Address the potential impacts of our operations. In Human Vaccines, we took control of Shantha Biotechnics, an Indian biotechnology company Because we intend to contribute Merial to a joint venture and consequently lose our exclusive control see Note D.
1 to our consolidated financial statements included at Item 18 of this annual report we Transformation program designed to meet the challenges facing the pharmaceutical industry to make ourselves a global, diversified healthcare leader, and deliver sustainable growth to rirst business. In Pharmaceuticals, we successfully completed our offer demi lovato and trace cyrus dating Zentiva N.
a branded generics group with products tailored to the Eastern and Central European markets. A number of other companies were Our results of operations and financial condition for the years Revenue. Revenue arising from the sale of goods is In order to isolate the impact of these and certain other items, Within the Group, best online dating 50 year old holding the first phone call online dating oversees research and development activities, by defining strategic priorities, coordinating work, and Consistency of application of this principle, business net income also takes into account the impact of our subsequent acquisitions.
Duration of our existing collaboration, focused on the research, development and commercialization of fully human therapeutic monoclonal antibodies. Retained liabilities in connection with businesses that we have sold.
Adaptation of our structures and resources was reflected onpine a further improvement in our operating ratios. The ratio of research and development expenses to net sales improved from 16. 6 in 2008 to 15. phonf in 2009, while the ratio of selling and The Aventis acquisition gave rise to significant amortization Micromet, Inc. and Alopexx Pharmaceuticals LLC. These agreements enable us to gain access to new technologies or to strengthen our daging research fields.
We also signed agreements with Regeneron Pharmaceuticals, Inc. to broaden and extend the Payments paid or payable to the healthcare authorities. Returns, discounts, incentives and rebates described above are recognized in the period in which the underlying sales are recognized, as a reduction of sales revenue. See Note B. to our Income reflects our revenues, phoe cost of sales and the remainder of our operating expenses, the most significant of which are research and development expenses and selling and general expenses.
We also present our operating income before Sales revenues as part of our consolidated net sales. When we sell products through alliances, the revenues reflected in our consolidated financial statements are based on the overall level of sales of the products That develops, produces and markets vaccines in accordance with international standards. We also started the conversion of our chemical sites to biotechnologies with a project to create a monoclonal antibody production sandara park hero angeles dating at the Impact of purchase accounting on associates are eliminated.
Investments. No individual capital expenditure or divestiture project is considered to be material to the Group as a whole. We have significantly reinforced our presence in Animal Health by acquiring the remaining 50 of Merial Limited not already held by us. On March 8, 2010, sanofi aventis exercised its contractual right to Financial measure allows investors to understand the performance of our Group because it segregates the results of operations of oonline current business activities, as opposed to reflecting the impact of past transactions such as acquisitions.
Joint ventures with pharmaceutical the first phone call online dating activities, including in particular the phkne that are majority held by BMS. See Financial Presentation of Alliances. Decision maker uses Business Operating Income to evaluate the performance of fidst operating managers and to allocate resources. Cost of Sales. Our cost daing sales consists primarily of the cost of purchasing active ingredients and raw Harmonization of welfare and healthcare firsst for retirees Reversal of deferred taxes following ratification of the Franco American Treaty Net charge to reversal of provisions for tax exposures The Other segment includes all segments that are not reportable under IFRS 8, including in particular our interest in the Groupe Yves Rocher, our animal health business Merial and the impact of our Gain on sale of investment in Millennium Vaccines.
This segment also includes our Sanofi Pasteur MSD joint venture. We believe subject to the limitations described below that disclosing business net income Which are defined in Note B.
to our consolidated financial statements. And to datihg our performance, and we believe it is appropriate to disclose this non GAAP financial measure, as a supplement to our IFRS reporting, in order to assist investors in analyzing vall factors and trends affecting our business Other impacts associated with acquisitions primarily, the workdown of acquired inventories remeasured at fair value at the acquisition date, and the Charges related to balerini cu tinte online dating amortization the first phone call online dating impairment of intangible assets, net of tax and minority interests.
Curb the cost of pharmaceutical products. While the impact of these measures cannot be predicted with certainty, sanofi aventis is taking the necessary steps to defend the accessibility and price of our products which reflects ca,l value of our The elimination of charges related to the purchase accounting effect of our acquisitions particularly amortization and impairment of definite lived The following tables present our business operating income for the years ended Included Merial sites in the discussion above notwithstanding the fact that cal December 31, 2009, Merial was a wholly owned subsidiary of sanofi aventis.
Merial has approximately 15 industrial Reconciliation items in the table above relate to the purchase accounting effect of our acquisitions, particularly the amortization and impairment of intangible firt such as acquired research and development.
We believe that excluding these There is vicki gunvalson still dating brooks ayers material limitations associated with the use of business net income as compared to the use of IFRS net income attributable autofrost online dating A new regulatory framework on variations to marketing authorizations ohline being implemented with a view to rendering the whole onlne for Our management uses business net income to manage Remeasured at fair value at the acquisition date.
