Pharmacia Net Income Quadruples With Gain
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Bloomberg News
Drug company Pharmacia Corp. said first-quarter net income more than quadrupled, thanks in part to one-time gains.
Net income rose to $1.11 billion, or 84 cents a share, from $250 million, or 19 cents, a year earlier. The latest quarter included a gain of 49 cents a share on a sale of assets.
Pharmacia said operating earnings were up 11%, while sales eased 3% to $3.1 billion. It forecast 10% earnings growth this year.
Pharmacia shares fell 36 cents to $43.26 on the NYSE.
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