Sanofi: Net sales up 10.1% and Business net income(1) up 4.1% at CER(2)

Performance driven by growth platforms, Genzyme acquisition and cost savings -

PARIS, Nov. 3, 2011 /PRNewswire/ --

(Logo: http://photos.prnewswire.com/prnh/20110616/NY20158LOGO )


 

 


 

Q3 2011

Change on a reported basis

Change at constant exchange rates

9 months 2011

Change on a reported basis

Change at constant exchange rates

 

Net sales

euro 8,753m

+5.0%

+10.1%

euro 24,881m

+1.4%

+4.1%

 

Business net income(1)

euro 2,398m

-3.0%

+4.1%

euro 6,718m

-8.9%

-6.3%

 

Business EPS(1)

euro 1.79

-5.3%

+1.6%

euro 5.09

-9.9%

-7.3%

 


 

 
               


 

In order to facilitate an understanding of our operational performance, we comment on our business net income statement. Business net income(1) is a non-GAAP financial measure. The consolidated income statement for the first 9 months of 2011 is provided in Appendix 7. A reconciliation of business net income to consolidated net income is provided in Appendix 6. Consolidated net income for the first 9 months of 2011 was euro 4,254 million, compared to euro 5,030 million for the first 9 months of 2010. Consolidated EPS for the first 9 months of 2011 was euro 3.23. versus euro 3.85 for the first 9 months of 2010.

 

Commenting on the Group's performance in Q3 2011, Sanofi Chief Executive Officer, Christopher A. Viehbacher said, "The return to growth in sales and earnings in the third quarter reflects an important milestone as the company progressively puts the patent cliff behind it. The integration of Genzyme is progressing well. Our growth platforms(3) again achieved double digit growth and more than compensated for generic erosion. We continue to make strong progress in R&D with the submission of five new products and also in the tight control of our costs."

Q3 2011 Performance

 

Total sales(4) grew 10.1%(5) to euro 8,753 million. Excluding Genzyme, sales were stable despite euro 471 million of sales lost due to generic competition vs. Q3 2010.

Growth platforms grew by 11.1% (excluding A/H1N1 sales) led by strong performances in Diabetes, Vaccines and Consumer Health Care. Growth platforms and Genzyme accounted for 68.5% of total sales.

Diabetes sales increased 12.4% driven by a strong performance in the U.S. and in Emerging Markets(6) where Lantus® recorded sales growth of 14.6% and 23.4%, respectively.

Vaccines grew 16.7% reflecting solid demand for seasonal flu vaccines in the U.S. coupled with an early shipment.

Genzyme sales were euro 768 million, up 6.9%(7).

Sales in Emerging Markets(6) were euro 2,565 million, an increase of 6.8% (or 12.0% including Genzyme). Sales in BRIC countries were up 20.2% (or 24.2% including Genzyme).

Consumer Health Care sales were euro 665 million (+20.3%), supported by a successful Allegra® OTC launch in the U.S. (euro 43 million).

Merial sales were euro 470 million, a decrease of 5.2% reflecting the temporary generic competition of Frontline® Plus in the U.S.

Business EPS(1) was up 1.6% at euro 1.79 at CER despite the impact of several exclusivity losses.

Outlook

 

Five new products were recently submitted: Lyxumia® (lixisenatide) in the EU, Aubagio™ (teriflunomide) and Zaltrap™ (aflibercept) in the U.S.; Visamerin®/Mulsevo® (semuloparin) in the U.S. and EU; Kynamro™ (mipomersen) in the EU.

The Group continues to expect 2011 business EPS(1) to be 2% to 5% lower than 2010 business EPS(8) at CER, barring major unforeseen adverse events.

(1) See Appendix 8 for definitions of financial indicators; (2) At Constant Exchange Rate; (3) See Appendix 4; (4) Growth in net sales is expressed at constant exchange rates (CER) unless otherwise indicated (see Appendix 8 for a definition); (5) Q3 2010 includes consolidated Merial sales

(euro 518 million); (6) See definition on page 8; (7) on a constant structure basis and at constant exchange rates; (8) euro 7.06

2011 third quarter and 9-month net sales

Unless otherwise indicated, all sales growth figures in this press release are stated at constant exchange rates(1).

