Sanofi-aventis Delivers a Solid Performance in Third Quarter 2009

Sanofi-aventis Delivers a Solid Performance in Third Quarter 2009 Fri Oct 30, 2009 8:14am EDT

BRIDGEWATER, N.J., Oct. 30 /PRNewswire-FirstCall/ --


                      2009 Q3  Change  Change at   2009    Change   Change at
                                on a   constant  9 months   on a    constant
                              reported exchange           reported  exchange
                                basis   rates               basis     rates
                      ------- -------- --------  -------- -------- ---------
                        euro                      euro
    Net sales         7,400m    +8.0%   +6.0%    21,945m    +7.2%     +4.1%
    ----------------- ------- -------- --------  -------- -------- ---------
    Adjusted net
     income excluding
      selected
       items(1)       2,229m   +15.9%   +7.7%     6,675m   +20.1%    +11.0%
    ----------------- ------- -------- --------  -------- -------- ---------
    Adjusted EPS
     excluding
      selected
       items(1)        1.71    +16.3%   +8.2%      5.11    +20.5%    +11.6%
    ----------------- ------- -------- --------  -------- -------- ---------


In order to facilitate an understanding of our operational performance, we
comment on our adjusted income statement excluding selected items(1), a
non-GAAP financial measure. The consolidated income statement for the first 9
months of 2009 is provided in Appendix 6, as are details of adjustments and
selected items. Consolidated net income for the first 9 months of 2009 was
euro 4,056 million, compared with euro 3,669 million for the first 9 months of
2008. Consolidated earnings per share for the first 9 months of 2009 was euro
3.11, versus euro 2.80 for the first 9 months of 2008.

Third-quarter performance(2) buoyed by key growth drivers

    --  Good performances from Lovenox(R) (+13.7%) and Lantus(R) (+21.7%)
across
        all three geographic regions, continuation of strong uptrend in the
        presence of Plavix(R) in the United States (+11.3%) and Japan (+50.3%)
    --  Sales growth of 20.9% in emerging markets
    --  Strong growth for the Pentacel(R) and Menactra(R) vaccines;
substantial
        proportion of seasonal and A/H1N1 vaccines sales anticipated in the
        fourth quarter
    --  OTC sales up 26.3%
    --  Launch of Multaq(R) in the United States on target; positive opinion
        from the CHMP in Europe, and approval in Canada and Switzerland

    --  Impact of competition from generics of Eloxatin(R) in the United
States
        and Plavix(R) in some European countries more than offset by growth
        drivers


Solid quarterly results and 2009 full-year guidance updated

    --  2009 third-quarter adjusted EPS excluding selected items(1) of euro
        1.71, +8.2% at constant exchange rates and +16.3% on a reported basis
    --  Robust cash flow from operating activities to end September, of euro
        6,834 million

    --  2009 guidance, taking account of approximately $500 million sales of
        A/H1N1 vaccines expected in the fourth quarter: growth in adjusted EPS
        excluding selected items(1) of around 11% at constant exchange rates,
        barring major adverse events


Ongoing transformation of sanofi-aventis

    --  Business Development:  euro 6.2 billion invested to end September 2009
    --  Reinforcement of the R&D portfolio: two projects (BSI-201 and
        otamixaban) moved into Phase III; two new alliances with Merrimack in
        oncology, and Wellstat in diabetes; agreement to acquire Fovea in
        ophthalmology

    --  Expansion of the OTC business: agreement to acquire Oenobiol in France


Commenting on the Group's 2009 third-quarter performance, sanofi-aventis Chief
Executive Officer Christopher A. Viehbacher said:
"We pursued our transformation strategy in the third quarter, reinforcing our
platforms for growth and forging ahead with our policy of R&D alliances and
targeted acquisitions. As promised, we have mobilized substantial resources on
the production of A/H1N1 vaccines."

(1) See Appendix 7 for definitions of financial indicators, and details of
selected items;
(2) Growth in net sales is expressed at constant exchange rates unless
otherwise indicated (see Appendix 7 for a definition)

2009 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).

In the third quarter of 2009, sanofi-aventis (NYSE: SNY) generated net sales
of euro 7,400 million, up 8.0% on a reported basis. Exchange rate movements
had a favorable effect of 2.0 percentage points, with the appreciation of the
U.S. dollar (and to a lesser extent the yen) against the euro more than
offsetting the unfavorable effects of some other currencies. At constant
exchange rates, and after taking account of changes in structure (in
particular the consolidation of Zentiva and Medley), net sales rose by 6.0%.
Excluding changes in structure and at constant exchange rates, third-quarter
organic net sales growth was 3.2%.

Net sales for the first nine months of 2009 were 7.2% higher at euro 21,945
million. Exchange rate movements, primarily the appreciation of the U.S.
dollar against the euro, had a favorable effect of 3.1 percentage points. At
constant exchange rates, and after taking account of changes in structure
(primarily the consolidation of Zentiva and Medley in the second quarter, and
the end of commercialization of Copaxone® by sanofi-aventis in North America
effective April 1, 2008), net sales rose by 4.1%. Excluding changes in
structure and at constant exchange rates, organic net sales growth over the
first 9 months of 2009 was 3.5%.

Pharmaceuticals
Third-quarter net sales for the Pharmaceuticals business were up 6.2% at euro
6,354 million. Over the nine months to end September, Pharmaceuticals net
sales rose by 4.0% to euro 19,560 million.

Flagship products(4)

                         2009 Q3    Change at       2009   Change at
                        net sales    constant    9-month    constant
                                     exchange  net sales    exchange
                                        rates                  rates
    Millions of euros   ---------   ---------  ---------   ---------

    Lantus(R)                 778       +21.7%     2,317       +24.9%
    -----------------       -----       -----      -----       -----
    Lovenox(R)                747       +13.7%     2,289        +9.1%
    -----------------       -----       -----      -----       -----
    Plavix(R)                 664        +4.1%     2,053        +4.1%
    -----------------       -----       -----      -----       -----
    Taxotere(R)               526        +1.4%     1,644        +6.8%
    -----------------       -----       -----      -----       -----
    Aprovel(R)                299        +1.7%       919        +3.9%
    -----------------       -----       -----      -----       -----
    Eloxatin(R)               193       -44.3%       890       -18.4%
    -----------------       -----       -----      -----       -----
    Apidra(R)                  34       +32.0%       100       +42.6%
    -----------------       -----       -----      -----       -----
    Multaq(R)                  13                     13
    -----------------       -----       -----      -----       -----


The strong pace of growth for Lantus®, the world's leading insulin brand,
continued in the third quarter of 2009; net sales were up 21.7% at euro 778
million, boosted by the SoloSTAR® injection pen. The product reported strong
growth across all three regions: 21.3% in the United States (to euro 478
million), 11.4% in Europe (to euro 189 million) and 48.6% in the Other
Countries region (to euro 111 million). Taking into account the performance
over the first 9 months of the year (net sales of euro 2,317 million, a rise
of 24.9%), Lantus® has become the Group's best-selling product in terms of
consolidated net sales.

ClikSTAR®, a new reusable pen for the administration of Lantus® and/or
Apidra®, is now available in some European Union countries and in Canada. With
the launch of ClikSTAR® to complement SoloSTAR®, sanofi-aventis now offers a
full range of injection pens that make it easier for patients to use insulin.
ClikSTAR® is currently being evaluated by the United States Food and Drug
Administration (FDA).

(4)  See Appendix 2 for a geographical split of consolidated net sales by
product.

Various results from studies of Lantus® were presented at the annual meeting
of the European Association for the Study of Diabetes (EASD) in September
2009, in particular results from a comparative study that once again
demonstrated the efficacy of the 24-hour long-acting basal insulin Lantus®
administered by daily injection, versus insulin detemir administered by
twice-daily injection.

In October 2009, the FDA approved the inclusion in the Lantus® labeling of
favorable results from a 5year study comparing the effect of Lantus® with that
of NPH insulin on the progression of retinopathy in patients with type 2
diabetes.

The rapid-acting insulin analog Apidra® recorded a 32.0% rise in third-quarter
net sales to euro 34 million. Net sales of the product for the nine months to
end September were up 42.6% at euro 100 million.

Third-quarter net sales of Lovenox®, the leading low molecular weight heparin
on the market, rose by 13.7% to euro 747 million, driven by strong growth in
Europe (+23% at euro 220 million) and in the Other Countries region (+19.2% at
euro 85 million). Over the nine months to end September, net sales of the
product advanced by 9.1% to euro 2,289 million. No biosimilar of Lovenox® has
been approved in the United States to date.

Taxotere® reported third-quarter net sales of euro 526 million, up 1.4%.
Demand for the product remains strong, but sales growth was impacted by
fluctuations in inventory levels between the third quarter of 2009 and the
third quarter of 2008. In Europe, the Committee for Medicinal Products for
Human Use (CHMP) issued a positive opinion on a new single vial formulation of
Taxotere®. Over the nine months to end September, the product posted a 6.8%
rise in net sales, to euro 1,644 million. In October, sanofi-aventis submitted
a request for marketing approval in Europe for Taxotere® as an adjuvant
treatment for early stage breast cancer without lymph node Involvement.

Net sales of Eloxatin® in the third quarter were euro 193 million, down 44.3%,
reflecting the entry of a number of generics into the U.S. market during
August 2009, which negatively impacted the product's U.S. sales by 53.0% to
euro 122 million. In Europe, competition from generics is ongoing, with net
sales down 55.1% at euro 22 million. In the Other Countries region however,
the product achieved growth of 16.7% (net sales: euro 49 million). On
September 10, 2009, the U.S. Court of Appeals for the Federal Circuit reversed
the summary judgment against sanofi-aventis delivered by the District Court
for the District of New Jersey, and referred the case back to the District
Court. In light of this judgment, sanofi-aventis has petitioned the District
Court for a preliminary injunction to suspend the sale of generics in the
United States pending settlement of the patent litigation.

Marketing of Multaq®, the first anti-arrhythmic with a clinical benefit in
reducing cardiovascular hospitalization in patients with atrial fibrillation
to be approved, began in the United States on July 28. The promotional
material was approved by the FDA Division of Drug Marketing, Advertising and
Communication (DDMAC) in September, and is now available for use by our sales
forces. Initial indications are very encouraging, in terms both of the level
of new prescriptions and the response of prescribers to the product. After
eight weeks on the market, over 19,000 prescriptions have been written by
around 4,500 physicians. Some regional insurance plans have already granted
reimbursement, and Managed Care coverage is set to expand over the next three
months thanks to the solid pharmaco-economic case for the product.
Third-quarter net sales of Multaq® amounted to euro 13 million.

