Profits Warning Blow For P&U
Pharmacia & Upjohn, the troubled Swedish-American company, has issued athird profits warning saying that sales for the first quarter of 1997 were down 6% and that it anticipates that earnings per share will be around 16% lower than the EPS achieved in the 1996 first quarter.
The sales shortfall has been attributed to negative currency developments, and customer inventory adjustments following a strong 1996 fourth quarter and weak European markets, in particular Germany and Sweden. Generic competition in the USA was also said to be a factor.
The firm's share price closed down 14% at $30.12 on the New York Stock Exchange on April 23, the day the announcement was made.
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