Biotech Values

[DewDiligence]

A few points to consider:

• In 3Q09, SNY still had a monopoly, so the ASP was higher than in 3Q10 and 3Q11.

• There may have been some modest inventory stocking during 3Q09 (in advance of further price increases).

• The translation of SNY’s US Lovenox sales into dollars is not an exact science insofar as exchange rates can fluctuate considerably during a given quarter. Moreover, shipments by SNY to its US distributors (which is what triggers a “sale” for accounting purposes) tend to be lumpy, so the timing of shipments during a quarter can affect SNY’s euro-denominated sales in a non-trivial manner.

See #msg-43119870 for additional details.