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This article was originally published in The Tan Sheet

Executive Summary

AMERICAN HOME PRODUCTS' THIRD QUARTER CONSUMER HEALTH CARE SALES ADVANCE 6% worldwide to $ 493.4 mil., while nine-month sales of $ 1.3 bil. are ahead 7%, the company reported Oct. 18. Sales in the U.S. consumer health care segment increased 5% in the third quarter "led by growth in the cough/cold products category," ABP said. Internationally, consumer health care segment sales increased 10% and would have grown by 17% if not for the negative impact of European exchange rates, ABP noted. Overall, AHP recorded third-quarter 1993 net sales of $ 2.17 bil., up 3% year-to-year. Net income for the three-month period ended Sept. 30 totaled $ 397.6 mil., up 4%. Third-quarter sales from AHP's pharmaceutical business dipped 1% to $ 1.19 bil., the company reported. However, U.S. pharmaceutical sales grew 2% in the third quarter, despite a decrease in domestic infant nutritional sales throughout the quarter and in the six months prior. For the nine-month period ended Sept. 30, AHP corporate sales reached $ 6.19 bil., increasing 5% from 1992 levels. Net income for the nine months slipped 1% to $ 1.09 bil. Bristol-Myers Squibb reported a 3% third-quarter sales decline to $ 2.86 bil. "Excluding the negative effect of exchange rate fluctuations," however, "sales increased 1%," Bristol-Myers reported. Net earnings from continuing operations during the three-month period ended Sept. 30 increased 6% to $ 608 mil. Third-quarter consumer product sales decreased 3%, "in part as a result of increased competition in the U.S. analgesic market," Bristol-Myers stated. However, its antiperspirant deodorant Ban Clear A.P., launched in second quarter 1993, "performed well" during the third quarter, the firm said. Sales of Bristol-Myers nutritionals decreased 1% in the third quarter despite "strong" performances by Gerber Baby Formula, Lactofree infant formula and adult nutritionals, the firm said. Bristol-Myers attributed the drop, in part, to declining sales of the Enfamil and ProSobee formulas due to the loss of certain Special Supplemental Food Program for Women, Infants and Children (WIC) sole source contracts from late 1992 through early 1993. However, Bristol-Myers noted that four new WIC state contracts became effective in October. In the fiscal year to date, Bristol-Myers sales climbed 1% to $ 8.41 bil.; excluding the negative effect of exchange rate fluctuations, sales increased 3%, according to the firm. Net earnings for the nine months grew 23.5% to $ 1.7 bil., benefiting from a one-time charge in 1992 due to accounting changes. Net earnings from continuing operations were up 8%. Johnson & Johnson worldwide consumer sales declined 1.9% in the third quarter to $ 1.22 bil., the company reported. Negative currency translation hurt international sales, which dipped 4.1%. Domestic sales remained flat at $ 682 mil., "slowed by a sluggish retail environment and increased competitive pressure from private label," the company stated. J&J's vaginal antifungal and segment leader Monistat 7 began facing private label competition from Copley/Perrigo in the first quarter of 1993 ("The Tan Sheet" April 12, p. 14). Corporate worldwide sales in the third quarter remained flat at $ 3.51 bil., due mainly to the negative impact of currency translation, J&J reported. Excluding the negative impact, the company said, worldwide sales increased 7.1%. Domestic sales increased 5.2%. Year-to-date sales grew 3.5% to $ 10.61 bil., and U.S. sales climbed 6% to $ 5.39 bil. for the nine months. J&J's consolidated earnings for the three-month period ended Sept. 30 were $ 454 mil., 9.7% higher than the same period last year. Net earnings for the nine months grew 10.2% to $ 1.45 bil.

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