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Upjohn 3Q meets target
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October 29, 1998: 8:33 a.m. ET
Pharmacia & Upjohn global sales climb 10%, U.S. sales soar nearly 30 %
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NEW YORK (CNNfn) - Pharmacia & Upjohn reported a 10 percent jump in third-quarter sales Thursday and said it's on track to meet its goal of double-digit growth for the full year.
The Bridgewater, N.J., pharmaceutical company, maker of Rogaine and Nicorette, posted net income of $219 million, or 41 cents a share, for the three months ended Sept. 30, up from $79 million, or 15 cents a diluted share, last year.
Last year's results, however, included expenses related to the spinoff of the bulk of Pharmacia & Upjohn's biotech business, which amounted to $34 million, or 6 cents a share on an after-tax basis. It also included charges of 14 cents a share for restructuring.
On an operating basis, the company earned 41 cents a share, compared with 35 cents a share in the year-ago quarter, in line with Wall Street estimates.
Sales, excluding those related to its spun-off biotech business, rose more than 7 percent to $1.67 billion from $1.52 billion in the same quarter of last year. A 29 percent increase in domestic sales helped offset a 17 percent plunge in Japanese sales.
"We are pleased with the results we are reporting for this quarter, CEO Fred Dassan said. "Our turnaround continues on track driven by our sharp recovery in the United States and improving sales in Europe. We also continue to make progress in reducing overheads."
He added Pharmacia & Upjohn remains "committed to double-digit earnings growth for the full year."
In the second quarter, Pharmacia & Upjohn divested 55 percent of its biotech business, which became a separate company, Amersham Pharmacia Biotech. Some of the expenses of that divestiture were carried through to the third quarter.
For the nine month period, the company earned $595 million, or $1.13 per share before nonrecurring items, compared with $556 million, or $1.06 per share, last year.
Shares of Pharmacia and Upjohn (PNU) closed down 3/16 Wednesday at 47-13/16 on the New York Stock Exchange. 
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Pharmacia & Upjohn
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