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sanofi-aventis: Strong Performance of Growth Platforms in Q1 2011
Date:4/28/2011

llion versus euro 45 million. In Q1 2010, net financial expenses benefited from a capital gain of euro 47 million on the sales of the stake in Novexel. Net financial expenses related to debt was down versus Q1 2010.

The effective tax rate was 28.5% versus 28.4% in Q1 2010.

Business net income(1) was euro 2,170 million, down 10.6%, or down 16.1% at constant exchange rates.

Business earnings per share(1) (EPS) was euro 1.66, down 10.8% versus the 2010 first-quarter figure. At constant exchange rates, business earnings per share(1) decreased by 16.1%. Excluding A/H1N1 sales, business earning per share(1) was stable on a reported basis and decreased by 6.0% at constant exchange rates.(1) See Appendix 9 for definitions of financial indicators, and Appendix 7 for reconciliation of business net income to consolidated net income attributable to equity holders of sanofi-aventis.

From business net income to consolidated net income attributable to equity holders of sanofi-aventis (see Appendix 7) In Q1 2011, the main reconciling items between business net income and consolidated net income attributable to equity holders of sanofi-aventis were:

  • A euro 736 million amortization charge against intangible assets arising on the application of purchase accounting to acquired companies (primarily Aventis: euro 536 million and Merial euro 80 million) and to acquired intangible assets (licenses/products: euro 50 million). This item has no cash impact on the Group.
  • A non-recurring amortization charge of euro 517 million due to the change of plan for Merial assets that were previously classified as held for sale or exchange in accordance with IFRS5: this charge corresponds to the depreciation and amortization of Merial assets that would have been recognized for the period from September 18, 2009 to December 31, 2010, had these assets not been classifi
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