Drug Companies: Bristol-Myers Co., maker of Bufferin...

Drug Companies: Bristol-Myers Co., maker of Bufferin and Excedrin pain relievers, reported its first-quarter profit rose 12.6% to a record level. Two other companies in the pharmaceutical business--Squibb Corp. and Schering-Plough Corp.--also posted healthy earnings for the quarter. Bristol-Myers said net income rose to $237 million in the three months ended March 31, up from $210.6 million a year earlier. Sales rose just over 5% to $1.60 billion from $1.52 billion. Squibb said its first-quarter earnings rose 17.2% to $106.5 million from $90.9 million a year earlier. Sales increased 11% to $662.7 million. Schering-Plough said its first-quarter net income totaled $125.7 million, up 23.8% from the comparable 1988 period. Revenue increased 10.5% to $831.8 million from $752.5 million.

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