 

Net sales in the third quarter of 2011 were euro 8,753 million, an increase of 5.0% on a reported basis. Exchange rate movements had a negative effect of 5.1 percentage points, mainly due to a less favorable euro/U.S. dollar parity. Various currencies from Emerging Markets (notably the Venezuelan Bolivar and Turkish Lira) also had an unfavorable impact. At constant exchange rates, and including changes in structure (primarily the consolidation of Genzyme from April 1st), net sales increased by 10.1%.

In the first 9 months of 2011, net sales were euro 24,881 million, up 1.4% on a reported basis. Exchange rate movements had an unfavorable effect of 2.7 percentage points. The impact of the depreciation of the U.S. dollar, Venezuelan Bolivar and Turkish Lira against the Euro was reduced by the favorable effect of the Japanese Yen and Australian dollar. At constant exchange rates, and accounting for changes in structure (primarily the consolidation of Genzyme from April 1st), net sales increased by 4.1%.

Growth Platforms (see Appendix 4)

 

Third-quarter sales of the Group's growth platforms grew by 10.4% or 11.1% excluding A/H1N1 vaccines sales. Including Genzyme, the Group's growth platforms accounted for 68.5% of total consolidated sales, which is up from 60.2% in the third quarter of 2010. In the first 9 months, the growth platforms and Genzyme comprised 64.5% of total consolidated sales compared with 56.4% over the same period of 2010. Year-to-date sales growth of growth platforms was 11.9% excluding A/H1N1 vaccines sales.

Pharmaceuticals

 

Pharmaceuticals net sales reached euro 6,940 million (up 10.0%) in the third quarter, which reflects the positive contribution (euro 768 million) from Genzyme (consolidated from April 1st, 2011) as well as generic competition to Lovenox®, Ambien® CR and Taxotere® in the U.S., Plavix® and Taxotere® in the EU and the impact of U.S. healthcare reform and EU austerity measures. Year-to-date 2011 net sales were euro 20,670 million, an increase of 5.5%.

Flagship Products(9)

 

(millions of euros)

Q3 2011

net sales

Change at constant

exchange rates

9-month 2011

net sales

Change at constant

exchange rates

 

Lantus®

968

+14.6%

2,862

+14.1%

 

Apidra®

53

+22.2%

155

+24.2%

 

Plavix®

517

+3.8%

1,511

-4.5%

 

Lovenox®

494

-12.7%

1,613

-26.1%

 

Aprovel®

314

-5.6%

977

-2.1%

 

Eloxatin®

310

+179.2%

746

+182.9%

 

Taxotere®

186

-64.8%

772

-54.1%

 

Multaq®

66

+52.2%

197

+88.1%

 

Jevtana®

45

+14.6%

141

+256.1%

 

Cerezyme®

141

+7.0%*

307**

+29.9%*

 

Myozyme® / Lumizyme®

101

+27.2%*

200**

+34.5%*

 

Renagel® / Renvela®

135

+6.7%*

272**

+10.5%*

 

Synvisc®

80

+11.3%*

169**

+14.5%*

 

* on a constant structure basis and at constant exchange rates;** Net sales since April 1st 2011


 

 
           


 

(1)

See Appendix 8 for definitions of financial indicators

(9)

See Appendix 2 for a geographical split of consolidated net sales by product

Diabetes

 

Third-quarter sales of the Diabetes division grew 12.4% to euro 1,161 million reflecting strong growth of Lantus® in the U.S. (+14.6% to euro 580 million) and Emerging Markets (+23.4% to euro 149 million). In Western Europe, Lantus® sales increased by 7.1% (euro 182 million). In the third quarter, Lantus® SoloSTAR® represented 47.2% of total Lantus® sales in the U.S., an increase of 14.9 percentage points versus the fourth quarter of 2009. The growth of Lantus® in Japan (+15.1%) was also strong. In Emerging Markets, sales of Lantus® doubled in China (+103.5%) and benefited from the inclusion into the reimbursement scheme of the largest provincial markets, Shanghai (December 2010) and Beijing (July 2011). In Latin America, sales of Lantus® were up 31.4%. Year-to-date sales of Lantus® reached euro 2,862 million, up 14.1%.

Net sales of the rapid-acting insulin analog Apidra® were euro 53 million in the third quarter, up 22.2%. Sales in the U.S. increased by 40% (euro 20 million) reflecting the benefit of our new commercial approach. Year-to-date net sales of Apidra® reached euro 155 million, an increase of 24.2%. A temporary shortage of Apidra® 3mL cartridges, will impact supplies potentially until early 2012 in some markets. Apidra® vials are not impacted.

