Sanofi May Take Heavier Hit Than BMS Over Generic Plavix in Europe

(MoneyWatch)  Sanofi-Aventis may take the heavier hit in its partnership with Bristol-Myers Squibb as the anticoagulant Plavix goes generic in Europe.

The Eurozone gave a green light to six Plavix generics last week. Sanofi and BMS co-market the product in both the U.S. and Europe.

Although BMS is frequently mentioned in regard to its looming generic cliff, A look at their Q1 2009 earnings statements shows that the proportional effect of a generic Plavix will be worse for Sanofi than for BMS.

Sanofi had revenues of ?7.1 billion last quarter, of which ?1.7 billion came from Plavix. About ?446 million in sales came from Europe. So Sanofi has 6 percent of its quarterly revenue on the line, at the most.

BMS had revenues of $5 billion, and total Plavix revenues of $1.4 billion. Of that, just $169 million were non-U.S. So BMS has only 3 percent of its total revenues at stake.

Thus, the impact looks twice as bad from Sanofi's point of view as it does from BMS's.

• Previously:
• BMS's Bodnar Caught in His Own Lies on Apotex-Plavix Deal
• BMS Settles Plavix Allegations for Pennies; Ex-CEO Dolan Vindicated (Slightly)
• BMS Sales Increase Masks Looming Patent Cliff Disaster
• Why a Pfizer Takeover of Bristol-Myers Squibb Seems Unlikely
• Bristol-Myers Squibb Plans $2.5 Bil. in Layoffs, Cuts