sales by geography** 

---

| | | |
|:---|:---|:---|
| **Net sales**<br> (€ million) | <br> **Q3 2025** | <br> **YTD 2025**  |
|  United States | 6838 | 16373 |
|  Europe | 2589 | 6733 |
|  Rest of World | 3007 | 9217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which China* | *689* | *2,077* |

---

***US*** sales were €6,838 million. The performance was primarily driven by Immunology, pharma launches, and Lantus, partly offset by Vaccines.

***Europe*** sales were €2,589 million. Growth was primarily driven by Beyfortus, Immunology, and pharma launches. Sales of some legacy medicines and influenza vaccines were lower.  ****

***Rest of World*** sales were €3,007 million. The performance was led by Immunology, Beyfortus, and pharma launches, while many legacy medicines and vaccines declined. ***China*** sales were €689 million in a slightly declining market, impacted by the renewed national reimbursement drug list and volume-based procurement.

**Business development** 

Business development, including strategic investments in external innovation is an integral part of Sanofi's efforts to access optionality for promising scientific developments to contribute to pipeline replenishment.

On September 24, 2025, Sanofi announced an additional $625 million multi-year capital commitment to Sanofi Ventures, increasing the total assets under management to over $1.4 billion. This new commitment to the evergreen venture fund builds on more than a decade of investing in innovative biotech and digital health companies that align with Sanofi's long-term growth ambitions. Sanofi Ventures is the corporate venture capital arm of Sanofi, investing in top-tier biotech and artificial intelligence/digital health companies that focus on helping patients and transforming the practice of medicine. Since its inception in 2012, the fund has deployed over $800 million across more than 70 innovative companies in biotech and digital health.

On August 6, 2025, Sanofi announced the completion of its $470 million acquisition of Vigil Neuroscience, Inc. This acquisition strengthens Sanofi's early-stage pipeline in neurology with VG-3927, a novel, oral, small-molecule TREM2 agonist targeting Alzheimer's disease. In addition, the acquisition of Vigil's preclinical pipeline will further strengthen Sanofi's research in various neurodegenerative diseases. In June 2024, Sanofi Capital made a $40 million strategic investment in Vigil that included the exclusive right of first negotiation for an exclusive license, grant, or transfer of rights to research, develop, manufacture, and commercialize VG-3927.

On July 17, 2025, Sanofi completed its acquisition of Blueprint, a US-based, publicly traded biopharmaceutical company specializing in SM, a rare immunological disease, and other KIT-driven diseases. The acquisition included a rare immunology disease medicine, Ayvakit/Ayvakyt (avapritinib), approved in the US and the EU, and a promising advanced and early-stage immunology pipeline. Blueprint's established presence among allergists, dermatologists, and immunologists is expected to improve Sanofi's ability to enhance its growing immunology pipeline. The acquisition also includes elenestinib, a next-generation medicine for SM, as well as BLU-808, a highly potent and selective oral wild-type KIT inhibitor that has the potential to treat a broad range of diseases in immunology. Under the terms of the acquisition, Sanofi paid $129.00 per share in cash at closing, representing an equity value of $9.0 billion for 100% of the shares. Blueprint shareholders also received one non-tradable contractual contingent value right ("CVR") per share which entitles the holders thereof to receive two potential milestone payments of $2.00 and $4.00 per CVR on the attainment of

**1** 

------

future development and regulatory milestones within the applicable milestone period, respectively, for BLU-808. The total equity value of the transaction, including potential CVR payments, represented approximately $9.5 billion on a fully diluted basis.

On July 22, 2025, Sanofi announced that it had entered into an agreement to acquire Vicebio Ltd ("Vicebio"), a privately held biotechnology company headquartered in London, UK. The acquisition brings to Sanofi an early-stage combination vaccine candidate for respiratory syncytial virus and human metapneumovirus, both respiratory viruses, and is expected to expand Sanofi's capabilities in vaccine design and development with Vicebio's 'Molecular Clamp' technology. Under the terms of the agreement, Sanofi would acquire all of Vicebio's share capital for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including receipt of regulatory approvals.

**2** 

------

*Biopharma segment* 

**Pharma** 

*Launches* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net sales**<br> (€ million) | **Q3 2025** | **As reported** | **Change**<br> **at CER** | **YTD 2025** | **As**<br> **reported** | **Change**<br> **at CER** |
|  ALTUVIIIO | 294 | +70.9% | +81.4% | 836 | +85.0% | +90.0% |
|  Nexviazyme/Nexviadyme | 200 | +22.7% | +27.6% | 587 | +21.5% | +23.6% |
|  Sarclisa | 155 | +36.0% | +41.2% | 431 | +26.4% | +28.7% |
|  Ayvakit | 137 | —% | —% | 137 | —% | —% |
|  Rezurock | 114 | -13.0% | -6.9% | 377 | +11.5% | +14.5% |
|  Cablivi | 66 | +4.8% | +9.5% | 202 | +14.8% | +16.5% |
|  Xenpozyme | 57 | +39.0% | +43.9% | 167 | +47.8% | +50.4% |
|  Tzield | 18 | +20.0% | +26.7% | 47 | +30.6% | +33.3% |
|  Qfitlia | 4 | —% | —% | 5 | —% | —% |
|  Wayrilz | 1 | —% | —% | 1 | —% | —% |
|  Total | 1046 | +49.6% | +57.1% | 2790 | 43.9% | +47.2% |

---

***ALTUVIIIO*** (hemophilia A) sales were €294 million of which 84% was in the US. Growth was driven by continued patient switches from older, short half-life and extended half-life factor medicines, from Eloctate, and from non-factor treatments. Rest of World sales of €47 million benefited from the launches in Japan and Taiwan, and supply sales to the collaborator Sobi. The hemophilia A franchise (ALTUVIIIO and Eloctate combined) sales were €371 million, primarily driven by ALTUVIIIO's strong performance of €294 million, while Eloctate contributed €77 million.

***Nexviazyme/Nexviadyme*** (Pompe disease) sales were €200 million, driven by Europe. In the US, most patients have switched from Myozyme/Lumizyme. The Pompe disease franchise (Nexviazyme/Nexviadyme and Myozyme/Lumizyme combined) sales were €322 million.

***Sarclisa*** (multiple myeloma) sales were €155 million, supported by high growth in all regions and driven by increased use in the front-line combination treatment setting.

***Rezurock*** (chronic graft-versus-host disease, third line) sales were €114 million. Sales in the US decreased by due to mandatory rebates, and sales in Europe were -€1 million from a one-time reimbursement. In Rest of World, sales were €15 million, the overwhelming majority in China.

***Ayvakit*** (mastocytosis) sales were €137 million. Ayvakit was consolidated by Sanofi from mid-July following the acquisition of Blueprint Medicines Corporation. Sales were split across the US (€119 million), Europe (€16 million), and Rest of World (€2 million) and performed in line with expectations with a large opportunity to increase penetration rates in all geographies.

***Cablivi*** (acquired thrombotic thrombocytopenic purpura) sales were €66 million, driven by more patients being identified for treatment in the US and Europe and lower use of the US access program.

***Xenpozyme*** (acid sphingomyelinase deficiency) sales were €57 million, mainly driven by Europe and Rest of World.

***Tzield*** (delay onset of type 1 diabetes) sales were €18 million (of which €17 million in the US) with sales reflecting improved momentum in infusions benefiting from the continued investment in education about autoimmune type 1 diabetes and progress in screening.

***Qfitlia*** (hemophilia A and B) sales were €4 million, all in the US, with more patients being treated following approval in March.

***Wayrilz*** (immune thrombocytopenia) sales were €1 million, all in the US, following approval in August.

**3** 

------

*Immunology* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net sales**<br> (€ million) | **Q3 2025** | **As<br>reported** | **Change**<br> **at CER** | **YTD 2025** | **As<br>reported** | **Change**<br> **at CER** |
|  Dupixent | 4156 | +19.6% | +26.2% | 11468 | +19.3% | +22.7% |

---

***Dupixent*** sales were €4,156 million. For the first time, global sales exceeded €4 billion in a quarter and were driven by strong demand in all approved indications (atopic dermatitis (AD), asthma, chronic rhinosinusitis with nasal polyposis, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, chronic obstructive pulmonary disease (COPD), bullous pemphigoid). In the US sales were €3,073 million driven by volume growth in all approved indications. For the first time, US sales exceeded €3 billion in a quarter. In Europe, sales were €504 million also reflecting volume growth in all approved indications. In Rest of World, sales were €579 million, mainly driven by Brazil and Asia/Pacific, partially offset by the impact of the national reimbursement drug list renewal in China in January. In YTD 2025, sales were €11,468 million, driven by strong demand across all indications and geographies.

*Other main medicines* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net sales**<br> (€ million) | **Q3 2025** | **As**<br> **reported** | <br> **Change**<br> **at CER** | **YTD 2025** | **As<br>reported** | **Change**<br> **at CER** |
|  Lantus | 438 | +1.9% | +6.7% | 1314 | +10.5% | +13.7% |
|  Toujeo | 321 | +5.9% | +9.2% | 1013 | +8.1% | +9.9% |
|  Fabrazyme | 242 | -4.3% | -0.4% | 767 | -1.4% | +0.5% |
|  Plavix | 223 | -3.0% | +1.3% | 696 | -1.0% | +1.7% |
|  Lovenox | 196 | -15.9% | -14.6% | 643 | -14.4% | -12.1% |
|  Cerezyme | 161 | -1.8% | +0.6% | 524 | -8.2% | -6.0% |
|  Alprolix | 149 | +0.7% | +7.4% | 454 | +8.4% | +11.5% |
|  Praluent | 127 | +0.8% | +1.6% | 394 | +5.6% | +6.2% |
|  Myozyme/Lumizyme | 122 | -27.4% | -25.0% | 397 | -26.3% | -24.9% |
|  Thymoglobulin | 118 | -2.5% | +3.3% | 366 | -0.3% | +2.7% |
|  Cerdelga | 86 | +6.2% | +11.1% | 252 | +2.4% | +4.5% |
|  Eloctate | 77 | -19.8% | -14.6% | 212 | -26.1% | -24.0% |
|  Aubagio | 49 | -46.7% | -44.6% | 187 | -37.9% | -36.5% |

---

***Lantus*** sales were €438 million. US sales were €214 million benefiting from gross-to-net adjustments and an element of windfall sales due to the unavailability of competing medicines. Customer demand is now expected to normalize in 2026. In Europe and Rest of World, combined sales decreased, reflecting growth of Toujeo.

***Toujeo*** sales were €321 million, driven by Rest of World where Toujeo continued to increase its basal insulin market share. Sales in Europe and US also increased.

***Fabrazyme*** sales were €242 million and broadly stable with a slight growth in the number of patients outside the US.

