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WARNER LAMBERT THIRD QUARTER SALES RISE 10% SPARKED BY STRONG ETHICAL, OTC PHARMACEUTICAL VOLUME IN U.S.; LOPID SALES CLIMB 65%, ERYC VOLUME UP 37%

Executive Summary

Parke-Davis' strong third quarter sales helped lift Warner-Lambert volume 10% to $828.9 mil. and earnings 8% to $187.6 mil. for the three months ended Sept. 30. "Sales of Parke-Davis pharmaceuticals in the U.S., continuing to benefit from physician and patient acceptance of newer products, advanced 17% in the quarter," the company reported. The firm noted that U.S. sales for the company's lipid-regulator Lopid increased 65%, while sales of the antibiotic ERYC increased 37%. For nine months, W-L's modest 3% sales increase to $2.4 bil. resulted in a 9% gain in net earnings to $322.6 mil. In addition, W-L Chairman Joseph Williams said that the company "continued to benefit from productivity improvements, resulting in a higher gross profit margin in the quarter." Warner Lambert also highlighted the performance of its Parke-Davis generic drug line. The firm noted that "Parke-Davis sales were aided by FDA approval in early September to market a generic version of the tranquillizer diazepam . . . Rapid national distribution was a primary factor in the product's initial success."
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