Pharmacia Net Income Quadruples With Gain

Drug company Pharmacia Corp. said first-quarter net income more than quadrupled, thanks in part to one-time gains.

Net income rose to $1.11 billion, or 84 cents a share, from $250 million, or 19 cents, a year earlier. The latest quarter included a gain of 49 cents a share on a sale of assets.

Pharmacia said operating earnings were up 11%, while sales eased 3% to $3.1 billion. It forecast 10% earnings growth this year.

Pharmacia shares fell 36 cents to $43.26 on the NYSE.