Despite 10.9% growth in Emerging Markets, net sales of Amaryl® decreased 7.4% (to euro 106 million) due to generic competition in Japan. Year-to-date sales of Amaryl® were euro 323 million, down 7.6%.

Year-to-date sales of the Diabetes division increased by 11.8% to euro 3,442 million.

Oncology

 

Eloxatin®

achieved net sales of euro 310 million (up 179.2%) in the third quarter, reflecting the full recovery of U.S. sales (euro 245 million, versus euro 56 million in the third quarter of 2010). Year-to-date sales of the product were euro 746 million, an increase of 182.9%. In September, the U.S. District Court for the District of New Jersey ruled against Sun Pharmaceuticals in favor of Sanofi U.S. with respect to a contractual dispute arising from the resolution of the Eloxatin® patent litigation. This ruling, which Sun Pharmaceuticals is contesting, maintains the U.S. market exclusivity of Eloxatin® through August 9, 2012.

As expected, net sales of Taxotere® decreased by 64.8% to euro 186 million in the third quarter reflecting generic erosion in the U.S. (sales down 85.3% to euro 27 million) and in Western Europe (sales down 78.4% to euro 41 million). Year-to-date sales of Taxotere® were euro 772 million, down 54.1%. Over the period, Taxotere sales generated outside the U.S. and Western Europe amounted to euro 377 million.

Third-quarter net sales of Jevtana ® were euro 45 million. Sales in the U.S. and in Western Europe reached euro 26 million and euro 15 million, respectively. Commercialization of Jevtana® is now underway in most Western European countries. Year-to-date sales of Jevtana® were euro 141 million.

Worldwide presence(1) of Plavix

®/Iscover®

The worldwide presence of Plavix® was euro 1,738 million, up 6.5%, in the third quarter. Sales in the U.S. (consolidated by Bristol-Myers Squibb) were euro 1,185 million, up 9.0%. In Japan and China, Plavix® continued to show strong growth of 20.1% (to euro 162 million) and 28.5% (to euro 72 million), respectively. Sales in Europe declined by 21.0% to euro 143 million, due to generic competition. In the first 9 months of 2011, the worldwide presence of Plavix® totaled euro 5,240 million, an increase of 6.1%. Year-to-date consolidated sales in Japan and China were euro 463 (up 23.0%) and euro 203 million (up 29.1%), respectively. On October 18, 2011, in the damages phase of the Plavix® patent infringement case against Apotex, the U.S. Court of Appeals upheld the damages award granted to Sanofi and BMS in the amount of $442.2 million.

(1) See Appendix 8 for definitions of financial indicators

Worldwide presence of Plavix®/Iscover®: geographic split

 

(millions of euros)

Q3 2011

Change at constant

exchange rates

9-month 2011

Change at constant

exchange rates

 

Europe

143

-21.0%

445

-31.3%

 

United States

1,185

+9.0%

3,600

+11.1%

 

Other Countries

410

+11.9%

1,195

+12.7%

 

TOTAL

1,738

+6.5%

5,240

+6.1%

 


 

 
           


 

Worldwide presence(1) of Aprovel®/Avapro®/Karvea®/Avalide®

 

The worldwide presence of Aprovel® was euro 434 million, down 15.2% in the third quarter reflecting the growing penetration of Losartan generics. In the first 9 months of 2011, the worldwide presence of Aprovel® totaled euro 1,384 million, a decrease of 11.0%. Year-to-date consolidated sales of the product in Emerging Markets reached euro 276 million, up 8.6%.

Worldwide presence of Aprovel®/Avapro®/Karvea®: geographic split

 

(millions of euros)

Q3 2011

Change at constant

exchange rates

9-month 2011

Change at constant

exchange rates

 

Europe

207

-9.6%

627

-12.8%

 

United States

86

-28.5%

295

-21.0%

 

Other Countries

141

-12.5%

462

+0.2%

 

TOTAL

434

-15.2%

1,384

-11.0%

 


 

 
           


 

Other Pharmaceutical Products

 

Third quarter net sales of Lovenox® (euro 494 million, down 12.7%) were impacted by generic competition in the U.S. (euro 133 million, down 42.4%). Lovenox® continued to show solid performance outside the U.S. with a sales increase of 8.7% in Western Europe (to euro 199 million) and 11.6% in Emerging Markets (to euro 137 million). Year-to-date sales of Lovenox® were euro 1,613 million, down 26.1%. Sales generated outside the U.S. were euro 1,098 million (up 8.3%), or 68.1% of total Lovenox sales. In September 2011, the FDA approved Amphastar Pharmaceuticals' version of enoxaparin. In October, Sanofi, through its generic business Winthrop, launched an authorized generic of Lovenox® in the U.S.

