The KIN Research Report on Sanofi Aventis (SNY)

The Following data is sourced from Yahoo Finance & the ANNUAL REPORT ON FORM 20-F For the Year Ended December 31, 2005 . The overview of the company was:

Sanofi-Aventis, through its subsidiaries, engages in the research, development, manufacture, and marketing of pharmaceutical products and human vaccines worldwide. It offers various pharmaceutical products for various therapeutic areas, including cardiovascular, thrombosis, metabolic disorders, oncology, central nervous system, and internal medicine. The company’s product portfolio includes Aprovel and Tritace, two hypertension treatment products for cardiovascular diseases; metabolic disorders products, which includes Lantus, a long acting analogue insulin and Amaryl, a once-daily sulfonylurea; oncology drugs that comprise Taxotere, a taxane derivative representing a cornerstone therapy in various cancer types, and Eloxatine, an platinum agent for metastatic colorectal cancer; and central nervous system medicines, which include Stilnox for insomnia, Copaxone for multiple sclerosis, and Depakine for epilepsy treatments. Sanofi-Aventis also offers thrombosis products comprising Plavix, an anti-platelet agent indicated for atherothrombotic conditions, and Lovenox, a low molecular weight heparin for deep vein thrombosis and for unstable angina and non-Q-wave myocardial infarction; and internal medicine products that include Allegra for respiratory/allergy, Nasacort for allergic rhinitis, Xatral for prostatic hypertrophy, and Actonel for osteoporosis. Its human vaccines include pediatric combination vaccines, influenza vaccines, polio vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel vaccines. The company was founded in 1970 and is headquartered in Paris, France.

Our business includes two main activities: pharmaceuticals (principally prescription drugs) and human vaccines.

In our pharmaceuticals activity, which generated net sales of €25,249 million in 2005, we specialize in six therapeutic areas:

• Cardiovascular: Our cardiovascular products include two major hypertension treatments: Aprovel ® and Tritace ® .

• Thrombosis: Our thrombosis products include two leading drugs in their categories: Plavix ® , an anti-platelet agent indicated for a number of atherothrombotic conditions, and Lovenox ® , a low molecular weight heparin indicated for deep vein thrombosis and for unstable angina and non-Q-wave myocardial infarction.

• Metabolic Disorders: Our products for metabolic disorders include Lantus ® , a long acting analog which is a leading brand in the insulin market, and Amaryl ® , a once-daily sulfonylurea.

• Oncology: Our lead products in the strategic oncology market are Taxotere ® , a taxane derivative representing a cornerstone therapy in several cancer types, and Eloxatine ® , an innovative platinum agent, which is a leading treatment of metastatic colorectal cancer.

• Central Nervous System (CNS): Our CNS medicines include Stilnox ® /Ambien CR™, the world’s leading insomnia prescription medication; Copaxone ® , an immunomodulating agent indicated in multiple sclerosis; and Depakine ® , a leading epilepsy treatment.

• Internal Medicine: In internal medicine, we are present in several fields. In respiratory/allergy, our products include Allegra ® , a non-sedating prescription antihistamine, and Nasacort ® , a local corticosteroid indicated in allergic rhinitis. In urology, we are present with Xatral ® , a leading treatment for benign prostatic hypertrophy. In osteoporosis, we are present with Actonel ® .

Our top fifteen products are Lovenox ® , Plavix ® , Taxotere ® , Eloxatine ® , Stilnox ® , Allegra ® , Lantus ® , Tritace ® , Copaxone ® , Aprovel ® , Amaryl ® , Actonel ® , Depakine ® , Xatral ® and Nasacort ® , which together accounted for 64.1% of our net sales for the pharmaceutical activity, or €16,188 million, in 2005.

In the human vaccines activity, we are a major player with leading vaccines in five areas:

• Pediatric combination vaccines providing protection against such diseases as pertussis, diphtheria, tetanus, and Haemophilus influenza type b. Our main products are Daptacel ® , Tripedia ® , Act-HIB ® , Pentacel ™ , Pediacel ® and Tetract-Hib ® . We also produce polio vaccines, such as Ipol ® and Imovax ® Polio, as well as oral polio formulations, all of which contribute to polio eradication strategies in both developed and developing countries.

