Sanofi 2Q11

2Q Revenues: $12.0 billion (+1%)

2Q Earnings: $3.0 billion (-13%)

YTD Revenues: $23.2 billion (-1%)

YTD Earnings: $6.2 billion (-12%)

Note: All percentage-changes based on local currency

Comments: Pharmaceutical sales were $10.3 billion  (+2%). Excluding Genzyme’s $1.1 billion contribution, sales were down 4%, a result of generic competition for Lovenox (-35%) and Taxotere (-65%). Diabetes sales were up 12% driven by Lantus (+15%) and Apidra (+30%). Genzyme revenues were up 16% in 2Q: Cerezyme sales were up 58%, Myozyme sales were up 42%, Renvela sales were up 15%, and Synvisc sales were up 17%. Emerging Markets sales reached $3.6 billion or 30% of Group sales. Vaccines sales were $1.0 billion in the quarter (-6%).