<SEC-DOCUMENT>0001193125-25-205799.txt : 20250917
<SEC-HEADER>0001193125-25-205799.hdr.sgml : 20250917
<ACCEPTANCE-DATETIME>20250917120312
ACCESSION NUMBER:		0001193125-25-205799
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20250917
FILED AS OF DATE:		20250917
DATE AS OF CHANGE:		20250917

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:		251319226

	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>d26807d6k.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:24pt;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:24pt;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 September 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&#8217;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&#8194;&#9746;&#8195;&#8195;&#8195;Form</FONT>
<FONT STYLE="white-space:nowrap">40-F&#8194;&#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:10pt; 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 September 2025, Sanofi published the press releases attached hereto as Exhibits 99.1, and 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 WIDTH="8%"></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> <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; ">Exhibit&nbsp;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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Exhibit&nbsp;99.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d26807dex991.htm">Press Release dated September&nbsp;10, 2025: Tzield approved in China as first disease-modifying therapy for adult and pediatric patients with stage 2 type&nbsp;1 diabetes </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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Exhibit 99.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d26807dex992.htm">Press Release dated September&nbsp;11, 2025: Sanofi&#8217;s SAR402663 earns fast track designation in the US for neovascular <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration</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> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Exhibit 99.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d26807dex993.htm">Press Release dated September 17, 2025: EADV: Sanofi&#8217;s brivekimig achieved positive results in hidradenitis suppurativa in phase 2a study </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:10pt; 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:4%; font-size:10pt; 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: September&nbsp;17, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" 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" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ 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">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:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d26807dex991.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="51%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9.5pt">
<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="g26807g0916155329783.jpg" ALT="LOGO">
</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>Tzield approved in China as first disease-modifying therapy for adult and pediatric
patients with stage 2 type 1 diabetes </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">Approval based on the <FONT STYLE="white-space:nowrap">TN-10</FONT> study, demonstrating Tzield&#8217;s ability to delay
the onset of stage 3 T1D in adult and pediatric patients aged eight years and older, with stage 2 T1D compared to placebo </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">Additional regulatory reviews are ongoing across different disease stages by regulatory authorities around the world
</P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris, September</B><B></B><B>&nbsp;10, 2025</B>- The Chinese National Medical Products Administration (NMPA) has approved
Tzield (teplizumab) as the first disease-modifying therapy in autoimmune type 1 diabetes (T1D) indicated to delay the onset of stage 3 T1D in adult and pediatric patients aged eight years and older with stage 2 T1D. The review was completed under
priority review, following the recognition by NMPA of Tzield&#8217;s innovative profile and the benefit it brings to pediatric patients. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The
approval is based on the positive results from the <FONT STYLE="white-space:nowrap">TN-10</FONT> phase 2 study, which demonstrated Tzield&#8217;s ability to delay the onset of stage 3 T1D, compared to placebo. The pivotal study demonstrated that a
once-daily, single and consecutive <FONT STYLE="white-space:nowrap">14-day</FONT> course of Tzield delayed the median onset of stage 3 T1D by 48.4 months vs 24.4 months observed in the placebo group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; margin-right:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#8220;This approval represents the beginning of a new era of care for stage 2 type 1 diabetes patients in
China, one focused on the potential of Tzield to prevent the natural progression of T1D by its unique beta-cell function preserving capabilities,&#8221; said </I><B>Olivier&nbsp;Charmeil</B><I>, Executive Vice President, General Medicines, Sanofi.
