Exhibit 99.2

RECENT DEVELOPMENTS

Unaudited Consolidated Balance Sheet as at March 31, 2018

Set forth below is the unaudited consolidated balance for Sanofi as at March 31, 2018 and December 31, 2017.

ASSETS

 

(€ million)

    March 31,
2018		      December 31,
2017(1)		  

Property, plant and equipment

      9,356        9,579  

Goodwill

      41,194        40,264  

Other intangible assets

      21,008        13,080  

Investments in associates and joint ventures

      2,786        2,847  

Other non-current assets

      3,311        3,364  

Deferred tax assets

      4,238        4,291  
  

 

 

     

 

 

  

Non-current assets

      81,893        73,425  
  

 

 

     

 

 

  

Inventories

      7,036        6,818  

Accounts receivable

      6,389        7,216  

Other current assets

      2,203        2,005  

Cash and cash equivalents

      12,799        10,315  
  

 

 

     

 

 

  

Current assets

      28,427        26,354  
  

 

 

     

 

 

  

Assets held for sale or exchange

      1,343        34  
  

 

 

     

 

 

  

TOTAL ASSETS

      111,663        99,813  
  

 

 

     

 

 

  

 

(1) Including impacts of IFRS15 implementation on revenue recognition.

EQUITY AND LIABILITIES

 

(€ million)

    March 31,
2018		      December 31,
2017(1)		  

Equity attributable to equity holders of Sanofi

      58,088        58,070  

Equity attributable to non-controlling interests

      165        169  
  

 

 

     

 

 

  

Total equity

      58,253        58,239  
  

 

 

     

 

 

  

Long-term debt

      21,460        14,326  

Non-current liabilities related to business combinations and to non-controlling interests

      1,107        1,026  

Non-current provisions and other non-current liabilities

      8,713        9,154  

Deferred tax liabilities

      3,292        1,605  
  

 

 

     

 

 

  

Non-current liabilities

      34,572        26,111  
  

 

 

     

 

 

  

Accounts payable

      4,330        4,633  

Current liabilities related to business combinations and to non-controlling interests

      340        343  

Other current liabilities

      8,329        9,212  

Short-term debt and current portion of long-term debt

      5,542        1,275  
  

 

 

     

 

 

  

Current liabilities

      18,541        15,463  
  

 

 

     

 

 

  

Liabilities related to assets held for sale or exchange

      297        —    
  

 

 

     

 

 

  

TOTAL EQUITY AND LIABILITIES

      111,663        99,813  
  

 

 

     

 

 

  

 

(1) Including impacts of IFRS 15 implementation on revenue recognition.

Other Recent Events

In addition to the information included under “Information on Q1 2018 Financial Results” in Exhibit 99.1, Sanofi has reported the following recent developments:

 

  •   On April 24, 2018, Sanofi announced that Elias Zerhouni, M.D., Head of Global Research and Development, will retire from Sanofi effective June 30, 2018, and will be succeeded by John C. Reed, M.D. Ph.D. effective as of July 1, 2018.

 

  •   On May 2, 2018, Sanofi’s shareholders approved resolutions submitted for a vote at the Combined General Shareholders’ Meeting. In particular, the shareholders approved the distribution of a cash dividend of €3.03 per share, with a total payment of €3.8 billion made on May 15, 2018. The General Meeting also renewed the appointment of Directors Olivier Brandicourt, Patrick Kron and Christian Mulliez and approved the appointment of Emmanuel Babeau as independent Director, for a term of four years.

 

  •   On May 14, 2018, Sanofi announced the results of its tender offer for all the outstanding shares of Ablynx, a Belgian company, which resulted in Sanofi owning 95.60% of the outstanding shares of the company. Ablynx, whose ordinary shares are listed on Euronext Brussels and whose American Depositary Shares are listed on NASDAQ, is engaged in the development of nanobodies. Settlement of the tender offer occurred on May 18, 2018 for €3.7 billion. Sanofi also commenced the squeeze-out procedure to acquire those securities not previously tendered in the offers. The squeeze-out period will expire on June 12, 2018. In connection with the tender offer, Sanofi entered into a €4.2 billion term facility agreement with BNP Paribas Fortis SA/NV on January 28, 2018, which agreement was amended on March 29, 2018. On May 25, 2018, Sanofi reduced the amount of the term facility to €200 million, which is expected be canceled without being drawn, upon completion of the squeeze-out procedure.

 

  •   Between March 31, 2018 and June 8, 2018, Sanofi has issued U.S. commercial paper for a total consideration of $6.1 billion and has repaid $4.5 billion of the issued commercial paper, resulting in a net increase of $1.7 billion of Sanofi’s outstanding commercial paper.

 

  •   On June 11, 2018, Sanofi launched its Action 2018 Shareholding Plan, pursuant to which Sanofi may sell up to 0.5% of its ordinary shares to its eligible employees.