here is more from the AG Edwards report on earnings. See post 515 for the beginning of report:
Gross margin increased by almost 3 percentage points to 74.9% from 72% in the fourth quarter of 1997, as a result of strong new pharmaceutical product sales and productivity initiatives. The company's current success is permitting it to invest in a strong r&d effort and research and development spending totaled $263.6 million/+33%. selling, general and administrative expenses increased 29% during the quarter, to account for 49% of net sales, an increase of 200 basis points. increases in this area, as in the rest of the year, were focused on selling and supportive spending for new products.
Pharmaceutical sales were $1.7 billion, up 44%, due mostly to the growth of Lipitor and neurontin. Dilantin and Rezulin also contributed to the sales growth during the quarter. New products contributing to the quarter's results were omnicef (cefdinir), a broad spectrum cephalosporin antibiotic and celexa (citalopram), a selective serotonin reuptake inhibitor (ssri) for the treatment of depression--both launched in the united states in the third quarter of 1998. Sales during the fourth quarter for omnicef were $7.7 million and $20 million for celexa. celexa is co promoted by waner lambert in the united states with forest laboratories, inc. (frx), the developer of celexa under license from H. lundbeck a/s of denmark.
---------------------------------------------------------------------
more to follow later.
Greg j. |
