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UPJOHN REVISES EARNINGS OUTLOOK FOR SECOND QUARTER; ANNOUNCES EARLY RETIREMENT PLAN

 UPJOHN REVISES EARNINGS OUTLOOK FOR SECOND QUARTER;
 ANNOUNCES EARLY RETIREMENT PLAN
 KALAMAZOO, Mich., June 17 /PRNewswire/ -- The Upjohn Company (NYSE: UPJ) announced today that it expected second-quarter earnings per share would not exceed those of a year ago and that as part of a continuing strategic review it will offer a special voluntary early retirement plan to employees in the U.S. and Puerto Rico. Costs of the plan, which will be charged to the third quarter, cannot be estimated at this time.
 Commenting on the second-quarter performance, Upjohn Chairman and Chief Executive Officer Theodore Cooper, said: "Despite the interruption in near-term earnings growth, we fully expect to complete 1992 with year-to-year gains in our consolidated sales and earnings.
 "There are three principal reasons for the unfavorable quarter-to- quarter comparison," Cooper said. "First is the decline in sales of Halcion related to controversy concerning the product; second is a weakness in our U.S. prescription pharmaceutical business due to unfavorable timing comparisons in buying patterns; and third is weakness in our agricultural businesses due to recessionary pressure and drought."
 Approximately 1,100 employees are eligible for the special voluntary early retirement plan. To be eligible for the plan, employees must be 53 or older on or before Sept. 1, 1992, and have a combination of age and years of service of at least 71. In order to focus resources in those areas which directly support ongoing operations and future prospects, employees in research and development and U.S. field sales representatives are not eligible for the plan. Eligible employees will have between July 1 and Aug. 17, in which to make their decisions; they must retire no later than Sept. 2, 1992.
 In addition to the early retirement plan, the hiring freeze announced in May remains in effect.
 "We believe we are making substantial progress in building the company's revenue potential. We anticipate the approval of up to six promising new products or product line extensions in 1992. We are improving our productivity through total quality initiatives, stringent expense control measures, controlled employment and a streamlined organizational structure," Cooper said
 The Upjohn Company is a worldwide, research-based provider of human health care products, animal health products, agronomic and vegetable seeds and specialty chemicals. Headquartered in Kalamazoo, the company has been dedicated to improving health and nutrition for more than a century.
 -0- 6/17/92
 /CONTACT: John P. Lambrechts of The Upjohn Company, 616-323-7076/
 (UPJ) CO: The Upjohn Company ST: Michigan IN: MTC SU: ERP


ML -- DE001 -- 0939 06/17/92 08:53 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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