Monsanto net income slips
Drug maker cites higher expenses, but
points to strong sales of Celebrex
April 22, 1999: 9:49 a.m. ET
NEW YORK (CNNfn) - Agricultural products and drug
maker Monsanto Co. said Thursday that profit fell 33
percent in the first quarter because of high interest
expenses and amortization costs, but the results were
still better than Wall Street expected.
After-tax net earnings for the quarter ended March
31 slipped to $132 million, or 20 cents per diluted share,
from $196 million, or 32 cents per share, in the year-ago
period.
Analysts polled by First Call Corp. predicted
earnings per share of 17 cents.
Sales for the period totaled $2.5 billion, up from $2
billion a year earlier.
In February, Monsanto (MTC) launched the arthritis
drug Celebrex, which the company said accounted for
$279 million of its $825 million total pharmaceutical sales
for the period. Celebrex has received a wave of
negative publicity in recently over allegations linking the
painkiller to 10 deaths in its first three months on the
market.
"We're encouraged by early 1999 events," Chairman
and CEO Robert B. Shapiro said. "Most notably, early
patient demand for Celebrex arthritis treatment is at an
unprecedented level for any new drug."
Shares of the St. Louis-based company were down
3/16 to close at 42-13/16 in New York Wednesday.
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