Pharmacia Reports 32% Increase in Profit

Pharmacia Corp. said its profit from continuing operations rose 32% in the fourth quarter to $417 million, or 32 cents a share, from $316 million, or 24 cents, a year earlier as it cut back on research spending. Sales from continuing businesses rose 8% to $4.55 billion, led by Celebrex, the top-selling prescription arthritis drug. Sales of Celebrex, which Pharmacia acquired in a March merger with Monsanto Co., rose 55% to $772 million. Pharmacia’s sales were slightly less than some investors and analysts had expected, although Celebrex sales topped many estimates, analysts said. The company cut research spending 2% to $680 million as it focused Monsanto’s lab work on crops such as cotton and soybeans and held down other costs to finance its advertising for Celebrex in a battle against Merck & Co.’s painkiller, Vioxx. Shares of Peapack, N.J.-based Pharmacia rose 23 cents to close at $54.23 on the NYSE.