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Executive Summary

Sales of Capoten and Capozide jumped 80% in the third quarter to $135.1 mil., Squibb reported. Together, the ACE inhibitor and diuretic combo accounted for more than a third of the company's $391.5 mil. worldwide pharmaceutical volume for the three months ended Sept. 30. New Capoten/Capozide Rxs in the U.S. rose to 220,000 during the month of September, the company noted, representing over 9% of the antihypertensive market, a three percentage-point gain over a year ago. "Capoten is now the fourth largest selling antihypertensive drug in the U.S. in new Rxs and is fast closing in on the number three position," Chairman Richard Furland commented. Led by pharmaceuticals, Squibb's corporate volume rose 31% in the third quarter. Net income was up 26% to $119 mil. compared with $94.7 mil. in the same 1985 period. For the first nine months of 1986, total sales increased 27% to $1.3 bil., while net income increased 19% to $192.4 mil. Squibb also reported that sales of the beta blocker Corgard and the diuretic combo Corzide increased 9% for the quarter to roughly $38 mil. and 16% for the nine months to $109.5 mil. "Corgard has essentially maintained its share of new Rxs for beta blockers despite intensified competition during the year," the company said. Last spring, Squibb established a new company, Princeton Pharmaceuticals, to market Corgard and other products. Reporting its third quarter results, Lilly said that oral antibiotics, specifically Ceclor, "contributed significantly" to an increase in pharmaceutical sales. Led by Vancocin, injectable antibioics were also up in the quarter. Humulin, the company's recombinant insulin product, "continued to show excellent growth," Lilly said. For the three months ended Sept. 30, Lilly's sales were $883.4 mil., up 12% over third quarter 1985 volume of $787.9 mil. Net income was up 11% to $135.6 mil. Citing strong pharmaceutical sales, Lilly reported nine-month volume of $2.8 bil., a 12% increase over the comparable 1985 period. Net income rose 10% during the first three quarters of 1986 to $433.9 mil. Noting that the sale of its SuperRx and Hook Drug stores is "well underway," Kroger reported a net loss of $39.4 mil. for the third quarter ended Sept. 30. A year earlier, the company reported net income of $41.9 mil. The loss came as a result of a special charge in connection with the company's previously announced restructuring and losses on discontinued operations. Volume was up 4.9% to $4.9 bil. in the three-month period. For the nine months, Kroger reported that earnings from continuing operations before a $164 mil. special charge were up 3.7% to $205.4 mil. on sales of $12.7 bil. However, the company's net earnings, reflecting the charge, were $36.8 mil., a decline of 67% from the same 1985 period. Strong sales of Granulex helped lift Dow B. Hickam's sales third quarter sales 7.2% to $2.8 mil. and boost net earnings nearly 19% to $532,000. The product, an aerosol treatment for decubitus ulcers, is marketed to hospitals and nursing homes nationwide. Volume for the first nine months of 1986 was up 22% to $8.6 mil., while net earnings rocketed 78% to $1.7 mil. In September, the company announced the acquisition of Unifiber, a dietary fiber product. "Unifiber has excellent patient acceptance in the markets where it currently is being distributed, and its sales have grown consistently over the past five years," President and CEO Dow B. Hickam said. "We believe the product has significant, untapped market potential that can be more fully realized with the promotional dollars and marketing strength that Dow B. Hickam will put behind this product." Chart omitted.

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