that is really the sum of what is going on with sanofi.d the fact it is not doing well there is competition? >> yes. they only have one competitor, who also missed consensus there. it is a vicious circle to a degree, and you want it to stop at some point. they contract against each other. they go and win some contracts by promising slightly lower promise, which is what sanofi had to do, which impacts the competitor, two. at some point that will stop. nova has raised their operating profit guidance, but a lot of that has been because of the big cash flow they are getting out of the i.p.o. of their i.t. division. manus: currencies helping them all. are you satisfied with what you are seeing? >> they are getting a boost from the f.x. stayed. there are two companies who stand out. they both look like they could be on their way to raising their guidance as we go through the year. manus: thank you. let's move the agenda on now from pharma to banking. we saw profits rise by 73%, 4.83 billion kronin. time to take a closer look at the numbers. join

the stock is going through the roof and sanofi seems to be stuck in the mud. would like to know if i should sell. >> management turmoil there, but they have a lot of other drugs besides the other. let's stick with buy regenron john in california. >> caller: hello. we're in sacramento. >> holy cow. it probably doesn't look anything like when i did. it was very pruvinchal those days. >> caller: i have a question of chevron. i know shell made a big move acquiring the company. i love shovechevron. what did i think they're going to do? >> they can pick and choose. they're a smart company and royal dutch is a stupid company. that is a determinate of stock price. i didn't think royal dutch was so stupid and realize what price they paid. chevron is much more cherry. let's go to nick in missouri. nick. >> caller: nikki. >> i'm sorry that was my bad. when you're 90 years old like i am your eyes are going. >> caller: i love your show and i learn something every week. at your review i picked up a natcherate gas utility in february of 13 called cross techs. it doubled. i l

nokia and sanofi down as well. guy: let's take a look at what else is on our radar this thursday morning. greece and europe targeting a preliminary deal of may 3 for a deal. francine: lafarge reported first quarter 593 swiss fraungs below estimates. we'll be joined later this hour by the holcim c.e.o. that is a conversation you don't want to miss. guy: airbus earnings fell in the first quarter. the drop comes after its airliner unit delivered fewer planes. the company confirmed slightly higher deliveries for 2015. francine: we'll look at r.b.s.'s loss and b.n.p.'s surprise gain. veteran hotelier joins us. we'll get his thoughts on the u.k. politics ahead of the election. ♪ francine: welcome back to "the pulse" live on bloomberg tv and radio and streaming on bloomberg.com, your tablet and phone. guy: r.b.s. posted a larger loss than estimated. b.n.p. paribas reported a surprise jump in profit. shares are trading lower. let's find out what is going on. richard, let me start with you. my sense, having looked at the nu