Pfizer/Warner-Lambert
This article was originally published in The Tan Sheet
Executive Summary
Worldwide consumer health care sales dropped 4% to $599 mil. for the third quarter ended Sept. 30 "mainly due to the impact of foreign exchange and the divestiture of the Rid product line" to Bayer, firm announces Oct. 24. Segment revenues in the U.S. also fall 4% from $441 mil. to $425 mil. Losses partially were offset by "strong" sales of Benadryl cold/allergy line, Listerine and Visine. Consolidated revenue of the combined company increased 7% to $7.2 bil., while net income jumped 23% to $1.36 bil. Excluding certain items and merger costs, net income rose 30% to $1.71 bil. Pfizer now anticipates $400 mil. in merger-related savings in 2000, double its previous estimate
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