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BMS Q1 results

This article was originally published in The Tan Sheet

Executive Summary

Mead Johnson's international sales increased 6% in the first quarter, including a 3% unfavorable impact due to foreign exchange rates, firm reports April 29. However, U.S. sales for the nutritionals business fell 12% during the period, resulting in a 4% worldwide decline to $433 mil., BMS states. Worldwide sales for Enfamil infant formulas were $161 mil. in Q1, down 11% compared to the previous year, when the brand was extended with Lipil fortified formulas. In the consumer medicines category, sales fell 10% versus the prior year period to $76 mil., according to Bristol, which attributed the decline primarily to a decrease in demand for Excedrin analgesics and Keri skin care products. Overall, BMS sales edged up 1% to $4.71 bil. and net earnings from continuing operations fell 10% to $761 mil...
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