Profits Warning And Restructuring At P&U

8 July 1997

An official profits warning was made by Pharmacia & Upjohn after USanalysts reported that they were approached by the firm and urged to lower their forecasts for the company's 1997 second quarter and the full year (Marketletter July 7).

The warning is the firm's fourth in under a year, and the first one to come from P&U's new chief executive, Fred Hassan, who announced it alongside revealing some major steps to restructure the company. He said that the measures would include management and structural changes to simplify decision-making and improve performance.

To simplify the company's structure and systems, Mr Hassan is dismantling P&U's three pharmaceutical product centers in Stockholm, Sweden, Milan, Italy, and Kalamazoo in the USA.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >

Today's issue

Company Spotlight

Ironwood is a US-based biotech advancing a pipeline of medicines in multiple areas of significant unmet need, including irritable bowel syndrome with constipation ((IBS-C)/chronic idiopathic constipation (CIC), vascular and fibrotic diseases, and refractory gastroesophageal reflux disease, among others.