<SEC-DOCUMENT>0001193125-25-145347.txt : 20250624
<SEC-HEADER>0001193125-25-145347.hdr.sgml : 20250624
<ACCEPTANCE-DATETIME>20250624083104
ACCESSION NUMBER:		0001193125-25-145347
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20250624
FILED AS OF DATE:		20250624
DATE AS OF CHANGE:		20250624

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31368
		FILM NUMBER:		251066747

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SANOFI SYNTHELABO SA
		DATE OF NAME CHANGE:	20010104
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d80938d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">6-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">For the month of June 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Commission File Number: <FONT STYLE="white-space:nowrap">001-31368</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>SANOFI </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">(Translation of
registrant&#146;s name into English) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">46, avenue de la Grande Arm&eacute;e, 75017 Paris, FRANCE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Indicate
by check mark whether the registrant files or will file annual reports under cover Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">20-F&#8201;&#9746;&#8195;&#8195;&#8195;Form</FONT>
<FONT STYLE="white-space:nowrap">40-F&#8201;&#9744;</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">In June 2025, Sanofi published the press releases attached hereto as Exhibits 99.1, 99.2 and 99.3 which are
incorporated herein by reference. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:9pt; font-family:Times New Roman; " ALIGN="center">Exhibit No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><U>Description</U>&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&ensp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP>Exhibit 99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d80938dex991.htm">Press Release dated June&nbsp;
15, 2025: EAACI: Dupixent demonstrated superiority over Xolair (omalizumab) in chronic rhinosinusitis with nasal polyps in patients with coexisting asthma in first-ever presented phase 4 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">head-to-head
</FONT></FONT> respiratory study </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP>Exhibit 99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d80938dex992.htm">Press Release dated June&nbsp;20, 2025: Dupixent approved in the US as the only targeted medicine to treat patients with bullous pemphigoid </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d80938dex993.htm">Press Release dated June&nbsp;23, 2025: Sarclisa recommended for EU approval by the CHMP to treat transplant-eligible newly diagnosed multiple myeloma </A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:9pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top">Dated: June&nbsp;24, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">SANOFI</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By&#8195;&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">/s/ <U>Alexandra Roger&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8194;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Alexandra Roger</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Head of Legal Corporate&nbsp;&amp; Finance</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d80938dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:14pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:14pt"><B>Press Release</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">


<IMG SRC="g80938g04g01.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>EAACI: Dupixent demonstrated superiority over Xolair (omalizumab) in chronic rhinosinusitis with
nasal polyps in patients with coexisting asthma in first-ever presented phase 4 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">head-to-head</FONT></FONT> respiratory study </I></FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">New late-breaking data at EAACI showed Dupixent outperformed Xolair across all primary and secondary efficacy endpoints
of CRSwNP and in all asthma-related endpoints </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Dupixent also outperformed Xolair in improving such key signs and symptoms as nasal polyp size and sense of smell in
CRSwNP, and lung function and disease control in asthma, with rapid improvements seen as early as 4 weeks </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Results reinforce the efficacy of Dupixent in treating both upper and lower respiratory diseases by targeting <FONT
STYLE="white-space:nowrap">IL-4</FONT> and <FONT STYLE="white-space:nowrap">IL-13,</FONT> two key drivers of type 2 inflammation </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris and Tarrytown, NY, June</B><B></B><B>&nbsp;15, 2025. </B>Sanofi and Regeneron Pharmaceuticals, Inc. today presented positive results from the
EVEREST phase 4 study of adults with severe chronic rhinosinusitis with nasal polyps (CRSwNP) and coexisting asthma. In the study, Dupixent (dupilumab) outperformed Xolair (omalizumab) on all primary and secondary efficacy endpoints of CRSwNP, and
in all asthma-related endpoints. The data are from the first-ever presented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">head-to-head</FONT></FONT> respiratory study with biologic medicines and were shared today in a
late-breaking oral presentation at the 2025 European Academy of Allergy and Clinical Immunology (EAACI) Annual Congress, Glasgow, UK. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
 COLOR="#7900e6"><B><I>Eugenio De Corso, MD, PhD </I></B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; margin-right:6%; font-size:10pt; font-family:arial" ALIGN="justify">ENT Specialist, Otolaryngology, Head and Neck
Surgery, Rhinology, A. Gemelli University Hospital Foundation, IRCSS, Rome, Italy, and lead investigator of the study </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; margin-right:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Patients suffering from chronic rhinosinusitis with nasal polyps often live with the constant
obstruction of their nasal passages that can lead to burdensome nasal congestion and loss of smell. What&#146;s more, a majority of these individuals also have asthma that can substantially impact their quality of life. EVEREST is the first-ever
trial to demonstrate the superiority of Dupixent over Xolair on CRSwNP endpoints in patients with coexisting asthma, along with generally similar safety profiles. Together, these Dupixent outcomes provide important insights that will help guide
patients and physicians through the treatment decision-making process.&#148; </I></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">In the EVEREST study, 360 adults with severe, uncontrolled CRSwNP
and coexisting asthma were randomized to receive Dupixent 300&nbsp;mg (n=181) every two weeks or a weight- and immunoglobulin E (IgE) level-based dosing regimen of omalizumab (n=179) every two or four weeks. Both Dupixent and omalizumab were added
to background mometasone furoate nasal spray (MFNS). </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Primary and secondary endpoint results in CRSwNP for patients treated with Dupixent compared to
omalizumab at 24 weeks were as follows with<B> </B>differences were seen as early as four weeks: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">1.60-point</FONT> superior <B>reduction in nasal polyp size</B>, a primary endpoint
(p&lt;0.0001<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">8.0-point</FONT> superior <B>improvement in ability to identify different smells</B>, a
primary endpoint (p&lt;0.0001<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>). More patients on Dupixent improved above the anosmia threshold compared to omalizumab </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">0.58-point</FONT> superior reduction in <B>nasal congestion/obstruction</B>, a key
secondary endpoint (p&lt;0.0001<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">0.81-point</FONT> superior <B>improvement in loss of smell</B>, a key secondary
endpoint (p&lt;0.0001<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">1.74-point</FONT> superior<B> reduction in symptom severity </B>(p&lt;0.0001<SUP
STYLE="font-size:75%; vertical-align:top">1</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">12.7-point</FONT> difference<B> in health-related quality of life </B>(p&lt;0.0001<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP>)<B> </B> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">31.27-point</FONT> difference in <B>peak nasal inspiratory flow</B> (p&lt;0.0001<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">1.87 difference in <B>overall severity of rhinosinusitis</B>
(p&lt;0.0001<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>) </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Asthma endpoint results for patients treated with Dupixent
compared to omalizumab at 24 weeks were as follows, with differences seen as early as four weeks: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">150 mL difference<B> in lung function </B><FONT STYLE="white-space:nowrap">(pre-bronchodilator</FONT> FEV<SUB
STYLE="font-size:75%; vertical-align:bottom">1; </SUB>p=0.003<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt"><FONT STYLE="white-space:nowrap">0.48-point</FONT> difference<B> in asthma control </B>(p&lt;0.0001<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP>) </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The safety results in the EVEREST study were generally consistent with the
known safety profile of Dupixent in its approved respiratory indications, with similar overall rates of adverse events (AEs) observed between Dupixent (64%) and omalizumab (67%). Serious AEs were reported in 2% and 4% of patients treated with
Dupixent and omalizumab, respectively. Additionally, AEs leading to study discontinuation were reported in 3% of Dupixent patients and 1% of omalizumab patients. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About the Dupixent phase 4 study </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">EVEREST is a randomized,
double-blind phase 4 study comparing the efficacy and safety of Dupixent to omalizumab in adults with severe, uncontrolled CRSwNP and coexisting mild, moderate, or severe asthma. During the <FONT STYLE="white-space:nowrap">24-week</FONT> study,
patients received Dupixent 300 mg every two weeks or omalizumab 75 to 600 mg every two or four weeks, which was added to background MFNS. Omalizumab dosing was determined based on body weight and serum total IgE levels as per the approved label. All
endpoints were assessed at 24&nbsp;weeks. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The primary endpoints assessed change from baseline in nasal polyp score (scale: <FONT
STYLE="white-space:nowrap">0-8)</FONT> and the University of Pennsylvania Smell Identification Test (scale: <FONT STYLE="white-space:nowrap">0-40).</FONT> Secondary endpoints included change from baseline in nasal congestion (scale: <FONT
STYLE="white-space:nowrap">0-3),</FONT> loss of smell (scale: <FONT STYLE="white-space:nowrap">0-3),</FONT> total symptom score (scale: <FONT STYLE="white-space:nowrap">0-9),</FONT> <FONT STYLE="white-space:nowrap">SNOT-22</FONT> (scale: <FONT
STYLE="white-space:nowrap">0-110),</FONT> peak nasal inspiratory flow, and rhinosinusitis disease severity (visual analogue scale: <FONT STYLE="white-space:nowrap">0-10</FONT> cm). Other endpoints assessed
<FONT STYLE="white-space:nowrap">pre-bronchodilator</FONT> forced expiratory volume over one second and the <FONT STYLE="white-space:nowrap">7-item</FONT> Asthma Control Questionnaire (scale: <FONT STYLE="white-space:nowrap">0-6).</FONT> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About Dupixent </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupixent (dupilumab) is a fully human
monoclonal antibody that inhibits the signaling of the <FONT STYLE="white-space:nowrap">interleukin-4</FONT> (IL4) and <FONT STYLE="white-space:nowrap">interleukin-13</FONT> (IL13) pathways and is not an immunosuppressant. The Dupixent development
program has shown significant clinical benefit and a decrease in type 2 inflammation in phase 3 studies, establishing that IL4 and IL13 are two of the key and central drivers of the type 2 inflammation that plays a major role in multiple related and
often <FONT STYLE="white-space:nowrap">co-morbid</FONT> diseases. </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP> Statistically significant. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> Nominally significant as the endpoint was not included in the multiplicity adjustment hierarchy. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupixent has received regulatory approvals in more than 60 countries in one or more indications
including certain patients with atopic dermatitis, asthma, CRSwNP, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous urticaria, and chronic obstructive pulmonary disease in different age populations. More than one million patients are
being treated with Dupixent globally. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Dupilumab development program </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupilumab is being jointly developed by Sanofi and Regeneron under a global collaboration agreement. To date, dupilumab has been studied across more than
60 clinical studies involving more than 10,000 patients with various chronic diseases driven in part by type 2 inflammation. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">In addition to the
currently approved indications, Sanofi and Regeneron are studying dupilumab in a broad range of diseases driven by type 2 inflammation or other allergic processes in phase 3 studies, including chronic pruritus of unknown origin, bullous pemphigoid,
and lichen simplex chronicus. These potential uses of dupilumab are currently under clinical investigation, and the safety and efficacy in these conditions have not been fully evaluated by any regulatory authority. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About Regeneron </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Regeneron (NASDAQ: REGN) is a leading
biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine
