1. Q1 2009 Results
April 29, 2009
1

2. Forward Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act
of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements
include financial and product development projections and estimates and their underlying assumptions,
statements regarding plans, objectives, intentions and expectations with respect to future events, operations,
products and services, and statements regarding future performance. Forward-looking statements are generally
identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans” and similar
expressions. Although sanofi-aventis’ management believes that the expectations reflected in such forward-
looking statements are reasonable, investors are cautioned that forward-looking information and statements are
subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the
control of sanofi-aventis, that could cause actual results and developments to differ materially from those
expressed in, or implied or projected by, the forward-looking information and statements. These risks and
uncertainties include among other things, the uncertainties inherent in research and development, future clinical
data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMEA,
regarding whether and when to approve any drug, device or biological application that may be filed for any such
product candidates as well as their decisions regarding labelling and other matters that could affect the
availability or commercial potential of such products candidates, the absence of guarantee that the products
candidates if approved will be commercially successful, the future approval and commercial success of
therapeutic alternatives as well as those discussed or identified in the public filings with the SEC and the AMF
made by sanofi-aventis, including those listed under “Risk Factors” and “Cautionary Statement Regarding
Forward-Looking Statements” in sanofi-aventis’ annual report on Form 20-F for the year ended December 31,
2008.
Other than as required by applicable law, sanofi-aventis does not undertake any obligation to update or revise
any forward-looking information or statements.
2

3. Agenda
Q1 2009 Achievements
Chris Viehbacher, Chief Executive Officer
R&D Portfolio Update
Marc Cluzel, Senior VP, Research & Development
Q1 2009 Market Performance
Hanspeter Spek, Executive VP, Pharmaceutical Operations
Q1 2009 Financial Performance
Jérôme Contamine, Executive VP, Chief Financial Officer
Q&A Session
3

4. Q1 2009 Achievements
Chris Viehbacher
Chief Executive Officer
4

5. Delivering a Good Start into the Year
Q1 2009
Strong underlying sales performance(1) of flagship products and vaccines
+3.0% for Pharmaceuticals
+9.1% for Vaccines
Continued cost management
Good growth of adjusted EPS(2)
+9.8% at constant exchange rates (CER)
+16.8% on a reported basis
Transforming initiatives well underway
Acquisitions in line with strategy
Positive FDA Ad Com for Multaq® (dronedarone)
(1) Growth is on a constant structure and exchange rates basis
5
(2) Excluding selected items

6. A Diversified Healthcare Company
with Several Growth Platforms*
Worldwide presence(1)
€1,699m, +8.6%
Vaccines(2)
OTC / OTX(4)
Sales: €627m, +9.1%
Sales: €762m, +1.3%
Sales: €378m, +9.9%
Sales: €254m, -8.7%
(non-consolidated)
Sales: €747m, +27.1%
Animal
Generics
Health(3) Sales: €534m, +8.3%
Sales: €93m, +18.3%
Sales: $684m, +2.0%
(non-consolidated)
Worldwide presence(1)
€507m, +6.1%
(1) Worldwide presence for Plavix®/Iscover® and Aprovel®/Avapro® /Karvea® includes sales consolidated by sanofi-aventis and BMS
(2) Sanofi Pasteur MSD is a 50/50 joint venture with Merck
(3) Merial is a 50/50 joint venture with Merck
6
(4) Including the acquisition of Symbion * Sales figures correspond to Q1 2009 sales and growth is at constant exchange rate

7. Guidance for FY 2009 Reiterated
Adjusted EPS excluding
In 2009, sanofi-aventis expects
selected items (€)
growth of adjusted EPS excluding
selected items(1)
6.10
of at least 7% 6.00
5.90
At least
at constant exchange rates(2), 5.80
+7%
5.70
barring major adverse events 5.60
5.50
5.40
5.30
5.49
5.20
5.10
5.00
2008 2009
(1) FY 2008 adjusted EPS excluding selected items: €5.49
7
(2) Based on actual 2008 average exchange rates for all currencies

8. Rolling-out our Three-Pronged Strategy
Adapt
Increase Pursue
our company
innovation external growth
to future
in R&D opportunities
challenges
Transforming Program
to ensure sustainable, profitable growth
and improved risk profile
8

9. Important Milestones Reached in R&D
R&D PORTFOLIO
REVIEW
BiPar acquisition
Thorough and Fulfilling a clear
illustrating strong
rigorous process unmet patient
commitment to need in AF
Moving high priority
oncology
projects forward Creating value for
payors
Novel tumor-
Discontinuing
selective approach
4 Phase II and Positive FDA Ad
4 Phase III projects Com on March 18
BSI-201, potential
first-in-class
Freeing up Potential EMEA
compound in
resources for decision and U.S.
Phase II for TNBC(1)
external R&D launch in Q3 2009
New data at ASCO
9
(1) Triple Negative Breast Cancer

