|
Warner Lambert sets record
|
 |
April 26, 1999: 8:31 a.m. ET
Drug maker's 1Q earnings increase 36% on 20% increase in sales
|
NEW YORK (CNNfn) - Bolstered by strong sales of the cholesterol-lowering drug Lipitor and other medications, Warner-Lambert Co. Monday posted record net income of $381 million, or 45 cents per diluted share.
The pharmaceutical and consumer health products maker surpassed Wall Street earnings estimates by a penny. First Call Corp., which tracks corporate profit reports, had predicted per-share earnings of 44 cents for the quarter ended March 31.
A year earlier, Morris Plains, N.J.-based Warner-Lambert (WLA) earned $279.3 million, or 33 cents per diluted share..
Sales for the latest quarter rose 29 percent, to $2.9 billion. In the pharmaceutical division, sales rose 48 percent to $1.7 billion, as worldwide sales of Lipitor almost doubled, to $751 million.
The company also said sales of its anti-diabetes drug Rezulin increased 33 percent, to $184 million, while its new anti-depressant Celexa, which is challenging Eli Lilly & Co.'s market leader Prozac, is also did well. Sales of the anti-convulsant medication Neurontin jumped 83 percent, to $176 million.
In the consumer health segment, sales of Listerine mouthwash rose 22 percent to $128 million, and sales of Lubriderm skin care products increased 35 percent to $35 million.
"Our first quarter benefited from the continued growth of innovative pharmaceutical products and the strengthened performance of our consumer businesses," said Melvin R. Goodes, chairman and CEO.
Goodes is retiring April 30, and will be succeeded by President and Chief Operating Officer Lodewijk J.R. de Vink.
Warner-Lambert shares closed down 1-7/16 at 67-7/8 in New York on Friday.
|
|
|
|
|
|
Warner-Lambert
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
