Sanofi (SNY: Quote,SNYNF.PK) posted first quarter net income attributable to shareholders of 1.83 billion euros or 1.38 euros per share, up from 1.22 billion euros or 0.93 euros per share a year ago.
Business earnings per share for the quarter were 1.85 euros, 11.4% higher than the year ago quarter. Business EPS was up 7.2% at constant exchange rates.
Net sales reached 8.511 billion euros, up 9.4% on a reported basis from the prior-year quarter. At constant exchange rates, and adjusting for changes in the scope of consolidation, primarily the consolidation of Genzyme, net sales decreased 0.6%.
Commenting on the Group's performance in Q1 2012, Sanofi Chief Executive Officer, Christopher Viehbacher said,
"During the first quarter, our Business EPS grew by 7.2%. This strong performance was driven by Genzyme, our growth platforms, and cost savings. This quarter also reflects the production recovery of Genzyme with the first shipment of Fabrazyme® produced in Framingham in March.
In addition, we have submitted three new products to regulatory authorities, and released impressive clinical results for our anti-PCSK9 agent and for Lemtrada at recent medical congresses. Although as expected, Plavix will lose exclusivity in May in the U.S., the strong underlying performance of the business is consistent with our medium term growth outlook".
Taking into account the loss of Plavix and Avapro exclusivity in the U.S., the performance of growth platforms, contribution from Genzyme and cost control as well as other generic competition, 2012 business EPS is still targeted to be 12% to 15% lower at constant exchange rates than 2011, barring unforeseen adverse events.
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by RTT Staff Writer
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