has led to numerous approved treatments and&nbsp;product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases,
cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Regeneron&nbsp;pushes the boundaries of scientific discovery and&nbsp;accelerates drug development&nbsp;using&nbsp;our proprietary technologies, such
as<I>&nbsp;VelociSuite</I><I><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP></I><I>,</I> which produces optimized fully human antibodies and new classes of bispecific antibodies.&nbsp;We are shaping the next frontier of medicine with
data-powered insights from the&nbsp;Regeneron Genetics Center<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>&nbsp;and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to
potentially treat or cure diseases. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For more information, please visit
<FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>www.Regeneron.com</U></FONT><FONT STYLE="font-family:arial"> or follow Regeneron on </FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>LinkedIn</U></FONT><FONT
STYLE="font-family:arial">,
</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>Instagram</U></FONT><FONT STYLE="font-family:arial">,&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>Facebook</U></FONT><FONT
STYLE="font-family:arial"><U></U>&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#1b365d">or</FONT><FONT STYLE="font-family:arial">&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>X</U></FONT><FONT
STYLE="font-family:arial">. </FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Sanofi</I> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sanofi is an R&amp;D driven, <FONT STYLE="white-space:nowrap">AI-powered</FONT> biopharma company committed to improving people&#146;s lives and
delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is
guided by one purpose: we chase the miracles of science to improve people&#146;s lives; this inspires us to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare,
environmental, and societal challenges of our time. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Sanofi Media Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Sandrine
Guendoul</B> | +33 6 25 09 14 25 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>sandrine.guendoul@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Evan Berland</B> | +1 215 432 0234 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>evan.berland@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;o Le
Bourhis</B> | +33 6 75 06 43 81 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>leo.lebourhis@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Victor Rouault</B> | +33 6 70 93 71 40 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>victor.rouault@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Timothy Gilbert</B> | +1 516 521 2929 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>timothy.gilbert@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;a
Ubaldi</B><B></B>&nbsp;| +33 6 30 19 66 46 |&nbsp;<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>lea.ubaldi@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Sanofi Investor Relations</I> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thomas Kudsk Larsen</B> |+44 7545 513 693 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thomas.larsen@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Aliz&eacute; Kaisserian</B> | +33 6 47 04 12 11 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>alize.kaisserian@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Felix Lauscher</B>
| +1 908 612 7239 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>felix.lauscher@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Keita Browne</B> | +1 781 249 1766 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>keita.browne@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Nathalie Pham</B> |
+33 7 85 93 30 17 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>nathalie.pham@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Tarik Elgoutni</B> | +1 617 710 3587 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>tarik.elgoutni@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thibaud Ch&acirc;telet</B> | +33 6 80 80 89 90 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thibaud.chatelet@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Yun Li</B> | +33 6
84 00 90 72 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>yun.li3@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
 COLOR="#7900e6"><I>Regeneron Media Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Anna Hodge </B>| +1
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">914-255-6475|</FONT></FONT> <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>anna.hodge@regeneron.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Regeneron Investor Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Mark
Hudson </B>| +1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">914-847-3482</FONT></FONT> | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>mark.hudson@regeneron.com</U></FONT><FONT STYLE="font-family:arial">
</FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #7f7f7f">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><B>Sanofi forward-looking statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">This press release contains
forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates regarding the
marketing and other potential of the product, or regarding potential future revenues from the product. Forward-looking statements are generally identified by the words &#147;expects&#148;, &#147;anticipates&#148;, &#147;believes&#148;,
&#147;intends&#148;, &#147;estimates&#148;, &#147;plans&#148;, and similar expressions. Although Sanofi&#146;s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from
those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, unexpected regulatory actions or delays, or government regulation generally, that could affect
the availability or commercial potential of the product, the fact that product may not be commercially successful, the uncertainties inherent in research and development, including future clinical data and analysis of existing clinical data relating
to the product, including post marketing, unexpected safety, quality or manufacturing issues, competition in general, risks associated with intellectual property and any related future litigation and the ultimate outcome of such litigation, and
volatile economic and market conditions, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global
economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under &#147;Risk Factors&#148; and &#147;Cautionary
Statement Regarding Forward-Looking Statements&#148; in Sanofi&#146;s annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2024. Other than as required by applicable law, Sanofi does not undertake
any obligation to update or revise any forward-looking information or statements. </P> <P STYLE="margin-top:7pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">All trademarks mentioned in this press release are the property of
the Sanofi group except for VelociSuite and Regeneron Genetics Center. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><B>Regeneron Forward-Looking Statements and Use of Digital Media </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of
Regeneron Pharmaceuticals, Inc. (&#147;Regeneron&#148; or the &#147;Company&#148;), and actual events or results may differ materially from these forward-looking statements. Words such as &#147;anticipate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;seek,&#148; &#147;estimate,&#148; variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking
statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing, and possible success and therapeutic applications of products marketed or otherwise commercialized by
Regeneron and/or its collaborators or licensees (collectively, &#147;Regeneron&#146;s Products&#148;) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, &#147;Regeneron&#146;s Product
Candidates&#148;) and research and clinical programs now underway or planned, including without limitation Dupixent<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> (dupilumab) for the treatment of chronic rhinosinusitis with nasal polyps
as discussed in this press release; uncertainty of the utilization, market acceptance, and commercial success of Regeneron&#146;s Products and Regeneron&#146;s Product Candidates and the impact of studies (whether conducted by Regeneron or others
and whether mandated or voluntary), including the studies discussed or referenced in this press release, on any of the foregoing; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron&#146;s Product
Candidates and new indications for Regeneron&#146;s Products, such as Dupixent for the treatment of chronic pruritus of unknown origin, bullous pemphigoid, lichen simplex chronicus, and other potential indications; the ability of Regeneron&#146;s
collaborators, licensees, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron&#146;s Products and Regeneron&#146;s Product
Candidates; the ability of Regeneron to manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; safety issues resulting from the administration of Regeneron&#146;s Products
(such as Dupixent) and Regeneron&#146;s Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron&#146;s Products and Regeneron&#146;s Product Candidates in clinical trials;
determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron&#146;s ability to continue to develop or commercialize Regeneron&#146;s Products and Regeneron&#146;s Product Candidates; ongoing
regulatory obligations and oversight impacting Regeneron&#146;s Products, research and clinical programs, and business, including those relating to patient privacy; the availability and extent of reimbursement or copay assistance for
Regeneron&#146;s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare
and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes in laws, regulations, and policies affecting the healthcare
industry; competing drugs and product candidates that may be superior to, or more cost effective than, Regeneron&#146;s Products and Regeneron&#146;s Product Candidates (including biosimilar versions of Regeneron&#146;s Products); the extent to
which the results from the research and development programs conducted by Regeneron and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic
applications, or regulatory approval; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those
projections or guidance; the potential for any license, collaboration, or supply agreement, including Regeneron&#146;s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the
impact of public health outbreaks, epidemics, or pandemics on Regeneron&#146;s business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending
civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney&#146;s Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating
thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> (aflibercept) Injection), the ultimate outcome of any such proceedings and
investigations, and the impact any of the foregoing may have on Regeneron&#146;s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron&#146;s filings
with the U.S. Securities and Exchange Commission, including its Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024, and its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended
March&nbsp;31, 2025. Any forward-looking statements are made based on management&#146;s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any
obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise. </P>
<P STYLE="margin-top:7pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information
that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron&#146;s media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (<FONT
STYLE="font-family:arial; font-size:7pt" COLOR="#0563c1"><U>https://www.linkedin.com/company/regeneron-pharmaceuticals</U></FONT><FONT STYLE="font-family:arial">). </FONT></P>
<P STYLE="margin-top:7pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">Xolair<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> is a registered trademark of Novartis AG. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d80938dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:14pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:12pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:14pt"><B>Press Release</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">


<IMG SRC="g80938g0624071612187.jpg" ALT="LOGO" STYLE="width:1.54306in;height:0.434722in;">
</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:7%; font-size:18pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Dupixent approved in the US as the only targeted medicine to treat patients with
bullous pemphigoid </I></FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Approval based on pivotal results showing improvements in sustained disease remission and reductions in itch and oral
corticosteroid use compared to placebo in adults with BP </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">BP is a chronic, debilitating, and relapsing rare skin disease affecting approximately 27,000 adults in the US whose
disease is uncontrolled by systemic corticosteroids </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Dupixent is now approved in the US to treat eight distinct diseases with underlying type 2 inflammation, including
diseases of the skin, gut, and respiratory system that affect a broad range of patients, from infants to elderly people </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris
and Tarrytown, NY, June</B><B></B><B>&nbsp;20, 2025. </B>The US Food and Drug Administration (FDA) has approved Dupixent (dupilumab) for the treatment of adult patients with bullous pemphigoid (BP). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">BP primarily affects elderly patients, and is characterized by intense itch, painful blisters, and lesions, as well as reddening of the skin. It can be
chronic and relapsing with underlying type 2 inflammation. The blisters and rash can form over much of the body and cause the skin to bleed and break down, resulting in patients being more prone to infection and affecting their daily functioning.
