In the first quarter of 2015, Sanofi delivered solid financial results. Sales increased 2.4% at constant exchange rates to €8.8 billion, while business earnings per share grew 2.6% to €1.32. Higher spending on new product launches contributed to an 11.8% rise in operating income to €2.4 billion. Sanofi expects business earnings per share to increase approximately 12% for the full year, with currency effects providing a significant tailwind. The company will continue investing in priority areas such as Genzyme, vaccines, and emerging markets to support future growth.
Wolters Kluwer, a global leader in professional information services, released its 2015 Full-Year Results. For the full report, visit http://wolterskluwer.com/investors.
Wolters Kluwer, a global leader in professional information services, released its 2015 Full-Year Results. For the full report, visit http://wolterskluwer.com/investors.
Klöckner & Co SE - HY 1 2014 Results - Analysts' and Investors' Conference Klöckner & Co SE
Charts accompanying the HY 1 2014 Results Analysts' and Investors' Conference on August 7, 2014
Press Release: http://www.kloeckner.com/en/media/press-releases-5057.php
micro teaching on communication m.sc nursing.pdfAnurag Sharma
Microteaching is a unique model of practice teaching. It is a viable instrument for the. desired change in the teaching behavior or the behavior potential which, in specified types of real. classroom situations, tends to facilitate the achievement of specified types of objectives.
ARTIFICIAL INTELLIGENCE IN HEALTHCARE.pdfAnujkumaranit
Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. It encompasses tasks such as learning, reasoning, problem-solving, perception, and language understanding. AI technologies are revolutionizing various fields, from healthcare to finance, by enabling machines to perform tasks that typically require human intelligence.
Acute scrotum is a general term referring to an emergency condition affecting the contents or the wall of the scrotum.
There are a number of conditions that present acutely, predominantly with pain and/or swelling
A careful and detailed history and examination, and in some cases, investigations allow differentiation between these diagnoses. A prompt diagnosis is essential as the patient may require urgent surgical intervention
Testicular torsion refers to twisting of the spermatic cord, causing ischaemia of the testicle.
Testicular torsion results from inadequate fixation of the testis to the tunica vaginalis producing ischemia from reduced arterial inflow and venous outflow obstruction.
The prevalence of testicular torsion in adult patients hospitalized with acute scrotal pain is approximately 25 to 50 percent
Pulmonary Thromboembolism - etilogy, types, medical- Surgical and nursing man...VarunMahajani
Disruption of blood supply to lung alveoli due to blockage of one or more pulmonary blood vessels is called as Pulmonary thromboembolism. In this presentation we will discuss its causes, types and its management in depth.
Tom Selleck Health: A Comprehensive Look at the Iconic Actor’s Wellness Journeygreendigital
Tom Selleck, an enduring figure in Hollywood. has captivated audiences for decades with his rugged charm, iconic moustache. and memorable roles in television and film. From his breakout role as Thomas Magnum in Magnum P.I. to his current portrayal of Frank Reagan in Blue Bloods. Selleck's career has spanned over 50 years. But beyond his professional achievements. fans have often been curious about Tom Selleck Health. especially as he has aged in the public eye.
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Introduction
Many have been interested in Tom Selleck health. not only because of his enduring presence on screen but also because of the challenges. and lifestyle choices he has faced and made over the years. This article delves into the various aspects of Tom Selleck health. exploring his fitness regimen, diet, mental health. and the challenges he has encountered as he ages. We'll look at how he maintains his well-being. the health issues he has faced, and his approach to ageing .
Early Life and Career
Childhood and Athletic Beginnings
Tom Selleck was born on January 29, 1945, in Detroit, Michigan, and grew up in Sherman Oaks, California. From an early age, he was involved in sports, particularly basketball. which played a significant role in his physical development. His athletic pursuits continued into college. where he attended the University of Southern California (USC) on a basketball scholarship. This early involvement in sports laid a strong foundation for his physical health and disciplined lifestyle.
Transition to Acting
Selleck's transition from an athlete to an actor came with its physical demands. His first significant role in "Magnum P.I." required him to perform various stunts and maintain a fit appearance. This role, which he played from 1980 to 1988. necessitated a rigorous fitness routine to meet the show's demands. setting the stage for his long-term commitment to health and wellness.
