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			June 30, 2026 (6 months)			June 30, 2025 (6 months)
•Income tax paid			(925)			(1,355)
•Interest paid			(260)			(206)
•Interest received			111			170
•Dividends received from non-consolidated entities			3			5

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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, 2026 were reviewed by the Sanofi Board of Directors at the Board meeting on July 29, 2026.

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, 2025.

The accounting policies used in the preparation of the consolidated financial statements as of June 30, 2026 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, 2026 are available via the following web link: https://www.efrag.org/en/financial-reporting/endorsement-status.

The accounting policies applied effective January 1, 2026 are identical to those presented in the consolidated financial statements for the year ended December 31, 2025.

On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments, applicable from January 1, 2026. The amendments did not have a material impact on the financial statements.

On July 18, 2024, the IASB issued Volume 11 of “Annual Improvements to IFRS”, applicable from January 1, 2026. Those improvements to various standards, which are essentially in the nature of clarifications, did not have a material impact on the financial statements.

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 could potentially result in an enhancement of the disclosures provided in the 2026 annual financial statements. As a reminder, renewable energy purchase contracts entered into by Sanofi as of December 31, 2025 are described in Note D.21. to the consolidated financial statements included in Sanofi’s Form 20-F for the year ended December 31, 2025 (the “2025 20-F”).

In its 2026 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. As in the previous year, the effective tax rate also includes a one-off impact from the 2025 component of the exceptional surcharge 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; and

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

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

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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.

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 2026, 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.

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

Note

Type of financial instrument

Measurement principle

Level in fair value hierarchy

Valuation technique

Method used to determine fair value

Market data

Valuation model

Exchange rate

Interest rate

Volatilities

B.6.

Financial assets measured at fair value (quoted equity instruments)

Fair value

1

Market value

Quoted market price

N/A

B.6.

Financial assets measured at fair value (quoted debt instruments)

Fair value

1

Market value

Quoted market price

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.

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, 2025.

B.6.

Long-term loans and advances and other non-current receivables

Amortized 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.

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

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

B.9.

Investments in mutual funds

Fair value

1

Market value

Net asset value

N/A

B.9.

Negotiable debt instruments, commercial paper, instant access deposits and term deposits

Amortized 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.

B.9. B.12.

Financial liabilities

Amortized cost (a)

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. 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). 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 cost

N/A

N/A

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 Market Spot

< 1 year: Mid Money Market > 1 year: Mid Zero Coupon

N/A

B.10.

Interest rate swaps

Fair value

2

Revenue-based approach

Present value of future cash flows

Mid Market Spot

< 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon

N/A

B.10.

Cross-currency swaps

Fair value

2

Revenue-based approach

Present value of future cash flows

Mid Market Spot

< 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon

N/A

B.11.

Liabilities related to business combinations and to non-controlling interests

Fair value

3

Revenue-based 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.

(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).

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A.6. New pronouncements issued by the IASB and applicable from 2027

On April 9, 2024, the IASB issued IFRS 18 (Presentation and Disclosure in Financial Statements), applicable from January 1, 2027. In terms of adapting Sanofi’s chart of accounts and financial information systems, the transition is continuing on schedule. In line with the information communicated in the 2025 financial statements as published, Sanofi’s IFRS 18 rollout project – which began in the fourth quarter of 2025 – is progressing, and the impact analysis has evolved in line with the schedule. The future structure of Sanofi’s consolidated income statement will present operating expenses by function, and will reflect presentational choices based on the “useful structured summary” principle established by IFRS 18. Those choices involve the classification of income statement items according to five categories (operating, investing, financing, income tax and discontinued operations), with the sub-totals limited solely to those specified in IFRS 18. The income statement structure will also reflect the fact that Sanofi as a whole operates a single principal activity. As regards the requirement to disclose alternative management performance measures (MPMs) that meet the IFRS 18 definition in the notes to the financial statements, Sanofi has identified the relevant MPMs. In accordance with the information communicated in Sanofi’s 2025 consolidated financial statements, the main MPMs are “Business gross profit”, “Business operating income” and “Business net income”, all of which are non-IFRS measures that Sanofi currently uses in its financial communication. No significant impact on these performance measures has been identified at this stage.

The transition note intended for publication in Sanofi’s 2026 Annual Report on Form 20-F will include a reconciliation, for the comparative years 2026 and 2025, between (i) the amounts for each income statement line item presented in accordance with IFRS 18 as applicable from 2027 and (ii) those presented in accordance with the currently applicable standard (IAS 1).

Furthermore, the presentation of the consolidated statement of cash flows will be modified such that it starts from Operating income instead of Net income attributable to equity holders of Sanofi.

Finally, as mentioned in Sanofi’s 2025 year-end financial communications, Sanofi is not early adopting IFRS 18.

On November 13, 2025, the IASB issued “Translation to a Hyperinflationary Presentation Currency”, an amendment to IAS 21 (The Effects of Changes in Foreign Exchange Rates), applicable from January 1, 2027 (subject to endorsement by the European Union). Sanofi does not expect any material impact and will not early adopt this amendment.

B.1. Significant transactions for the first half of 2026

B.1.1. Acquisition of Dynavax Technologies Corporation

On February 10, 2026, Sanofi finalized the acquisition of Dynavax Technologies Corporation (Dynavax), a vaccines company with a marketed adult hepatitis B vaccine (HEPLISAV-B) and a differentiated shingles vaccine candidate. The acquisition augments Sanofi’s presence in adult immunization by bringing together Dynavax’s vaccines with Sanofi’s global scale, development capabilities and commercial reach.

Dynavax’s adult hepatitis B vaccine HEPLISAV-B is currently marketed in the United States and is differentiated by its two-dose regimen over one month, enabling high levels of seroprotection faster than other hepatitis B vaccines (which are given in three doses over six months).

The acquisition also includes Dynavax’s shingles vaccine candidate (Z-1018), which is currently in phase 1/2 clinical development, and additional vaccine pipeline projects.

The transaction involved a cash tender offer by Sanofi to acquire all outstanding shares of Dynavax for $15.50 per share in cash, reflecting a total equity value on a fully diluted basis of approximately $2.2 billion, including the subsequent reimbursement of the short-term debt for $0.3 billion.

