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Pharmacia year-end results

This article was originally published in The Tan Sheet

Executive Summary

Consumer healthcare sales up 10.6% to $229 mil. in fourth quarter and 13.3% to $829 mil. for the year, "representing a second consecutive year of double-digit sales growth," firm reports Feb. 19. Gains were driven by "strong growth" in Nicorette smoking cessation franchise, which recorded sales increases of 15% in Q4 and 31% for the year. Pharmacia's total sales were flat at $3.74 bil. in the quarter and $13.99 bil. in 2002. On a reported basis, net earnings leapt to $554 mil. in Q4 from $86 mil. the previous year, spurred by one-time gain of $100 mil. from a patent infringement settlement with Allergan, $26 mil. from product licensing rights. Net earnings for 2002 dipped 60.2% to $1.5 bil. Firm's acquisition by Pfizer expected to close in Q1 2003 (1"The Tan Sheet" Jan. 27, 2003, p. 5)...
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