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Executive Summary

SQUIBB's CAPOTEN FIRST QUARTER WORLDWIDE SALES INCREASE 80% over 1983 first quarter results, the company said in a recent financial report. "In the major markets of Europe where it is now indicated for broad use in hypertension, Capoten's first quarter sales were double those of last year," the firm noted. Squibb President Richard Furland indicated that the company expects that FDA may "soon" approve Capoten for mild to moderate hypertension. Furlaud added that Corgard sales "increased satisfactorily during the quarter while sales of insulin products and psychotropics continued to be strong." Sales of Squibb's pharmaceutical products group were up 2% to $238.2 mil. for the quarter, the firm said. Overall, Squibb's first quarter sales gained 6.1% to $428.9 mil., accompanied by a 10.8% increase in net income to $36.9 mil. The firm's overall sales growth received a boost from the firm's medical products group, which turned in a 10% sales gain to $95.5 mil. despite the current cautious atmosphere in the hospital market [EDITORS' NOTE: See table on p. 18 for other firms reporting sales & earnings]. Also reporting first quarter financial results, SmithKline Beckman said that its "main strength" in ethical pharmaceuticals was in "U.S. cardiovascular products, primarily Dyazide." SmithKline Beckman President Henry Wendt noted that "U.S. and internatl. sales of Tagamet also were up, but only modestly, reflecting the competition in the ulcer market." For the first quarter, SmithKline reported a 5.7% increase in sales to $718.7 mil. with earnings (not including a $3.3 mil. gain from the sale of the firm's industrial business) edging upward 3.7% to $130.5 mil. "Strong overall performance by our therapeutics group, combined with some firming in our diagnostic/analytical group, enabled us to move ahead despite competitive pressures and the continued negative impact of the strong U.S. dollar on internatl. results," Wendt said. Negative currency transaction hurt total corporate sales by $21 mil. in the quarter, he noted.

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