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BRISTOL-MYERS SQUIBB NUTRITIONAL SALES GROW 12% IN SECOND QUARTER

This article was originally published in The Tan Sheet

Executive Summary

BRISTOL-MYERS SQUIBB NUTRITIONAL SALES GROW 12% IN SECOND QUARTER of 1993, boosted by "particularly strong sales" of Enfamil and Gerber infant formulas in the U.S., the company announced on July 21. The growth was also spurred by favorable sales of Enfapro follow-on formula in international markets, and by healthy performances by ProSobee and Nutramigen in both domestic and international markets, according to the company. Consumer products sales also advanced, increasing 7% in the three-month period ended June 30, Bristol-Myers said. It attributed the rise in part to "very good growth internationally" for its analgesic and skin care product lines. The company noted that new products made a contribution to the consumer brand volume growth in the second quarter. For example, the company launched Ban Clear A.P., "the world's first clear solid anti- perspirant/deodorant," during the period. Bristol-Myers reported a 2% rise in second quarter corporate sales worldwide, to $ 2.8 bil., from $ 2.74 bil. in the same period a year ago. Six month volume edged up 3% to $ 5.56 bil. from $ 5.38 bil. in the first half of 1992. Net earnings of $ 521 mil. were ahead 6.7% compared $ 488 mil. in the second quarter of the previous year. Second quarter growth was slowed by a 1% decline in prescription drug sales, Bristol-Myers said. Schering-Plough HealthCare Products sales rose 3% in the second quarter, led by higher sales of foot care products in the recently repackaged Dr. Scholl's insole line and higher sales in its sun care product line, according to the company. However, the firm acknowledged that OTC sales had dipped "due to increasingly competitive markets for vaginal antifungal products." In addition, Wesley-Jessen vision care sales declined in second quarter 1993 "due to lower sales of colored contact lenses and the sale in May 1992 of its domestic contact lens solutions business," Schering-Plough stated in a July 22 announcement. Total Schering-Plough sales for the three-month period ended June 30 were $ 1.12 bil., 10.2% above last year's second quarter volume of $ 1.02 bil., the company said. Sales for first half 1993 were up 8% to $ 2.21 bil. compared to $ 2 bil. in the same period in 1992. Second quarter earnings per share reached $ 1.09 on net income of $ 213.2 mil., reflecting 18.9% growth from the same quarter last year. Johnson & Johnson worldwide consumer sales grew 1.6% to $ 1.18 bil., while domestic sales increased 1.2% to $ 608 mil., the firm announced July 21. The domestic increase was pushed by improved sales for the Tylenol analgesic family in particular. However, first half domestic growth remained flat at a .7% increase year- to-year. Overall, J&J reported consolidated sales of $ 3.54 bil. for the three months ended July 4, a 3.8% increase from the same period last year which was reduced 3.2% by currency rates affected by a stronger dollar, according to the firm. Earnings per share for the period were $ .75 compared with a $ .68 EPS in second quarter 1992, representing a 14% increase.
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