***Plavix*** sales were €223 million, with volume growth in Rest of World (majority of sales, €200 million), including from volume-based procurement in China.

***Lovenox*** sales were €196 million, impacted by biosimilar competition in Europe.

***Cerezyme*** sales were €161 million, with a slight growth in the number of patients. The Gaucher disease franchise (Cerezyme and Cerdelga) sales were €247 million and increased by 4.1%.

***Alprolix*** sales were €149 million, driven by supply sales to the collaborator Sobi.

***Praluent*** sales were €127 million with higher sales in Europe offset by lower sales in Rest of World.

***Myozyme/Lumizyme*** sales were €122 million as patients switch to Nexviazyme/Nexviadyme.

***Thymoglobulin*** sales were €118 million, reflecting higher sales in the US and Rest of World.

***Cerdelga*** sales were €86 million with growth in the number of patients.

**4** 

------

***Eloctate*** sales were €77 million as patients switch to ALTUVIIIO.

***Aubagio*** sales were €49 million with loss of exclusivity in 2023. Aubagio sales will decrease further.

**Vaccines** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net sales**<br> (€ million) | **Q3 2025** | **As**<br> **reported**<br>| **Change**<br> **at CER** | **YTD 2025** | **As**<br> **reported**<br>| **Change**<br> **at CER** |
|  Influenza, COVID-19 | 1525 | -20.3% | -16.8% | 1739 | -17.2% | -13.9% |
|  Beyfortus | 739 | +14.6% | +19.8% | 1095 | +29.6% | +33.8% |
|  Polio/Pertussis/Hib primary and booster vaccines | 642 | -15.6% | -12.2% | 2003 | -5.0% | -2.8% |
|  Meningitis, travel, and endemic | 451 | -6.8% | -1.9% | 1060 | -0.7% | +2.2% |
|  Total | 3357 |  |  | 5897 |  |  |

---

***Vaccines*** sales were €3,357 million, driven by lower sales of influenza vaccines.

***Influenza, COVID-19 vaccines*** sales were €1,525 million. Sales in Europe were impacted by competitive price pressure, mainly in Germany while sales in the US were also impacted by a lower vaccination rate early in the season.

***Beyfortus*** sales were €739 million. Sales in Europe and Rest of World were driven by geographical roll-out of infant protection; Beyfortus now protects infants in more than 40 countries. Sales in the US were reduced by a high comparison and existing inventory levels at the beginning of the season.

***Polio/Pertussis/Hib (PPH) primary and booster vaccines*** sales were €642 million, reduced by delivery phasing earlier in the year of primary vaccine sales in some public markets.

***Meningitis, travel, and endemic vaccines*** sales were €451 million, driven by lower sales of meningitis vaccines in all geographies partly offset by higher sales of travel vaccines.

**Pipeline update** 

Sanofi has 94 projects in a pipeline across four main disease areas (Immunology, Rare diseases, Neurology, and selectively in Oncology) and Vaccines, including 44 potential new medicines and vaccines. The following section highlights significant developments in the late- and mid-stage pipeline since the prior results press release.

*Highlights* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Regulatory approvals** | Wayrilz – ITP (US)<br> Tzield – T1D, stage 2, delay onset of stage 3 (CN) |
| &nbsp;&nbsp;&nbsp;**Regulatory submission acceptances** | Dupixent – CSU children (US, EU)<br> Tzield – T1D, stage 3, delay progression (US, CNPV review)<br> Wayrilz – ITP (JP)<br> Sarclisa – subcutaneous formulation (US, EU, JP, CN) |
| &nbsp;&nbsp;&nbsp;**Phase 3 data readouts** | amlitelimab – AD (COAST 1) – primary endpoints met<br> Fluzone HD – influenza 50 years+ – primary endpoint met |
| &nbsp;&nbsp;&nbsp;**Phase 3 study starts** | lunsekimig – COPD (PERESEPHONE)<br> Wayrilz – SCD, wAIHA |
| &nbsp;&nbsp;&nbsp;**Regulatory designations** | Wayrilz – IgG4-RD orphan (EU)<br> SAR446268 – DM1 fast track (US)<br> SAR402663 – wet AMD fast track (US) |

---

*Immunology* 

**Dupixent** (dupilumab)

The European Medicines Agency (EMA)'s Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending the approval of Dupixent in the EU for the treatment of **chronic spontaneous urticaria** (CSU) in adults and adolescents. This recommendation covers those aged 12 years and above with moderate to severe disease, with inadequate response to histamine-1 antihistamines, and who are naive to anti-immunoglobulin E therapy. A final decision is expected in the coming months. Dupixent is approved for CSU in certain adults and adolescents in several countries including Japan and the US. <br>

The US Food and Drug Administration (FDA) accepted for review the regulatory submission of the supplemental biologics license application (sBLA) for Dupixent to treat **CSU** in children. The target action date for the FDA decision is April 27, 2026. A regulatory submission was also accepted in the EU. <br>

**5** 

------

**Rezurock** (belumosudil)

The CHMP issued a negative opinion on the marketing authorisation application of Rezurock for the third-line treatment of adults and children with **chronic graft-versus-host disease** (cGVHD). Sanofi will seek a re-examination of the CHMP opinion. cGVHD is a life-threatening complication that devastates the lives of up to 50% of patients who undergo a stem cell transplant. cGVHD is considered one of the main causes of morbidity and late non-relapse mortality after stem cell transplant.

**Tzield** (teplizumab)

The Chinese National Medical Products Administration (NMPA) approved Tzield as the first disease-modifying therapy in **autoimmune type 1 diabetes** (T1D) indicated to delay the onset of stage 3 T1D in adult and children aged eight years and older with stage 2 T1D. The review was completed under priority review, following the recognition by NMPA of Tzield's innovative profile and the benefit it brings to children. Tzield is approved for the treatment of adults and children aged eight years and older, living with stage 2 T1D, in the US, with regulatory reviews ongoing in the EU. <br>

The FDA accepted for expedited review the sBLA for Tzield to delay the progression of stage 3 T1D in adults and children eight years of age and older recently diagnosed with stage 3 T1D. The FDA nominated Tzield for the Commissioner's National Priority Voucher (CNPV) pilot program based on its potential to address a large unmet medical need. The CNPV program aims to shorten the review process from what normally takes 10-12 months to 1-2 months, while maintaining FDA's rigorous safety and efficacy standards. Tzield had previously been granted priority review for the sBLA. <br>

**amlitelimab** (OX40L mAb)

Positive results from the global COAST 1 phase 3 study (clinical study identifier: NCT06130566) showed that amlitelimab, a fully human non-T cell depleting monoclonal antibody (mAb) that targets OX40-ligand (OX40L), dosed either every four weeks (Q4W) or every 12 weeks (Q12W), met all primary and key secondary endpoints, demonstrating statistically significant and clinically meaningful skin clearance and disease severity compared to placebo at Week 24 in patients aged 12 years and older with **moderate-to-severe atopic dermatitis** (AD). Amlitelimab was well-tolerated, with no new safety concerns identified in this study. <br>

For US and US reference countries, the primary endpoint was the proportion of patients with a validated investigator global assessment for AD (vIGA-AD) of 0 (clear) or 1 (almost clear) and a reduction from baseline score of ≥2 points. For the EU, EU reference countries and Japan, the co-primary endpoints comprised the proportion of patients with vIGA-AD 0/1 and a reduction from baseline score of ≥2 points along with the proportion of patients reaching a 75% or greater improvement in the eczema area and severity index total score (EASI-75). In both treatment arms, a progressive increase in efficacy without plateau was observed during the treatment period. The study's key secondary endpoints were also achieved across both dosing arms at Week 24.

The OCEANA clinical development program of amlitelimab in AD, which includes COAST 1 and four other phase 3 studies (SHORE, COAST 2, AQUA, and ESTUARY) is anticipated to read out through 2026 and comprises the foundation for potential global regulatory submissions.

At the European Respiratory Society International Congress in Amsterdam, Netherlands, exploratory efficacy data from the TIDE-Asthma phase 2 study (clinical study identifier: NCT05421598) in patients with **moderate-to-severe asthma** were presented. While the primary endpoint of annualized asthma exacerbation rate (AAER) reduction at Week 48 did not reach statistical significance at the 250 mg dose, notable improvements were observed across key secondary endpoints, including pre-bronchodilator forced expiratory volume in one second (pre-BD FEV<sub>1</sub>) and improvements in asthma control questionnaire (ACQ-5) scores. In a post-hoc analysis, patients with potential evidence of mixed-type inflammation based on elevated blood neutrophils (≥4000 cells/µL) and eosinophils (≥300 cells/µL) showed the greatest benefit with amlitelimab, including greater reductions in AAER, and larger improvements in pre-BD FEV<sub>1</sub> and ACQ-5 scores. Amlitelimab was well-tolerated, with no new safety concerns identified in this study. <br>

**lunsekimig** (IL13xTSLP Nanobody® VHH)

Two proof-of-concept phase 2b/3 studies of two dosing intervals of subcutaneous lunsekimig compared with placebo commenced dosing the first patient in the Chronic Obstructive Pulmonary Disease (**COPD**) program; PERSEPHONE (clinical study identifier: NCT07190209) and THESEUS (clinical study identifier: NCT07190222).

**brivekimig** (TNFxOX4OL Nanobody® VHH)

At the European Academy of Dermatology and Venereology Congress in Paris, France, data from the HS-OBTAIN phase 2a study (clinical study identifier: NCT05849922) was presented. The HS-OBTAIN phase 2a study is a randomized, double-blind, placebo-controlled, proof-of-concept study assessing the efficacy and safety of brivekimig in adults with moderate-to-severe **hidradenitis suppurativa** (HS). The data showed that treatment with subcutaneous brivekimig 150 mg every two weeks led to clinically meaningful improvements in the primary endpoint of Hidradenitis Suppurativa Clinical Response (HiSCR50) in patients naïve to biologics with moderate-to-severe hidradenitis suppurativa. Brivekimig was well tolerated, with no serious adverse events. HS is a chronic and debilitating inflammatory skin disease characterized by painful cutaneous nodules, abscesses and draining tunnels. For example, approximately 196,000 adults in the EU live with HS. <br>

The randomized, double-blind, placebo-controlled, dose-ranging BRIGHTEN phase 2b study (clinical study identifier: NCT07170917) of brivekimig in patients with moderate-to-severe HS will commence soon.