Fitness Regimen
Workout Routine
Tom Selleck health and fitness regimen has evolved. adapting to his changing roles and age. During his "Magnum, P.I." days. Selleck's workouts were intense and focused on building and maintaining muscle mass. His routine included weightlifting, cardiovascular exercises. and specific training for the stunts he performed on the show.
Selleck adjusted his fitness routine as he aged to suit his body's needs. Today, his workouts focus on maintaining flexibility, strength, and cardiovascular health. He incorporates low-impact exercises such as swimming, walking, and light weightlifting. This balanced approach helps him stay fit without putting undue strain on his joints and muscles.
Importance of Flexibility and Mobility
In recent years, Selleck has emphasized the importance of flexibility and mobility in his fitness regimen. Understanding the natural decline in muscle mass and joint flexibility with age. he includes stretching and yoga in his routine. These practices help prevent injuries, improve posture, and maintain mobilit
NVBDCP.pptx Nation vector borne disease control programSapna Thakur
NVBDCP was launched in 2003-2004 . Vector-Borne Disease: Disease that results from an infection transmitted to humans and other animals by blood-feeding arthropods, such as mosquitoes, ticks, and fleas. Examples of vector-borne diseases include Dengue fever, West Nile Virus, Lyme disease, and malaria.
New Drug Discovery and Development .....NEHA GUPTA
The "New Drug Discovery and Development" process involves the identification, design, testing, and manufacturing of novel pharmaceutical compounds with the aim of introducing new and improved treatments for various medical conditions. This comprehensive endeavor encompasses various stages, including target identification, preclinical studies, clinical trials, regulatory approval, and post-market surveillance. It involves multidisciplinary collaboration among scientists, researchers, clinicians, regulatory experts, and pharmaceutical companies to bring innovative therapies to market and address unmet medical needs.
These lecture slides, by Dr Sidra Arshad, offer a quick overview of physiological basis of a normal electrocardiogram.
Learning objectives:
1. Define an electrocardiogram (ECG) and electrocardiography
2. Describe how dipoles generated by the heart produce the waveforms of the ECG
3. Describe the components of a normal electrocardiogram of a typical bipolar leads (limb II)
4. Differentiate between intervals and segments
5. Enlist some common indications for obtaining an ECG
Study Resources:
1. Chapter 11, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 9, Human Physiology - From Cells to Systems, Lauralee Sherwood, 9th edition
3. Chapter 29, Ganong’s Review of Medical Physiology, 26th edition
4. Electrocardiogram, StatPearls - https://www.ncbi.nlm.nih.gov/books/NBK549803/
5. ECG in Medical Practice by ABM Abdullah, 4th edition
6. ECG Basics, http://www.nataliescasebook.com/tag/e-c-g-basics
Ethanol (CH3CH2OH), or beverage alcohol, is a two-carbon alcohol
that is rapidly distributed in the body and brain. Ethanol alters many
neurochemical systems and has rewarding and addictive properties. It
is the oldest recreational drug and likely contributes to more morbidity,
mortality, and public health costs than all illicit drugs combined. The
5th edition of the Diagnostic and Statistical Manual of Mental Disorders
(DSM-5) integrates alcohol abuse and alcohol dependence into a single
disorder called alcohol use disorder (AUD), with mild, moderate,
and severe subclassifications (American Psychiatric Association, 2013).
In the DSM-5, all types of substance abuse and dependence have been
combined into a single substance use disorder (SUD) on a continuum
from mild to severe. A diagnosis of AUD requires that at least two of
the 11 DSM-5 behaviors be present within a 12-month period (mild
AUD: 2–3 criteria; moderate AUD: 4–5 criteria; severe AUD: 6–11 criteria).
The four main behavioral effects of AUD are impaired control over
drinking, negative social consequences, risky use, and altered physiological
effects (tolerance, withdrawal). This chapter presents an overview
of the prevalence and harmful consequences of AUD in the U.S.,
the systemic nature of the disease, neurocircuitry and stages of AUD,
comorbidities, fetal alcohol spectrum disorders, genetic risk factors, and
pharmacotherapies for AUD.
