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AMERICAN HOME PRODUCTS REPORTS RECORD SALES AND EARNINGS FOR 1991

 AMERICAN HOME PRODUCTS REPORTS RECORD SALES AND EARNINGS FOR 1991
 NEW YORK, Jan. 15 /PRNewswire/ -- American Home Products Corporation (NYSE: AHP) today reported record sales and earnings for the fourth quarter and 12 months ended Dec. 31, 1991.
 Net sales were $1,819,805,000 for the 1991 fourth quarter, an increase of 13 percent from the prior year. Net sales for the 12 months ended Dec. 31, 1991, were $7,079,443,000, 11 percent higher than results for the comparable 1990 period, excluding results of the company's worldwide household products and depilatory businesses, which were sold effective June 29, 1990. Net sales for the full year increased 4 percent in 1991 including the results of the businesses sold in the prior year.
 John R. Stafford, chairman and chief executive officer, said, "The results for the fourth quarter and 12 months reflect the continued strong performance of U.S. pharmaceutical sales. These results in pharmaceuticals were achieved primarily through sales gains in the female health care product line, as well as the favorable market acceptance of two new products, Lodine (NSAID/osteoarthritis) and Norplant (subdermal contraceptive)."
 Net income of $372,605,000 for the 1991 fourth quarter was 14 percent higher than year ago levels. Twelve month net income of $1,375,273,000 in 1991 increased 12 percent. Earnings per share for the fourth quarter of 1991 were $1.18, 13 percent above the prior year level. Earnings per share of $4.36 for the full year were 11 percent above 1990 levels.
 Net sales of health care products increased 16 percent worldwide for the 1991 fourth quarter and 13 percent for the 12-month period.
 The following table illustrates results within this segment:
 Three Months 12 Months
 ended 12/31/91 ended 12/31/91
 Pct. Inc. Pct. Inc.
 Net Sales $ in 000s from 1990 $ in 000s from 1990
 Pharmaceuticals $1,045,628 19 $4,018,035 16
 Consumer health care 367,419 16 1,435,750 10
 Medical supplies and
 diagnostic products 193,107 3 766,570 3
 Total health care 1,606,154 16 6,220,355 13
 Net sales of food products were 5 percent lower for the 1991 fourth quarter and 1 percent higher for the 12 months ended Dec. 31, 1991. Results in this segment are consistent with industry trends and reflect increased competitive conditions.
 Income before taxes increased 12 percent for the 1991 fourth quarter. Income before taxes for the 12 months ended Dec. 31, 1991, was 4 percent below year ago levels due to the nonrecurring items discussed below. Excluding those items, full year income before taxes increased 18 percent in 1991.
 Prior year 12-month results included a pre-tax gain from the sale of the worldwide household products and depilatory businesses of approximately $1 billion. In addition, prior year results included $656,906,000 of net special charges, principally for the writedown of certain intangible assets, for reorganization and plant consolidation programs, and for post-retirement health care, products and environmental liabilities. The net impact of the gain and the special charges was an increase in 1990 net income of approximately $105 million.
 AMERICAN HOME PRODUCTS CORPORATION
 (In thousands except per share amounts)
 Periods ended Three Months 12 Months
 Dec. 31 1991 1990 1991 1990
 Net sales(A) $1,819,805 $1,613,220 $7,079,443 $6,775,182
 Income before taxes(B) 464,036 415,236 1,759,810 1,828,278
 Federal and foreign
 taxes on income 91,431 87,028 384,537 597,681
 Net income(B) 372,605 328,208 1,375,273 1,230,597
 Net income per share(B) $1.18 $1.04 $4.36 $3.92
 Average no. of shrs.(C) 316,145 314,394 315,726 314,066
 (A) -- Results for the 12 months ended Dec. 31, 1990, included sales of $415 million related to the worldwide household products and depilatory businesses, which were sold effective June 29, 1990.
 (B) -- 1990 fourth quarter results included the reversal of approximately $40 million of previously recorded liabilities related to the merger with A.H. Robins Company, Incorporated. 1990 full year results included a pre-tax gain of approximately $1 billion on the sale of the company's household products and depilatory businesses and $657 million of net special charges. These nonrecurring items resulted in an increase in net income of approximately $35 million and $105 million, respectively, for the 1990 periods.
 (C) -- Average number of common shares outstanding during each period assuming full conversion of preferred stock.
 -0- 1/15/92 R
 /CONTACT: John L. Skule (media), 212-878-5015, or John R. Considine (investors), 212-878-6429, both of American Home Products/
 (AHP) CO: American Home Products Corporation ST: New York IN: HOU SU: ERN


GK-TS -- NY021R -- 0161 01/15/92 16:21 EST
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Date:Jan 15, 1992
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