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Aventis 3Q profit up 23%
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November 9, 2000: 6:17 a.m. ET
Strong sales of key drugs drive Franco-German firm's profit to $268M
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LONDON (CNNfn) - Franco-German life-sciences firm Aventis SA said Thursday strong sales of its pharmaceutical products boosted third-quarter profit before exceptional items by 23 percent.
Aventis, formed by last year's merger of Germany's Hoechst and France's Rhône-Poulenc, said profit rose to  314 million ($268 million) from a pro forma 256 million a year earlier before the companies combined their operations.
Profit before tax and exceptional items rose 31 percent to 600 million, at the top end of analyst estimates that ranged from 550 to 600 million. Net  income fell 41 percent to 126 million.
Chief Financial Officer Patrick Langlois said in a conference call it was too early to assess the full costs associated with the accidental emergence of its genetically modified StarLink corn in human food in the U.S., but estimated they would be below $1 billion. StarLink was intended to be used only in animal feed.
Aventis (PAVE) shares slipped 0.8 percent to 85.70 in Paris.
"The sales figures are pretty much in line with expectations," said Catherine Genis of BNP-Paribas in London. "Overall, pharmaceuticals looks strong but agriculture is a little disappointing."
Aventis Pharma, the prescription drug business that accounts for nearly 75 percent of Aventis's sales, recorded a 13.6 percent rise in revenue to 4.0 billion.
"Our earnings have risen almost 40 percent before exceptionals this year due to the strong growth of our strategic pharmaceutical products," Langlois said in a statement.
Key drugs perform well
The pharma unit saw strong sales growth in its key prescription products -- anti-allergy drug Allegra, breast cancer treatment Taxotere and thrombosis drug Lovenox.
Sales in the agriculture division increased 6.8 percent to 992 million.
Langlois forecast a 40 percent rise in full-year earnings per share before exceptionals, raising the company's earlier estimate of 25 percent growth.
The company made an initial $150 million stock purchase in the third quarter towards its $450 million investment in U.S. biotechnology company Millennium Pharmaceuticals Inc.
Langlois also confirmed that the company expected to sell its non-core Messer and Wacker chemicals businesses by the end of the year. 
--from staff and wire reports
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Aventis
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