Explore natural remedies for syphilis treatment in Singapore. Discover alternative therapies, herbal remedies, and lifestyle changes that may complement conventional treatments. Learn about holistic approaches to managing syphilis symptoms and supporting overall health.
These simplified slides by Dr. Sidra Arshad present an overview of the non-respiratory functions of the respiratory tract.
Learning objectives:
1. Enlist the non-respiratory functions of the respiratory tract
2. Briefly explain how these functions are carried out
3. Discuss the significance of dead space
4. Differentiate between minute ventilation and alveolar ventilation
5. Describe the cough and sneeze reflexes
Study Resources:
1. Chapter 39, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 34, Ganong’s Review of Medical Physiology, 26th edition
3. Chapter 17, Human Physiology by Lauralee Sherwood, 9th edition
4. Non-respiratory functions of the lungs https://academic.oup.com/bjaed/article/13/3/98/278874
TEST BANK for Operations Management, 14th Edition by William J. Stevenson, Ve...kevinkariuki227
TEST BANK for Operations Management, 14th Edition by William J. Stevenson, Verified Chapters 1 - 19, Complete Newest Version.pdf
TEST BANK for Operations Management, 14th Edition by William J. Stevenson, Verified Chapters 1 - 19, Complete Newest Version.pdf
Lung Cancer: Artificial Intelligence, Synergetics, Complex System Analysis, S...Oleg Kshivets
RESULTS: Overall life span (LS) was 2252.1±1742.5 days and cumulative 5-year survival (5YS) reached 73.2%, 10 years – 64.8%, 20 years – 42.5%. 513 LCP lived more than 5 years (LS=3124.6±1525.6 days), 148 LCP – more than 10 years (LS=5054.4±1504.1 days).199 LCP died because of LC (LS=562.7±374.5 days). 5YS of LCP after bi/lobectomies was significantly superior in comparison with LCP after pneumonectomies (78.1% vs.63.7%, P=0.00001 by log-rank test). AT significantly improved 5YS (66.3% vs. 34.8%) (P=0.00000 by log-rank test) only for LCP with N1-2. Cox modeling displayed that 5YS of LCP significantly depended on: phase transition (PT) early-invasive LC in terms of synergetics, PT N0—N12, cell ratio factors (ratio between cancer cells- CC and blood cells subpopulations), G1-3, histology, glucose, AT, blood cell circuit, prothrombin index, heparin tolerance, recalcification time (P=0.000-0.038). Neural networks, genetic algorithm selection and bootstrap simulation revealed relationships between 5YS and PT early-invasive LC (rank=1), PT N0—N12 (rank=2), thrombocytes/CC (3), erythrocytes/CC (4), eosinophils/CC (5), healthy cells/CC (6), lymphocytes/CC (7), segmented neutrophils/CC (8), stick neutrophils/CC (9), monocytes/CC (10); leucocytes/CC (11). Correct prediction of 5YS was 100% by neural networks computing (area under ROC curve=1.0; error=0.0).
CONCLUSIONS: 5YS of LCP after radical procedures significantly depended on: 1) PT early-invasive cancer; 2) PT N0--N12; 3) cell ratio factors; 4) blood cell circuit; 5) biochemical factors; 6) hemostasis system; 7) AT; 8) LC characteristics; 9) LC cell dynamics; 10) surgery type: lobectomy/pneumonectomy; 11) anthropometric data. Optimal diagnosis and treatment strategies for LC are: 1) screening and early detection of LC; 2) availability of experienced thoracic surgeons because of complexity of radical procedures; 3) aggressive en block surgery and adequate lymph node dissection for completeness; 4) precise prediction; 5) adjuvant chemoimmunoradiotherapy for LCP with unfavorable prognosis.