10. Three Bolt-on Acquisitions
to Strengthen our Growth Platforms
2008 Sales: ~€153m 2008 Sales: ~€26m 2008 Sales: ~€736m
#1 generic company A leading generic Leader in branded
in Brazil company in Mexico generics in CEE,
Turkey and Russia
Portfolio of 127 Portfolio of > 50
generic products active ingredients Portfolio of more
than 400 products
Leadership reinforced in emerging markets
Additional stream of sales growth complementing our branded business
Improving access to medicines for a wider population
Our priority is to expand search for licensing or acquisition deals
maintaining a disciplined approach
10

11. Key Achievements to date & Next Milestones
Good Q1 Results - On track to deliver FY 2009 guidance
Appointment of new Chief Financial Officer
New organization set by Chief Strategic Officer
New external R&D deals (eg. BiPar)
Disciplined investments in Generics regional growth platforms
Completion of R&D pipeline review
FDA decision for Multaq® (dronedarone) expected in Q2 2009
Emerging Markets Thematic Investor Seminar in Paris on July 2
Q2 Results and Roadmap for Transforming Program in July 29
11

12. R&D Portfolio Update
Marc Cluzel
Senior VP, Research & Development
12

13. R&D Transformation Process is Ongoing
Portfolio
1 Prioritization Conduct a detailed objective review of our R&D pipeline
Decision
2 Redefine investment decision making process
Making
3 Reallocate resources to external R&D partnerships
Partnerships
4 Strategy Focus R&D strategy on key technologies and disease areas
5 Organization Implement new R&D organization to encourage innovation
13

14. Rigorous and Thorough Portfolio Review
Complete portfolio review covering Research & Development
Multidimensional views aimed at understanding the unique value proposition
for each compound
Portfolio evaluated across 4 key dimensions:
Extent of Overall value
Technical &
Degree of
patient need / Return on
commercial
innovation
addressed investment
risk
Engaged cross-functional internal expertise while leveraging neutral external
party to run the process
Going forward, a complete R&D pipeline review will be conducted regularly
by newly-created “Portfolio Management Group”
14

15. Outcome of Portfolio Review on Clinical Projects
4 Phase II and 4 Phase III projects 4 Phase II 4 Phase III
discontinued since Feb 11, 2009
6 Phase I projects also discontinued
TroVax®(2)
AVE0657
in the recent portfolio review (sleep apnea) (cancer)
Rationale for termination included: SSR180575 Saredutant
(diabetic polyneuropathies) (depression)
Lack of efficacy (1)
AVE1642 AVE5530
(breast cancer) (hypercholesterolemia)
Safety findings
Melanoma Unifive™
vaccine
Limited value proposition (DTP-HepB-Hib)
4 compounds with an upcoming Project Name Next Milestone
Go/No-Go milestone 4-6 months
AVE1625
(schizophrenia)
Reassessment of compounds to be
xaliproden 4-6 months
performed once milestones reached (peripheral sensory neuropathies)
idrabiotaparinux 6 months
(DVT/PE and AF)
West Nile vaccine 6-9 months
(1) AVE 1642: project returned to ImmunoGen, Inc.
15
(2) TroVax®: project returned to Oxford BioMedica Plc

16. Main Achievements in R&D Pipeline since Feb 11
BSI-201, PARP inhibitor, in Phase II in triple negative breast cancer*
3 New Projects
SAR110894, H3 antagonist, entering Phase I in Alzheimer's
in Clinical
Development SAR164877, anti-NGF mAb, entering Phase I in pain management
2 New Plavix® combo with ASA re-submitted in EU
Regulatory
Flu new formulation (Fluzone® High Dose IM) in the U.S.
Submissions
Apidra® SoloSTAR® in the U.S.
Lovenox® for VTE prevention in abdominal surgery in Japan
5 New
Apidra® and Apidra® SoloSTAR® in Japan
Regulatory
Approvals Intanza® / IDflu® in EU
Emerflu® in Australia
*BSI-201: project from BiPar Sciences, Inc.
16

17. R&D Pipeline Summary Table on April 29
New Molecular Entities and Vaccines
Development portfolio balanced across phases and therapeutic areas*
n
tio
III
II tr a L
I
TA
e
e e is
as
as as g TO
Re
Ph
Ph Ph
2 0 1 0 3
Metabolic Disorders
1 1 1 1 4
Cardiovascular
5 4 1 1 11
Central Nervous System
33
1 1 6 0 8
Oncology
0 1 2 0 3
Thrombosis
2 2 0 0 4
Internal Medicine
4 6 7 1 18
Vaccines
51
15 15 18 3
TOTAL
New Molecular Entities
& Vaccines
30 21
*See appendices for list of R&D pipeline projects
17

18. R&D Pipeline Characteristics
49% of the development portfolio (from Phase I to registration)
in biologics and 27% from external partnerships
Other Partnerships /
Biologics collaborations
14%
27%
51%
73%
35%
Vaccines
Chemical
Internal
Entities
18

