second supplement dated 5 september 2016 to the base

SECOND SUPPLEMENT DATED 5 SEPTEMBER 2016 TO THE BASE PROSPECTUS
DATED 24 MARCH 2016
Sanofi
(Incorporated as a société anonyme in France)
€20,000,000,000
Euro Medium Term Note Programme
This second supplement (the “Supplement”) constitutes a supplement to and must be read in conjunction with the
base prospectus dated 24 March 2016 which received visa no. 16-098 from the AMF, as supplemented by the first
supplement to the base prospectus dated 28 June 2016 which received visa no. 16-277 (together, the “Base
Prospectus”) prepared in connection with the €20,000,000,000 Euro Medium Term Note Programme (the
“Programme”) established by Sanofi (the “Issuer”). Terms defined in the Base Prospectus have the same meaning
when used in this Supplement.
Application has been made to the AMF, as competent authority pursuant to Article 212-2 of its Réglement Général
implementing Directive 2003/71/EC (as amended, the “Prospectus Directive”) to approve this Supplement.
The Issuer declares that, having taken all reasonable care to ensure that such is the case, the information contained in
this Supplement with respect to the Issuer, and to the Issuer and its subsidiaries taken as a whole (the “Group”) is, to
the best of its knowledge, in accordance with the facts as at the date of this Supplement and contains no omission
likely to affect its import. The Issuer accepts responsibility accordingly.
This Supplement has been prepared pursuant to Article 16.1 of the Prospectus Directive and Article 212-25 of the
Réglement Général of the AMF for the purposes of:
A. incorporating by reference the Issuer’s press release and half-year financial report published on 29 July
2016 announcing in particular its financial results for the first semester of 2016;
B. amending the “Summary” section and the “Résumé” section of the Base Prospectus;
C. amending the “Recent Developments” section of the Base Prospectus; and
D. amending the “General Information” section of the Base Prospectus.
A copy of the document herein incorporated by reference and a copy of this Supplement can be obtained from the
registered office of the Issuer as set out at the end of the Base Prospectus and at the office of the Fiscal Agent, as
described on page 109 of the Base Prospectus. A copy of such document incorporated by reference as well as a copy
of this Supplement are also available on the website of the Issuer, www.sanofi.com, and a copy of this Supplement is
available on the website of the AMF, www.amf-france.org.
To the extent that there is any inconsistency between (a) any statement included or incorporated by reference in this
Supplement and (b) any statement included or incorporated by reference in the Base Prospectus, the statements in (a)
above will prevail.
Save as disclosed in this Supplement, there has been no significant new factor, material mistake or inaccuracy
relating to information included in the Base Prospectus since the publication thereof which is capable of affecting the
assessment of Notes to be issued under the Programme.
To the extent applicable, and provided that the conditions of Article 212-25 I of the Réglement Général of the AMF
are fulfilled, investors who have already agreed to purchase or subscribe for Notes to be issued under the Programme
before this Supplement is published, have the right, according to Article 212-25 II of the Réglement Général of the
AMF, to withdraw their acceptance by no later than 7 September 2016 (included).
1
TABLE OF CONTENTS
SUMMARY ..................................................................................................................................... 3
RÉSUMÉ EN FRANCAIS............................................................................................................... 5
DOCUMENTS INCORPORATED BY REFERENCE ................................................................... 7
BUSINESS OF SANOFI ................................................................................................................. 8
GENERAL INFORMATION .......................................................................................................... 9
PERSONS RESPONSIBLE FOR THE PROSPECTUS SUPPLEMENT ..................................... 10
2
SUMMARY
The part B.12 of the Summary on page 3 of the Base Prospectus is hereby deleted and replaced in its entirety with
the following:
B.12
Selected Key
Historical
Financial
Information:
The following table shows Sanofi’s key figures relating to the income statement and
balance sheet (consolidated figures) as at, and for the years ended, 31 December 2015 and
2014 and as at, and for the six-month periods ended, 30 June 2016 and 30 June 2015. This
information has been extracted from the 2015 Annual Report on Form 20-F and the 2016
Half Year Financial Report which are incorporated by reference into the Base Prospectus.
