Sanofi results surpass market expections

3rd May 2007, Comments 0 comments

PARIS, May 3, 2007 (AFP) - French pharmaceutical group Sanofi-Aventis published better than expected first quarter results on Thursday, boosted by sales of its Ambien sleeping pill and a recovery in sales of its anti-platelet agent Plavix in the United States.

PARIS, May 3, 2007 (AFP) - French pharmaceutical group Sanofi-Aventis published better than expected first quarter results on Thursday, boosted by sales of its Ambien sleeping pill and a recovery in sales of its anti-platelet agent Plavix in the United States.

Its adjusted net profit came to 2.117 billion euros (2.880 billion dollars), a drop of 2.6 percent compared to 2.173 billion a year earlier.

When extraordinary items are taken out of the equation the adjusted net profit increased by 11.8 percent to 1.909 billion euros, above market expectations.

Sales in the first quarter were 7.177 billion euros, up 6.9 percent on a like-for-like basis.

The group said earnings per share in the first quarter and adjusted for certain items came in at 1.41 euros, up from 1.27 a year earlier, thanks largely to the reversal of a total of 223 million euros in financial provisions.

The company has faced stiff competition from generic drugs. Its sales of Plavix, an antiplatelet agent used to reduce the risks of strokes and heart attacks drug, collapsed after a generic version was put on the market, before recovering after the generic was banned by the US authorities.

The group is also looking to put its anti-obesity drugs Acomplia on the United States market at the end of the year, executive vice president Hanspeter Spek told a tele-news conference.

The group in addition reiterated its interest in making acquisitions in Japan.

In Paris in late morning trade Sanofi shares had shed 1.29 percent to 67.48 euros. The overall CAC 40 index was down 0.13 percent.


Copyright AFP

Subject: French news

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