The provisional purchase price allocation led to the recognition of €204 million of goodwill, determined as follows:

(€ million)			Fair value at acquisition date
Other intangible assets			1,150
Other current and non-current assets and liabilities			429
Cash and cash equivalents			169
Short-term debt			(249)
Deferred taxes, net			(132)
Net assets of Dynavax			1,367
Goodwill			204
Purchase price			1,571

“Other intangible assets” mainly comprise Dynavax’s marketed vaccine HEPLISAV-B.

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Goodwill mainly represents the effects of expected future synergies and other benefits to be derived from the integration of Dynavax into the Sanofi group.

The goodwill generated on this acquisition does not give rise to any deduction for income tax purposes.

Dynavax's contributions to Biopharma segment net sales and business operating income (for a definition refer to Note B.21. “Segment Information”) since the acquisition date amount to €144 million and €89 million, respectively. Over the same period, Dynavax made a negative contribution of €63 million to consolidated net income, including amortization of intangible assets of €38 million; amortization and expenses arising from the impact of acquired inventories of €44 million; and restructuring costs and similar items of €63 million.

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 €1,403 million.

B.1.2. Proposed divestment of Medley, Sanofi’s Brazilian generics business

On March 6, 2026, Sanofi and EMS Group, a major pharmaceutical conglomerate in Brazil, announced the signing of a definitive agreement for the purchase and sale of 100% of Medley, one of Brazil’s leading generic drug brands.

With effect from that date, given that completion of the transaction is considered highly probable, all of the assets of Medley, and the liabilities directly associated with those assets (subsequently transferred to Medley Farmaceutica Ltda, a new legal entity formed on May 1, 2026, the equity interests in which will be divested), are presented in the consolidated balance sheet within the line items Assets held for sale and Liabilities related to assets held for sale, in accordance with IFRS 5 (Non-Current Assets Held for Sale and Discontinued Operations); they are the main component of those line items as of June 30, 2026.

Sanofi’s Brazilian generics business does not meet the definition of a discontinued operation under IFRS 5 (see Note B.7. to the consolidated financial statements for the year ended December 31, 2025), as a result of which the net income from this business is not presented separately in the income statement.

A net gain is expected upon closing of the transaction. Consequently, no impairment was recognized on the carrying amount of the net assets of Medley Farmaceutica Ltda as of the date of reclassification as held for sale.

The transaction is expected to close no earlier than the fourth quarter of 2026 subject to the fulfilment of customary closing conditions, primarily clearance from the Brazilian Antitrust Authority (Administrative Council for Economic Defense – CADE).

B.2. Property, plant and equipment

The table below sets forth acquisitions and capitalized interest by operating segment for the first half of 2026:

(€ million)			June 30, 2026			June 30, 2025
Acquisitions			763			702
Biopharma			763			663
Of which Manufacturing & Supply			594			453
Opella (discontinued operation)			—			39
Of which capitalized interest			23			22

Firm orders for property, plant and equipment stood at €1,336 million as of June 30, 2026.

B.3. Goodwill and other intangible assets

Goodwill amounted to €41,954 million as of June 30, 2026, versus €41,300 million as of December 31, 2025. The movement during the period reflects the impact of changes in exchange rates and the recognition of the goodwill arising on the Dynavax acquisition (see note B.1.1.), partially offset by the reclassification of the goodwill relating to the Brazilian generics business to Assets held for sale as a result of the proposed divestment (see note B.1.2.).

Movements in other intangible assets during the first half of 2026 were as follows:

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(€ million)			Acquired R&D			Products, trademarks and other rights			Software			Total other intangible assets
Gross value at January 1, 2026			14,951			66,746			1,888			83,585
Changes in scope of consolidation (a)			—			1,149			1			1,150
Acquisitions and other increases			321			122			88			531
Disposals and other decreases			(534)			(17)			(28)			(579)
Currency translation differences			324			1,232			12			1,568
Transfers (b)			(245)			(162)			(4)			(411)
Gross value at June 30, 2026			14,817			69,070			1,957			85,844
Accumulated amortization and impairment at January 1, 2026			(6,220)			(49,624)			(1,480)			(57,324)
Amortization expense			—			(1,106)			(58)			(1,164)
Impairment losses, net of reversals (c)			(970)			(61)			(17)			(1,048)
Disposals and other decreases			534			17			26			577
Currency translation differences			(135)			(785)			(10)			(930)
Transfers (b)			—			400			4			404
Accumulated amortization and impairment at June 30, 2026			(6,791)			(51,159)			(1,535)			(59,485)
Carrying amount at January 1, 2026			8,731			17,122			408			26,261
Carrying amount at June 30, 2026			8,026			17,911			422			26,359

(a)The “Changes in scope of consolidation” line mainly comprises the intangible assets recognized as part of the Dynavax acquisition (see Note B.1.)

(b)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.

(c)See Note B.4.

“Products, trademarks and other products” mainly comprise:

•marketed products, with a carrying amount of €17.1 billion as of June 30, 2026 (versus €16.2 billion as of December 31, 2025) and a weighted average amortization period of approximately 11 years; and

•technological platforms brought into service, with a carrying amount of €0.8 billion as of June 30, 2026 (versus €0.9 billion as of December 31, 2025) 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 (excluding software) led to the recognition of impairment losses of €1,031 million in the first half of 2026, mainly comprising a €952 million impairment loss taken against the amlitelimab asset, corresponding to the entire carrying amount of this intangible asset.

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, 2025), and comprise:

(€ million)			% interest			June 30, 2026			December 31, 2025
OPAL JV Co (a)			48.2			2,965			2,934
EUROAPI (b)			29.6			38			64
Infraserv GmbH & Co. Höchst KG (c)			31.2			93			112
MSP Vaccine Company (d)			50.0			52			59
Other investments			—			59			90
Total						3,207			3,259

(a)Following the loss of control of Opella in 2025, Sanofi holds 48.2% of OPAL JV Co (CD&R holds 50% and Bpifrance holds 1.8%). As of December 31, 2025 the investment included a €241 million loan to OPAL JV Co being in substance part of the investment. In 2026, following finalization of the Opella completion accounts as of April 30, 2025, this loan was converted into ordinary shares.

(b)The investment in EUROAPI includes an impairment loss determined by reference to the quoted market price (€1.33 as of June 30, 2026, and €2.27 as of December 31, 2025).

(c)Joint venture.

