R-PR's 18% EPS Rise Drives Parent Co In 3rd Qtr
Franco-American pharmaceutical company Rhone-Poulenc Rorer reported a pro forma increase in earnings per share in the third quarter of 1996 of 18% to 72 cents. The company said that the financial results for the quarter were impacted by the voluntary recall of blood plasma products Albuminar and Plasma Plex by Centeon, a subsidiary in which R-PR has a 50% stake (Marketletter October 21). After adjustments for the recall of the products, EPS would have been 89 cents, representing a 46% pro forma increase.
Shipments of the recalled products are not expected to resume before 1997, according to R-PR.
Pretax profits for the quarter amounted to $158.1 million, up 9%. Operating income was $194.2 million, rising 34.5%. Sales for the quarter were $1.3 billion, down 1.4%.
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