Sanofi-Aventis (France) Profit Sinks 76% on Charge
PARIS, Feb. 11 /PRNewswire-FirstCall/ --
In order to facilitate the understanding of the Group's operational performance, we comment adjusted income statement excluding selected items (1), a non-GAAP financial measure. 2008 fourth-quarter and full-year consolidated income statements are provided in appendix 4, as are details of adjustments and selected items. Consolidated net income for 2008 was EUR 3,851 million, compared with EUR 5,263 million in 2007, the decline being mainly due to an impairment charge of EUR 1,485 million taken against intangible assets related to the acquisition of Aventis.
2008 performance
2009 guidance
* Unless otherwise indicated, all sales growth figures in this press release are stated on a comparable basis (see appendix 7 for a definition)
(1) See appendix 7 for a definition of financial indicators
(2) Adjusted EPS excluding selected items
Transforming sanofi-aventis into a diversified global leader in healthcare
Sanofi-aventis has core strengths in the field of healthcare: a global presence, market leadership in vaccines, major biological products (such as Lovenox(R) and Lantus(R)) and a strong and long-established presence in emerging markets, not to mention a track record of adapting cost structures and a solid financial situation. But although these are solid foundations, we need to develop new growth platforms in light of the important challenges of patent expirations and declining R&D productivity facing the pharmaceutical industry. Our response to these challenges is an ambitious one: to deliver sustainable growth, we need to transform ourselves into a diversified global healthcare leader.
This is why we have initiated a wide-ranging transformation program, focusing on three key themes:
We have begun a complete and objective review of our research portfolio, in order to reassess the allocation of resources. This review has already led to a rationalization of our portfolio and will be ongoing in the first half of 2009. In the future, we must focus our R&D strategy on key technologies and diseases to better serve the needs of patients. Our internal R&D division needs to be organized to maximize flexibility and innovation and a part of our existing resources in R&D should be reallocated to external collaborations. Finally, we are redefining the decision-making process in R&D to better integrate the commercial perspective and the scope for value creation. In the context of this transformation and the new environment, two positions have been created: Chief Medical Officer, who will attentively monitor the balance between benefit and risk in both marketed products and those in development; and the position of Scientific Advisor, who will contribute to the R&D decision-making process related to the portfolio and strategy, particularly in the creation of partnerships.
We need to adapt our operating model, too focused today on traditional markets, to reflect the diversity of our activities and our geographical reach. Anticipation of future changes in volumes and analysis of growth opportunities will lead us to realign our industrial capacity. The simplification of our organizational structure and operational processes will translate into a reduction of our general and administrative costs.
Our business development must be perfectly integrated in our overall strategy and translate into disciplined acquisitions and partnerships to build or strengthen platforms for long-term growth and create value for our shareholders. We have already taken first steps in this direction through our alliance with Regeneron, our acquisitions of Acambis plc and Symbion Consumer, and our bid for Zentiva. We are encouraging business development initiatives within operations in order to reinforce our regional approach. Our external research collaborations will be broadened so that we further develop creativity within R&D and deliver innovation to patients. The position of Chief Strategic Officer has been created at the Executive Committee level to achieve this integrated approach to strategy and business development.
This transformation program has already led to the rollout of a number of initiatives, the conclusions of which will be implemented from the summer of 2009.
Commenting on the objectives of the program, Chris Viehbacher, sanofi-aventis Chief Executive Officer, said: "Our ambition is to become a diversified global leader in healthcare, with one of the most productive R&D in the sector. Our objective is to deliver EPS growth ahead of current expectations of financial markets, while strengthening or building platforms for growth for 2012 and beyond."
2008 fourth-quarter and full-year net sales
Unless otherwise indicated, all sales growth figures in this press release are stated on a comparable basis(1) (excluding the impact of exchange rate movements and changes in Group structure).
Sanofi-aventis generated fourth-quarter net sales of EUR 7,089 million, up 3.6%. 2008 full-year sales rose by 3.7% to EUR 27,568 million.
Pharmaceuticals
Fourth-quarter net sales for the Pharmaceuticals business were up 3.1% at EUR 6,380 million, with the withdrawal of Acomplia(R) costing 0.5 of a point of growth over the quarter.
Full-year net sales for the Pharmaceuticals business were up 3.1% at EUR 24,707 million. The impact of generics(3) of Ambien IR(R) in the United States and of Eloxatin(R) in Europe pared around 2.2 points off growth.
Fourth-quarter net sales of Lovenox(R), the leading low molecular weight heparin on the market, rose by 8.4% to EUR 749 million. In the United States, the product reported growth of 7.2%. In Europe, after two quarters adversely affected by limited product availability (following the withdrawal of certain batches in which small quantities of an impurity were present), Lovenox(R) achieved double-digit growth in the fourth quarter of 11.1%, to EUR 221 million. Over 2008 as a whole, net sales of the product were up 10.6% at EUR 2,738 million.
Lantus(R), the world's leading insulin brand, was the biggest contributor to the Group's top-line growth in 2008. The product achieved strong growth in all three regions: 30.8% in the United States, 16.3% in Europe and 46.2% in the "Other Countries" region. The new-generation Lantus(R)SoloSTAR(R) pen was a significant driver of sales growth in the United States. Our goal is to establish Lantus(R) as the leading anti-diabetic in the world by value.
In the fourth quarter, Taxotere(R) posted another fine performance, especially in the United States where net sales were up 16.9% at EUR 208 million, driven by the product's use in adjuvant breast cancer treatment and in prostate cancer. Full-year sales exceeded EUR 2 billion for the first time in 2008 (EUR 2,033 million), with double-digit growth in all three regions: 15.9% in the United States, 10.8% in Europe, and 13.8% in the "Other Countries" region.
(3) Excluding net sales of Ambien IR(R) in the United States in Q1 2007 and Q1 2008, and of Eloxatin(R) in Europe in 2007 and 2008
Fourth-quarter net sales of the hypnotics Ambien CR(R) and Ambien IR(R) in the United States were $170 million and $24 million respectively. Over the full year, net sales of Ambien CR(R) totaled $681 million, and Ambien IR(R) posted net sales of $125 million. In Japan, Myslee(R), the leading hypnotic on the market, again performed well: net sales (consolidated by sanofi-aventis since January 1, 2008) increased by 17.8% (to EUR 49 million) in the fourth quarter and by 14.9% (to EUR 142 million) over the full year.
In the United States, net sales of Eloxatin(R), the leading cytotoxic agent in the colorectal cancer market as an adjuvant and in the metastatic phase, rose by 6.9% to EUR 265 million in the fourth quarter and by 6.2% to EUR 948 million over 2008 as a whole, driven by the adjuvant indication. In the "Other Countries" region, the product reported robust growth of 13.4% to EUR 186 million.
Net sales of Acomplia(R), which was withdrawn from the market in the fourth quarter, totaled EUR 72 million in 2008.
Worldwide presence(1) of Plavix(R) / Iscover(R)
Full-year 2008 sales of Plavix(R) in the United States (consolidated by BMS) were sharply higher than in 2007, when sales were affected by competition from a generic version in the early part of the year. In Europe, the product's 3.2% growth rate reflected competition from several clopidogrel besylates in the monotherapy segment since August in Germany, where the market share of Plavix(R)/Iscover(R) by volume remained around 75% in December (IMS Pharmatrend, week commencing December 22, 2008). In the "Other Countries" region, growth for Plavix(R) benefited from its success in Japan, where net sales reached EUR 67 million in the fourth quarter of 2008 (vs. EUR 33 million in the fourth quarter of 2007) and EUR 182 million over 2008 as a whole (vs. EUR 66 million in 2007).
Worldwide presence(1) of Aprovel(R)/Avapro(R)/Karvea(R)
Despite a very competitive environment, worldwide sales of Aprovel(R) achieved double-digit growth in 2008.
(1) See appendix 7 for a definition of financial indicators
In September 2008, the Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion on the authorization of a generic of irbesartan as a monotherapy in Europe. However, the active ingredient of irbesartan is protected by a patent in the principal European countries until August 2012. In some countries (Spain, Portugal, Finland, Norway, and some Eastern European countries), irbesartan is not protected by this active ingredient patent, though other patents may be in force locally. Net sales of Aprovel(R) as a monotherapy in European countries not covered by the active ingredient patent were approximately EUR 50 million in 2008.
Human Vaccines
Fourth-quarter consolidated net sales for the Human Vaccines business were up 8.9% at EUR 709 million, with full-year growth reaching 9.6% at EUR 2,861 million. In the United States, 2008 full-year net sales were up 9.7% at EUR 1,683 million.
Net sales of influenza vaccines in 2008 rose 1.5% to EUR 736 million. This increase includes the shipment during the second quarter of a batch of H5N1 vaccine to the U.S. Department of Health and Human Services worth $192.5 million (vs. $113 million in 2007). Fourth-quarter sales of influenza vaccines in the United States were down compared to previous year, as three-quarters of 2008 shipments were completed during the third quarter of the year.
Net sales of Menactra(R) (quadrivalent meningococcal meningitis vaccine) rose 7.9% in 2008 at EUR 404 million.
Pentacel(R) -- the first 5-in-1 pediatric combination vaccine to protect against diphtheria, tetanus, pertussis, polio and haemophilus influenzae type b licensed in the United States-- confirmed its success with strong sales uptake promptly after its launch in July 2008, reaching net sales of EUR 56 million in the fourth quarter and EUR 82 million in 2008.
Adacel(R) (adult and adolescent tetanus-diphtheria-pertussis booster) continued to perform very well in the United States, up 35.6% in the fourth quarter to EUR 54 million and by 20.0% for the year, reaching EUR 255 million.
Sales of Act-Hib(R) increased by 19.9% reaching EUR 120 million in 2008, driven by the significant commercial and industrial effort to provide additional doses to the US market during competitor's supply shortage combined with Act-Hib(R) launch in Japan in November 2008.
2008 sales growth was also driven by the uptake of Pentaxim(R) -- another 5-in-1 pediatric combo vaccine, which protects against diphtheria, tetanus, pertussis, polio and haemophilus influenzae type b -- in the "other countries" region.
A major event in 2008 was the acquisition of Acambis plc (finalized in September), which augmented our pipeline with new vaccine candidates.
Fourth-quarter sales at Sanofi Pasteur MSD (not consolidated by sanofi-aventis), the joint venture with Merck & Co in Western Europe, were down 7.5% on a reported basis at EUR 348 million. Fourth quarter sales of Gardasil(R), the first vaccine licensed in Europe against papillomavirus infection, a major cause of cervical cancer, fell by 20% to EUR 128 million. Sanofi Pasteur MSD reached 2008 full-year sales of EUR 1,272 million, an increase of 21.8% on a reported basis. Full-year net sales of Gardasil(R) were EUR 584 million, compared with EUR 342 million in 2007.
Net sales by geographic region
During 2008, sales in France and Germany weighed on net sales in Europe, which fell slightly (by 0.6%). The generifications(4) of Eloxatin(R) (especially in France) pared around 1.3 points of growth in Europe. Since August 2008, sales of Plavix(R) in Germany have been affected by competition from several clopidogrel besylates in certain indications.
In the United States, sales growth resumed at a healthier pace in the last two quarters of 2008 after having been hampered by competition from generics of Ambien IR(R) in the first part of the year, due to particularly excellent performances from Lantus(R) and Taxotere(R). Generics of Ambien IR(R)(5) cost 4.6 points of sales growth over 2008 as a whole.