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

Share of profit/(loss) from investments accounted for using the equity method showed net income of €2 million for the first half of 2026 (including a net loss of €39 million for Sanofi’s share of losses from the associate OPAL JV Co), versus net income of €85 million for the first half of 2025 (including net income of €11 million for Sanofi’s share of profits from the associate OPAL JV Co for the period from May 1, 2025 through June 30, 2025).

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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, 2026			June 30, 2025
Sales (c)			31			29
Royalties and other income (c)			142			63
Purchases of goods and services (including research expenses) (c)			548			371

(€ million)			June 30, 2026			December 31, 2025
Accounts receivable and other receivables (a)			430			588
Other assets (b)			84			143
Other liabilities			379			710

(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, 2026 was €84 million, versus €143 million as of December 31, 2025.

(c) 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 unaudited half-year consolidated financial statements of OPAL JV Co as of June 30, 2026, as provided in accordance with Sanofi’s consolidation timelines, are presented below:

(€ million)			June 30, 2026			June 30, 2025
Consolidated income statement
Net sales and other revenues (a)			2,657			887
Net income (a)			(61)			24
Consolidated statement of comprehensive income
Other comprehensive income			83			(1)
Comprehensive income			22			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.

(€ million)			June 30, 2026			December 31, 2025
Consolidated balance sheet
Non-current assets			16,673			15,013
Current assets			2,925			2,859
Total assets			19,598			17,872
Equity attributable to equity holders of OPAL JV Co			5,958			5,380
Equity attributable to non-controlling interests			436			490
Total equity			6,394			5,870
Non-current liabilities			11,575			9,850
Current liabilities			1,629			2,152
Total liabilities			13,204			12,002
Total equity and liabilities			19,598			17,872

B.6. Other non-current assets

Other non-current assets comprise:

(€ million)			June 30, 2026			December 31, 2025
Equity instruments at fair value through other comprehensive income			2,435			2,200
Debt instruments at fair value through other comprehensive income			363			389
Other financial assets at fair value through profit or loss			1,099			1,004
Pre-funded pension obligations			203			194
Long-term prepaid expenses			185			175
Long-term loans and advances and other non-current receivables			421			393
Derivative financial instruments			26			9
Total			4,732			4,364

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B.7. Accounts receivable

Accounts receivable break down as follows:

(€ million)			June 30, 2026			December 31, 2025
Gross value			8,818			8,510
Allowances			(104)			(100)
Carrying amount			8,714			8,410

The impact of allowances against accounts receivable in the first half of 2026 was a net expense of €6 million (versus a net expense of €4 million for the first half of 2025).

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

(€ million)			Overdue accounts gross value			Overdue by <1 month			Overdue by 1-3 months			Overdue by 3-6 months			Overdue by 6-12 months			Overdue by > 12 months
June 30, 2026			522			183			127			142			27			43
December 31, 2025			468			184			134			71			27			52

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, 2025 and hence were derecognized was €11 million as of June 30, 2026 (versus zero as of December 31, 2025). The residual guarantees relating to those transfers were immaterial as of June 30, 2026.

B.8. Consolidated shareholders’ equity

B.8.1. Share capital

As of June 30, 2026, the share capital was €2,428,198,054 and consisted of 1,214,099,027 shares (the total number of shares outstanding) with a par value of €2.

Treasury shares held by Sanofi are as follows:

			Number of shares (million)			% of share capital for the period
June 30, 2026			16.03			1.320		%
December 31, 2025			11.96			0.981		%
June 30, 2025			10.66			0.868		%
January 1, 2025			9.53			0.755		%

A total of 30,070 shares were issued in the first half of 2026 as a result of the exercise of Sanofi stock subscription options.

In addition, 3,072,520 shares vested under Sanofi restricted share plans during the first half of 2026, of which 1,886,523 were fulfilled by issuance of new shares and 1,185,997 by allotment of existing shares free of charge.

B.8.2. Repurchase of Sanofi shares

On April 30, 2025, the Annual General Meeting of Sanofi shareholders authorized a share repurchase program for a period of 18 months. Under that program, Sanofi repurchased 12,571,455 of its own shares during the first half of 2026 for a total amount of €1,003 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 29, 2026, 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 2026.

B.8.3. Reduction in share capital

During the first half of 2026, treasury shares amounting to €596 million were cancelled further to decisions taken by the Sanofi Board of Directors on March 4, 2026.

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

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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, 2025. The principal features of the plans awarded in 2026 are set forth below:

			2026
Type of plan			Performance share plan
Date of Board meeting approving the plan			April, 29, 2026
Date of Board meeting approving the plans awarded to the Chief Executive Officer			May 1, 2026
Total number of shares subject to a 3-year service period			5,087,518
Of which with no market condition			3,367,862
Fair value per share awarded (a)			€65.86
Of which with market conditions			1,719,656
Fair value per share awarded other than to the Chief Executive Officer (1,674,656 shares in total) (b)			€57.99
Fair value per share awarded to the Chief Executive Officer (45,000 shares) (b)			€53.46
Total number of shares subject to a 5-year service period			180,000
Fair value per share awarded to the Chief Executive Officer (180,000 shares) (c)			€40.46
Fair value of plans at the date of grant (€ million)			329

(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 of 3 years.

(c) 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 of 5 years.

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, 2026			June 30, 2025
Total expense for restricted share plans (€ million)			138			146
Number of shares not yet fully vested			12,995,668			11,550,347
Under 2026 plans			5,267,518			—
Under 2025 plans			3,897,342			4,020,451
Under 2024 plans			3,772,461			4,110,089
Under 2023 plans			58,347			3,313,588
Under 2022 plans			—			106,219

B.8.5. Employee stock purchase plans

On January 28, 2026, the Sanofi Board of Directors approved an employee stock purchase plan, offering employees the opportunity to subscribe for new Sanofi shares at a price of €59.87 per share. The subscription period was open from June 9 through June 29, 2026. Sanofi employees subscribed for a total of 2,431,494 shares, and the resulting capital increase was supplemented by the immediate issuance of a further 104,327 shares for the employer’s contribution. The total expense recognized for this plan in the first half of 2026 was €46 million, determined in accordance with IFRS 2 (Share-Based Payment) on the basis of the discount granted to the employees.

On January 29, 2025, the Sanofi Board of Directors approved an employee stock purchase plan, offering employees the opportunity 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 the resulting 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 plan 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.

B.8.6. Stock subscription option plans

No stock subscription option plans were awarded in the first half of 2026 or in 2025.