&#8220;Tzield is the first approved advanced therapy that slows down the loss of beta cell function, potentially giving people living with stage 2 T1D more time without the daily treatment burden. We are proud to bring this innovative medicine to
China, and we remain committed to working with local stakeholders to advance diabetes care.&#8221; </I></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The approval aligns with recent Chinese
expert consensus guidelines that recognize the importance of protecting beta-cell function as a pivotal component in the management of autoimmune T1D. These guidelines, published in November 2024, highlighted Tzield&#8217;s potential therapeutic
value, which has now been validated by this approval, demonstrating Tzield&#8217;s relevance in addressing this significant clinical unmet need in the treatment of autoimmune T1D. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Tzield is approved for the treatment of adult and pediatric individuals aged eight years and older, living with stage 2 type 1 diabetes, in the US, the
UK, Canada, Israel, the Kingdom of Saudi Arabia, the United Arab Emirates, and Kuwait. Regulatory reviews are ongoing in the EU and other jurisdictions around the world. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Tzield </I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Tzield
(teplizumab) is a <FONT STYLE="white-space:nowrap">CD3-directed</FONT> monoclonal antibody. Tzield is the first and only disease modifying therapy in autoimmune T1D; it was first approved in the US in November 2022 to delay the onset of stage 3 T1D
in adults and children eight years and older diagnosed with stage 2 T1D. Today, it is also approved in China, the UK, Canada, Israel, the Kingdom of Saudi Arabia, the United Arab Emirates, and Kuwait for the same indication. Regulatory reviews are
ongoing in the EU and other jurisdictions around the world. </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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&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:Times New Roman"><FONT COLOR="#7900e6"><I>About autoimmune T1D </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">T1D is a progressive autoimmune condition where the body&#8217;s ability to regulate blood sugar levels is impacted due to the gradual destruction of
insulin producing beta cells by one&#8217;s own immune system. There are four stages to the progression of T1D: </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="4%" VALIGN="top" ALIGN="left">-</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial; " ALIGN="justify">In stage 1, the autoimmune attack to the beta cells has started, and this can be detected by the presence of 2 or more
<FONT STYLE="white-space:nowrap">T1D-related</FONT> autoantibodies in the blood. During stage 1, blood sugar levels are in a normal range (normoglycemia). At this stage, T1D is presymptomatic. </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="4%" VALIGN="top" ALIGN="left">-</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial; " ALIGN="justify">In stage 2 (also presymptomatic), in addition to the presence of 2 or more
<FONT STYLE="white-space:nowrap">T1D-related</FONT> autoantibodies, blood sugar levels are now abnormal (dysglycemia) due to the progressive loss of beta cells/beta cell function. </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="4%" VALIGN="top" ALIGN="left">-</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial; " ALIGN="justify">Stage 3 (also known as clinical stage) comes once a significant portion of the beta cells have been destroyed. At this
point, rising blood sugar levels reach the point of clinical hyperglycemia (which defines diabetes), and many people will start to experience the classic symptoms that come with the onset of stage 3 T1D: increased thirst, frequent urination,
unexplained weight loss, blurred vision and generalized fatigue. Management of stage 3 T1D requires daily and burdensome insulin replacement therapy. </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="4%" VALIGN="top" ALIGN="left">-</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:arial; " ALIGN="justify">Stage 4 is defined as long-standing autoimmune T1D, often accompanied by evidence of chronic diabetic complications,
where little to no beta-cells remain (it&#8217;s been estimated that the beta-cell mass is reduced by up to 95%). At this point, the <FONT STYLE="white-space:nowrap">T1D-related</FONT> autoantibodies might not be present anymore in the blood, as
most beta-cells have been rendered useless by the autoimmune attack. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; 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&#8217;s lives and
creating 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.&nbsp;Our team
is guided by one purpose: we chase the miracles of science to improve people&#8217;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">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY </P>
<P STYLE="margin-top:12pt; 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:12pt; 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
|&nbsp;<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" 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. <FONT STYLE="white-space:nowrap">Forward-looking</FONT> statements are generally identified by the words &#8220;expects&#8221;,
&#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221;, &#8220;plans&#8221;, and similar expressions. Although Sanofi&#8217;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
</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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&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:7pt; font-family:arial" ALIGN="justify">
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 &#8220;Risk Factors&#8221; and &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; in Sanofi&#8217;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:12pt; 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. </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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3/3</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d26807dex992.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:9.5pt">
<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="g26807g0916155329783.jpg" ALT="LOGO">
</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>Sanofi&#8217;s SAR402663 earns fast track designation in the US for neovascular <FONT
STYLE="white-space:nowrap">age-related</FONT> macular degeneration </I></FONT></P> <P STYLE="font-size:12pt;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">Designation earned for a <FONT STYLE="white-space:nowrap">one-time</FONT> intravitreal gene therapy with the potential
to eliminate treatment burden for people living with neovascular <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration </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">Neovascular or &#8220;wet&#8221; <FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration can lead to
significant vision loss and affects more than one million people in the US </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris, September</B><B></B><B>&nbsp;11, 2025</B>.