Net sales in the "Other Countries" region during 2008 were lifted by a particularly strong performance in Japan (up 18.5% at EUR 1,408 million), driven by the success of Plavix(R) (net sales reached EUR 182 million in 2008 vs. EUR 66 million in 2007 and Myslee(R) (net sales reached EUR 142 million in 2008, up 14.9%)
(4) Excluding net sales of Eloxatin(R) in Europe in 2007 and 2008
(5) Excluding net sales of Ambien IR(R) in the United States in Q1 2007 and Q1 2008
2008 fourth-quarter financial results
Adjusted income statement excluding selected items(1)
Sanofi-aventis generated fourth-quarter net sales of EUR 7,089 million, a rise of 3.6% on a comparable basis. The appreciation of the U.S. dollar against the euro meant that exchange rate movements had a favorable effect of 1.1 points, despite the impact of other currencies. Changes in Group structure had an unfavorable effect of 2.1 points, and included the discontinuation of commercialization of Copaxone(R) in the United States and Canada by sanofi-aventis in accordance with the agreements signed with Teva. On a reported basis, net sales rose by 2.6%.
Gross profit was up 5.2% at EUR 5,529 million. Other revenues increased by 18.4%, benefiting from the impact of the rising dollar on royalties received on sales of Plavix(R) and Avapro(R) in the United States. The ratio of cost of sales to net sales improved by 1.2 points to 27.2%, reflecting to favorable foreign exchange effects and the discontinuation of commercialization of Copaxone(R) in North America.
Research and development expenses were EUR 1,306 million, a rise of 2.8% (1.3% at constant exchange rates), and include the full cost of discontinuing trials on Acomplia(R) (EUR 41 million). Selling and general expenses fell by 2.6% (-4.6% at constant exchange rates) to EUR 1,945 million. The ratio of selling and general expenses to net sales improved by 1.5 points to 27.4%, reflecting our ongoing cost adaptation measures
Other current operating income and expenses showed a net expense of EUR 24 million, against net income of EUR 15 million in the comparable period of 2007. This item includes an improvement in net income from alliances (primarily on Copaxone(R)), but also additional provisions for environmental risks, mainly in the United States.
Operating income - current(1) rose by 12.1% to EUR 2,198 million. Excluding foreign exchange effects, the rise was 11.4%.
Net financial expenses totaled EUR 122 million (vs. EUR 28 million in the fourth quarter of 2007), mainly due to the impact of the evolution of the EUR/$ exchange rate on the hedging of dividends from our American subsidiaries to the parent company. Interest expense was little changed at EUR 41 million, against EUR 48 million in the fourth quarter of 2007.
The effective tax rate was 26.9%, reflecting the adjustment of the effective tax rate for the first 9 months of the year (29.6%) to align on the full-year effective rate (29.0%).
The share of profits from associates was up 23.6% at EUR 220 million, with the share of after-tax profits from territories managed by BMS under the Plavix(R) and Avapro(R) alliance up 19.5% at EUR 178 million.
Minority interests increased by 13.4% to EUR 110 million. The share of pre-tax profits paid to BMS from territories managed by sanofi-aventis was up 10.4% at EUR 106 million.
Adjusted net income excluding selected items(1) was up 13.9% at EUR 1,627 million.
Adjusted earnings per share (EPS) excluding selected items(1) was EUR 1.25, 16.8% higher than the 2007 fourth-quarter figure of EUR 1.07.
(1) See appendix 7 for definitions of financial indicators
Selected items (refer to the appendix 4)
After tax, selected items represented a net gain of EUR 85 million in the fourth quarter of 2008 (versus a net gain of EUR 33 million in the comparable period of 2007), comprising:
Adjustments in the consolidated financial statements to reflect the application of purchase accounting to acquisitions, primarily that of Aventis (refer to the appendix 4)
2008 full-year financial results
Adjusted income statement excluding selected items(1)
Sanofi-aventis generated 2008 full-year net sales of EUR 27,568 million, up 3.7% on a comparable basis. Foreign exchange movements had an unfavorable impact of 3.9 points, over 70% of which was related to the U.S. dollar. Changes in Group structure had an unfavorable effect of 1.5 points, primarily reflecting the discontinuation of commercialization of Copaxone(R) in North America from the second quarter. On a reported basis, net sales fell by 1.7%.