No further stock option plan expenses were recognized through equity in either the first half of 2026 or 2025.

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The table below provides summary information about options outstanding and exercisable as of June 30, 2026:

Range of exercise prices per share			Outstanding												Exercisable
			Number of options			Weighted average residual life (years)			Weighted average exercise price per share (€)						Number of options			Weighted average exercise price per share (€)
From €60.00 to €70.00 per share			168,784			1.84			65.84						168,784			65.84
From €70.00 to €80.00 per share			213,400			2.84			76.71						213,400			76.71
From €80.00 to €90.00 per share			257,010			0.86			88.97						257,010			88.97
Total			639,194												639,194

B.8.7. Earnings per share

Net income:

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Net income attributable to equity holders of Sanofi			1,957.0			5,812.0
of which net income from continuing operations			1,931.0			2,941.0
of which net income from discontinued operations			26.0			2,871.0

Number of shares:

(number of shares in million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Average number of shares outstanding			1,200.4			1,225.5
Adjustment for stock options with dilutive effect			—			0.1
Adjustment for restricted shares			5.1			5.1
Average number of shares used to compute diluted earnings per share			1,205.5			1,230.7

As of June 30, 2026 and June 30, 2025, all stock options were taken into account in computing diluted earnings per share because they all had a dilutive effect.

Earnings per share:

Diluted earnings per share is computed using the number of shares outstanding plus stock options with dilutive effect and restricted shares.

(in euros)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
•Basic earnings per share from continuing operations (€)			1.61			2.40
•Basic earnings per share from discontinued operations (€)			0.02			2.34
Basic earnings per share (€)			1.63			4.74
•Diluted earnings per share from continuing operations (€)			1.60			2.39
•Diluted earnings per share from discontinued operations (€)			0.02			2.33
Diluted earnings per share (€)			1.62			4.72

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B.8.8. Other comprehensive income

Movements within other comprehensive income are shown below:

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Actuarial gains/(losses):
▪Actuarial gains/(losses) excluding investments accounted for using the equity method			157			105
▪Actuarial gains/(losses) of investments accounted for using the equity method, net of taxes			1			1
▪Tax effects			(20)			(25)
Equity instruments included in financial assets and financial liabilities:
▪Change in fair value (excluding investments accounted for using the equity method)			175			222
▪Change in fair value (investments accounted for using the equity method, net of taxes)			—			—
▪Equity risk hedging instruments designated as fair value hedges			—			—
▪Tax effects			(23)			(60)
Items not subsequently reclassifiable to profit or loss			290			243
Debt instruments included in financial assets:
▪Change in fair value (excluding investments accounted for using the equity method) (a)			5			3
▪Change in fair value (investments accounted for using the equity method, net of taxes)			—			—
▪Tax effects			—			—
Cash flow hedges and fair value hedges:
▪Change in fair value (excluding investments accounted for using the equity method) (b)			5			(23)
▪Change in fair value (investments accounted for using the equity method, net of taxes)			9			—
▪Tax effects			(2)			6
Change in currency translation differences:
▪Currency translation differences on foreign subsidiaries (excluding investments accounted for using the equity method) (c)			1,747			(5,266)
▪Currency translation differences (investments accounted for using the equity method)			55			(26)
▪Hedges of net investments in foreign operations			(489)			390
▪Tax effects			(3)			(101)
Items subsequently reclassifiable to profit or loss			1,327			(5,017)

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

(b)Includes reclassifications to profit or loss: €1 million in the first half of 2026; €2 million in the first half of 2025.

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

B.9. Debt, cash and cash equivalents

Changes in financial position during the period were as follows:

(€ million)			June 30, 2026			December 31, 2025
Long-term debt			14,646			14,248
Short-term debt and current portion of long-term debt			7,026			4,342
Interest rate and currency derivatives used to manage debt			221			112
Total debt			21,893			18,702
Cash and cash equivalents			(6,350)			(7,657)
Interest rate and currency derivatives used to manage cash and cash equivalents			(30)			(37)
Net debt (a)			15,513			11,008

(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.

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

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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, 2026 is shown below:

(€ million)												Value on redemption
			Carrying amount at June 30, 2026			Amortized cost			Adjustment to debt measured at fair value			June 30, 2026			December 31, 2025
Long-term debt			14,646			44			61			14,751			14,360
Short-term debt and current portion of long-term debt			7,026			1			—			7,027			4,344
Interest rate and currency derivatives used to manage debt			221			—			(131)			90			12
Total debt			21,893			45			(70)			21,868			18,716
Cash and cash equivalents			(6,350)			—			—			(6,350)			(7,657)
Interest rate and currency derivatives used to manage cash and cash equivalents			(30)			—			—			(30)			(37)
Net debt (a)			15,513			45			(70)			15,488			11,022

(a)Net debt does not include lease liabilities, which amounted to €1,904 million as of June 30, 2026 and €1,739 million as of December 31, 2025.

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

(€ million)			June 30, 2026															December 31, 2025
			non-current			current						Total						non-current			current			Total
Bond issues (a)			14,702			3,599						18,301						14,306			3,165			17,471
Other bank borrowings			49			3,291			(b)			3,340						54			936			990
Other borrowings			—			1						1						—			1			1
Bank credit balances			—			136						136						—			242			242
Interest rate and currency derivatives used to manage debt			—			90						90						—			12			12
Total debt			14,751			7,117						21,868						14,360			4,356			18,716
Cash and cash equivalents			—			(6,350)						(6,350)						—			(7,657)			(7,657)
Interest rate and currency derivatives used to manage cash and cash equivalents			—			(30)						(30)						—			(37)			(37)
Net debt			14,751			737						15,488						14,360			(3,338)			11,022

(a) These amounts include $3 billion designated as a hedge of Sanofi’s net investment in the United States.

(b) As of June 30, 2026, current other bank borrowings include €3,217 million related to the US commercial paper program.

Principal financing and debt reduction transactions during the period

During the period, Sanofi carried out a bond issue of €2.3 billion in three tranches:

•€1,000 million of fixed-rate bonds maturing May 2029, with annual coupons and bearing interest at an annual rate of 3.000%;

•€650 million of fixed-rate bonds maturing May 2033, with annual coupons and bearing interest at an annual rate of 3.375%; and

•€650 million of fixed-rate bonds maturing May 2037, with annual coupons and bearing interest at an annual rate of 3.750%.

