Net Income Falls At Pharmacia & Upjohn

Pharmacia & Upjohn has reported falling net income and unchanged sales for the second quarter of 1996. The London, UK-based company said that sales were adversely affected by the stronger US dollar and the biennial price decrease in Japan. Also, restructuring charges and merger costs have exceeded the firm's estimates.

Sales for the second quarter of 1996 were flat at $1.8 billion. Net income was $82 million, compared with $232 million in the like, year-earlier period. Earnings per share were $0.51, up 10.8%. Net income before restructuring charges, merger costs and other nonrecurring items were $269 million, up 12.1%.

For the six-month period, sales advanced 1.8% to $3.5 billion. Net income was $132 million, compared with $470 million in the 1995 first half, and EPS was $0.95, up 9.2%. Net income before charges and costs was $498 million, an increase of 9.9% on the like, year-earlier period.