Huge French drugmaker Sanofi-Aventis (NYSE:SNY) is camping out in that decidedly un-fun real estate known as "no man's land." There are plenty of potential positives on the horizon, but it can be an exasperating experience waiting for them to come to fruition.

Results for this quarter, though, were certainly worth waiting for. Sales were up nearly 10%, as reported (up more like 5% on a more comparable basis), and gross margins improved a bit -- despite the impact of generic launches of Allegra. Operating income climbed nearly 13%, and adjusted EPS (excluding items) was up nearly 20% for the first quarter.

In large part because of the impact of generic Allegra, pharmaceutical growth wasn't all that special-looking, up just about 3%. That said, while Allegra sales were down more than 50%, sales of the top 15 drugs climbed more than 7%, and leading products like Lovenox, Plavix, and Lantus all did well.

Speaking of Plavix, the settlement among Apotex, Sanofi-Aventis, and Bristol-Myers Squibb (NYSE:BMY) is one of those "hurry up and wait" things. The companies reached an agreement, but it still has to be approved by government authorities. If that should go south for some reason, there's the option of renegotiation, and if that, too, fails, then the companies would likely head to court, where both Pfizer (NYSE:PFE) and EliLilly (NYSE:LLY) have scored recent victories (though every patent case is different).

While there are some legitimate concerns regarding impending generic competition for some leading drugs, Sanofi-Aventis isn't exactly helpless. We're all still waiting to hear a final Food and Drug Administration decision on Accomplia (particularly as it pertains to labeling) and dronedarone, and there are other high-potential products in the queue for diseases like depression, cancer, and others.

Sanofi-Aventis shares have done well for me so far, and I'm not looking to sell. In fact, I'd probably buy more if it wouldn't overbalance my portfolio. While I'll be paying careful attention to just how Accomplia comes along, I think this is still a fine opportunity to buy a major international pharmaceutical company at an attractive price.

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Pfizer is a Motley Fool Inside Value recommendation; Eli Lilly is an Income Investor recommendation. The Fool has a newsletter for almost every type of investor.

Fool contributor Stephen Simpson owns shares of Sanofi-Aventis but of no other company mentioned in this article.