One bond issue was redeemed during the period: a €1.5 billion issue from March 2018, redeemed at maturity on March 21, 2026.

As of June 30, 2026, Sanofi had two syndicated credit facilities linked to social and environmental criteria in place to manage its liquidity in connection with current operations:

•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; and

•a syndicated credit facility of €3.85 billion, drawable in euros and US dollars and expiring on April 23, 2031, for which two one-year extension options are available. This facility became effective on April 23, 2026, and replaced an existing €4 billion facility that was cancelled on the same date and had originally been scheduled to mature on December 6, 2027.

As of June 30, 2026, neither facility was drawn down.

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Sanofi also has two short-term debt programs:

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

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

During the first half of 2026:

•the average drawdown under the US Commercial Paper program was $3.0 billion; and

•the average drawdown under the Negotiable European Commercial Paper program in France was €0.1 billion.

The financing in place as of June 30, 2026 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, 2026			December 31, 2025
Market value			14,989			10,424
Value on redemption			15,488			11,022

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, 2026. The notional amount is translated into euros at the relevant closing exchange rate.

June 30, 2026									Of which derivatives designated as cash flow hedges									Of which derivatives not eligible for hedge accounting
(€ million)			Notional amount			Fair value			Notional amount			Fair value			Of which recognized in equity			Notional amount			Fair value
Forward currency sales			6,536			(66)			221			(8)			(8)			6,315			(58)
of which US dollar			2,968			(38)			—			—			—			2,968			(38)
of which Singapore dollar			555			—			—			—			—			555			—
of which Chinese yuan renminbi			530			(6)			—			—			—			530			(6)
of which Brazilian real (a)			422			(9)			221			(8)			(8)			201			(1)
of which Saudi Arabian riyal			224			(3)			—			—			—			224			(3)
Forward currency purchases			5,039			33			—			—			—			5,039			33
of which US dollar			3,200			24			—			—			—			3,200			24
of which Singapore dollar			596			2			—			—			—			596			2
of which Chinese yuan renminbi			306			2			—			—			—			306			2
of which Turkish lira			120			6			—			—			—			120			6
of which United Arab Emirates dirham			120			1			—			—			—			120			1
Total			11,575			(33)			221			(8)			(8)			11,354			(25)

(a) Includes forward sales with a notional amount of BRL 1,300 million expiring in 2027, designated as a cash flow hedge on the divestment of Medley in Brazil.

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, 2026 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 2026.

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.

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The table below shows financial currency hedging instruments in place as of June 30, 2026. The notional amount is translated into euros at the relevant closing exchange rate.

			June 30, 2026
(€ million)			Notional amount						Fair value			Maximum expiry date
Cross currency seller swaps			1,523						(37)
of which US dollar			1,523			(a)			(37)			2032
Forward currency sales			16,423						(272)
of which US dollar			13,361			(b)			(241)			2027
of which Pound sterling			1,401						(7)			2026
of which Brazilian real			204			(c)			(9)			2027
Forward currency purchases			11,466						170
of which US dollar			8,657			(d)			143			2027
of which Singapore dollar			1,299						6			2026
of which Hungarian forint			543						19			2026
Total			29,412						(139)

(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 hedge of Sanofi’s net investment in the United States. As of June 30, 2026, the fair value of the swaps was a liability of €37 million, with €33 million debited to Other comprehensive income under the cost of hedging accounting treatment and €4 million debited to financial result.

(b)Includes forward sales with a notional amount of $12,275 million expiring in 2026 and 2027, designated as a hedge of Sanofi’s net investment in the United States. As of June 30, 2026, the fair value of these forward contracts represented a liability of €223 million, with €222 million debited to Other comprehensive income and €1 million debited to Financial expenses.

(c)  Includes forward sales with a notional amount of BRL 1,200 million expiring in 2027, designated as a hedge of Sanofi’s net investment in Brazil. As of June 30, 2026, the fair value of these forward contracts represented a liability of €9 million, with €10 million debited to Other comprehensive income, and €1 million credited to Financial income.

(d)    Includes forward purchases with a notional amount of $1,000 million expiring in 2026, 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, 2026, the fair value of these contracts represented a liability of €6 million, with €6 million debited to Financial expenses; the impact on Other comprehensive income is immaterial.

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, 2026:

																								Of which designated as fair value hedges						Of which designated as cash flow hedges
(€ million)			2026			2027			2028			2029			2030 and beyond			Total			Fair value			Notional amount			Fair value			Notional amount			Fair value			Of which recognized in equity
Interest rate swaps
pay 2.08% / receive Euribor 3M			—			850			—			—			—			850			(2)			—			—			850			(2)			(2)
pay 3.77% / receive capitalized SOFR + 46bps			—			438			—			—			—			438			4			—			—			438			4			4
pay capitalized SOFR USD/ receive 1.03%			—			—			438			—			—			438			(25)			438			(25)			—			—			—
pay capitalized SOFR USD/ receive 1.32%			—			—			438						—			438			(22)			438			(22)									—
pay 3.82% / receive capitalized SOFR USD + 54 bps			—			—			438			—			—			438			7			—			—			438			7			7
pay capitalized Ester/receive 0.92%			—			—			—			650			—			650			(28)			650			(28)			—			—			—
pay capitalized Ester / receive 2.53%			—			—			—			750			—			750			2			750			2			—			—			—
pay capitalized Ester / receive 2.71%			—			—			—			—			475			475			4			475			4			—			—			—
pay capitalized Ester / receive 2.91%			—			—			—			—			475			475			7			475			7			—			—			—
Total			—			1,288			1,313			1,400			950			4,951			(52)			3,226			(62)			1,726			10			10

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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, 2025.

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 2026 are shown below:

(€ million)															Shire contingent consideration arising from acquisition of Translate Bio						CVRs issued in connection with the acquisition of Blueprint			CVRs issued in connection with the acquisition of Vigil						Other			Total (a)
Balance at January 1, 2026															531						48			5						1			585
Payments made															—						—			—						—			—
Fair value remeasurements through profit or loss: (gain)/loss (including unwinding of discount) (b)															38						8			3						—			49
Currency translation differences															16						2			1						(1)			18
Balance at June 30, 2026															585						58			9						—			652
Of which:
•Current portion																																	—
•Non-current portion																																	652

(a)As of January 1, 2026, this comprised a non-current portion of €585 million.

