Generics and currencies impact Sanofi-Aventis' 1st-qtr, with income down 2.26%

While US drug major have benefited from the weak dollar, the converse has been the case for European pharmaceutical companies. The latest to report a negative effect is France's number one and the world's third largest drugmaker, Sanofi-Aventis, which also suffered from generic competition in the first quarter of 2007.

Net turnover for the period rose 6.9% on a "comparable basis," which the firm prefers to use for year-on-year percentage comparisons (up 2% on a reported basis), to reach 7.18 billion euros ($9.76 billion), with pharmaceutical turnover up 6.2% 6.61 billion euros. Adjusted net income for the quarter fell 2.6% to 2.12 billion euros, or 1.57 euros a share - a drop of 3.6%. The news saw Sanofi-Aventis' share price fall 1% to 67.68 euros on the day of the announcement, May 3.

Increases earnings guidance growth to 9% - from 6% - for full year