On September 25, 2009, sanofi-aventis announced that the CHMP had issued a
positive opinion recommending the granting of marketing authorization for
Multaq® in the European Union. This positive opinion now needs to be ratified
by the European Commission. In addition, Multaq® was authorized in Switzerland
on September 25, and has been available in Canada since September 28.


Worldwide presence(1) of Plavix®/Iscover®

Third-quarter sales of Plavix® rose by 6.3%, driven by good performances in
the United States (up 11.3%, net sales consolidated by Bristol Myers Squibb)
and the Other Countries region (up 15.6%). In Europe, the product is facing
competition from generics using clopidogrel with a different salt from that
used by Plavix® (clopidogrel hydrogen sulphate), especially in the United
Kingdom and Germany, and sales fell by 7.8%. In Germany, the market share of
Plavix®/Iscover® by volume was around 55% (IMS Pharmatrend, week of September
21, 2009), with alternative salts of clopidogrel granted an extension to their
indication during the quarter.

In Japan, Plavix® performed particularly well in the quarter, with net sales
up 50.3% at euro 82 million.

Sales of Plavix® for the nine months to end September rose by 8.1% to euro
5,168 million, with Japanese sales up 64.2% at euro 237 million.

In Europe, various generics of Plavix® obtained marketing authorization during
the third quarter, in particular alternative salts of clopidogrel such as
besylate. In some countries, additional time is required for pricing and
reimbursement procedures before these generics can be marketed. In France,
sanofi-aventis responded to the marketing authorizations granted by the
European and French healthcare authorities for alternative salts of
clopidogrel by deciding in early October to make an identical copy of Plavix®
available in France, the generic Clopidogrel Winthrop® (clopidogrel hydrogen
sulphate).

Worldwide presence of Plavix®/Iscover®: geographic split

    Millions of euros        2009    Change at       2009  Change at
                               Q3     constant   9 months   constant
                                      exchange              exchange
                                         rates                 rates
    -----------------      ------    ---------   --------  ---------

    Europe                    404         -7.8%     1,293       -3.6%
    -----------------      ------    ---------   --------  ---------
    United States             997        +11.3%     3,034      +13.4%
    -----------------      ------    ---------   --------  ---------
    Other Countries           285        +15.6%       841      +13.3%
    -----------------      ------    ---------   --------  ---------
    TOTAL                   1,686         +6.3%     5,168       +8.1%
    -----------------      ------    ---------   --------  ---------



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

Net sales of Aprovel® held steady in the third quarter, in a competitive
environment. In Europe, where the product is facing competition from generics
in monotherapy in Spain and Portugal, sales rose by 0.4%. Over the nine months
to end September, the product reported sales growth of 1.2%.

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

    Millions of euros       2009     Change at       2009  Change at
                              Q3      constant   9 months   constant
                                      exchange              exchange
                                         rates                 rates
    -----------------      ------    ---------   --------  ---------
    Europe                    239          0.4%       737       +1.3%
    -----------------      ------    ---------   --------  ---------
    United States             132         -1.6%       399       -1.4%
    -----------------      ------    ---------   --------  ---------
    Other Countries           123         +0.8%       373       +3.7%
    -----------------      ------    ---------   --------  ---------
    TOTAL                     494         +0.0%     1,509       +1.2%
    -----------------      ------    ---------   --------  ---------


(1)  See Appendix 7 for definitions of financial indicators

Other Pharmaceutical Products

In the United States, net sales of the hypnotic Ambien® CR were flat in the
third quarter (euro 124 million, down 0.6%), but grew by 0.5% over the first
nine months of 2009 to euro 381 million. In Japan, third-quarter net sales of
Myslee®, the leading hypnotic on the market, were up 12.6% at euro 46 million.
Over the first nine months of 2009, net sales of the product were 17.6% higher
at euro 139 million.

Net sales of Allegra® were up 5.3% in the third quarter at euro 153 million,
driven by another good performance in Japan (+13.3%). Over the first nine
months of 2009, net sales of the product increased by 2.2% at euro 591
million.

Copaxone® posted third-quarter net sales of euro 118 million, a rise of 20.0%.
The end of commercialization of the product by sanofi-aventis in North America
effective April 1, 2008 led to a 31.7% decline in consolidated net sales of
Copaxone® over the first nine months of 2009.

OTC

Third-quarter net sales for the OTC business grew 26.3% at euro 356 million,
reflecting healthy organic growth (7.4% on a constant structure basis and at
constant exchange rates) plus the consolidation of Symbion and of Zentiva's
OTC activities.

The 6 flagship brands (Doliprane®, Essentiale®, Maalox®, No-Spa®,
Enterogermina®, Lactacyd®) achieved growth of 19.6%, driven by Doliprane® and
Essentiale®. OTC net sales for the nine months 2009 were euro 996 million, a
rise of 19.6% (or 4.5% on a constant structure basis and at constant exchange
rates).

On October 30, the Group announced that it has signed an agreement to acquire
100% of the shares of Oenobiol, the French leader in nutritional supplements
for health and beauty. In 2008, Oenobiol had a turnover of 58 million euros,
of which 85% generated in France.

Generics

The Generics business posted third-quarter net sales of euro 302 million, a
rise of 273.3%. This rate reflects strong organic growth (16.3% on a constant
structure basis and at constant exchange rates), plus the consolidation of
Zentiva, Kendrick and Medley from the second quarter. Implementation of the
new generics platform in Eastern Europe, combining the operations of Zentiva
and sanofi-aventis, should be completed by the end of the year. Over the first
nine months of 2009, net sales for the Generics business were euro 679
million, a rise of 177.5% (or 12.1% on a constant structure basis and at
constant exchange rates).


Animal Health
The acquisition of Merial was completed on September 18. Given the option of a
future combination between Merial and Intervet/Schering Plough (subject to
completion of the merger between Merck and Schering-Plough), sanofi-aventis
has decided in light of the relevant accounting standards (IFRS 5) to
recognize the contribution from Merial on a separate line, "Net income from
the Merial business".

Merial's third-quarter sales were flat, falling by 0.5% (or by 4% on a
reported basis) to $626 million. Sales of Frontline® and other fipronil
products held steady at $248 million, despite increased competition and the
impact of a decline in household consumption on the companion animal
healthcare market.

For the first nine months of 2009, Merial reported net sales of $1,961
million, down 0.5% (or down 7.4% on a reported basis). Net sales of Frontline®
and other fipronil products were down 1.9% at $834 million. Net sales of
vaccines rose by 4.5% to $552 million over the 9-month period, driven by
robust growth of 9.1% in companion animal vaccines.

Human Vaccines business

Third-quarter consolidated net sales for the Human Vaccines business rose by
4.8% to euro 1,046 million (representing 14.1% of the Group's total net
sales), driven by the strong performance of Pentacel®, Pentaxim® and
Menactra®, as well as the first H1N1 shipments.

Net sales of Pentacel® (the first 5-in-1 pediatric combination vaccine
licensed in the United States in June 2008 against diphtheria, tetanus,
pertussis, polio and Haemophilus influenzae type b) reached euro 82 million in
the third quarter, versus euro 25 million in the third quarter of 2008. Net
Sales of Pentaxim® (another 5-in-1 pediatric combo vaccine, which protects
against diphtheria, tetanus, pertussis, polio and haemophilus influenzae type
b) increased 62.5% to euro 39 million.

Net sales of Menactra® (quadrivalent meningococcal meningitis vaccine)
advanced by 19.7% to euro 184 million.

Net sales of influenza vaccines for the quarter were 3.2% lower than last year
at euro 378 million. In 2009, the low-yielding B strain will result in greater
seasonal influenza sales during the fourth quarter of the year versus fourth
quarter 2008. In 2009 Sanofi Pasteur should supply over 180 million doses of
trivalent seasonal influenza vaccines, representing an estimated 40% of the
northern hemisphere and 75% of the southern hemisphere global demand.

In September, Sanofi Pasteur began H1N1 shipments in the United States,
third-quarter H1N1 sales amounted to euro 78 million. The bulk of the H1N1
shipments should occur during the fourth quarter of 2009 and early 2010. Sales
of H1N1 vaccines should be around $500 million in the fourth quarter of the
year.

During the third quarter, Sanofi Pasteur completed the acquisition of ShanH, a
subsidiary of Merieux Alliance that owns a majority stake in Shantha
Biotechnics, an Indian vaccine manufacturer. Shantha was recently awarded
2010-2012 contracts from a United Nations agency worth a total of $340 million
for the supply of SHAN5(TM) (a pediatric combination vaccine against
diphtheria, pertussis, tetanus, Haemophilus influenzae type B infections and
hepatitis B). These contracts demonstrate Shantha's ability to meet
high-quality affordable vaccines needs in international markets.

Consolidated net sales for the Human Vaccines business for the first nine
months of 2009 were up 4.2% at euro 2,385 million. Excluding pandemic
influenza vaccine contracts (A/H1N1 and H5N1), sales growth was 6.0%. Over the
first nine months of 2009, sanofi-aventis recognized net sales of pandemic
influenza vaccines amounting to euro 104 million, compared with euro 126
million for the comparable period of 2008.


    Millions of euros           2009 Q3    Change at       2009   Change at
                              net sales     constant    9-month    constant
                                            exchange  net sales    exchange
                                               rates                  rates
    -----------------         ---------    ---------  ---------   ---------
    Polio/Pertussis/Hib
     Vaccines (incl.
     Pentacel(R) and
     Pentaxim(R)                    229        +12.4%       724       +24.6%
    -----------------         ---------    ---------  ---------   ---------
    Influenza Vaccines*
     (incl. Vaxigrip(R)
      and Fluzone(R)                378       -3.2%*        498     -16.4%*
    -----------------         ---------    ---------  ---------   ---------
    Meningitis/Pneumonia
     Vaccines (incl.
     Menactra(R)                    205        +22.4%       464       +10.8%
    -----------------         ---------    ---------  ---------   ---------
    Adult Booster
     Vaccines (incl.
     Adacel(R)                      109         -6.4%       311        -7.8%
    -----------------         ---------    ---------  ---------   ---------
    Travel and Other
     Endemics Vaccines               72        -11.4%       237        -2.1%
    -----------------         ---------    ---------  ---------   ---------
    Other Vaccines                   53        +40.0%       151       +35.9%
    -----------------         ---------    ---------  ---------   ---------
    TOTAL                         1,046         +4.8%     2,385        +4.2%
    -----------------         ---------    ---------  ---------   ---------

    * Seasonal and pandemic influenza vaccines

Third-quarter net sales at Sanofi Pasteur MSD (not consolidated by
sanofi-aventis), the joint venture with Merck & Co in Europe, fell by 6.0% on
a reported basis to euro 350 million. Sales of Gardasil®, a vaccine for the
prevention of human papillomavirus infections (a major cause of cervical
cancer) were down 47.1% on a reported basis at euro 76 million. This decrease
was due to extensive catch-up campaigns in the prior year. Excluding
Gardasil®, sales of the rest of the portfolio rose by 20.0% on a reported
basis. Sales at Sanofi Pasteur MSD for the first nine months of 2009 were euro
837 million, down 9.4% on a reported basis.