**6** 

------

Two proof-of-concept phase 2 studies of different dose regimens of subcutaneous brivekimig compared with placebo commenced dosing the first patients in **Crohn's disease** (clinical study identifier: NCT06958536) and **ulcerative colitis** (UC) (clinical study identifier: NCT06975722). <br>

**balinatunfib** (oral anti-TNF)

During the quarter, data from a phase 2 study (clinical study identifier: NCT06073093) of balinatunfib in patients with **rheumatoid arthritis** (RA) not adequately controlled with methotrexate (MTX) and naive to advanced treatments finished its analysis. The study assessed the safety and efficacy of balinatunfib at four dose schedules against placebo on a background of MTX standard treatment using established RA endpoints. The primary endpoint assessment using ACR20 did not achieve statistical significance due to a very high placebo response of more than 50%. However, when assessing endpoints requiring deeper disease control, including ACR50, ACR70, and low-disease activity DAS28-CRP≤3.2, the efficacy signal was clinically meaningful. Balinatunfib was generally well tolerated over the short treatment period of 12 weeks and the safety profile was consistent with prior studies. The future development strategy for balinatunfib is currently being evaluated, including the potential to become a combination backbone for internal as well as externally partnered oral medicines for the treatment of RA and other diseases in which TNF plays a key role in the pathophysiology of the disease.

*Rare diseases* 

**Wayrilz** (rilzabrutinib)

The FDA approved Wayrilz for adults with persistent or chronic **immune thrombocytopenia** (ITP) who have had an insufficient response to a previous treatment. The approval was based on the pivotal LUNA 3 phase 3 study, in which Wayrilz met the primary and secondary endpoints, showing a positive impact on sustained platelet counts and other ITP symptoms. As a novel, oral, reversible, Bruton's tyrosine kinase inhibitor, Wayrilz can help address the root causes of ITP through multi-immune modulation, targeting different pathways across the immune system. Wayrilz is currently under regulatory review for ITP in the EU, Japan (submitted during the quarter), and China. <br>

The CHMP adopted a positive opinion recommending the approval of Wayrilz as a new treatment for ITP in adult patients who are refractory to other treatments. A final decision is expected in the coming months.

The EMA granted orphan designation to Wayrilz for **IgG4-related disease** (IgG4-RD). EMA grants orphan designation to potential new medicines addressing rare, life-threatening, or debilitating diseases or conditions that affect no more than 5 in 10,000 persons in the EU. In addition to IgG4-RD, Wayrilz has received orphan designations for ITP in the US, the EU, and Japan; and for warm autoimmune hemolytic anemia (wAIHA), IgG4-RD, and sickle cell disease (SCD) in the US. Wayrilz has also been granted fast track designation in the US in ITP and IgG4-RD. <br>

Two phase 3 studies of Wayrilz commenced dosing the first patients in rare diseases. One study will assess the medicine in **SCD**, LIBRA (clinical study identifier: NCT06975865) and one study in **wAIHA**, LUMINA 3 (clinical study identifier: NCT07086976). <br>

A proof-of-concept phase 2 study (clinical study identifier: NCT06984627) of two dose regimens of Wayrilz in patients with **Graves' disease** commenced dosing the first patient. Graves' disease, also known as toxic diffuse goiter or Basedow's disease, is an autoimmune disease that affects the thyroid. It frequently results in and is the most common cause of hyperthyroidism and it also often results in an enlarged thyroid. <br>

**SAR447537** (efdoralprin alfa)

Positive results from the global ElevAATe phase 2 study (clinical study identifier: NCT05856331) showed that efdoralprin alfa (formerly known as INBRX-101), met all primary and key secondary endpoints when dosed every three weeks (Q3W) or four weeks (Q4W) in adults with alpha-1 antitrypsin deficiency (AATD) emphysema, a rare disease. Efdoralprin alfa is a recombinant human alpha-1 antitrypsin (AAT)-Fc fusion protein. It demonstrated a statistically significant greater mean increase in functional AAT levels within normal range as measured by trough concentrations at steady state compared to those receiving weekly plasma-derived augmentation therapy at Week 32 [p<0.0001]. The study also met key secondary endpoints, demonstrating superior mean increase in fAAT average concentration as well as higher percentage of days above the lower limit of the normal range for both Q3W and Q4W dosing. Efdoralprin alfa was well tolerated with a similar adverse event profile to plasma-derived therapy. Additional safety follow-up is being assessed in the ElevAATe OLE phase 2 study (clinical study identifier: NCT05897424). Efdoralprin alfa was previously granted fast track and orphan drug designation by FDA for the treatment of AATD emphysema. Sanofi plans to present the data at a forthcoming medical meeting and engage with global regulatory authorities on the appropriate next steps.

**SAR446268** (DMPK-silencing gene therapy)

The FDA granted fast-track designation to SAR446268, a one-time gene therapy for the treatment of **non-congenital (juvenile and adult onset) myotonic dystrophy type 1** (DM1), long known as Steinert disease. SAR446268 is the only potential new gene therapy in clinical development for this disease, and there are no currently approved treatments for DM1. SAR446268 is expected to advance into a first-in-human, phase 1/2 study (clinical study identifier: NCT06844214) in late 2025. Sanofi has already been granted orphan designations for SAR446268 in both the US (July 2024) and EU (October 2024).

*Neurology* 

**7** 

------

**tolebrutinib** (BTK inhibitor)

The FDA extended by three months the target action date of its review of the new drug application (NDA) of tolebrutinib to treat non-relapsing **secondary progressive multiple sclerosis** (SPMS) and to slow disability accumulation independent of relapse activity in adult patients. Based on the submission of additional analyses during the review, the FDA determined that the additional information constituted a major amendment to the NDA and extended the target action date accordingly. The revised target action date for the FDA decision is December 28, 2025. In addition to the extended regulatory review in the US, tolebrutinib is being reviewed by other regulatory agencies, including in the EU. As part of the ongoing regulatory dialogue to establish the appropriate benefit/risk profile of tolebrutinib, agencies are focused on the target patient population, comparing efficacy across populations, and the proposed safety risk mitigation plan to address liver toxicity.

**SAR402663** (FLT01-encoding gene therapy)

The FDA granted fast-track designation to SAR402663, a one-time, intravitreal gene therapy for the treatment of neovascular (or 'wet') **age-related macular degeneration** (AMD). SAR402663 is currently in a phase 1/2 study (clinical study identifier: NCT06660667).

*Oncology* 

**Sarclisa** (isatuximab)

The FDA accepted for review the regulatory submission of the sBLA for subcutaneous Sarclisa in **multiple myeloma**. The target action date for the FDA decision is April 23, 2026. Regulatory submissions were also completed in the EU, Japan, and China.

**SAR447873** (<sup>212</sup>Pb-dotamtate)

At the 2025 European Society for Medical Oncology Congress, Berlin, Germany, positive data from the ALPHAMEDIX-02 phase 2 study (clinical study identifier: NCT05153772) showed that SAR447873, a somatostatin receptor (SSTR)-targeted alpha therapy using the lead-212 isotope, met all primary efficacy endpoints and showed clinically meaningful overall response rates and prolonged clinical benefits in both peptide receptor radionuclide therapy (PRRT)-naïve and PRRT-exposed patients with unresectable or metastatic SSTR-positive **gastroenteropancreatic neuroendocrine tumors** (GEP-NETs). Benefits in key secondary endpoints, including progression-free survival and overall survival, were also observed across both cohorts. SAR447873 had a manageable safety profile that was similar across both cohorts. In February 2024, the medicine was designated a breakthrough therapy by the FDA for treatment of PRRT-naïve patients with unresectable or metastatic, progressive SSTR-expressing GEP-NETs. Next steps for SAR447873 will be decided following discussions with health authorities.

*Vaccines* 

**Efluelda** (influenza)

New data from the FLUNITY-HD phase 4 study (clinical study identifier: NCT06506812), published in The Lancet, demonstrated that Efluelda (Fluzone High-Dose in North America) significantly reduced the risk of hospitalizations in adults 65 years and older compared to standard-dose **influenza** vaccines<sup>1</sup>. This was the largest influenza vaccine effectiveness study of individually randomized older adults, involving nearly half a million participants across multiple seasons and two geographic areas. This study provided robust evidence that the high-dose influenza vaccine offers superior protection against the severe complications of influenza, including:

- 31.9% (95% CI, 19.7 to 42.2; p<0.001) additional reduction in lab-confirmed influenza hospitalizations

- 8.8% (95% CI, 1.7 to 15.5; p=0.008) additional protection against pneumonia/influenza hospitalizations

- 6.3% (95% CI, 2.5 to 10.0; p<0.001) additional reduction in hospitalizations for cardio-respiratory events

- 2.2% (95% CI, 0.3 to 4.1; p=0.012) additional protection against all-cause hospitalizations, meaning one additional hospitalization could be averted for every 515 (95% CI, 278 to 3,929) individuals vaccinated with Efluelda instead of a standard-dose flu vaccine.

**Nuvaxovid** (COVID-19)

In October, Novavax announced that it had completed the transfer of the EU marketing authorisation for Nuvaxovid in **COVID-19** prevention to Sanofi, enabling Sanofi to take control of commercial and regulatory activities. The marketing authorization transfer in the US is ongoing.

**Fluzone HD** (influenza 50 years+)

Fluzone High-Dose (HD) / Efluelda is approved in many jurisdictions (including the US and EU) to prevent **influenza** in people aged 65 years and above. A phase 3 study (clinical study identifier: NCT06641180) in people aged 50 to 64 years read out positively on safety and immunogenicity at an interim analysis, supporting planned regulatory submissions in 2026 for a potential label extension down to adults aged 50 years and older.

*<sup>1</sup> The standard-dose influenza vaccines used in the FLUNITY-HD study were VaxigripTetra (Sanofi) and InfluvacTetra (a registered trademark of Viatris).* 

*Standard-dose vaccines often serve as the primary influenza prevention option for the general population.* 

**8** 

------

**SP0125** (RSV toddler)

The SP0125 program for the prevention of respiratory syncytial virus (RSV)-related disease in toddlers was recently discontinued following a planned futility analysis conducted by an independent data monitoring committee (IDMC). The decision was due to insufficient efficacy seen in the main PEARL phase 3 study (clinical study identifier: NCT06252285). The safety profile was acceptable, and no signals of vaccine-associated enhanced respiratory disease were observed by the IDMC.

**SP0287** (Fluzone HD/Flublok and Nuvaxovid)

The SP0287 program consists of two combination vaccine candidates: the inactivated **influenza** vaccine Fluzone High-Dose (HD) or the recombinant-protein influenza vaccine Flublok and the adjuvanted recombinant **COVID-19** vaccine Nuvaxovid. The phase 1/2 study of each combination (clinical study identifiers: NCT06695117 and NCT06695130) completed with preliminary positive safety and immunogenicity results. Sanofi will engage with regulatory authorities to discuss next step for this program.

**SP0289** (influenza, H5 pandemic, mRNA)

The phase 1/2 study (clinical study identifier: NCT06744205) of the SP0289 vaccine candidate to prevent **H5 pandemic influenza** showed a good safety profile and strong immunogenicity results, with 90-100% of people achieving seroprotection after two doses across all formulations tested. Sanofi is evaluating the next steps for this program.