Net sales of Multaq ® reached euro 66 million in the third quarter, of which euro 46 million was generated in the U.S. and euro 17 million in Western Europe. Year-to-date sales of Multaq® were euro 197 million. Following its review, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) confirmed in September that the benefits of Multaq® continue to outweigh the risks with a revised indication for the treatment of a newly defined population of paroxysmal and persistent Atrial Fibrillation patients. Multaq® is indicated for the maintenance of sinus rhythm after successful cardioversion in adult clinically stable patients with paroxysmal or persistent atrial fibrillation. Due to its safety profile, Multaq® should only be prescribed after alternative treatment options have been considered and should not be given to patients with left ventricular systolic dysfunction or to patients with current or previous episodes of heart failure. The benefit/risk assessment of Multaq® by other regulatory agencies is ongoing.

Third-quarter net sales of the Ambien® family of products decreased by 43.6% (to euro 121 million), due to generic competition to Ambien®CR in the U.S. (Ambien® sales in the U.S. were down 81.0%). In Japan, Myslee®, showed 7.3% growth to euro 69 million in the third quarter. Year-to-date sales of the Ambien® family were euro 353 million of which euro 64 million was for Ambien®CR in the U.S. (Ambien® sales in the U.S. were down 82.5%). Year-to-date sales of Myslee® in Japan totaled euro 198 million, up 9.5%.

Third quarter net sales of Allegra® as a prescription drug, were euro 103 million of which euro 75 million (up 4.0%) was generated in Japan. Allegra® moved to the OTC market in the U.S. in March 2011 (sales reported in CHC). Year-to-date sales of Allegra® as a prescription drug, were euro 438 million, 80% of which (euro 349 million) was generated in Japan and increased by 25.8%.

Net sales of Copaxone® were euro 117 million, down 6.4% in the third-quarter, reflecting the end of the co-promotion agreement in certain countries notably the U.K. in the fourth quarter of 2010. Year-to-date sales of the product reached euro 350 million, down 10.1%.

Genzyme(10)

 

(millions of euros)

Q3 2011

net sales

Change on a constant

structure basis and at

constant exchange rates

Net sales since

April 1st 2011

Change on a constant

structure basis and at

constant exchange rates

 

Cerezyme®

141

+7.0%

307

+29.9%

 

Myozyme® / Lumizyme®

101

+27.2%

200

+34.5%

 

Fabrazyme®

32

+24.9%

62

+14.0%

 

Renagel®/Renvela®

135

+6.7%

272

+10.5%

 

Synvisc®

80

+11.3%

169

+14.5%

 

Total Genzyme

768

+6.9%

1,564

+11.5%

 


 

 
           


 

Third quarter sales of Genzyme reached euro 768 million, an increase of 6.9% over the third quarter of 2010.

Net sales of Cerezyme® were euro 141 million in the third quarter, an increase of 7.0%. Quarterly sales were impacted by reduced product availability during the quarter.

Net sales of Myozyme®/Lumizyme® were euro 101 million, an increase of 27.2%. Growth in the third quarter was driven by continued expansion of Lumizyme® in the U.S. and volume growth across all geographies.

Net sales of Fabrazyme® in the third quarter were euro 32 million, up 24.9% from the third quarter of 2010. The increase was driven by greater availability of the product compared to the third quarter of 2010.

Sales of Renvela®/Renagel® were euro 135 million in the third quarter, an increase of 6.7%. Growth in the third quarter was driven by continued U.S. market share growth, which reached an all time high of 53.1% in September, and European adoption of Renvela®, particularly in the chronic kidney disease segment.

Net sales of Synvisc®/Synvisc One® were euro 80 million, up 11.3% due to continued growth in the U.S. and in Japan.

Genzyme announced in early October that a temporary decrease in Cerezyme® production yields, and changes to product release processes and procedures had lengthened the overall time it takes to release Cerezyme®. These changes required Genzyme to temporarily reduce global supply allocations from the period of October 2011 through January 2012. Genzyme continues to expect an improving Cerezyme® supply outlook from February 2012 forward.

