Sanofi India Chairman Speech

Dear Shareholders,

At the outset, I wish to thank all of you for the trust and confidence you have placed in the Company. With your support, your Company continues to excel in providing world class, innovative, accessible medicines to millions of patients in the country, and around the world.

In recent months, healthcare has received special attention in India. With Ayushman Bharat India has taken a major leap towards providing universal healthcare. As this program reaches the implementation stage, we hope to see several public-private partnerships, which will result in better access to affordable, quality healthcare solutions to all Indians.

India continues to be amongst the fastest growing pharmaceutical markets in the world, with an operating environment that is dynamic and full of surprises. The industry has faced several headwinds including the effects of the Goods & Services Tax (GST), bans on certain fixed dose combinations, and challenges on the policy front. Your Company has navigated this challenging environment commendably through agile initiatives, and excellence in execution, while keeping patients at the centre of all its activities.

You will be proud that your Company had yet another year of strong performance, delivering double-digit revenue growth in the year under review. In 2018, we introduced new innovative medicines that strengthened our presence in key therapy areas. We continued to increase awareness and availability of our strong diversified portfolio in diabetes, cardiology, central nervous system diseases, thrombosis, respiratory and anti-infectives. Our robust manufacturing footprint provided strong support to our ambition, as our sites delivered world class medicines for domestic and international markets. tThe exports operations hold a special place in your Company, delivering quality healthcare solutions to over 50 international markets. India is destined to be a leading centre for drug manufacturing, and your Company is well placed to play an important role in this journey.

Technology has become a key disruptor and differentiator in healthcare. Your Company has introduced several digital initiatives to reach more patients and doctors, creating awareness of diseases and enhancing capability of healthcare practitioners. Our pioneering patient support programs leverage digital technology for delivering better health outcomes. Your Company is also rapidly digitizing all commercial and manufacturing operations, receiving strong support from Sanofi''s global expertise.

As a health journey partner, our purpose is Empowering Life, bringing value to society by protecting, enabling and supporting people facing health challenges through our drug treatments and healthcare initiatives. Your Company firmly believes in making a positive contribution to our communities, and giving back to society. I am proud that in 2018 your company expanded its commitment to Corporate Social Responsibility (CSR) through various programs in awareness, education, and employee volunteering, some of which have been developed and executed in partnership with the State and Central Government. Your Company places the highest emphasis on safety and responsible ethical practices. Our employees and partners are continuously engaged in living the values of Sanofi, through education, training and strong governance.

Our employees remain our pride - with their dedication and commitment to make a difference to millions of patients. Our global employee surveys have revealed exceptionally high engagement scores, with a majority of our employees extremely proud to work with Sanofi. We continue to accord the highest importance to employee welfare, and implement progressive practices like flexible working hours for our people. Your Company has put in place a transformational roadmap for human resources. We are committed to building a future-ready organization, driven by purpose and attractive to millennial and the talent of the future. The Company places highest priority on promoting diversity, inclusiveness and gender balance.

Today, we are living in exciting times. While there are uncertainties, your Company has always adapted to rise to the challenges and seize the opportunities. With the support of our partners and stakeholders, we will continue to work passionately, every day, to understand and solve the healthcare needs of people. India holds a special place for the Sanofi group, and we are privileged to receive their global expertise and support at every stage.

Once again, I take this opportunity to thank every shareholder for your support at all times, in the progress and development of your Company.

I also express my gratitude to the employees of the Company for their unwavering commitment to the values of Sanofi, and for their relentless perseverance to make sure that every person gets the gift of good health.

My best wishes to you and your families for a happy and healthy 2019.

Yours sincerely,

Rajaram Narayanan