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Drugmakers hit 2Q mark
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July 25, 2001: 12:06 p.m. ET
Bristol-Myers, Schering, Pharmacia earnings meet Wall Street expectations
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NEW YORK (CNNfn) - Three of the biggest U.S. drugmakers reported second-quarter earnings Wednesday in line with Wall Street analysts' expectations.
Bristol-Myers Squibb Co., the fourth-biggest U.S. drugmaker, reported second-quarter earnings of $1.1 billion, or 56 cents a share, up from $1 billion, or 50 cents a share, a year ago. Wall Street analysts expected Bristol-Myers to earn 56 cents a share, according to First Call.
Bristol-Myers, whose quarterly sales rose to $4.7 billion from $4.4 billion a year ago, also reaffirmed it expects to earn $2.41 a share for the full year.
Separately, Schering-Plough Corp., maker of No. 1 allergy drug Claritin, said it earned $634 million, or 43 cents a share, unchanged from $634 million, also 43 cents a share, a year ago. Analysts polled by earnings tracker First Call had forecast 43 cents.
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Wall Street's consensus estimate was raised to 43 cents from 41 cents in June when Kenilworth, N.J.-based Schering said it would beat analysts' expectations for the quarter despite a host of manufacturing problems.
Schering has spent more than $60 million this year to correct manufacturing deficiencies found in February by the U.S. Food and Drug Administration at the company's plants in New Jersey and Puerto Rico.
Schering's second-quarter sales also were flat at $2.63 billion.
Separately, Pharmacia Corp., the No. 5 U.S. drugmaker, reported second-quarter earnings of $844 million, or 63 cents a share, compared with $701 million, or 54 cents a share, a year ago.
Analysts polled by First Call expected Peapack, N.J.-based Pharmacia to earn 63 cents a share.
Pharmacia recently announced a delay in FDA approval of a new painkiller, and analysts have worried that Pharmacia's No. 1 arthritis drug Celebrex could suffer slow sales like those of Vioxx, made by competitor Merck & Co. (MRK: up $0.47 to $65.40, Research, Estimates). Pharmacia said Celebrex sales rose 13 percent in the quarter.
Total sales in the quarter rose to $5.4 billion from $5.2 billion a year ago, Pharmacia said.
Bristol-Myers (BMY: up $0.82 to $55.51, Research, Estimates) shares rose in midday trade Wednesday, while Schering (SGP: down $1.10 to $36.85, Research, Estimates) and Pharmacia (PHA: down $0.42 to $41.58, Research, Estimates) fell. 
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