Sanofi-Aventis posts profit gain; share price tumbles on pipeline news

0 Comments | AFP, August, 2005

PARIS (AFP) — Pharmaceutical group Sanofi-Aventis reported a 26 percent rise in second-quarter net profit from a year ago but its share price fell sharply on a mixed picture for new product prospects.

The group posted second-quarter net profit of 1.553 billion euros (1.9 billion dollars), beating analysts' estimates ranging between 1.47 and 1.52 billion euros.

Sales increased 6.5 percent to 6.687 billion euros in the May-June period.

Operating profit in the quarter rose to 2.229 billion euros from 1.825 billion a year earlier.

Chairman Jean-Francois Dehecq told a news conference that the group expected economies of scale worth 1.6 billion euros in 2006 in response to its acquisition a year ago of the French-German firm Aventis.

But Sanofi...