The US Food and Drug Administration (FDA) has granted fast track designation to SAR402663, an investigational <FONT STYLE="white-space:nowrap">one-time</FONT> intravitreal gene therapy for the treatment of neovascular
<FONT STYLE="white-space:nowrap">age-related</FONT> macular degeneration (AMD). The fast-track designation process aims to facilitate the development and expedite the review of medicines to treat serious conditions and fill unmet medical need. The
FDA created this process to help deliver important new drugs to patients earlier and it covers a broad range of serious illnesses. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">SAR402663
delivers genetic material encoding soluble FLT01 designed to inhibit vascular endothelial growth factor (VEGF). Sanofi is currently evaluating SAR402663 in a phase 1/2 (clinical study identifier: <FONT
STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>NCT06660667</U></FONT><FONT STYLE="font-family:arial">), for the treatment of patients with neovascular AMD.<B> </B>The gene therapy aims to address the underlying disease pathology by
inhibiting abnormal blood vessel growth, reducing vascular leakage and minimizing retina damage, while significantly reducing treatment burden through the elimination of frequent intravitreal injections. </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">AMD is an acquired progressive degeneration of the retina that affects approximately 200&nbsp;million people globally. Neovascular, or
&#8220;wet&#8221;, AMD is a severe form of macular degeneration. It is characterized by growth of abnormal blood vessels beneath the retina, which can lead to vision loss, potentially progressing to blindness in advanced cases. Neovascular AMD
affects more than one million people in the US and six million people worldwide; it has a profound impact on quality of life, including ability to read, drive and perform other daily activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About Sanofi in neurology </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Our goal is to improve the lives of people with serious neuroinflammatory and neurodegenerative diseases. We are testing the bounds of clinical
possibility to research therapies that may address multiple sclerosis (MS), chronic inflammatory demyelinating polyneuropathy (CIDP), Alzheimer&#8217;s Disease (AD), Parkinson&#8217;s disease (PD), AMD and other neurological diseases for the people
who need them most. Emerging scientific innovation and investment in ophthalmology have the potential to drive a new phase of growth for Sanofi. We are exploring innovative therapies in retinal diseases with unmet need especially where they connect
with immune system conditions. </P> <P STYLE="margin-top:18pt; 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&nbsp;is an R&amp;D driven, <FONT STYLE="white-space:nowrap">AI-powered</FONT> biopharma company committed to improving people&#8217;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.<I>&nbsp;</I>Our team is guided by one purpose: we chase the miracles of science to improve people&#8217;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:12pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY </P>
<P STYLE="margin-top:12pt; 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: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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1/2</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>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:12pt; margin-bottom:0pt; font-size:8pt; font-family:arial"><B>Sanofi
forward-looking statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; 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 and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with respect
to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words &#8220;expects&#8221;,
&#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221;, &#8220;plans&#8221; and similar expressions. Although Sanofi&#8217;s management believes that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause
actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in
research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be
filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be
commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi&#8217;s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks
associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation, trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment
initiatives and subsequent changes thereto, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the
global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under &#8220;Risk Factors&#8221; and
&#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; in Sanofi&#8217;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:12pt; margin-bottom:0pt; font-size:8pt; 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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2/2</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d26807dex993.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="51%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9.5pt">
<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="g26807g0917162732469.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#7900e6"><I>EADV: Sanofi&#8217;s brivekimig achieved positive results in hidradenitis suppurativa
in phase 2a study </I></FONT></P> <P STYLE="font-size:16pt;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">In phase 2a study, brivekimig led to clinically meaningful improvements in primary and key secondary endpoints in <FONT
STYLE="white-space:nowrap">biologic-na&iuml;ve</FONT> patients compared to placebo at week 16 </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">Dual-target Nanobody<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:75%; vertical-align:top"> </SUP>VHH inhibiting TNF and OX40L being explored across a range of immune-mediated diseases </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">Reaffirms Sanofi&#8217;s commitment to addressing underlying inflammation across complex, heterogeneous chronic skin
diseases </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify"><B>Paris, September</B><B></B><B>&nbsp;17, 2025</B>. New data from the <FONT STYLE="white-space:nowrap">HS-OBTAIN</FONT>
phase 2a study (clinical study identifier: <FONT STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>NCT05849922</U></FONT><FONT STYLE="font-family:arial">) show that treatment with brivekimig led to clinically meaningful improvements in
the primary endpoint of Hidradenitis Suppurativa Clinical Response (HiSCR50) in patients na&iuml;ve to biologics with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> hidradenitis suppurativa (HS).