2. 2
Forward Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include
projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and
expectations with respect to future financial results, events, operations, services, product development and potential,
and statements regarding future performance. Forward-looking statements are generally identified by the words
"expects", "anticipates", "believes", "intends", "estimates", "plans" and similar expressions. Although Sanofi's
management believes that the expectations reflected in such forward-looking statements are reasonable, investors are
cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which
are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to
differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
These risks and uncertainties include among other things, the uncertainties inherent in research and development,
future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the
EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such
product candidates as well as their decisions regarding labeling and other matters that could affect the availability or
commercial potential of such product candidates, the absence of guarantee that the product candidates if approved will
be commercially successful, the future approval and commercial success of therapeutic alternatives, the Group's ability
to benefit from external growth opportunities, trends in exchange rates and prevailing interest rates, the impact of cost
containment policies and subsequent changes thereto, the average number of shares outstanding as well as those
discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under
"Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in Sanofi's annual report on Form
20-F for the year ended December 31, 2014. Other than as required by applicable law, Sanofi does not undertake any
obligation to update or revise any forward-looking information or statements.
5. 5
A Clear Set of Near-Term Priorities
● Develop a deep understanding of the organization
while strategic review is underway
● Focus on launches of new medicines and vaccines
● Continue strong momentum in R&D
● Engage with key external stakeholders, including shareholders
1
2
3
4
Near-Term
Priorities
6. 6
(1) Alirocumab and sarilumab are developed in collaboration with Regeneron
(2) Investigational pediatric hexavalent vaccine, DTaP5-IPV-Hib-HepB developed in collaboration with Merck
A Significant Wave of New Medicines & Vaccines
Ongoing
Regulatory Reviews
PR5I vaccine
Planned
Regulatory Submissions
Dengue vaccine
Recent
Launches
(2)
®
(1)
sarilumab
(1)
8. Q1 2015FX Impact
+€0.12
Incremental
EPS at CER
+€0.03
Q1 2014
Net Sales Business EPS
Solid Sales and Business EPS Delivered in Q1 2015
8
(1) On a reported basis, Q1 2015 sales were up +12.3% and Business EPS was up +12.8%
+2.6%
at CER(1)
Q1 2015FX Impact
+€782m
Incremental
Sales at CER
+€186m
Q1 2014
+2.4%
at CER(1)
€7,842m
€8,810m
€1.17
€1.32
9. Net Sales(1)
Business EPS
9
Strong FX Tailwind on Top and Bottom Line in Q1 2015
as the U.S. Dollar Strengthened
(1) Main currency impact on sales in Q1 2015: U.S. Dollar (+€551.3m); Chinese Yuan (+€77.5m);
Russian Ruble (-€64.0m);
Quarterly Currency Impact
-6.2%
-€497m
-5.5%
-€443m
-1.0%
-€81m
+9.9%
+€782m
Q1 2015
Q1 2014 Q2 2014 Q3 2014
Q4 2014
+2.7%
+€229m
Q1 2015
Q1 2014 Q2 2014 Q3 2014
Q4 2014
-9.1%
-€0.11
-8.9%
-€0.10
-€0.03
-2.2%
+1.5%
+€0.02
+10.2%
+€0.12
10. Q1 2015 Sales by Business Areas
(1) Q1 2015 sales were up +12.3% on a reported basis
Growth at CER
Consumer Healthcare
Generics
Genzyme
Diabetes
Oncology
€979m
€478m
€821m
€1,837m
€357m
+5.3%
+10.2%
+30.9%
-3.2%
-7.3%
Sales Growth Driven by Genzyme and Merial
in Q1 2015(1)
% of Sales
11.1%
9.3%
20.9%
5.4%
4.1%
Animal Health
Vaccines
€658m
€697m
+13.5%
-4.6%7.9%
7.5%
Pharmaceuticals €7,455m +2.2%84.6%
10
Established Rx Brands €2,983m -1.5%33.8%
11. (1) World excluding U.S., Canada, Western Europe (France, Germany, UK, Italy, Spain, Greece, Cyprus, Malta,
Belgium, Luxembourg, Portugal, the Netherlands, Austria, Switzerland, Sweden, Ireland, Finland, Norway,
Iceland, Denmark), Japan, South Korea, Australia, and New Zealand
(2) RoW: Japan, South Korea, Canada, Australia, and New Zealand
Balanced Geographical Sales Split in Q1 2015
with Solid Growth in Emerging Markets
32.5%
33.8%
23.1%
10.6%
11
(1)
€530m
€586m
€846m €849m
Africa & Middle
East
Eastern Europe,
Russia & Turkey
Latin America Asia
+8.6% +7.1% +8.6%Growth at CER +2.7%
Emerging Markets Total Sales by Region
Emerging
Markets
€2,859m
+7.3% at CER
U.S.
