Profits Warning And Restructuring At P&U
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.
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