Action By Pharmacia & Upjohn To Improve

A pledge to improve performance was made by Richard Brown, Pharmacia &Upjohn's chairman, when the company announced its financial results for the first three months of 1997. P&U had previously warned that the performance would not be good (Marketletter April 28).

Jan Ekberg, president and chief executive, said: "a number of actions have been implemented and others are now being launched" which will "significantly improve short- and long-term results of this company." Furthermore, the firm indicated that it has progressed in its search for a new chief executive, and expects to make an announcement in the near future.

Sales in the quarter were down 6.1% to $1.6 billion, net earnings declined 15.3% to $194 million before nonrecurring items, and earnings per share were down 15.9% to 37 cents. 5% of the sales decline was attributed to foreign exchange effects and trade inventory building.