    Net sales by geographic region

    Millions of euros           2009 Q3   Change at        2009     Change at
                              net sales    constant     9-month      constant
                                           exchange   net sales      exchange
                                              rates                     rates
    -----------------         ---------   ---------   ---------     ---------
    Europe                        3,050        +6.8%      9,077          +3.4%
    -----------------         ---------   ---------   ---------     ---------
     of which Eastern
      Europe and Turkey             606       +42.8%      1,655         +32.3%
    -----------------         ---------   ---------   ---------     ---------
    United States                 2,441        +1.1%      7,174          +0.3%
    -----------------         ---------   ---------   ---------     ---------
    Other Countries               1,909       +11.1%      5,694         +10.0%
    -----------------         ---------   ---------   ---------     ---------
      of which Japan                400        +4.2%      1,352          +8.4%
    -----------------         ---------   ---------   ---------     ---------
      of which Asia
      (excluding the
       Pacific region)              418        +8.2%      1,231         +10.6%
    -----------------         ---------   ---------   ---------     ---------
      of which Latin
       America                      494       +17.9%      1,331         +10.0%
    -----------------         ---------   ---------   ---------     ---------
      of which Africa               187        +6.2%        565          +5.2%
    -----------------         ---------   ---------   ---------     ---------
      of which Middle
       East                         150       +14.6%        462         +12.1%
    -----------------         ---------   ---------   ---------     ---------
    TOTAL                         7,400        +6.0%     21,945          +4.1%
    -----------------         ---------   ---------   ---------     ---------

Third-quarter net sales in Europe rose by 6.8%, driven by Eastern Europe
(+39.6%) which since the start of April has included Zentiva. Sales in Western
Europe rose by 1.8% over the period, despite ongoing competition from generics
of Eloxatin® and increased competition from generics of Plavix®. Over the
first nine months of 2009, net sales in Europe were up 3.4%.

The United States reported quarterly growth of 1.1% despite competition from
generics of Eloxatin® in August. The main growth drivers during the period
were again Lantus® (+21.3%) and Lovenox® (+8%). Over the first nine months of
2009, U.S. net sales were virtually unchanged (+0.3%), reflecting the impact
of the end of commercialization of Copaxone® by sanofi-aventis effective April
1, 2008.

In the Other Countries region, third-quarter net sales rose by 11.1%, with
Latin America, the Middle East and Asia-Pacific all posting double-digit
growth. Net sales in China advanced by 38.8% to euro 149 million. In Japan,
net sales rose by 4.2% to euro 400 million, compared with a 2008 third-quarter
figure that benefited from sales of active ingredients of Aprovel® to our
local partners. Japanese sales are being boosted by the ongoing success of
Plavix®, and by good growth for Myslee® and Allegra®. Sales in Latin America
are being driven by Brazil, thanks to healthy organic growth and the
acquisition of Medley. Over the first nine months of 2009, net sales growth in
the Other Countries region was 10.0%. Over the same period, net sales grew by
8.4% in Japan (to euro 1,352 million) and by 36.5% in China (to euro 408
million).

Third-quarter net sales in emerging markets(5) were euro 1,888 million, an
increase of 20.9% (or 6.7% on a constant structure basis and at constant
exchange rates). Emerging markets net sales for the first nine months of the
year rose by 16.4% (or 7.0% on a constant structure basis and at constant
exchange rates) to euro 5,358 million, representing 24.4% of the Group's total
net sales.

(5)  World excluding North America, Western Europe (France, Germany, United
Kingdom, Italy, Spain, Greece, Cyprus, Malta, Belgium, Portugal, Netherlands,
Austria, Switzerland, Ireland, Finland, Norway, Iceland, Denmark), Japan,
Australia and New Zealand.


Solid results, built on sales growth and ongoing cost control

2009 third-quarter financial results

Adjusted income statement excluding selected items(1)

Sanofi-aventis generated third-quarter net sales of euro 7,400 million, an
increase of 8.0% on a reported basis. "Other revenues" rose by 19.2% due to a
good performance from Plavix® in the United States and a favorable dollar
effect.

Gross profit came to euro 5,744 million, a rise of 6.9%, or of 3.7% at
constant exchange rates. The ratio of cost of sales to net sales increased by
1.2 percentage points to 27.4% due to a slightly less favorable product mix, a
rise in the cost of heparin raw materials, and the impact of generics during
the period (arrival of Eloxatin® generics in the United States, and increased
generic competition for Plavix® in Europe).

Research and development expenses were up 1.8% at euro 1,109 million, but down
0.6% at constant exchange rates, reflecting a selective approach to R&D
projects and the impact of cost savings in pharmaceuticals R&D, increased R&D
spend in vaccines, and the development costs of acquired companies. Overall,
the ratio of R&D expenses to net sales was 15.0%, 0.9 percentage point lower
than in the comparable period of 2008.

Selling and general expenses increased by 3.4% (or 1.2% at constant exchange
rates) to euro 1,707 million, and include the launch costs for Multaq® in the
United States. The ratio of selling and general expenses to net sales fell by
1 percentage point to 23.1%, reflecting the ongoing adaptation program.

Other current operating income, net of expenses totaled euro 86 million,
versus euro 49 million in the third quarter of 2008. The year-on-year change
mainly reflects an increase in the royalty collected by sanofi-aventis on
sales of Copaxone® in North America.

Operating income - current(1) advanced by 11.9% to euro 2,955 million. At
constant exchange rates, growth was 4.5%. The ratio of operating income -
current(1) to net sales improved by 1.4 points to 39.9%.

Net financial expenses were euro 69 million, against euro 60 million in the
comparable period of 2008. The acquisition of 100% of Merial for euro 2.8
billion was completed on September 18, 2009.

The effective tax rate was 0.6 of a point lower at 29%, in line with the 2008
full-year effective tax rate.

The share of profits from associates (excluding Merial) was 24.3% higher at
euro 235 million, with the share of after-tax profits from the territories
managed by BMS under the Plavix® and Avapro® alliance up 31.6% at euro 204
million thanks to the performance of Plavix® in the United States and a
favorable dollar effect. The contribution from Sanofi Pasteur MSD was flat
year on year.
Net income from the Merial business was euro 59 million; this figure consists
of 100% of the net income of Merial from September 18, 2009 (when
sanofi-aventis acquired a 100% interest) and 50% prior to that date.

Minority interests were 2.7% higher at euro 114 million. The share of pre-tax
profits paid to BMS from territories managed by sanofi-aventis was euro 110
million (versus euro 104 million in the third quarter of 2008).

Adjusted net income excluding selected items(1) was euro 2,229 million, up
15.9% (7.7% at constant exchange rates). The ratio of adjusted net income
excluding selected items(1) to net sales improved by 2 points to 30.1%.

Adjusted earnings per share (EPS) excluding selected items(1) was euro 1.71,
an increase of 16.3% (8.2% at constant exchange rates) on the 2008
third-quarter figure of euro 1.47.

(1)  See Appendix 7 for definitions of financial indicators, and page 10 for
details of selected items

2009 9-month financial results

Adjusted income statement excluding selected items(1)

In the first nine months of 2009, sanofi-aventis generated net sales of euro
21,945  million, up 7.2% on a reported basis. "Other revenues" rose by 21.9%
thanks to a good performance from Plavix® in the United States and a favorable
dollar effect.

Gross profit was euro 17,392 million, a rise of 9.0% (4.3% at constant
exchange rates). The ratio of cost of sales to net sales improved by 0.8 of a
point to 25.6% due to positive currency effects, the end of commercialization
of Copaxone® by sanofi-aventis in North America, and a favorable product mix.

Research and development expenses rose by 3.1% to euro 3,369 million, but fell
by 0.1% at constant exchange rates. These figures include euro 54 million of
provisions relating to the discontinuation of various projects following the
portfolio review completed at the end of the first quarter.

Selling and general expenses were 2.1% higher at euro 5,334 million, but 1.0%
lower at constant exchange rates. The ratio of selling and general expenses to
net sales fell by 1.2 percentage points to 24.3%, reflecting the cost-measures
implemented by the Group.

Other current operating income, net of expenses totaled euro 366 million,
compared with euro 227 million for the first nine months of 2008; these
figures reflect the payment by Teva of a royalty equal to 25% of North
American sales of Copaxone® from the second quarter of 2008.

Operating income - current(1)was 17.6% higher at euro 8,899 million. At
constant exchange rates, the growth rate was 9.5%. The ratio of operating
income - current(1) to net sales improved by 3.7 points to 40.6%.

The effective tax rate was 29%, in line with the 2009 full-year effective tax
rate.

The share of profits from associates (excluding Merial) was 22.2% higher at
euro 644 million, with the share of after-tax profits from the territories
managed by BMS under the Plavix® and Avapro® alliance up 34.1% at euro 598
million thanks to the performance of Plavix® in the United States and a
favorable dollar effect. The contribution from Sanofi Pasteur increased year
on year.
The contribution of Merial to net income was euro 189 million; this figure
consists of 100% of the net income of Merial from September 18, 2009 (when
sanofi-aventis acquired a 100% interest) and 50% prior to that date. Merial
generated an operating margin of 32.1% in the first nine months of 2009,
slightly lower than the level recorded in the comparable period of 2008.

Minority interests increased by 4.5% to euro 346 million. The share of pre-tax
profits paid to BMS from territories managed by sanofi-aventis was euro 329
million (versus euro 316 million for the first nine months of 2008).

Adjusted net income excluding selected items(1)was euro 6,675 million, up
20.1% (11.0% at constant exchange rates). The ratio of adjusted net income
excluding selected items(1) to net sales improved by 3.3 points to 30.4%.