(b)    Amounts mainly reported within the income statement line item “Fair value remeasurement of contingent consideration”.

As of June 30, 2026, 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 €585 million as of June 30, 2026, compared with €531 million as of December 31, 2025. If the discount rate were to fall by one percentage point, the fair value of the Shire liability would increase by approximately 13%.

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, 2026									December 31, 2025
Provisions			4,592									4,541
Other non-current liabilities (a)			2,256									2,162
Total			6,848									6,703

(a)    Includes €1,647 million as of June 30, 2026 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, 2025). 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 €916 million; the nominal value of payments estimated to be due after more than five years is €2,150 million.

The table below shows movements in provisions:

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(€ million)			Provisions for pensions & other post-employment benefits						Provisions for other long-term benefits			Restructuring provisions						Other provisions						Total
Balance at January 1, 2026			1,440						827			654						1,620						4,541
Changes in scope of consolidation			—						—			—						13						13
Increases in provisions and other liabilities			57			(a)			110			180						126						473
Provisions utilized			(36)			(a)			(57)			(4)						(40)						(137)
Reversals of unutilized provisions			(13)			(a)			(2)			(60)						(54)						(129)
Transfers (b)			11						—			(104)						(20)						(113)
Net interest related to employee benefits, and unwinding of discount			26						1			8						14						49
Currency translation differences			15						18			2						17						52
Actuarial gains and losses on defined-benefit plans			(157)						—			—						—						(157)
Balance at June 30, 2026			1,343						897			676						1,676						4,592

(a)    In the case of “Provisions for pensions and other post-employment benefits”, the “Increases in provisions and other liabilities” 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, 2025, 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, 2025.

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, 2026 to take into account changes during the first half of the year.

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, 2026 (6 months)

June 30, 2025 (6 months)

(c)

Actuarial gains/(losses) on plan assets

71

(45)

Actuarial gains/(losses) on benefit obligations

86

(a)

152

(b)

(a)Includes the effects of (i) the change in discount rates (in a range between +0.05% and +0.50%) and (ii) the +0.15% change in the inflation rate in the United Kingdom in the first half of 2026.

(b)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.

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

B.13. Off balance sheet commitments

Off balance sheet commitments to third parties as of December 31, 2025 are presented in Note D.21.1. to the consolidated financial statements for the year ended December 31, 2025.

The principal commitments entered into the period are described below:

•In March 2026, Sanofi entered into an exclusive license agreement to develop, manufacture, and commercialize rovadicitinib worldwide from CTTQ, a Sino Biopharmaceutical Limited subsidiary. Rovadicitinib is a global first-in-class oral small molecule dual-target JAK/ ROCK inhibitor which received its first approval in China in February 2026 as a first-line treatment for MF (myelofibrosis) indication. Under the terms of the agreement, CTTQ received an upfront payment of $135 million and is entitled to receive up to $1.4 billion in development, regulatory and sales milestones, and up to double-digit tiered royalties on product sales.

•In March 2026, Sanofi entered into a worldwide exclusive license agreement with Kali Therapeutics for a next-generation tri-specific T-cell engager for autoimmune diseases, under which Sanofi will obtain exclusive worldwide rights to KT501, a novel tri-specific antibody utilizing Kali Therapeutics’ proprietary discovery and research platform. Under the terms of the agreement, Kali Therapeutics is entitled to receive up to $1.2 billion including upfront payments (of which $0.1 billion has already been paid) plus development and sales milestones, and tiered royalties ranging from high-single to double digits on product sales.

As of June 30, 2026, 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 2025 Form 20-F.

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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, 2025.

B.14.1. Products

Zantac product litigation in the US

In the Multi-District Litigation (MDL) where Federal court cases were coordinated, the Eleventh Circuit held oral argument for the appeal in the fourth quarter of 2025 and a decision is expected in the second half of 2026.

In those cases pending in Delaware (State court) where the issue is to rule on defendants’ Daubert motions to exclude plaintiffs’ experts, in the second quarter of 2026, the Delaware Superior Court granted summary judgment and dismissed all the cases pending against Sanofi. The plaintiffs are appealing this ruling to the Delaware Supreme Court and Sanofi does not expect a decision on the appeal until the fourth quarter of 2027.

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, 2026, Sanofi was named as a defendant in approximately 1,430 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.

Dupixent product litigation in the US

Approximately 30 product liability cases have been filed in Federal courts around the country alleging that Dupixent (dupilumab) causes or exacerbates T-Cell lymphoma. In June 2026, those cases were consolidated into a Multi-District Litigation (MDL) in New Jersey Federal court. In addition, eight cases have been filed in New Jersey State court.

It is not possible, at this stage, to assess reliably the outcome of these ongoing cases.

B.14.2. Patents

Praluent (alirocumab)-related Amgen patent litigation in Europe

On March 6, 2026, Sanofi, Regeneron and Amgen entered into a settlement agreement resolving these disputes. The terms of the settlement are confidential. These cases are now closed.

B.14.3. Other litigation

Plavix (clopidogrel) - Attorney General Action in Texas

In the action filed by Sanofi and Bristol Myers Squibb (BMS) against the Texas Attorney General (Texas AG) in Travis County, on April 28, 2026 the Travis County court granted the Texas AG’s motion to abate the companies’ suit against it; and on June 4, 2026 the companies filed a mandamus petition with the Texas Court of Appeals seeking to vacate that ruling.

340B drug pricing program in the US

The US Health Resources and Services Administration (HRSA) withdrew its 340B Rebate Model Pilot Program in February 2026 but is expected to announce a new 340B Rebate Model Pilot Program later in 2026.

ADR Proceedings in the US

In the 340B Administrative Dispute Resolution (ADR) proceedings against Sanofi, one filed by University of Washington/Harborview Medical Center in 2023 and one filed by Hudson Headwaters Health Network in 2024 (both alleging that Sanofi’s 340B Integrity Initiative caused “overcharges” under Section 340B), on March 9, 2026 the ADR Panel determined that there was no overcharge violation by Sanofi in the proceeding involving University of Washington Medical Center/Harborview Medical Center; and on May 27, 2026 the ADR Panel determined that there was no overcharge violation by Sanofi in the proceeding involving Hudson Headwaters Network, which has requested reconsideration of the ADR Panel’s decision.

