Charges Stall 1st Qtr At P&U But Merger On Track

Pharmacia & Upjohn's net earnings in the first quarter of 1996 after restructuring charges were $49.9 million and earnings per share were 9 cents. Net earnings before charges relating to the merger of the two firms came in at $229 million and earnings per share were 44 cents, the firm reported from its base in London, in the UK. Sales for the quarter rose 3.5% to $1.7 billion.

Restructuring charges for the quarter amounted to $179 million net of tax, which was greater than expected. Total restructuring charges since the merger are $349 million, which includes redundancy provisions for almost 2,600 employees.

The number of people leaving the company by March 31, 1996, is over 1,200. This is said to be slightly ahead of expectations, and is on track to achieve a reduction of 4,100 as specified previously.