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BRISTOL-MYERS SQUIBB COMPANY REPORTS RESULTS

 NEW YORK, July 21 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) today reported increased sales and earnings for the second quarter and six months ended June 30, 1993.
 Second quarter sales increased 2 percent to $2.8 billion. Earnings from continuing operations were $521 million, or $1.01 per share, reflecting a 10 percent increase over the prior year.
 For the six months, sales increased 3 percent to $5.6 billion. Earnings from continuing operations were $1,095 million, or $2.12 per share, reflecting a 9 percent increase over the prior year.
 For the quarter, domestic sales were at prior year levels while international sales increased 5 percent. Exchange rate fluctuations had an unfavorable effect on sales of approximately 1 percent for the quarter and for the six months.
 Richard L. Gelb, chairman and chief executive officer, said that the consumer products, medical device and nutritional businesses all showed good growth during the quarter, while the company's pharmaceutical sales decreased 1 percent principally as a result of lower sales of Capoten, when compared to its strong sales in the second quarter of 1992, and restrictive government cost containment measures imposed in both Germany and Italy earlier this year. "Several recently introduced pharmaceutical products showed very strong increases, including Pravachol, our cholesterol-lowering agent, Cefzil, our oral cephalosporin antibiotic, Monopril, our second-generation ACE inhibitor, VIDEX, our anti-AIDS therapy, as well as our oncology therapeutics," he said.
 During the quarter, the company's medical device business increased 4 percent over the same quarter in 1992, with very good ostomy, wound care and arthroscopy sales, and increasing sales, primarily overseas, of hip and knee replacements. Also in the quarter, the U.S. Food and Drug Administration approved Collagraft Bone Graft Matrix, a bone graft alternative, for marketing in the United States. Collagraft was jointly developed by the company's Zimmer subsidiary and the Collagen Corporation.
 In the company's nutritional business, sales grew 12 percent during the second quarter over the same period in 1992. Enfamil and Gerber routine infant formulas had particularly strong sales in the United States, Enfapro follow-on formula grew well in international markets, while ProSobee and Nutramigen had good growth in both the United States and overseas. Lactofree, a milk-based, lactose-free infant formula introduced earlier in the year, and the company's adult nutritional products also had strong sales.
 Sales in the company's consumer products business increased 7 percent over the same period last year, primarily due to the growth of Clairol haircoloring products in the United States. In addition, the company's analgesics and skin care products experienced very good growth internationally. A number of important new products were launched in the United States during the quarter, including Ban Clear A.P., the world's first clear solid anti-perspirant/deodorant, and Brights by Nice 'n Easy, a new haircoloring product.
 BRISTOL-MYERS SQUIBB COMPANY
 Summary of Consolidated Sales and Earnings
 (In thousands of dollars, except for per-share amounts)
 Pct.
 Quarter ended June 30 1993 1992 Incr.
 Net sales $2,802,392 $2,742,554 2
 Earnings from continued
 operations before income taxes 704,398 648,743 9
 Provision for income taxes 183,848 173,763 6
 Earns. from cont. operations(A) 520,550 474,980 10
 Earnings from discontinued
 operations, net of taxes(B) -- 13,027
 Net earnings $520,550 $488,007
 Per common share:
 Earns. from cont. operations(A) $1.01 $.92 10
 Earns. from discont. operations(B) -- .02
 Net earnings $1.01 $.94
 (A) -- In 1992, a charge of $46 million before taxes ($.06 per share after taxes) was recorded for the costs of a settlement of class action lawsuits and the settlement of a Federal Trade Commission action relating to the company's infant formula business.
 (B) -- Reflects the results of The Drackett Company, which was sold on Dec. 31, 1992.
 Summary of Consolidated Sales and Earnings
 (In thousands of dollars, except for per-share amounts)
 Pct.
 Six months ended June 30 1993 1992 Incr.
 Net sales $5,557,868 $5,383,992 3
 Earnings from continuing
 operations before income taxes 1,482,131 1,378,265 8
 Provision for income taxes 386,836 369,135 5
 Earnings from continuing opers.(A) 1,095,295 1,009,130 9
 Earnings from discontinued
 operations, net of taxes(B) -- 26,413
 Earnings before cumulative
 effect of accounting change 1,095,295 1,035,543
 Cumulative effect of accounting
 change (net of income tax
 benefit of $144,483)(C) -- (246,012)
 Net earnings $1,095,295 $789,531
 Per common share:
 Earnings from continuing operations(A) $2.12 $1.95 9
 Earnings from discontinued operations(B) -- .05
 Earnings before cumulative effect
 of accounting change 2.12 2.00
 Cumulative effect of accounting
 change(C) -- (.47)
 Net earnings $2.12 $1.53
 Average common shares outstanding 517,204 518,192
 (A) -- In 1992, a charge of $46 million before taxes ($.06 per share after taxes) was recorded in the second quarter for the costs of a settlement of class action lawsuits and the settlement of a Federal Trade Commission action relating to the company's infant formula business.
 (B) -- Reflects the results of The Drackett Company, which was sold on Dec. 31, 1992.
 (C) -- Reflects the cumulative effect of an accounting change of $390 million before taxes ($.47 per share after taxes) resulting from the adoption of a new accounting standard for postretirement benefits, effective Jan. 1, 1992.
 -0- 7/21/93
 /CONTACT: Anthony Carter of Bristol-Myers Squibb, 212-546-4339/
 (BMY)


CO: Bristol-Myers Squibb Company ST: New York IN: MTC SU: ERN

CK -- NY053 -- 3938 07/21/93 12:28 EDT
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Date:Jul 21, 1993
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