Adjusted earnings per share (EPS) excluding selected items(1) was euro 5.11,
an increase of 20.5% (11.6% at constant exchange rates) relative to the first
nine months of 2008 (euro 4.24).

(1)  See Appendix 7 for definitions of financial indicators and page 10 for
details of selected items.

Selected items (see Appendix 6) 

In the third quarter of 2009, selected items comprised euro 28 million of
restructuring provisions (net of tax) associated with the Group's adaptation
program. Selected items in the third quarter of 2008 represented a net
after-tax expense of euro 35 million.

Selected items for the first nine months of 2009 represented a net after-tax
expense of euro 636 million (compared with a net after-tax expense of euro 203
million for the comparable period of 2008), and comprised:

    --  euro 949 million of restructuring costs associated with the Group's
        adaptation program;
    --  euro 20 million of impairment losses arising from the decision to
        discontinue development of TroVax®;

    --  the euro 333 million tax effect arising on the selected items
described
        above.


Adjustments to the consolidated financial statements to reflect the
application of purchase accounting to acquisitions, primarily that of Aventis
(see Appendix 6) 

The material effects of the application of purchase accounting to
acquisitions, primarily that of Aventis, on the consolidated income statement
were as follows:

    --  A charge of euro 19 million in the second quarter arising from the
        workdown of inventories of Zentiva and other companies acquired during
        the period remeasured at fair value.
    --  An amortization charge of euro 2,522 million against intangible
assets,
        of which euro 814 million was booked in the third quarter.
    --  Impairment losses of euro 352 million, of which euro 344 million was
        booked in the third quarter, mainly in respect of Benzaclin®,
        Nasacort® and Actonel® in light of changes in the competitive
        environment and the dates of approval for generics. In the second
        quarter, an impairment loss of euro 8 million was taken against the
        Di-Antalvic asset.
    --  Deferred taxes of euro 968 million, of which euro 391 million was
booked
        in the third quarter. These deferred taxes were generated by the
        amortization charged against intangible assets, the workdown of
        inventories of acquired companies, and the impairment losses.

    --  In "Share of profits/losses from associates", a reversal of euro 58
        million, of which euro 15 million was booked in the third quarter,
        mainly relating to the amortization of intangible assets (net of tax);
        of these figures, the amounts relating to Merial were euro 37 million
        for the first nine months of 2009 and euro 9 million for the third
        quarter.


These adjustments have no cash impact on the Group.

Net debt 
Over the first nine months of 2009, sanofi-aventis generated substantial cash
flow of euro 6,834 million, which provided finance for capital expenditure of
euro 1,038 million and the dividend payout of euro 2,872 million, plus partial
funding for the acquisitions and alliances carried out during the period.
Spending on acquisitions totaled euro 5,963 million, and related primarily to
Merial, Zentiva, Medley, Shantha and BiPar Sciences, while spending on
alliances was euro 223 million. Net debt at end September was euro 5,042
million (debt of euro 7,363 million, net of cash of euro 2,321 million),
compared with euro 1,780 million as of December 31, 2008.

Research and Development
The third quarter was a particularly active one for the Group's policy of
targeted alliances and acquisitions. In parallel, initiatives designed to
transform the Group's Research and Development operations continued to make
progress.

The R&D portfolio was boosted by an exclusive worldwide license and
collaboration agreement with the U.S. biotechnology company Merrimack relating
to MM-121, currently in Phase I for solid malignancies. MM-121 is a
first-in-class fully human monoclonal antibody targeting cancer cells that
over-express or amplify the ErbB3 receptor. A similar type of agreement was
signed with Wellstat Therapeutics for PN2034, a novel oral first-in-class
insulin sensitizer for the treatment of type 2 diabetes. As a sensitizer,
PN2034 is expected to normalize and therefore enhance insulin action in the
liver of diabetic patients. The compound is currently in Phase II clinical
testing.

An agreement was also signed with a view to the acquisition of Fovea, a French
biopharmaceutical company specializing in ophthalmology. Fovea has an
innovative technological platform, a number of ongoing research programs in
the treatment of retinal disorders, and a portfolio of three products in
clinical development:

    --  FOV 1101, a fixed dose combination of prednisolone and cyclosporine in
        eye-drop form, currently in Phase II for the treatment of persistent
        allergic conjunctivitis;
    --  FOV 2302, a recombinant peptide plasma kallikrein inhibitor, in Phase
I
        for the treatment by intravitreal injection of Retinal Vein Occlusion
        induced macular oedema;

    --  FOV 2304, a potent antagonist of bradykinin B1 receptors in eye-drop
        form, scheduled to enter Phase I by end 2009 for the treatment of
        diabetic macular oedema.


In October 2009, sanofi-aventis and Micromet announced a collaboration and
worldwide license agreement for the development of a BiTE® antibody, directed
against an antigen present on the surface of tumor cells. BiTE® antibodies are
novel therapeutic antibodies that activate T-cells so that they will identify
and destroy tumor cells.

(Clearance for the agreements described above is currently being sought from
the anti-trust authorities)


    Apart from these external additions to the portfolio, the principal
    developments in the R&D portfolio since the last update on
    July 29, 2009 are described below:

     -- Two new Phase III programs have been launched:

         -- BSI-201, a PARP inhibitor developed by Bi-Par Sciences (a
            company recently acquired by sanofi-aventis) entered Phase
            III in July. This pivotal study, set to include 420 patients at
            100 sites, will evaluate the product in association with
            chemotherapy in women with metastatic triple negative breast
            cancer, i.e. with a tumor that expresses neither the estrogen
            receptor nor the progesterone receptor and does not over-express
            the HER2 receptor.

         -- After good Phase II results, otamixaban (injectable, selective
            direct inhibitor of coagulation factor Xa) is due to enter Phase
            III in the first quarter of 2010. Results from the SEPIA-
            ACS1/TIMI-42 Phase II study, presented to the European Society of
            Cardiology (ESC) on August 30, showed a clinically significant
            reduction in complications in the invasive management of acute
            coronary syndromes, with a similar safety profile to that of
            existing treatments.

     -- Two projects entered Phase II:

        -- the purified vero rabies vaccine, an improved version of the
           Verorab® vaccine, which entered Phase II;
        -- SAR 164877, an anti-NGF monoclonal antibody, developed for pain
           relief in collaboration with Regeneron.

     -- Two new candidates entered Phase I:
        -- AVE 0010/Lantus® combination in the treatment of type 2 diabetes;
        -- SAR 103168 (multikinase inhibitor), developed in acute myeloid
           leukemia.

    In addition to the Phase II results for otamixaban, results from two other
    studies have recently been presented to the scientific community:

     -- Results from the CURRENT-OASIS 7 study were presented to the ESC on
        August 30. This large-scale trial (25,000 patients) was designed to
        evaluate the efficacy and safety of a high dose Plavix® regimen versus
        the approved dosage for patients requiring angioplasty. This major
        study provided new information about the benefits of a higher loading
        dose for this type of patient.

     -- Positive Phase II results for teriflunomide, a novel orally available
        immunomodulatory therapy used jointly with interferon in the treatment
        of multiple sclerosis, were presented at the Congress of the European
        Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS)
        on September 11. Teriflunomide is currently in Phase III as a
        monotherapy in the treatment of recurring multiple sclerosis.

    A number of opinions on filings for approval were received from healthcare
    authorities during the period:

     -- Sculptra(R) was approved by the FDA at end July 2009 in a new
        indication: aesthetic dermatology.

     -- In September 2009, sanofi-aventis announced that it had received a
        Complete Response Letter from the FDA regarding eplivanserin
        (Ciltyri(R)). Eplivanserin was being reviewed as a potential treatment
        for patients with chronic insomnia characterized by difficulties with
        sleep maintenance. In the letter, the FDA requested additional
        information regarding benefit-risk. Sanofi-aventis requested a
        meeting, scheduled for the fourth quarter, to discuss what additional
        steps and data would be necessary for FDA approval.

     -- In September 2009, the CHMP issued a positive opinion recommending the
        granting of marketing authorization for Multaq(R) in the European
        Union for clinically stable adult patients with a history and/or a
        current episode of non-permanent atrial fibrillation (AF), to prevent
        recurrence of AF or to lower ventricular rate. In the Summary of
        Positive Opinion, the CHMP noted that Multaq(R) had been shown, in
        addition to its rhythm and rate controlling properties, to decrease
        the risk of atrial fibrillation-related hospitalizations. Multaq(R)
        has also been approved in Canada and Switzerland.

     -- ClikSTAR(R), a new rechargeable insulin pen designed to administer
        Lantus(R) and/or Apidra(R), was approved in Europe and Canada, and is
        already available in some countries.

     -- The monovalent A/H1N1 pandemic influenza vaccine was licensed in the
        United States in September 2009.

     -- In October 2009, the FDA approved the inclusion in the Lantus(R)
        labeling of favorable results from a 5year study comparing the
        effect of Lantus(R) with that of NPH insulin on the progression of
        retinopathy in patients with type 2 diabetes.

     -- Also in October 2009, the FDA approved Elitek(R) for the management
        of hyperuricemia in adults suffering from leukemia, lymphoma or
        solid malignancies who are receiving anti-cancer treatments that
        carry a risk of inducing tumor lysis syndrome and hence hyperuricemia.
        In October, this product was approved in Japan under the name
        Rasuritek(R).

     -- A submission for approval of Plavix® in the prevention of major
        vascular events in patients with atrial fibrillation who cannot take
        oral anticoagulant medication (based on the results of the ACTIVE-A
        study) was filed in Europe in October. A similar submission will be
        filed in the United States by end 2009.


2009 Guidance
Based on the good performance achieved over the first nine months of the year,
and the expected contribution from approximately $500 million of H1N1 vaccine
sales in the fourth quarter, sanofi-aventis has updated its guidance for 2009
full-year growth in adjusted EPS excluding selected items(1) of around 11%,
calculated at constant exchange rates and barring major adverse events.


In light of the first-time application of IFRS 8 (Operating Segments),
sanofi-aventis has reviewed its segment structure and financial indicators,
and now presents disclosures on the following segments in the notes to the
financial statements: Pharmaceuticals, Vaccines, and Other Activities. This
information is given in the 2009 Half-Year Financial Report. From 2010,
financial communications issued by sanofi-aventis will comment on the new
indicator disclosed for segment reporting purposes ("Business net income -
Pharmaceuticals, Vaccines and Other").

