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Warner-Lambert soars in 2Q
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July 22, 1999: 8:39 a.m. ET
Sales of Lipitor power gains; Baxter International also on target
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NEW YORK (CNNfn) - Warner-Lambert Co. posted a 36 percent increase in net income for the second quarter Thursday, matching Wall Street's expectations, as sales of its cholesterol lowering medication Lipitor soared worldwide.
Also Thursday, medical products company Baxter International Inc. reported a 16 percent rise in second-quarter net profits. Strong sales of its blood therapy and anesthetic products, among others, fueled the gains.
Warner-Lambert (WLA), which also makes consumer products including Listerine mouthwash and Sudafed cold and sinus medication, earned $447 million, or 51 cents per diluted share, on a net basis as sales rose 17 percent to $3.2 billion. In the 1998 period, net earnings totaled $329 million, or 37 cents per share.
The latest results matched, to the penny, the consensus forecasts reported by First Call Corp.
The Morris Plains, N.J.-based company said it is on target to reach full-year goals of 30 percent growth in earnings per share, for a total of about $1.92. For 2000, per-share earnings should rise about 20 percent, the company said.
Total pharmaceutical sales rose 26 percent to $1.9 billion. Sales of Lipitor totaled $886 million, up 66 percent from $533 million in the year-ago quarter. The company said Lipitor is the most-prescribed cholesterol-lowering medication in the United States, with a 41 percent share of new prescriptions.
Other drugs including the HIV protease inhibitor Viracept and the anticonvulsant Neurontin also helped power its pharmaceutical gains, Warner-Lambert said.
Consumer product sales rose 8 percent to $731 million.
The stock added ¼ to close at 69-13/16 Wednesday.
Meanwhile, Baxter's net income totaled $207 million, or 70 cents per diluted share, up from $179 million, or 62 cents per share, in the 1998 second quarter. The results beat the First Call consensus forecast by a penny per share. The 1998 results exclude charges associated with its acquisition of Somatogen Inc., a developer of specialty oxygen therapeutics.
Baxter's sales rose 9 percent to $1.79 billion.
Last week, the Deerfield, Ill.-based firm announced plans to spin off its cardiovascular medicine business as a separately traded company. The unit accounts for about $1 billion worth of sales annually.
Baxter (BAX) shares gained 13/16 to 66-1/8 Wednesday. 
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Baxter International
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