The share of profits from associates reached euro 278 million, up 12.1% compared to Q2 2010. The share of after-tax profits from the territories managed by BMS under the Plavix® and Avapro® alliance was euro 274 million up 11.3%, driven by the performance of Plavix® in the U.S.
Net income attributable to non-controlling interests was euro 58 million, down 17.1%. The pre-tax profits paid to BMS from territories managed by Sanofi declined by 19.7% to euro 53 million as a result of competition from clopidogrel generics in Europe.
Business operating income was euro 2,945 million, a decrease of 15.2%, or down 9.5% at constant exchange rates.
Net financial expenses were euro 100 million, compared to euro 95 million, reflecting the low funding cost for the acquisition of Genzyme. The average gross debt increased by euro 11.2 billion (to euro 20.5 billion) compared to Q2 2010, and the cost of the debt was reduced by 2.1 percentage point to 2.0% over the same period.
The effective tax rate was 26.5%, compared to 28.1% in Q2 2010. This decrease is due to lower expected full year tax rate, reflecting positive effect from countries with lower tax rate.
Business net income(1) was euro 2,150 million, down 13.2%. At constant exchange rates, business net income was down 7.0%.
Business earnings per share(1) (EPS) was euro 1.64, down 13.7% versus the 2010 second quarter figure. At constant exchange rates, business earnings per share(1) decreased by 7.4%.
(1) See Appendix 10 for definitions of financial indicators, and Appendix 6 for reconciliation of business net income to consolidated net income attributable to equity holders of Sanofi
First-half 2011 financial resultsBusiness Net Income(1)
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