Gross profit was EUR 21,482 million. Royalty income was up 8.1% at EUR 1,249 million, driven by the performance of Plavix(R) in the United States and despite a negative impact of the US dollar over the year as a whole. The ratio of cost of sales to net sales improved by 0.4 of a point to 26.6%.
Research and development expenses totaled EUR 4,575 million, up 0.8% (3.2% at constant exchange rates). Costs arising from the discontinuation of programs (primarily Acomplia(R)) had a negative effect of approximately one percentage point. Selling and general expenses were down 5.1% (-2.0% at constant exchange rates) at EUR 7,168 million. The selective cost adaptation policy implemented since 2006 led to a further improvement of 0.9 of a point in the ratio of selling and general expenses to net sales, which fell to 26.0%.
Other current operating income and expenses showed net income of EUR 203 million, versus net income of EUR 276 million in 2007. In terms of alliances, income from Copaxone(R) more than offset lower income from other products (Actonel(R), Allegra(R), etc). Other factors explaining the year-on-year change in this item include lower gains on disposals, environmental provisions, and less favorable foreign exchange results.
Operating income - current(1) was EUR 9,762 million (up 0.9% on a reported basis, or 8.5% at constant exchange rates), and represented 35.4% of net sales - an improvement of 0.9 of a point relative to 2007.
Net financial expenses were EUR 270 million, against EUR 139 million in 2007. Interest expense on debt totaled EUR 191 million, compared with EUR 223 million in 2007. Financial foreign exchange brought a net charge of EUR 74 million, versus a net gain of EUR 87 million in 2007; this was mainly due to the impact of the differential in interest rates between the U.S. dollar and the euro on hedges of cash invested by our American subsidiaries.
The effective tax rate was 29.0%, compared with 30.6% in 2007, due in particular to tax rate cuts in Germany.
The share of profits from associates was up 17.1% at EUR 890 million, with the share of after-tax profits from territories managed by BMS under the Plavix(R) and Avapro(R) alliance 18.9% higher at EUR 624 million. The contributions from Sanofi Pasteur MSD and Zentiva rose, while the Merial contribution fell due to adverse foreign exchange effects.
Minority interests were 5.3% higher at EUR 441 million. The share of pre-tax profits paid to BMS from territories managed by sanofi-aventis 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:
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 the appendices 5 and 6)
Operating cash flow before changes in working capital totaled EUR 8,524 million in 2008, against EUR 7,917 million in 2007.
The Group held working capital needs steady year on year.
Investing activities generated a net cash outflow of EUR 2,154 million. Acquisitions of property, plant and equipment and intangible assets amounted to EUR 1,606 million, mainly comprising investment in industrial and research facilities (EUR 1,389 million) and contractual payments related to intangible rights (EUR 217 million), the main item being the payment made under the agreement with Astellas on Myslee(R) signed in 2007. Acquisitions (EUR 667 million) mainly comprised the purchase of shares in Acambis plc and Symbion Consumer. Proceeds from disposals net of taxes amounted to EUR 123 million, mainly from the sale of the investment in Millennium.
After the dividend payout of EUR 2,708 million and the purchase of 23.8 million treasury shares for EUR 1,227 million (primarily at the end of the share repurchase program authorized by the Shareholders' General Meeting of May 2007), net cash generated during 2008 was EUR 2,450 million, enabling the Group to reduce net debt from EUR 4,230 million at December 31, 2007 to EUR 1,780 million at December 31, 2008. Gearing stood at 3.9% at December 31, 2008, compared with 9.5% at December 31, 2007.