(Euro million, except per share
data)
IFRS Income statement data
Net sales1 / 3
Gross profit1
Operating income1
Net income attributable to equity
holders of the Company
Basic earnings per share (Euro)
Net income attributable to equity
holders of the Company
Diluted earnings per share (Euro)
Net income attributable to equity
holders of the Company
IFRS Balance sheet data
Goodwill and other intangible
assets
Total assets
Outstanding share capital
Equity attributable to equity
holders of the Company
Long term debt
Cash dividend paid per share (euro)
1H2016
1H2015
2015
2014
15,926
11,266
2,590
2,245
16,629
11,714
3,238
2,325
34,060
23,942
5,624
4,287
31,379
21,769
6,064
4,390
1.74
1.78
3.28
3.34
1.73
1.76
3.25
3.30
50,5142
55,062
51,5832
53,740
99,113
2,574
54,190
97,923
2,612
56,618
102,321
2,603
58,049
97,392
2,620
56,120
14,8502
NA
10,770
NA
13,1182
2.93
13,276
2.85
1
Material
Adverse
Change and
Significant
Change:
Excluding the Animal Health business, the net income/loss of which is presented in a
separate line item, “Net income/(loss) of the held-for-exchange Animal Health business”, in
the consolidated financial statements for 2015 and 2014 in accordance with IFRS 5 (see
Notes D.2.1. and D.36. to the consolidated financial statements included at Item 18 of the
2015 Annual Report on Form 20-F and notes B.1 and B. 20 to the condensed half-year
consolidated financial statements as of June 30, 2016). Until final completion of the
transaction, expected at the end of 2016, the Animal Health business remains an operating
segment of the Group pursuant to IFRS 8.
2
Excluding the Animal Health business, which is presented in separate line items, Assets
held for sale or exchange and Liabilities related to assets held for sale or exchange.
3
Due to a change in accounting presentation, VaxServe sales of non-Sanofi products are
included in Other revenues from 2016 onwards. The presentation of prior period Net sales
and Other revenues has been amended accordingly (see Note A.1.2. to the Condensed HalfYear Consolidated Financial Statements as of June 30, 2016)
Not Applicable. There has been no material adverse change in the prospects of Sanofi since
31 December 2015 and there has been no significant change in the financial or trading
position of Sanofi or of the Group since 30 June 2016.
3
The part B.15 of the Summary on page 4 of the Base Prospectus is updated as follows:
Footnote n°3 is cancelled and replaced by: “On 15 December 2015, Sanofi and Boehringer Ingelheim signed an
exclusivity agreement to exchange Sanofi’s Animal Health business for Boehringer Ingelheim’s Consumer Health
Care business. The transaction would also involve a gross cash payment from Boehringer Ingelheim to Sanofi. In
June 2016, the companies have reached definitive agreements to swap these activities. The two parties aim to close
the transaction by year-end 2016, subject to approval by all regulatory authorities in different territories.”
4
RÉSUMÉ EN FRANCAIS
The part B.12 of the RESUME EN FRANCAIS on page 13 of the Base Prospectus is hereby deleted and replaced in
its entirety with the following:
B.12
Informations
financières
historiques
clés
sélectionnées :
Le tableau suivant présente les informations financières sélectionnées relatives au compte
de résultat et au bilan (chiffres consolidés) de Sanofi aux, et pour les exercices clos les 31
décembre 2015 et 2014 et les périodes closes le 30 juin 2016 et le 30 juin 2015. Ces
données sont issues du Rapport annuel 2015 (Form 20-F) et du Rapport semestriel 2016 en
anglais qui est inclus par référence dans le Prospectus de Base.
