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WARNER-LAMBERT’s LOPID SALES UP 22% TO $261 MIL. THROUGH NINE MONTHS; MMD SELDANE SALES WORLDWIDE AHEAD 2,% YEAR-TO-DATE; NET INCOMES SURGE

Executive Summary

Warner-Lambert's cholesterol-lowering drug Lopid continues to pace the firm's prescription pharmaceutical sales, which jumped 15% to $390 mil. in the third quarter. Lopid revenues reached $261 mil. through nine months, a 22% increase in a year-to-year comparison. Consolidated third quarter sales increased 7% to $1.2 bil.; sales were up 5% at constant currency rates. Nine month sales were up 9.2% to $3.4 bil. Nonprescription health care product revenues increased 11%, led by a 16% rise in Listerine sales through nine months and a 16% growth rate for Halls. Net earnings at Warner-Lambert were up 16.7% at $124.8 mil. in the third quarter. Through nine months, net income is up 18.5% to $379.5 mil. Warner-Lambert is among five major pharmaceutical companies showing a strong surge in earnings through the first nine months of 1990. Joining Warner-Lambert with double-digit jumps in net income were Bristol-Myers Squibb, Lilly, Merck and American Home Products. Marion Merrell Dow net income, on a pro forma comparison to last year, also is up by double-digits year-to-date: up 11.7% in the quarter to $134 mil., and up 15.7% for nine months to $375 mil. Cardizem "family" revenues rose 8% in the third quarter and 16% this year, primarily due to year-to-year increases for Cardizem SR, MMD said Seldane sales worldwide increased 23% and 28% for the quarter and nine months, respectively, "principally due to shifts in wholesale buying patterns" in the U.S., the company noted. International sales, for Europe, Canada and Japan, where Seldane was introduced earlier this year, "grew a collective 150%," MMD said. Among the major net income gainers: BMS reported Oct. 17 that quarterly earnings were $495.9 mil., up 20.7%, and are 20.3% higher this year so far at $1.3 bil. Pharmaceutical sales climbed 23% in the third quarter and are ahead 18% this year. Net sales were $2.6 bil. in the quarter and $7.6 bil. year-to-date, respective increases of 13% and 10.8%. Lilly had 21% and 22% gains in earnings in the quarter and nine months, respectively, to $256.8 mil. and $872 mil. Lilly's pharmaceutical, medical devices, and diagnostics businesses each contributed to sales growth, which climbed 29.3% in the quarter to $1.3 bil. and is up 23.7% this year to $3.7 bil. The company credited higher unit volumes worldwide and "exchange rate comparisons [that] also favorably influenced international sales." Merck net income was up 18.8% through nine months to $1.3 bil., and was 19.1% higher in the quarter at $465 mil. With currency exchange rates adding 1% to nine months' sales, Merck reported a 17.2% increase in worldwide sales to $1.9 bil. and an 18.8% rise year-to-date to $5.6 bil. American Home Products' net of $317.5 mil. for the quarter was 14.1% ahead of last year on a restated basis, while earnings are up by 13.1% (restated) to $902.4 mil. in 1990. Results in 1989 reflect the merger with Robins, and the 1990 earnings figures include a $73 mil. net benefit from the sale of AHP's household products and related businesses. Worldwide AHP drug sales increased 10% for the quarter and 4% in the first nine months. Medical supplies and diagnostics rose 10% and 7%, for the quarter and nine months. Pfizer's net earnings also climbed by double digits for the quarter -- up 11.9% to $243.3 mil. -- but are up "only" 9% through nine months to $646.4 mil. Pfizer saw a 14.2% increase in third quarter sales to $1.6 bil., paced by a 21% sales jump in healthcare products. Pharmaceutical sales grew 22% while hospital product sales increased 17%. Nine month sales reached $4.6 bil., up 10.6%. Pfizer noted that new drugs, led by Procardia XL and Diflucan, "already account for more than a quarter of our pharmaceutical sales." Chart omitted.
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