Sanofi (SNY) 6-K Current report (foreign)

Exhibit 99.3

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year ended December 31,
(€ million)	20151			20141			20131			20122			20112
Earnings:
Income before tax and associates		5,243			5,658			4,484			5,772			5,257
Fixed charges		444			463			478			515			533
Distributed income of equity investees		123			122			(1	)		600			1,722
Interest capitalized		(15	)		(20	)		(25	)		(27	)		(44	)
Amortization of capitalized interest		19			18			16			14			12
Total earnings		5,814			6,241			4,952			6,874			7,480
Fixed charges:
Interest expensed		316			337			340			390			381
Interest capitalized		15			20			25			27			44
Interest within rental expense		113			106			113			98			108
Total fixed charges		444			463			478			515			533
Ratio of earnings to fixed charges		13.1x			13.5x			10.4x			13.3x			14.0x

¹  Excluding the held-for-exchange Animal Health business, which is presented in a separate line item in the consolidated income statements for 2015, 2014 and 2013 in application of IFRS 5.

²  Including the Animal Health business. For 2012 and 2011, it is not practicable to provide information excluding the Animal Health business without unreasonable effort or expense.