Bristol-Myers Squibb Reports Record First Quarter Sales

& Earnings New York (ots-PRNewswire) - - Sales Increase 9% to $4.9 Billion, an Increase of 10% Excluding Divested Businesses - Worldwide Pharmaceutical Sales Up 15% - Domestic Pharmaceutical Sales Up 21% - Pretax Earnings Increase 14%, Net Earnings Increase 15%, and Diluted Earnings Per Share Increase 15% to $.53 - 16 Major Products with Double Digit Sales Growth Bristol-Myers Squibb Company (NYSE: BMY) today reported record sales and earnings for the first quarter ended March 31, 1999. "Bristol-Myers Squibb continued its strong performance in the first quarter -- delivering double digit or greater growth for 16 major products across all our businesses, including TAXOL, GLUCOPHAGE, PLAVIX and HERBAL ESSENCES," said Charles A. Heimbold, Jr., chairman and chief executive officer. "Our core U.S. pharmaceutical business also enjoyed robust growth, increasing 21 percent over the previous year. We saw excellent growth overall in the U.S. and Europe, our two largest markets. "Our company continues to deliver reliable earnings increases for our shareholders while, at the same time, pursuing our mission to extend and enhance human life by developing the highest quality products. Our research pipeline is vibrant and productive with two important NDAs now pending before the FDA, for our anti-cancer agent ORZEL, an oral drug for colorectal cancer, and our advanced quinolone anti-infective TEQUIN. We are also preparing to file within the year for approval of a breakthrough hypertension drug, omapatrilat." FIRST QUARTER RESULTS Sales for the first quarter grew 9% to $4.9 billion from $4.4 billion in 1998. Domestic sales increased 13%, and international sales increased 4% (3% excluding the effect of foreign exchange). The consolidated sales growth resulted from a 7% increase due to volume and a 2% increase due to changes in selling prices. Foreign exchange rate fluctuations had no effect on sales for the quarter. On a continuing basis, first quarter sales increased 10% over the prior year excluding divested businesses. For the first quarter, earnings before income taxes increased 14% to $1,476 million from $1,292 million a year ago. Net earnings increased 15% to $1,066 million compared with $927 million in 1998. Basic earnings per share increased 15% to $.54 from $.47 in the prior year and diluted earnings per share increased 15% to $.53 from $.46. Basic and diluted average shares outstanding for the quarter were 1,985 million and 2,029 million, respectively, compared to 1,987 million and 2,035 million, respectively, in 1998. WORLDWIDE MEDICINES (Pharmaceuticals and Consumer Medicines) SALES INCREASE 12% FOR THE QUARTER TO $3.4 BILLION - PHARMACEUTICAL SALES INCREASED 15% FOR THE FIRST QUARTER. Domestic pharmaceutical sales increased 21% and international pharmaceutical sales increased 5% (4% excluding foreign exchange). Sales were adversely affected by economic downturns in Brazil and Mexico. - Worldwide sales of PRAVACHOL, the company's largest selling product, increased 9% to $486 million for the quarter. Domestic sales of PRAVACHOL increased 8% to $323 million, while international sales increased 13% to $163 million (11% excluding foreign exchange). - Sales of TAXOL(R) (paclitaxel), the company's leading anti- cancer agent, increased 31% to $329 million as the product continues to benefit from increased use in breast cancer and non- small cell lung cancer. - GLUCOPHAGE, the leading branded oral medication for treatment of non-insulin dependent (type 2) diabetes, continued its strong growth rate with sales increasing 55% to $282 million. - Sales of ZERIT and VIDEX, the company's two anti-retroviral agents, increased 17% to $152 million and 27% to $45 million, respectively. ZERIT is the most commonly prescribed thymidine nucleoside reverse transcriptase inhibitor in HIV therapy in most major markets in the world. - Sales of the anti-cancer agent PARAPLATIN increased 16% to $149 million as the product continues to benefit from its use in combination with other chemotherapy agents. - Sales of CEFZIL increased 19% to $142 million for the quarter as its use grows in the treatment of respiratory infections and sinusitis. Sales of the anti-hypertensive MONOPRIL, a second generation angiotensin converting enzyme (ACE) inhibitor, increased 12% to $106 million for the first quarter. - PLAVIX, a platelet aggregation inhibitor for the reduction of stroke, heart attack and vascular death in atherosclerotic patients with recent stroke, recent heart attack or peripheral arterial disease, reached sales of $88 million for the quarter. AVAPRO, an angiotensin II receptor blocker for the treatment of hypertension, had sales of $50 million. AVAPRO and PLAVIX are cardiovascular products that were launched from the Bristol-Myers Squibb and Sanofi S.A. joint venture. - Sales of MAXIPIME, a fourth generation injectable cephalosporin, increased 33% to $30 million in the quarter; effective January 1, 1999, Dura Pharmaceuticals, Inc. was appointed the exclusive distributor for MAXIPIME in the United States. - Sales of EFFERALGAN, an effervescent analgesic from the company's UPSA group, were up 26% to $51 million and sales of BUFFERIN increased 26% to $29 million. - Sales from Oncology Therapeutics Network, a specialty distributor of anti-cancer medicines and related products, reached $201 million, an increase of 44% over the prior year. - In March 1999, the Company completed a regulatory filing with the U.S. Food and Drug Administration (FDA) to gain marketing approval for ORZEL, the first oral therapy for colorectal cancer. FIRST QUARTER BEAUTY CARE SALES INCREASED 7% TO $572 MILLION - Beauty Care sales increased 7% (8% excluding the effect of foreign exchange) coming off comparative growth in 1998 of 27% due to the acquisition of Redmond Products Inc. in January 1998 and the launch of HERBAL ESSENCES into international markets. - CLAIROL continues to be the number one hair products company in the U.S. - HERBAL ESSENCES, now the number two brand in the U.S. shampoo/conditioner category after only three years on the market and number three in body wash after two years on the market, continued to grow, increasing 28% to $164 million. HERBAL FACE, a line of skin care products, was launched in March 1999. - Sales of DAILY DEFENSE were $34 million for the first quarter, up 101% over the prior year following its launch into international markets. - The Redmond AUSSIE brand added $29 million to Beauty Care sales, an increase of 23% over the prior year. AUSSIE KIDS, hair products for children, was launched in March 1999. MEDICAL DEVICES ACHIEVED $402 MILLION IN FIRST QUARTER SALES - Medical device sales increased 3% to $402 million (1% excluding foreign exchange), excluding sales from a 1998 distribution agreement with the acquirer of Zimmer's divested arthroscopy and surgical powered instrument business. - Zimmer sales increased 6% to $238 million (4% excluding foreign exchange) excluding sales from the 1998 distribution agreement. Knee joint replacement sales increased 9% to $94 million and hip replacement sales increased 8% to $71 million. - ConvaTec sales decreased 1% to $164 million (a 2% decrease excluding foreign exchange). Sales of modern wound care products increased 2% to $56 million while ostomy product sales decreased 4% to $102 million. NUTRITIONALS MAINTAINS ITS WORLDWIDE LEADERSHIP POSITION IN THE INFANT FORMULA MARKET - Nutritional sales remained at prior year levels at $449 million (an increase of 1% excluding foreign exchange) as domestic sales growth of 6% was offset by the adverse effects of economic downturns in Asian markets. - Total infant formula sales increased 3% to $318 million. Mead Johnson continues to build on its number one infant formula share position in the U.S. and worldwide. - ENFAMIL, the company's largest-selling infant formula, recorded sales of $179 million, an increase of 5% from the prior year. Specialty infant formula sales increased 1% (2% excluding foreign exchange) to $111 million, including NUTRAMIGEN, which saw increased sales of 11% to $32 million. - Sales of BOOST, an adult nutritional supplement, increased 16% to $23 million. - In March 1999, Mead Johnson Nutritionals introduced VIACTIV Soft Calcium Chews to address women's needs for a convenient, great-tasting calcium supplement. BRISTOL-MYERS SQUIBB COMPANY CONDENSED CONSOLIDATED STATEMENT OF EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, (Unaudited, in millions of dollars except per share amounts) Percent 1999 1998 Increase Net Sales $4,854 $4,446 9 Cost of products sold 1,305 1,152 13 Marketing, selling administrative and other 1,121 1,048 7 Advertising and product promotion 529 571 (7) Research and development 423 383 10 Provision for restructuring -- 125 -- Gain on sale of business -- (125) -- 3,378 3,154 7 Earnings Before Income Taxes 1,476 1,292 14 Provision for income taxes 410 365 12 Net Earnings $ 1,066 $927 15 Earnings Per Common Share - Basic $ .54 $ .47 15 Average Common Shares Outstanding - Basic (in millions) 1,985 1,987 Earnings Per Common Share - Diluted $ .53 $ .46 15 Average Common Shares Outstanding - Diluted (in millions) 2,029 2,035 BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS - WORLDWIDE TOTALS FOR THE THREE MONTHS ENDED MARCH 31, 1999 (Unaudited, in millions of dollars) First Quarter 1999 Percent Sales Increase PRAVACHOL $486 9% TAXOL 329 31% GLUCOPHAGE 282 55% HERBAL ESSENCES 164 28% ZERIT 152 17% PARAPLATIN 149 16% CEFZIL 142 19% MONOPRIL 106 12% KNEES 94 9% PLAVIX 88 * HIPS 71 8% EFFERALGAN 51 26% AVAPRO 50 * VIDEX 45 27% PLATINOL 42 30% DAILY DEFENSE 34 101% NUTRAMIGEN 32 11% MAXIPIME 30 33% AUSSIE HAIR CARE 29 23% * Over 200% Growth ots Original Text Service: Bristol-Myers Squibb Company Internet: http://www.newsaktuell.de Contact: Nancy Goldfarb, Public Affairs, (USA) 212-546-5107, nancy.goldfarb@bms.com, Sarah Moran, Public Affairs, (USA) 212- 546-4927 sarah.moran@bms.com, or Timothy P. Cost, Investor Relations, (USA) 212-546-4103, timothy.cost@bms.com, all of Bristol-Myers Squibb Bristol-Myers Squibb press releases available through Company News On- Call by fax, 800-758-5804, ext. BMYFAX, or 269329, or at http://www.prnewswire.com/cnoc/exec/menu?269329 Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT