sanofi-aventis (SNY) Q1 2012 Earnings Call April 27, 2012 09:00 a.m. ET Executives Sébastien Martel - VP, IR Chris Viehbacher - CEO Jerome Contamine - CFO Hanspeter Spek - President, Global Operations Analysts Tim Anderson – Sanford Bernstein Mark Dainty - Citigroup Peter Verdult – Morgan Stanley Luisa Hector – Credit Suisse Vincent Meunier – Exane BNP Paribas Mike Leuchten – Barclays Philippe Lanone – Natixis Kyle Rasbach – Cowen & Co. Jeff Holford – Jefferies PresentationOperator Welcome to the Sanofi Conference Call. I’ll now hand over to Mr. Sébastien Martel. Sir, please go ahead. Sébastien Martel
Thank you. Hello everyone and welcome to our First Quarter Conference Call. As always, I would like to draw your attention to the Safe Harbor statements. I must advise you that information presented in the call today will contain forward-looking statements that involve known and unknown risks, uncertainties and other factors. These may cause actual results to differ materially. I invite you to refer to our [inaudible] with the SEC and also out for description of those factors. Today with us on the call, we have Chris Viehbacher, our CEO, Hanspeter Spek our President of Global Operations as well as Jerome Contamine, our CFO. Without any further adieu I will hand the call over to Chris. Chris Viehbacher Thank you Sébastien. Good morning and good afternoon everybody. I think we have got a very strong set of results in the first quarter. Sales up 7% at constant exchange rate. Business earnings per share up 7.2% at constant exchange rates, clearly benefiting from the acquisition of Genzyme, which you may remember was completed on the 4th of April last year. I think it’s always useful to come back and say where we have been going strategically. If I go back to 2009, you will all remember that really the story around Sanofi was in genericized products, how many sales were going to be lost. And you can really see the cliff graphically here. The products, and they are noted in the footnote on the bottom that are subject to patent expiry amounted to some €2.2 billion in Q2 of 2009, which was kind of the last quarter before the cliff started. That €2.2 billion on the same set of products today is now down to €813 billion.