(en millions d’euros,
exception faite des
données par action)
Postes du compte de
résultat IFRS
Chiffre d’affaires5 / 7
Marge brute5
Résultat opérationnel5
Résultat net consolidé part attribuable aux
actionnaires de Sanofi
Résultat de base par
action (en euros)
Résultat net - part
attribuable
aux
actionnaires de Sanofi
Résultat dilué par
action (en euros)
Résultat net - part
attribuable
aux
actionnaires de Sanofi
Postes du bilan IFRS
Écarts d’acquisition et
autres
actifs
incorporels
Total de l’actif
Valeur capital social
des
actions
en
circulation
Capitaux propres - part
attribuable
aux
actionnaires de Sanofi
Emprunts à long terme
Dividende versé en
numéraire par action
(en euros)
1H2016
1H2015
2015
2014
15 926
11 266
2 590
2 245
16 629
11 714
3 238
2 325
34 060
23 942
5 624
4 287
31 379
21 769
6 064
4 390
1,74
1,78
3,28
3,34
1,73
1,76
3,25
3,30
50 5146
55 062
51 5836
53 740
99 113
2 574
97 923
2 612
102 321
2 603
97 392
2 620
54 190
56 618
58 049
56 120
14 8506
NA
10 770
NA
13 1186
2,93
13 276
2,85
5
Excluant l’activité Santé Animale dont le résultat est présenté sur une ligne séparée
Résultat net de l’activité Santé Animale destinée à être échangée dans le compte de résultat
consolidé conformément à la norme IFRS 5 pour les années 2015 et 2014 (voir les Notes
D.2.1. et D.36. aux états financiers consolidés en section 18 du Rapport Annuel 2015 sous
forme de 20-F et les Notes B.1 et B.20 aux comptes semestriels consolidés condensés au
30 juin 2016). Jusqu’à la finalisation de la transaction, l’activité Santé Animale reste un
secteur opérationnel du Groupe, conformément à la norme IFRS 8.
5
6
Changements
significatifs :
Excluant l’activité Santé Animale, qui est présentée sur des postes distincts, Actifs
destinés à être cédés ou échangés et Passifs relatifs aux actifs destinés à être cédés ou
échangés.
7
A la suite d’un changement de présentation, les ventes de produits n’appartenant pas à
Sanofi, de la société VaxServe, sont comptabilisées, à partir de 2016, sur la ligne Autres
revenus. Par conséquent, le Chiffre d’affaires et les Autres revenus des périodes
comparatives ont été représentés (voir Note A.1.2 aux comptes semestriels consolidés
condensés au 30 juin 2016).
Sans Objet. Aucun changement significatif défavorable n’a affecté les perspectives de
Sanofi depuis le 31 décembre 2015 et il ne s’est produit aucun changement significatif
concernant la situation financière ou commerciale de Sanofi ou du Groupe depuis le 30
juin 2016.
The part B.15 of the RESUME EN FRANCAIS on page 14 of the Base Prospectus is updated as follows:
Footnote n°7 is cancelled and replaced by: “Le 15 décembre 2015, Sanofi et Boehringer Ingelheim ont signé un
accord exclusif visant à échanger l’activité Santé Animale de Sanofi contre l’activité Santé Grand Public de
Boehringer Ingheleim. Cette transaction inclut aussi un paiement de Boehringer Ingelheim à Sanofi. En juin 2016,
les deux sociétés ont conclu un accord définitif pour échanger ces activités. Les deux parties prévoient de finaliser la
transaction d’ici la fin de l’année 2016, sous conditions d’obtention des approbations réglementaires dans les
différents territoires concernés. ”
6
DOCUMENTS INCORPORATED BY REFERENCE
The first paragraph of the "Documents Incorporated by Reference" section of the Base Prospectus (page 50) is
amended to include as a first limb:
“•
the Issuer’s press release entitled “Sanofi Announces Q2 2016” dated 29 July 2016;
•
the English version of the Issuer’s half-year financial report entitled ″Half-year financial report 2016″ dated
