P&G Earnings Surge On Strong Drug Sales

29 October 2003

Procter & Gamble has posted a 20% surge in earnings for its fiscal first quarter.

The consumer goods colossus reported higher-than-expected net income of $1.76 billion (€1.51bn; £1.04bn) for the three months to September 30, up from $1.46bn in Q1 last year (when results were hit by a $113 million restructuring charge).

Sales jumped 13% to $12.2bn, due in part to shifts in foreign exchange rates.

P&G was also boosted by strong sales of newly launched over-the-counter drug Prilosec. Healthcare overall was the group's fastest growing business, reporting a 23% leap in volumes.

Data sourced from: Financial Times; additional content by WARC staff