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Monsanto net income slips
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April 22, 1999: 9:49 a.m. ET
Drug maker cites higher expenses, but points to strong sales of Celebrex
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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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Monsanto
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