Commentary & Deal Flow

Reoffer: 3yr: MS+28bp / 99.878 / 3.043% 7yr: MS+50bp / 99.822 / 3.404% 11yr: MS+70bp / 99.778 / 3.775%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.65 / B+46.3bp 7yr: DBR 2.3 15-Feb-33 @ 96.86 / B+59.1bp 11yr: DBR 4 04-Jan-37 @ 108.49 / B+72.0bp

Tranche 1 (3yr): Final Books €2.1bn+. Peak book €2.4bn+.
Tranche 2 (7yr): Final Books €1.4bn+. Peak book €1.6bn+.
Tranche 3 (11yr): Final Books €1.7bn+. Peak book €1.8bn+.

Launched:
3yr: €1bn @ MS+28bp - Books €2.4bn+
7yr: €650m @ MS+50bp - Books €1.6bn+
11yr: €650m @ MS+70bp - Books €1.8bn+

Guidance:
3yr: MS+28bp - Books €3.1bn+
7yr: MS+50bp - Books €2.0bn+
11yr: MS+70bp - Books €2.0bn+

IPTs: 3yr: MS+60a 7yr: MS+80/85 11yr: MS+100a

• Issuer: Sanofi
• Ticker: SANFP
• Country: FR
• Issuer LEI: 549300E9PC51EN656011
• Issuer Ratings: Aa3 (stable) by Moody’s / AA (stable) by Standard & Poor’s / AA (stable) by Scope
• Issue Expected Ratings: Aa3 by Moody’s / AA by Standard & Poor’s / AA by Scope
• Format of Notes: Senior Unsecured, Unsubordinated Reg S (Cat 2) Bearer dematerialized
• Pricing Date: 24-Apr-26
• Settlement Date: 05-May-26 (T+6)
• Tenor:
• • 3-year
  • 7-year
  • 11-year
• Issue Size:
• • 3yr: €1bn
  • 7yr: €650m
  • 11yr: €650m
• Maturity Date:
• • 3yr: 05-May-29
  • 7yr: 05-May-33
  • 11yr: 05-May-37
• Reoffer Spread:
• • 3yr: MS+28bp
  • 7yr: MS+50bp
  • 11yr: MS+70bp
• Reoffer Yield:
• • 3yr: 3.043%
  • 7yr: 3.404%
  • 11yr: 3.775%
• Reoffer Price:
• • 3yr: 99.878
  • 7yr: 99.822
  • 11yr: 99.778
• Coupon:
• • 3yr: 3.000% Fixed, Annual, ACT/ACT (ICMA)
  • 7yr: 3.375% Fixed, Annual, ACT/ACT (ICMA)
  • 11yr: 3.750% Fixed, Annual, ACT/ACT (ICMA)
• Par Call:
• • 3yr: 1-month
  • 7yr: 3-month
  • 11yr: 3-month
• Clean-up Call:
• • 3yr: 75%
  • 7yr: 75%
  • 11yr: 75%
• Reference Bund:
• • 3yr: OBL 2.1 12-Apr-29 (@ 98.65 px) (DE000BU25026)
  • 7yr: DBR 2.3 15-Feb-33 (@ 96.86 px) (DE000BU2Z007)
  • 11yr: DBR 4 04-Jan-37 (@ 108.49 px) (DE0001135275)
• Bund Spread:
• • 3yr: 46.3bp
  • 7yr: 59.1bp
  • 11yr: 72.0bp
• Hedge Ratio:
• • 3yr: 101%
  • 7yr: 102%
  • 11yr: 94%
• Make-Whole Call:
• • 3yr: B+10bp
  • 7yr: B+10bp
  • 11yr: B+15bp
• TOE:
• • 3yr: 15:55 UKT
  • 7yr: 15:54 UKT
  • 11yr: 15:54 UKT
• FTT: 16:20 UKT
• Denominations: €100k + €100k
• Use of Proceeds: General Financing and Corporate Purposes
• ISIN:
• • 3yr: FR0014016SU0
  • 7yr: FR0014016SW6
  • 11yr: FR0014016SX4
• Listing and Documentation: Euronext Paris (Regulated Market) / EMTN Programme Base Prospectus dated 4 June 2025 as supplemented on 13 June 2025, 27 February 2026 and 23 April 2026
• Clearing: Euroclear France
• Governing Law: French Law
• Global Coordinators: Citi, HSBC and J.P. Morgan (B&D)
• Active Bookrunners: CACIB, Citi, Deutsche Bank, HSBC, J.P. Morgan (B&D), RBC Capital Markets and UniCredit
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or the United Kingdom.
• Advertisement Language: The Base Prospectus and any supplement are available on the AMF's and the Issuer’s website - The Final Terms when published will be available on the AMF's website (https://www.amf-france.org) - The documents will also be available on the issuer’s website (www.sanofi.com).
• Disclaimer: The Notes are being offered and sold pursuant to an exemption from the registration requirements of the U.S. Securities Act, outside the United States in offshore transactions, in reliance on, and in compliance with Regulation S under the U.S. Securities Act. This announcement has been prepared for use in connection with the offer and sale of notes and does not constitute an offer to any person in the United States. Distribution of this announcement to any person within the United States is unauthorised. In member states of the EEA, this announcement is directed only at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 (the "EU Prospectus Regulation"). In the UK, this announcement is directed only at persons who are not retail investors. The expression “retail investor” means a person who is either one (or both) of the following: (i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018; or (ii) not a "qualified investor" as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (the “POATRs”). This communication is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of FSMA does not apply. This announcement may only be communicated in France to qualified investors (investisseurs qualifiés) as defined in Article 2(e) of the EU Prospectus Regulation and referred to in Article L.411-2 of the French code monétaire & financier. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.