Several Pharmaceutical Firms Enjoy Gains

Several major drug companies, including SmithKline Beckman and Schering-Plough, reported a substantial increase in their first-quarter earnings, with some attributing the gains to the weaker dollar.

SmithKline Beckman, leading the pack in quarterly earnings, posted a 25% increase in its net income on a 15% increase in revenue.

The Philadelphia-based company said of its business segments contributed to the improvement.

Schering-Plough, based in Madison, N.J., said its net income rose 24% in the quarter ended March 31. Revenue was up 12% from a year earlier.

Schering-Plough Chairman and Chief Executive Robert P. Luciano attributed the higher first-quarter earnings primarily to a strong performance by the pharmaceutical businesses and to continued cost controls and improvements in operating and production efficiencies. Schering-Plough, said the dollar’s weakness was partly responsible for their strong quarterly performance.

“The international pharmaceuticals businesses performed particularly well during the quarter, led by dermatological and allergy, asthma and cold products,� Luciano said.

Schering also produces Fibre Trim and Dr. Scholl’s foot care line.

New York-based Bristol-Myers, the manufacturer of Bufferin, Excedrin and Comtrex, said net its income rose 20%.

Quarterly revenue was the highest in the company’s history, increasing 13% to $1.34 billion.

Eli Lilly & Co. of Indianapolis said net income rose 18% on a 7% increase in revenue.

Lilly’s products include analgesics, antibiotics, sedatives and vitamins.