UPDATE 4-Sanofi ups earnings growth goal, plans cost cuts

* Expects 2013 net profit, sales to be similar to 2008

* Q2 earnings beat average forecast, 2009 outlook raised

* Q2 net rises 29.4 pct, EPS up 29.9 pct, sales up 11.2 pct * Sees 2 bln euro cost savings by 2013

* No comment on possible takeover of Merck's Merial JV stake (Adds more CEO, analyst comments; updates shares)

By Caroline Jacobs

PARIS, July 29 (Reuters) - French drugmaker Sanofi-Aventis (SASY.PA) raised its earnings growth goal for the year and outlined new cost savings to help it cope with the effect on profit of patent expiries on a number of its top drugs.

Sanofi beat the average of analysts' forecasts for its second-quarter earnings on Wednesday when it raised its growth forecast for adjusted earnings per share (EPS) to around 10 percent at constant exchange rates from at least 7 percent.

The group, world leader in flu vaccines, will get a boost from increased demand due to the spread of H1N1 swine flu, though the sales impact in 2009 may be limited.

Cost savings of 2 billion euros by 2013 as well as support from key growth drivers such as vaccines, diabetes products like Lantus and emerging markets should help Sanofi achieve a net profit and sales level similar to that in 2008. Then, net profit excluding items was 7.2 billion euros, on sales of 27.6 billion.

Analysts said the guidance provided a floor to earnings as Sanofi heads into a period of heavy patent losses, allowing rivals to make cheaper copies that could affect about a fifth of its sales.

"While the new 2013 guidance is higher than our current estimates, it still begs the question of what investors should be willing to pay for a company that will have negative growth across an extended period," said Tim Anderson of Sanford Bernstein.

Sanofi shares rose as much as 2.5 percent in morning trade, then fell as much as 1.1 percent and were up 1 percent at 47.42 euros by 1503 GMT -- ahead of the DJ Stoxx healthcare index .SXDP, which rose 0.3 percent.

"It's been a very good quarter short-term, but we have also moved to position ourselves for long-term growth," Chief Executive Chris Viehbacher said at a news conference. "We hit on all the objectives we wanted to achieve."

Since Viehbacher's appointment in December, the world's fourth-largest drugmaker by sales has closed a number of partnerships to discover new drugs, embarked on takeovers in generics and overhauled its research and development.

"It is good to see they're serious about restructuring and cleaning out the pipeline; that is coming down to the new leadership team," Helvea analyst Karl Heinz Koch said.

Viehbacher stuck to his strategy of focusing on takeovers of up to 15 billion euros -- while not entirely ruling out a bigger deal -- to help Sanofi grow and diversify. He declined to comment on developments on Sanofi possibly buying Merck's (MRK.N) half in their Merial animal health joint venture.