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Bristol-Myers 4Q profits up
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January 24, 2000: 10:42 a.m. ET
Drug maker's sales rise 11 percent on strength of cancer, diabetes drugs
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NEW YORK (CNNfn) - Bristol-Myers Squibb Co. posted a 16 percent jump in fourth-quarter profits Monday, slightly better than Wall Street expected, due to the strength of its cancer drug Taxol and other pharmaceuticals.
Bristol-Myers (BMY) earned $1.05 billion, or 52 cents per diluted share, for the three months, from $908 million, or 45 cents per share, in the year-earlier quarter. Analysts surveyed by earnings tracker First Call Corp. had expected profits of 51 cents per share.
The 1998 results exclude an after-tax figure of $495 million in one-time charges relating to lawsuit settlements over silicone-gel breast implants and prescription drug pricing. Including the charges, 1998 profits totaled $413 million, or 20 cents per diluted share.
Fourth-quarter sales rose 11 percent to $5.4 billion.
The drug maker's Taxol sales increased 19 percent to $414 million and its sales of diabetes drug Glucophage jumped 52 percent to $336 million.
The New York-based company's other products include cholesterol drug Pravachol, over-the-counter painkiller Excedrin and personal care products such as Herbal Essences shampoo.
For the year, the company earned $4.2 billion, or $2.06 per diluted share, up from 1998 figures of $3.1 billion, or $1.55 per diluted share, including the special charges. Sales rose 11 percent to $20.2 billion in 1999.
The results were released before Monday's market opening. In early trading, Bristol-Myers shares slipped 3/8 to 60-13/16. 
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Bristol-Myers Squibb
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