€2,976m
+1.0% at CER
Western EU
€2,031m
+0.6% at CER
RoW
€944m
-3.5% at CER
(2)
Q1 2015 Sales by Geographies (in €m)
12. CER: Constant Exchange Rates
12
BOI Margin Broadly Stable in Q1 2015 Despite
Lower U.S. Lantus® Sales and Higher SG&A Expenses
€m Q1 2015 Q1 2014
% Change
(reported €)
% Change
(CER)
Net sales 8,810 7,842 +12.3% +2.4%
Other revenues 80 83 -3.6% -14.5%
Cost of sales (2,786) (2,516) +10.7% +3.1%
Gross profit 6,104 5,409 +12.8% +1.8%
R&D (1,199) (1,139) +5.3% -1.8%
SG&A (2,438) (2,078) +17.3% +6.6%
Other current operating income & expenses (67) (25) - -
Share of Profit/Loss of associates 31 13 - -
Minority interests (33) (35) - -
Business operating income 2,398 2,145 +11.8% +2.1%
Business operating margin 27.2% 27.4% - -
13. 13
€m Q1 2015 Q1 2014
% Change
(reported €)
% Change
(CER)
Business operating income 2,398 2,145 +11.8% +2.1%
Net financial expenses (97) (76) - -
Income tax expense (575) (522) - -
Effective tax rate 25.0% 25.0% - -
Business net income 1,726 1,547 +11.6% +1.6%
Net margin 19.6% 19.7% - -
Business EPS €1.32 €1.17 +12.8% +2.6%
Average number of shares outstanding (m) 1,308.4 1,319.9 - -
Business EPS Grew +2.6% at CER in Q1 2015
13
CER: Constant Exchange Rates
(1) Number of shares outstanding on March 31st, 2015: 1,307.6m
(1)
14. Gross Margin Ratio Consistent with FY 2015 Expectations
● Cost of Sales (CoS) of €2,786m
in Q1 2015, slightly up (+3.1% at CER)
● Gross margin of 69.3% in Q1 2015
reflecting:
● Improvement in industrial performance
and positive FX impact
● More than offsetting the impact from
U.S. Diabetes and ramp up of biologics
14
Q1 Q2 Q3 Q4 Q1
2014 2015
69.3%
Gross Margin (%)
69.0%
15. OpEx Growth in Q1 2015 Slightly Below
FY 2015 Expectations
15
● Q1 2015 OpEx of €3,637m, up
+3.7% at CER
● R&D expenses of €1,199m (13.6%
of sales), down -1.8% at CER due
to the timing of clinical programs in
2015
● SG&A expenses of €2,438m (27.7%
of sales), up +6.6% at CER driven
by launch costs at Genzyme and in
U.S. Diabetes as well as investment
in Emerging Markets
15
Q1 Q2 Q3 Q4 Q1
€3,637m
€3,217m
Operating Expenses (€m)
2014 2015
€1,199m
€1,139m
€2,438m
€2,078m
R&D
SG&A
16. Net Debt (in €m)
Other Net Debt
Mar 31, 2015
-€773m
Acquisitions,
Licensing, Net
of Disposals
-€327m
Share Repurchase
-€794m
Proceeds from
Issuance of Shares
€247m
CapEx
-€355m
Net Cash from
Operating Activities
Net Debt
Mar 31, 2014
Net Debt Increased by 5.6% in Q1 2015 due to Translation
Impact of our Debt Held in U.S. Dollars
(1)
(2)
€7,171m €7,571m€1,602m
(3) (1)
FCF
€1,247m
FCF: Free Cash Flow
(1) Including derivatives related to the financial debt of +€302m at December 31st, 2014 and of +€360m at March 31st, 2015
(2) Excluding Restructuring costs
(3) Other including Restructuring costs of -€148m and FX impact of -€593m
16
17. Business EPS Growth
Approximately +12%(2)
Stable to slightly growing at CER(1)
17
(1) FY 2014 Business EPS of €5.20
(2) Difference between variation on a reported basis and variation at CER, when applying March 2015 average exchange rates
to the remaining three quarters of the year
Outlook for 2015 - Investing in Future Growth Drivers
FY 2015
FX impact on Business EPS
19. 3
2
1
● Higher OpEx driven by new launches
● Business EPS up +2.6% at CER(2)
● Sales up +2.4% despite lower vaccines and U.S. Lantus®