**SP0335** (influenza, H5 pandemic, inactivated adjuvanted)

In September, Novavax announced that it had expanded Sanofi's license to include use of Novavax's Matrix-M adjuvant with SP0335, a second vaccine candidate to prevent **H5 pandemic influenza**. Sanofi received funding from the Biomedical Advanced Research and Development Authority within the Administration for Strategic Preparedness and Response, part of the Department of Health and Human Services in the US, for early-stage clinical work on this vaccine candidate including the Matrix-M adjuvant.

*Anticipated major upcoming pipeline milestones* 

---

| | | | |
|:---|:---|:---|:---|
| | **Medicine/vaccine** | **Indication** | **Description** |
| **Q4 2025** | Dupixent | CSU | regulatory decision (EU) |
| **Q4 2025** | Dupixent | allergic fungal rhinosinusitis | regulatory submission (US) |
| **Q4 2025** | teplizumab | T1D, stage 2, delay onset of stage 3 | regulatory decision (EU) |
| **Q4 2025** | teplizumab | T1D, stage 3, delay progression | regulatory decision (EU) |
| **Q4 2025** | Wayrilz | ITP | regulatory decision (EU) |
| **Q4 2025** | Qfitlia | hemophilia A/B | regulatory decision (CN) |
| **Q4 2025** | tolebrutinib | SPMS | regulatory decision (US) |
| **Q4 2025** | tolebrutinib | primary progressive multiple sclerosis (PPMS) | phase 3 data |
| **Q4 2025** | SP0087 | rabies | regulatory submission (US, EU) |
| **Q4 2025** | SP0230 | meningitis | phase 2 data |
| **Q4 2025** | SP0256 | RSV (older adults) | phase 2 data |
| **H1 2026** | Dupixent | BP | regulatory decision (EU, JP, CN) |
| **H1 2026** | Dupixent | CSU children | regulatory decision (US, EU) |
| **H1 2026** | amlitelimab | AD | phase 3 data (full readout) |
| **H1 2026** | lunsekimig | asthma | phase 2 data |
| **H1 2026** | eclitasertib | UC | phase 2 data |
| **H1 2026** | Tzield | T1D, stage 3, delay progression | regulatory decision (US) |
| **H1 2026** | Cerezyme | GD3 | regulatory decision (US) |
| **H1 2026** | Nexviazyme | infantile-onset Pompe disease (IOPD) | phase 3 data |
| **H1 2026** | venglustat | Fabry disease | phase 3 data |
| **H1 2026** | venglustat | Fabry disease | regulatory submission (US) |
| **H1 2026** | venglustat | GD3 | phase 3 data |
| **H1 2026** | venglustat | GD3 | regulatory submission |
| **H1 2026** | Sarclisa | subcutaneous formulation | regulatory decision (US, EU, JP) |
| **H1 2026** | tolebrutinib | SPMS | regulatory decision (EU) |
| **H1 2026** | tolebrutinib | PPMS | regulatory submission (US, EU) |
| **H1 2026** | Fluzone HD | influenza (50 years+) | regulatory submission (US) |
| **H2 2026** | Dupixent | lichen simplex chronicus | regulatory submission (US) |
| **H2 2026** | amlitelimab | AD | regulatory submission |
| **H2 2026** | Wayrilz | ITP | regulatory decision (CN) |
| **H2 2026** | Nexviazyme | infantile-onset Pompe disease | regulatory submission (US) |
| **H2 2026** | efdoralprin alfa | AATD emphysema | regulatory submission (US) |
| **H2 2026** | Fluzone HD | influenza (50 years+) | regulatory submission (EU) |
| **H2 2026** | SP0218 | yellow fever | phase 3 data |

---

*.* 

**9** 

------

***Q3 and YTD 2025 financial results***

**Net income attributable to equity holders of Sanofi (IFRS measure) and Business net income (non-IFRS measure)<sup>1</sup>** 

***Net sales*** were €12,434 million in Q3 2025 and increased by 2.3% (7.0% at CER) from €12,157 million in Q3 2024. In YTD 2025, net sales were €32,323 million and increased by 5.9% (8.7% at CER) from €30,517 million in YTD 2024.

***Other revenues*** were €736 million in Q3 2025 and decreased by 10.2% (5.9% at CER) from €820 million in Q3 2024. VaxServe sales of non-Sanofi products were €484 million and decreased by 5.7% at CER. In addition, other revenues included sales of Opella products in certain markets (€125 million), manufacturing services and other (€67 million), royalties (€32 million), and supply sales to Opella (€28 million). In YTD 2025, other revenues were €2,188 million and decreased by 6.9% (4.6% at CER) from €2,349 million in YTD 2024. VaxServe sales of non-Sanofi products were €1,326 million and decreased by 2.3% at CER. In addition, other revenues included manufacturing services and other (€342 million), sales of Opella products in certain markets (€331 million), royalties (€100 million), and supply sales to Opella, etc. (€89 million).

***Gross profit*** (IFRS) was €9,758 million in Q3 2025 and €9,314 million in Q3 2024. ***Business gross profit***<sup>2</sup> (non-IFRS) was €9,815 million in Q3 2025 and €9,317 million in Q3 2024. Business gross profit in Q3 2025 is equal to the Gross profit for Q3 2025 excluding a €(57) million release of the fair value step up to inventory, relating to the acquisition of Blueprint. In YTD 2025, gross profit was €25,218 million from €23,237 million in YTD 2024, and business gross profit was €25,275 million and €23,247 million in YTD 2024. Generally, the improvements in Q3 and YTD 2025 were driven by a portfolio shift towards specialty care and enhanced product mix. Specifically, in Q3 2025, the improvement also benefitted from lower inventory write-off.

***Research and Development expenses*** were €1,834 million in Q3 2025 and increased by 1.8% (4.9% at CER) from €1,802 million in Q3 2024, broadly reflecting the underlying activity level. The ratio of R&D to net sales was 14.7% and decreased by 0.1pp (14.5% at CER, down by 0.3pp). In YTD 2025, R&D expenses were €5,551 million and increased by 8.1% (9.7% at CER) from €5,137 million in YTD 2024. The higher increase in the YTD period includes a c. €200 million one-time reimbursement of past ALTUVIIIO development expenses, received in Q2 2024, lowering the comparative period, as well as wind-down costs in Q1 2025 for the discontinued E. coli sepsis vaccine candidate. The ratio of R&D to net sales was 17.2% and increased by 0.4pp (17.0% at CER, up by 0.2pp).

***Selling, general and administrative expenses*** were €2,291 million in Q3 2025 and increased by 2.6% (7.1% at CER) from €2,232 million in Q3 2024. The ratio of SG&A to net sales was 18.4% and stable (18.4% at CER, stable). In YTD 2025, SG&A expenses were €6,797 million and increased by 4.0% (6.3% at CER) from €6,535 million in YTD 2024. The ratio of SG&A to net sales was 21.0% and decreased by 0.4pp (20.9% at CER, down by 0.5pp). Generally, the SG&A developments in Q3 and YTD 2025 reflected continued support of launches and newer medicines. Specifically, in Q3 2025, expenses also included the first-time consolidation of Blueprint following the closing of the acquisition in July.

***Total operating expenses*** were €4,125 million in Q3 2025 and increased by 2.3% (6.1% at CER) from €4,034 million in Q3 2024. In YTD 2025, total operating expenses were €12,348 million and increased by 5.8% (7.8% at CER) from €11,672 million in YTD 2024.

***Other operating income net of expenses*** was -€1,303 million in Q3 2025 and increased by 31.2% (39.1% at CER) from -€993 million in Q3 2024. Income included €144 million from license-out royalties, etc., including on Amvuttra<sup>®</sup> (€69 million in Q3 2024), and €85 million from divestments of medicines/portfolio streamlining (€13 million in Q3 2024). The income was more than offset by an expense of €1,369 million representing Regeneron's share of profit from the monoclonal antibody alliance (-€1,066 million in Q3 2024), -€101 million relating to other pharmaceutical collaborators (-€18 million in Q3 2024), and -€62 million from other (€9 million in Q3 2024). Q3 2025 included the effect from a court decision on Plavix in France. In YTD 2025, other operating income net of expenses was -€3,246 million and increased by 34.9% (39.2% at CER) from -€2,407 million in YTD 2024. Income included €419 million from divestments (€215 million in YTD 2024), and €281 million from license-out royalties, etc. (€179 million in YTD 2024). Expenses included €3,696 million from Regeneron's share of profit from the monoclonal antibody alliance (-€2,903 million in YTD 2024), -€167 million from other pharmaceutical collaborations (-€5 million in YTD 2024), and -€83 million from other (€107 million in YTD 2024).

***Share of profit from associates*** was €62 million in Q3 2025 compared to €38 million in Q3 2024 and mainly included the share of profit related to Vaxelis in the US. In YTD 2025, share of profit from associates was €139 million compared to €104 million in YTD 2024 and mainly included the share of profit related to Vaxelis.

***Net financial expenses*** were €64 million in Q3 2025 compared to €71 million in Q3 2024, reflecting lower net debt for part of the quarter and lower average interest rates. In YTD 2025, net financial expenses were €191 million compared to €201 million in YTD 2024, also reflecting lower net debt for part of the period and lower average interest rates.

*<sup>1</sup> See Appendix 3 for the Q3 and YTD 2025 consolidated income statement; see Appendix 9 for definitions of financial indicators, and Appendix 4 for reconciliation of IFRS net income reported to business net income.* 

*<sup>2</sup> See Appendix 2 for the Q3 and YTD 2025 components of Business net income, Appendix 3 for the Q3 and YTD 2025 consolidated income statement and Appendix 9 for the definition and reconciliation of the financial indicator.* 

**10** 

------

***The effective tax rate*** was 19.3% in Q3 2025 and decreased from 20.0% in Q3 2024. Generally, the effective tax rate will fluctuate from quarter to quarter. In YTD 2025, the effective tax rate was 20.2% and increased from 20.0% in YTD 2024. Sanofi continues to target an effective tax rate in 2025 which is broadly stable versus 2024 (20%).

***Net income attributable to equity holders of Sanofi (IFRS measure)*** was €2,802 million in Q3 2025 and decreased by 0.5% from €2,815 million in Q3 2024. ***Business net income*** (**non-IFRS measure**) was €3,547 million in Q3 2025 and increased by 4.0% from €3,411 million in Q3 2024. The ratio of business net income to net sales was 28.5% and increased by 0.4pp (28.8% at CER, up by 0.7pp). In YTD 2025, business net income was €7,699 million and increased by 5.9% (9.8% at CER) from €7,270 million in YTD 2024. The ratio of business net income to net sales was 23.8% and stable (24.1% at CER, up by 0.3pp). See below and Appendix 4 for a reconciliation of Net income attributable to equity holders of Sanofi to business net income.

