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BRISTOL-MYERS SQUIBB REPORTS RESULTS

 BRISTOL-MYERS SQUIBB REPORTS RESULTS
 NEW YORK, Oct. 20 /PRNewswire/ -- Bristol-Myers Squibb Company


(NYSE: BMY) reported increased sales and earnings for the third quarter and nine months ended Sept. 30, 1992.
 Third quarter sales increased 13 percent to $3.1 billion. Net earnings increased 5 percent to $589 million, and earnings per share increased 6 percent to $1.14 from $1.08 per share last year.
 For the nine months, sales increased 7 percent to $8.8 billion. Net earnings increased 5 percent to $1,625 million, and earnings per share increased 6 percent to $3.14 per share from $2.97 per share last year. (Excluding a special charge in the second quarter for settlements related to the company's infant formula business, net earnings and earnings per share for the nine months increased 7 percent and 8 percent, respectively.) Exchange rate fluctuations had a favorable effect on sales of 4 percent for the third quarter and 1 percent for the nine months.
 "We are pleased with our sales growth for the quarter. All four of our core business categories -- pharmaceuticals, consumer products, medical devices and nutritionals -- had increases," said Richard L. Gelb, chairman and chief executive officer.
 "International sales were particularly strong in all our businesses and for the quarter increased 24 percent (13 percent without the positive effect of foreign exchange). Domestic sales increased 6 percent.
 "The pharmaceutical business exhibited strong growth," Mr. Gelb added. "Cardiovasculars, including quarterly sales of over $100 million for Pravachol, our new cholesterol-lowering agent, anti-infectives, and drugs for central nervous system disorders, did particularly well," Mr. Gelb added. "International pharmaceutical sales were up 28 percent (16 percent without the positive effect of foreign exchange) and domestic sales increased 13 percent.
 "We continued to make significant investments for the future, with growing expenditures for research and development," he said. "With nearly $800 million already spent for the nine months, we are on pace with plans to spend well over $1 billion for research and development by the end of 1992. The company's heavy marketing support for its four major new products as well as ongoing support for existing product lines also put pressure on operating margins."
 During the third quarter, the company received several new approvals from the U.S. Food and Drug Administration (FDA), including approvals to market Vumon, a new anti-cancer agent, for refractory childhood leukemia; for broader use of VIDEX, its anti-AIDS drug, to include adult patients with advanced HIV infection who have already received prolonged AZT therapy; and for use of Estrace, an estrogen-replacement product, to help prevent postmenopausal osteoporosis.
 In early October, the company also received clearance from the FDA to begin a parallel track program to distribute without charge its new anti-AIDS drug, d4T, currently in clinical trials, to treat patients who are intolerant to or failing on the two drugs approved for use as single agents.
 On July 22, Bristol-Myers Squibb filed a New Drug Application with the FDA for approval of Taxol, a novel anti-cancer agent.
 The positive results of the long-term SAVE (Survival And Ventricular Enlargement) trial, in which Capoten, the company's largest-selling product, was studied, were published in the New England Journal of Medicine in September. They provided further evidence of the important role Capoten plays as a therapy in the cardiovascular disease process.
 During the quarter, the company's consumer business grew on a worldwide basis with over-the-counter medications, anti-perspirants and haircoloring all showing growth. In the medical devices area, sales increased 10% led by the company's knee replacement, ostomy and wound care products. Nutritional sales exceeded last year's levels with strong international sales leading the way.
 In July, Bristol-Myers Squibb announced that it was offering Drackett, its household products business, for sale.
 BRISTOL-MYERS SQUIBB COMPANY
 SUMMARY OF CONSOLIDATED SALES AND EARNINGS
 (In Thousands of Dollars Except for Per Share Amounts)
 Quarter Ended Pct. Increase
 9/30/92 9/30/91 (Decrease)
 Net Sales $3,102,559 $2,757,128 13
 Earnings Before Income Taxes 808,184 784,202 3
 Provision for Income Taxes 219,017 220,753 (1)
 Net Earnings 589,167 563,449 5
 Earnings Per Common Share $1.14 $1.08 6
 Nine Months Ended Pct. Increase
 9/30/92(A) 9/30/91 (Decrease)
 Net Sales $8,766,369 $8,222,198 7
 Earnings Before Income Taxes 2,228,373 2,183,219 2
 Provision for Income Taxes 603,663 637,677 (5)
 Net Earnings 1,624,710 1,545,542 5
 Earnings Per Common Share $3.14 $2.97 6
 Average Common Shares
 Outstanding 518,035 521,123
 (A) A charge of $46 million before taxes ($.06 per share after- taxes) was recorded in the second quarter of 1992 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. Excluding this charge, net earnings and earnings per share for the nine months increased 7 percent and 8 percent, respectively.
 -0- 10/20/92
 /CONTACT: Anthony Carter of Bristol-Myers Squibb, 212-546-4339/
 (BMY) CO: Bristol-Myers Squibb Company ST: New York IN: MTC SU: ERN


PS -- NY017 -- 2029 10/20/92 09:04 EDT
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Date:Oct 20, 1992
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