• Influenza vaccines, which experienced strong growth in the Northern Hemisphere with Fluzone ® and Vaxigrip ® .

• Adult and adolescent booster vaccines protecting against pertussis, tetanus, diphtheria and polio (in several products). Our main products include: Adacel ® (the first trivalent booster against pertussis, tetanus and diphtheria for adolescents and adults), Decavac ® , Repevax ® and Revaxis ® .

• Meningitis vaccines, where our main products are the quadrivalent vaccines Menactra ® and Menomune ® . Menactra ® (approved by the FDA in January 2005) is a conjugate vaccine that is expected to provide a longer-lasting immune response.

• Travel/Endemic vaccines, which include a wide range of vaccines against hepatitis A, typhoid, rabies, yellow fever, Japanese encephalitis, cholera, Enterotoxigenic Escherichia coli (ETEC) and anti-venoms. Key products include Imovax ® Rabies, Verorab ® , Typhim Vi ® , Avaxim ® and Vivaxim ® .

In 2005, the human vaccines business recorded net sales of €2,062 million, significantly boosted by three successful launches in the United States (Decavac ® in January, Menactra ® in March and Adacel ® in July) and a highly successful influenza vaccination season.

We have a strong commitment to research and development. We have 28 research centers and over 17,600 employees (including Vaccines, Industrial Development and Medical/Regulatory staff in subsidiaries) devoted to research and development.

1. The integration of the new Group’s activities presents significant challenges that may result in the combined business not operating as effectively as expected or in the failure to achieve some or all of the anticipated benefits of the business combination.

2. We incurred substantial debt in connection with the acquisition of Aventis, which limits our business flexibility and requires us to devote cash resources to debt service payments.

3. We depend on the United States market for a significant part of our current and future operating results. A failure to continue our strategy of profitable operations in that market could adversely affect our business, results of operations, financial condition or prospects.

4. We depend on third parties for the marketing of some of our products. These third parties may act in ways that could harm our business.

5. The manufacture of our products is technically complex, and supply interruptions, product recalls or inventory losses caused by unforeseen events may reduce sales, delay the launch of new products and adversely affect our operating results and financial condition.

6. We depend on third parties for the manufacture and supply of a substantial portion of our raw materials, specialized components, active ingredients and medical devices.

7. Our collaborations with third parties expose us to risks that they will assert intellectual property rights on our inventions or fail to keep our unpatented technology confidential.

8. Claims relating to marketing practices could adversely affect our business, results of operations and financial condition.

9. Fluctuations in currency exchange rates could adversely affect our results of operations and financial condition.

1. We must invest substantial sums in research and development in order to remain competitive, and we may not fully recover these investments if our products are unsuccessful in clinical trials or fail to receive regulatory approval.

2. The research and development process is lengthy and carries a substantial risk of product failure. If our research and development does not yield sufficient new products that achieve commercial success, our future operating results may be adversely affected.

3. If we are unable to protect our proprietary rights, we may fail to compete effectively or operate profitably.

4. Product liability claims could adversely affect our business, results of operations and financial condition.

5. Use of biologically derived ingredients may face consumer resistance, which could adversely affect sales and cause us to incur substantial costs.

7. Changes in the marketing status or competitive environment of our major products could adversely affect our results of operations.

8. Risks from the handling of hazardous materials could adversely affect our results of operations.

9. Environmental liabilities and compliance costs may have a significant adverse effect on our results of operations.

11. Foreign exchange fluctuations may adversely affect the U.S. dollar value of our ADSs and dividends (if any).

12. If you hold ADSs rather than shares it may be difficult for you to exercise some of your rights as a shareholder.

13. Our two largest shareholders own a significant percentage of the share capital and voting rights of sanofi-aventis.

14. Sales of our shares may cause the market price of our shares or ADSs to decline.

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