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Pharmaceuticals: sales of 15 of the world's largest pharmaceutical companies rose 7% to $65.8 billion in the first quarter of 2002, while earnings rose 7% to $14.6 billion. (Industry Watch).

Pharmaceuticals: sales of 15 of the world's largest pharmaceutical companies rose 7% to $65.8 billion in the first quarter of 2002, while earnings rose 7% to $14.6 billion. However, compared to the pharmaceutical industry's performance in recent years, the results were less than expected. The seven companies with above average sales and earnings growth were Abbott Laboratories, AstraZenica, Aventis, Baxter International, Johnson & Johnson, Novartis and Pfzier. The largest gains were posted by Abbott, with sales increasing 18%, and Aventis, with a 31% jump in earnings. Companies with both negative sales and earnings for the quarter were Bristol-Myers Squibb and Eli Lilly, which faced growing competition from genetic drugs, and Merck, which suffered from patent expirations and negative currency effects. Eli Lilly posted a 9% decrease in sales, while Bristol-Myers' earnings plummeted 30%. Profit margins for the 15 companies grew 0.2% from the first quarter of 2001 to reach 23.9% for the first quarter of 2002.

Source: Chemical & Engineering News
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Publication:Instrument Business Outlook
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 15, 2002
Words:163
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