19. Evolution on R&D Spend in 2009
Split of R&D Spend in 2008
Full impact of large Phase III
studies initiated in 2008 and
before expected in 2009 R&D Vaccines
Post-Mkg Studies
Regulatory
Increased spend in R&D for Pharmacovigilance
Vaccines Industrial
New R&D deals (eg. BiPar)
R&D
Termination of clinical projects Pharmaceuticals
announced today
€3,246m
Expecting a low single digit
decline of the R&D spend at
constant exchange rates in 2009 Total R&D Spend in 2008
€4,575m
19

20. Aflibercept - A Unique Anti-Angiogenic Agent
Aflibercept (VEGF Trap): a fusion Four Phase III studies ongoing
protein blocking VEGF, a well-
validated anti-angiogenic approach Targeted
Data
Study Indication / Design # of
expected
patients
Broad oncology development program
in combination with common 2nd line metastatic
chemotherapy regimens colorectal cancer
1200 2010
VELOUR
+ FOLFIRI (folinic acid /
Four Phase III studies ongoing 5-FU / irinotecan)
All studies ~ 50% enrolled
1st line metastatic
Initial data expected in 2010 pancreatic cancer 630 2010
VANILLA
+gemcitabine
Two phase II studies ongoing
2nd line metastatic non-
Data expected mid-2009 in small cell lung cancer 900 2010
VITAL
symptomatic malignant ascites
+Taxotere®
Combination trial with FOLFOX in
1st line metastatic
1st line metastatic colorectal cancer hormone resistant
recently initiated 1225 2011
VENICE
prostate cancer
+Taxotere® / prednisone
20
FOLFOX: (folinic acid / 5-FU / oxaliplatin)

21. BSI-201 - Potential to Become a Platform
Therapy in Oncology
DNA-repair inhibition: a new Innovative mode of action
“validated” oncology target
BSI-201: potential first-in-class and
PARP
best-in-class PARP(1) inhibitor
upregulation
Triple Negative Breast Cancer(2)
identified as the lead indication + BSI-201
~ 20% of all breast cancers
Poor prognosis and no specific
treatment guidelines
DNA
Randomized phase IIb study ongoing repair
Interim results(3) showed no significant
toxicities attributable to BSI-201 Enhance tumor
response to
Results expected at ASCO 2009
chemotherapy
Potential future expansion into non-
TNBC breast cancer, ovarian cancer,
and other solid tumors
(1) PARP: Poly ADP-Ribose Polymerase
(2) Lack ER/PR/HER2 receptors
21
(3) Reported at the San Antonio Breast Cancer Symposium (Dec 2008)

22. Developing a Safe and Effective Tetravalent
Dengue Vaccine as Rapidly as Possible
A major public health concern Global Prevalence of Dengue
Estimated 230m people infected annually
2m, mostly children, develop dengue
hemorrhagic fever
Our priority is to develop a safe and
effective tetravalent dengue vaccine
Phase II studies initiated in 2009 in
Thailand, the Philippines, Singapore,
Vietnam, Mexico and Peru including
adults, adolescents and children
Other studies in Asia and Latin America Areas infested with Aedes aegypti
being planned Areas with Aedes aegypti and dengue epidemic activity
Working closely with governments, public health officials and NGO’s
to support the creation of appropriate immunization policies and funding sources
Expected to be first to market
Filing planned in 2014
22

23. Anticipated Newsflow in 2009
Milestones Timing
U.S. expected decision on Apidra SoloSTAR® Approved
FDA AdCom for Multaq® (dronedarone) 10 votes in favor vs 3 against
Plavix® ACTIVE-A data presentation Primary endpoint met
EU regulatory re-submission of Plavix® FDC with ASA Filed
Expected regulatory decision on Lovenox® - VTE abdominal surgery (Japan) Approved
U.S. regulatory submission of Flu new formulation Filed
Expected regulatory decision on Apidra® (Japan) Approved
Expected U.S. regulatory decision on Multaq® (dronedarone) Q2 2009
U.S. regulatory submission of Menactra® Infant/Toddler 9-12 months Mid 2009
Expected CHMP opinion on Multaq® (dronedarone) Q3 2009
Plavix® U.S. / EU regulatory submission for Atrial Fibrillation Q3 2009
Regulatory submissions of Japanese Encephalitis Vaccine in Asia Q3 2009
Plavix® CURRENT/OASIS-7 data presentation H2 2009
U.S. / EU regulatory submissions of cabazitaxel in prostate cancer* Q4 2009
EU regulatory submission of Pediacel® Q4 2009
U.S. / EU expected regulatory decisions on Ciltyri® Q4 2009
23
* Filing date with interim “overwhelmingly positive data”

24. Next Steps in R&D
Focusing R&D resources on projects with best chance of
success and acceptable returns
Accelerating R&D partnerships & alliances to expand
access to new technologies and enrich our portfolio with
innovative compounds in all stages of development
More details on R&D transformational initiatives related to
Strategy and Organization expected for Q2 2009 results
24

