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Sanofi-aventis Delivers 2008 Results Above Guidance
Date:2/11/2009

tis was up 4.7% at EUR 422 million.

Adjusted net income excluding selected items(1) was up 3.2% at EUR 7,186 million.

Adjusted earnings per share (EPS) excluding selected items(1) was EUR 5.49, 6.2% higher than the 2007 figure of EUR 5.17.

At a constant 2007 euro/dollar exchange rate, growth in adjusted earnings per share excluding selected items(1) was 11.2%, ahead of the guidance of around 9% issued by the company.

(1) See appendix 7 for definitions of financial indicators

Selected items (refer to the appendix 4)

After tax, selected items represented a net expense of EUR 118 million in 2008 (versus a net gain of EUR 149 million in 2007), comprising:

  • EUR 585 million of restructuring costs, on the adaptation of industrial facilities in France and of the Group's sales force;
  • EUR 69 million of impairment losses, reflecting the discontinuation of the collaboration with Taiho on S-1 and the Data and Safety Monitoring Board (DSMB) recommendation on the TRIST trial evaluating Trovax(R) in kidney cancer;
  • EUR 38 million in gains on the sale of the investment in Millennium;
  • EUR 76 million of releases of provisions for litigation;
  • EUR 201 million in tax effects on the selected items described above, plus EUR 221 million of net gains arising from releases of provisions for and settlements of tax disputes in Europe, making a total of EUR 422 million on the "Income tax expense" line.

Adjustments in the consolidated financial statements to reflect the application of purchase accounting to acquisitions, primarily that of Aventis (refer to the appendix 4)

Consolidated cash flow statement and balance sheet as at December 31, 2008 (refer to
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