Operating income -- current was 7.2% lower at EURO 2,522 million. Excluding the effect of exchange rates, the decrease is about 1%.
The income statement includes a restructuring charge of EURO 28 million (EURO 20 million net of taxes), mainly relating to the adaptation of industrial facilities in France.
Net financial expenses were EURO 17 million, compared with EURO 32 million in the first quarter of 2007. Interest expense on debt was EURO 44 million, versus EURO 56 million in the first quarter of 2007.
Income tax expense was EURO 733 million. The 2007 first-quarter comparative (EURO 595 million) included a EURO 223 million gain arising from the settlement of tax disputes. The effective tax rate is 29.6%.
The share of profits from associates was EURO 234 million, compared with EURO 159 million in the first quarter of 2007. The rise was mainly due to an increase in the share of after-tax profits from territories managed by BMS under the Plavix(R) and Avapro(R) alliance (EURO 146 million, versus EURO 99 million in the first quarter of 2007). The contribution from the Sanofi Pasteur MSD joint venture, boosted by the success of Gardasil(R), was also higher.
Minority interests came to EURO 115 million, versus EURO 112 million in the first quarter of 2007. This line includes the share of pre-tax profits paid to BMS from territories managed by sanofi-aventis (EURO 111 million, versus EURO 107 million in the first quarter of 2007).
Adjusted net income was EURO 1,863 million, down 12.0%. Adjusted
earnings per share (adjusted EPS) was EURO 1.41, 10.2% lower than the 2007
first-quarter figure (EURO 1.57), based on an average number of shares
outstanding of 1,320.8 million in the first quarter of 2008 and 1,351.1
million in the
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