Brivekimig was well tolerated, with no serious adverse events. The results will be shared in an oral presentation at the European Academy of Dermatology and Venereology (EADV) 2025 Congress in Paris.</FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">HS is a chronic and debilitating inflammatory skin disease characterized by painful cutaneous nodules, abscesses and draining tunnels. Approximately
196,000 adults in the EU live with HS. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:arial" ALIGN="justify"><I>&#8220;Despite the debilitating impact of HS, treatment options are unfortunately
limited,&#8221; said </I><B><I>Alexa B. Kimball</I></B><I>, MD, MPH, Professor of Dermatology, Harvard Medical School. &#8220;The phase 2a results presented at EADV indicate targeting TNF and OX40L pathways together with brivekimig may offer a
promising strategy to reduce underlying inflammation, leading to improvement in HS symptoms.&#8221; </I></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>Key results
</I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The <FONT STYLE="white-space:nowrap">HS-OBTAIN</FONT> phase 2a study is a randomized, double-blind, placebo-controlled, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> study assessing the efficacy and safety of brivekimig in adults with
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> HS. The primary analysis population included <FONT STYLE="white-space:nowrap">biologic-na&iuml;ve</FONT> HS patients who were randomized 2:1 to
receive brivekimig 150 mg or placebo subcutaneously every two weeks. The following was observed at 16 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="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">HiSCR50, defined as <FONT STYLE="font-family:Times New Roman">&#8805;</FONT>50% reduction in total abscess and inflammatory
nodule count with no increase in abscess or draining fistula count relative to baseline, median response rates were <B>67% in the brivekimig arm </B>(n=48) versus 37% (n=23) in the placebo arm (Bayesian primary analysis with estimated difference of
29%; 90% credible interval: 10%&#8211;47%; probability of superiority: 99.28%). </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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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"><B>Clinically meaningful improvements were also seen in more stringent secondary efficacy endpoints</B> of HiSCR75 and
HiSCR90 for brivekimig versus placebo. </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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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"><B>54% of patients treated with brivekimig achieved HiSCR75</B> versus 22% with placebo (estimated difference of 29%; 90%
confidence interval [CI]: 11%&#8211;48%; p=0.0171). </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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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"><B>HiSCR90 was achieved by 31% of patients treated with brivekimig</B> versus 9% with placebo (estimated difference of 20%;
90% CI: 5%&#8211;34%; p=0.0576). </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="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" 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">The mean percent change from baseline in <B>draining tunnel count was <FONT STYLE="white-space:nowrap">-56.0%</FONT> for
brivekimig</B> versus +10.9% for placebo (estimated difference of <FONT STYLE="white-space:nowrap">-67.0%;</FONT> 90% CI: -105.2% to <FONT STYLE="white-space:nowrap">-28.8%;</FONT> p=0.005). </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The most frequent adverse events (occurring in &gt;10% of participants, and more frequent with brivekimig than with placebo) were nasopharyngitis and
headache. </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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&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; margin-left:6%; margin-right:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>&#8220;The positive early-stage results for brivekimig
in HS presented at EADV exemplify our deep understanding of pathway biology and commitment to exploring novel platforms and technologies with the goal of delivering new treatment options that can address the complex, heterogeneous nature of chronic
inflammatory skin diseases,&#8221; said </I><B><I>Alyssa Johnsen</I></B><I>, MD, PhD, Global Therapeutic Area Head, Immunology and Oncology Development&nbsp;at Sanofi. &#8220;We are encouraged by these results and look forward to continuing to
explore brivekimig, and the impact of dual TNF and OX40 ligand inhibition, on the inflammation driving the burdensome symptoms of HS.&#8221; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">The use of brivekimig to treat HS is investigational and has not been evaluated by any regulatory authority. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #b2b2b2">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#7900e6"><I>About brivekimig</I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Brivekimig is a dual-target Nanobody<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> molecule inhibiting the tumor necrosis factor and
OX40-ligand, key immune regulators. It is being investigated for potential uses across a range of immune-mediated diseases and inflammatory disorders.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
