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Drugmakers' 3Q strong
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October 23, 2001: 10:24 a.m. ET
AHP, Bristol-Myers, Barr Labs and Pharmacia report higher earnings.
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NEW YORK (CNNmoney) - Drugmakers, often a port of stability in troubled times for the stock market and the economy, did not disappoint Tuesday, reporting higher quarterly earnings on strong sales.
Bristol-Myers Squibb Co. (BMY: up $0.10 to $59.80, Research, Estimates), the world's fifth-largest drugmaker, reported earnings of $1.23 billion, or 63 cents a share, up from $1.13 billion, or 57 cents a share, a year ago. Wall Street analysts expected earnings of 63 cents a share, according to First Call.
The New York-based company cited strong sales of prescription medicines such as Glucophage for diabetes and drugs to prevent blood clots, which apparently offset slumping sales of its Taxol cancer treatment and BuSpar anxiety medicine.
To keep its drug business growing, Bristol-Myers recently completed the purchase of the pharmaceuticals business of chemicals maker DuPont Co. (DD: Research, Estimates).
American Home Products Corp. (AHP: down $0.45 to $59.85, Research, Estimates) reported third-quarter earnings of $867.1 million before one-time charges, or 65 cents a share, compared with $762.1 million, or 58 cents a share, a year ago. Analysts surveyed by research firm First Call had expected Madison, N.J.-based AHP to earn 63 cents a share.
AHP revenue rose to $3.74 billion on strong sales of the female hormone replacement therapy Premarin and the antidepressant Effexor.
Barr Laboratories Inc. (BRL: down $1.01 to $86.39, Research, Estimates) earnings jumped to $67 million, or $1.80 a share, from $10.4 million, or 28 cents a share, a year ago. Wall Street analysts expected earnings of $1.77 a share, according to First Call.
Sales of Barr's generic version of the Eli Lilly & Co. (LLY: Research, Estimates) antidepressant Prozac helped Barr revenue jump to $315.3 million from $103.1 million a year ago.
Peapack, N.J.-based Pharmacia Corp. (PHA: down $3.33 to $39.43, Research, Estimates), which makes arthritis drug Celebrex and glaucoma medicine Xalatan, earned $541 million, or 41 cents a share, up from $439 million, or 33 cents a share, a year ago. Wall Street analysts expected Pharmacia to earn 40 cents a share, according to First Call.
Pharmacia, which merged with Monsanto Corp. (MON: Research, Estimates) last year to become the world's No. 9 drugmaker, said revenue rose to $4.47 billion from $4.29 billion a year ago on strong sales of its Detrol incontinence treatment and Ambien sleeping aid.
Kenilworth, N.J.-based Schering-Plough Corp. (SGP: down $0.02 to $38.89, Research, Estimates), which makes the allergy drug Claritin, reported earnings of $601 million, or 41 cents a share, compared with $591 million, or 40 cents per share, a year earlier. Analysts had expected earnings of 41 cents a share, according to First Call.
Schering-Plough's sales for the quarter were $2.4 billion, virtually unchanged from a year ago, and quality control problems at its plants disrupted production of its respiratory and other drugs.
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Dallas-based Kimberly-Clark Corp. (KMB: up $0.45 to $53.67, Research, Estimates), which makes Huggies diapers, Kleenex tissue and Scott toilet paper, reported third-quarter earnings of $426.3 million before one-time items, or 80 cents a share, compared with $456.5 million before one-time items, or 84 cents a share, a year ago. Wall Street analysts expected earnings of 80 cents a share, according to First Call.
Kimberly-Clark said revenue rose to $3.71 billion from $3.53 billion a year ago, but earnings were hit by lower demand for its products in hotels and other away-from-home venues after last month's terrorist attacks and by the impact of foreign exchange rates. 
- from staff and wire reports
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