Available treatment options are limited and can add to overall disease burden by suppressing a patient&#146;s immune system. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman"><FONT
 COLOR="#7900e6"><B><I>Patrick Dunn </I></B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:10pt; font-family:arial">Executive Director, International Pemphigus and Pemphigoid Foundation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; margin-right:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;People affected by bullous pemphigoid endure unrelenting itch and painful blisters that can damage
the skin. Until now, these primarily elderly patients have had limited therapeutic options available, with potential side effects that have often added to their burden. The approval of Dupixent for bullous pemphigoid brings a novel treatment
approach to patients and their caregivers, and we are grateful for the tireless efforts of the scientific community who helped us reach this critical milestone.&#148; </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><B><I>Alyssa Johnsen, MD, PhD </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:arial">Global Therapeutic Area Head, Immunology and Oncology Development, Sanofi </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; margin-right:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Until now, treating bullous pemphigoid was very challenging for elderly patients struggling with the
debilitating impact of blisters and lesions, and potentially <FONT STYLE="white-space:nowrap">co-morbid</FONT> conditions. By addressing two central drivers of the underlying type 2 inflammation that contributes to bullous pemphigoid, Dupixent is
the first targeted medicine to allow patients the potential to achieve sustained remission and reduce itch. This approval in the US is important for the thousands of patients living with bullous pemphigoid, and we look forward to working with
regulators around the world to bring this innovative medicine to more patients in need.&#148; </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The FDA approval is based on data from the pivotal ADEPT phase 2/3 study that evaluated the efficacy
and safety of Dupixent compared to placebo in adults with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> BP. Patients were randomized to receive Dupixent 300 mg (n=53) or placebo (n=53) added to <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">standard-of-care</FONT></FONT> oral corticosteroids (OCS). During treatment, all patients underwent a protocol-defined OCS tapering regimen if control of disease activity was maintained.
During the FDA review, the analyses were updated; the <FONT STYLE="white-space:nowrap">FDA-approved</FONT> results at 36 weeks in the label for Dupixent compared to placebo are: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">18.3% of patients experienced sustained disease remission compared to 6.1% (12.2% difference; 95% confidence interval: <FONT
STYLE="white-space:nowrap">-0.8%</FONT> to 26.1%), the primary endpoint </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">38.3% of patients achieved clinically meaningful itch reduction compared to 10.5% </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Median cumulative OCS dose was 2.8 grams compared to 4.1 grams </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">In this elderly population, the most common adverse events (<FONT STYLE="font-family:Times New Roman">&#8805;</FONT>2%) more frequently observed in
patients on Dupixent compared to placebo were arthralgia, conjunctivitis, blurred vision, herpes viral infections, and keratitis. Additionally, one case of acute generalized exanthematous pustulosis was reported in one patient treated with Dupixent
and zero patients treated with placebo. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><B><I>George D. Yancopoulos, MD, PhD </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:arial">Board <FONT STYLE="white-space:nowrap">co-Chair,</FONT> President, and Chief Scientific Officer at Regeneron </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; margin-right:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;This approval extends the remarkable ability of Dupixent to transform treatment paradigms for people
living with a variety of diseases with underlying type 2 inflammation, from common conditions like asthma and atopic dermatitis, to rarer ones such as eosinophilic esophagitis and prurigo nodularis, and now including bullous pemphigoid. Dupixent has
shown the potential to improve the most challenging effects of bullous pemphigoid, while helping some patients achieve sustained disease remission and decreased oral corticosteroid use. Additionally, this approval further reinforces the demonstrated
safety profile of Dupixent in a broad age range of patients, from infants to elderly people, and across dermatological, respiratory, and gastrointestinal diseases.&#148; </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The FDA evaluated Dupixent under priority review, which is reserved for medicines that represent potentially significant improvements in efficacy or
safety in treating serious conditions. Dupixent was previously granted orphan drug designation by the FDA for BP, which applies to investigational medicines intended for the treatment of rare diseases that affect fewer than 200,000 people in the US.
Additional regulatory applications are also under review around the world, including in the EU, Japan, and China. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About the Dupixent BP pivotal study </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">ADEPT was a randomized, phase 2/3, double-blind, placebo-controlled study evaluating the efficacy and safety of Dupixent in 106 adults with <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> BP for a <FONT STYLE="white-space:nowrap">52-week</FONT> treatment period. After randomization, patients received Dupixent or placebo every two weeks after
an initial loading dose, along with OCS treatment. During treatment, OCS taper was initiated after patients experienced two weeks of sustained control of disease activity. OCS tapering could start between four to six weeks after randomization and
was continued if disease control was maintained, with the intent of completion by 16 weeks. After OCS tapering, patients were only treated with Dupixent or placebo for at least 20 weeks (rescue treatment could be used if required). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The primary endpoint evaluated the proportion of patients achieving sustained disease remission at 36 weeks. Sustained disease remission was defined as
complete clinical remission with completion of OCS taper by 16 weeks without relapse after completion of the OCS taper and no rescue therapy use during the <FONT STYLE="white-space:nowrap">36-week</FONT> treatment period. Relapse was defined as
appearance of <FONT STYLE="font-family:Times New Roman">&#8805;</FONT>3 new lesions a month or <FONT STYLE="font-family:Times New Roman">&#8805;</FONT>1 large lesion or urticarial plaque (&gt;10 cm in diameter) that did not heal within a week.
Rescue therapy could include treatment with high-potency topical corticosteroids, OCS (including increase of OCS dose during the taper or <FONT STYLE="white-space:nowrap">re-initiation</FONT> of OCS after completion of the OCS taper), or systemic <FONT
STYLE="white-space:nowrap">non-steroidal</FONT> immunosuppressive medications, or immunomodulating biologics. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Select secondary endpoints evaluated at 36 weeks included: </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Proportion of patients with
<FONT STYLE="font-family:Times New Roman">&#8805;</FONT><FONT STYLE="white-space:nowrap">4-point</FONT> reduction in Peak Pruritus Numerical Rating Scale (scale <FONT STYLE="white-space:nowrap">0-10)</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Total cumulative OCS dose </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About Dupixent </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupixent (dupilumab) is an injection
administered under the skin (subcutaneous injection) at different injection sites. In adults with BP, Dupixent 300 mg is administered every other week after an initial loading dose, and in combination with a tapering course of oral corticosteroids.