25. Q1 2009 Market Performance
Hanspeter Spek
Executive VP, Pharmaceutical Operations
25

26. Solid Q1 2009 Sales Performance as Planned
% Change (1)
Q1 2009
€m
Pharmaceuticals 6,480 +3.0%
Vaccines 627 +9.1%
Total Sales 7,107 +3.5%
Europe 2,948 +0.4%
US 2,295 +5.1%
Rest of the World 1,864 +7.3%
26
(1) Growth is on a constant structure and exchange rates basis

27. Leadership Reinforced in Emerging Markets
Q1 2009 Sales Split by Regions
Robust Q1 2009 sales in emerging
markets(1): €1,616m, +8.0%(2)
Asia
Strong BRIC-M sales: €562m, +13.5%(2) Latin
Others Pacific
America
6,4% 7,1%
Japan
Wholesalers tightly managing
5,5%
7,2%
inventories in some LATAM countries
Eastern
5,1%
BRIC-M markets forecasted to deliver Europe
close to double digit growth in 2009(3)
Leadership position of sanofi-aventis
reinforced by recent acquisitions
Increased market share(4) of 6% in
emerging countries 36,4%
32,3%
Western
Well-positioned to increase pharma USA
Europe
sales by around 50% by 2012
(1) World less North America (USA, Canada), Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta, Belgium,
Portugal, Holland, Austria, Switzerland, Sweden, Ireland, Finland, Norway, Iceland, Denmark), Japan and Australia/New Zealand
(2) Growth is at constant exchange rates
(3) Internal analysis based on IMS market prognosis
27
(4) IMS, based on pro forma 2008

28. Becoming an Important Player in Generics
Pro forma 2008 Sales in Generics (1)
Successful acquisitions of Zentiva,
Medley and Kendrick (€m)
Regional platforms with competitive
development and production
capabilities 0.2
Large portfolio of affordable and
quality medicines
Commercial presence boosted in the 0.6
generics market 1.2
1
Pro forma 2008 sales in generics
increase to just over € 1,2 bn(1)
#8 generic player globally(2) with a 0.4 0,4
targeted regional approach
#1 in Central & Eastern Europe
(3)
Old New
#1 in Latin America Perimeter Perimeter
(1) Internal sources & company reports on a pro forma 2008 basis
(2) IMS MIDAS FY 2008 IMS Health except GERS (France), Cegedim (Romania), Business Credits (Ukraine)
(3) Excluding OTC sales 28

29. - Sustained Underlying Growth
Lovenox® U.S. Sales ($m)
Q1 2009 sales: €762m, +1.3%(1)
US: high basis for comparison in Q1 2008
650
due to UFH supply crisis UFH supply
crisis
Mid-single digit growth in EU despite
impact
residual impacts of UFH crisis on product
availability
EMEA guidelines on LMWH biosimilars 550
now published
At least one large comparative clinical trial
per indication needed to establish
equivalence in terms of efficacy and
450
safety
Impact from new oral anticoagulants still
insignificant
Market share of dabigatran and
rivaroxaban remaining below 1% 350
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
in Germany, UK and France(2)
2007 2007 2007 2007 2008 2008 2008 2008 2009
(1) Growth is at constant exchange rates
29
(2) IMS February 2009, in treatment days, market : ATC B1B1, B1B2, B1E0, B1X0 + fondaparinux + bivaluridin

30. - Continued Linear Growth Worldwide
Lantus® Volume Share in Japan(2) (%)
Strong Q1 2009 sales: €747m, +27.1%(1)
> 30% quarterly sales growth in the U.S.
80% Lantus®
Successful ramp-up in Japan driven by
SoloSTAR® device SoloSTAR®
70%
launch
60%
50%
Growth potential for Apidra® SoloSTAR® Lantus®
from penetration of “Basal+” regimen 40%
(Lantus® + Apidra®) in eligible sub- NPH
populations 30%
Apidra® SoloSTAR® approved in the U.S. detemir
and Japan 20%
10%
0%
Se - 08
M - 08
Ju 8
De -08
No -08
Au 8
Ju 08
Fe - 09
Fe - 08
O 08
Ja 08
09
Ja 07
M 08
Ap 0 8
l-0
0
n-
p-
c-
c-
-
b-
b-
-
r
g
n
n
ct
v
ay
ar
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(1) Growth is at constant exchange rates
30
(2) IMS, market share in insulin, International Units

31. - Well-Established Leadership
Plavix® Worldwide Sales(3)
Q1 2009 worldwide presence(1) : €1,699m,
+8.6%(2) (€bn)
Stable EU sales despite competition from
clopidogrel besylate in GER
6
Sustained U.S. performance with quarterly
sales growth of +13.6%(2) 5
Strong performance in Japan: €70m (+90.2%)
4
Positive ACTIVE-A data at ACC 2009
Supporting the addition of Plavix® to aspirin 3
in AF patients unsuitable for OAC(4)
2
Significantly reduces stroke (-28%) with
an acceptable increase in major bleeding
1
Contraindications to take OAC in up to 43%
of AF patients(5) 0
Expected U.S. and EU filings for AF
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
20
20
20
20
20
20
20
20
20
19
20
20
20
20
indication in Q3 2009
(1) Worldwide presence for Plavix®/Iscover® and Aprovel®/Avapro® /Karvea® includes sales consolidated by sanofi-aventis and BMS
(2) Growth is at constant exchange rates
(3) IMS MIDAS, except GERS for France
(4) ACTIVE-A study, patients with atrial fibrillation who were at increased risk for stroke and could not take an oral anticoagulant (OAC) medication, taking Plavix® (clopidogrel bisulfate) in
addition to aspirin significantly reduced major vascular events by 11% over aspirin alone, at a median of 3.6 years of follow-up (6.8% vs. 7.6%per year, p=0.01).
31
(5) Sudlow M et al. Lancet. 1998;352:1167-1171

