In order to facilitate an understanding of our operational performance, we comment on our adjusted income statement excluding selected items, a non-GAAP financial measure. The consolidated income statement for the first 9 months of 2009 is provided in Appendix 6, as are details of adjustments and selected items. Consolidated net income for the first 9 months of 2009 was euro 4,056 million, compared with euro 3,669 million for the first 9 months of 2008. Consolidated earnings per share for the first 9 months of 2009 was euro 3.11, versus euro 2.80 for the first 9 months of 2008.
Third-quarter performance(2) buoyed by key growth drivers
- Good performances from Lovenox(R) (+13.7%) and Lantus(R) (+21.7%) across all three geographic regions, continuation of strong uptrend in the presence of Plavix(R) in the United States (+11.3%) and Japan (+50.3%)
- Sales growth of 20.9% in emerging markets
- Strong growth for the Pentacel(R) and Menactra(R) vaccines; substantial proportion of seasonal and A/H1N1 vaccines sales anticipated in the fourth quarter
- OTC sales up 26.3%
- Launch of Multaq(R) in the United States on target; positive opinion from the CHMP in Europe, and approval in Canada and Switzerland
- Impact of competition from generics of Eloxatin(R) in the United States and Plavix(R) in some European countries more than offset by growth drivers
Solid quarterly results and 2009 full-year guidance updated
- 2009 third-quarter adjusted EPS excluding selected items of euro 1.71, +8.2% at constant exchange rates and +16.3% on a reported basis
- Robust cash flow from operating activities to end September, of euro 6,834 million
- 2009 guidance, taking account of approximately $500 million sales of A/H1N1 vaccines expected in the fourth quarter: growth in adjusted EPS excluding selected items of around 11% at constant exchange rates, barring major adverse events
Ongoing transformation of sanofi-aventis
- Business Development: euro 6.2 billion invested to end September 2009
- Reinforcement of the R&D portfolio: two projects (BSI-201 and otamixaban) moved into Phase III; two new alliances with Merrimack in oncology, and Wellstat in diabetes; agreement to acquire Fovea in ophthalmology
- Expansion of the OTC business: agreement to acquire Oenobiol in France
Commenting on the Group's 2009 third-quarter performance, sanofi-aventis Chief Executive Officer Christopher A. Viehbacher said:
"We pursued our transformation strategy in the third quarter, reinforcing our platforms for growth and forging ahead with our policy of R&D alliances and targeted acquisitions. As promised, we have mobilized substantial resources on the production of A/H1N1 vaccines."