Dupixent is intended for use under the guidance of a healthcare professional and can be given in a clinic or at home after training by a healthcare professional. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupixent is a fully human monoclonal antibody that inhibits the signaling of the <FONT STYLE="white-space:nowrap">interleukin-4</FONT> (IL4) and <FONT
STYLE="white-space:nowrap">interleukin-13</FONT> (IL13) pathways and is not an immunosuppressant. The Dupixent development program has shown significant clinical benefit and a decrease in type 2 inflammation in phase 3 studies, establishing that IL4
and IL13 are two of the key and central drivers of the type 2 inflammation that plays a major role in multiple related and often <FONT STYLE="white-space:nowrap">co-morbid</FONT> diseases. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sanofi and Regeneron&nbsp;are committed to helping patients in the&nbsp;US&nbsp;who are prescribed Dupixent gain access to the medicine and receive the
support they may need with the DUPIXENT<I>&nbsp;MyWay</I><I><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP></I>&nbsp;program. For more information, please call
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-844-DUPIXENT</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(1-844-387-4936)</FONT></FONT></FONT> or visit&nbsp;<FONT
STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>www.DUPIXENT.com</U></FONT><FONT STYLE="font-family:arial">. </FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupixent has
received regulatory approvals in more than 60 countries in one or more indications including certain patients with atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, prurigo nodularis, chronic spontaneous
urticaria, chronic obstructive pulmonary disease, and BP in different age populations. More than one million patients are being treated with Dupixent globally. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>Dupilumab development program </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Dupilumab is being jointly
developed by Sanofi and Regeneron under a global collaboration agreement. To date, dupilumab has been studied across more than 60 clinical studies involving more than 10,000 patients with various chronic diseases driven in part by type 2
inflammation. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">In addition to the currently approved indications, Sanofi and Regeneron are studying dupilumab in a broad range of diseases driven by
type 2 inflammation or other allergic processes in phase 3 studies, including chronic pruritus of unknown origin and lichen simplex chronicus. These potential uses of dupilumab are currently under clinical investigation, and the safety and efficacy
in these conditions have not been fully evaluated by any regulatory authority. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial"><B>About Regeneron </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious
diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and&nbsp;product candidates in development, most of which were homegrown in
our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and
rare diseases. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Regeneron&nbsp;pushes the boundaries of scientific discovery and&nbsp;accelerates drug
development&nbsp;using&nbsp;our proprietary technologies, such as<I>&nbsp;VelociSuite</I><I><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP></I><I>,</I> which produces optimized fully human antibodies and new classes of bispecific
antibodies.&nbsp;We are shaping the next frontier of medicine with data-powered insights from the&nbsp;Regeneron Genetics Center<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>&nbsp;and pioneering genetic medicine platforms, enabling us to
identify innovative targets and complementary approaches to potentially treat or cure diseases. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial">For more information, please visit <FONT
STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>www.Regeneron.com</U></FONT><FONT STYLE="font-family:arial"> or follow Regeneron on </FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>LinkedIn</U></FONT><FONT
STYLE="font-family:arial">,
</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>Instagram</U></FONT><FONT STYLE="font-family:arial">,&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>Facebook</U></FONT><FONT
STYLE="font-family:arial"><U></U>&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#1b365d">or</FONT><FONT STYLE="font-family:arial">&nbsp;</FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#0563c1"><U>X</U></FONT><FONT
STYLE="font-family:arial">. </FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Sanofi </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sanofi is an R&amp;D driven, <FONT STYLE="white-space:nowrap">AI-powered</FONT> biopharma company committed to improving people&#146;s lives and
delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is
guided by one purpose: we chase the miracles of science to improve people&#146;s lives; this inspires us to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare,
environmental, and societal challenges of our time. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Sanofi Media Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Sandrine
Guendoul</B> | +33 6 25 09 14 25 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>sandrine.guendoul@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Evan Berland</B> | +1 215 432 0234 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>evan.berland@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;o Le
Bourhis</B> | +33 6 75 06 43 81 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>leo.lebourhis@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Victor Rouault</B> | +33 6 70 93 71 40 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>victor.rouault@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Timothy Gilbert</B> | +1 516 521 2929 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>timothy.gilbert@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;a
Ubaldi</B><B></B>&nbsp;| +33 6 30 19 66 46 |&nbsp;<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>lea.ubaldi@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Sanofi Investor Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thomas
Kudsk Larsen</B> | +44 7545 513 693 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thomas.larsen@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Aliz&eacute; Kaisserian</B> | +33 6 47 04 12 11 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>alize.kaisserian@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Felix Lauscher</B> | +1 908 612 7239 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>felix.lauscher@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Keita Browne</B> |
+1 781 249 1766 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>keita.browne@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Nathalie Pham</B> | +33 7 85 93 30 17 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>nathalie.pham@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Tarik Elgoutni</B> | +1 617 710 3587 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>tarik.elgoutni@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thibaud
Ch&acirc;telet</B> | +33 6 80 80 89 90 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thibaud.chatelet@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Yun Li</B> | +33 6 84 00 90 72 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>yun.li3@sanofi.com</U></FONT><FONT STYLE="font-family:arial">
</FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Regeneron Media Relations </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Anna Hodge </B>| +1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">914-255-6475|</FONT></FONT> <FONT
STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>anna.hodge@regeneron.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
 COLOR="#7900e6"><I>Regeneron Investor Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Mark Hudson </B>| +1
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">914-847-3482</FONT></FONT> | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>mark.hudson@regeneron.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #bfbfbf">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><B>Sanofi forward-looking statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">This press release contains
forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates regarding the
marketing and other potential of the product, or regarding potential future revenues from the product. Forward-looking statements are generally identified by the words &#147;expects&#148;, &#147;anticipates&#148;, &#147;believes&#148;,
&#147;intends&#148;, &#147;estimates&#148;, &#147;plans&#148;, and similar expressions. Although Sanofi&#146;s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from
those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, unexpected regulatory actions or delays, or government regulation generally, that could affect
the availability or commercial potential of the product, the fact that product may not be commercially successful, the uncertainties inherent in research and development, including future clinical data and analysis of existing clinical data relating
to the product, including post marketing, unexpected safety, quality or manufacturing issues, competition in general, risks associated with intellectual property and any related future litigation and the ultimate outcome of such litigation, and
volatile economic and market conditions, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global
economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under &#147;Risk Factors&#148; and &#147;Cautionary
Statement Regarding Forward-Looking Statements&#148; in Sanofi&#146;s annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2024. Other than as required by applicable law, Sanofi does not undertake
any obligation to update or revise any forward-looking information or statements. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial">All trademarks mentioned in this press release are the property of the Sanofi group except for VelociSuite and
Regeneron Genetics Center. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><B>Regeneron Forward-Looking Statements and Use of Digital Media </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of
Regeneron Pharmaceuticals, Inc. (&#147;Regeneron&#148; or the &#147;Company&#148;), and actual events or results may differ materially from these forward-looking statements. Words such as &#147;anticipate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;seek,&#148; &#147;estimate,&#148; variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking
statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing, and possible success and therapeutic applications of products marketed or otherwise commercialized by
Regeneron and/or its collaborators or licensees (collectively, &#147;Regeneron&#146;s Products&#148;) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, &#147;Regeneron&#146;s Product
Candidates&#148;) and research and clinical programs now underway or planned, including without limitation Dupixent<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> (dupilumab) for the treatment of bullous pemphigoid as discussed in this