Research and Development
A full review of our Research and Development portfolio has been initiated in order to reassess the allocation of resources and distribute them to the projects with the highest potential in the currently prevailing healthcare environment. Based on an initial evaluation, a number of projects have been discontinued either on the basis of an unsatisfactory benefit/risk ratio or inadequate additional clinical benefit, or because of the expected sub-optimal return on investment. This review will continue until April 2009. As of now, the R&D portfolio comprises 65 projects in clinical development, of which 27 are in phase III or have been submitted to health authorities for approval. The main events are:
Phase III:
Phase IIb:
Phase IIa:
Please go to www.sanofi-aventis.com to view the full details along with Appendix 8: Research and Development Portfolio
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include product development, product potential projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future events, operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans" and similar expressions. Although sanofi-aventis management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of sanofi-aventis, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMEA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such products candidates, the absence of guarantee that the products candidates if approved will be commercially successful, the future approval and commercial success of therapeutic alternatives as well as those discussed or identified in the public filings with the SEC and the AMF made by sanofi-aventis, including those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in sanofi-aventis' annual report on Form 20-F for the year ended December 31, 2007. Other than as required by applicable law, sanofi-aventis does not undertake any obligation to update or revise any forward-looking information or statements.
Appendices
List of appendices
Appendix 1: 2008 fourth-quarter and full-year consolidated net sales by product
Appendix 2: 2008 fourth-quarter and full-year consolidated net sales by geographic region and product
Appendix 3: 2008 fourth-quarter and full-year adjusted income statements excluding selected items
Appendix 4: Reconciliation of adjusted income statement excluding selected items to adjusted income statement and consolidated income statement for fourth-quarter and full-year, 2008 and 2007
Appendix 5: Simplified consolidated cash flow statement
Appendix 6: Simplified consolidated balance sheet
Appendix 7: Definition of non-GAAP financial indicators
Appendix 8: Please go to www.sanofi-aventis.com to view the full details along with Research and Development Portfolio
For a description of 2008 fourth-quarter and full-year selected items, see pages 8 and 10 respectively.
The material effects of the application of purchase accounting to acquisitions, primarily that of Aventis, on the consolidated income statement were as follows:
2008 - Fourth quarter
2008 - Full year
Appendix 7: Definitions of non-GAAP financial indicators
Comparable net sales
When we refer to the change in our sales on a "comparable" basis, we mean that we exclude the impact of exchange rate movements and changes in Group structure (acquisitions and divestments of interests in entities and rights to products, and changes in consolidation method for consolidated entities).
We exclude the impact of exchange rates by recalculating sales for the prior period on the basis of exchange rates used in the current period.
We exclude the impact of acquisitions:
Reconciliation of 2007 fourth-quarter net sales to 2007 fourth-quarter comparable net sales, and of 2007 full-year net sales to 2007 full-year comparable net sales:
Worldwide presence of Plavix(R)/Iscover(R), Avapro(R)/Aprovel(R)
When we refer to the "worldwide presence" of a product, we mean our consolidated net sales of that product, minus sales of the product to our alliance partners plus non-consolidated sales made through our alliances with Bristol-Myers Squibb on Plavix(R)/Iscover(R) (clopidogrel bisulfate) and Aprovel(R)/Avapro(R)/Karvea(R) (irbesartan), based on information provided to us by our alliance partner.
Operating income - current
We define "operating income - current" as operating income before restructuring, impairment of property, plant and equipment and intangibles, gains/losses on disposals, and litigation.
Adjusted net income (see appendix 3 for a detailed reconciliation)
We define "adjusted net income" as accounting net income after minority interests adjusted to exclude the material after-tax impacts of (i) the application of purchase accounting to acquisitions and (ii) acquisition-related integration and restructuring costs. We believe that eliminating these impacts from net income gives investors a better understanding of the underlying economic performance of the combined Group.
The material impacts of the application of purchase accounting to acquisitions, primarily the acquisition of Aventis, are as follows:
Adjusted net income excluding selected items
We define "selected items" as accounting items reflecting significant events occurring during the period that would alter a user's understanding of our operational performance if they were not disclosed separately. Consequently, selected items are limited in number, unusual in nature, and involve significant amounts.
Selected items are primarily recorded in the following line items:
To view in full detail please go to www.sanofi-aventis.com
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