Deutsche Bank Healthcare Conference Jérôme Contamine

Executive VP, Chief Financial Officer

May 8, 2012

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Total Sales (€m)

2012 - A Good Start to the Year

Business EPS (€)

€1.85

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€8,511m

+7.0% at CER

+7.2% at CER

2012 - Entering Final Phase of the Patent Cliff(1)

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Key Genericized Products(1) - Quarterly Sales (€m)

€813m

€2,207m

(1) The patent cliff is the effect of the loss of exclusivity of key genericized products. Key genericized products include Lovenox® U.S., Plavix® Western EU, Taxotere® Western EU & U.S., Eloxatin® U.S., Ambien® family U.S., Allegra® U.S., Aprovel® Western EU, Xyzal® U.S., Xatral® U.S., Nasacort® U.S. and BMS Alliance (active ingredients of Plavix® and Avapro® sold to BMS)

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2011

The Most Significant Headwind from the Patent Cliff in 2012 Will Impact Earnings but Not Sales

Evolution of Group "Other Revenues"

Evolution of Group “Income from Associates"

(1) Avapro® on March 30, 2012 and Plavix® on May 17, 2012

2012e 2011 2012e

€1,669m

Loss of Exclusivity of Plavix® and Avapro® in the U.S.(1)

- 54% - 62%

€1,102m Expected Impact on

2012 Business Net Income ~ €1.4bn

Growth Platforms Accounted for 63.2% of Sales in Q1 2012

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Growth is at CER (Constant Exchange Rates) (1) With Genzyme pro forma in Q1 2011, Emerging Market sales grew by 5,6%, and by 7,9% excluding vaccines (2) New Genzyme perimeter include Rare Diseases and Multiple Sclerosis franchises (3) Change on a constant structure basis and at constant exchange rates (4) Multaq®, Jevtana®, and Mozobil®

+14.4%

+11.4%

-0.2%

-5.4%

+13.7%(3)

Innovative Products(4) €139m +6.3%(3)

+9.9%(1)

Consumer Health Care €805m

Diabetes Solutions €1,311m

Vaccines €617m

Animal Health €578m

Emerging Markets €2,624m

New Genzyme(2) €400m

Growth at CER

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(1) World excluding North America (USA, Canada), Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium, Luxembourg, Portugal, Holland, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan, Australia and New Zealand

Double Digit Growth in Key Emerging Markets in Q1 2012

● Q1 2012 Emerging Markets(1) sales of €2,624m, up +9.9% at CER

● Strong sales in BRIC of €917m, +16.5% at CER

Emerging Markets Q1 2012 Sales Split (Growth at CER)

+16.0%

+11.7% +2.1%

+8.1%

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Impressive Double Digit Growth in Diabetes Sustained for Five Consecutive Quarters

Quarterly Sales (€m) ● Q1 2012 Diabetes sales of €1,311m, +17.8% or +14.4% at CER

● Strong performance of Lantus®, up +17.2% at CER ● SoloSTAR® accounted for 51.1% of

quarterly sales in the U.S. ● Solid performance in Western Europe

of +8.0% at CER ● Strong growth in Emerging Markets

with sales up +32.4% at CER

● Results of ORIGIN outcome study and two retrospective cohort studies to be presented at ADA in June

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€1,118m

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● Strong Q1 2012 sales of €805m, +13.1% or +11.4 % at CER

● Good start of 2nd year for Allegra® OTC in the U.S. with sales of €87m, +5.0% at CER

● Strong performance in Emerging Markets, up +21.9% at CER ● Double digit growth of Dorflex®,

Lactacyd®, Maalox®, NoSpa® and Enterogermina®

● Contribution of BMP Sunstone in China and Universal Medicare in India(1)

Record Consumer Health Care Sales in Q1 2012

€805m

Quarterly Sales (€m)

USA

Emerging Markets

Western Europe

Others

(1) CHC Sales from BMP Sunstone in China and Universal Medicare in India were €22m in Q1 2012

+1.8%

+4.3%

+3.6%

+21.9%

● Q1 2012 sales of €617m, +2.5% or -0.2% at CER

● Strong sales in mature markets ● Solid performance of Pentacel® and

Menactra® in the U.S.

● Emerging markets impacted by supply phasing issues ● Seasonal flu sales down -15.6% at CER

due to timing of Southern Hemisphere (SH) campaign

● Strong flu season expected in H1 2012 in Southern Hemisphere

● Good performance of SPMSD JV(1)

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Sanofi Pasteur Growth in Q1 2012 Impacted by Timing of Seasonal Flu Campaign in Emerging Markets

€371m

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Quarterly Sales (€m)

Q1 2011 Q1 2012 Q1 2011 Q1 2012

Mature Markets Emerging Markets

€246m

(1) Sales from SPMSD, the JV with Merck & Co in Europe, are not consolidated by Sanofi Pasteur

-13.1% at CER

+11.2% at CER

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Merial Sales In-Line with Expected Quarterly Phasing in Q1 2012

● Solid Q1 2012 sales of €578m, but performance impacted by tough comparable (-2.7% or -5.4% at CER) ● Return to growth expected for the

remainder of 2012

● Companion Animals sales of €398m (-6.1% at CER) ● Strong Frontline® buying pattern in U.S.

