Rhone-Poulenc 3rd Qtr Net Income Up 38.8%

French chemicals company Rhone-Poulenc achieved net income of 1.05billion French francs ($178.9 million) in the third quarter of 1997, an increase of 38.8% on the corresponding period last year, with earnings per share rising 34.8% to 3.14 francs. Total sales increased 17.1% to 21.93 billion francs.

Double-Digit Pharma Growth Turnover from R-P's pharmaceutical sector, which consists of Rhone-Poulenc Rorer and Pasteur Merieux Connaught, was 8.64 billion francs for the third quarter, up 15.1% (or 8% excluding the effect of changes in exchange rates). This was due principally to strong performances from Lovenox/Clexane (enoxaparin) for the treatment of thrombosis, and new anticancer product Taxotere (docetaxel), despite a difficult market in France and competition in the USA. Other new products, including the antiallergy drug Nasacort AQ (triamcinolone) and the amyotrophic lateral sclerosis therapy Rilutek (riluzole), also drove growth.

Analysts at Goldman Sachs raised their rating to recommended for purchase from market outperformer, as R-P turns itself into a life sciences company. The move to full ownership of Rhone-Poulenc Rorer (Marketletters passim) will improve the group's focus and create a solid platform for future strategic growth, claimed the analysts.