Use of this indicator is not expected to give rise to any material difference
as compared with the performance measure currently used by sanofi-aventis.
Growth in 2009 net income measured using this new indicator will therefore be
close to growth in "Adjusted net income excluding selected items".


Forward-Looking Statements

This press release 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 product development, product potential projections and estimates and
their underlying assumptions, statements regarding plans, objectives,
intentions and expectations with respect to future events, operations,
products and services, 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-aventis' 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-aventis, 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 EMEA, 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 products candidates, the
absence of guarantee that the products 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 as well as those discussed or identified in the public filings
with the SEC and the AMF made by sanofi-aventis, including those listed under
"Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements"
in sanofi-aventis' annual report on Form 20-F for the year ended December 31,
2008. Other than as required by applicable law, sanofi-aventis does not
undertake any obligation to update or revise any forward-looking information
or statements.

U.S. Contact:  Jack Cox, 908-981-5280, [email protected]



(1) See Appendix 7 for definitions of financial indicators.



    Appendices

    List of appendices

    Appendix 1: 2009 third-quarter and 9-month consolidated net sales by
                product
    Appendix 2: 2009 third-quarter and 9-month consolidated net sales by
                geographic region and product
    Appendix 3: Consolidated net sales by business segment
    Appendix 4: 2009 third-quarter and 9-month net sales by animal health
                product
    Appendix 5: 2009 third-quarter and 9-month adjusted income statements
                excluding selected items
    Appendix 6: Reconciliation of adjusted income statement excluding selected
                items to adjusted income statement and consolidated income
                statement
    Appendix 7: Definitions of non-GAAP financial indicators



    Appendix 1: 2009 third-quarter and 9-month consolidated net sales by
    product

                            2009 Q3    Change at  Change on a      Change on a
                          net sales     constant     reported         constant
                                        exchange        basis  structure basis
                                           rates               and at constant
    Millions of euros                                           exchange rates
    ------------------    ---------    ---------  -----------  ---------------
    Lovenox(R)                  747        13.7%        17.6%            13.7%
    ------------------    ---------    ---------  -----------  ---------------
    Lantus(R)                   778        21.7%        27.1%            21.7%
    ------------------    ---------    ---------  -----------  ---------------
    Plavix(R)                   664         4.1%         5.6%             4.1%
    ------------------    ---------    ---------  -----------  ---------------
    Taxotere(R)                 526         1.4%         4.2%             1.4%
    ------------------    ---------    ---------  -----------  ---------------
    Eloxatin(R)                 193       -44.3%       -40.6%           -44.3%
    ------------------    ---------    ---------  -----------  ---------------
    Aprovel(R)                  299         1.7%         0.3%             1.7%
    ------------------    ---------    ---------  -----------  ---------------
    Apidra(R)                    34        32.0%        36.0%            32.0%
    ------------------    ---------    ---------  -----------  ---------------
    Multaq(R)                    13
    ------------------    ---------    ---------  -----------  ---------------
    Flagship Products         3,254         4.4%         7.4%             4.4%
    ------------------    ---------    ---------  -----------  ---------------

    Stilnox(R)/Ambien(R)/
    Ambien CR(R)/Myslee(R)      213        -3.0%         7.0%            -3.0%
    ------------------    ---------    ---------  -----------  ---------------
    Allegra(R)                  153         5.3%        16.8%             5.3%
    ------------------    ---------    ---------  -----------  ---------------
    Copaxone(R)                 118        20.0%        18.0%            20.0%
    ------------------    ---------    ---------  -----------  ---------------
    Tritace(R)                  107        -5.1%        -8.5%            -5.1%
    ------------------    ---------    ---------  -----------  ---------------
    Amaryl(R)                   103         5.4%        12.0%             5.4%
    ------------------    ---------    ---------  -----------  ---------------
    Depakine(R)                  80         5.1%        13.0%             5.1%
    ------------------    ---------    ---------  -----------  ---------------
    Xatral(R)                    72        -7.9%        -5.3%            -7.9%
    ------------------    ---------    ---------  -----------  ---------------
    Actonel(R)                   62       -23.5%       -27.1%            -9.7%
    ------------------    ---------    ---------  -----------  ---------------
    Nasacort(R)                  48       -11.8%        -5.9%           -11.8%
    ------------------    ---------    ---------  -----------  ---------------
    Other Products            1,486        -4.7%        -4.8%            -2.0%
    ------------------    ---------    ---------  -----------  ---------------
    OTC                         356        26.3%        18.7%             7.4%
    ------------------    ---------    ---------  -----------  ---------------
    Generics                    302       273.3%       251.2%            16.3%
    ------------------    ---------    ---------  -----------  ---------------
    Total
     Pharmaceuticals          6,354         6.2%         7.6%             2.9%
    ------------------    ---------    ---------  -----------  ---------------
    Vaccines                  1,046         4.8%        10.5%             4.8%
    ------------------    ---------    ---------  -----------  ---------------
    Total                     7,400         6.0%         8.0%             3.2%
    ------------------    ---------    ---------  -----------  ---------------



                               2009    Change at  Change on a      Change on a
                            9-month     constant     reported         constant
                           net sales    exchange        basis  structure basis
                                           rates               and at constant
    Millions of euros                                           exchange rates
    ------------------    ---------    ---------  -----------  ---------------

    Lovenox(R)                2,289         9.1%        15.1%             9.1%
    ------------------    ---------    ---------  -----------  ---------------
    Lantus(R)                 2,317        24.9%        32.8%            24.9%
    ------------------    ---------    ---------  -----------  ---------------
    Plavix(R)                 2,053         4.1%         5.2%             4.1%
    ------------------    ---------    ---------  -----------  ---------------
    Taxotere(R)               1,644         6.8%        10.2%             6.8%
    ------------------    ---------    ---------  -----------  ---------------
    Eloxatin(R)                 890       -18.4%       -10.2%           -18.4%
    ------------------    ---------    ---------  -----------  ---------------
    Aprovel(R)                  919         3.9%         2.3%             3.9%
    ------------------    ---------    ---------  -----------  ---------------
    Apidra(R)                   100        42.6%        47.1%            42.6%
    ------------------    ---------    ---------  -----------  ---------------
    Multaq(R)                    13
    ------------------    ---------    ---------  -----------  ---------------
    Flagship Products        10,255         7.6%        11.9%             7.6%
    ------------------    ---------    ---------  -----------  ---------------
    Stilnox(R)/Ambien(R)/
    Ambien CR(R)/Myslee(R)      660        -2.0%        10.6%            -2.0%
    ------------------    ---------    ---------  -----------  ---------------
    Allegra(R)                  591         2.2%        19.4%             2.2%
    ------------------    ---------    ---------  -----------  ---------------
    Copaxone(R)                 349       -31.7%       -32.9%            22.0%
    ------------------    ---------    ---------  -----------  ---------------
    Tritace(R)                  328       -10.3%       -13.7%           -10.3%
    ------------------    ---------    ---------  -----------  ---------------
    Amaryl(R)                   310         3.6%        12.7%             3.6%
    ------------------    ---------    ---------  -----------  ---------------
    Depakine(R)                 245         7.6%         2.9%             7.6%
    ------------------    ---------    ---------  -----------  ---------------
    Xatral(R)                   225        -9.7%        -5.5%            -9.7%
    ------------------    ---------    ---------  -----------  ---------------
    Actonel(R)                  199       -15.8%       -19.4%            -5.9%
    ------------------    ---------    ---------  -----------  ---------------
    Nasacort(R)                 168       -14.4%        -7.2%           -14.4%
    ------------------    ---------    ---------  -----------  ---------------
    Other Products            4,585        -6.5%        -6.0%            -3.8%
    ------------------    ---------    ---------  -----------  ---------------
    OTC                         996        19.6%        12.3%             4.5%
    ------------------    ---------    ---------  -----------  ---------------
    Generics                    679       177.5%       163.2%            12.1%
    ------------------    ---------    ---------  -----------  ---------------
    Total
     Pharmaceuticals         19,560         4.0%         6.7%             3.4%
    ------------------    ---------    ---------  -----------  ---------------
    Vaccines                  2,385         4.2%        10.8%             4.2%
    ------------------    ---------    ---------  -----------  ---------------
    Total                    21,945         4.1%         7.2%             3.5%
    ------------------    ---------    ---------  -----------  ---------------


    Appendix 2: 2009 third-quarter and 9-month consolidated net sales by
    geographic region and product

    Pharmaceuticals

                       Europe Change at United  Change at     Other Change at
                               constant States   constant Countries  constant
    2009 Q3 net sales          exchange          exchange            exchange
    (euro million)                rates             rates               rates
    -----------------  ------ --------- ------  ---------  -------- ---------

    Lovenox(R)            220      23.0%   442       8.0%        85      19.2%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Lantus(R)             189      11.4%   478      21.3%       111      48.6%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Plavix(R)             388      -6.0%    57*      32.6%      219      22.3%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Taxotere(R)           227       3.5%   203       3.3%        96      -7.2%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Eloxatin(R)            22     -55.1%   122     -53.0%        49      16.7%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Aprovel(R)            226       1.8%                         73       1.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Apidra(R)              18      46.2%    12      20.0%         4       0.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Multaq(R)              13
    -----------------  ------ --------- ------  ---------  -------- ---------
    Stilnox(R)/Ambien(R)
     /Ambien CR(R)/
      Myslee(R)            17      -5.6%   137      -4.5%        59       2.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Allegra(R)              5     -16.7%    76      -1.4%        72      17.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Copaxone(R)           115      19.6%                          3      33.3%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Tritace(R)             73      -6.2%                         34      -2.8%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Amaryl(R)              20       0.0%     1       0.0%        82       7.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Depakine(R)            51       1.9%                         29      11.5%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Xatral(R)              22     -28.1%    36      17.9%        14     -12.5%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Actonel(R)             38     -32.8%                         24      -3.7%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Nasacort(R)             7     -12.5%    35     -13.5%         6       0.0%
    -----------------  ------ --------- ------  ---------  -------- ---------