Mosaic Health in the US

Since the case was remanded by the Court of Appeal to the District Court in August 2025 following the second amended complaint filed by plaintiffs, defendants (Sanofi and three other manufacturers) filed a motion to dismiss certain state law claims. Defendants also filed a petition for a writ of certiorari with the Supreme Court of the United States challenging two aspects of the Second Circuit’s decision. In July 2026, certain state law claims and plaintiffs’ unjust enrichment claims were dismissed. The District Court set a case schedule with fact discovery closing in November 2027.

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Adventist Health System/West in the US

In the appeal filed by Adventist Health System/West following the dismissal granted by the court in March 2024 in favor of the drug manufacturers including Sanofi, the Ninth Circuit Court of Appeals reversed and ordered the case to be remanded to the District Court on March 17, 2026.

B.15. Other operating income and expenses

Other operating income amounted to €800 million in the first half of 2026 (versus €533 million in the first half of 2025), and Other operating expenses to €3,436 million (versus € 2,476 million in the first half of 2025), as shown in the table below.

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Net gains / (losses) on disposals of operating assets or businesses			241			344
Amvuttra licensing income			398			120
Other			161			69
Total other operating income			800			533
Regeneron alliance:
(i) (Profit)/loss sharing			(3,486)			(2,475)
(ii) Additional profit share for development cost from Regeneron			594			494
(iii) Selling expense reimbursements to Regeneron			(336)			(346)
Other			(208)			(149)
Total other operating expenses			(3,436)			(2,476)

B.16. Restructuring costs and similar items

Restructuring costs and similar items comprise the following:

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Employee-related expenses			284			201
Charges, gains or losses on assets (a)			179			109
Costs of transformation programs			10			80
Other (b)			90			40
Total			563			430

(a) 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.

(b) This line includes transaction, integration and separation costs in connection with material acquisitions or divestitures amounting to €73 million for the first half of 2026, mainly related to the Dynavax acquisition (see note B.1.).

B.17. Other gains and losses, and litigation

B.18. Financial expenses and income

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

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
Cost of debt (a)			(253)			(219)
Interest income (b)			118			162
Cost of net debt			(135)			(57)
Non-operating foreign exchange gains/(losses)			(3)			1
Unwinding of discounting of provisions (c)			(21)			(22)
Net interest cost related to employee benefits			(27)			(37)
Impairment losses on financial assets, net of reversals			(1)			—
Net interest expense on lease liabilities			(26)			(22)
Other (d)			(115)			(40)
Net financial income/(expenses)			(328)			(177)
comprising: Financial expenses			(465)			(361)
Financial income			137			184

                                                                                    

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(a)Includes net gain/(loss) on interest rate and currency derivatives used to manage debt: €12 million in the first half of 2026 and €(25) million in the first half of 2025.

(b)Includes net gain/(loss) on interest rate and currency derivatives used to manage cash and cash equivalents: €6 million in the first half of 2026 and €(4) million in the first half of 2025.

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

(d)Includes a financial expense of €146 million for the six months ended June 30, 2026 and €50 million for the six months ended June 30, 2025 for the remeasurement of the liability recorded in the balance sheet for estimated future royalties on Beyfortus sales in the United States.

The impact of the ineffective portion of hedging relationships was not material in either 2026 or 2025.

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, 2026 (6 months)			June 30, 2025 (6 months)
Current taxes			(1,089)			(1,202)
Deferred taxes			218			491
Total			(871)			(711)
Income before tax and investments accounted for using the equity method			2,840			3,582

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, 2026 (6 months) (a)			June 30, 2025 (6 months)(a)
Standard tax rate applicable in France			25.8			25.8
Difference between the standard French tax rate and the rates applicable to Sanofi (b)			(17.9)			(7.3)
Tax effect related to amlitelimab (c)			19.3			—
Revisions to tax exposures and settlements of tax disputes			1.8			2.3
Other (d)			1.5			(1.0)
Effective tax rate			30.6			19.8

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

(b)This line reflects the fact that Sanofi has operations in many countries, most of which have lower tax rates than France, and the impact of patent-favorable tax regimes.

The 2025 component of the temporary exceptional corporate income tax surcharge, introduced under the 2026 French Finance Act, is included in the
tax charge but excluded from the calculation of the annual average effective tax rate in accordance with IAS 34.

(c) This relates to the non-deductibility of the impairment loss on the amlitelimab intangible asset (see Note B.4.), and associated effects on deferred tax assets.

(d) For the six months ended June 30, 2026, this line includes a tax expense of €57 million representing the estimated impact of Pillar Two based on Sanofi’s current understanding of Pillar Two rules, compared with €17 million for the six months ended June 30, 2025.

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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, 2026 and June 30, 2025

(€ million)						Europe			United States			Other countries			June 30, 2026			Europe			United States			Other countries			June 30, 2025
Total Group						4,304			11,633			6,169			22,106			4,144			9,535			6,210			19,889
Immunology
of which			Dupixent			1,146			6,922			1,256			9,324			944			5,283			1,085			7,312
Rare diseases
of which			ALTUVIIIO			—			576			98			674			—			456			86			542
			Fabrazyme			138			256			129			523			134			261			130			525
			Nexviazyme/Nexviadyme			152			211			63			426			132			195			60			387
			Cerezyme			126			86			140			352			119			91			153			363
			Ayvakit			44			322			1			367			—			—			—			—
Oncology
of which			Sarclisa			108			132			114			354			83			119			74			276
Other medicines
of which			Lantus			146			344			323			813			149			395			332			876
			Toujeo			259			134			336			729			248			126			318			692
			Plavix			40			2			398			440			44			3			426			473
			Lovenox			202			5			157			364			247			9			191			447
			Rezurock			36			218			42			296			23			220			20			263
Industrial sales						181			7			2			190			241			1			9			251
Vaccines
of which			Polio/pertussis/Hib primary vaccines and boosters, incl. Heplisav-B			206			487			671			1,364			223			320			818			1,361
			RSV vaccines (Beyfortus)			87			65			240			392			85			68			203			356
			Meningitis, travel and endemics vaccines			118			268			179			565			96			319			194			609
			COVID-19 and Influenza vaccines			33			16			72			121			52			54			108			214
Of which total launches						546			1,891			610			3,047			423			1,204			473			2,100

B.20.2. Other revenues

(€ million)			June 30, 2026 (6 months)			June 30, 2025 (6 months)
VaxServe sales of non-Sanofi products			746			842
Sales to Opella (a)			60			61
Royalties			91			68
Other(b)			271			275
Total Biopharma Other revenues			1,168			1,246
Sales / Revenues from Opella products(c)			270			206
Total Other revenues			1,438			1,452

(a) 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.).