 COLOR="#7900e6"><I>About the <FONT STYLE="white-space:nowrap">HS-OBTAIN</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">HS-OBTAIN</FONT>
(clinical study identifier: <FONT STYLE="font-family:arial; font-size:10pt" COLOR="#7900e6"><U>NCT05849922</U></FONT><FONT STYLE="font-family:arial">) is a randomized, double-blind, placebo-controlled, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">proof-of-concept</FONT></FONT> phase 2a study assessing the efficacy and safety of brivekimig in adults with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">moderate-to-severe</FONT></FONT> HS.
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:arial" ALIGN="justify">Patients were randomized 2:1 to receive brivekimig 150 mg or placebo subcutaneously every two weeks for 16 weeks, followed by a <FONT
STYLE="white-space:nowrap">12-week</FONT> open-label period and an <FONT STYLE="white-space:nowrap">8-week</FONT> safety <FONT STYLE="white-space:nowrap">follow-up.</FONT> The primary efficacy endpoint was the percentage of <FONT
STYLE="white-space:nowrap">biologic-na&iuml;ve</FONT> participants achieving HiSCR50 at week 16. The primary analysis was based on a Bayesian logistic regression model adjusted for Hurley Stage. Additional endpoints included HiSCR75, HiSCR90, and
draining tunnel count at week 16 (with adjusted estimates and nominal <FONT STYLE="white-space:nowrap">p-values).</FONT> </P> <P STYLE="margin-top:12pt; 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&#8217;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.&nbsp;Our team is guided by one purpose: we chase the miracles of science to improve people&#8217;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:12pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY </P>
<P STYLE="margin-top:12pt; 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>| +33 6 30 19 66 46 | <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:12pt; 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> | +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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #b2b2b2">&nbsp;</DIV>
<P STYLE="margin-top:12pt; 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: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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&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: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 and their underlying assumptions, statements regarding plans, objectives, intentions, and expectations with
respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words &#8220;expects&#8221;,
&#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221;, &#8220;plans&#8221; and similar expressions. Although Sanofi&#8217;s management believes that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause
actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in
research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be
filed for any such product candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of such product candidates, the fact that product candidates if approved may not be
commercially successful, the future approval and commercial success of therapeutic alternatives, Sanofi&#8217;s ability to benefit from external growth opportunities, to complete related transactions and/or obtain regulatory clearances, risks
associated with intellectual property and any related pending or future litigation and the ultimate outcome of such litigation,&nbsp;trends in exchange rates and prevailing interest rates, volatile economic and market conditions, cost containment
initiatives and subsequent changes thereto, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the
global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under &#8220;Risk Factors&#8221; and
&#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221; in Sanofi&#8217;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:12pt; 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:12pt; margin-bottom:0pt; font-size:7pt; font-family:arial"><I>Dr.&nbsp;Kimball receives compensation for consulting and unpatented licensing fees from Sanofi. </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="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g26807g77a40.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3/3</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g26807g0916155329783.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g26807g0916155329783.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$!_\0
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MQ=M_'5^^FRZ>UI>I&9/E;<C =?I5[XC_ !.M?A^EM&UD]W=7*EHU#;5 'J:
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MBZK "\$<K*S#H X!!_2D(YOX'_#K3/$Z7>LZS$)[>WD$44!^ZS8R2?IQ7?\
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M\?\ Q78:WK=CIFGSI.MBK&61#D;V[9]L4 >H_!779];^&D:W+EY;-GM]Q/)
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IWFJO(SD8)KWZB@#R71O .O6NA:?;S0Q)+%;1HZ^:."% (HKUJB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g26807g0917162732469.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g26807g0917162732469.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>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g26807g77a40.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g26807g77a40.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_X0 B17AI9@  34T *@    @  0$2  ,
M   !  $       #_X@Q824-#7U!23T9)3$4  0$   Q(3&EN;P(0  !M;G1R
M4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&5     !)14,@<U)'0@
M            ]M8  0    #3+4A0("
M                                 !%C<')T   !4    #-D97-C   !
