Sanofi sticks to Genzyme offer as hikes targets

first_img Sanofi sticks to Genzyme offer as hikes targets whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sanofi-Aventis said it was “not obvious at all” it would need to lift its hostile $18.5bn (£11.6bn) bid for Genzyme as quarterly earnings beat forecasts and let the French drugmaker lift its profit target for the year.Genzyme executives last week began a quest to show that the US biotech group is worth more than the $69 a share Sanofi has offered, saying based on their new 2011 earnings forecast its value could be as much as $89 a share. But Sanofi chief executive Chris Viehbacher didn’t buy into what he called Genzyme’s “rosy” forecasts, saying yesterday Sanofi would stay “patient and disciplined” and keep all options open while still wanting to talk to Genzyme’s board about the firm’s value. Net income excluding amortisation and one-offs rose 8.9 per cent to €2.47bn (£2.1bn), but fell 2.2 per cent at constant exchange rates, compared with an average outcome of a Reuters poll for €2.31bn. Sales rose 5.7 per cent to €7.82bn against a forecast €7.63bn, but fell 1.7 per cent at constant exchange rates as generic competition mounted.Lovenox, Sanofi’s second-biggest selling drug last year, became the latest to face generics. Bloodthinner Plavix and cancer drug Eloxatin already face limited generic rivalry. Thursday 28 October 2010 8:22 pm whatsappcenter_img Share Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndo Show Comments ▼ KCS-content last_img read more