***Net income attributable to equity holders of Sanofi*** divided by the weighted average number of shares outstanding was €2.30 and increased from €2.25 in Q3 2024. ***Business earnings per share*** (business EPS) was €2.91 in Q3 2025 and increased by 7.0% (13.2% at CER) from €2.72 in Q3 2024. The average number of shares outstanding was 1,218.1 million compared to 1,253.0 million in Q3 2024. In YTD 2025, Net income attributable to equity holders of Sanofi divided by the weighted number of shares outstanding was €7.04 and increased from €4.05 in YTD 2024, and business EPS was €6.30 and increased by 8.4% (12.4% at CER) from €5.81 in YTD 2024. The average number of shares outstanding was 1,223.0 million compared to 1,250.6 million in YTD 2024.

We remind investors, however, that "Business net income" should not be considered in isolation from, or as a substitute for, Net income attributable to equity holders of Sanofi reported in accordance with IFRS. In addition, we strongly encourage investors and potential investors not to rely on any single financial measure but to review our financial statements, including the notes thereto, carefully and in their entirety.

We compensate for the material limitations described above by using "Business net income" only to supplement our IFRS financial reporting and by ensuring that our disclosures provide sufficient information for a full understanding of all adjustments included in "Business net income".

Because our "Business net income" and "Business EPS" are not standardized measures, they may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures.

**Influenza vaccines** 

In late September, Sanofi confirmed that representatives of the European Commission (EC) visited company premises in France and Germany in connection with an investigation into influenza vaccines. Sanofi is confident that it is compliant with the relevant rules and regulations and is cooperating fully with the EC.

**Opella** 

On April 30, 2025, Sanofi and CD&R closed the Opella transaction, creating an independent global consumer healthcare leader. Sanofi retained a significant shareholding in Opella through a 48.2% equity interest in OPAL JV Co, which indirectly holds 100% of Opella. Bpifrance owns 1.8% and CD&R the remaining 50.0%. The transaction was completed on the terms previously disclosed, and Sanofi received net cash proceeds of €10.7 billion.

**Reconciliation of IFRS net income reported to business net income (see Appendix 4)** 

In YTD 2025, the IFRS net income was €8,614 million. The main items excluded from the business net income were:

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | Net income from the Opella discontinued operation amounted to €2,861 million, including €2,674 million related to an Opella divestment net gain following the loss of control date.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | An amortization charge of €1,238 million, of which €1,199 million related to intangible assets measured at their acquisition-date fair values (mainly Bioverativ €447 million, Provention Bio €155 million, Ablynx €126 million, Kadmon €119 million, Beyfortus €92 million, Blueprint €90 million and Genzyme €51 million) and €39 million related to intangible assets from separate acquisitions, measured initially at acquisition cost (licenses/products). These items had no cash impact.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | A net impairment expense of €228 million linked to research and development projects.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | A €57 million step-up inventory amortization from the Blueprint acquisition reported in the costs of sales line.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | Restructuring costs and similar items of €602 million mainly related to redundancy plans during YTD 2025.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | Other gains and losses, and litigation of €57 million.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | A financial charge of €99 million related to the remeasurement of expected future royalty on Beyfortus US sales.  |

---

---

| | |
|:---|:---|
| ![LOGO](g69958dsp6a.jpg) | A €543 million tax effect arising from the items listed above, mainly comprising €202 million of deferred taxes generated by amortization of intangible assets and €147 million associated with restructuring costs and similar items.  |

---

**11** 

------

**Cash flow** 

In YTD 2025, net cash provided by/(used in) operating activities (IFRS) was €7,305 million and free cash flow<sup>1</sup> (non-IFRS) was €5,452 million. In YTD 2024, net cash provided by/(used in) operating activities was €5,270 million and free cash flow was €3,615 million.

**Total debt and Net debt** 

After the acquisitions of Blueprint Medicines Corporation (-€8,381 million), of Dren-0201, Inc. (-€539 million) and of Vigil Neuroscience, Inc. (-€363 million), the impact of the share buyback of -€4,128 million, the dividend paid by Sanofi of -€4,772 million, the cash provided by the discontinued Opella business of €136 million, and the net cash inflow from the Opella transaction of €10,662 million, the change in net debt was -€2,285 million compared to December 31, 2024. Total debt increased from €16,137 million on December 31, 2024, to €19,968 million on September 30, 2025, and net debt increased from €8,772 million on December 31, 2024, to €11,057 million on September 30, 2025 (amount net of €8,906 million in cash and cash equivalents). "Net debt" is a non-IFRS measure that is not a standardized measure, and may not be directly comparable with the non-IFRS financial measures of other companies using the same or similar non-IFRS financial measures. Despite the use of non-IFRS measures by management in setting goals and measuring performance, this measure has no standardized meaning prescribed by IFRS.

We believe the presentation of this non-IFRS financial measure, which is reviewed by our management, provides useful information to measure our overall liquidity and capital resources. We define "net debt" as (i) the sum total of short-term debt, long-term debt, and interest rate derivatives and currency derivatives used to manage debt, minus (ii) the sum total of cash and cash equivalents and interest rate derivatives and currency derivatives used to manage cash and cash equivalents. However, it should not be seen as a substitute for "total debt."

---

| | | |
|:---|:---|:---|
| (€ million) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**September 30, 2025** | **December 31, 2024** |
|  Long-term debt | 11700 | 11791 |
|  Short-term debt and current portion of long-term debt | 8202 | 4209 |
|  Interest rate and currency derivatives used to manage debt | 67 | 137 |
|  **Total debt** | **19968** | **16137** |
|  Cash and cash equivalents | (8906) | (7441) |
|  Interest rate and currency derivatives used to manage cash and cash equivalents | (6) | 76 |
|  **Net debt <sup>(a)</sup> (non-IFRS)** | **11057** | **8772** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Net debt does not include lease liabilities, which amounted to €1,853 million as of September 30, 2025 and €1,906 million as of December 31, 2024.* 

**Shareholder return** 

Following shareholder approval at the annual general meeting in April, shareholders received a dividend of €3.92 per share for 2024, marking 30 consecutive years of dividend increases. Additionally, Sanofi is executing a €5 billion share buyback program in 2025, with the purpose of share cancellation. As of September 30, 2025, 82.0% of the program had been completed, with the remaining shares to be purchased in the open market during the rest of 2025. In 2025, a total of 39,728,314 treasury shares of the Company were cancelled, including 2,664,871 that have been cancelled since June 30, 2025.

*<sup>1</sup>* *See Appendix 9 for definition of financial indicator and Appendix 5 for reconciliation from net cash provided by/(used in) operating activities to free cash flow..* 

**12** 

------

*Appendices* 

---

| | | |
|:---|:---|:---|
|  **Appendix 1** | Net sales by medicine/vaccine and geography | **14** |
|  **Appendix 2** | Components of Business net income by segment | **20** |
|  **Appendix 3** | Consolidated income statement | **21** |
|  **Appendix 4** | Reconciliation of net income attributable to equity holders of Sanofi (IFRS) to business net income (non-IFRS) | **22** |
|  **Appendix 5** | Summarized statements of cash flow and reconciliation of free cash flow | **23** |
|  **Appendix 6** | Simplified consolidated balance sheet | **24** |
|  **Appendix 7** | Other operating income net of expenses related to Regeneron | **25** |
|  **Appendix 8** | Currency sensitivity | **26** |
|  **Appendix 9** | Definitions of non-IFRS financial indicators | **27** |

---

**13** 

------

**Appendix 1: Q3 2025 net sales by medicine/vaccine and geography** 

**14** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q3 2025**<br> (€ million) | **Total sales** | **% at actual exchange rates** | **% CER** | **United States** | **% CER** | **Europe** | **% CER** | **Rest of World** | **% CER** |
| **Immunology** |  |  |  |  |  |  |  |  |  |
| Dupixent | 4156 | +19.6% | +26.2% | 3073 | +27.9% | 504 | +20.9% | 579 | +21.7% |
| Kevzara | 131 | +20.2% | +26.6% | 87 | +41.5% | 31 | —% | 13 | +14.3% |
| **Rare diseases** |  |  |  |  |  |  |  |  |  |
| ALTUVIIIO (\*) | 294 | +70.9% | +81.4% | 247 | +64.4% |  | —% | 47 | +308.3% |
| Fabrazyme | 242 | -4.3% | -0.4% | 124 | +0.8% | 62 | —% | 56 | -3.3% |
| Nexviazyme/Nexviadyme (\*) | 200 | +22.7% | +27.6% | 98 | +15.6% | 74 | +57.4% | 28 | +15.4% |
| Cerezyme | 161 | -1.8% | +0.6% | 44 | -2.1% | 56 | +1.8% | 61 | +1.6% |
| Alprolix | 149 | +0.7% | +7.4% | 106 | +1.8% |  | —% | 43 | +23.7% |
| Ayvakit (\*) | 137 | —% | —% | 119 | —% | 16 | —% | 2 | —% |
| Myozyme | 122 | -27.4% | -25.0% | 41 | -30.2% | 40 | -33.3% | 41 | -6.7% |
| Cerdelga | 86 | +6.2% | +11.1% | 45 | +6.5% | 37 | +19.4% | 4 | —% |
| Aldurazyme | 79 | +17.9% | +22.4% | 17 | -5.6% | 20 | +11.1% | 42 | +45.2% |
| Eloctate | 77 | -19.8% | -14.6% | 41 | -21.4% |  | —% | 36 | -5.0% |
| Cablivi (\*) | 66 | +4.8% | +9.5% | 35 | +11.8% | 25 | +8.3% | 6 | —% |
| Xenpozyme (\*) | 57 | +39.0% | +43.9% | 23 | +25.0% | 22 | +57.1% | 12 | +71.4% |
| Qfitlia (\*) | 4 | —% | —% | 4 | —% |  | —% |  | —% |
| Wayrilz (\*) | 1 | —% | —% | 1 | —% |  | —% |  | —% |
| **Neurology** |  |  |  |  |  |  |  |  |  |
| Aubagio | 49 | -46.7% | -44.6% | 25 | -46.9% | 15 | -46.7% | 9 | -30.8% |
| **Oncology** |  |  |  |  |  |  |  |  |  |
| Sarclisa (\*) | 155 | +36.0% | +41.2% | 61 | +41.3% | 46 | +35.3% | 48 | +47.1% |
| Jevtana | 62 | -15.1% | -9.6% | 47 | -12.5% | 1 | —% | 14 | —% |
| Fasturtec | 43 | -6.5% | -4.3% | 26 | —% | 12 | —% | 5 | -50.0% |
| **Other main medicines** |  |  |  |  |  |  |  |  |  |
| Lantus | 438 | +1.9% | +6.7% | 214 | +29.7% | 75 | -11.8% | 149 | -7.6% |
| Toujeo | 321 | +5.9% | +9.2% | 55 | +7.4% | 124 | +5.1% | 142 | +13.7% |
| Plavix | 223 | -3.0% | +1.3% | 1 | —% | 22 | -4.3% | 200 | +2.0% |
| Lovenox | 196 | -15.9% | -14.6% | 1 | —% | 107 | -18.3% | 88 | -9.9% |
| Praluent | 127 | +0.8% | +1.6% |  | —% | 106 | +23.5% | 21 | -43.9% |
| Thymoglobulin | 118 | -2.5% | +3.3% | 72 | +4.1% | 9 | -10.0% | 37 | +5.3% |
| Rezurock (\*) | 114 | -13.0% | -6.9% | 100 | -9.3% | (1) | -112.5% | 15 | +220.0% |
| Aprovel | 100 | +2.0% | +6.1% | 1 | —% | 18 | —% | 81 | +7.6% |
| Multaq | 78 | +8.3% | +15.3% | 71 | +15.4% | 2 | —% | 5 | +20.0% |
| Soliqua/iGlarLixi | 62 | +12.7% | +18.2% | 19 | +17.6% | 13 | +8.3% | 30 | +23.1% |
| Tzield (\*) | 18 | +20.0% | +26.7% | 17 | +20.0% | 1 | —% |  | —% |
| Mozobil | 10 | -37.5% | -43.8% | 1 | -75.0% | 2 | -71.4% | 7 | +20.0% |
| Others | 905 | -15.7% | -13.1% | 77 | -27.0% | 273 | -9.3% | 555 | -12.6% |
| Industrial Sales | 96 | -23.2% | -21.6% |  | —% | 95 | -21.8% | 1 | —% |
| **Vaccines** |  |  |  |  |  |  |  |  |  |
| Influenza, COVID-19 (\*\*) | 1525 | -20.3% | -16.8% | 1038 | -11.4% | 356 | -25.6% | 131 | -29.4% |
| Beyfortus (\*\*) | 739 | +14.6% | +19.8% | 389 | -21.4% | 261 | +166.3% | 89 | +526.7% |

