Adjusted net income excluding selected items was euro 2,268 million, an increase of 29.4%, or of 17.2% at constant exchange rates. The ratio of adjusted net income excluding selected items to net sales improved by 4.3 points to 30.5%.
Adjusted earnings per share (EPS) excluding selected items was euro 1.74, an increase of 29.9% (or 17.2% at constant exchange rates) on the 2008 second-quarter figure of euro 1.34.
2009 first-half financial results
Adjusted income statement excluding selected items
Sanofi-aventis generated 2009 first-half net sales of euro 14,545 million, a rise of 6.7% on a reported basis. "Other revenues" were up 23.3%, boosted by a good performance from Plavix((R)) in the United States and the appreciation of the U.S. dollar.
Gross profit was euro 11,648 million, up 10.1% (or up 4.7% at constant exchange rates). The ratio of cost of sales to net sales improved by 1.8 points to 24.7%, reflecting favorable currency effects and the impact of the end of commercialization of Copaxone((R)) by sanofi-aventis in North America.
Research and development expenses rose by 3.7% to euro 2,260 million, and were virtually unchanged (up 0.2%) at constant exchange rates. This figure includes euro 54 million of provisions relating to the discontinuation of various projects, following the portfolio review completed at the end of the first quarter.
Selling and general expenses rose by 1.5% to euro 3,627 million, but fell by 2.0% at constant exchange rates. The ratio of selling and general expenses to net sales was 24.9% versus 26.2% for the first half of 2008, thanks to the ongoing program of adaptation to market conditions
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