After The Patent Cliff, "New" Sanofi Will Deliver Steady, Modest, Growth

Sanofi is through the worst of its patent cliff and can deliver sales growth of at least 5% per year, on average, between 2012 and 2015, said CEO Chris Viehbacher during a Sept. 6 strategy update session for analysts. And if 5% is a far cry from the double-digit pharma growth of yesteryear, investors may take heart from higher earnings growth, thanks in large part to an additional €2 billion ($2.8 billion) worth of cost savings and pared down R&D spend – and the promise of a higher dividend.