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BRISTOL-MYERS SQUIBB REPORTS SALES AND EARNINGS

 NEW YORK, Jan. 21 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) reported sales and earnings for the year and fourth quarter ended Dec. 31, 1992.
 Sales for the year, excluding sales of The Drackett Company, which was sold to S.C. Johnson and Son, Inc. for $1.15 billion in cash on Dec. 31, 1992, increased 6 percent to $11.2 billion.
 International sales were particularly strong in all businesses, and for the year increased 12 percent (10 percent without the favorable effect of exchange rate fluctuations), and domestic sales increased 1 percent in comparison to the prior year. Exchange rate fluctuations had a favorable effect on total sales of 1 percent for the year.
 "All four of the company's core businesses -- pharmaceuticals, consumer products, medical devices and nutritionals -- reported sales increases during the year," said Richard L. Gelb, chairman and chief executive officer. "The pharmaceutical business increased 7 percent over the prior year, with cardiovasculars and anti-infectives doing particularly well. The company's consumer business grew on a worldwide basis with anti-perspirants and over-the-counter medications showing increases. In the medical devices area, sales for the year increased 7 percent, led by the company's knee replacement, ostomy and wound care products. Nutritional sales exceeded last year's levels primarily on the strength of international sales."
 In the fourth quarter of 1992, the company recorded a gain on the sale of Drackett of $952 million before taxes ($1.17 per share after taxes), and a charge of $890 million before taxes ($1.10 per share after taxes) in connection with various restructuring actions being taken by the company to strengthen its four core businesses in recognition of changing worldwide health care trends. Also in the fourth quarter of 1992, the company adopted, effective Jan. 1, 1992, a new accounting standard for postretirement benefits. This resulted in a one-time non-cash charge of $390 million before taxes ($.47 per share after taxes) in the first quarter of 1992 and an increase in fourth quarter expenses of $18 million before taxes ($.03 per share after taxes). The first quarter 1992 results and earnings per share will be restated to reflect the charge for postretirement benefits. Drackett, which has been reported as a discontinued operation, had net earnings of $65 million, or $.12 per share, in 1992.
 As a result, net earnings were $1,962 million, or $3.79 per share, compared to $2,056 million, or $3.95 per share, in 1991. Excluding the net earnings of Drackett ($.12 per share after taxes in 1992 and $.13 per share after taxes in 1991), the gain on its sale ($1.17 per share after taxes), the restructuring charge ($1.10 per share after taxes) and the cumulative effect ($.47 per share after taxes) and incremental expenses ($.03 per share after taxes) resulting from the adoption of the new accounting standard, net earnings increased 7 percent to $2,121 million and 7 percent to $4.10 per share, on a comparable basis.
 Mr. Gelb said that by the end of 1992, Bristol-Myers Squibb had 24 products with more than $100 million in annual sales. During the year, two new products were added to that list: DuoDERM wound care products and Miss Clairol haircoloring.
 He added that the company spent over $1 billion for research and development -- for the first time in its history -- during 1992. Advertising and promotion expenditures also increased, in large measure to support an unusually large number of new product launches during the year.
 For the fourth quarter, sales of $2.8 billion increased 1 percent over prior year levels as international sales growth of 8 percent was offset by domestic declines of 5 percent, primarily in sales of pharmaceutical products. Exchange rate fluctuations had no effect on sales for the quarter. Fourth quarter growth of pharmaceutical sales was adversely affected by uncertainties about reimbursement policies in Europe and by comparisons to very strong sales in the fourth quarter of 1991.
 For the quarter, net earnings were $583 million, or $1.13 per share, compared to $510 million, or $.98 per share, in 1991. Excluding the net earnings of Drackett ($.04 per share after taxes in 1992 and $.03 per share after taxes in 1991), the gain on its sale ($1.17 per share after taxes), the restructuring charge ($1.10 per share after taxes) and the incremental expenses resulting from the adoption of the new accounting standard ($.03 per share after taxes), net earnings increased 9 percent to $540 million and 11 percent to $1.05 per share, on a comparable basis.
 During 1992, the company repurchased over 3 million shares of its common stock.
 During the fourth quarter, the company received several new approvals from the U.S. Food and Drug Administration (FDA), including approvals to market Taxol, a novel anti-cancer agent for treatment of patients with ovarian cancer whose first-line or subsequent chemotherapy has failed, and ProHance, a magnetic resonance diagnostic imaging agent for spine and brain disorders.
