1993 A GRIM YEAR FOR INDUSTRY, SAYS SANOFI

For the pharmaceutical industry as a whole, Elf Sanofi not excluded, 1993 was a grim year, according to Elf Sanofi's head of administration and finance, Jean-Paul Leon. Around the world, he said at a London press conference, there have been dramatic environmental changes for the pharmaceutical sector, most notably in the USA, Germany, the UK and Italy (all major markets), and in Portugal.

Elf Sanofi has basically suffered no more or no less than most other drug majors, its one benefit being that it has no direct investment in the USA, where it operates through its alliance with Sterling Winthrop, namely Sanofi Winthrop, so there is no exposure to a financial risk.

At the nine-month stage (Marketletter November 8), Elf Sanofi posted a 5.1% increase in sales to 16.7 billion French francs ($2.8 billion), with human health care sales up 1.2% at 9.2 billion francs, or up just 0.8% on a comparable basis. For the full year, Mr Leon does not expect much of an improvement on 1992 results in terms of operating profits for the pharmaceutical business. But he said that despite no growth, he is proud to say there will be no downturn.