• 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.
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