Aventis lifts sales target

August 2, 2001 Posted: 0649 GMT

LONDON (CNN) -- Franco-German drug company Aventis said on Thursday second-quarter profit rose 10.5 percent from increased sales of drugs and vaccines.

Net income for the three months to June 30 rose to 413 million ($364 million), or 0.53 a share, from 374 million, or 0.48 a share, in the same period a year earlier. Sales slipped 0.6 percent to 5.78 billion.

Aventis, formed by the merger of France's Rhône-Poulenc and Germany's Hoechst in 1999, unveiled plans last November to narrow its focus on pharmaceuticals by selling its slow-growing agricultural products unit.

Bayer, Europe's second-largest drugs and chemicals company, said last month it is in exclusive talks to buy Aventis CropScience, that has been valued at between 6 billion and 8 billion by analysts.

Patrick Langlois, Chief Financial Officer, said. "With the anticipated divestment of Aventis CropScience and Aventis Animal Nutrition underway by the end of this year, Aventis is one step away from becoming a pure play pharmaceutical company."

Aventis, Europe's fourth-largest drugmaker, revised upwards its forecast for full-year earnings per share and sales at its core business excluding Aventis CropScience.

"Core activity sales growth will be around 13 percent (in 2001, up from the previous forecast of 10 percent), while EPS will increase approximately 35 percent (instead of 30 percent) for this year on a basis of 1.50," Langlois said. 

The pharma unit saw strong sales growth in its key prescription products --anti-allergy drug Allegra, up 43.4 percent to 460 million after its launch in Japan in November; breast cancer treatment Taxotere saw sales rise 36.2 percent and sales of thrombosis drug Lovenox advanced 36 percent.

	Want the full story? Search for free company info...
	Enter Company Name:-