Strong Gains By US Firms In 2nd Quarter

Many of the US pharmaceutical companies currently posting financial results for the second quarter of 1994 have revealed strong gains. Among the strong performers are Schering-Plough, Johnson & Johnson, Pfizer, Warner-Lambert and Merck & Co. The latter has benefited from the marketing efforts of its Medco unit.

Allergan president and chief executive William Shepherd, speaking about the company's second-quarter results, said "we are excited about our 10% sales growth performance. However, our net earnings continued to be negatively affected by the 4% increase in our effective tax rate that resulted from the changes to Section 936, the Puerto Rico exemption. Still, our stock repurchases over the past year have resulted in an increase in earnings per share from continuing operations."

Allergan's eye care pharmaceutical business achieved sales of $100.9 million in the second quarter, up 11%. Allergan Herbert skin care product sales were $8.1 million, and sales from the ophthalmic surgical business were $33.9 million, up 22%. The optical contact lens care business accumulated sales of $81.8 million, a rise of 2%.