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** Big currency swings are set to overshadow Q1 results atEuropean drugmakers, with euro reporters helped by a 20%year-on-year move in the dollar/euro rate but companiesaccounting in dollars or Swiss francs held back
** Swiss franc reporters Actelion and Roche kick off the reporting season on April 21 and 22, witha stronger dollar not enough to outweigh the euro and otherforeign exchange weakness
** Barclays analysts expect FX headwinds to clip 3 pct fromRoche sales and 8 pct from Actelion, while dollar reporterNovartis (April 23) is set to take around a 10 pct hit
** AstraZeneca (April 24), which also reports indollars, will see a currency hit at the sales line of about 7pct, according to Deutsche Bank
** By contrast, FX will be a windfall for euro reportersSanofi and Bayer, as well as Denmark's NovoNordisk, all presenting results on April 30
** Least affected among the large-cap pharmas is likely tobe Britain's GlaxoSmithKline (May 6), says Deutsche (RM: ben.hirschler.thomsonreuters.com@reuters.net)