Genzyme has maintained consistent supply of Fabrazyme® to current patients at a reduced dose throughout 2011. To return to normal supply levels of Fabrazyme® for existing and new patients, it will be necessary to utilize the additional capacity from Genzyme's new manufacturing facility in Framingham. The company has made substantial progress over the past few months to achieve regulatory milestones so that Fabrazyme® made in Framingham can be provided to patients. Because of the progress made to date, the company continues to expect to begin providing product made in Framingham during the first quarter of 2012. The complete return to normal supply levels will not be immediate, as it will take time to obtain all global regulatory approvals and build inventory.

Genzyme also continues to make progress at its Allston manufacturing facility, and has satisfied all requirements of the consent decree to date. Genzyme has also ceased all fill/finish operations within the Allston facility in accordance with the requirements of the consent decree. In addition, Genzyme has completed the previously announced expansion at its Waterford, Ireland manufacturing facility, which will triple the fill/finish capacity at the plant upon approval.

(10) Historical Genzyme perimeter; sales growth of Genzyme are stated on a constant structure basis and at constant exchange

Consumer Health Care

 

Third-quarter sales of the Consumer Health Care (CHC) business grew 20.3% to euro 665 million supported by Allegra® OTC in the U.S. (euro 43 million) and the positive impact from acquisitions (mainly BMP Sunstone in China). Year-to-date sales of CHC totaled euro 2,021 million, up 25.3%. Year-to-date sales of Allegra® OTC in the U.S. reached euro 186 million reflecting the successful Rx-to-OTC switch by Chattem.

In August, Aventis Pharma Limited (an Indian subsidiary of Sanofi) announced that it entered into an agreement to acquire Universal Medicare Private Limited's business of marketing and distribution of branded nutraceutical formulations in India. With this acquisition, Aventis Pharma will advance its sustainable growth strategy in India and facilitate the creation of a Consumer Health Care platform in that country. The transaction is expected to close in Q4 2011 subject to certain conditions precedent.

Generics

 

Third-quarter sales of the generics business grew 9.2% to euro 410 million in the third quarter, led by the U.S. and Emerging Markets. Sales in Emerging Markets reached euro 264 million, up 9.9% supported by Latin America (+14.4%). In the U.S., the performance (+40.9% to euro 29 million) is attributable to the recently launched authorized generic of Taxotere® (sales of $29 million) and Ambien®CR (sales of $11 million). Year-to-date sales of the generics business grew by 14.5% to euro 1,258 million.

Human Vaccines

Third-quarter consolidated net sales for the Human Vaccines business totaled euro 1,343 million, an increase of 16.7% (or 19.9% excluding euro 33 million of A/H1N1 vaccines sales booked in Q3 2010), driven by the performance of seasonal influenza vaccines in the U.S. Year-to-date consolidated net sales for the Human Vaccines business totaled euro 2,651 million, an increase of 12.7% excluding A/H1N1 influenza vaccine sales booked in 2010, or a decrease of 4.7% including A/H1N1 vaccines sales.

Net sales of seasonal influenza vaccines were euro 602 million in the third quarter, up 42.6% supported by solid demand coupled with an early supply in the U.S. (sales of euro 410 million, up 58.1%). In the U.S., our offering has been further differentiated with the launch last year of Fluzone® High Dose and this year with Fluzone® Intradermal which was approved by the FDA in May. Fluzone® Intradermal is the first influenza vaccine licensed in the U.S. that uses a novel microinjection system for intradermal delivery. The first doses of Fluzone® Intradermal were shipped in September and the limited launch in 2011 will focus on the education of patients and healthcare professionals. Year-to-date sales of seasonal influenza vaccine reached euro 760 million, an increase of 42.5%.

Sales of Polio/Pertussis/Hib vaccines were euro 256 million, up 15.3% in the third quarter, reflecting the success of Pentaxim® and the recovery in sales of haemophilus influenzae type b vaccines in Japan. Sales of Pentaxim® (5-in-1 combination vaccine against diphtheria, tetanus, pertussis, polio and haemophilus influenzae type b) were euro 53 million, up 18.5% reflecting sustained growth in Emerging Markets and its recent launch in China. Year-to-date sales of Polio/Pertussis/Hib vaccines sales totaled reached euro 750 million, up 7.8%, including euro 174 million of Pentaxim® sales (+26.0%) and euro 223 million of Pentacel® sales (+6.5%).