press release; uncertainty of the utilization, market acceptance, and commercial success of Regeneron&#146;s Products and Regeneron&#146;s Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or
voluntary), including the studies discussed or referenced in this press release, on any of the foregoing; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron&#146;s Product Candidates and new
indications for Regeneron&#146;s Products, such as Dupixent for the treatment of chronic pruritus of unknown origin, lichen simplex chronicus, and other potential indications; the ability of Regeneron&#146;s collaborators, licensees, suppliers, or
other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron&#146;s Products and Regeneron&#146;s Product Candidates; the ability of Regeneron to manage
supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; safety issues resulting from the administration of Regeneron&#146;s Products (such as Dupixent) and Regeneron&#146;s Product
Candidates in patients, including serious complications or side effects in connection with the use of Regeneron&#146;s Products and Regeneron&#146;s Product Candidates in clinical trials; determinations by regulatory and administrative governmental
authorities which may delay or restrict Regeneron&#146;s ability to continue to develop or commercialize Regeneron&#146;s Products and Regeneron&#146;s Product Candidates; ongoing regulatory obligations and oversight impacting Regeneron&#146;s
Products, research and clinical programs, and business, including those relating to patient privacy; the availability and extent of reimbursement or copay assistance for Regeneron&#146;s Products from third-party payors and other third parties,
including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and
other third parties and new policies and procedures adopted by such payors and other third parties; changes in laws, regulations, and policies affecting the healthcare industry; competing drugs and product candidates that may be superior to, or more
cost effective than, Regeneron&#146;s Products and Regeneron&#146;s Product Candidates (including biosimilar versions of Regeneron&#146;s Products); the extent to which the results from the research and development programs conducted by Regeneron
and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; unanticipated expenses; the costs of developing,
producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license, collaboration, or supply
agreement, including Regeneron&#146;s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron&#146;s
business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the
U.S. Attorney&#146;s Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related
proceedings relating to EYLEA<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> (aflibercept) Injection), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron&#146;s
business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron&#146;s filings with the U.S. Securities and Exchange Commission, including its Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024, and its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended March&nbsp;31, 2025. Any forward-looking statements are made based on
management&#146;s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement,
including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:7pt; font-family:arial" ALIGN="justify">Regeneron
uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely
posted and is accessible on Regeneron&#146;s media and investor relations website (<FONT STYLE="font-family:arial; font-size:7pt" COLOR="#0563c1"><U>https://investor.regeneron.com</U></FONT><FONT STYLE="font-family:arial">) and its LinkedIn page
(</FONT><FONT STYLE="font-family:arial; font-size:7pt" COLOR="#0563c1"><U>https://www.linkedin.com/company/regeneron-pharmaceuticals</U></FONT><FONT STYLE="font-family:arial">). </FONT></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d80938dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="right"><B>Exhibit 99.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:14pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:14pt"><B>Press Release</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">


<IMG SRC="g80938g04g01.jpg" ALT="LOGO" STYLE="width:1.52222in;height:0.434722in;">
</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#7900e6"><I>Sarclisa recommended for EU approval by the CHMP to treat transplant-eligible newly
diagnosed multiple myeloma </I></FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#149;</P></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">Recommendation based on <FONT STYLE="white-space:nowrap">GMMG-HD7</FONT> phase 3 study demonstrating that Sarclisa with
VRd induction treatment significantly improved MRD negativity benefit and prolonged PFS compared to VRd alone </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="justify"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">&#149;</P></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:arial; font-size:10pt">If approved, it would represent the fourth indication in the EU and second in the front-line setting globally
</P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris, June</B><B></B><B>&nbsp;23, 2025.</B> The European Medicines Agency&#146;s Committee for Medicinal Products for Human
Use (CHMP) has adopted a positive opinion recommending the approval of Sarclisa in combination with bortezomib, lenalidomide, and dexamethasone (VRd) for the induction treatment of adult patients with newly diagnosed multiple myeloma (NDMM) who are
eligible for autologous stem cell transplant. A final decision is expected in the coming months. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#7900e6"><B><I>Olivier Nataf </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; margin-right:6%; font-size:10pt; font-family:arial" ALIGN="justify">Global Head, Oncology </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;The CHMP&#146;s recommendation represents significant progress toward our ambition for Sarclisa, addressing unmet
patient needs in multiple myeloma care and making a meaningful difference in treatment outcomes at every stage of the disease across regions. If approved, this regimen would represent a new, important induction option for transplant-eligible
patients, with the potential to improve long-term outcomes and deepen responses at a critical juncture in treatment.&#148; </I></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The positive CHMP
opinion is based on part one results from the <FONT STYLE="white-space:nowrap">two-part,</FONT> double-randomized, German-speaking Myeloma Multicenter Group <FONT STYLE="white-space:nowrap">(GMMG)-HD7</FONT> study (clinical study identifier: <FONT
STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>NCT03617731</U></FONT><FONT STYLE="font-family:arial">), </FONT><FONT STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>presented</U></FONT><FONT STYLE="font-family:arial"> at
the 2024 American Society of Hematology Annual Meeting&nbsp;&amp; Exposition and published in the <I><FONT STYLE="font-family:arial" COLOR="#7900e6"><U>Journal of Clinical Oncology</U></FONT></I>. </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">GMMG-HD7</FONT> is the first phase 3 study to demonstrate a deep and rapid response with an anti-CD38-based induction
regimen in transplant-eligible (TE) NDMM patients, with a higher proportion of patients with minimal residual disease (MRD) negativity benefit post-induction, alongside a significant progression-free survival (PFS) benefit from first randomization,
regardless of maintenance therapy and without consolidation. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Additionally, the data showed the highest post-induction and post-transplant MRD
negativity rates of any CD38 monoclonal antibody using VRd as a backbone in TE NDMM. The results are part of the growing body of clinical evidence supporting the use of Sarclisa in the front-line setting and reinforce the potential of <FONT
STYLE="white-space:nowrap">Sarclisa-VRd</FONT> when used prior to transplant. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sarclisa is currently approved in three indications in the EU, across
different lines of therapy in adult patients with relapsed and/or refractory (R/R) MM and with NDMM who are not eligible for transplant. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT
 COLOR="#7900e6"><I>About the <FONT STYLE="white-space:nowrap">GMMG-HD7</FONT> study </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><FONT STYLE="white-space:nowrap">GMMG-HD7</FONT> is
an investigational pivotal, randomized, open-label, multicenter, <FONT STYLE="white-space:nowrap">two-part</FONT> phase 3 study evaluating Sarclisa in combination with VRd, also referred to as RVd (lenalidomide, bortezomib, and dexamethasone),
versus VRd induction followed by post-transplant <FONT STYLE="white-space:nowrap">re-randomization</FONT> to Sarclisa plus lenalidomide versus lenalidomide maintenance in TE NDMM patients. The GMMG-initiated study is being conducted in close
collaboration with Sanofi based on jointly defined research. Sanofi provided financial support to GMMG for this study. In December 2021, Sanofi and GMMG shared results from part one, which met the primary endpoint of MRD negativity after induction
therapy and before transplant in NDMM patients. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g80938g04g02.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1/3</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The study enrolled 662 patients with TE NDMM across 67 sites in Germany. In the first part of the
study, all participants were equally randomized to receive three <FONT STYLE="white-space:nowrap">42-day</FONT> cycles of VRd in both arms of the study, while Sarclisa was added to only one study arm. In the second part of the study, patients were <FONT
STYLE="white-space:nowrap">re-randomized</FONT> post-transplant to receive Sarclisa plus lenalidomide or lenalidomide alone as maintenance therapy. During the study, Sarclisa was administered through an intravenous infusion at a dose of 10 mg/kg
once weekly for the first four weeks of cycle one, then every other week for the rest of the induction period. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The
<FONT STYLE="white-space:nowrap">GMMG-HD7</FONT> protocol defined two primary endpoints: MRD negativity following induction therapy in the first part of the study, and PFS after the second randomization post-transplant in the second part, where
Sarclisa was added to lenalidomide maintenance. The latter endpoint is expected to be available at a later time. The key secondary endpoint for the first part of the study was PFS from first randomization. Additional secondary endpoints included
rates of complete response after induction, and intensification, overall survival, and safety. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">MRD negativity was assessed by next-generation flow
cytometry (sensitivity of <FONT STYLE="white-space:nowrap">1x10-5)</FONT> after induction. In the latest results, PFS for both arms, regardless of maintenance therapy, were measured from the first randomization. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Sarclisa </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sarclisa (isatuximab) is approved in more than 50 countries, including in the US, EU, Japan, and China, across multiple treatment lines for MM. Based on
