Merck’s Income Rises, but Bristol-Myers’ Falls
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Merck & Co. said its new product sales boosted profit 17.5% in the second quarter, while another pharmaceutical company, Bristol-Myers Squibb Co., said its profit was slightly lower due to infant formula litigation costs.
Chairman and Chief Executive P. Roy Vagelos said Merck’s best performers were products that treat high blood pressure, symptomatic congestive heart failure, high cholesterol and ulcers.
Net income was $653.4 million, or 57 cents per share, on sales of $2.4 billion. In last year’s April-June quarter, the company earned $556 million, or 48 cents, on sales of $2.12 billion.
Bristol-Myers earned $488 million, or 94 cents per share, down from $489.5 million, or 94 cents, a year earlier.
Sales rose 5% to $2.88 billion from $2.73 billion.
Bristol-Myers said its results were depressed by a $46-million pretax charge for proposed settlements of class-action lawsuits and a Federal Trade Commission action relating to the firm’s infant formula business.
The company’s Mead Johnson subsidiary agreed earlier this month to settle infant formula price-fixing charges brought in an FTC civil suit.
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