---

**15** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Polio/Pertussis/Hib primary vaccines and boosters | 642 | -15.6% | -12.2% | 205 | -3.1% | 106 | -20.3% | 331 | -14.6% |
| Meningitis, travel, and endemic | 451 | -6.8% | -1.9% | 314 | —% | 57 | +11.8% | 80 | -15.2% |
| Biopharma | 12434 | +2.3% | +7.0% | 6838 |  | 2589 |  | 3007 |  |
| Pharma launches (\*) | 1046 | +49.6% | +57.1% | 705 | +55.5% | 183 | +45.7% | 158 | +82.0% |
| Launches (\*), (\*\*) | 1805 | +34.3% | +40.8% | 1114 | +17.2% | 444 | +98.2% | 247 | +146.2% |

---

**16** 

------

**Appendix 1: YTD 2025 net sales by medicine/vaccine and geography** 

**17** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **YTD 2025**<br> (€ million) | **Total sales** | <br> **% at<br>actual<br> exchange<br>rates** | **% CER** | **United<br>States** | **% CER** | **Europe** | **% CER** | **Rest of<br>World** | **% CER** |
|  **Immunology** |  |  |  |  |  |  |  |  |  |
|  Dupixent | 11468 | +19.3% | +22.7% | 8356 | +23.4% | 1448 | +21.8% | 1664 | +20.1% |
|  Kevzara | 376 | +26.2% | +29.2% | 238 | +44.7% | 96 | +6.7% | 42 | +12.8% |
|  **Rare diseases** |  |  |  |  |  |  |  |  |  |
|  ALTUVIIIO (\*) | 836 | +85.0% | +90.0% | 703 | +73.0% |  | —% | 133 | +306.1% |
|  Fabrazyme | 767 | -1.4% | +0.5% | 385 | +0.8% | 196 | +2.6% | 186 | -2.1% |
|  Nexviazyme/Nexviadyme (\*) | 587 | +21.5% | +23.6% | 293 | +14.0% | 206 | +45.1% | 88 | +16.9% |
|  Cerezyme | 524 | -8.2% | -6.0% | 135 | -3.5% | 175 | -3.3% | 214 | -9.3% |
|  Alprolix | 454 | +8.4% | +11.5% | 346 | +5.7% |  | —% | 108 | +34.5% |
|  Myozyme | 397 | -26.3% | -24.9% | 132 | -26.5% | 137 | -33.2% | 128 | -11.4% |
|  Cerdelga | 252 | +2.4% | +4.5% | 134 | +1.5% | 105 | +9.4% | 13 | —% |
|  Aldurazyme | 242 | +6.1% | +7.9% | 53 | —% | 63 | —% | 126 | +16.2% |
|  Eloctate | 212 | -26.1% | -24.0% | 138 | -22.4% |  | —% | 74 | -26.9% |
|  Cablivi (\*) | 202 | +14.8% | +16.5% | 106 | +16.0% | 80 | +19.4% | 16 | +6.7% |
|  Xenpozyme (\*) | 167 | +47.8% | +50.4% | 70 | +26.3% | 66 | +73.7% | 31 | +77.8% |
|  Ayvakit (\*) | 137 | —% | —% | 119 | —% | 16 | —% | 2 | —% |
|  Qfitlia (\*) | 5 | —% | —% | 5 | —% |  | —% |  | —% |
|  Wayrilz (\*) | 1 | —% | —% | 1 | —% |  | —% |  | —% |
|  **Neurology** |  |  |  |  |  |  |  |  |  |
|  Aubagio | 187 | -37.9% | -36.5% | 101 | -28.3% | 55 | -55.2% | 31 | —% |
|  **Oncology** |  |  |  |  |  |  |  |  |  |
|  Sarclisa (\*) | 431 | +26.4% | +28.7% | 180 | +26.7% | 129 | +31.6% | 122 | +28.9% |
|  Jevtana | 203 | -4.7% | -2.8% | 155 | +1.3% | 3 | -40.0% | 45 | -11.5% |
|  Fasturtec | 131 | -0.8% | +0.8% | 83 | +1.2% | 37 | +2.8% | 11 | -9.1% |
|  **Other main medicines** |  |  |  |  |  |  |  |  |  |
|  Lantus | 1314 | +10.5% | +13.7% | 609 | +40.7% | 224 | -13.8% | 481 | +3.7% |
|  Toujeo | 1013 | +8.1% | +9.9% | 181 | +8.2% | 372 | +3.6% | 460 | +16.2% |
|  Plavix | 696 | -1.0% | +1.7% | 4 | —% | 66 | -4.3% | 626 | +2.4% |
|  Lovenox | 643 | -14.4% | -12.1% | 10 | +42.9% | 354 | -18.8% | 279 | -3.9% |
|  Praluent | 394 | +5.6% | +6.2% |  | —% | 315 | +23.1% | 79 | -30.5% |
|  Rezurock (\*) | 377 | +11.5% | +14.5% | 320 | +7.5% | 22 | +10.0% | 35 | +200.0% |
|  Thymoglobulin | 366 | -0.3% | +2.7% | 226 | +1.3% | 30 | +3.4% | 110 | +5.6% |
|  Aprovel | 312 | +0.3% | +2.6% | 4 | +33.3% | 53 | -3.6% | 255 | +3.6% |
|  Multaq | 238 | +1.7% | +4.3% | 216 | +5.7% | 7 | -12.5% | 15 | -6.3% |
|  Soliqua/iGlarLixi | 198 | +17.2% | +20.1% | 63 | +16.4% | 39 | +11.4% | 96 | +26.6% |
|  Tzield (\*) | 47 | +30.6% | +33.3% | 44 | +28.6% | 2 | +100.0% | 1 | —% |
|  Mozobil | 26 | -58.1% | -58.1% | 3 | -66.7% | 7 | -80.0% | 16 | -11.1% |
|  Others  | 2876 | -13.8% | -11.3% | 253 | -20.2% | 857 | -11.3% | 1766 | -9.8% |

---

**18** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  Industrial Sales | 347 | -13.0% | -12.3% | 1 | —% | 336 | -14.4% | 10 | +800.0% |
|  **Vaccines** |  |  |  |  |  |  |  |  |  |
|  Influenza, COVID-19 (\*\*) | 1739 | -17.2% | -13.9% | 1092 | -8.2% | 408 | -19.8% | 239 | -26.2% |
|  Beyfortus (\*\*) | 1095 | +29.6% | +33.8% | 457 | -25.3% | 346 | +229.5% | 292 | +227.2% |
|  Polio/Pertussis/Hib primary vaccines and boosters | 2003 | -5.0% | -2.8% | 525 | +0.9% | 329 | -13.6% | 1149 | -1.1% |
|  Meningitis, travel, and endemic | 1060 | -0.7% | +2.2% | 633 | +3.5% | 153 | +2.7% | 274 | -1.1% |
|  **Biopharma** | **32323** | **+5.9%** | **+8.7%** | **16373** |  | **6733** |  | **9217** |  |
|  **Pharma launches (\*)** | **2790** | **43.9%** | **47.2%** | **1841** | **43.7%** | **521** | **42.6%** | **428** | **+72.6%** |
|  **Launches (\*), (\*\*)** | **3905** | **+40.3%** | **+43.9%** | **2318** | **+22.0%** | **867** | **+84.3%** | **720** | **+114.0%** |

