FiercePharma says: Sanofi's third quarter exceeded the expectations of some analysts, with profits rising 13.4 percent. But the company's sales decreased two percent compared to last year, mostly due to Lovenox competition. The company raised its 2010 expectations from a decline of zero to four percent to an increase of zero to two percent. In a conference call, CEO Chris Viehbacher remained firm that he will not up his offer for Genzyme, despite Genzyme's projected earnings. "Our €69 cash offer is extremely compelling," he said.
- Overall sales were resilient notwithstanding the impact of generic competition to several products, including Lovenox in the U.S. Favourable exchange rates effect on reported sales
- Emerging Markets accounted for 29.6% of Group sales, up +13.0%, driven by Latin America (+24.5%) and Russia (+22.2%)
- Consumer Health Care (+45.8%; +9.5% organic growth) and Generics (+18.9%) demonstrated strong growth
- Vaccines sales increased by +8.9% (+14.7% excluding A/H1N1) due to strong seasonal flu vaccines sales; Fluzone HD was also successfully launched in the U.S.
- Diabetes sales reached €1,097m, up +6.7%, and represented 14% of Group sales
- Successful launch of Jevtana® in the U.S. with sales of €41 million in under three months, exceeding the Group's expectations; Multaq® is now available in 23 countries
- Further improvement of operating expenses to net sales ratio from 38.1% (in Q3 2009) to 37.5%
- Business EPS was up 8.6% in Q3 2010 on a reported basis and down 2.3% at CER
Sanofi's website: http://www.sanofi-aventis.us/
Full release: Sanofi earnings release