    *Sales of active ingredient to the American joint venture managed by BMS


                       Europe Change at United  Change at     Other Change at
    2009 9-month               constant States   constant Countries  constant
     net sales                 exchange          exchange            exchange
     (euro million)               rates             rates               rates
    -----------------  ------ --------- ------  ---------  -------- ---------
    Lovenox(R)            663     16.3%  1,379       3.8%       247      18.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Lantus(R)             568     13.6%  1,449      26.5%       300      45.1%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Plavix(R)           1,234     -2.7%   170*      19.7%       649      17.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Taxotere(R)           697      7.4%    628       5.3%       319       8.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Eloxatin(R)            79    -53.2%    670     -13.9%       141       3.7%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Aprovel(R)            686      3.4%                         233       5.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Apidra(R)              50     44.4%     40      33.3%        10      80.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Multaq(R)              13
    -----------------  ------ --------- ------  ---------  -------- ---------
    Stilnox(R)/Ambien(R)
     /Ambien CR(R)/
      Myslee(R)            55     -1.8%    426      -6.0%       179       9.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Allegra(R)             20    -19.2%    260      -6.9%       311      14.9%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Copaxone(R)           339     22.0%           -100.0%        10     -60.7%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Tritace(R)            229     -6.9%                          99     -17.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Amaryl(R)              62     -6.9%      6      25.0%       242       7.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Depakine(R)           154      3.8%                          91      15.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Xatral(R)              71    -31.8%    110      19.5%        44     -10.2%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Actonel(R)            124    -22.6%                          75      -2.4%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Nasacort(R)            28     -6.5%    121     -18.9%        19       5.6%
    -----------------  ------ --------- ------  ---------  -------- ---------

    *Sales of active ingredient to the American joint venture managed by BMS


    Vaccines

                       Europe Change at United  Change at     Other Change at
                               constant States   constant Countries  constant
    2009 Q3 net sales          exchange          exchange            exchange
    (euro million)                rates             rates               rates
    -----------------  ------ --------- ------  ---------  -------- ---------

    Polio/Pertussis/Hib
     Vaccines              35     20.0%    130      43.9%        64     -22.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Influenza Vaccines*    86     17.3%    230     -14.9%        62     +24.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Meningitis/
     Pneumonia Vaccines     7     75.0%    178      16.4%        20     +75.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Adult Booster
     Vaccines              21     17.6%     79     -15.1%         9     +50.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Travel and Other
     Endemics Vaccines      5    -33.3%     16     -25.0%        51      -2.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Other Vaccines          4     66.7%     44      39.3%         5     +25.0%
    -----------------  ------ --------- ------  ---------  -------- ---------

    * Seasonal and pandemic influenza vaccines


                       Europe Change at United  Change at     Other Change at
    2009 9-month               constant States   constant Countries  constant
     net sales                 exchange          exchange            exchange
     (euro million)               rates             rates               rates
    -----------------  ------ --------- ------  ---------  -------- ---------

    Polio/Pertussis/Hib
     Vaccines             115     -2.4%    388      59.3%       221      +4.8%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Influenza Vaccines*    85     17.6%    267     -35.9%       146     +24.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Meningitis/Pneumonia
     Vaccines              12     33.3%    383       3.6%        69     +61.9%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Adult Booster
     Vaccines              51     30.8%    235     -16.1%        25     +19.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Travel and Other
     Endemics Vaccines     20    -16.0%     56     -16.7%       161      +6.0%
    -----------------  ------ --------- ------  ---------  -------- ---------
    Other Vaccines         35    169.2%    102      13.9%        14     +36.4%
    -----------------  ------ --------- ------  ---------  -------- ---------

    * Seasonal and pandemic influenza vaccines



    Appendix 3: Consolidated net sales by business segment

    Millions of      2009 Q3   2008 Q3   2009 Q2   2008 Q2   2009 Q1   2008 Q1
     euros         net sales net sales net sales net sales net sales net sales
    -------------- --------- --------- --------- --------- --------- ---------
    Pharmaceuticals    6,354     5,906     6,726      6032     6,480     6,389
    -------------- --------- --------- --------- --------- --------- ---------
    Vaccines           1,046       947       712       657       627       548
    -------------- --------- --------- --------- --------- --------- ---------
    Total              7,400     6,853     7,438     6,689     7,107     6,937
    -------------- --------- --------- --------- --------- --------- ---------


    Appendix 4: 2009 third-quarter and 9-month net sales by animal health
    product

    Millions of    2009 Q3   2008 Q3 Change at    2009 Q3   2008 Q3 Change at
     dollars     net sales net sales  constant  net sales net sales  constant
                                      exchange                       exchange
                                         rates                          rates
    -----------  --------- --------- ---------  --------- --------- ---------
    Frontline(R)
     and other
      fipronil         248       253     +0.4%        834       901      -1.9%
    -----------  --------- --------- ---------  --------- --------- ---------
    Vaccines           192       198     +1.6%        552       581      +4.5%
    -----------  --------- --------- ---------  --------- --------- ---------
    Avermectin         113       129     -9.0%        363       415      -6.6%
    -----------  --------- --------- ---------  --------- --------- ---------
    Other               73        72     +5,4%        212       221      +3,5%
    -----------  --------- --------- ---------  --------- --------- ---------
    Total              626       652     -0.5%      1 961     2 118      -0.5%
    -----------  --------- --------- ---------  --------- --------- ---------



    Appendix 5: Adjusted income statements excluding selected items
    2009 third-quarter income statement

                             2009    as % of     2008     as % of  % change
    Millions of euros          Q3  net sales       Q3   net sales
    -----------------       -----  ---------   ------   ---------  --------
    Net sales               7,400     100.0%   6,853       100.0%     +8.0%
    -----------------       -----  ---------   ------   ---------  --------
      Other revenues          372       5.0%     312         4.6%    +19.2%
    -----------------       -----  ---------   ------   ---------  --------
      Cost of sales        (2,028)   (27.4%)  (1,793)     (26.2%)    +13.1%
    -----------------       -----  ---------   ------   ---------  --------
    Gross profit            5,744      77.6%   5,372        78.4%     +6.9%
    -----------------       -----  ---------   ------   ---------  --------
      Research and
       development
       expenses            (1,109)   (15.0%)  (1,089)     (15.9%)     +1.8%
    -----------------       -----  ---------   ------   ---------  --------
      Selling and general
       expenses            (1,707)   (23.1%)  (1,651)     (24.1%)     +3.4%
    -----------------       -----  ---------   ------   ---------  --------
      Other current
       operating
       income/expenses         86                 49
    -----------------       -----  ---------   ------   ---------  --------
      Amortization of
       intangibles            (59)               (41)
    -----------------       -----  ---------   ------   ---------  --------
    Operating income -
     current(*)             2,955      39.9%   2,640        38.5%    +11.9%
    -----------------       -----  ---------   ------   ---------  --------
      Restructuring costs
    -----------------       -----  ---------   ------   ---------  --------
      Impairment of PP&E
       and intangibles
    -----------------       -----  ---------   ------   ---------  --------
      Gain/loss on
       disposals,
       litigation
    -----------------       -----  ---------   ------   ---------  --------
    Operating income        2,955      39.9%   2,640        38.5%    +11.9%
    -----------------       -----  ---------   ------   ---------  --------
      Financial expenses      (74)               (89)
    -----------------       -----  ---------   ------   ---------  --------
      Financial income          5                 29
    -----------------       -----  ---------   ------   ---------  --------
    Income before tax
     and associates         2,886      39.0%   2,580        37.6%    +11.9%
    -----------------       -----  ---------   ------   ---------  --------
      Income tax expense     (837)              (765)
    -----------------       -----  ---------   ------   ---------  --------
      Effective tax rate     29.0%              29.6%
    -----------------       -----  ---------   ------   ---------  --------
      Share of
       profit/loss of
       associates             235                189
    -----------------       -----  ---------   ------   ---------  --------
      Net income
      from the Merial
       business(**)            59                 30
    -----------------       -----  ---------   ------   ---------  --------
      Minority interests     (114)              (111)
    -----------------       -----  ---------   ------   ---------  --------
     Net income (after
      minority
      interests)            2,229      30.1%   1,923        28.1%    +15.9%
    -----------------       -----  ---------   ------   ---------  --------
      Average number of
       shares outstanding
        (millions)        1,305.7            1,304.8
    -----------------       -----  ---------   ------   ---------  --------
    Earnings per share
     (in euro)               1.71               1.47                 +16.3%
    -----------------       -----  ---------   ------   ---------  --------

    *Operating income before restructuring, impairment of property, plant and
     equipment and intangibles, gains/losses on disposals, and litigation.

    **Held with a view to being exchanged under an option deal agreed with
      Merck/Schering-Plough that will enable the Animal Health business to be
      combined in a joint venture (accounting classification in accordance
      with IFRS 5)



    2009 9-month income statement

                             2009    as % of     2008     as % of  % change
    Millions of euros    9 months  net sales 9 months   net sales
    -------------------- --------  --------- --------   ---------  --------
    Net sales              21,945     100.0%   20,479      100.0%     +7.2%
    -------------------- --------  --------- --------   ---------  --------
      Other revenues        1,075       4.9%      882        4.3%    +21.9%
    -------------------- --------  --------- --------   ---------  --------
      Cost of sales        (5,628)    (25.6%)  (5,408)     (26.4%)    +4.1%
    -------------------- --------  --------- --------   ---------  --------
    Gross profit           17,392      79.3%   15,953       77.9%     +9.0%
    -------------------- --------  --------- --------   ---------  --------
      Research and
       development
        expenses           (3,369)    (15.4%)  (3,269)     (16.0%)    +3.1%
    -------------------- --------  --------- --------   ---------  --------
      Selling and general
       expenses            (5,334)    (24.3%)  (5,223)     (25.5%)    +2.1%
    -------------------- --------  --------- --------   ---------  --------
      Other current
       operating
       income/expenses        366                 227
    -------------------- --------  --------- --------   ---------  --------
      Amortization of
       intangibles           (156)               (124)
    -------------------- --------  --------- --------   ---------  --------
    Operating income
     - current(*)           8,899      40.6%    7,564        36.9%    +17.6%
    -------------------- --------  --------- --------   ---------  --------
      Restructuring costs
    -------------------- --------  --------- --------   ---------  --------
      Impairment of PP&E
       and intangibles
    -------------------- --------  --------- --------   ---------  --------
      Gain/loss on
       disposals,
        litigation
    -------------------- --------  --------- --------   ---------  --------
    Operating income        8,899      40.6%    7,564       36.9%    +17.6%
    -------------------- --------  --------- --------   ---------  --------
      Financial expenses     (225)               (249)
    -------------------- --------  --------- --------   ---------  --------
      Financial income         42                 101
    -------------------- --------  --------- --------   ---------  --------
    Income before tax and
     associates             8,716      39.7%    7,416        36.2%    +17.5%
    -------------------- --------  --------- --------   ---------  --------
      Income tax expense   (2,528)             (2,196)
    -------------------- --------  --------- --------   ---------  --------
      Effective tax rate     29.0%               29.6%
    -------------------- --------  --------- --------   ---------  --------
      Share of profit/loss
       of associates          644                 527
    -------------------- --------  --------- --------   ---------  --------
      Net income from
      the Merial
       business(**)           189                 143
    -------------------- --------  --------- --------   ---------  --------
      Minority interests     (346)               (331)
    -------------------- --------  --------- --------   ---------  --------
     Net income (after
      minority interests)   6,675      30.4%    5,559        27.1%    +20.1%
    -------------------- --------  --------- --------   ---------  --------
      Average number of
       shares outstanding
       (millions)         1,305.6             1,310.7
    -------------------- --------  --------- --------   ---------  --------
    Earnings per share
     (in euro)               5.11                4.24                 +20.5%
    -------------------- --------  --------- --------   ---------  --------

    *Operating income before restructuring, impairment of property, plant and
     equipment and intangibles, gains/losses on disposals, and litigation.

    **Held with a view to being exchanged under an option deal agreed with
      Merck/Schering-Plough that will enable the Animal Health business to be
      combined in a joint venture (accounting classification in accordance
      with IFRS 5)



    Appendix 6: Reconciliation of adjusted income statement excluding selected
    items to adjusted income statement and consolidated income statement
    2009 third-quarter income statement

                       Adjusted  Selected  Adjusted  Adjustments  Consolidated
                      excluding     items
                       selected
    Millions of euros     items
    ----------------- ---------  --------  --------  -----------  ------------
    Net sales             7,400               7,400                     7,400
    ----------------- ---------  --------  --------  -----------  ------------
      Other revenues        372                 372                       372
    ----------------- ---------  --------  --------  -----------  ------------
      Cost of sales      (2,028)             (2,028)                   (2,028)
    ----------------- ---------  --------  --------  -----------  ------------
    Gross profit          5,744               5,744                     5,744
    ----------------- ---------  --------  --------  -----------  ------------
      Research and
       development
        expenses         (1,109)             (1,109)                   (1,109)
    ----------------- ---------  --------  --------  -----------  ------------
      Selling and
       general expenses  (1,707)             (1,707)                   (1,707)
    ----------------- ---------  --------  --------  -----------  ------------
      Other current
       operating
       income/expenses       86                  86                        86
    ----------------- ---------  --------  --------  -----------  ------------
      Amortization of
       intangibles          (59)                (59)        (814)        (873)
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income -
     current*             2,955               2,955         (814)       2,141
    ----------------- ---------  --------  --------  -----------  ------------
      Restructuring
       costs                          (42)      (42)                      (42)
    ----------------- ---------  --------  --------  -----------  ------------
      Impairment of
       PP&E and
        intangibles                                         (344)        (344)
    ----------------- ---------  --------  --------  -----------  ------------
      Gain/loss on
       disposals,
        litigation
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income      2,955       (42)    2,913       (1,158)       1,755
    ----------------- ---------  --------  --------  -----------  ------------
      Financial
       expenses             (74)                (74)                      (74)
    ----------------- ---------  --------  --------  -----------  ------------
      Financial income        5                   5                         5
    ----------------- ---------  --------  --------  -----------  ------------
    Income before tax
     and associates       2,886       (42)    2,844       (1,158)       1,686
    ----------------- ---------  --------  --------  -----------  ------------
      Income tax
       expense             (837)       14      (823)         391         (432)
    ----------------- ---------  --------  --------  -----------  ------------
      Share of profit/
       loss of
        associates          235                 235           (6)         229
    ----------------- ---------  --------  --------  -----------  ------------
      Net income from
       the Merial
        business             59                  59           (9)          50
    ----------------- ---------  --------  --------  -----------  ------------
      Minority
       interests           (114)               (114)                     (114)
    ----------------- ---------  --------  --------  -----------  ------------
     2009 net income
      (after minority
       interests)         2,229       (28)    2,201         (782)        1,419
    ----------------- ---------  --------  --------  -----------  ------------
      2008 net income
      (after minority
        interests)        1,923       (35)    1,888         (554)        1,334
    ----------------- ---------  --------  --------  -----------  ------------
      Change 2009 vs.
       2008 (in %)         15.9%               16.6%                      6.4%
    ----------------- ---------  --------  --------  -----------  ------------


     2009 earnings per
      share (in euro)**    1.71     (0.02)     1.69        (0.60)        1.09
    ----------------- ---------  --------  --------  -----------  ------------
       2008 earnings
        per share
        (in euro)          1.47     (0.02)     1.45        (0.43)        1.02
    ----------------- ---------  --------  --------  -----------  ------------
       Change 2009 vs.
        2008 (in %)        16.3%               16.6%                      6.9%
    ----------------- ---------  --------  --------  -----------  ------------

    *Operating income before restructuring, impairment of property,
     plant and equipment and intangibles, gains/losses on disposals,
     and litigation

    ** Based on an average number of shares outstanding of 1,305.7
       million in the third quarter of 2009 and 1,304.8 million in the
       third quarter of 2008



Refer to page 10 for a description of 2009 third-quarter selected items.

The material effects of the application of purchase accounting to
acquisitions, primarily that of Aventis, on the consolidated income statement
were as follows:
Third quarter of 2009

    --  An amortization charge against intangible assets of euro 814 million.
    --  Impairment losses of euro 344 million, mainly charged against
        Benzaclin®, Nasacort® and Actonel®, in light of changes in the
        competitive environment and the dates of approval for generics.
    --  Deferred taxes of euro 391 million generated by the euro 814 million
        amortization charge and the euro 344 million of impairment losses.

    --  In "Share of profits/losses of associates" and "Net income from the
        Merial business", reversals of euro 6 million and euro 9 million
        respectively, relating primarily to the amortization of intangible
        assets (net of tax).


These adjustments have no cash impact for the Group.




    2009 9-month income statement


                       Adjusted  Selected  Adjusted  Adjustments  Consolidated
                      excluding     items
                       selected
    Millions of euros     items
    ----------------- ---------  --------  --------  -----------  ------------
    Net sales            21,945              21,945                    21,945
    ----------------- ---------  --------  --------  -----------  ------------
      Other revenues      1,075               1,075                     1,075
    ----------------- ---------  --------  --------  -----------  ------------
      Cost of sales      (5,628)             (5,628)         (19)      (5,647)
    ----------------- ---------  --------  --------  -----------  ------------
    Gross profit         17,392              17,392          (19)       17,373
    ----------------- ---------  --------  --------  -----------  ------------
      Research and
       development
        expenses         (3,369)             (3,369)                   (3,369)
    ----------------- ---------  --------  --------  -----------  ------------
      Selling and
      general
       expenses          (5,334)             (5,334)                   (5,334)
    ----------------- ---------  --------  --------  -----------  ------------
      Other current
       operating
       income/expenses      366                 366                       366
    ----------------- ---------  --------  --------  -----------  ------------
      Amortization of
       intangibles         (156)               (156)      (2,522)      (2,678)
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income -
     current*             8,899               8,899       (2,541)       6,358
    ----------------- ---------  --------  --------  -----------  ------------
      Restructuring
       costs                         (949)     (949)                     (949)
    ----------------- ---------  --------  --------  -----------  ------------
      Impairment of PP&E
      and intangibles                 (20)      (20)        (352)        (372)
    ----------------- ---------  --------  --------  -----------  ------------
      Gain/loss on
       disposals,
        litigation
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income      8,899      (969)    7,930       (2,893)        5,037
    ----------------- ---------  --------  --------  -----------  ------------
      Financial
       expenses            (225)               (225)                     (225)
    ----------------- ---------  --------  --------  -----------  ------------
      Financial income       42                  42                        42
    ----------------- ---------  --------  --------  -----------  ------------
    Income before tax
     and associates       8,716      (969)    7,747       (2,893)       4,854
    ----------------- ---------  --------  --------  -----------  ------------
      Income tax
       expense           (2,528)      333    (2,195)         968       (1,227)
    ----------------- ---------  --------  --------  -----------  ------------
      Share of profit/
       loss of
        associates          644                 644          (21)         623
    ----------------- ---------  --------  --------  -----------  ------------
      Net income from
       the Merial
        business            189                 189          (37)         152
    ----------------- ---------  --------  --------  -----------  ------------
      Minority interests   (346)               (346)                     (346)
    ----------------- ---------  --------  --------  -----------  ------------
     2009 net income
      (after minority
        interests)        6,675      (636)    6,039       (1,983)       4,056
    ----------------- ---------  --------  --------  -----------  ------------
       2008 net income
        (after minority
         interests)       5,559      (203)    5,356       (1,687)       3,669
    ----------------- ---------  --------  --------  -----------  ------------
       Change 2009 vs.
        2008 (in %)        20.1%               12.8%                     10.5%
    ----------------- ---------  --------  --------  -----------  ------------


     2009 earnings per
      share (in euro )**   5.11     (0.48)     4.63        (1.52)        3.11
    ----------------- ---------  --------  --------  -----------  ------------
       2008 earnings
        per share
         (in euro )        4.24     (0.15)     4.09        (1.29)        2.80
    ----------------- ---------  --------  --------  -----------  ------------
       Change 2009 vs.
        2008 (in %)        20.5%               13.2%                     11.1%
    ----------------- ---------  --------  --------  -----------  ------------

    *Operating income before restructuring, impairment of property, plant and
     equipment and intangibles, gains/losses on disposals, and litigation

    ** Based on average number of shares outstanding of 1,305.6 million for
       the first nine months of 2009 and 1,310.7 million for the first nine
       months of 2008

Refer to page 10 for a description of selected items for the first nine months
of 2009.

The material effects of the application of purchase accounting to
acquisitions, primarily that of Aventis, on the consolidated income statement
were as follows:

First nine months of 2009

    --  A charge of euro 19 million arising from the workdown of inventories
of
        Zentiva and other companies acquired during the period remeasured at
        fair value.
    --  An amortization charge of euro 2,522 million against intangible
assets.
    --  Impairment losses of euro 352 million, of which euro 344 million was
        charged in the third quarter primarily against Benzaclin®, Nasacort®
        and Actonel® in light of changes in the competitive environment and
the
        dates of approval for generics. The remaining euro 8 million was
charged
        against the Di-Antalvic asset in the second quarter.
    --  Deferred taxes of euro 968 million generated by the euro 2,522 million
        amortization charge, the euro 19 million charge on the workdown of
        inventories of companies acquired during the period, and the euro 352
        million of impairment losses.