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

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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 Healthcare SAS (Opella), which constitutes a related party with effect from April 30, 2025, the deconsolidation date, corresponding to the closing of Sanofi's sale of a controlling stake of approximately 50% in Opella to Clayton, Dubilier & Rice (CD&R). Those revenues, which before the deconsolidation 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 (i) to joint ventures or (ii) to associates with which Sanofi has entered into R&D agreements and/or whose operations are managed as an integral part of Sanofi’s business activities, and;

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

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Segment results are shown in the table below:

			June 30, 2026 (6 months)
(€ million)			Biopharma									Other									Total
			June 30, 2026			Change vs. June 30, 2025 on a reported basis (IFRS)			Change vs. June 30, 2025 at constant exchange rates (non-IFRS)			June 30, 2026			Change vs. June 30, 2025 on a reported basis (IFRS)			Change vs. June 30, 2025 at constant exchange rates (non-IFRS)			June 30, 2026			Change vs. June 30, 2025 on a reported basis (IFRS)			Change vs. June 30, 2025 at constant exchange rates (non-IFRS)
Net sales			22,106			+11.1		%	+15.7		%										22,106			+11.1		%	+15.7		%
Other revenues			1,168			-6.3		%	-2.0		%	270			+31.1		%	+31.1		%	1,438			-1.0		%	+2.7		%
Cost of sales			(5,812)			+1.0		%	+3.8		%	(133)			+3.9		%	+3.1		%	(5,945)			+1.1		%	+3.8		%
Research and development expenses			(3,979)			+7.1		%	+9.9		%	(1)			—		%	—		%	(3,980)			+7.1		%	+9.9		%
Selling and general expenses			(4,690)			+5.5		%	+9.4		%	(102)			+72.9		%	+76.3		%	(4,792)			+6.3		%	+10.3		%
Other operating income and expenses			(2,630)									(6)									(2,636)
Share of profit/(loss) from investments accounted for using the equity method			74																		74
Net income attributable to non-controlling interests			(7)																		(7)
Business operating income			6,230			+16.5		%	+22.2		%	28			+75.0		%	+68.8		%	6,258			+16.7		%	+22.3		%
As % of net sales			28.2		%																28.3		%

			June 30, 2025 (6 months)
(€ million)			Biopharma			Other			Total
Net sales			19,889						19,889
Other revenues			1,246			206			1,452
Cost of sales			(5,753)			(128)			(5,881)
Research and development expenses			(3,716)			(1)			(3,717)
Selling and general expenses			(4,447)			(59)			(4,506)
Other operating income and expenses			(1,941)			(2)			(1,943)
Share of profit/(loss) from investments accounted for using the equity method			77			—			77
Net income attributable to non-controlling interests			(8)			—			(8)
Business operating income			5,347			16			5,363

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, 2026 (6 months)			June 30, 2025 (6 months)
Business operating income			6,258			5,363
Share of profit/(loss) from investments accounted for using the equity method (a)			(74)			(77)
Net income attributable to non-controlling interests(b)			7			8
Amortization of intangible assets			(1,087)			(777)
Impairment of intangible assets(c)			(1,031)			(210)
Fair value remeasurement of contingent consideration			(37)			(61)
Expense arising from the impact of acquisitions on inventories(d)			(210)			—
Restructuring costs and similar items(e)			(563)			(430)
Other gains and losses, and litigation(f)			(95)			(57)
Operating income			3,168			3,759
Financial expenses			(465)			(361)
Financial income			137			184
Income before tax and investments accounted for using the equity method			2,840			3,582

(a)Mainly joint ventures.

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

(c)The monitoring of impairment indicators for other intangible assets led to the recognition of impairment losses of €1,031 million in the first half of 2026 mainly comprising a €952 million impairment loss taken against the amlitelimab asset. For the six months ended June 30, 2025, this line mainly comprises impairment losses of €210 million linked to research and development projects.

(d)This line records the impact of the workdown of acquired inventories remeasured at fair value at the acquisition date, which in the first half of 2026 relate to the Blueprint Medicines and Dynavax acquisitions.

(e)See Note B.16.

(f)See Note B.17.

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B.21.2. Other segment information

The tables below show the split by operating segment of (i) the carrying amount of investments accounted for using the equity method related (a) to joint ventures or (b) to associates with which Sanofi has entered into R&D agreements and/or whose operations are managed as an integral part of Sanofi’s business activities; (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
(€ million)			June 30, 2026			June 30, 2025
Investments accounted for using the equity method(a)			204			483
Acquisitions of property, plant and equipment			882			845
Acquisitions of other intangible assets			414			575

(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
(€ million)			June 30, 2026			June 30, 2025
Europe			4,304			4,144
of which France			725			835
United States			11,633			9,535
Rest of the World			6,169			6,210
of which China			1,325			1,388
Total			22,106			19,889

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, 2026						December 31, 2025
			Property, plant and equipment									Other intangible assets			Property, plant and equipment									Other intangible assets
Europe			5,998									3,951			5,760									5,094
of which France			3,161									—			3,123									—
United States			2,270									21,972			2,229									20,694
Rest of the World			2,096									436			2,063									473
of which China			167									—			122									—
Total			10,364									26,359			10,052									26,261

As stated in Note D.5. to the consolidated financial statements for the year ended December 31, 2025, 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 42% of net sales in the first half of 2026. Sanofi’s three largest customers respectively accounted for approximately 22%, 14% and 6% of consolidated net sales in the first half of 2026 (versus approximately 18%, 12% and 5% in the first half of 2025).

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B.22. Information related to Opella, presented within discontinued operations

On April 30, 2025, the Opella transaction was closed triggering loss of control, and resulting in the derecognition of all assets and liabilities of Opella subsidiaries.

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

(€ million)			June 30, 2026			June 30, 2025
Net sales and other revenues (a)			—			1,736
Operating income (a)			—			266
Gain on disposal of Opella before tax			18			2,781
Income before tax and investments accounted for using the equity method, including gain on disposal of Opella before tax			22			3,039
Income tax expense (b)			4			(158)
Net income from discontinued operations (Opella)			26			2,881

(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.

(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.