the <FONT STYLE="white-space:nowrap">ICARIA-MM</FONT> phase 3 study, Sarclisa is approved in the US, EU and Japan in combination with pomalidomide and dexamethasone for the treatment of patients with R/R MM who have received <FONT
STYLE="font-family:Times New Roman">&#8805;</FONT>two prior therapies, including lenalidomide and a proteasome inhibitor and have relapsed on the last therapy; this combination is also approved in China for patients who have received at least one
prior line of therapy, including lenalidomide and a proteasome inhibitor. Based on the IKEMA phase 3 study, Sarclisa is also approved in more than 50 countries in combination with carfilzomib and dexamethasone, including in the US for the treatment
of patients with R/R MM who have received one to three prior lines of therapy and in the EU for patients with MM who have received at least one prior therapy. In the US, EU, UK, and China, Sarclisa is approved in combination with VRd as a front-line
treatment option in transplant-ineligible NDMM patients, based on the IMROZ phase 3 study. In Japan, Sarclisa is approved in combination with VRd as a front-line treatment option regardless of transplant eligibility. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">At Sanofi, we are building on a long-standing commitment to oncology as we continue to chase the miracles of science to improve the lives of those
living with cancer. We are committed to transforming cancer care by developing innovative, first and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> immunological and targeted therapies for rare and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">difficult-to-treat</FONT></FONT> cancers with high unmet need. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">For more information on
Sarclisa clinical studies, please visit <FONT STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>www.clinicaltrials.gov</U></FONT><FONT STYLE="font-family:arial">. </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About the German-speaking Myeloma Multicenter Group </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">GMMG is the largest study group focusing on MM in Germany, with headquarters based in Heidelberg. Within the last 20+ years, the GMMG study group has
performed numerous studies including five randomized, multicenter phase 3 studies with 4,000 patients enrolled from about 90 participating and cotreating centers throughout Germany. The overall goal of GMMG is to generate improved therapies for
myeloma patients through the development and testing of novel and personalized, genome- and signaling driven treatment strategies. The GMMG has set itself the goal of achieving further approvals for effective antibody-based drug combinations for the
first-line treatment of myeloma patients, in which antibody-based treatment regimens have been integrated into seven GMMG study concepts (CONCEPT, DANTE, DADA, HD6, HD7, HD8, HD9 and HD10). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Sanofi </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sanofi
is an R&amp;D driven, <FONT STYLE="white-space:nowrap">AI-powered</FONT> biopharma company committed to improving people&#146;s lives and delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and
vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is guided by one purpose: we chase the miracles of science to improve people&#146;s lives; this inspires us
to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare, environmental, and societal challenges of our time. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g80938g04g02.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2/3</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Media Relations </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Sandrine Guendoul</B> | +33 6 25 09 14 25 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>sandrine.guendoul@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Evan Berland</B> | +1 215 432 0234 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>evan.berland@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;o Le
Bourhis</B> | +33 6 75 06 43 81 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>leo.lebourhis@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Victor Rouault</B> | +33 6 70 93 71 40 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>victor.rouault@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Timothy Gilbert</B> | +1 516 521 2929 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>timothy.gilbert@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>L&eacute;a
Ubaldi</B><B></B>&nbsp;| +33 6 30 19 66 46 |&nbsp;<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>lea.ubaldi@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Investor Relations </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thomas Kudsk
Larsen</B> | +44 7545 513 693 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thomas.larsen@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Aliz&eacute; Kaisserian</B> | +33 6 47 04 12 11 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>alize.kaisserian@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Felix Lauscher</B> | +1 908 612 7239 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>felix.lauscher@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Keita Browne</B> |
+1 781 249 1766 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>keita.browne@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Nathalie Pham</B> | +33 7 85 93 30 17 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>nathalie.pham@sanofi.com</U></FONT><FONT
STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Tarik Elgoutni</B> | +1 617 710 3587 |
<FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>tarik.elgoutni@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Thibaud
Ch&acirc;telet</B> | +33 6 80 80 89 90 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>thibaud.chatelet@sanofi.com</U></FONT><FONT STYLE="font-family:arial"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Yun Li</B>&nbsp;| +33 6 84 00 90 72 | <FONT STYLE="font-family:arial; font-size:8pt" COLOR="#7900e6"><U>yun.li3@sanofi.com</U></FONT><FONT STYLE="font-family:arial">
</FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #7f7f7f">&nbsp;</DIV>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><B>Sanofi forward-looking statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>This press release contains
forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates regarding the
marketing and other potential of the product, or regarding potential future revenues from the product. Forward-looking statements are generally identified by the words &#147;expects&#148;, &#147;anticipates&#148;, &#147;believes&#148;,
&#147;intends&#148;, &#147;estimates&#148;, &#147;plans&#148;, and similar expressions. Although Sanofi&#146;s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from
those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, unexpected regulatory actions or delays, or government regulation generally, that could affect
the availability or commercial potential of the product, the fact that product may not be commercially successful, the uncertainties inherent in research and development, including future clinical data and analysis of existing clinical data relating
to the product, including post marketing, unexpected safety, quality or manufacturing issues, competition in general, risks associated with intellectual property and any related future litigation and the ultimate outcome of such litigation, and
volatile economic and market conditions, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global
economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under &#147;Risk Factors&#148; and &#147;Cautionary
Statement Regarding Forward-Looking Statements&#148; in Sanofi&#146;s annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2024. Other than as required by applicable law, Sanofi does not undertake
any obligation to update or revise any forward-looking information or statements. </I></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>All trademarks mentioned in this press release are the property of the
Sanofi group. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g80938g04g02.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3/3</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g80938g04g01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g80938g04g01.jpg
M_]C_X0O517AI9@  34T *@    @ " $2  ,    !  $   $:  4    !
M;@$;  4    !    =@$H  ,    !  (   $Q  (    >    ?@$R  (    4
M    G $[  (    )    L(=I  0    !    O    .@ +<;    G$  MQL
M "<0061O8F4@4&AO=&]S:&]P($-3-B H5VEN9&]W<RD ,C R-3HP-CHP-B P
M,#HQ.#HP- !R<C,Y,3 P-        Z !  ,    !__\  * "  0    !
MD* #  0    !    *0         & 0,  P    $ !@   1H !0    $   $V
M 1L !0    $   $^ 2@  P    $  @   @$ !     $   %& @( !     $
M  J'         $@    !    2     '_V/_M  Q!9&]B95]#30 !_^X #D%D
M;V)E &2      ?_; (0 # @(" D(# D)#!$+"@L1%0\,# \5&!,3%1,3&!$,
M# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,# P,# $-"PL-#@T0#@X0
M% X.#A04#@X.#A01# P,# P1$0P,# P,#!$,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ *0"0 P$B  (1 0,1 ?_=  0 "?_$ 3\   $% 0$!
M 0$!          ,  0($!08'" D*"P$  04! 0$! 0$          0 " P0%
M!@<("0H+$  !! $# @0"!0<&" 4###,!  (1 P0A$C$%05%A$R)Q@3(&%)&A
ML4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*S
MA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=WAY>GM\?7
MY_<1  (" 0($! ,$!08'!P8%-0$  A$#(3$2!$%187$B$P4R@9$4H;%"(\%2
MT? S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V=&7B\K.$P]-U
MX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'EZ>WQ__:  P#
M 0 "$0,1 #\ ]527#_7?_&;B_5S)_9N#2W-Z@T W!Q(KJ!&YK7[?<^UWTO37
M$'_'+];#9N%>(&3]#TW1'Q]7<DI]O27F?U;_ ,<1S^H48'5, 5.R7MJKNQB7
M />=C-U%GNV;G?FV+T7,S,7 Q;<S+L;3CT-+[;'<!H24G27DO5O\=N4;GLZ/
M@5MI!AEN22YSA^]Z-3F-K_[<L5+'_P =?UA8?UC#Q+A_)%C#]_J6?]2DI]G2
M7+?4CZ]XWUL9>QN,[$R<4-=8PN#V$/W#=79#/SF?G,6?]=?\9M7U:Z@>ET81
MRLIK&O>][]E;=^K6B&O?9[?ZB2GN4EXM=_CJ^LKG35B8E;? ML<?O]5JTNC?
MX[+79%=76L%C:'$!]^,72R?S_0L]3?\ V;$E/JZ2C797;6VVIP?78 YCVF06
MD;FN:?Y2XOZZ?XS<'ZN9)Z=BT_;>H- -K2[;75(W-%C@'.?9M]WIM_STE/;)
M+Q9O^.KZRBW<[$PS7_H]M@_Z?K+M_J7_ (R>G?66T8.17]BZG!+*2[<RP#4^
MA9[?>UOTJG?]-)3U'5.I8O2NG9'4<LEM&*PV/C4F.&M_EO=[&+P_/^N7UU^M
MG5#C]-LOJ%A/HX.&XMVL'^DLKV.L_P"$MM=_F+TK_&N]S?J1F!IC<^D.\QZK
M#_!>2?5#ZWY'U5RLC*QL:O)LR*Q5-I(V@'>=NS]Z$E/H_P#BUZ=]=<+)Z@>N
MG)]%M0;CTY5A>UUI.[=67/L^BUFUVW_2+/\ J[U7ZU6?6NJNZW(?8^[;F463
ML:R?TNZH^RKTV_S:W_J%]?<SZTGJ RL6K'^Q,8]GIEQW;_4D.WS_ *-87U?_
M ,;?4^J]=P^G6=/QZV9ES:GO:Y^X!QB=?W5:Y;FHX898G%')[L>$&7Z#)CR"
M D#$2XA6O1__T//^OFQGUGSSU%KGN&98<AA,.(]1VX-=_*9]!>O=&?\ XJNK
M8C&8F/T]LC^8O8RNX'P=ZWZ1[OY;'V)OK=]4OJG]:>HFIN;7A]=:-I=66N<_
M:/;7D4;F^H]C?Y7K+@^L?XH_K3T^M]V,*NHU,$Q02+(_XBP-W?U:WV(RC*-<
M0,;%BQ6B2"-Q3Z3TW_%O]6NF]>KZW@L>PU!QKQB[?4U[M/69OW6>UKO;[US/
M^.WJ]]=/3^D5.+:K]^1D &-VPM90UW\G=ZC_ /,7*_47Z^=1^K_4:<;+N?=T
MFQPKNH>2[TY.WUJ-W\WZ?Y]?T+%TG^._I]I?TSJ;1-,/QWN\'?SU7^>WUO\
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MVRPML).UIGVMV#Z2]?224__9_^T4 E!H;W1O<VAO<" S+C  .$))300$
M  !+' %:  ,;)4<< @   @  ' )0  AR<C,Y,3 P-!P"!0 J36EC<F]S;V9T
M(%=O<F0@+2 Y.5\Q7S(P,C5?,#9?,#-?4%(@4FEL>F$@ #A"24T$)0
M$%"PLNZSW-W[A2]$9,-_7<0X0DE-!#H      .4    0     0      "W!R
M:6YT3W5T<'5T    !0    !0<W138F]O; $     26YT965N=6T     26YT
M90    !#;')M    #W!R:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).
