(1) When we refer to the change in our sales at constant exchange rates, this means that we exclude the effect of changes in exchange rates.
| 2009 | As a % of net sales | 2008 | As a % of net sales | 2007 | As a % of net sales | |
|---|---|---|---|---|---|---|
| Net sales | 29,306 | 100 | 27,568 | 100 | 28,052 | 100 |
| Gross profit | 22,896 | 78.1 | 21,482 | 77.9 | 21,636 | 77.1 |
| R&D expenses | (4,583) | (15.6) | (4,575) | (16.6) | (4,537) | (16.2) |
| Selling and general expenses | (7,325) | (25.0) | (7,168) | (26.0) | (7,554) | (26.9) |
| Adjusted(2) operating income – current(3) | 11,153 | 38.1 | 9,762 | 35.4 | 9,617 | 34.3 |
| Adjusted net income(2) excluding selected items(5) | 8,471 | 28.9 | 7,186 | 26.1 | 6,961 | 24.8 |
| Adjusted EPS(4) excluding selected items(5) (in euro) | 6.49 | – | 5.49 | – | 5.17 | – |
(2) We define adjusted net income as net income attributable to equity holders of the Company determined under IFRS, adjusted for the material impacts of the application of purchase accounting to acquisitions (primarily the acquisition of Aventis) and for certain restructuring costs associated with acquisitions.
(3) Operating income before restructuring, impairment of property, plant & equipment and intangibles, gains/losses on disposals, and litigation.
(4) Adjusted earnings per share (adjusted EPS) is a specific financial indicator that we define as adjusted net income divided by the weighted average number of shares outstanding.
(5) For trends in selected items, see page 20 and appendix 6 of our 2009 results press release, issued on February 10, 2010.
Further information: Annual Report on Form 20-F en.sanofi-aventis.com