 "The clearance to market Taxol less than six months after its submission to the FDA signifies the importance of this novel therapy for those suffering from ovarian cancer for whom no other treatment is effective," Mr. Gelb said. He added that the drug currently is in Phase II clinical trials to determine if it is safe and efficacious for treatment of other tumor types. Registrational filings also have been made with regulatory agencies in Europe. Taxol also was approved for marketing in Canada.
 The company said that during the fourth quarter, anti-cancer drug sales increased substantially. Pravachol, the company's new cholesterol-lowering agent, achieved over $370 million in annual sales worldwide. Cefzil, the company's new oral cephalosporin antibiotic, recorded sales of nearly $100 million in its first year of marketing.
 Strong performances were exhibited by the company's medical device business, including significant increases in sales of knee replacements, ostomy and arthroscopy products. In its nutritional business, Gerber Baby Formula fourth quarter sales showed good increases over the third quarter. Among the nonprescription medicines introduced during the fourth quarter were Aspirin Free Excedrin Dual, Backache from the makers of Nuprin, and KeriCort 10 Cream.
 Mr. Gelb said that the restructuring charge, which includes the costs of reducing employment levels and streamlining worldwide production and distribution operations, would allow the company to make the necessary changes in its operations to further enhance its competitive position during a period of great change in its businesses. Future benefits will include operating efficiencies and cost savings in manufacturing, distribution and administration. These ultimately will provide additional resources for investing in future growth, including necessary expenditures for research and development and sales and marketing.
 BRISTOL-MYERS SQUIBB COMPANY
 Summary of Consolidated Sales and Earnings
 (In Thousands of Dollars Except for Per Share Amounts)
 Quarter Ended Dec. 31: 1992 1991
 Net Sales $2,823,811 $2,803,982
 Expenses:
 Cost of Products Sold
 and Other Expenses 2,105,670 2,125,736
 Provision for Restructuring 890,000 --
 Total 2,995,670 2,125,736
 (Loss)/Earnings from Continuing
 Operations Before Income Taxes (171,859) 678,246
 (Benefit)/Provision for Income
 Taxes (128,778) 184,335
 (Loss)/Earnings from Continuing
 Operations (43,081) 493,911
 Discontinued Operations:
 Earnings, net of taxes 20,965 16,052
 Gain on Disposal, net of taxes 605,116 --
 626,081 16,052
 Net Earnings (A) $ 583,000 $ 509,963
 Per Common Share:
 (Loss)/Earnings from Continuing
 Operations ($ .08) $.95
 Discontinued Operations:
 Earnings .04 .03
 Gain on Disposal 1.17 --
 Total 1.21 .03
 Net Earnings (A) $1.13 $.98
 (A) -- Excluding the net earnings of Drackett ($.04 per share after taxes in 1992 and $.03 per share after taxes in 1991), the gain on its sale ($1.17 per share after taxes), the restructuring charge ($1.10 per share after taxes) and the incremental expenses resulting from the adoption of the new accounting standard ($.03 per share after taxes), net earnings increased 9 percent to $540 million and 11 percent to $1.05 per share, on a comparable basis.
 #
 BRISTOL-MYERS SQUIBB COMPANY
 Summary of Consolidated Sales and Earnings
 (In Thousands of Dollars Except for Per Share Amounts)
 Year Ended Dec. 31: 1992 1991
 Net Sales $11,155,879 $10,571,183
 Expenses:
 Cost of Products Sold
 and Other Expenses 8,278,851 7,786,954
 Provision for Restructuring 890,000 --
 Total 9,168,851 7,786,954
 Earnings from Continuing
 Operations Before Income Taxes 1,987,028 2,784,229
 Provision for Income Taxes 449,175 793,435
 Earnings from Continuing
 Operations 1,537,853 1,990,794
 Discontinued Operations:
 Earnings, net of taxes 64,741 64,711
 Gain on Disposal, net of taxes 605,116 --
 Total 669,857 64,711
 Earnings Before Cumulative
 Effect of Accounting Change 2,207,710 2,055,505
 Cumulative Effect of Accounting
 Change (net of income tax
 benefit of $144,483) (B) (246,012) --
 Net Earnings (C) $ 1,961,698 $ 2,055,505
 Per Common Share:
 Earnings from Continuing
 Operations $2.97 $3.82
 Discontinued Operations:
 Earnings .12 .13
 Gain on Disposal 1.17 -
 Total 1.29 .13
 Earnings Before Cumulative
 Effect of Accounting Change 4.26 3.95
 Cumulative Effect of Accounting
 Change (B) (.47) -
 Net Earnings (C) $3.79 $3.95
 Average Common Shares Outstanding 517,967 520,869
 (B) -- 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 January 1, 1992.
 (C) -- Excluding the net earnings of Drackett ($.12 per share after taxes in 1992 and $.13 per share after taxes in 1991), the gain on its sale ($1.17 per share after taxes), the restructuring charge ($1.10 per share after taxes) and the cumulative effect ($.47 per share after taxes) and incremental expenses ($.03 per share after taxes) resulting from the adoption of the new accounting standard, net earnings increased 7 percent to $2,121 million and 7 percent to $4.10 per share, on a comparable basis.
 (D) -- Sales of Drackett were $571 million in 1992.
 -0- 1/21/93
 /CONTACT: Anthony Carter of Bristol-Myers Squibb, 212-546-4339
 (BMY)


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

TS -- NY011 -- 7235 01/21/93 08:45 EST
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