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PARIS, Jan 22 (Reuters) - French drugmaker Sanofi-Synthelabo (Paris:SASY.PA - News) on Thursday reported a slightly better than expected 8.1 percent rise in 2003 sales but the news was overshadowed by renewed rumours it was poised to merge with Aventis (Paris:AVEP.PA - News).
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German newspaper Handelsblatt reported a merger to create a $100 billion French drugs champion could be announced imminently, sending shares in both firms more than four percent higher.
A merged group would vie for No. 2 spot in the world drugs' league table with Britain's GlaxoSmithKline (London:GSK.L - News).
Aventis denied it was in talks while Sanofi declined to comment on Thursday. Both companies said last week they were not in merger negotiations, although Sanofi stated at the time that it would consider any transaction to ensure its mid- and long-term prospects.
Handelsblatt said talks were at an advanced stage and a "merger of equals" to form a company with an 86 billion euro ($107.6 billion) market capitalisation could be announced as early as next week.
With both companies facing threats to patents on top products in 2004, a pooling of drug pipelines and cutting of costs is clearly attractive.
"I think there is a greater than 50 percent chance it will happen at some point because both firms are beginning to look sub-scale versus the likes of Glaxo and Pfizer (NYSE:PFE - News)," said Marc Booty, an industry analyst at Commerzbank in London.
Shares in Sanofi jumped five percent to 63.00 euros by 1020 GMT while Aventis gained 5.2 percent to 56.60, outshining pan-European rivals.
"Beyond the publication of (sales) which were in line with expectations, it's the reported announcement of an Aventis-Sanofi merger which is in the market's focus after rumours last week of a hostile offer (from Sanofi)," CIC Securities analysts said in a note.
U.S. SALES GROWTH
Sanofi said in a statement it made annual sales of 8.048 billion euros, up from 7.448 billion in 2002, with the fourth quarter accounting for sales of 2.108 billion. This was thanks to growing U.S. demand and strong performance by its four best-selling drugs.
Analysts had been expecting annual sales of 8.03 billion euros.
On a comparable basis -- excluding currency effects, acquisitions and disposals -- sales rose 15.6 percent, slightly ahead of the company's target of 15 percent.
It said its performance in the latter half of last year strengthened its earnings expectations for 2003, despite an unfavourable currency environment.
Sanofi has said it expects 2003 earnings per share before exceptional items and goodwill of close to 20 percent, assuming the euro would trade at $1.10 on average.
"The sales figures are very good. The pace of growth is very good," a Paris-based analyst said.
CURRENCY BLUES
Currency effects, chiefly dollar weakness against the euro and fluctuations in Latin American and Asian currencies, knocked 7.2 points off sales over the full year, the company said.
As expected, sales of sleeping pill Ambien slipped 5.5 percent to 1.345 billion euros, with dollar weakness eroding growth as 80 percent of the drug's sales are in the United States. Stripping out currency effects, Ambien sales rose 10 percent, bolstered by sustained U.S. demand.
Sales of blood thinner Plavix, which Sanofi markets with Bristol-Myers (NYSE:BMY - News), rose 34 percent to 1.325 billion euros. The blockbuster drug, which competes with much cheaper aspirin to prevent heart problems, is facing legal challenges from generic drugmakers seeking to maker a cheaper version.
Colon cancer drug Eloxatin, continued to show robust sales growth, rising 112 percent to 824 million euros.
Future sales of Eloxatin are set to benefit as Sanofi earlier this month won U.S. approval for the chemotherapy drug as first-line treatment. Sanofi also met conditions to register Eloxatin throughout Europe for first and second-line treatment.
(Additional reportin by Ben Hirschler in London)
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German newspaper Handelsblatt reported a merger to create a $100 billion French drugs champion could be announced imminently, sending shares in both firms more than four percent higher.
A merged group would vie for No. 2 spot in the world drugs' league table with Britain's GlaxoSmithKline (London:GSK.L - News).
Aventis denied it was in talks while Sanofi declined to comment on Thursday. Both companies said last week they were not in merger negotiations, although Sanofi stated at the time that it would consider any transaction to ensure its mid- and long-term prospects.
Handelsblatt said talks were at an advanced stage and a "merger of equals" to form a company with an 86 billion euro ($107.6 billion) market capitalisation could be announced as early as next week.
With both companies facing threats to patents on top products in 2004, a pooling of drug pipelines and cutting of costs is clearly attractive.
"I think there is a greater than 50 percent chance it will happen at some point because both firms are beginning to look sub-scale versus the likes of Glaxo and Pfizer (NYSE:PFE - News)," said Marc Booty, an industry analyst at Commerzbank in London.
Shares in Sanofi jumped five percent to 63.00 euros by 1020 GMT while Aventis gained 5.2 percent to 56.60, outshining pan-European rivals.
"Beyond the publication of (sales) which were in line with expectations, it's the reported announcement of an Aventis-Sanofi merger which is in the market's focus after rumours last week of a hostile offer (from Sanofi)," CIC Securities analysts said in a note.
U.S. SALES GROWTH
Sanofi said in a statement it made annual sales of 8.048 billion euros, up from 7.448 billion in 2002, with the fourth quarter accounting for sales of 2.108 billion. This was thanks to growing U.S. demand and strong performance by its four best-selling drugs.
Analysts had been expecting annual sales of 8.03 billion euros.
On a comparable basis -- excluding currency effects, acquisitions and disposals -- sales rose 15.6 percent, slightly ahead of the company's target of 15 percent.
