Jul 31, 2008
Declining sales of Sanofi-Aventis and disappointment on R & D
Sanofi-Aventis announces sales below market expectations for the second quarter of 2008 and disappointing in its new research, including stopping the development of antidepressant Amibegron.
Despite raising the growth target of its profit for the full year, under laboratory acknowledge a sharp decline Thursday when the Swiss group or Schweizerhall says he wants to launch its copy of Plavix, an anticoagulant Features of Sanofi, in all European countries.
Around 11:30, the fourth of the global pharmaceutical group - the United States behind Pfizer, GlaxoSmithKline British and Swiss Novartis - lost 5.73% to 44.59 euros, under-performing ACC 40 (-0.1%) and European sectoral index (-0.93%). Since the beginning of the year, it has plummeted by nearly 25%.
"The current value greatly the worst-case scenario," Oddo Securities, believing that the fate of the share of 13.1% of Total and 8.7% of L'Oreal in Sanofi is an impediment to the progress of the work of pharmaceutical group.
Sanofi-Aventis reached a group net income of 1,605 million euros, a decline of 4.4%, or 1.23 euro per share against 1.24 a year earlier.
The adjusted EPS excluding items in the second quarter amounted to 1.34 euro in relation to that of 1.33 euro expected by analysts.
Its operating income grew by 3.1% to 2,402 million euros.
OF GENERIC COMPETITION
Concurrencé by its generic anticancer Eloxatine in Europe and its sleeping pill Ambien the USA, the group saw its turnover fall by 3.6% to 6,689 million. It was due to 6,992 million euros.
The pharmaceutical business shows a growth of 4.1% on a comparable basis to 6,032 million euros fired by the anticoagulant Lovenox (+4.6% 0 637 million) and Plavix (+8.5% to 664 million) and by insulin Lantus (+27.2% to 576 million).
The Ambien saw its sales fall by 22.4% to 191 million euros while those of Eloxatine fell by 5% to 326 million euros.
Sales of vaccines increased by 17.1% on a comparable basis in the second quarter to 657 million euros.
"Beyond the slowdown in sales growth, Sanofi shows in Q2 an excellent cost control and will improve its profitability and raising its forecasts," CM-CIC in a note.
Sanofi-Aventis table now on a growth of about 8% of its earnings per share for 2008, excluding special items, based on a euro dollar in 1371 instead of a 7% increase expected in mid-May .
"Taking into account the average current euro / dollar of 1.54, these estimates represent a decrease of 0.5%," Natixis.
During a conference call, chief financial officer Jean-Claude Leroy said that the new target took into account the implications of launching a copy of Plavix in Germany.
MULTAQ SUBMITTED IN EUROPE AND THE USA
For its part, Hanspeter Spek, Director General in charge of pharmaceutical operations, commented that "legally", the Clopidogrel, a copy of Plavix manufactured by Schweizerhall, had obtained a permit for placing on the German market but that "technically" approaches had yet to be set up so that the product is sold in pharmacies.
He estimated at 350 million euros on turnover of Clopidogrel in Germany, of which 150 million comes from parallel imports.
Sales of Plavix in Germany that Sanofi consolidates in its accounts are estimated by analysts at about 100 million euros.
In terms of research and development, Sanofi announced that the filing of the application for registration of Multaq (cardiac arrhythmia) had been achieved in Europe and the USA at the end of June but he also indicated that it was stopping development several drugs.
It is the Amibegron into depression and the Illepatril in hypertension. In addition, the group issued a cautious message on Saredutant, also in the treatment of depression, after mixed results of a study.
In addition, Jean-Claude Leroy said that the group could carry out share buybacks on the second part of the year but in small volumes because the group wanted to give priority to developing its activities. The general assembly last May approved a buyback plan to purchase an amount of three billion euros.
Finally, the CFO has also indicated that the three recent acquisitions made by Sanofi - Zentiva, Acambis, Symbion Consumer - will have little impact in 2008.
The group's net debt totalled 5,593 million euros at 30 June 4230 against 31 million in December.
by erectusplus at 5:41 AM |
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