Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) Message Board

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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.65

-1.7%

Jan 23 9:30 AM EST

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To: Anthony Wong who wrote (563)	7/21/1998 9:21:00 AM
From: Sonki	Read Replies (1) of 1722

FIVE DRUG COMPANIES REPORT EARNINGS (BMY, MRK, SGP, AHP, SBH): A collection of 5 drug companies report second quarter earnings that collectively come in on-target in terms of earnings. Drug companies are typically very predictable in their earnings and can often, if necessary, juggle a few numbers to make sure they come in as expected. Before the open Tuesday, Schering-Plough (SGP) reported second quarter earnings of $0.52, a penny ahead of expectations. Bristol-Myers (BMY) and American Home Products (AHP) came in right in-line at $0.82 per share and $0.39 respectively. Merck (MRK) at $1.07 per share and SmithKline Beecham (SBH) at $0.36 both surprisingly came in a penny below expectations. Given the current market tone these numbers shouldn't cause much problem for either the stocks, the sector or the market. Drugs make up a big part of the S&P 500 and many fund managers' portfolios because they have such predictable earnings. We are a little surprised that MRK and SBH missed, but MRK did have 15% year-over-year per share profit growth on a revenue gain of 9.3% while SBH's numbers were less impressive as year-over-year per share earnings rose only 6%. Meanwhile, SGP had 23% revenue growth over the year, and BMY 9%. Warner-Lambert (WLA) and Pfizer (PFE) remain favorites in the drug sector for many analysts, but this collection of reports this morning is good enough to provide continued support to the drug sector.

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