"Solid Growth" At Bristol-Myers Squibb
Turnover in the 1997 first quarter was $4 billion at Bristol-MyersSquibb, an increase of 10%, or 12% excluding the unfavorable effects of foreign exchange. There was a 12% rise in net earnings to $810 million, and earnings per share were 81 cents, up 13%. The growth in EPS exceeded the increase in net income as a result of B-MS' ongoing share purchase program. During the quarter, the firm repurchased 4.2 million shares of its common stock.
Pharmaceutical product sales grew 12%, or 15% exluding foreign exchange effects. The firm said there was strong growth in both the US and international markets. B-MS' largest-selling product, the lipid- lowerer Pravachol (pravastatin), achieved a sales increase of 48% to $374 million. There was also significant growth from other products such as Glucophage (metformin), Taxol (paclitaxel), Buspar (buspirone) and Cefzil (ceftirizone).
The nutritional and consumer product lines lines also showed strong sales growth.
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