M86UE5$585     $       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '(
M;P!O &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N
M96YU;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "
M+0   !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N
M8F]O;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M    0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL
M1&)O;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M     P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M    0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0
M  !";&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q <L
M      IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !0
M9U!#     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M0DE-!!D       0    >.$))30/S       )           ! #A"24TG$
M    "@ !          $X0DE- _4      $@ +V9F  $ ;&9F  8       $
M+V9F  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0
M  8       $X0DE- _@      '   /____________________________\#
MZ     #_____________________________ ^@     ________________
M_____________P/H     /____________________________\#Z   .$))
M300(       0     0   D    )      #A"24T$'@      !      X0DE-
M!!H      VL    &               I    D    !L .0 Y %\ ,0!? #(
M,  R #4 7P P #8 7P P #, 7P!0 %( ( !2 &D ; !Z &$ (  M #$    !
M                          $              )     I
M          $                         $     $       !N=6QL
M @    9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M          !,969T;&]N9P          0G1O;6QO;F<    I     %)G:'1L
M;VYG    D     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4
M   2    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &
M;W)I9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9
M  !4>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J
M8P    $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO
M;F<          $)T;VUL;VYG    *0    !29VAT;&]N9P   )     #=7)L
M5$585     $       !N=6QL5$585     $       !-<V=E5$585     $
M      9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $
M   (8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L
M:6-E2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%
M4VQI8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T
M   115-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M          IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N
M9P         +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "
M/_         X0DE-!!$       $! #A"24T$%       !     (X0DE-! P
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MQ $_   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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MD9@:8W/I#O,>JP_P7DGU0^M^1]5<K(RL;&KR;,BL53:2-H!WG;L_>A)3Z/\
MXM>G?77"R>H'KIR?1;4&X].587M=:3NW5ES[/HM9M=M_TBS_ *N]5^M5GUKJ
MKNMR'V/NVYE%D[&LG]+NJ/LJ]-O\VM_ZA?7W,^M)Z@,K%JQ_L3&/9Z9<=V_U
M)#M\_P"C6%]7_P#&WU/JO7</IUG3\>MF9<VI[VN?N <8G7]U6N6YJ.&&6)Q1
MR>['A!E^@R8\@@) Q$N(5KT?_]#S_KYL9]9\\]1:Y[AF6'(83#B/4=N#7?RF
M?07KW1G_ .*KJV(QF)C]/;(_F+V,KN!\'>M^D>[^6Q]B;ZW?5+ZI_6GJ)J;F
MUX?76C:75EKG/VCVUY%&YOJ/8W^5ZRX/K'^*/ZT]/K?=C"KJ-3!,4$BR/^(L
M#=W]6M]B,HRC7$#&Q8L5HD@C<4^D]-_Q;_5KIO7J^MX+'L-0<:\8NWU->[3U
MF;]UGM:[V^]<S_CMZO?73T_I%3BVJ_?D9 !C=L+64-=_)W>H_P#S%ROU%^OG
M4?J_U&G&R[GW=)L<*[J'DN].3M]:C=_-^G^?7]"Q=)_COZ?:7],ZFT33#\=[
MO!W\]5_GM];_ +;00M_BJ^I'2>H=-LZWU:AN6;+'58U-@FMK61OM<S\][G^S
MW?N*_P#XT?JO]7L#ZL/S<'I].+DLNK:VREH9HXEKFN#(:Y!_Q1_6WI=72CT'
M-N9C9-5C[,<V$-98Q_N<UKW>WU66;_9^Y_;6A_C;ZKTRSZJNQ*\NE^39=464
ML>USR&F7.V-)=M24X/\ B._IW5?^*I_ZJQ8O^-S_ ,6=W_$T_P#4K:_Q'?T[
MJO\ Q5/_ %5BQ?\ &Y_XL[O^)I_ZE)3Z-]4OJA]5[OJSTS(NZ7C6W7XM5EME
ME8>YSG,:Y[MUF[\XKS?_ !I] Z=T/ZQ5U].K%&/E8[;O1;]%KMUE3]G\EWI;
MU[!]3?\ Q)]'_P#"5'_4-7F/^.S_ ,4>%_X3;_Y]N24]M]3^J68G^+/'ZE:=
M[L/$O>-W<4.N%3/\VMC%Y%]6NEW?6GZTX^)EV.>[,M=;EW$^XM =?D.W?OV;
M?\]>L?4[ =U+_%=5T]NC\K%RJ6$Z#<]][&?])>4?4_K ^K?UIQ<W,8YM>.]]
M64R/<UK@ZBSV_O5;M^W^0DI]N?\ 4+ZG/QCC'I..&$;=S6Q9_P!OC]-N_MKP
M_K_3K_JI]:K\7%L=OP+FVXUOYVTAN10YT?G['-WKWUWUDZ W"^WGJ.-]EV[O
M5]5I$?([MW\CZ:\$^M?5!]9OK7DYF&QQ;EVLJQFD0XAH9CU>W_A-FY)3ZM_C
M-R6Y?^+Y^4P0W(^S6M'D]U;Q_P!4N,_Q0=)Z7U/J'4:^HXE.6RNECF"Y@>&D
MN,EN^5V/^,K%^Q_XNW8DS]G&+5/CL=6S_OJYG_$A_P I]3_XBO\ ZLI*?3\7
MHO2.ET9'[-PZ</U6_I/18UF[:';=VP#=MW+P'ZC_ /BOZ1_X:K_*OHJ_^8L_
MJN_(OG7ZC_\ BOZ1_P"&J_RI*?_1MX_^+_KK/K"RYSF#%9D>O]K#QN+0_P!7
M^;_G/6<O2DDEH_$_O5XOO'!\GH]O_G<7]9GYCW/3QUMIPOCO6/\ %1]9>H]?
MS,RL8U.)E95EC8L,MK>\NW;-GTMA^@O4^K=%Z?UCIEG2\]GJ8UK0TZPYI;]"
MQC_S;&*^DLY@?%.K_P")OZQ8USCTNRK/QR?9+A58!_+;9^B_S;54QO\ %']<
M[GAMM-.,T\NLN:0/^V/6<O=DDE/)?4/ZAM^J;,BVS*^U966&MLVMVUM#"X[6
M3N>_Z7TUSOU__P 7?UAZ_P#6*SJ73_0..^JMH]1Y:Z6#:[V[7+T]))3G_5[
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M &( 90 @ %  : !O '0 ;P!S &@ ;P!P "  0P!3 #8    ! #A"24T$!@
M    !P (     0$ _^$0!FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\
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MR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:  P# 0 "$0,1 #\
MW^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]T ORB^2'6/Q!^//<'R;[DR53B^M.E=C9G?.Z9J"!
M:K*5M/C(0M#@\)222P15FX-R9::GQV/A>2-)JVJB1G16+#W7NOEA]Z?SD_YU
MG\Y#Y/UO6OQ=W?WWLRBW;5927K3XM_$C<6XMHP;<V9B#)4FJWCN_:DVW,]NN
MHH:-EER^=SM9!CQ4.3%%0TYAI8_=>ZVB?^$U_P =_P"=7T;V-\O*S^8'7_)Z
M/9&'ZBP>(Z;Z\^1_;%=V#M/<O;.9S53ETS6TZW*;NW9]F,)BMO?95U10U,--
MHRZK+KD1/$KL$LY+ZRCW&9H]O:9!*RBK+&6&ME'FP6I \R*=.P"%IX5N&*P%
MQJ(R0M<D#U K3HG?\O+Y4?S4-Q_S5>O]K[TWM\@MS;KS_<*8;Y+=5;VDW(=E
M[9Z]7(34W8$N7V3D%3:VQ,=LG!K--B):6"D6&>""*F+^58Y>\_WA?:W[KFW?
