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Drugs drive W-L 3Q
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October 19, 1998: 12:11 p.m. ET
Warner-Lambert beats Street although currency turmoil dents overseas sales
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NEW YORK (CNNfn) - Strong third-quarter earnings were a welcome tonic for shares in pharmaceutical giant Warner-Lambert Co., pushing the company's stock 2 percent higher in early Monday trading.
Warner-Lambert earnings swelled 46 percent in the quarter to $295.5 million or 35 cents per share from $198.3 million or 24 cents per share a year ago.
Wall Street analysts had forecast a figure of 34 cents per share, leading shares of Warner-Lambert (WLA) to climb as high as 75-1/4 before slipping back slightly to 73-1/8, up 1/8
Revenue also increased, with sales growing to $2.56 billion from $2.10 billion in the third quarter of 1997. The bulk of the increase came from the company's core pharmaceutical unit, which saw sales increase 48 percent to $1.40 billion.
"Innovative new products that address important medical needs have established Warner-Lambert as one of the fastest-growing pharmaceutical companies in the world," said Melvin R. Goodes, chairman and chief executive officer.
Sales in the quarter were driven by products such as the cholesterol-lowering agent Lipitor and diabetes treatment ReZulin.
The company's consumer health products business grew slightly, led by a 55-percent boost in Schick's new shaving system. Candy sales fell worldwide due to the decreased value of local currencies in Brazil, Japan and Southeast Asia, the company said.
In the year to date, Warner-Lambert has earned $1.08 cents per share or $912.9 million on revenue of $7.33 billion. Comparatively, the company made 76 cents per share or $633.8 million on revenue of $5.85 billion in the first nine months of 1997. 
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Warner Lambert
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