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This article was originally published in The Gray Sheet

Executive Summary

Earnings per share for first quarter 1993 "will likely be in the range of $1.20 to $1.30, compared with $1.51 in the first quarter of 1992," the firm says in a March 15 release. Vaughn Bryson, president and CEO, attributes the decline to lackluster sales of anti-infectives, which "are being affected by a relatively mild flu season and increased competition in the U.S. and Western Europe from other anti-infectives," and to a slowdown in medical devices and diagnostics division sales due to "competitive pressures and the continued production halt at Physio-Control Corporation of products for U.S. shipment." FDA barred Physio-Control from manufacturing in July 1992 due to good manufacturing practice deficiencies and medical device reporting problems ("The Gray Sheet" July 27, 1992. p. 1).
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