Sanofi-Aventis's CEO Discusses Q1 2012 Results - Earnings Call Transcript

sanofi-aventis (SNY)

Q1 2012 Earnings Call

April 27, 2012 09:00 a.m. ET


Sébastien Martel - VP, IR

Chris Viehbacher - CEO

Jerome Contamine - CFO

Hanspeter Spek - President, Global Operations


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



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.

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