What happened? Sanofi reported a solid 2Q with sales (+10% CER), Business Operating Income (+8% CER) and Business EPS (+4% CER) that were 3%, 4% and 4% ahead of expectations. FY24 guidance was raised and now looks for flat Business EPS growth in CER (vs LSD decline previously), supported by strong commercial execution and a conscious control of the cost base. With increasing confidence in commercial delivery, evidence of diversification beyond Dupixent and commitment to cost control in 2025 we see interest in Sanofi''s shares improving into 2H following the expected readout of pivotal tolebrutinib trials in MS (est. Sept), ahead of an increasing cadence of newsflow, strong EPS rebound and the separation of Consumer Healthcare (now called Opella) in 2025. We outline our key takeaways from the conf call below. BNPP Exane View: . Delivering - continued solid momentum: Sanofi''s Q2 outlines another solid quarter of commercial execution with group sales growing by 10% in CER. Top-line delivery was broad based supported by Dupixent, new launches, GenMed and Opella (CHC), while cost control allowed for further investment into RandD and SGandA to support launches but still enabling a drop-through for an earnings beat. While we have pointed to upside risk to FY24 guidance which has now been raised, we view the timing as a positive surprise and supportive of management''s optimism in continued commercial execution through 2H. . Dupixent - broad-based growth: Dupixent quarterly sales crossed the EUR3bn mark for the first time, growing 29% in CER and beating expectations by 4%. Sanofi talked to a broad-based performance with strong volume growth across indications, age groups and geographies. Ahead of a 2H read-out of Study C in CSU, Sanofi spoke to a first launch in Japan ''going exceptionally well'', with a Sep-24 US decision in COPD also supporting confidence in future growth from new indications complementing growth from the existing label. . Further commitment...