32. Early Stage Breast Cancer
Driving Growth
Global Sales of Taxotere® (€m)(1)
Q1 2009 sales: €534m, +8.3%(1)
Growing penetration in Node(+) Early
Stage Breast Cancer
Lower wholesaler inventory levels in the 106
+18.9%
U.S. in Q1 2009 90
GEICAM 9805 positive results driving
231
use in Node(-) ESBC +8.1%
223
Guidelines recently updated in FR, GER,
SP, IT, UK and US
Node(-) represents 65% of ESBC
197
patients, 22% chemo-treated(2) 171 +2.9%
Approval of 1-vial Taxotere®
Q1 2008 Q1 2009
new presentation expected in 2009
US Europe ROW
One vial, one single step for preparation
Easier and time-saving preparation
(1) Growth is at constant exchange rates
32
(2) Source: Affiliates Forecasting model, October 2008; Top 7 countries, Breast cancer epidemiology data, 2006

33. - Preparing for U.S. Launch
®
Positive vote from FDA Advisory Multaq® Association with Product
Committee on March 18, 2009 Attributes(2)
recommending approval 100
Ongoing regulatory review in the EU 77%
75
Expected CHMP opinion in Q3 2009
ATHENA recently published in the NEJM 50
U.S. launch preparation building upon a
strong commercial platform in cardiology 25
Low satisfaction level with existing AADs(1)
0
Multaq®
Multaq® well-positioned to meet current
market needs Reduces risk of cardiovascular hospitalization
Requires minimal monitoring
U.S. sanofi-aventis sales force ranked
in the top 3 among cardiologists (3) Low risk of pro-arrhythmia
Ease of use
Low risk of organ toxicity
Maintains sinus rhythm
(1) Source: U.S. Multaq® Physician Segmentation Research, 2009 (Fielded Nov/Dec 2008).
(2) Idem supra, % physicians indicating product X is most associated (vs. other AADs) with each feature
33
(3) SDI’s Sales Force Structures & Strategies 2008-2009 Ranking

34. Vaccines - Solid Q1 2009 Performance
Q1 2009 sales: €627m, +9.1%(1)
Q1 2009 Vaccines Sales Split (%)
Main contributors
6%
Pediatric vaccines: €236m, +33.9% driven by 12%
Pentacel® launch, + €73m
38%
Seasonal influenza: €62m, +43.8%, impacted 15%
by the favorable timing of shipments in
Southern Hemisphere
10%
19%
: €96m, -13.2%
®
Next wave of growth: Infant/Toddler Polio/Pertussis/Hib Influenza
U.S. filing planned mid-2009 Meningitis/Pneumo Boosters
Expected to be first to market
Travel & Endemic Others
Emerging markets continued growth
Latin America: €81m, +51.1%
Asia-Pacific: €63m, +16.8%
(1) Growth is at constant exchange rates
34
(2) 50-50 JV with Merck & Co (JV Perimeter is 19 European countries)

35. Q1 2009 - A Solid Start into the Year
Overall sales performance and growth perfectly in line with plan
despite current economic downturn
Significant strengthening of growth platforms in major products,
regions, generics and emerging markets
FDA decision on Multaq® (dronedarone) expected in Q2 2009
35

36. Q1 2009 Financial Performance
Jérôme Contamine
Executive VP, Chief Financial Officer
36

37. Q1 2009 Sales Growth
Reported net sales of €7,107m In €m
(+2.5% in reported sales
234
or -0.2% at CER) 247
183
Change in Group structure
Primarily reflecting the
discontinuation of
commercialization of
7,107
Copaxone® in North America
6,937 6937 6924 6924
since April 2008
Positive FX movements
Solid underlying sales growth
of +3.5%(1)
Q1 2008 Organic Change in FX Impact Q1 2009
Growth Structure
(1) Growth is on a constant structure and exchange rates basis 37

38. Sales by Key Currencies
Q1 2009 (%)
Q1 2008 (%)
EUR
EUR Others
Others 36%
37%
Q1 2009
Q1 2008
Sales
Sales
€7,107m
€6,937m JPY
JPY
7%
5%
USD USD
31% 32%
38

39. Foreign Exchange Effect on Q1 2009 Sales
In €m +183
GB Pound
Australian Dollar
Russian Ruble
USD
USD
Other currencies
240
JPY
JPY
121
7107
6924
Q1 2009 Q1 2009
Sales CER Sales
39