It said its performance in the latter half of last year strengthened its earnings expectations for 2003, despite an unfavourable currency environment.
Sanofi has said it expects 2003 earnings per share before exceptional items and goodwill of close to 20 percent, assuming the euro would trade at $1.10 on average.
"The sales figures are very good. The pace of growth is very good," a Paris-based analyst said.
CURRENCY BLUES
Currency effects, chiefly dollar weakness against the euro and fluctuations in Latin American and Asian currencies, knocked 7.2 points off sales over the full year, the company said.
As expected, sales of sleeping pill Ambien slipped 5.5 percent to 1.345 billion euros, with dollar weakness eroding growth as 80 percent of the drug's sales are in the United States. Stripping out currency effects, Ambien sales rose 10 percent, bolstered by sustained U.S. demand.
Sales of blood thinner Plavix, which Sanofi markets with Bristol-Myers (NYSE:BMY - News), rose 34 percent to 1.325 billion euros. The blockbuster drug, which competes with much cheaper aspirin to prevent heart problems, is facing legal challenges from generic drugmakers seeking to maker a cheaper version.
Colon cancer drug Eloxatin, continued to show robust sales growth, rising 112 percent to 824 million euros.
Future sales of Eloxatin are set to benefit as Sanofi earlier this month won U.S. approval for the chemotherapy drug as first-line treatment. Sanofi also met conditions to register Eloxatin throughout Europe for first and second-line treatment.
(Additional reportin by Ben Hirschler in London)
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Esta prestes a ser formada a 2ª farmaceutica mundial
Sanofi-Synthelabo facturó el pasado año 8.048 millones de euros (unos 10.060 millones de dólares), lo que supone un incremento del 8,1% respecto a 2002, anunció hoy el grupo farmacéutico francés. En cifras comparables, descontando el efecto de los tipos de cambio y de las cesiones de activos, el incremento fue del 15,6 por ciento, destacó Sanofi-Synthelabo en un comunicado.
Las fluctuaciones de las divisas tuvieron un impacto negativo equivalente a 7,2 puntos porcentuales sobre la subida de sus ingresos, sobre todo por la depreciación del dólar frente al euro, pero también por la caída de otras monedas latinoamericanas y asiáticas.
Por zonas geográficas, el volumen de negocios subió un 9% en Europa hasta 4.693 millones de euros (5.870 millones de dólares) y un 13,2% en Estados Unidos hasta 1.912 millones de euros (2.390 millones de dólares), mientras que cayó un 0,8 por ciento en el resto del mundo hasta 1.443 millones de euros (1.800 millones de dólares). Los ingresos que la compañía logró por sus 10 principales fármacos crecieron un 18,5% y representaron en total 5.240 millones de euros (6.550 millones de dólares).
Por otra parte, se avivan en la prensa las informaciones sobre un proyecto de fusión entre Sanofi-Synthélabo y el grupo farmacéutico franco alemán Aventis, que según el diario alemán Handelsblatt se ha materializado en un acuerdo amistoso entre las dos empresas.
De confirmarse esta operación, se crearía el "número dos" mundial de la farmacia, por detrás del estadounidense Pfizer, con una facturación conjunta de unos 30.000 millones de euros y una plantilla de 110.000 personas.
Handelsblatt sostiene que los dos grupos están discutiendo en la actualidad las paridades que se establecerían para el lanzamiento de la operación de fusión, y en particular si el precio que se toma como referencia es la media del último mes, la de los últimos tres meses o la del último año. Según el diario económico francés Les Echos, Sanofi-Synthelabo había contemplado la posibilidad de lanzar una oferta hostil sobre Aventis, pese a que esta última es la empresa mayor de las dos.
Las fluctuaciones de las divisas tuvieron un impacto negativo equivalente a 7,2 puntos porcentuales sobre la subida de sus ingresos, sobre todo por la depreciación del dólar frente al euro, pero también por la caída de otras monedas latinoamericanas y asiáticas.
Por zonas geográficas, el volumen de negocios subió un 9% en Europa hasta 4.693 millones de euros (5.870 millones de dólares) y un 13,2% en Estados Unidos hasta 1.912 millones de euros (2.390 millones de dólares), mientras que cayó un 0,8 por ciento en el resto del mundo hasta 1.443 millones de euros (1.800 millones de dólares). Los ingresos que la compañía logró por sus 10 principales fármacos crecieron un 18,5% y representaron en total 5.240 millones de euros (6.550 millones de dólares).
Por otra parte, se avivan en la prensa las informaciones sobre un proyecto de fusión entre Sanofi-Synthélabo y el grupo farmacéutico franco alemán Aventis, que según el diario alemán Handelsblatt se ha materializado en un acuerdo amistoso entre las dos empresas.
De confirmarse esta operación, se crearía el "número dos" mundial de la farmacia, por detrás del estadounidense Pfizer, con una facturación conjunta de unos 30.000 millones de euros y una plantilla de 110.000 personas.
Handelsblatt sostiene que los dos grupos están discutiendo en la actualidad las paridades que se establecerían para el lanzamiento de la operación de fusión, y en particular si el precio que se toma como referencia es la media del último mes, la de los últimos tres meses o la del último año. Según el diario económico francés Les Echos, Sanofi-Synthelabo había contemplado la posibilidad de lanzar una oferta hostil sobre Aventis, pese a que esta última es la empresa mayor de las dos.
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