Other current operating income, net of expenses totaled euro 280 million, against euro 178 million in the first half of 2008, primarily as a result of the royalty equal to 25% of sales of Copaxone((R)) in North America paid by Teva to sanofi-aventis with effect from the second quarter of 2008.
Operating income - current advanced by 20.7% to euro 5,944 million. At constant exchange rates, growth was 12.2%. The ratio of operating income - current to net sales improved by 4.8 points to 40.9%.
The effective tax rate was 29%, in line with the full-year rate for 2008.
The share of profits from associates rose by 19.5% to euro 539 million, with the share of after-tax profits from territories managed by BMS under the Plavix((R)) and Avapro((R)) alliance up 35.4% at euro 394 million, partly as a result of the appreciation of the U.S. dollar. The first-half contribution from Merial rose by 15% relative to 2008.
Minority interests were 5.5% higher at euro 232 million. The share of pre-tax profits paid to BMS from territories managed by sanofi-aventis was euro 219 million (versus euro 212 million for the first half of 2008).
Adjusted net income excluding selected items was euro 4,446 million, an increase of 22.3%, or of 12.8% at constant exchange rates. The ratio of adjusted net income excluding selected items to net sales improved by 3.9 points to 30.6%.
Adjusted earnings per share (EPS) excluding selected items was euro 3.41, an increase of 23.1% (or 13.4% at constant exchange rates) on the 2008 first-half figure of euro 2.77.
In the second quarter of 2009, selected items comprised provisions for restructuring (net of tax) associated with the Group's adaptation program, amounting to euro 590 million. Selected items in the second qua
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