The drugmaker reported third-quarter profit surpassed analysts estimates and, at the same time, Sanofi-Aventis execs raised their forecast for the year, citing resurgent sales of the Plavix blood thinner regained market share and a jump in vaccine sales.
Profit rose 9 percent to $2.7 billion and sales rose 1.8 percent. Excluding the competition from generic drugs, sales of the top 15 products would have risen 10.8 percent, Sanofi-Aventis execs say. Sales of the drugmaker's top 15 products grew just 0.4 percent to $5.9 billion, damaged by competition from generic versions of its Ambien IR sleeping pill in the US and the Eloxatin cancer treatment in Europe. Sanofi cut costs and bought back shares to boost earnings after the Ambien insomnia treatment lost patent protection in April.
Want to read more? This is the earnings release and this is the slide show.