MA    &QW='!T   !\    !1B:W!T   "!    !1R6%E:   "&    !1G6%E:
M   "+    !1B6%E:   "0    !1D;6YD   "5    '!D;61D   "Q    (AV
M=65D   #3    (9V:65W   #U    "1L=6UI   #^    !1M96%S   $#
M "1T96-H   $,     QR5%)#   $/   " QG5%)#   $/   " QB5%)#   $
M/   " QT97AT     $-O<'ER:6=H=" H8RD@,3DY."!(97=L971T+5!A8VMA
M<F0@0V]M<&%N>0  9&5S8P         2<U)'0B!)14,V,3DV-BTR+C$
M         !)S4D="($E%0S8Q.38V+3(N,0
M                                        6%E:(        /-1  $
M   !%LQ865H@                     %A96B        !OH@  ./4   .0
M6%E:(        &*9  "WA0  &-I865H@        )*    ^$  "VSV1E<V,
M        %DE%0R!H='1P.B\O=W=W+FEE8RYC:               %DE%0R!H
M='1P.B\O=W=W+FEE8RYC:
M                      !D97-C         "Y)14,@-C$Y-C8M,BXQ($1E
M9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(              "Y)14,@
M-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(
M                        9&5S8P         L4F5F97)E;F-E(%9I97=I
M;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0              +%)E9F5R
M96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$
M                         '9I97<      !.D_@ 47RX $,\4  /MS  $
M$PL  UR>     5A96B       $P)5@!0    5Q_G;65A<P         !
M                     H\    "<VEG(     !#4E0@8W5R=@        0
M    !0 *  \ %  9 !X (P H "T ,@ W #L 0 !% $H 3P!4 %D 7@!C &@
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M)UUX7<E>&EYL7KU?#U]A7[-@!6!78*I@_&%/8:)A]6))8IQB\&-#8Y=CZV1
M9)1DZ64]99)EYV8]9I)FZ&<]9Y-GZ6@_:)9H[&E#:9II\6I(:I]J]VM/:Z=K
M_VQ7;*]M"&U@;;EN$FYK;L1O'F]X;]%P*W"&<.!Q.G&5<?!R2W*F<P%S77.X
M=!1T<'3,=2AUA77A=CYVFW;X=U9WLW@1>&YXS'DJ>8EYYWI&>J5[!'MC>\)\
M(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82
MA..%1X6KA@Z&<H;7ASN'GX@$B&F(SHDSB9F)_HIDBLJ+,(N6B_R,8XS*C3&-
MF(W_CF:.SH\VCYZ0!I!ND-:1/Y&HDA&2>I+CDTV3MI0@E(J4])5?E<F6-):?
MEPJ7=9?@F$R8N)DDF9"9_)IHFM6;0INOG!R<B9SWG62=TIY GJZ?'9^+G_J@
M::#8H4>AMJ(FHI:C!J-VH^:D5J3'I3BEJ:8:IHNF_:=NI^"H4JC$J3>IJ:H<
MJH^K JMUJ^FL7*S0K42MN*XMKJ&O%J^+L "P=;#JL6"QUK)+LL*S.+.NM"6T
MG+43M8JV ;9YMO"W:+?@N%FXT;E*N<*Z.[JUNRZ[I[PAO)N]%;V/O@J^A+[_
MOWJ_]<!PP.S!9\'CPE_"V\-8P]3$4<3.Q4O%R,9&QL/'0<>_R#W(O,DZR;G*
M.,JWRS;+MLPUS+7--<VUSC;.ML\WS[C0.="ZT3S1OM(_TL'31-/&U$G4R]5.
