2.8 Bill Kroner Interim Profits For Pharmacia

A 58% increase in operating profits to 2.76 billion Swedish kroner ($364 million) in the first six months of 1994 was announced by Swedish drug company Pharmacia last week. Adjusted for nonrecurring items, the increase was 25%. Net income rose 85% to 1.58 billion kroner, and earnings per share were 11.41 kroner, up 33.45%. Revenues for the first half were 13.68 billion kroner, up 2%. After adjustments for divested operations the increase was 4%.

The interim results were boosted by cost-cutting resulting from Pharmacia's acquisition of the Italian pharmaceutical business Farmitalia Carlo Erba, and were ahead of market expectations.

There were slight declines in sales by the company's two main drug products. Sales of Genotropin, a growth hormone, were down 1% to 1.3 billion kroner, and sales of the ophthalmic surgery aid Healon (hyaluronic acid) declined 1% to 797 million kroner, but a favorable sales trend was noted in European markets.