40. Cost Management Continued in Q1 2009(1,2)
Q1 2008 % Change % Change
€m Q1 2009 (reported €) (CER)
Net sales 7,107 6,937 +2.5% -0.2%
Other revenues 344 284 +21.1% +9.9%
Cost of sales (1,767) (1,889) -6.5% -5.9%
Gross profit 5,684 5,332 +6.6% +2.4%
R&D (1,152) (1,089) +5.8% +2.8%
SG&A (1,732) (1,783) -2.9% -5.6%
148 104 - -
Other current operating income & expenses
Amortization of intangibles (50) (42) - -
Adj. operating income current 2,898 2,522 +14.9% +8.6%
(1) Excluding selected items
40
(2) See reconciliation of Adjusted Consolidated Income Statement excluding selected items to Consolidated Income Statement on slide 55

41. Strong EPS Growth in Q1 2009(1,2)
Q1 2008 % Change % Change
€m Q1 2009 (reported €) (CER)
Adj. operating income current 2,898 2,522 +14.9% +8.6%
Net financial expenses (44) (17) - -
Income tax expense (828) (741) - -
- -
Effective tax rate 29.0% 29.6%
Share of profit/loss of associates 273 234 +16.7% +9.0%
Minority interests (121) (115) +5.2% +5.2%
Adjusted net income 2,178 1,883 +15.7% +8.7%
Adjusted EPS € 1.67 € 1.43 +16.8% +9.8%
(1) Excluding selected items
41
(2) See reconciliation of Adjusted Consolidated Income Statement excluding selected items to Consolidated Income Statement on slide 55

42. Significant Operating Leverage in Q1 2009(1)
COS/Sales Ratio (%) Operating Margin (%)
30.0 43.0
29.0 42.0
28.0 41.0
40.8
27.0 40.0
27.2
26.0 39.0
25.0 38.0
24.8
24.0 37.0
23.0 36.0
36.4
22.0 35.0
21.0 34.0
20.0 33.0
Q1 08 Q1 09 Q1 08 Q1 09
SG&A/Sales Ratio (%) Net Income/Sales Ratio (%)
30.0 33.0
29.0 32.0
28.0 31.0
27.0 30.0
30.6
26.0 29.0
25.0 28.0
25.7
24.0 27.0
24.4 27.1
23.0 26.0
22.0 25.0
21.0 24.0
20.0 23.0
Q1 08 Q1 09 Q1 08 Q1 09
42
(1) Ajusted P&L excluding selected items

43. Foreign Exchange Effect
Methodology and Sensitivity
Constant Exchange Rates methodology:
To calculate growth at Constant Exchange Rates (CER),
we exclude the impact of exchange rates by recalculating
actual figures for the current period on the basis of
exchange rates of the same period a year ago
Average ForEx sensitivity on yearly basis for Adjusted EPS(1) :
EUR / USD: 1 cent movement in the rate 0.5% of EPS growth
43
(1) Excluding selected items

44. Strong Financial Flexibility
Net Debt (€bn)
Strong cash flow generation
of €2.3bn before financial
€bn
acquisitions in Q1 2009 16
14.2
Reduction of net debt from 14
€1.8bn to €1.2bn by end of 12
Q1 2009 despite Zentiva 9.9
10
acquisition
8
Solid credit ratings 5.8
6
4.2
Moody’s: 4
1.8
A1 / Stable outlook 1.2
2
Standard & Poor’s 0
AA- / Stable outlook
04
05
07
09
6
8
00
00
0
0
0
0
2
2
/2
/2
/2
/2
1/
1/
1
1
1
1
/3
/3
/3
/3
/3
/3
12
12
12
03
12
12
44

45. Q1 2009 - A Good Quarter
Solid underlying sales performance in-line with expectations
Continued cost management
Strong EPS(1) growth and cash flow generation
Low net debt level
2009 EPS(1) guidance reiterated
45
(1) Adjusted EPS before excluding selected items

46. Q&A Session
Chris Viehbacher, Chief Executive Officer
Marc Cluzel, Senior VP, Research and Development
Hanspeter Spek, Executive VP, Pharmaceutical Operations
Jérôme Contamine, Executive VP, Chief Financial Officer
46

47. Appendices
R&D
47

48. Late Stage Pipeline – Pharma & Vaccines
Registration
Phase III
Lantus® Taxotere® HIV Lantus®
insulin glargine docetaxel (Thailand) insulin glargine
Reduction in CV Pediatric Prevention of infection; Proof of Retinopathy labeling change, U.S.
morbidity & mortality concept
N aflibercept (VEGF-Trap) N N
AVE0010 Adacel® Multaq®
(AVE0005) Single: SMA; Combo:1st
GLP1 agonist DTP 4-6 years dronedarone
line mProstate; 2nd line NSCLC, 2nd
T2 diabetes Antiarrhythmic agent
line mCRC, 1st line mPancreatic K Atrial fibrillation
N
N
Aprovel® alvocidib IMOJEV™ Ciltyri®
irbesartan (HMR1275) Cyclin-dependent kinase Japanese Encephalitis eplivanserin
Atrial fibrillation inhibitor Prevention of infection 5-HT2A antagonist - Insomnia
CLL
N
N
XRP0038 cabazitaxel Flu Micro-injection Fasturtec®/Elitek®
NV1FGF (XRP6258) Taxoid, tubulin inhibitor New Delivery U.S. rasburicase
Japan - Malig./chemo-associated
Critical Limb Ischemia (CLI) Prostate K
hyperuricemia; Hyperuricemia adult, U.S.
N N
teriflunomide AVE8062 Hexaxim™ Plavix®
(HMR1726) immunomodulator Vascular disrupting agent DTP-HepB-Polio-Hib clopidogrel bisulfate
Multiple Sclerosis (monotherapy) Sarcoma Combo ASA, EU
N Pharmaceuticals
Lovenox® larotaxel Pediacel® EU Sculptra® Pharmaceuticals
enoxaparin (XRP9881) Taxoid, Tubulin inhibitor DTP-Polio-Hib DL6049
Pen Pancreatic K, Bladder K Nasolabial fold wrinkles, U.S. N New Molecular Entity
N
Plavix® xaliproden Menactra® Allegra®
clopidogrel bisulfate Infant / Toddler 9-12 months fexofenadine
(SR57746) Neurotrophic
AF; Pedi. extension; ACS high ODT, Japan
Peripheral sensory neuropathies
loading dose; Stent, & PAD, Japan
N
idrabiotaparinux Xatral® Flu
Therapeutic area
Therapeutic area
alfuzosin New formulation U.S.
(SSR126517) Biotinylated long-acting
BPH, Japan; Pediatric
pentasaccharide; Indirect Xa inhibitor
Metabolic Disorders
Long-term treatment DVT/PE; AF
N Cardiovascular
AVE5026 Actonel®
Indirect Xa/IIa inhibitor risedronate Central Nervous System
VTE prevent. in ortho, abdo. surgery, Pediatric, EU
Oncology
cancer patients
Thrombosis
Internal Medicine
Vaccines
Source: sanofi-aventis project direction April 29, 2009
48

49. Early Stage Pipeline – Pharma & Vaccines
Phase I Phase II
AVE0897 SAR3419 celivarone ferroquine
N N N N
Balanced PPAR α/γ agonist Maytansin-loaded anti-CD19 mAb (SSR149744) Antiarrhythmic agent (SSR97193) Antimalarial
T2 diabetes non-Hodgkin’s lymphoma Ventricular Arrhythmia Malaria
N N N N
SAR351034 AVE0675 ataciguat SAR97276
PPAR δ agonist TLR9 agonist (HMR1766) Guanylate cyclase Antimalarial
T2 diabetes; Dyslipidemia Asthma activator Malaria
Neuropathic pain
N N N
SAR407899 SAR153191 nerispirdine Dengue
Rho-kinase inhibitor Anti-IL-6R mAb (HP184) K+/Na+ channel blocker Mild-to-severe Dengue Fever
Erectile dysfunction; neuropathic Rheumatoid Arthritis Multiple Sclerosis
pain
N N
SSR125543 Flu Pandemia AVE1625 DTP-HepB-Polio-Hib
CRF1 antagonist Low Dose CB1 antagonist
Depression; PTSD Schizophrenia
N N
SAR501788 Tuberculosis SSR411298 ACAM-Cdiff
PBR ligand Prevention of disease FAAH inhibitor Prevention of C. difficile associated
Sensory & motor neuron Depression diarrhea
Pharmaceuticals
Pharmaceuticals
degeneration
N
AVE0118 Meninge ACYW conj. teriflunomide Rabies
N New Molecular Entity
2nd generation
K+ channel blocker mAb Post Exposure prophylaxis
(HMR1726) Immunomodulator
Obstructive sleep apnea (nasal Meningitis in infants Multiple sclerosis (adjunct. therapy)
route)
N
SAR110894 Pneumo aflibercept Flu Cell Culture
H3 antagonist Meningitis & pneumonia (AVE005) VEGF-Trap New production method
1st line Colorectal K combi
Alzheimer's in infants (Monovalent)
N N
SAR164877 BSI-201 West Nile Metabolic Disorders
Anti-NGF mAb PARP inhibitor Prevention of disease
Cardiovascular
Pain Triple Negative Breast Cancer
Central Nervous System
N
otamixaban Oncology
(XRP0673) Direct Xa inhibitor Thrombosis
ACS
Internal Medicine
Vaccines
Source: sanofi-aventis project direction April 29, 2009
49

50. Appendices
Finance
50

51. Q1 2009: Adjusted Consolidated Income Statement
excluding selected items* (I)
as % of as % of
€ million Q1 2009 Q1 2008 % change
net sales net sales
Net Sales 7,107 100.0% 6,937 100.0% +2.5%
Other revenues 344 4.8% 284 4.1% +21.1%
Cost of sales (1,767) (24.8%) (1,889) (27.2%) -6.5%
Gross Profit 5,684 80.0% 5,332 76.9% +6.6%
Research & development expenses (1,152) (16.2%) (1,089) (15.7%) +5.8%
Selling & general expenses (1,732) (24.4%) (1,783) (25.7%) -2.9%
Other current operating income &
148 - 104 - -
expenses
Amortization of intangibles (50) - (42) - -
Operating Income – Current (1) 2,898 40.8% 2,522 36.4% +14.9%
Restructuring costs - - - - -
Impairment of PP&E and intangibles - - - - -
Gains and losses on disposals, litigation - - - - -
Operating Income 2,898 40.8% 2,522 36.4% +14.9%
* Non GAAP
51
(1) Before restructuring, impairment of property, plant and equipment and intangibles, gains and losses on disposals, and litigation

52. Q1 2009: Adjusted Consolidated Income Statement
excluding selected items* (II)
As % of As % of
€ million Q1 2009 Q1 2008 % change
net sales net sales
Operating Income 2,898 40.8% 2,522 36.4% +14.9%
Net financial expenses (44) - (17) - -
Income Before Tax and
2,854 40.2% 2,505 36.1% +13.9%
Associates
Income tax expense (828) - (741) - -
Share of profit/loss of associates 273 - 234 - -
Net Income Before Minority
2,299 32.3% 1,998 28.8% +15.1%
Interests
Minority interests (121) - (115) - -
Net Income After Minority
2,178 30.6% 1,883 27.1% +15.7%
Interests
Average number of shares
1,305.5 1,320.8
outstanding (million)
Earnings per share (in euros) 1.67 1.43 +16.8%
* Non GAAP 52

53. Q1 2009 Reconciliation of Adjusted Consolidated
Income Statement Excluding Selected Items to
Consolidated Income Statement
Q1 2009 Adjusted excl.
€ million selected items Selected Items Adjusted Adjustments Consolidated
Net Sales 7,107 7,107 7,107
- -
Other revenues 344 - 344 - 344
Cost of sales (1,767) - (1,767) - (1,767)
Gross Profit 5,684 5,684 5,684
- -
Research & development expenses (1,152) - (1,152) - (1,152)
Selling & general expenses (1,732) - (1,732) - (1,732)
Other current operating income & expenses 148 - 148 - 148
Amortization of intangibles (50) - (50) (844) (894)
Operating Income – Current (1) 2,898 - 2,898 (844) 2,054
Restructuring costs - (8) (8) - (8)
Impairment - (20) (20) - (20)
Gains and losses on disposals, and litigation - - - - -
Operating Income 2,898 (28) 2,870 (844) 2,026
Net financial expenses (44) - (44) - (44)
Income Before Tax and Associates 2,854 (28) 2,826 (844) 1,982
Income tax expense (828) 10 (818) 284 (534)
Share of profit/loss of associates 273 - 273 (22) 251
Net Income Before Minority Interests 2,299 (18) 2,281 (582) 1,699
Minority interests (121) - (121) - (121)
Net Income After Minority Interests 2,178 (18) 2,160 (582) 1,578
Average number of shares outstanding (million) 1,305.5 1,305.5 1,305.5
Earnings Per Share (in euros) 1.67 (0.02) 1.65 (0.44) 1.21
53
(1) Before restructuring, impairment of property, plant and equipment and intangibles, gains and losses on disposals, and litigation

54. Q1 2008 Reconciliation of Adjusted Consolidated
Income Statement Excluding Selected Items to
Consolidated Income Statement
Q1 2008 Adjusted excl.
€ million selected items Selected Items Adjusted Adjustments Consolidated
Net Sales 6,937 6,937 6,937
- -
Other revenues 284 - 284 - 284
Cost of sales (1,889) - (1,889) - (1,889)
Gross Profit 5,332 5,332 5,332
- -
Research & development expenses (1,089) - (1,089) - (1,089)
Selling & general expenses (1,783) - (1,783) - (1,783)
Other current operating income & expenses 104 - 104 - 104
Amortization of intangibles (42) - (42) (819) (861)
Operating Income – Current (1) 2,522 - 2,522 (819) 1,703
Restructuring costs - (28) (28) - (28)
Impairment - - - - -
Gains and losses on disposals, and litigation - - - - -
Operating Income 2,522 (28) 2,494 (819) 1,675
Net financial expenses (17) - (17) - (17)
Income Before Tax and Associates 2,505 (28) 2,477 (819) 1,658
Income tax expense (741) 8 (733) 301 (432)
Share of profit/loss of associates 234 - 234 (20) 214
Net Income Before Minority Interests 1,998 (20) 1,978 (538) 1,440
Minority interests (115) - (115) - (115)
Net Income After Minority Interests 1,883 (20) 1,863 (538) 1,325
Average number of shares outstanding (million) 1,320.8 1,320.8 1,320.8
Earnings Per Share (in euros) 1.43 (0.02) 1.41 (0.41) 1.00
54
(1) Before restructuring, impairment of property, plant and equipment and intangibles, gains and losses on disposals, and litigation