    --  In "Share of profits/losses of associates" and "Net income from the
        Merial business", reversals of euro 21 million and euro 37 million
        respectively, relating primarily to the amortization of intangible
        assets (net of tax).


These adjustments have no cash impact for the Group.




    2008 third-quarter income statement

                       Adjusted  Selected  Adjusted  Adjustments Consolidated
                      excluding     items
                       selected
    Millions of euros     items
    ----------------- ---------  --------  --------  -----------  ------------

    Net sales             6,853               6,853                     6,853
    ----------------- ---------  --------  --------  -----------  ------------
      Other revenues        312                 312                       312
    ----------------- ---------  --------  --------  -----------  ------------
      Cost of sales      (1,793)             (1,793)                   (1,793)
    ----------------- ---------  --------  --------  -----------  ------------
    Gross profit          5,372               5,372                     5,372
    ----------------- ---------  --------  --------  -----------  ------------
      Research and
      development
       expenses          (1,089)             (1,089)                   (1,089)
    ----------------- ---------  --------  --------  -----------  ------------
      Selling and
       general
       expenses          (1,651)             (1,651)                   (1,651)
    ----------------- ---------  --------  --------  -----------  ------------
      Other current
       operating
       income/expenses       49                  49                        49
    ----------------- ---------  --------  --------  -----------  ------------
      Amortization of
       intangibles          (41)                (41)        (807)        (848)
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income -
     current*             2,640               2,640         (807)       1,833
    ----------------- ---------  --------  --------  -----------  ------------
      Restructuring
       costs                          (51)      (51)                      (51)
    ----------------- ---------  --------  --------  -----------  ------------
      Impairment of
       PP&E and
       intangibles
    ----------------- ---------  --------  --------  -----------  ------------
      Gain/loss on
       disposals,
       litigation
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income      2,640       (51)    2,589         (807)       1,782
    ----------------- ---------  --------  --------  -----------  ------------
      Financial
       expenses             (89)                (89)                      (89)
    ----------------- ---------  --------  --------  -----------  ------------
      Financial income       29                  29                        29
    ----------------- ---------  --------  --------  -----------  ------------
    Income before tax
     and associates       2,580       (51)    2,529         (807)       1,722
    ----------------- ---------  --------  --------  -----------  ------------
      Income tax expense   (765)       16      (749)         273         (476)
    ----------------- ---------  --------  --------  -----------  ------------
      Share of profit/
       loss of
       associates           189                 189           (9)         180
    ----------------- ---------  --------  --------  -----------  ------------
      Net income from
       the Merial
        business             30                  30          (11)          19
    ----------------- ---------  --------  --------  -----------  ------------
      Minority
       interests           (111)               (111)                     (111)
    ----------------- ---------  --------  --------  -----------  ------------
    2008 net income
     (after minority
       interests)         1,923       (35)    1,888         (554)       1,334
    ----------------- ---------  --------  --------  -----------  ------------
     2008 earnings per
      share (in euro )**   1.47     (0.02)     1.45        (0.43)        1.02
    ----------------- ---------  --------  --------  -----------  ------------

    *Operating income before restructuring, impairment of property, plant and
     equipment and intangibles, gains/losses on disposals, and litigation

    ** Based on an average number of shares outstanding of 1,304.8 million in
       the third quarter of 2008




    2008 9-month income statement

                       Adjusted  Selected  Adjusted  Adjustments  Consolidated
                      excluding     items
                       selected
    Millions of euros     items
    ----------------- ---------  --------  --------  -----------  ------------
    Net sales            20,479              20,479                    20,479
    ----------------- ---------  --------  --------  -----------  ------------
      Other revenues        882                 882                       882
    ----------------- ---------  --------  --------  -----------  ------------
      Cost of sales      (5,408)             (5,408)                   (5,408)
    ----------------- ---------  --------  --------  -----------  ------------
    Gross profit         15,953              15,953                    15,953
    ----------------- ---------  --------  --------  -----------  ------------
      Research and
       development
        expenses         (3,269)             (3,269)                   (3,269)
    ----------------- ---------  --------  --------  -----------  ------------
      Selling and
       general
        expenses         (5,223)             (5,223)                   (5,223)
    ----------------- ---------  --------  --------  -----------  ------------
      Other current
       operating
       income/expenses      227                 227                       227
    ----------------- ---------  --------  --------  -----------  ------------
      Amortization of
       intangibles         (124)               (124)      (2,433)      (2,557)
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income
     - current*           7,564               7,564       (2,433)       5,131
    ----------------- ---------  --------  --------  -----------  ------------
      Restructuring
       costs                         (258)     (258)                     (258)
    ----------------- ---------  --------  --------  -----------  ------------
      Impairment of
       PP&E and
        intangibles                   (69)      (69)         (57)        (126)
    ----------------- ---------  --------  --------  -----------  ------------
      Gain/loss on
       disposals,
        litigation
    ----------------- ---------  --------  --------  -----------  ------------
    Operating income      7,564      (327)    7,237       (2,490)       4,747
    ----------------- ---------  --------  --------  -----------  ------------
      Financial expenses   (249)               (249)                     (249)
    ----------------- ---------  --------  --------  -----------  ------------
      Financial income      101        38       139                       139
    ----------------- ---------  --------  --------  -----------  ------------
    Income before tax
     and associates       7,416      (289)    7,127       (2,490)       4,637
    ----------------- ---------  --------  --------  -----------  ------------
      Income tax expense (2,196)       86    (2,110)         863       (1,247)
    ----------------- ---------  --------  --------  -----------  ------------
      Share of profit/loss
      of associates         527                 527          (24)         503
    ----------------- ---------  --------  --------  -----------  ------------
      Net income from
       the Merial
       business             143                 143          (36)         107
    ----------------- ---------  --------  --------  -----------  ------------
      Minority interests   (331)               (331)                     (331)
    ----------------- ---------  --------  --------  -----------  ------------
    2008 net income
     (after minority
       interests)         5,559      (203)    5,356       (1,687)       3,669
    ----------------- ---------  --------  --------  -----------  ------------
     2008 earnings per
      share (in euro )**   4.24     (0.15)     4.09        (1.29)        2.80
    ----------------- ---------  --------  --------  -----------  ------------

    *Operating income before restructuring, impairment of property, plant and
     equipment and intangibles, gains/losses on disposals, and litigation

    ** Based on an average number of shares outstanding of 1,310.7 million for
       the first nine months of 2008


Appendix 7: Definitions of non-GAAP financial indicators

Net sales at constant exchange rates

When we refer to changes in our net sales "at constant exchange rates", this
means that we exclude the effect of changes in exchange rates.

We eliminate the effect of exchange rates by recalculating net sales for the
relevant period at the exchange rates used for the previous period.

Reconciliation of reported net sales to net sales at constant exchange rates
for the third quarter of 2009 and the first nine months of 2009:


    Millions of euros                    2009: Q3  2009: 9 months
    ------------------------------------ --------  --------------
    Net sales                               7,400          21,945
    ------------------------------------ --------  --------------
    Effect of exchange rates                 (136)           (634)
    ------------------------------------ --------  --------------
    Net sales at constant exchange rates    7,264          21,311
    ------------------------------------ --------  --------------


Net sales on a constant structure basis
We eliminate the effect of changes in structure by restating prior-period net
sales as follows:

    --  by including sales from the acquired entity or product rights for a
        portion of the prior period equal to the portion of the current period
        during which we owned them, based on sales information we receive from
        the party from whom we make the acquisition;
    --  similarly, by excluding sales in the relevant portion of the prior
        period when we have sold an entity or rights to a product;

    --  for a change in consolidation method, by recalculating the prior
period
        on the basis of the method used for the current period.


Worldwide presence of Plavix®/Iscover®, Avapro®/Aprovel®

When we refer to the "worldwide presence" of a product, we mean our
consolidated net sales of that product, minus sales of the product to our
alliance partners plus non-consolidated sales made through our alliances with
Bristol-Myers Squibb on Plavix®/Iscover® (clopidogrel bisulfate) and
Aprovel®/Avapro®/Karvea® (irbesartan), based on information provided to us by
our alliance partner.

Operating income - current

We define "operating income - current" as operating income before
restructuring, impairment of property, plant and equipment and intangibles,
gains/losses on disposals, and litigation.

Adjusted net income (see appendix 5 for a detailed reconciliation)

We define "adjusted net income" as accounting net income after minority
interests adjusted to exclude the material after-tax impacts of (i) the
application of purchase accounting to acquisitions and (ii)
acquisition-related integration and restructuring costs. We believe that
eliminating these impacts from net income gives investors a better
understanding of the underlying economic performance of the combined Group.

The material impacts of the application of purchase accounting to
acquisitions, primarily the acquisition of Aventis, are as follows:

    --  charges arising from the remeasurement of inventories at fair value,
net
        of tax;
    --  amortization/impairment expense generated by the remeasurement of
        intangible assets, net of tax;

    --  any impairment of goodwill.


Adjusted net income excluding selected items

We define "selected items" as accounting items reflecting significant events
occurring during the period that would alter a user's understanding of our
operational performance if they were not disclosed separately. Consequently,
selected items are limited in number, unusual in nature, and involve
significant amounts.


    Selected items are primarily recorded in the following line items:
     -- Restructuring costs

        -  Restructuring costs include early retirement benefits, compensation
           for early termination of contracts, and rationalization costs
           relating to restructured sites. Asset impairment losses directly
           attributable to restructuring are also recorded on this line.
           Restructuring costs included on this line relate only to unusual
           and major restructuring plans.

     -- Impairment of property, plant and equipment and intangibles

        -  This line includes major impairment losses (other than those
           directly attributable to restructuring) on property, plant and
           equipment and intangibles, including goodwill. It also includes any
           reversals of such losses.

     -- Gains and losses on disposals, and litigation

        -  This line comprises gains and losses on major disposals of
           property, plant and equipment and intangible assets, and costs and
           provisions related to major litigation.

     -- Income tax expense, as regards the effect of material tax disputes and
        any tax effects of other income or expenses that are treated as
        selected items.


SOURCE  sanofi-aventis

Jack Cox, +1-908-981-5280, [email protected], or Media Relations,
+33 1 53 77 44 50, or [email protected], or Investor Relations, +33 1 53
77 45 45, [email protected], all of sanofi-aventis

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