---

**19** 

------

**Appendix 2: Components of Business net income by segment** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q3 2025** | **Biopharma** | **Biopharma** | **Biopharma** | **Biopharma** | **Biopharma** | **Biopharma** | **Other** | **Other** | **Other** | **Total group** | **Total group** | **Total group** | **Total group** | **Total group** | **Total group** |
| **(€ million)** | **Q3 2025** | **Q3 2025** | **Q3 2024<sup>1</sup>** | **Q3 2024<sup>1</sup>** |  | **Change** | **Q3 2025** | **Q3 2024<sup>1</sup>** | **Change** | **Q3 2025** | **Q3 2025** | **Q3 2024<sup>1</sup>** | **Q3 2024<sup>1</sup>** |  | **Change** |
|  **Net sales** |  | **12434** |  | **12157** |  | **2.3%** | **—** | **—** | **—%** |  | **12434** |  | **12157** |  | **2.3%** |
|  Other revenues |  | 611 |  | 740 |  | -17.4% | 125 | 80 | 56.3% |  | 736 |  | 820 |  | -10.2% |
|  Cost of sales |  | (3292) |  | (3600) |  | -8.6% | (63) | (60) | 5.0% |  | (3355) |  | (3660) |  | -8.3% |
|  *As % of net sales* | | *(26.5%)* | | *(29.6%)* | |  |  |  |  | | *(27.0%)* | | *(30.1%)* | |  |
|  **Business gross profit** |  | **9753** |  | **9297** |  | **4.9%** | **62** | **20** | **210.0%** |  | **9815** |  | **9317** |  | **5.3%** |
|  *As % of net sales* | | *78.4%* | | *76.5%* | |  |  |  |  | | *78.9%* | | *76.6%* | |  |
|  Research and development expenses |  | (1834) |  | (1802) |  | 1.8% |  |  | —% |  | (1834) |  | (1802) |  | 1.8% |
|  *As % of net sales* | | *(14.7%)* | | *(14.8%)* | |  |  |  |  | | *(14.7%)* | | *(14.8%)* | |  |
|  Selling and general expenses |  | (2242) |  | (2219) |  | 1.0% | (49) | (13) | 276.9% |  | (2291) |  | (2232) |  | 2.6% |
|  *As % of net sales* | | *(18.0%)* | | *(18.3%)* | |  |  |  |  | | *(18.4%)* | | *(18.4%)* | |  |
|  Other operating income/expenses |  | (1282) |  | (982) |  |  | (21) | (11) |  |  | (1303) |  | (993) |  |  |
|  Share of profit/loss of associates and joint ventures<sup>2</sup> |  | 47 |  | 38 |  |  | 15 |  |  |  | 62 |  | 38 |  |  |
|  Net income attributable to non-controlling interests |  | (4) |  | (1) |  |  |  |  |  |  | (4) |  | (1) |  |  |
|  **Business operating income** |  | **4438** |  | **4331** |  | **2.5%** | **7** | **(4)** | **-275.0%** |  |  |  |  |  |  |
|  *As % of net sales* | | *35.7%* | | *35.6%* | |  |  |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Biopharma** | **Biopharma** | **Biopharma** | **Biopharma** | **Biopharma** | **Other** | **Other** | **Other** | **Total group** | **Total group** | **Total group** | **Total group** | **Total group** |
| **YTD 2025**<br> **(€ million)** | **YTD 2025** | **YTD 2025** | **YTD 2024<sup>3</sup>** | **YTD 2024<sup>3</sup>** | **Change** | **YTD 2025** | **YTD 2024<sup>1</sup>** | **Change** | **YTD 2025** | **YTD 2025** | **YTD 2024<sup>1</sup>** | **YTD 2024<sup>1</sup>** | **Change** |
|  **Net sales** |  | **32323** |  | **30517** | **5.9%** | **—** | **—** | **—%** |  | **32323** |  | **30517** | **5.9%** |
|  Other revenues |  | 1857 |  | 2092 | -11.2% | 331 | 257 | 28.8% |  | 2188 |  | 2349 | -6.9% |
|  Cost of sales |  | (9045) |  | (9449) | -4.3% | (191) | (170) | 12.4% |  | (9236) |  | (9619) | -4.0% |
|  *As % of net sales* | | *(28.0 %)* | | *(31.0 %)* |  |  |  |  | | *(28.6 %)* | | *(31.5 %)* |  |
|  **Business gross profit** |  | **25135** |  | **23160** | **8.5%** | **140** | **87** | **60.9%** |  | **25275** |  | **23247** | **8.7%** |
|  *As % of net sales* | | *77.8 %* | | *75.9 %* |  |  |  |  | | *78.2 %* | | *76.2 %* |  |
|  Research and development expenses |  | (5550) |  | (5136) | 8.1% | (1) | (1) | —% |  | (5551) |  | (5137) | 8.1% |
|  *As % of net sales* | | *(17.2 %)* | | *(16.8 %)* |  |  |  |  | | *(17.2 %)* | | *(16.8 %)* |  |
|  Selling and general expenses |  | (6689) |  | (6466) | 3.4% | (108) | (69) | 56.5% |  | (6797) |  | (6535) | 4.0% |
|  *As % of net sales* | | *(20.7 %)* | | *(21.2 %)* |  |  |  |  | | *(21.0 %)* | | *(21.4 %)* |  |
|  Other operating income/expenses |  | (3223) |  | (2408) |  | (23) | 1 |  |  | (3246) |  | (2407) |  |
|  Share of profit/loss of associates and joint ventures<sup>4</sup> |  | 124 |  | 104 |  | 15 |  |  |  | 139 |  | 104 |  |
|  Net income attributable to non-controlling interests |  | (12) |  | (7) |  |  |  |  |  | (12) |  | (7) |  |
|  **Business operating income** |  | **9785** |  | **9247** | **5.8%** | **23** | **18** | **27.8%** |  |  |  |  |  |
|  *As % of net sales* | | *30.3 %* | | *30.3 %* |  |  |  |  |  |  |  |  |  |

---

*<sup>1</sup> Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*<sup>2</sup> Net of tax.* 

*<sup>3</sup> Determined based on business income before tax, associates, and non-controlling interests.* 

*<sup>4</sup> Based on an average number of shares outstanding of 1,218.1 million in Q3 2025 and 1,253.0 million in Q3 2024.* 

*<sup>3</sup> Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*<sup>4</sup> Net of tax.* 

*<sup>3</sup> Determined based on business income before tax, associates, and non-controlling interests.* 

*<sup>4</sup> Based on an average number of shares outstanding of 1,223.0 million in YTD 2025 and 1,250.6 million in YTD 2024.* 

**20** 

------

**Appendix 3: Consolidated income statement** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(€ million)** | **Q3 2025** | **Q3 2024<sup>1</sup>** | **YTD 2025** | **YTD 2024<sup>1</sup>** |
|  **Net sales** | **12434** | **12157** | **32323** | **30517** |
|  Other revenues | 736 | 820 | 2188 | 2349 |
|  Cost of sales | (3412) | (3663) | (9293) | (9629) |
|  **Gross profit** | **9758** | **9314** | **25218** | **23237** |
|  Research and development expenses | (1834) | (1802) | (5551) | (5137) |
|  Selling and general expenses | (2291) | (2232) | (6797) | (6535) |
|  Other operating income | 297 | 163 | 830 | 726 |
|  Other operating expenses | (1600) | (1156) | (4076) | (3133) |
|  Amortization of intangible assets | (461) | (401) | (1238) | (1299) |
|  Impairment of intangible assets | (18) | (180) | (228) | 191 |
|  Fair value remeasurement of contingent consideration | (56) | (8) | (117) | (74) |
|  Restructuring costs and similar items | (172) | (144) | (602) | (1204) |
|  Other gains and losses, and litigation |  | (15) | (57) | (465) |
|  **Operating income** | **3623** | **3539** | **7382** | **6307** |
|  Financial expenses | (227) | (255) | (588) | (838) |
|  Financial income | 114 | 131 | 298 | 408 |
|  **Income before tax and associates and joint ventures** | **3510** | **3415** | **7092** | **5877** |
|  Income tax expense | (680) | (684) | (1391) | (1063) |
|  Share of profit/(loss) of associates and joint ventures | (2) | 73 | 83 | 51 |
|  **Net income from continuing operations** | **2828** | **2804** | **5784** | **4865** |
|  Net income from discontinued operations | (20) | 40 | 2861 | 242 |
|  **Net income** | **2808** | **2844** | **8645** | **5107** |
|  Net income attributable to non-controlling interests | 6 | 29 | 31 | 46 |
|  **Net income attributable to equity holders of Sanofi** | **2802** | **2815** | **8614** | **5061** |
|  Average number of shares outstanding (million) | 1218.1 | 1253.0 | 1223.0 | 1250.6 |
|  Basic earnings per share from continuing operations (€) | **2.32** | **2.22** | **4.71** | **3.86** |
|  **Basic earnings per share from discontinued operations (€)** | **(0.02)** | **0.03** | **2.33** | **0.19** |
|  **Basic earnings per share (€)** | **2.30** | **2.25** | **7.04** | **4.05** |

---

*<sup>1</sup>* *Figures for 2024 comparative periods have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

**21** 

------

**Appendix 4: Reconciliation of net income attributable to equity holders of Sanofi (IFRS) to business net income (non-IFRS)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(€ million)** | **Q3 2025** | **Q3 2025** | **Q3 2024<sup>1</sup>** | **Q3 2024<sup>1</sup>** | **YTD 2025** | **YTD 2025** | **YTD 2024<sup>1</sup>** | **YTD 2024<sup>1</sup>** |
|  **Net income attributable to equity holders of Sanofi (IFRS)** |  | **2802** |  | **2815** |  | **8614** |  | **5061** |
|  Net income from discontinued operations |  | 20 |  | (40) |  | (2861) |  | (242) |
|  Amortization of intangible assets<sup>2</sup> |  | 461 |  | 401 |  | 1238 |  | 1299 |
|  Impairment of intangible assets |  | 18 |  | 180 |  | 228 |  | (191) |
|  Fair value remeasurement of contingent consideration |  | 59 |  | 31 |  | 127 |  | 103 |
|  Expenses arising from the impact of acquisitions on inventories |  | 57 |  | 3 |  | 57 |  | 10 |
|  Restructuring costs and similar items |  | 172 |  | 144 |  | 602 |  | 1204 |
|  Other gains and losses, and litigation |  |  |  | 15 |  | 57 |  | 465 |
|  Financial (income) / expense related to liabilities carried at amortized cost other than net indebtedness |  | 49 |  | 53 |  | 99 |  | 229 |
|  Tax effect of the items listed above: |  | (159) |  | (175) |  | (543) |  | (752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Amortization and impairment of intangible assets* | | *(84)* | | *(106* | | *(257)* | | *(154* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Fair value remeasurement of contingent consideration* | | *(14)* | | *(2* | | *(28)* | | *(19* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Expenses arising from the impact of acquisitions on inventories* | | *(15)* | | *—* | | *(15)* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Restructuring costs and similar items* | | *(34)* | | *(34* | | *(147)* | | *(377* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Other items* | | *(12)* | | *(33* | | *(96)* | | *(202* |
|  Other tax effects |  | 5 |  | 14 |  | 16 |  | 21 |
|  Other items |  | 63 |  | (30) |  | 65 |  | 63 |
|  **Business net income (non-IFRS)** |  | **3547** |  | **3411** |  | **7699** |  | **7270** |
|  **Business earnings per share (€)<sup>3</sup>** |  | **2.91** |  | **2.72** |  | **6.30** |  | **5.81** |
|  **Basic earnings per share (€)<sup>3</sup>** |  | **2.30** |  | **2.25** |  | **7.04** |  | **4.05** |

---

*<sup>1</sup> Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*<sup>2</sup> Of which related to amortization expense generated by the intangible assets measured at their acquisition-date fair values: €450 million in Q3 2025 and €387 in million in Q3 2024.* 

