Squibb, Schering-Plough Report First Quarter Earnings Gains
Undated (AP) _ Two major pharmaceutical companies announced first quarter profit gains on Thursday, with Squibb Corp. reporting a 31 percent increase in earnings over the same period in 1987 and Schering-Plough Corp. reporting a 20 percent gain.
Squibb, based in Princeton, N.J., posted net income of $90.9 million, or 89 cents per share, compared with $69.4 million, or 66 cents per share, in the first quarater of 1987.
Net sales rose 27 percent to $596.9 million from $470.4 million in the 1987 quarter, the company said.
″Results for the quarter exceeded our expectations and reflected excellent performances by our leading products, enhanced by higher foreign currency rates,″ said Richard M. Furlaud, chairman and chief executive officer of Squibb.
Squibb said sales in the company’s pharmaceutical section rose 28 percent to $510.3 million.
Schering-Plough reported a profit of $101.5 million, or 91 cents per share, compared with $84.9 million, or 72 cents per share, in first quarter 1987.
First-quarter sales of $752 million rose 10 percent over $686 million in the same period last year despite the sale of the company’s Dr. Scholl’s foot- care businesses, Schering-Plough said.
Company chairman and chief executive, Robert P. Luciano, said the first- quarter sales and earnings gains stemmed primarily from continued gains by Schering-Plough’s pharmaceutical business, where sales rose 22 percent during the quarter.
Sales in the company’s consumer segment were down 11 percent, reflecting the sale of the company’s Dr. Scholl’s buinesses, the company said.