sales(1)
● Solid performance of Genzyme and Merial
● Important milestones achieved for late stage R&D projects
● Multiple new product launches underway or imminent
Q1 2015 - A Good Start to the Year
19
Delivering
top line growth
Posting
strong financial
results
Bringing
innovative
medicines
to market
(1) On a reported basis, Q1 2015 sales were up +12.3%
(2) On a reported basis, Business EPS was up +12.8%
25. 25
Expected R&D Milestones
25
Product Event Timing
Toujeo® EU regulatory decision in Diabetes Q2 2015
Dupilumab Start of Phase III trial in Asthma Q2 2015
Sarilumab Expected Phase III top line results in Rheumatoid Arthritis Q2 2015
Dengue vaccine Regulatory submission in endemic countries H1 2015
Praluent® (alirocumab) Expected U.S. regulatory decision in Hypercholesterolemia Q3 2015
PR5i vaccine (DTP-HepB-Polio-Hib) Expected U.S. regulatory decision Q3 2015
LixiLan Expected Phase III top line results in Diabetes Q3 2015
Lyxumia® (lixisenatide) Expected U.S. regulatory submission in Diabetes Q3 2015
Dupilumab Expected start of Phase III trial in Nasal Polyposis Q3 2015
Vaxigrip® QIV IM (3+ years) Expected EU regulatory submission Q4 2015
Dengue vaccine Expected regulatory decision in endemic countries Q4 2015
LixiLan Expected U.S. regulatory submission in Diabetes Q4 2015
Sarilumab Expected U.S. regulatory submission in Rheumatoid Arthritis Q4 2015
LixiLan Expected EU regulatory submission in Diabetes Q1 2016
Praluent® (alirocumab) Expected EU regulatory decision in Hypercholesterolemia Q1 2016
27. Business EPS Currency Sensitivity
Currency Exposure on Q1 2015 Sales Currency Average Rates
2015 Currency Sensitivity
27
Q1 2014 Q1 2015 % change
EUR/USD 1.37 1.13 -17.7%
EUR/JPY 140.76 134.19 -4.7%
EUR/CNY 8.36 7.03 -15.9%
EUR/RUB 48.08 71.09 +47.9%
Currency Variation Business EPS Sensitivity
U.S. Dollar -0.05 USD/EUR +EUR 0.10
Japanese Yen +5 JPY/EUR -EUR 0.03
Russian Ruble +10 RUB/EUR -EUR 0.06
€
23.4%
US $
34.7%
Japanese Yen
6.1%
Bristish £
2.1%
Australian $
1.4%
Canadian $
1.5%
Brazilian
Real
3.1%
Chinese Yuan
5.4%
Russian
Ruble
1.5%
Others
19.4 %
Mexican Peso
1.4%
28. 28
Business Net Income Statement
(1) Net of tax
(2) Determined on the basis of Business income before tax, associates and non-controlling interests
(3) Based on an average number of shares outstanding of 1,308.4 million in the first quarter of 2015 and 1,319.9 million in the first quarter of 2014
First quarter 2015 Group Total Pharmaceuticals Vaccines Animal Health Others
€ million Q1 2015 Q1 2014 Change Q1 2015 Q1 2014 Change Q1 2015 Q1 2014 Change Q1 2015 Q1 2014 Change Q1 2015 Q1 2014
Net sales 8,810 7,842 12.3% 7,455 6,697 11.3% 697 628 11.0% 658 517 27.3% - -
Other revenues 80 83 (3.6%) 62 68 (8.8%) 6 7 (14.3%) 12 8 50.0% - -
Cost of sales (2,786) (2,516) 10.7% (2,190) (1,988) 10.2% (376) (350) 7.4% (220) (178) 23.6% - -
As % of net sales (31.6%) (32.1%) (29.4%) (29.7%) (53.9%) (55.7%) (33.4%) (34.4%)
Gross profit 6,104 5,409 12.8% 5,327 4,777 11.5% 327 285 14.7% 450 347 29.7% - -
As % of net sales 69.3% 69.0% 71.5% 71.3% 46.9% 45.4% 68.4% 67.1%
Research& Development expenses (1,199) (1,139) 5.3% (1,039) (995) 4.4% (120) (107) 12.1% (40) (37) 8.1% - -
As % of net sales (13.6%) (14.5%) (13.9%) (14.9%) (17.2%) (17.0%) (6.1%) (7.2%)
