Pharmacia & Upjohn Takes $436M Charge In 1996

Pharmacia & Upjohn took a charge of $36 million net of tax in 1996 fornon-recurring items which included merger costs and restructuring charges. Including the charge, the firm's net earnings for the year were $562 million, and earnings per share were $1.07. Excluding non-recurring items, net income was $998 million and EPS was $1.90.

Turnover achieved in 1996 was $7.18 billion, an increase of 3.3%. The firm said that sales were driven by performances of new products and marketing synergies. It was noted that the strengthening US dollar, particularly against certain currencies such as the yen, reduced 1996 sales by 2%.

In the fourth quarter of 1996, turnover was $1.94 billion, up 7.5%. Net earnings were $268 million before non-recurring items, and EPS was 51 cents. The quarter's non-recurring items amounted to $42 million or 8 cents.