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Upjohn 1Q net up 17%
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April 29, 1999: 8:44 a.m. ET
Drug maker cites strength of glaucoma treatment, double-digit sales growth
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NEW YORK (CNNfn) - Citing a leap in sales and strong demand for its anti-glaucoma medication Xalatan, Pharmacia & Upjohn Thursday reported a 17 percent increase in first-quarter profit.
The Bridgewater, N.J.-based drug maker said net earnings for the quarter ended March 31 totaled $221 million, or 42 cents per diluted share, on par with the expectations of analysts polled by First Call Corp. That compares with net income of $189 million, or 36 cents per share, in the year-ago quarter.
Pharmacia & Upjohn (PNU) said net sales for the period totaled $1.74 billion, compared with $1.48 billion a year earlier, an increase of 17 percent. The figures are adjusted for the divestiture of the company's nutrition business. On a reported basis, sales increased 12 percent, to $1.77 billion from $1.58 billion.
Sales of Xalatan rose 46 percent, to $102 million, as sales grew significantly in Europe. During the quarter, the company also received approval to market the drug in Japan and plans to roll out the medication there during the second quarter.
Pharmacia & Upjohn also cited performance of its new bladder control medication Detrol/Detrusitol, which recorded $65 million in sales. The company's best-selling drug, the growth hormone Genotropin, recorded sales of $105 million for the three months, a 37 percent increase.
"Sales of our key products were particularly strong as we are beginning to see the benefits of the global rollouts of Xalatan and Detrol/Detrusitol," CEO Fred Hassan said. "As our comparisons in upcoming quarters begin to reflect the U.S. launch of Detrol, we expect to achieve high single-digit sales growth on a consolidated basis for the full year."
Shares in Pharmacia & Upjohn closed down 3 at 57 5/16 in New York Wednesday. 
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Pharmacia & Upjohn
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