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P&G Q2

This article was originally published in The Rose Sheet

Executive Summary

Procter & Gamble CEO A.G. Lafley highlights consumer products giant's interest "in biotechnology and nanotechnology" during Jan. 27 second quarter sales and earnings call. "They're both potentially transformative technologies," exec says, adding, "We are committed to innovation and innovation leadership, but we are in very early stages" of development in those areas. Reported net sales in Q2 including Gillette increased 27% to $18.3 bil. and net income was up 29% to $2.55 bil. Beauty care revenues were up 7% to $5.37 bil., including a negative 2% foreign exchange impact, and net earnings in the segment advanced 7% to $848 mil. Skin care generated double-digit volume growth on products like Olay Renegerist and Total Effects Cleansing, according to the company. Health Care net sales grew 29% to $2.64 bil., driven by the addition of Gillette oral care, and net earnings were $27 mil., up 41%. Gillette blades and razors sales for the quarter grew 6% to $1.15 bil. on M3Power, Venus Vibrance and disposables, versus pro forma results released Oct. 4, 2005. Reported net earnings before income and taxes rose 11% to $375 mil. versus pro forma results. P&G predicts net sales in FY 2006 will increase 18%-20%, company adds...

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