Sanofi

In the ordinary course of our business, we enter into agreements for licensing or collaboration in the development and

commercialization of products, as well as agreements for the purchase or sale of other businesses. Certain of the agreements

which have led to successful commercialization to date are summarized in “Item 5. Operating and financial review and prospects

— A.1.7 Financial presentation of alliances.”. Agreements in connection with the sale and purchase of a 50% controlling stake in

Opella are described in "Item 4. Information on the Company — B.3 Opella".

Share Repurchase Agreement with L'Oréal

On February 2, 2025, Sanofi and L'Oréal entered into a share buyback agreement pursuant to which Sanofi repurchased

29,556,650 shares from L’Oréal, a significant shareholder, at €101.50 per share, for a total amount of approximately €3 billion.

The transaction closed on February 5, 2025. Sanofi canceled the shares acquired from L'Oréal on March 13, 2025. As of

December 31, 2025, after the transaction and cancellation of the shares, L’Oréal held 7.27% of Sanofi’s share capital and 13.10% of

Sanofi’s effective voting rights (excluding treasury shares). For more information, see “Item 3. Key Information – D. Risk Factors –

Our largest shareholder owns a significant percentage of the share capital and voting rights of Sanofi” and “Item 7. Major

Shareholders and Related Party Transactions – A. Major Shareholders.”