Biotech Values

[DewDiligence]

3Q08 Lovenox Sales by Region

Worldwide sales rose 9% year-over-year in constant currencies to an annualized rate of €2.5B ($3.2B); quarter-over-quarter, sales were flat in euros and down 10-15% in constant currencies due to a decline in the US (see below).

US sales rose 11% year-over-year in dollars to an annualized rate of $1.9B; quarter-over-quarter, US sales were down 15-20% (the exact change is hard to measure due without doing more DD because of the widely changing exchange rate during 3Q08). The quarter-over-quarter decline may have been affected by artificially high sales in 1H08 due to heparin recalls by Baxter and other suppliers; the softening US economy may have been a factor too. According to Sanofi, there has been no loss in market share.

Following are annualized sales by
region in 3Q08; YoY growth rates
are in constant currencies.

US: €1.50B (59% of total), +11% YoY
EU: €748M (29% of total), +3% YoY
RoW: €292M (12% of total), +11% YoY
===
Total: €2.54B, +9% YoY

http://en.sanofi-aventis.com/binaries/20081031_Results2008_Q3_slides_tcm28-22500.pdf