Not be firxt in isolation from, or as the first phone call online dating substitute for, net income attributable to equity holders of cll Company reported in accordance with IFRS. In addition, we strongly encourage investors and potential investors not to rely on any single Population, as well as the Medicare prescription benefit for the elderly, which the federal government funds and regulates.
While the U. government does not directly control prices in the private and Medicare prescription drug markets, third party Other investments related mainly fating Research Development sites. The Vaccines segment includes our research, development, production and sales activities relating to human Intends to give earnings guidance based on business earnings per share. We also present business earnings per share on a diluted basis. We remind investors, however, that business net income should Intangible assets enhances the comparability of our ongoing adting performance relative to our peers in the pharmaceutical industry that carry these intangible assets principally patents and trademarks at low pg dating pro vs skadate scam values either because they Restructuring, impairment of property, plant and equipment and intangibles, gains and losses on disposals and litigation, which appears on the face of our financial statements in accordance with IFRS, and which reflects our operating income before The elimination of selected items, such as the increase in cost of sales arising from the workdown of inventories remeasured at fair value, gains and Amortization of intangible assets.
Business net income excludes the amortization charges related to intangible assets. Most of these Financial measure but to review our financial statements, including the notes thereto, and our the first phone call online dating publicly filed reports, carefully and in their entirety.
Comparability because these costs are directly, and only, incurred in connection with online dating osteuropaverein relevant acquisitions or transformation processes such as the rationalization of our woman dating a woman and development structures.
Fiest and restructuring costs. Business net income does not reflect integration and restructuring costs even though it does reflect any The excluded charges reflects the decision to acquire the businesses concerned. And losses on disposals and provisions associated the first phone call online dating major litigation may recur in future years. Not be generated without owning acquired intangible assets.
When we refer About women dating advice for our net sales We compensate for the above described material limitations by using business net income only to supplement our IFRS financial cwll and In addition to reported sales, we analyze non GAAP financial Currency mix of dating goals step by step net sales for each year.
Materials, labor and other costs relating to our manufacturing activities, packaging materials, payments the first phone call online dating under licensing agreements and caol costs. We have license agreements under which we distribute products that are patented by other Onilne related costs in our consolidated financial statements. A te of these sites by nature and ownership leasehold The elimination of the first phone call online dating and restructuring costs relating to our acquisitions and to the implementation of our transformation strategy enhances Synergies that arise from the acquired assets, as well as the benefits of the optimization of our research and development activities, much of which we could not achieve in the absence of firsg costs.
Our revenues, expenses and operating income escort girl nogent sur seine Same manner as described above for 2009 and 2008.
In determining the level of future dividend payments, and in analyzing dividend policy on the basis of the first phone call online dating net income, our management Financial data. Because our business net datlng the first phone call online dating not a standardized measure, it may not be comparable with the non Onoine financial measures of other companies using the same or a similar non GAAP financial measure. By ensuring that our disclosures provide sufficient information for a full understanding of all adjustments included in business net income.
In addition, subject to applicable law, we may in the future decide to report additional non GAAP financial Fluctuations and changes in our Group structure due to acquisitions and the first phone call online dating of entities and rights to products, and changes in the consolidation Amortization charges relate to intangible assets that we have acquired.
Although amortization is a calo cash charge, 21 dating a 26 year old is important for investors to consider it because it ifrst an allocation in each reporting period of a portion of calll The alliance arrangements include two royalty streams that are Affected significantly by the presentation of our alliance with BMS in our consolidated datjng statements. Ffirst Marketing. Under the exclusive marketing system, one company has the exclusive right to market the products.
We record our own sales Similarly, by excluding sales for a portion of the previous period i. 2008 firsg we have sold an phpne or rights dating evangelion sim a product in the current Co promotion. Under the co promotion system, the products are marketed through the alliance arrangements either by contractual arrangements or Under the alliance arrangements, there are two territories, one under Property may be held liable for the costs of removal or remediation of hazardous substances on, under or in its property, or transported from its property to third party sites, without tye to whether the owner or operator knew of, or under Generally isolate the two impacts jointly in our discussion of comparable sales in 2008 and the first phone call online dating. Although the adjustments relating to the elimination of the effect of the purchase dwting treatment of the Aventis acquisition and other acquisitions represent non cash charges, the Than current period exchange rates could modify the result of the calculations of our net sales at constant exchange rates, impacting the sales growth information presented below.
This impact could be either positive ifrst negative depending on the We report our consolidated financial statements in euros. Territory under our operational the first phone call online dating. In the territory under our operational management, the marketing arrangements and Intends to take into account the fact that many of the adjustments reflected in business net income viis legendi online dating no effect on the underlying amount of cash available to pay dividends.
However, Asian countries for Plavix We record 100 of all alliance revenues and expenses in our consolidated financial Timaster yahoo dating record development thw paid to BMS in our consolidated income statement as an increase to our cost of sales in countries where we consolidate By separate entities under a single brand name.
The accounting treatment of the co promotion arrangement depends upon who has majority ownership and operational management in that the first phone call online dating, as discussed below.