*<sup>3</sup> Based on an average number of shares outstanding of 1,218.1 million in Q3 2025, 1,223.0 million in YTD 2025, 1,253.0 million in Q3 2024 and 1,250.6 million in YTD 2024.* 

**22** 

------

**Appendix 5: Summarized statements of cash flow and reconciliation of free cash flow** 

---

| | | |
|:---|:---|:---|
| (€ million) | **YTD 2025** | **YTD 2024<sup>1</sup>** |
|  Net cash provided by/(used in) continuing operating activities | 7118 | 4916 |
|  Net cash provided by/(used in) operating activities of the discontinued Opella business | 187 | 354 |
|  **Net cash provided by/(used in) operating activities** | **7305** | **5270** |
|  Net cash provided by/(used in) continuing investing activities | (10937) | (3822) |
|  Net cash provided by/(used in) investing activities of the discontinued Opella business | (36) | (73) |
|  Net cash inflow from the Opella transaction | 10657 |  |
|  **Net cash provided by/(used in) investing activities** | **(316)** | **(3895)** |
|  Net cash provided by/(used in) continuing financing activities | (5589) | (1780) |
|  Net cash provided by/(used in) financing activities of the discontinued Opella business | (48) | (35) |
|  **Net cash provided by/(used in) financing activities** | **(5637)** | **(1815)** |
|  Impact of exchange rates on cash and cash equivalents | (54) | (27) |
|  Cash and cash equivalents reported as held for sale as of December 31, 2024 | 167 |  |
|  **Net change in cash and cash equivalents** | **1465** | **(467)** |
|  **Cash and cash equivalents, beginning of period** | **7441** | **8710** |
|  **Cash and cash equivalents, end of period** | **8906** | **8243** |

---

---

| | | |
|:---|:---|:---|
| (€ million) | **YTD 2025** | **YTD 2024<sup>1</sup>** |
|  **Net cash provided by/(used in) operating activities (IFRS)<sup>2</sup>** | **7305** | **5270** |
|  Net cash provided by/(used in) operating activities (IFRS) of the discontinued Opella business | (187) | (354) |
|  Acquisition of property, plant, and equipment and software | (1288) | (1280) |
|  Acquisitions of intangibles assets, investments, and other long-term financial assets<sup>3</sup> | (1415) | (670) |
|  Proceeds from disposals of property, plant and equipment, intangible assets, and other non-current assets net of taxes<sup>3</sup> | 527 | 598 |
|  Repayment of lease liabilities | (184) | (206) |
|  Others | 694 | 257 |
|  **Free cash flow (non-IFRS)<sup>3</sup>** | **5452** | **3615** |

---

*<sup>1</sup> Figures for 2024 comparative period have been re-presented on a consistent basis to reflect the classification of Opella as a discontinued operation.* 

*<sup>2</sup> Most directly comparable IFRS measure to free cash flow.* 

*<sup>3</sup> Non IFRS indicator (see definition in Appendix 9).* 

**23** 

------

**Appendix 6: Simplified consolidated balance sheet** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets**<br> (€ million) | **September 30, 2025** | **December 31, 2024** | **liabilities and equity**<br> (€ million) | **September 30, 2025** | **December 31, 2024** |
|  |  |  | Equity attributable to equity holders of Sanofi | 73263 | 77507 |
|  |  |  | Equity attributable to non-controlling interests | 270 | 350 |
|  |  |  | **Total equity** | **73533** | **77857** |
|  |  |  | Long-term debt | 11700 | 11791 |
| &nbsp;&nbsp;&nbsp; Property, plant, and equipment – owned assets | 9698 | 10091 | <br> Non-current lease liabilities<br>| <br> 1566<br>| <br> 1645<br>|
| &nbsp;&nbsp;&nbsp; Right-of-use assets | 1483 | 1510 | Non-current liabilities related to business combinations and to non-controlling interests | 579 | 569 |
| &nbsp;&nbsp;&nbsp; Intangible assets (including goodwill) | 68867 | 66013 | Non-current provisions and other non-current liabilities | 7004 | 8096 |
| &nbsp;&nbsp;&nbsp; Non-current income tax assets | 552 | 560 | Non-current income tax liabilities | 1660 | 1512 |
| &nbsp;&nbsp;&nbsp; Other non-current assets, investments in associates and joint-ventures and deferred tax assets | 15152 | 12036 | Deferred tax liabilities | 1647 | 2166 |
| &nbsp;&nbsp;&nbsp; **Non-current assets** | **95752** | **90210** | **Non-current liabilities** | **24156** | **25779** |
|  |  |  | Accounts payable and other current liabilities | 22000 | 21792 |
|  |  |  | Current liabilities related to business combinations and to non-controlling interests | 0 | 72 |
| &nbsp;&nbsp;&nbsp; Inventories, accounts receivable and other current assets | 24501 | 20934 | Current income tax liabilities | 1614 | 697 |
| &nbsp;&nbsp;&nbsp; Current income tax assets | 497 | 724 | Current lease liabilities | 287 | 261 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 8906 | 7441 | Short-term debt and current portion of long-term debt | 8202 | 4209 |
| &nbsp;&nbsp;&nbsp; Assets held for sale | 138 | 13489 | Liabilities related to assets held for sale | 2 | 2131 |
| &nbsp;&nbsp;&nbsp; **Current assets** | **34042** | **42588** | **Current liabilities** | **32105** | **29162** |
| &nbsp;&nbsp;&nbsp; **Total assets** | **129794** | **132798** | **Total equity and liabilities** | **129794** | **132798** |

---

**24** 

------

**Appendix 7: Other operating income net of expenses related to Regeneron** 

---

| | | |
|:---|:---|:---|
| (€ million) | **YTD 2025** | **YTD 2024** |
|  **Monoclonal antibodies alliance** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income and expense related to profit/loss sharing | (3962) | (3069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional share of profit paid by Regeneron related to development costs | 787 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron commercial operating expenses reimbursement | (521) | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total: monoclonal antibody alliance** | **(3696)** | **(2903)** |
|  **Other Regeneron** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total others related to Regeneron (mainly Libtayo and Zaltrap)** | **107** | **130** |
|  **Total related to Regeneron** | **(3589)** | **(2773)** |

---

**25** 

------

**Appendix 8: Currency sensitivity** 

*2025 net sales currency sensitivity* 

---

| | | | |
|:---|:---|:---|:---|
| **Currency** | **Variation** | **Variation** | **Net sales sensitivity** |
|  US Dollar |  | +0.05 USD/EUR | -€968m |
|  Japanese Yen |  | +5 JPY/EUR | -€55m |
|  Chinese Yuan |  | +0.2 CNY/EUR | -€69m |
|  Brazilian Real |  | +0.4 BRL/EUR | -€53m |

---

*Currency exposure on Q3 2025 sales* 

---

| | |
|:---|:---|
| **Currency** | **Q3 2025** |
|  US Dollar | 56.2% |
|  Euro | 17.6% |
|  Chinese Yuan | 5.4% |
|  Japanese Yen | 2.7% |
|  Canadian Dollar | 1.6% |
|  Brazilian Real | 1.5% |
|  British Pound | 1.2% |
|  South-Korean Won | 1.0% |
|  Mexican Peso | 1.0% |
|  Turkish Lira | 0.9% |
|  Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9% |

---

*Currency average rates* 

---

| | | | |
|:---|:---|:---|:---|
| | **Q3 2024** | **Q3 2025** | **Change** |
|  €/$ | 1.099 | 1.168 | +6.3% |
|  €/Yen | 163.727 | 172.290 | +5.2% |
|  €/Yuan | 7.876 | 8.365 | +6.2% |
|  €/Real | 6.095 | 6.366 | +4.4% |
|  €/Ruble | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.1% |

---

**26** 

------

**Appendix 9: Definitions of non-IFRS financial indicators** 

*Company sales at constant exchange rates (CER)* 

References to changes in net sales "at constant exchange rates" (CER) means that it excludes the effect of changes in exchange rates.

The effect of exchange rates is eliminated by recalculating net sales for the relevant period at the exchange rates used for the previous period.

*Reconciliation of net sales to company sales at constant exchange rates for Q3 and YTD 2025* 

---

| | | |
|:---|:---|:---|
| (€ million) | **Q3 2025** | **YTD 2025** |
|  **Net sales** | **12434** | **32323** |
|  Effect of exchange rates | **(578)** | **(864)** |
|  **Company sales at constant exchange rates** | **13012** | **33187** |

---

*Business gross profit; Reconciliation from Gross profit to Business gross profit* 

Business gross profit is a non-IFRS indicator that fully excludes from Gross profit (IFRS) the effect of the release of the fair value step up to inventory that is recognized upon acquisition, which constitutes a Business Combination under IFRS 3 'Business Combinations' or which is part of a group of assets as per IFRS 3§2b).

*Business net income* 

Sanofi publishes a key non-IFRS indicator. Business net income is defined as net income attributable to equity holders of Sanofi excluding:

net income from discontinued operations,

amortization of intangible assets,

impairment of intangible assets,

fair value remeasurement of contingent consideration related to business combinations or to disposals,

expenses arising from the impact of acquisitions on inventories,

restructuring costs and similar items<sup>16</sup> (comprising transaction, integration and separation costs in relation to major acquisitions and disposals),

other gains and losses (including gains and losses on disposals of non-current assets<sup>1</sup>),

costs or provisions associated with litigation<sup>1</sup>,

financial (income)/expense related to liabilities carried at amortized cost other than net indebtedness,

tax effects related to the items listed above as well as effects of major tax disputes,

the share of profits/losses from investments accounted for using the equity method, except for joint ventures and associates with which Sanofi has a strategic alliance,

net income attributable to non-controlling interests related to the items listed above.

*Free cash flow* 

Free cash flow is a non-IFRS financial indicator which is reviewed by management, and which management believes provides useful information to measure the net cash generated from Sanofi's operations that is available for strategic investments (net of divestments<sup>2</sup>), 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 and losses on disposals, net change in provisions including pensions and other post-employment benefits, deferred taxes, share-based expense, and other non-cash items. It comprises net changes in working capital, capital expenditures and other asset acquisitions net of disposal proceeds<sup>3</sup>, 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 flow in operating activities.

*<sup>16</sup> Reported in the line items Restructuring costs and similar items and Gains and losses on disposals, and litigation.* 

**27** 

------

**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, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "seeks", "targets", "goal", "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 to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties 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 biological application that may be filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be commercially successful, the future approval and commercial success of therapeutic alternatives, political pressure to provide beneficial pricing in the United States including to State Medicaid programs of "most favored nation" drug prices and elsewhere, Sanofi's ability to benefit from external growth opportunities, to complete related transactions 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 global crises may have on us, our customers, suppliers, vendors, and other business partners, and the 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, 2024. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

All Sanofi trademarks mentioned in this document are protected.

**28**