Warner-Lambert soars in 2Q
Sales of Lipitor power gains; Baxter
International also on target
July 22, 1999: 8:39 a.m. ET
NEW YORK (CNNfn) - Warner-Lambert Co. posted a
36 percent increase in net income for the second
quarter Thursday, matching Wall Street's
expectations, as sales of its cholesterol lowering
medication Lipitor soared worldwide.
Also Thursday, medical products company
Baxter International Inc. reported a 16 percent rise in
second-quarter net profits. Strong sales of its blood
therapy and anesthetic products, among others,
fueled the gains.
Warner-Lambert (WLA), which also makes
consumer products including Listerine mouthwash
and Sudafed cold and sinus medication, earned $447
million, or 51 cents per diluted share, on a net basis
as sales rose 17 percent to $3.2 billion. In the 1998
period, net earnings totaled $329 million, or 37 cents
per share.
The latest results matched, to the penny, the
consensus forecasts reported by First Call Corp.
The Morris Plains, N.J.-based company said it is
on target to reach full-year goals of 30 percent growth
in earnings per share, for a total of about $1.92. For
2000, per-share earnings should rise about 20
percent, the company said.
Total pharmaceutical sales rose 26 percent to
$1.9 billion. Sales of Lipitor totaled $886 million, up
66 percent from $533 million in the year-ago quarter.
The company said Lipitor is the most-prescribed
cholesterol-lowering medication in the United States,
with a 41 percent share of new prescriptions.
Other drugs including the HIV protease inhibitor
Viracept and the anticonvulsant Neurontin also
helped power its pharmaceutical gains,
Warner-Lambert said.
Consumer product sales rose 8 percent to $731
million.
The stock added ¼ to close at 69-13/16
Wednesday.
Meanwhile, Baxter's net income totaled $207
million, or 70 cents per diluted share, up from $179
million, or 62 cents per share, in the 1998 second
quarter. The results beat the First Call consensus
forecast by a penny per share. The 1998 results
exclude charges associated with its acquisition of
Somatogen Inc., a developer of specialty oxygen
therapeutics.
Baxter's sales rose 9 percent to $1.79 billion.
Last week, the Deerfield, Ill.-based firm
announced plans to spin off its cardiovascular
medicine business as a separately traded company.
The unit accounts for about $1 billion worth of sales
annually.
Baxter (BAX) shares gained 13/16 to 66-1/8
Wednesday. |