Third-quarter net sales of Menactra® were euro 195 million, an increase of 10.2% led by good performance in the U.S. Menactra® benefited in the U.S. from the ACIP (Advisory Committee on Immunization Practices) recommendation of a booster dose for adolescents. Year-to-date sales of Menactra® totaled euro 334 million, down 2.4%.

Net sales of adult boosters reached euro 122 million, down 10.3% in the third quarter due to comparatively high sales in Q3 2010 as a result of U.S. pertussis outbreaks. Over the quarter, sales of Adacel® were euro 93 million, down 6.5%. Year-to-date sales of adult boosters totaled euro 328 million, an increase of 4.2%, including euro 224 million of Adacel® sales (up 7.9%).

Net sales of Travel and other endemic vaccines were euro 98 million (up 5.2%) and euro 269 million (down 5.5%) in the third quarter and the first 9 months, respectively.

Consolidated vaccines sales

 

(millions of euros)

Q3 2011

net sales

Change at constant

exchange rates

9-month 2011

net sales

Change at constant

exchange rates

 

Influenza Vaccines (incl. Vaxigrip ® and Fluzone ® )

602

+33.1%

760

-21.0%

 

of which seasonal vaccines

602

+42.6%

760

+42.5%

 

of which pandemic vaccines

0

-100.0%

0

-100.0%

 

Polio/Pertussis/Hib Vaccines (incl. Pentacel ® and Pentaxim ® )

256

+15.3%

750

+7.8%

 

Meningitis/Pneumonia Vaccines (incl. Menactra ® )

212

+4.9%

395

-4.0%

 

Adult Booster Vaccines (incl. Adacel ® )

122

-10.3%

328

+4.2%

 

Travel and Other Endemics Vaccines

98

+5.2%

269

-5.5%

 

Other Vaccines

53

+19.2%

149

+31.8%

 

TOTAL

1,343

+16.7%

2,651

-4.7%

 


 

 
           


 

Net sales of Sanofi Pasteur MSD (not consolidated by Sanofi), the joint venture with Merck & Co in Europe, recorded third quarter net sales of euro 260 million, down 13.5% on a reported basis. Gardasil® sales were euro 41 million, down 34.7% on a reported basis. Year-to-date net sales of Sanofi Pasteur MSD were euro 568 million (down 14.3% on a reported basis), reflecting a decrease in Gardasil® sales.

Animal Health

 

Third-quarter net sales of Merial were euro 470 million, a decrease of 5.2% reflecting the temporary generic competition of Frontline® Plus in the U.S. during the quarter.

On June 21, the U.S. District Court for the Middle District of Georgia ruled in favor of Merial holding that sales of PetArmorâ„¢ Plus products infringed Merial's patent and barred Cipla and Velcera from making or selling those products in the U.S. A court-ordered seizure of the inventory in the U.S. still in possession of the generic manufacturers went into effect on August 21, 2011. However, the generic products already sold to retailers were not recalled and may still be available in the distribution channels.

In the third quarter, sales of the companion animals segment were euro 295 million, down 10.4%, impacted by a 15.3% decrease of Frontline® family sales. In July, Merial launched a new combination parasiticide, Certifect®, in the U.S. which is a new topical flea and tick control product for dogs.

Sales of the production animals segment were euro 175 million (up 5.4%) in the third quarter, led by the solid performance of the Ruminant segment driven by the launch in the U.S. of the antibiotic Zactran® against bovine respiratory disease.

Year-to-date net sales were euro 1,560 million, an increase of 2.7%. Over this period, sales of the companion animals segment were stable euro 1,029 million, despite a slight decrease in Frontline® family sales (down 1.8%) to euro 632 million. Year-to-date sales of the production animals segment grew by 8.3% to euro 532 million and were driven by the performance of the Avian segment which benefited from the success of the vaccine Vaxxitex® and the solid performance of Ruminant segment. Year-to-date sales in Emerging Markets grew by 11.4% to euro 359 million.

Net sales by geographic region

 

(millions of euros)

Q3 2011

net sales

Change at

Constant

exchange rates

9-month 2011

net sales

Change at

Constant

exchange rates

 

United States

2,902

+15.5%

7,482

+5.8%

 

Western Europe*

2,291

-0.1%

6,922

 

Posted: November 2011


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