Amlitelimab

Q2: double-digit sales and solid business EPS growth. 2025 sales guidance is now high single-digit growth, at upper end of range Paris, July 31, 2025 Q2 sales growth of 10.1% at CER1 and business EPS2 of €1.59 Pharma launches increased sales by 39.8%, reaching €0.9 billion, driven by ALTUVIIIO Dupixent sales increased by 21.1% to €3.8 billion, supported by the COPD launch Vaccines sales increased by 10.3% to €1.2 billion Research and Development expenses were €1.9 billion, up 17.7% Selling, general and administrative expenses were €2.3 billion, up 7.8% Business EPS was €1.59, up 8.3% at CER and up 1.9% reported; IFRS EPS was €3.24 Pipeline progress Three regulatory approvals: Dupixent BP (US), Sarclisa NDMM, TE (EU), and MenQuadfi meningitis (US) Three phase 3 readouts, incl. itepekimab COPD (one met primary endpoint/one did not); positive SP0087 in rabies prevention Seven regulatory designations, including orphan and fast track, in rare diseases, neurology, and oncology Capital allocation Sanofi and CD&R closed the Opella transaction, creating an independent global consumer healthcare leader Acquisitions completed: Blueprint, in rare diseases/immunology, and Dren Bio’s DR-0201, early-stage pipeline in immunology Acquisitions announced: Vigil, in Alzheimer’s disease, and Vicebio, in respiratory vaccines, adding to the early-stage pipeline3 Sustainability Sanofi ranked the world’s tenth most sustainable company and number one in Pharmaceuticals & Biotechnology by TIME Guidance In 2025, sales are anticipated to grow by a high single-digit percentage at CER (previously mid-to-high single-digit). Sanofi confirms the expectation of a strong business EPS rebound with growth at a low double-digit percentage at CER (before share buyback), now including all expenses from newly acquired businesses4 Sanofi intends to complete its €5 billion share buyback program in 2025. 80.3% has been repurchased to date Paul Hudson, Chief Executive Officer: “We delivered strong performance in Q2 with 10.1% sales growth. Our nine newly launched medicines and vaccines grew by 47.3%. Eight years after market introduction, Dupixent grew by more than 20%, supported by the COPD launch. Based on strong sales performance in H1, we are refining our 2025 sales guidance to the upper end of our previous range. At the same time, we confirm our guidance of a strong business EPS rebound, which now includes all expenses from newly acquired businesses. Our pipeline continues to make progress despite the mixed results with itepekimab in COPD. We are progressing the data analysis and once finished, we will discuss with regulatory authorities. We remain steadfast in our dedication to bringing new medicines and vaccines to patients. We eagerly anticipate several important phase 3 data readouts in the second half of the year, including amlitelimab in atopic dermatitis and tolebrutinib in primary progressive multiple sclerosis. Earlier in July, we successfully closed the acquisition of Blueprint in rare diseases, and we are anticipating the closing of the Vigil acquisition in neurology during Q3. Sanofi will remain focused on strategically redeploying capital towards growth and differentiated science with attractive financial returns. We continue to advance our strategy as an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth.” Q2 2025 Change Change at CER H1 2025 Change Change at CER IFRS net sales reported €9,994m +6.0% +10.1% €19,889m +8.3% +9.9% IFRS net income reported €3,939m +253.9% — €5,812m +158.8% — IFRS EPS reported €3.24 +264.0% — €4.74 +163.3% — Free cash flow5 €1,429m +65.8% — €2,458m +474.3% — Business operating income €2,461m -2.4% +3.3 % €5,363m +8.6% +10.8% Business net income €1,940m -0.6% +5.1 % €4,152m +7.6% +9.8% Business EPS €1.59 +1.9% +8.3% €3.39 +9.7% +12.0% 1 Changes in net sales are at constant exchange rates (CER) unless stated otherwise (definition in Appendix 9). 2 To facilitate an understanding of operational performance, Sanofi comments on the business net income, a non-IFRS financial measure (definition in Appendix 9). The income statement is in Appendix 3 and a reconciliation of net income as reported under IFRS to business net income is in Appendix 4. 3 Subject to closing conditions detailed overleaf. 4 Applying July 2025 average currency exchange rates, the currency impacts are estimated at around -4% on sales and at around -6% on business EPS. 5 Free cash flow is a non-IFRS financial measure (definition in Appendix 9). Attachment Press release

New data sent Nektar Therapeutics’ share price up 119% to $20.90 in premarket trading. \n Nektar Therapeutics is enjoying the sweet taste of clinical trial success after years of swallowing bitter pills. The biotech reported a phase 2 win for rezpegaldesleukin in atopic dermatitis, sending its stock up 119% despite the data falling short of the bar set by Regeneron and Sanofi’s major blockbuster immunology drug Dupixent. Rezpeg, as it is also known, is an IL-pathway agonist and regulatory T-cell (Treg) proliferator. While most atopic dermatitis treatments work by blocking immune activation, rezpeg is designed to stimulate Treg cells the body makes to dampen inflammatory reactions. The idea is to rebalance the immune system to provide lasting relief from the symptoms of atopic dermatitis and other autoimmune and inflammatory diseases.Nektar tested the idea in a phase 2b trial that randomized 393 patients with moderate to severe atopic dermatitis to receive one of three doses of rezpeg or placebo. After 16 weeks, Nektar reported a 61% improvement in symptoms on the high dose and a 31% improvement on placebo, achieving its primary endpoint. The two lower doses also performed significantly better than placebo.Symptoms improved by at least 75% on the EASI score in up to 46% of patients taking rezpeg. The middle dose performed numerically better than the high dose on EASI-75 and an investigator scale. Otherwise, the data showed dose-dependent trends, with EASI-90 topping out at 25% on the high dose. The high dose performed significantly better than placebo against all the endpoints Nektar looked at in its top-line data analysis. But the high level of competition for the atopic dermatitis market means rezpeg will face tougher comparisons than placebo. EASI-75 and EASI-90 for Dupixent were 52% and 30%, respectively, in a phase 2b trial.Cytokine-, microbiome- and toleragenic-based approaches to restoring immune homeostasis are more directly comparable to rezpeg. OX40 candidates such as Sanofi’s amlitelimab are potential rivals, but Nektar believes it has a differentiated candidate. “We saw a rapid onset of response for all three endpoints and especially for EASI-75 and itch, separating from placebo quickly within a few doses of receiving rezpeg,” Nektar CEO Howard Robin said on a call with analysts to discuss the data. “This is a key differentiator from other immune-modulation approaches such as OX40 pathway inhibitors.”Jonathan Zalevsky, Ph.D., chief research and development officer at Nektar, told analysts cross-trial comparisons with OX40 studies are instructive because the trials “were completed in similar time frames, had similar global footprints and had similar statistical designs.” The biotech is now preparing for phase 3. “This study really gives us everything that we need to design the phase 3 regimen,” Zalevsky said. “I am very confident we\'re in great shape to have just one dose level and regimen for the phase three 3.”The data sent Nektar’s share price up 119% to $20.90 in premarket trading. Nektar has endured tough years since its big-ticket Bristol Myers Squibb oncology collaboration collapsed in the face of weak data. Eli Lilly was partnered on rezpeg but exited after a clinical setback. Nektar then accused Lilly of a botched analysis that understated the effect of the drug candidate.Nektar emerged with full rights to rezpeg, but, with the stock trading below cash, investor hopes were low going into the phase 2b readout. The top-line data prompted a reevaluation of Nektar’s prospects.