Sanofi — Capital/Financing Update 2016

Apr 1, 2016

FINAL TERMS DATED 1 APRIL 2016

Issue of EUR 700,000,000 1.125 per cent. Notes due 5 April 2028

under the Euro 15,000,000,000

Euro Medium Term Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 24 March 2016 which constitutes a base prospectus for the purposes of the Prospectus Directive (as defined in the Base Prospectus dated 24 March 2016) (the "Base Prospectus"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus and the Final Terms are available for viewing at Sanofi, 54 rue La Boétie, 75008 Paris, France during normal business hours and at www.sanofi.com and copies may be obtained from Sanofi, 54 rue La Boétie, 75008 Paris, France and will be available on the Autorité des marchés financiers (the "AMF") website (www.amf-france.org).

	Series Number: (i)	25
	(ii) Tranche Number:	1
2.	Specified Currency or Currencies:	Euro ("EUR")
3.	Aggregate Nominal Amount of Notes:
	Series: (i)	EUR 700,000,000
	(ii) Tranche:	EUR 700,000,000
4.	Issue Price:	99.133 per cent. of the Aggregate Nominal Amount
5.	Specified Denomination(s):	EUR 100,000
6.	Issue Date: (i)	5 April 2016
	(ii) Interest Commencement Date:	5 April 2016
7.	Maturity Date:	5 April 2028
8.	Interest Basis:	1.125 per cent. Fixed Rate
9.	Change of Interest Redemption/ or Payment Basis:	Not Applicable
	10. Put/Call Options:	See provisions relating to redemption below

EXECUTION VERSION

	11. (i) Status of the Notes:	Unsubordinated Notes
	(ii) Date of Board approval for issuance of Notes obtained:	Conseil d'Administration held on 8 February 2016 and the decision of Mr Olivier Brandicourt, Directeur Général of the Issuer, dated 30 March 2016
	12. Method of Distribution:	Syndicated
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
	13. Fixed Rate Note Provisions (Condition $5(a)$ )	Applicable
(i)	Rate of Interest:	1.125 per cent. per annum payable annually in arrear
	(ii) Interest Payment Date(s):	5 April in each year
	(iii) Fixed Coupon Amount:	EUR 1,125 per EUR 100,000 in Nominal Amount
	(iv) Broken Amount(s):	Not Applicable
	(v) Day Count Fraction:	Actual/Actual (ICMA)
	(vi) Fixed Interest Dates:	5 April in each year
	(vii) Party responsible for calculation of Interest Amounts (i f) not the Calculation Agent):	Not Applicable
	14. Floating Rate Note Provisions (Condition $5(b)$ )	Not Applicable
	15. Zero Coupon Note Provisions	Not Applicable
	PROVISIONS RELATING TO REDEMPTION
	16. Call Option (Condition $7(c)$ )	Applicable
(i)	Optional Redemption Date(s) (Call):	Any day from and including 5 January 2028 to but excluding the Maturity Date
(ii)	Optional Redemption Amount(s) (Call) of each Note:	EUR 100,000 per Note of EUR 100,000 Specified Denomination
	(iii) If redeemable in part:
	(a) Minimum Redemption Amount:	Not Applicable
	(b) Maximum Redemption Amount:	Not Applicable
(iv)	Notice period:	As set out in Condition 7(c)
	17. Put Option (Condition 7(e))	Not Applicable
	18. Make-whole Redemption (Condition $7(f)$ )	Applicable

(i)	Parties to be notified by Issuer of Make-whole Redemption Date and Make-whole Redemption Amount (if other than set out in Condition $7(f)$ :	As set out in Condition $7(f)$
(i)	Make-whole Redemption Margin:	0.15 per cent. per annum
	(iii) Discounting basis for purposes of calculating sum of the present values of the remaining scheduled payments of principal and interest Redeemed Notes in on the determination of the Make-whole Redemption Amount:	Annual
	(iv) Reference Security:	Reference Bund DBR 0.500 per cent. maturing in February 2026 ISIN ISIN DE0001102390
	(v) Reference Dealers:	Banco Santander, S.A. Barclays Bank plc Citigroup Global Markets Limited ING Bank N.V., Belgian Branch The Royal Bank of Scotland plc
	(vi) Quotation Agent:	BNP Paribas Securities Services
	19. Clean-up call option (Condition $7(d)$ )	Applicable
	20. Early Redemption Amount (Condition 7(b) and $7(g)$ )	Early Redemption Amount(s) per Note payable on redemption for taxation reasons, on an event of default or other early redemption (other than any Make whole redemption as described above) and/or the method of calculating the same (if required or if different from that set out in the Conditions):
		EUR 100,000 per Note of EUR 100,000 Specified Denomination
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	21. Form of Notes:	Dematerialised Notes
(i)	Form of Dematerialised Notes:	Bearer dematerialised form (au porteur)

