Bristol-Myers Squibb Reports Third Quarter And Nine Month Sales & Earnings
For the Total Company:
Sales Increased 10% (excluding businesses already sold in 2000 and foreign exchange) to $5.3 Billion in the Third Quarter U.S. Pharmaceutical Sales Up 18% for the Quarter Worldwide Pharmaceutical Sales Up 12% for the Quarter (14% excluding foreign exchange) Fourteen Key Products with Double Digit Sales Increases for the Quarter Diluted Earnings Per Share Increased 15% to $.62 for the Quarter Diluted Earnings Per Share Increased 15% to $1.77 for the Nine Months Sale of Matrix business in July resulted in pre-tax gain of $402 million, which is offset by a restructuring charge
NEW YORK, N.Y. (October 19, 2000) - Bristol-Myers Squibb Company (NYSE:BMY) today reported sales and earnings for the period ended September 30, 2000.
"Our third quarter results demonstrated continued double digit earnings growth, driven by significant volume increases for many of our major products," said Charles A. Heimbold, Jr., chairman and chief executive officer. "Among our top performers were 14 major product lines with double digit sales increases, including PRAVACHOL®, for lowering cholesterol, up 16%; GLUCOPHAGE®, for diabetes, up 25%; TAXOL® (paclitaxel), for cancer, up 11%; PLAVIX®, for stroke, up 58%; and AVAPRO®, for hypertension, up 61%. Our U.S. Pharmaceuticals business also continued to perform extremely well, up 18% for the quarter. In addition, because we appreciate the crucial difference our company makes in the lives of millions of patients every day, our investments in pharmaceutical research and development increased 15% this quarter," he said.
As in the past, the company is reporting earnings today on a total company basis. Consistent with the company's announcement on September 28 of the planned divestitures of Clairol and Zimmer, it is also reporting earnings showing the Medicines, Nutritional and ConvaTec businesses as continuing operations, and the Beauty Care and Zimmer businesses as discontinued operations. While this does not change the bottom line numbers for historical periods, results from continuing operations present a more helpful picture of what Bristol-Myers Squibb Company will look like going forward.
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