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%, andDiluted Earnings Per Share Increase 15% to $.53 - 16 Major Products with Double Digit Sales Growth Bristol-Myers Squibb Company (NYSE: BMY) today reported recordsales and earnings for the first quarter ended March 31, 1999. "Bristol-Myers Squibb continued its strong performance in thefirst quarter -- delivering double digit or greater growth for 16major products across all our businesses, including TAXOL,GLUCOPHAGE, PLAVIX and HERBAL ESSENCES," said Charles A.Heimbold, Jr., chairman and chief executive officer. "Our coreU.S. pharmaceutical business also enjoyed robust growth,increasing 21 percent over the previous year. We saw excellentgrowth overall in the U.S. and Europe, our two largest markets. "Our company continues to deliver reliable earnings increasesfor our shareholders while, at the same time, pursuing ourmission to extend and enhance human life by developing thehighest quality products. Our research pipeline is vibrant andproductive with two important NDAs now pending before the FDA,for our anti-cancer agent ORZEL, an oral drug for colorectalcancer, and our advanced quinolone anti-infective TEQUIN. We arealso preparing to file within the year for approval of abreakthrough hypertension drug, omapatrilat." FIRST QUARTER RESULTS Sales for the first quarter grew 9% to $4.9 billion from $4.4billion in 1998. Domestic sales increased 13%, and internationalsales increased 4% (3% excluding the effect of foreign exchange).The consolidated sales growth resulted from a 7% increase due tovolume and a 2% increase due to changes in selling prices.Foreign exchange rate fluctuations had no effect on sales for thequarter. On a continuing basis, first quarter sales increased 10%over the prior year excluding divested businesses. For the first quarter, earnings before income taxes increased14% to $1,476 million from $1,292 million a year ago. Netearnings increased 15% to $1,066 million compared with $927million in 1998. Basic earnings per share increased 15% to $.54from $.47 in the prior year and diluted earnings per shareincreased 15% to $.53 from $.46. Basic and diluted average sharesoutstanding 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 internationalpharmaceutical sales increased 5% (4% excluding foreignexchange). Sales were adversely affected by economic downturns inBrazil and Mexico. - Worldwide sales of PRAVACHOL, the company's largest sellingproduct, increased 9% to $486 million for the quarter. Domesticsales of PRAVACHOL increased 8% to $323 million, whileinternational sales increased 13% to $163 million (11% excludingforeign exchange). - Sales of TAXOL(R) (paclitaxel), the company's leading anti-cancer agent, increased 31% to $329 million as the productcontinues to benefit from increased use in breast cancer and non-small cell lung cancer. - GLUCOPHAGE, the leading branded oral medication fortreatment of non-insulin dependent (type 2) diabetes, continuedits strong growth rate with sales increasing 55% to $282 million. - Sales of ZERIT and VIDEX, the company's two anti-retroviralagents, increased 17% to $152 million and 27% to $45 million,respectively. ZERIT is the most commonly prescribed thymidinenucleoside reverse transcriptase inhibitor in HIV therapy in mostmajor 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 incombination with other chemotherapy agents. - Sales of CEFZIL increased 19% to $142 million for thequarter as its use grows in the treatment of respiratoryinfections and sinusitis. Sales of the anti-hypertensiveMONOPRIL, a second generation angiotensin converting enzyme (ACE)inhibitor, increased 12% to $106 million for the first quarter. - PLAVIX, a platelet aggregation inhibitor for the reductionof stroke, heart attack and vascular death in atheroscleroticpatients with recent stroke, recent heart attack or peripheralarterial disease, reached sales of $88 million for the quarter.AVAPRO, an angiotensin II receptor blocker for the treatment ofhypertension, had sales of $50 million. AVAPRO and PLAVIX arecardiovascular products that were launched from the Bristol-MyersSquibb and Sanofi S.A. joint venture. - Sales of MAXIPIME, a fourth generation injectablecephalosporin, increased 33% to $30 million in the quarter;effective January 1, 1999, Dura Pharmaceuticals, Inc. wasappointed the exclusive distributor for MAXIPIME in the UnitedStates. - Sales of EFFERALGAN, an effervescent analgesic from thecompany's UPSA group, were up 26% to $51 million and sales ofBUFFERIN increased 26% to $29 million. - Sales from Oncology Therapeutics Network, a specialtydistributor 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 filingwith the U.S. Food and Drug Administration (FDA) to gainmarketing approval for ORZEL, the first oral therapy forcolorectal cancer. FIRST QUARTER BEAUTY CARE SALES INCREASED 7% TO $572 MILLION - Beauty Care sales increased 7% (8% excluding the effect offoreign exchange) coming off comparative growth in 1998 of 27%due to the acquisition of Redmond Products Inc. in January 1998and the launch of HERBAL ESSENCES into international markets. - CLAIROL continues to be the number one hair products companyin the U.S. - HERBAL ESSENCES, now the number two brand in the U.S.shampoo/conditioner category after only three years on the marketand number three in body wash after two years on the market,continued to grow, increasing 28% to $164 million. HERBAL FACE, aline of skin care products, was launched in March 1999. - Sales of DAILY DEFENSE were $34 million for the firstquarter, up 101% over the prior year following its launch intointernational markets. - The Redmond AUSSIE brand added $29 million to Beauty Caresales, an increase of 23% over the prior year. AUSSIE KIDS, hairproducts 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 1998distribution agreement with the acquirer of Zimmer's divestedarthroscopy and surgical powered instrument business. - Zimmer sales increased 6% to $238 million (4% excludingforeign exchange) excluding sales from the 1998 distributionagreement. Knee joint replacement sales increased 9% to $94million and hip replacement sales increased 8% to $71 million. - ConvaTec sales decreased 1% to $164 million (a 2% decreaseexcluding foreign exchange). Sales of modern wound care productsincreased 2% to $56 million while ostomy product sales decreased4% to $102 million. NUTRITIONALS MAINTAINS ITS WORLDWIDE LEADERSHIP POSITION INTHE INFANT FORMULA MARKET - Nutritional sales remained at prior year levels at $449million (an increase of 1% excluding foreign exchange) asdomestic sales growth of 6% was offset by the adverse effects ofeconomic downturns in Asian markets. - Total infant formula sales increased 3% to $318 million.Mead Johnson continues to build on its number one infant formulashare 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 prioryear. Specialty infant formula sales increased 1% (2% excludingforeign exchange) to $111 million, including NUTRAMIGEN, whichsaw increased sales of 11% to $32 million. - Sales of BOOST, an adult nutritional supplement, increased16% to $23 million. - In March 1999, Mead Johnson Nutritionals introduced VIACTIVSoft 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 shareamounts)

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-MyersSquibb 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, InvestorRelations, (USA) 212-546-4103, timothy.cost@bms.com, all ofBristol-Myers Squibb Bristol-Myers Squibb press releasesavailable through Company News On- Call by fax, 800-758-5804,ext. BMYFAX, or 269329, or athttp://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 bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT