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Sanofi-aventis posts solid 2010 figures

Sanofi-aventis has reported a 2.6 per cent increase in net income to €9.2bn for 2010, despite net sales for the year slipping by 0.8 per cent to €30.4bn

Sanofi-aventis (S-A) has reported a 2.6 per cent increase in net income to €9.2bn for 2010 (based on constant exchange rates), despite net sales for the year slipping by 0.8 per cent to €30.4bn.

The company said the decline in sales was due to US healthcare reform, EU austerity measures and more than €2bn of lost sales as a result of generic competition.

However, emerging markets generated more than €9bn of sales, an increase of 16.3 per cent, and was the largest contributor to group sales by region.

The group's consumer healthcare and generics businesses continued their growth, which rose 45.7 per cent and 41.5 per cent respectively, supported by bolt-on acquisitions. 

 

Interview with Christopher A Viehvacher about sanaofi-aventis' 2010 annual results

 

Christopher A Viehbacher, S-A CEO, said: "2010 was the first year in which the patent cliff really became visible with generic competition for several of our products, notably Lovenox in the US.

"However, we have delivered another year of EPS growth due to the excellent performance of our growth platforms, which now account for 54 per cent of sales, and tight cost control. In 2010, these growth platforms accounted for more than €16bn in sales, an increase of 12.5 per cent, constituting a solid basis for the mid and long term development of our company."

S-A experienced a tough fourth quarter, with net sales falling 5.9 per cent to €7.4bn and net income slipping 9.7 per cent to €1.8bn.

Earnings per share (EPS) rose by 2.6 per cent to €7.06 for the full-year, but fell 9.2 per cent in the fourth quarter.

The company said that the due diligence process for its bid to acquire US biotech company Genzyme is still progressing. In a conference call with the media Viehbacher said: "We have signed a confidentiality agreement with Genzyme. We continue to review non-public information. Talks are progressing and we'll keep you updated." 

9th February 2011

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