• (ii) Registration Agent: Not Applicable
• (iii) Temporary Global Certificate: Not Applicable
• 1. Additional Financial Centre(s) or other
     special provisions relating to Payment Not Applicable Business Days:
• 1. Talons for future Coupons to be attached No to Definitive Notes (and dates on which

such Talons mature):

	24. Redenomination, renominalisation and reconventioning provisions:	Not Applicable
	25. Consolidation provisions:	Not Applicable
	26. Representation of holders of Notes:	Condition 13 applies
		The Initial Representative shall be:
		MASSQUOTE S.A.S.U. RCS 529 065 880 Nanterre 7bis rue de Neuilly F-92110 Clichy Mailing address: 33, rue Anna Jacquin 92100 Boulogne Billancourt France Represented by its Chairman
		The Alternative Representative shall be:
		Gilbert Labachotte 8 Boulevard Jourdan 75014 Paris France
		The Representative will be entitled to an upfront fee of EUR 5,760 (VAT included) payable by the Issuer on the Issue Date.
		The Representative will exercise its duty until its dissolution, resignation or termination of its duty by a general assembly of Noteholders or until it becomes unable to act. Its appointment shall automatically cease on the Maturity Date, or total redemption prior to the Maturity Date.
	DISTRIBUTION
27. (i)	If syndicated, names and addresses of Managers and underwriting commitments:	BANCO SANTANDER, S.A. Ciudad Grupo Santander Avenida de Cantabria s/n Edificio Encinar 28660, Boadilla del Monte Madrid Spain EUR 140,000,000

BARCLAYS BANK PLC 5 The North Colonnade
Canary Wharf

London E14 4BB United Kingdom

EUR 140,000,000

CITIGROUP GLOBAL MARKETS LIMITED Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom

EUR 140,000,000

ING BANK N.V., BELGIAN BRANCH Avenue Marnix 24 B-1000 Brussels Belgium

EUR 140,000,000

THE ROYAL BANK OF SCOTLAND PLC 135 Bishopsgate London EC2M 3UR United Kingdom

Reg. S Compliance Category 2; TEFRA not applicable

EUR 140,000,000

1 April 2016

(ii) Date of Subscription Agreement:

(iii) Stabilising Manager(s) (if any):

Citigroup Global Markets Limited

1. If non-syndicated, name and address of Not Applicable Dealer:

2. US Selling Restrictions:

3. Non-exempt Offer:

Not Applicable.

Signed on behalf of the Issuer:

By: $\cdots$ . . . . . . . . . . . . . . . . . . . . $\subset$

Duly authorised

Olivier KLARIC Senior Vice President Group Treasurer SANOFI

PART B - OTHER INFORMATION

$\mathbf{1}$ . ADMISSION TO TRADING AND LISTING

$\overline{2}$ .

Admission to trading and listing: (i)	Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading and to be listed on the Euronext Paris with effect from 5 April 2016.
(ii) Estimate of total expenses related to admission to trading:	EUR 8,200
RATINGS
Ratings:	The Notes to be issued have been rated:
	Standard & Poor's Credit Market Services Europe Limited $("S\&P")$ : AA
	Moody's France S.A.S. ("Moody's"): A1

S&P and Moody's are established in the European Union and registered under Regulation (EC) No 1060/2009 (the "CRA Regulation"), as amended. As such S&P and Moody's are included in the list of credit rating agencies published by the European Securities and Markets Authority on its website (http://www.esma.europa.eu/page/List-registered-andcertified-CRAs) in accordance with the CRA Regulation.

$3.$ INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

$\overline{4}$ . REASONS FOR THE OFFER

The net proceeds of the issue of the Notes will be used for the general corporate purposes of the Issuer.

5. Fixed Rate Notes only - YIELD

Indication of yield: 1.203 per cent. per annum

6. Floating Rate Notes only - HISTORIC INTEREST RATES

Not Applicable.

7. TERMS AND CONDITIONS OF THE OFFER

Not Applicable

Not Applicable

8. PLACING AND UNDERWRITING

OIFIA.IN TOIVILO Senior Vice President FIOVAR

9. OPERATIONAL INFORMATION

(i)	ISIN Code:	FR0013144003
	(ii) Common Code:	139006933
	(iii) Depositaries:
	(a) Euroclear France to act as Central Depositary:	Yes
	(b) Common Depositary for Euroclear Bank and Clearstream Banking, société anonyme:	No
	(iv) Any clearing system(s) other than Euroclear France, Euroclear Bank SA/NV and Clearstream Banking société anonyme and the relevant identification number(s):	Not Applicable
	(v) Delivery:	Delivery against payment
	(vi) Names and addresses of initial Paying Agents:	BNP Paribas Securities Services (affiliated with Euroclear France under number 29106) 9, rue Débarcadère 93761 Pantin cedex France
	(vii) Names addresses and of additional Paying Agent(s) (i f) any):	Not Applicable