The pharmaceutical company forecasts business earnings per share growth at a low double-digit percentage and plans to launch a $5.2 billion share buyback.

The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share. The drugmaker posted revenue of $11.27 billion in the period, which also fell short of Street forecasts.

Sanofi (NASDAQ:SNY) announced on Thursday that it plans to repurchase €5 billion ($5.21 billion) worth of shares this year and may take a more active approach to acquisitions in the near term. The move comes as the company prepares to sell a significant stake in its consumer health business.