My last comment was addressing the scenario in your second paragraph ..namely if a non US pharma company (e.g., Sanofi, euro denominated) has a US subsidiary (e.g., Genzyme)which earns US$, assuming those US$ are not repatriated back to France but kept in its US Genzyme sub, the f/x gain/loss(US$ to Euro) is not reflected in P&L but in retained earnings (other comprehensive income) as a currency translational adjustment. This means that while the f/x gain/loss impacts the balance sheet, it does not impact quarterly P&L.
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