veterinary channels in Q1 2011

● Production Animals sales of €180m -3.7% at CER or +5,4% at CER excluding FMD and BTV vaccines sales(1)

● Newport acquisition to enlarge presence in Swine market(2)

Quarterly Sales (€m)

(1) Q1 2011 benefited from one-off sales of Foot-and-mouth and Bluetongue vaccines sales (2) Newport sales were not consolidated by Merial in Q1 2012

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Genzyme Rare Diseases On Track

Quarterly Sales(1) (€m)

● Q1 2012 Genzyme rare diseases sales reached €400m, +13.7%(1,2)

● Framingham plant granted EMA and FDA approvals in January 2012

● U.S. patients and most severely affected EU patients moved to full Fabrazyme® dose starting March 2012

● Complete return to normal supply levels of Fabrazyme® starting this quarter

● Phase 3 studies of eliglustat in Gaucher disease fully enrolled

& Others

(1) Genzyme sales are consolidated since April 1, 2011 (2) Change on a constant structure basis and at constant exchange rates

Other Rare Diseases products

Q1 2012

Q1 2011

Q1 2012

Q1 2011

Q1 2012

Q1 2011

Q1 2012

Q1 2011

Significant Pipeline Progress over Last 9 Months

Kynamro™ (mipomersen) – hoFH and severe heFH in Jul 2011 in EU and hoFH in Mar 2012 in the U.S.

Aubagio™ (teriflunomide) – RMS in Aug 2011 in the U.S. and Feb 2012 in EU

Lyxumia® (lixisenatide) – Type 2 diabetes in Oct 2011 in EU

Zaltrap® (aflibercept) – 2L-mCRC in Dec 2011 in EU and Feb 2012 in the U.S.

hoFH: Homozygous Familial Hypercholesterolemia heFH: Heterozygous Familial Hypercholesterolemia VTE: Venous Thrombo Embolism

RMS: Relapsing Forms of Multiple Sclerosis mCRC: Metastatic Colorectal Cancer

Mulsevo® (semuloparin) – VTE prevention in chemo-treated patients in Sep 2011 in the U.S. and EU

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Five new molecular entities submitted in last 9 months:

Kynamro™, Aubagio™, Visamerin® / Mulsevo®, Lyxumia® and Zaltrap® are registered trade names submitted to health authorities for investigational agents

Zaltrap® aflibercept

● First in class agent addressing unmet needs in hypercholesterolemia

● Very encouraging Phase II data

Phase III program targeted to start in Q2 2012

New Data on Exciting R&D Assets in Q1 2012

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Anti-PCSK9 mAb(1)

● Significant efficacy in RMS(2) with convenient annual dosing, and favorable benefit/risk balance in clinical studies

FDA & EMA submissions expected in Q2 2012

(1) Partnership with Regeneron (2) RMS: Relapsing Forms of Multiple Sclerosis Lemtrada is a trade name submitted to health authorities for the investigational agent alemtuzumab in Multiple Sclerosis

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BOI Double Digit Growth in Q1 2012 Reflects Genzyme Consolidation and Cost Savings

€m Q1 2012 Q1 2011 % Change (reported €)

% Change (CER)

Net sales 8,511 7,779 +9.4% +7.0%

Other revenues 426 413 +3.1% -0.5%

Cost of sales (2,613) (2,362) +10.6% +9.5%

Gross profit 6,324 5,830 +8.5% +5.5%

R&D (1,176) (1,100) +6.9% +5.2%

SG&A (2,121) (1,933) +9.7% +7.4%

Other current operating income & expenses 147 16 - -

Share of Profit/Loss of associates 297 292 - -

Non controlling interests (54) (78) - -

Business operating income 3,417 3,027 +12.9% +8.9%

Business operating margin 40.1% 38.9% - -

CER: Constant Exchange Rates

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€m Q1 2012 Q1 2011 % Change (reported €)

% Change (CER)

Business operating income 3,417 3,027 +12.9% +8.9%

Net financial expenses (119) (78) - -

Income tax expense (856) (779) - -

Effective tax rate -28.0% -28.5% - -

Business net income 2,442 2,170 +12.5% +8.4%

Net margin 28.7% 27.9% - -

Business EPS € 1.85 € 1.66 +11.4% +7.2%

Average number of shares outstanding (in million) 1,321.2 1,305.2 - -

Business Net Income up 12.5% in Q1 2012

15 CER: Constant Exchange Rates

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Strong Free Cash Flow Generated in Q1 2012

+ €2,016m

● Strong Free Cash Flow of €2,467m, up +23.0% in Q1 2012

● €404m of opportunistic share repurchases in Q1 2012(1)

● Net debt reduced by €2,254m in Q1 2012

● Gearing of 14.9% by end of March 2012

(1) Represents 7,137,719 shares at an average price of €56.67 (2) Excluding Restructuring Costs (3) Including derivatives related to the financial debt: €456m at Dec 31, 2011 and €503m at Mar 31, 2012

Continued Strong Execution of Strategy in Q1 2012

Good performance from growth platforms

Positive contribution from Genzyme integration

Significant progress on late stage pipeline

Sustained cost control

Guidance for FY 2012 reaffirmed

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