Belen Garijo Faces Investors in High-Stakes Sanofi Earnings Debut

Consensus estimates from Vara point to second-quarter net sales of 10.85 billion euros, up from 9.99 billion euros in the same period last year. Business operating profit is projected to reach 2.97 billion euros, an increase from 2.46 billion euros in the prior-year quarter. Despite these expectations, Sanofi shares have struggled, falling 9.2% during the second quarter and 6% since the start of the year.

The pressure on Garijo centers on the company’s heavy dependence on Dupixent, the anti-inflammatory treatment developed with Regeneron Pharmaceuticals that generated nearly 40% of first-quarter sales. Analysts at Jefferies and UBS are scrutinizing whether Garijo will prioritize internal pipeline development, deepen the Regeneron partnership, or pivot toward aggressive acquisitions. While J.P. Morgan suggests a major update on the Regeneron alliance may be premature, the firm expects Sanofi to potentially raise its 2026 guidance for business earnings per share to low double-digit growth at constant currency. Whether the company chooses to use the event to signal a shift in strategy or keep the results quiet remains the primary point of contention for market observers.