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EARNINGS

April 20, 1993

Pharmaceutical leaders Merck & Co. and Warner-Lambert Co. both reported first-quarter earnings increases that closely follow Wall Street's expectations. Readington Township, N.J.-based Merck reported earnings of $614 million, or 54 cents per share, for the period ended March 31, up from $97 million, or 8 cents per share, for the same period in 1992. However, the company took a $462.4-million charge in the first quarter of 1992 for a change in accounting methods. Warner-Lambert, based in Morris Plains, N.J., reported first-quarter earnings of $182 million, or $1.35 per share, up 11% from $164 million, or $1.22 per share, during the same period of 1992.

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