29 July 2016.”
The table entitled “Information Incorporated by Reference” is amended to include the following at the end of such
section (page 55):
Information incorporated by reference
Press release dated July 29, 2016:
2016 second-quarter key figures and first-half Aggregate Sanofi
sales
R&D update
2016 second-quarter and first-half Aggregate financial results
Appendices
English version of the Half-year financial report dated July 29, 2016:
Condensed half-year consolidated financial statements
Consolidated balance sheets – assets
Consolidated balance sheets – liabilities and equity
Consolidated income statements
Consolidated statements of comprehensive income
Consolidated statements of changes in equity
Consolidated statements of cash flows
Notes to the condensed half-year consolidated financial statements as of
June 30, 2016
Reference
p. 2-9
p. 9-10
p. 11;13
p. 14-28
p. 3
p. 4
p. 5
p. 6
p. 7-8
p. 9-10
p. 11-41
Statutory auditors’ review report on the 2016 half-year financial p. 84
information
Any information not listed in the cross reference table but included in the document incorporated by reference is
given for information purposes only.
7
BUSINESS OF SANOFI
RECENT DEVELOPMENTS
The "Recent Developments" section of the Base Prospectus (page 89) is amended to include the following paragraph
before the "Recent Developments – Issue of U.S. commercial paper" paragraph:
•
On August 19, 2016, Sanofi announced that it has submitted updated information on the pen delivery device as
part of the New Drug Application (NDA) for the investigational once-daily fixed-ratio combination of basal
insulin glargine 100 Units/mL and GLP-1 receptor agonist lixisenatide for the treatment of adults with type 2
diabetes. The additional information, submitted at FDA’s request, constitutes a Major Amendment to the NDA,
resulting in an extension of the Prescription Drug User Fee Act (PDUFA) goal date by three months, to
November 2016.
The "Recent Developments– Issue of U.S. commercial paper" paragraph of the Base Prospectus (page 89) is hereby
deleted and replaced in its entirety by the following:
As at 30 June 2016, the aggregate amount of U.S. commercial paper of Sanofi outstanding was U.S.$ 2 billion. An
aggregate amount of U.S.$ 4 billion of U.S. commercial paper has been issued by Sanofi since 30 June 2016. The
total aggregate amount of U.S. commercial paper outstanding as at 1 September 2016 was U.S.$ 6 billion.
8
GENERAL INFORMATION
Paragraph (6) in the General Information section of the Base Prospectus on page 110 entitled “Trend Information and
No Significant Change” is hereby deleted and replaced in its entirety with the following:
“There has been no material adverse change in the prospects of the Issuer since 31 December 2015, nor has there
been any significant change in the financial or trading position of the Issuer or of the Group since 30 June 2016.”
9
PERSONS RESPONSIBLE FOR THE PROSPECTUS SUPPLEMENT
In the name of the Issuer
To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the
information contained or incorporated by reference in this Supplement is in accordance with the facts and does not
omit anything likely to affect the import of such information.
The statutory auditor’s review report on the 2016 half-year financial information, incorporated by reference in this
Base Prospectus, draws attention to note A.1.2 VaxServe revenues, which describes the change in presentation
regarding the sales of part of VaxServe’s activities.
Sanofi
54, rue La Boétie
75008 Paris
France
Duly represented by Claire Terrazas, Vice President, Corporate Legal Affairs
Signed in Paris
Dated 5 September 2016
In accordance with Articles L.412-1 and L.621-8 of the Code monétaire et financier and with the General
Regulations (Règlement Général) of the Autorité des marchés financiers (AMF), in particular Articles 212-31 to
212-33, the AMF has granted to this Supplement the visa no. 16-415 on 5 September 2016. The Base Prospectus, as
supplemented by this Supplement may only be used for the purposes of a financial transaction if completed by Final
Terms. This Supplement was prepared by the Issuer and its signatories assume responsibility for it. In accordance
with Article L.621-8-1-I of the Code monétaire et financier, the visa was granted following an examination by the
AMF of "whether the document is complete and comprehensible, and whether the information it contains is
coherent". It does not imply that the AMF has verified the accounting and financial data set out herein. The visa has
been granted subject to the publication of Final Terms in accordance with Article 212-32 of the AMF General
Regulations, setting out the terms of the securities to be issued.
10