Selling and general expenses (2,438) (2,078) 17.3% (2,094) (1,791) 16.9% (156) (129) 20.9% (188) (158) 19.0% - -
As % of net sales (27.7%) (26.5%) (28.1%) (26.7%) (22.4%) (20.6%) (28.6%) (30.5%)
Other current operating income/
expenses
(67) (25) (28) (23) 1 (2) - 6 (40) (6)
Share of profit/loss of associates(1)
and joint ventures
31 13 32 8 (1) 5 - - - -
Net income attributable to
non-controlling interests
(33) (35) (33) (35) - - - - - -
Business operating income 2,398 2,145 11.8% 2,165 1,941 11.5% 51 52 (1.9%) 222 158 40.5% (40) (6)
As % of net sales 27.2% 27.4% 29.0% 29.0% 7.3% 8.3% 33.7% 30.6%
Financial income and expenses (97) (76)
Income tax expense (575) (522)
Tax rate(2) 25.0% 25.0%
Business net income 1,726 1,547 11.6%
As % of net sales 19.6% 19.7%
Business earnings per share(3)
(in euros)
1.32 1.17 12.8%
29. Reconciliation of Business Net Income to Consolidated
Net Income Attributable to Equity Holders of Sanofi
29
(1) Of which related to amortization expense generated by the remeasurement of intangible assets as part of business combinations:
€590 million in the first quarter of 2015 and €657 million in the first quarter of 2014
(2) In 2014, day one profit on Alnylam shares presented in financial result
(3) Based on an average number of shares outstanding of 1,308.4 million in the first quarter of 2015 and 1,319.9 in the first quarter of 2014
€ million Q1 2015 Q1 2014 Change
Business net income 1,726 1,547 11.6%
Amortization of intangible assets(1) (618) (677)
Impairment of intangible assets (27) (3)
Fair value remeasurement of contingent consideration liabilities 1 (8)
Restructuring costs (353) (51)
Other gains and losses, and litigation - 35(2)
Tax effect of items listed above: 355 248
Amortization of intangible assets 217 244
Impairment of intangible assets 10 1
Fair value remeasurement of contingent consideration liabilities 7 1
Restructuring costs 121 15
Other gains and losses, and litigation - (13)
Share of items listed above attributable to non-controlling interests 1 1
Restructuring costs of associates and joint ventures. and expenses
arising from the impact of acquisitions on associates and joint ventures
(62) (8)
Net income attributable to equity holders of Sanofi 1,023 1,084 (5.6%)
Consolidated earnings per share(3) (in euros) 0.78 0.82
30. 30
Consolidated Income Statements
€ million Q1 2015 Q1 2014
Net sales 8,810 7,842
Other revenues 80 83
Cost of sales (2,786) (2,516)
Gross profit 6,104 5,409
Research and development expenses (1,199) (1,139)
Selling and general expenses (2,438) (2,078)
Other operating income (30) 10
Other operating expenses (37) (35)
Amortization of intangible assets (618) (677)
Impairment of intangible assets (27) (3)
Fair value remeasurement of contingent consideration liabilities 1 (8)
Restructuring costs (353) (51)
Operating income 1,403 1,428
Financial expenses (133) (147)
Financial income 36 106
Income before tax and associates and joint ventures 1,306 1,387
Income tax expense (220) (274)
Share of profit/loss of associates and joint ventures (31) 5
Net income 1,055 1,118
Net income attributable to non-controlling interests 32 34
Net income attributable to equity holders of Sanofi 1,023 1,084
Average number of shares outstanding (million) 1,308.4 1,319.9
Earnings per share (in euros) 0.78 0.82