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AMERICAN HOME PRODUCTS CORPORATION REPORTS SALES AND EARNINGS FOR THE SECOND QUARTER AND FIRST HALF OF 1993

 NEW YORK, July 15 /PRNewswire/ -- American Home Products Corporation (NYSE: AHP) today reported sales and earnings for the second quarter and first six months of 1993. Net sales were $1,909,416,000 for the 1993 second quarter, 8% above year ago levels. Net sales for the 1993 first half were $4,020,431,000, 7 percent higher than 1992 results.
 Net income was $287,490,000 for the 1993 second quarter, 9 percent above 1992 levels. Net income per share was $.93 for the 1993 second quarter, 11 percent above 1992 levels. Net income for the 1993 first half was $688,999,000, compared to $716,861,000 for the same period in 1992. First half net income per share for 1993 was $2.22, compared to $2.27 for the first half of 1992. The 1992 first half results included the impact of the adoption of Statement of Financial Accounting Standards ("SFAS") No. 109 - "Accounting for Income Taxes", the adoption of SFAS No. 106 - "Employers' Accounting for Postretirement Benefits Other Than Pensions" and a $220,000,000 charge for acquired research in connection with the acquisition of Genetics Institute, Inc. Excluding the impact of the accounting changes and the charge for acquired research from 1992 results, net income and net income per share for the 1993 first half increased 10% and 12%. The growth in net income per share reflects the Company's acquisition of 4.4 million shares of common stock in the first half of 1993.
 Net sales of health care products increased 9 percent worldwide in the 1993 second quarter and 7 percent in the first half. The following table illustrates results within the segment:
 3 Months Ended 6/30/93 6 Months Ended 6/30/93
 ---------------------- ----------------------
 Pct. Incr. Pct. Incr.
 $ in 000's from 1992 $ in 000's from 1992
 ---------- --------- ---------- ---------
 Pharmaceuticals $1,117,496 7 Pct. $2,374,083 8 Pct.
 Consumer Health Care 354,506 13 Pct. 803,012 7 Pct.
 Medical Supplies and
 Diagnostic Products 217,271 9 Pct. 424,919 6 Pct.
 Total $1,689,273 9 Pct. $3,602,014 7 Pct.
 U.S. pharmaceutical sales increased 9 percent for the second quarter and 8 percent for the first six months of 1993, led by unit volume growth in the infant nutritional and cardiovascular product categories.
 International pharmaceutical sales increased 5 percent for the second quarter and 7 percent for the first half of 1993, principally due to increased unit sales of female health care products.
 Consumer health care sales increased 13 percent worldwide for the 1993 second quarter and 7 percent for the first half. Second quarter results were favorably impacted by increased sales of oral health care products in Latin America. First half results in 1993 reflect unit sales shortfalls in the U.S. analgesic market, and a less severe cold and flu season as compared to the 1992 season.
 Sales of medical supplies and diagnostic products increased 9 percent for the second quarter and 6 percent for the first half of 1993.
 Net sales of food products increased 8% for the second quarter and 4 percent for the first six months of 1993. The sales growth was attributable to the acquisition of M. Polaner, Inc., a manufacturer of jams, jellies and wet spices, in March 1993.
 AMERICAN HOME PRODUCTS CORPORATION
 FINANCIAL NEWS
 FOR IMMEDIATE RELEASE


The comparative results are as follows: (In thousands except per share amounts)
 3 Months Ended 6 Months Ended
 --------------------- --------------------
 Restated Restated
 6/30/93 6/30/92 6/30/93 6/30/92
 --------- --------- --------- ---------
 Net Sales $1,909,416 $1,759,867 $4,020,431 $3,761,906
 Income Before Taxes -
 Operations 391,242 377,862 940,616 896,960
 Special Charge (1) --- --- --- (220,000)
 ---------- ---------- ---------- ----------
 391,242 377,862 940,616 676,960
 Federal and Foreign Taxes
 on Income (2) 103,752 114,369 251,617 270,203
 ---------- ---------- ---------- ----------
 Income Before Accounting
 Changes 287,490 263,493 688,999 406,757
 Cumulative Effect of
 Accounting Changes:
 - Income Taxes (2) --- --- --- 383,295
 - Postretirement Ben.
 Other Than Pensions(3)--- --- --- (73,191)
 ---------- ---------- ---------- ----------
 Net Income $ 287,490 $ 263,493 $ 688,999 $ 716,861
 ========== ========== ========== ==========
 Earnings Per Share
 Income Before Accounting
 Changes $ .93 $ .84 $2.22 $1.29
 Cumulative Effect of
 Accounting Changes:
 - Income Taxes --- --- --- 1.21
 - Postretirement Benefits
 Other Than Pensions --- --- --- (.23)
 ---------- ---------- ---------- ----------
 $ .93 $ .84 $2.22 $2.27
 ========== ========== ========== ==========
 Average Number of
 Shares * 309,917 314,669 310,933 315,517 *Average number of common shares outstanding during each period assuming full
conversion of preferred stock. (1) The special charge of $220,000,000 related to the portion of the
 purchase price of Genetics Institute, Inc. ("G.I.") that
 represented acquired research. The Company acquired an
 approximate 60% interest in G.I. on January 16, 1992. (2) Effective in the first quarter of 1992, the company adopted
 Statement of Financial Accounting Standards ("SFAS") No. 109 -
 "Accounting For Income Taxes". The new standard required the
 recognition, as of January 1, 1992, of the tax benefit related
 to the A.H. Robins net operating loss carryforward as of
 January 1, 1992 and certain other tax benefits not previously
 recognized under SFAS No. 96. (3) Results for 1992 reflected the adoption of SFAS No. 106 -
 "Employers' Accounting for Postretirement Benefits Other Than
 Pensions". The new standard required the Company to record its
 accumulated postretirement benefit obligation as of January 1,
 1992, in excess of amounts previously recorded.
 -0- 7/15/93
 /CONTACT: John L. Skule, Media Contact, 212-878-5015, or Thomas G. Cavanagh, Investor Contact, 212-878-5706, both of American Home Products/
 (AHP)


CO: Amerian Home Products ST: New York IN: HOU SU: ERN

DH -- NY018 -- 1842 07/15/93 10:10 EDT
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Date:Jul 15, 1993
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