M=8Y@W39MBY>M=G@V<R;-?6PA%Q-=Z UF(KI/U[M[F72MP'>0NCR-+IT%DS&Y
MUY>]O(?;B6YMK>VBA6W=K>1$34TH5C$%E"ZG#2:5)U,74DL6%6'_T+6?YW'_
M  IGZR_EA]E?[+#T)UOA?D5\H<728[)]E4NX,_6X/K+IJDS6*3+8+$;DJ<+#
M+F]T[YRF/JZ6L;$TLE%%28^ICEFK%E=:<^Z]UJX5?_"RK^;'-N*7+4VSOB%1
MX9ZLRQ;57J3?4^/AI?)J%(<C-VVV<D(C])D-0"3S8?3W[KW5SG\MS_A8C/\
M(KY =4_';Y:?$VDV;D.Y-Z[2ZTVEV3\>\WG-R4='OG>N<HMM[<I<WU?NL5>=
M.!K\SDH$EJJ#-5M72J25HZB_I]U[K='[C[BZQ^/G5F_.[.Y]Z83KOJSK';61
MW=OC>>X:@T^*P6"Q<1EJ*B01I+55E7.Y6&EI*>.:KK:J2.GIXY9Y(XV]U[K0
M2^67_"V3L^7>.X\)\)?B=L#&[!HJZ>CVYV!\C<KN//[KW'0122)'FJCKW8.;
MVMBMI25:A62D?-Y<QK^M]3:4]U[HLW7_ /PM9_F%86H4=C?&SXE;]H/*&E3
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MI]<W14N7PV-WEFZ+'Y7,[AWAD,+60U@P]!%3I!25,4D];#(RP-[KW6LW1?\
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M=C;ZJ*//9+!8+<^;K:3%_P!_]M;LER,DN+FDBFK,=4P348J##6BF]U[HW/\
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M_LIGYT_^(*ZP_P#>_P M[]U[KZ)&^?\ CR=X?^&MN#_W4U?OW7NOC"?R//\
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)NO=>]^Z]U__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g80938g04g02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g80938g04g02.jpg
M_]C_X06 17AI9@  34T *@    @ " $2  ,    !  $   $:  4    !
M;@$;  4    !    =@$H  ,    !  (   $Q  (    >    ?@$R  (    4
M    G $[  (    )    L(=I  0    !    O    .@ +<;    G$  MQL
M "<0061O8F4@4&AO=&]S:&]P($-3-B H5VEN9&]W<RD ,C R-3HP-CHP-B P
M,#HQ.#HT, !R<C,Y,3 P-        Z !  ,    !__\  * "  0    !
M.: #  0    !    #P         & 0,  P    $ !@   1H !0    $   $V
M 1L !0    $   $^ 2@  P    $  @   @$ !     $   %& @( !     $
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MZ43N.7#P7Z;XJ_K)LU71_]G_[0VL4&AO=&]S:&]P(#,N,  X0DE-! 0
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M;V]L      !#;&)R8F]O;       4F=S36)O;VP      $-R;D-B;V]L
M  !#;G1#8F]O;       3&)L<V)O;VP      $YG='9B;V]L      !%;6Q$
M8F]O;       26YT<F)O;VP      $)C:V=/8FIC     0       %)'0D,
M   #     %)D("!D;W5B0&_@            1W)N(&1O=6) ;^
M  !";" @9&]U8D!OX            $)R9%15;G1&(U)L=
M $)L9"!5;G1&(U)L=                %)S;'15;G1&(U!X;$!RP
M    "G9E8W1O<D1A=&%B;V]L 0    !09U!S96YU;0    !09U!S     %!G
M4$,     3&5F=%5N=$8C4FQT                5&]P(%5N=$8C4FQT
M            4V-L(%5N=$8C4')C0%D            08W)O<%=H96Y0<FEN
M=&EN9V)O;VP     #F-R;W!296-T0F]T=&]M;&]N9P         ,8W)O<%)E
M8W1,969T;&]N9P         -8W)O<%)E8W12:6=H=&QO;F<         "V-R
M;W!296-T5&]P;&]N9P      .$))30/M       0 2P    !  $!+     $
M 3A"24T$)@      #@             _@   .$))300-       $    >#A"
M24T$&0      !    !XX0DE- _,       D           $ .$))32<0
M   *  $          3A"24T#]0      2  O9F8  0!L9F8 !@       0 O
M9F8  0"AF9H !@       0 R     0!:    !@       0 U     0 M
M!@       3A"24T#^       <   _____________________________P/H
M     /____________________________\#Z     #_________________
M____________ ^@     _____________________________P/H   X0DE-
M! @      !     !   "0    D      .$))300>       $     #A"24T$
M&@     #:P    8               \    Y    &P Y #D 7P Q %\ ,@ P
M #( -0!? #  -@!? #  ,P!? %  4@ @ %( :0!L 'H 80 @ "T ,0    $
M                         0              .0    \
M         0                         0     0       &YU;&P    "
M    !F)O=6YD<T]B:F,    !        4F-T,0    0     5&]P(&QO;F<
M         $QE9G1L;VYG          !"=&]M;&]N9P    \     4F=H=&QO
M;F<    Y    !G-L:6-E<U9L3',    !3V)J8P    $       5S;&EC90
M !(    '<VQI8V5)1&QO;F<         !V=R;W5P241L;VYG          9O
M<FEG:6YE;G5M    #$53;&EC94]R:6=I;@    UA=71O1V5N97)A=&5D
M %1Y<&5E;G5M    "D53;&EC951Y<&4     26UG(     9B;W5N9'-/8FIC
M     0       %)C=#$    $     %1O<"!L;VYG          !,969T;&]N
M9P          0G1O;6QO;F<    /     %)G:'1L;VYG    .0    -U<FQ4
M15A4     0       &YU;&Q415A4     0       $US9V5415A4     0
M    !F%L=%1A9U1%6%0    !       .8V5L;%1E>'1)<TA434QB;V]L 0
M  AC96QL5&5X=%1%6%0    !       ):&]R>D%L:6=N96YU;0    ]%4VQI
M8V5(;W)Z06QI9VX    '9&5F875L=     EV97)T06QI9VYE;G5M    #T53
M;&EC959E<G1!;&EG;@    =D969A=6QT    "V)G0V]L;W)4>7!E96YU;0
M !%%4VQI8V5"1T-O;&]R5'EP90    !.;VYE    "71O<$]U='-E=&QO;F<
M        "FQE9G1/=71S971L;VYG          QB;W1T;VU/=71S971L;VYG
M          MR:6=H=$]U='-E=&QO;F<      #A"24T$*       #     (_
M\        #A"24T$$0       0$ .$))3004       $     CA"24T$#
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M 3\   $% 0$! 0$!          ,  0($!08'" D*"P$  04! 0$! 0$
M     0 " P0%!@<("0H+$  !! $# @0"!0<&" 4###,!  (1 P0A$C$%05%A
M$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C
M=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='
M5V=WAY>GM\?7Y_<1  (" 0($! ,$!08'!P8%-0$  A$#(3$2!$%187$B$P4R
M@9$4H;%"(\%2T? S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V
M=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'
MEZ>WQ__:  P# 0 "$0,1 #\ Z*S_ !DUV69#^F]'SNHX&&\UY&;2P;0YOT_3
MK^DYK6^[W^FKW5?KWT[IU6 UN+DY.?U2MMN+TZNO]/M<)'K-G]%_TUR6)T4Y
M&'U/K?U/S<CIO4:;K"[I=%[,FFQS#_H6_1];_!MO]7_MI2S[.OX_U@Z)]9?L
MU65UK['Z6?T46M9D@?IF^O1C;G7;;&.<[]'7;Z2=.$H2,9:2B:.O%_T4D$&B
M]1TCZ^X>?;U#&RL'*Z=E]+H=DY5%S1(K:-QV;7;G/VN_<6<S_&GB_9Z^HW=(
MSZ>CVOV-Z@YC2P:[-SFL<[\_]VQ8W37]0ZCUSZV=4S,5O3K,CI;Z_L=MU9N9
M%5;&.NJ+F75,>QF_U;:JZO>FMQ[#_B493+-T@SZC-L?;-W\[O]+_ *::A[+K
MOUSP^E96/T_&QKNJ=2RV>K5B8HW.]/\ TUCC]!GM<J5GUXIZA]7.M7X3+<'J
MW2\>PW8F0W;;4_:[T[-OT7MW-_\ 2BQ^H?;^C?6K#ZWTNFOJ]UO368^7TRJU
MOVFM@#"W)JJ'J6>B[;7[V5?^?%1JQLK-K^M_6\_T<'J&;A.K;TDW,-U588P"
M[,;N8ZC=LJ_GFU_^>TE,.C9-&)]3<_JO5/VR#D5XSK\M]K3ZKGVF/V:ZQWT/
M]-ZG^"6M_P X>D_Z;JO_ &\S^] Z[18[_$]BU LW"G%U+V!NCV?X4N]+_IK%
M^R7>-?\ V[5_Z43N.7#P7Z;XJ_K)LU71_]DX0DE-!"$      %4    ! 0
M  \ 00!D &\ 8@!E "  4 !H &\ = !O ', : !O '     3 $$ 9 !O &(
M90 @ %  : !O '0 ;P!S &@ ;P!P "  0P!3 #8    ! #A"24T$!@
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M  (1 0,1 ?_=  0 "/_$ :(    & @,!              <(!@4$"0,* @$
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ILL<=H/!D)#42$)$'<Z??NO=5F?Z*-X_\K'7'_H\^B/\ [9?OW7NO_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g80938g0624071612187.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g80938g0624071612187.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  I )(# 2(  A$! Q$!_\0
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M>T^'FK:A:Z/;6]U:Q!XI(EVD'<!_6N7_ &>O%^G65A?^';VXC@G>X^T6YD;
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D8)%>^T4 >/Z/\/O$%MHEA!-!"LL5M&CKYHX(4 BBO8** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
