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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (928)	10/15/1998 6:13:00 PM
From: Anthony Wong	Respond to of 1722

Monsanto 3rd-Qtr Profit Falls 16% as Seed Business Expands Bloomberg News October 15, 1998, 4:49 p.m. ET Monsanto 3rd-Qtr Profit Falls 16% as Seed Business Expands St. Louis, Oct. 15 (Bloomberg) -- Monsanto Co., one of the world's largest agricultural biotechnology companies, said third- quarter profit fell 16 percent as it spends to develop new products and integrate acquired seed businesses. Profit before charges fell to $87 million, or 13 cents, from $103 million, or 17 cents, a year earlier. Results matched the average estimate of analysts polled by First Call Corp. Monsanto, which also makes drugs, said sales rose 15 percent to $1.99 billion from $1.72 billion. Sales were boosted by a $140 million payment from Pfizer Inc. under a marketing agreement for a Monsanto arthritis drug expected to go on the market in 1999. In the latest quarter, a charge of $187 million, or 30 cents, for research and development associated with the acquisitions made a final loss of $100 million, or 17 cents. In the year-earlier period, Monsanto took a charge of $270 million, or 45 cents, stemming from another acquisition and had income from its discontinued chemical businesses of $34 million, or 6 cents. That made a final loss of $133 million, or 23 cents. Monsanto on Tuesday ended a planned $35 billion merger with American Home Product Corp., a combination analysts and investors thought would have benefited both companies. Monsanto shares rose 3 1/4 to 37 1/4. --Kerry Dooley in the Princeton newsroom (609) 279-4016 /bab