Two of Europe's largest drug firms Thursday issued brighter forecasts for earnings growth this year despite reporting second quarter results that highlighted their diverging fortunes in the face of competition from generics and the weakening of the U.S. dollar.
France's Sanofi-aventis SA lifted its forecast for earnings per share growth this year to 8 percent from its previous target of around 7 percent, while rival British drug maker AstraZeneca PLC upped its target range for core 2008 EPS to between US$4.60 and US$4.90. Britain's second-largest drug maker behind GlaxoSmithKline PLC had previously forecast 2008 EPS between US$4.40 and US$4.70.
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