Sanofi is scheduled to report results for the second quarter on Thursday. Here is what you need to know.

SALES FORECAST: The French drugmaker is expected to report second-quarter net sales of 10.85 billion euros ($12.33 billion), according to consensus estimates compiled by Vara. For the second quarter of 2025, Sanofi reported sales of 9.99 billion euros.

ADJUSTED EARNINGS FORECAST: Analysts expect Sanofi to report business operating profit--the company's preferred earnings metric, which strips out exceptional and other one-off items--of 2.97 billion euros for the second quarter, according to the same consensus. The company made a business operating profit of 2.46 billion euros in the same quarter a year ago.

Shares in Sanofi fell 9.2% during the second quarter. Since the start of the year through Monday's close, the stock dropped 6%.

WHAT TO WATCH

--CEO PLANS: All eyes will be on Sanofi's new chief executive, Belen Garijo, since she will be speaking publicly for the first time since her appointment in May. Investors are mainly focused on whether the company can replace Dupixent, Jefferies analysts wrote in a note to clients, referring to the blockbuster anti-inflammatory drug developed jointly with Regeneron Pharmaceuticals that accounted for nearly 40% of Sanofi's sales in the first quarter. Berenberg analysts said the company could seek to buy companies with drugs already on the market or combine acquisitions of earlier-stage assets with stock buybacks. For UBS, a key question is whether Sanofi will opt for developing its alliance with Regeneron or supplement its own drug pipeline. However, analysts at J.P. Morgan said it could be premature for a meaningful update on the Regeneron alliance.

--GUIDANCE: Sanofi is likely to raise its 2026 guidance for business earnings per share, projecting growth in the low double-digit percentage range at constant currency, according to J.P. Morgan. The company currently expects full-year sales to rise by a high single-digit at constant currency and business EPS to grow slightly faster than sales. While the door for a guidance increase could be open, it might make sense for Sanofi to keep its results as much of a nonevent as possible so investors can focus on Garijo's plans, analysts at Jefferies said.