|
Bristol-Myers posts gains
|
 |
July 21, 1998: 11:09 a.m. ET
Drug maker's earnings up 13 % in 2Q on higher domestic, worldwide sales
|
NEW YORK (CNNfn) - Thanks to increased drug sales at home and abroad, Bristol-Myers Squibb Co. met Wall Street expectations Tuesday and turned in an increase in second-quarter and first-half earnings.
For the quarter, net earnings increased 13 percent to $835 million from $738 million a year earlier. Sales rose to $4.4 billion from $4.1 billion.
Diluted earnings per share increased 12 percent to 82 cents from 73 cents, exactly in line with analysts expectations. Basic earnings per share rose 14 percent in to 84 cents from 74 cents.
For the first six months, net earnings increased 14 percent to $1.7 billion from $1.5 billion a year earlier. Sales rose to $8.8 billion from $8.1 billion.
Diluted earnings per share increased 14 percent to $1.73 from $1.52 a year earlier. Basic earnings per share also rose 14 percent to $1.77 from $1.55.
Domestic pharmaceutical sales increased 21 percent and international sales increased 14 percent, excluding the differences in year-to-year foreign exchange rates, the drug maker said. Bristol-Myers said that thanks to its investment in research and development over the past few years, it expects the strong sales trend to continue.
Bristol-Myers shares [BMY} were down 5-1/16 to 120-3/4 in Tuesday morning trading. 
|
|
|
|
|
 |
|
