research and development sanofi-aventis
TRANSCRIPT
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Research and
DevelopmentSanofi-Aventis
BS4+ + + +Danil Eric Karim Andrew Da
vid
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&W h a t is R D fo r yo u ?
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Telecom
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Pharmacy
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armaintenance
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Construction
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Agriculture
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&Main R D ratios in Accounting
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R&D Intensity R&D expenses / Sales
R&D per employee R&D expenses / N of employees
R&D growth rate R&D expenses Year 2/ R&D expenses Year 1
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&R D
investments
Market
Value
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&D Intensityor differentbusinesses
& R D Scorecard UK DT
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Sanofi-Aventis
Case Study
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Sanofi
FrenchPharmacy
ounded in976 byElfumber ofacquisitions
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Sanofi
2001
6488
(1253)
5235
(1031)(2306)
208
2106
(68)
102
2140
281(842)
1579
14
(7)
1586
(1)
1585
15,9%
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Aventis
FrenchPharmacyTherapeutiproteins
ounded1999
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Aventis
Aventis
Net sales
Co-promotionincome
Productioncosts andexpenses
Selling, general andadministrativecosts andother operatingincoResearchanddevelopment
Restructuringexpenses
Goodwill amortization
Operatingincome
Equityinearnings of affiliatedcompanies
Interest (expense) incomenetMiscellaneous non-operatingincomeandexpenses net
Incomebeforetaxes andminorityinterests
Provisionfor incometaxes
Minorityinterests
Preferredremuneration
Net income
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Net Sales
&R D expenses&R Dintensity&R D growth
2001
Sanofi
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002
6448
( )1253%16
Sanofi
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
Sanofi
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
2004
8048
( )1428%16%8
Sanofi
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
2004
8048
( )1428%16%8
2001
Sanofi
Aventis
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
2004
8048
( )1428%16%8
2002 2001
22941( )3481
%15
Net Sales&R D expenses&R D
intensity&R D growth
Sanofi
Aventis
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
2004
8048
( )1428%16%8
2003 2002 2001
20622( )3420
%17- %2
22941( )3481
%15
Net Sales&R D expenses&R D
intensity&R D growth
Sanofi
Aventis
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Net Sales
&R D expenses&R Dintensity&R D growth
2001 2002 2003
6448
( )1253%16
7448
( )1378%16%18
2004
8048
( )1428%16%8
2003 2002 2001
20622( )3420
%17- %2
22941( )3481
%15
2004
17815( )2924
%16- %15
Net Sales&R D expenses&R D
intensity&R D growth
Sanofi
Aventis
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-anofi AventisSanofi-Aventis
Net sales
Cost ofgoodssold
Grossprofit
Researchanddevelopment expenses
Sellingandgeneral expenses
Other operatingincome/(expense), net
Operatingprofit
Amortizationandimpairment ofintangibles
Financial income/(expense), net
Incomebeforetaxandexceptional items
Exceptional items
Incometaxes
Net incomebeforeincomefromequityinvestees, goodwill amortizationandi
Incomefromequityinvestees, net
Goodwill amortization
Net incomebeforeminorityinterests
Minorityinterests
Net income
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-anofi AventisNet Sales
&R D expenses&R D intensity
15043( )7455%0
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Net Sales
&R D expenses&R Dintensity
2001 2002 2003
6448
( )1253%16
7448
( )1378%16
2004
8048
( )1428%16
2003 2002 2001
20622( )3420
%17
22941( )3481
%15
2004
17815( )2924
%16
Net Sales&R D expenses&R D
intensity
15043( )7455%0
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One Manager Banker2003
8048( )1428
%16
17815( )2924
%16
15043( )7455%0
2004
320pages
( . )thank you prof Capkun
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200320022001
20622( )3420
%17
22941( )3481
%15
2004
17815( )2924
%16
. ($5046)
&R D expenses
($2409)+
-anofi Aventisventis
&R D expenses
Net Sales
&R Dintensity
($ )45515043%0
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-anofi Aventis2004
Net Sales
&R D expenses&R D
intensity
15043
( )7455%0
2006 2007
28052
(4537)16%27568
(4575)16%
2008
28373
(4430)16%
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Class QUIZ
?
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Class QUIZ
? What are the three main ratio used in
&accounting for analysing R Dexpenditure?
&R D Intensity&R D per employee&R D growth rate
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Class QUIZ
?&Name three industries with high R D
.intensity
PharmacyElectronicsSoftware
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