MU='65=;8UUS7X-ADV.C9;-GQVG;:^]N W 7<BMT0W9;>'-ZBWRG?K^ VX+WA
M1.',XE/BV^-CX^OD<^3\Y83F#>:6YQ_GJ>@RZ+SI1NG0ZEOJY>MPZ_OLANT1
M[9SN*.ZT[T#OS/!8\.7Q<O'_\HSS&?.G]#3TPO50]=[V;?;[]XKX&?BH^3CY
MQ_I7^N?[=_P'_)C]*?VZ_DO^W/]M____X  2 !!*1DE&  $"  !Z "@  /_;
M $,  @$! @$! @(" @(" @(#!0,# P,#!@0$ P4'!@<'!P8'!P@)"PD(" H(
M!P<*#0H*"PP,# P'"0X/#0P."PP,#/_; $,! @(" P,#!@,#!@P(!P@,# P,
M# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,
M#/_  !$( !, .@,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0           0(#
M! 4&!P@)"@O_Q "U$  " 0,# @0#!04$!    7T! @, !!$%$B$Q008346$'
M(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&
M1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:
MHJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CI
MZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!         0(#! 4&!P@)"@O_
MQ "U$0 " 0($! ,$!P4$!  ! G<  0(#$00%(3$&$D%1!V%Q$R(R@0@40I&A
ML<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X
M^?K_V@ , P$  A$#$0 _ /OCX[?\'.'[)O[/OQHUSP3JOBKQ+JEUX9OFTW5]
M3T?0)[W2["Y5BKQF9?OE6!4F,."00":]E_::_P""Q?[/G[)'[.W@WXH>,/'4
M4?ACXC6<=_X52SLYKB_U^"1$D62&V"B3:$D0EG"A=Z@D$@'\H/!/P)^+W[$'
M[-/QN^,7[(_CWPO\0_V=+?7]5U?Q/\-/B5X/V7)\D+]J1'8%KA5A"#(DB+A<
M%#("#H_M1?M1VNF?MB_L/_MQ>//A3JR?L_R?#S^RKS3M/TS[9;>!]2S>(&$.
MT*(U::%H6*J62'*C<BBNG&8.OA:TL/B8N,XNS35FGV:-*M*=.;IU%9K=,_3'
M]B/_ (+E?LZ_M_ZEXGT_P'XKU*+5O!NDRZ]J^GZQI%Q83VEC$5$L_P RE&5"
MRY"L6&X<5X]:_P#!UC^QK=^-8=*7QMXF2QFNA:#6Y/#%XFF(Q.,LY3>%[YV=
M.>E?'G[)7[1?AG]O7_@L-^V%\9_A?IGB"\^&^K? J\TNWU:XT:6SAGNX[>RC
M9.5X=FBD(!PS!"<5@_!OP1;WW_!E)XH%WH\4MY";VZC$MH&E61?$HVR#(SN"
M]&'(7OBN8S/UR_;?_P""K/P/_P"">OPQ\/\ BOXD^,K>UL?%P#Z!;:9"VH7F
MMH55O,MXHLEH]KH3(2$&]?FRPSR_[-G_  6=^"/[:G[/?Q&\<?"GQ VO7GPU
MT>ZU;5M!OK=]/U*U$,$DJ[X9!G8YC*[TW*#QG/%?E[\8]0F_8K_:+_X)\_M1
M?$SPEX@\4? WPQ\%]*\.ZC=VNG&^'A74SI\H6XDA_A/^D0N&."?*?;ET4'6^
M /BNV_X*#_\ !2;]K+]ICX0^$]=T/X)GX(ZMX9GUFZTQM/3Q9JK6B'<D6/G;
M]T2<Y8"&,L%,@% &#_P2]_X*F^+?VH_ GQB^)WQ,_:R^(&C^,(? >O:W=^$K
M'P5(?#O@NVCN8HH;VVD4[9I(U9=L:_O")3EF=&)^ZO@/^WIINO\ P-\&7_\
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0/R8UX$<8 X VCBBB@#__V0$!

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