BAXTER'S FOURTH-QUARTER PROFITS INCREASEBaxter International Inc. (NYSE:BAX) of Deerfield, Ill., predictedcontinued strong operating performance into the new year, asit reported a 28 percent rise in fourth-quarter profits. All ofthe company's operations showed sales growth in the fourthquarter, while full-year profits were reduced by a $566 millionpre-tax provision to cover the cost of the company's previouslyannounced restructuring program.

Fourth quarter ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 2,174,000 1,961,000 +11Net income 178,000 139,000 +28Net income per share .61 .47 +30Outstanding shares 282,000 284,000 negl.

Year ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 8,100,000 7,399,000 +9Net income 40,000 446,000 -91Net income per share (loss) (.05) 1.49 n.a.Outstanding shares 253,000 283,000 -11

PFIZER REPORTS 78 PERCENT RISE IN PROFITS

Pfizer Inc. (NYSE:PFE) of New York said the rise in fourth-quarter profits would have been only 16 percent instead of the78 percent increase it reported if last year's period did notinclude a $70 million pre-tax provision for an expected loss onthe sale of its pigments business.

Fourth quarter ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 1,785,300 1,494,000 +19Net income 154,800 87,100 +78Net income per share .92 .52 +77

Year ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 6,406,000 5,671,500 +13Net income 801,200 681,100 +18Net income per share 4.77 4.04 +18

ALZA REPORTS FOURTH-QUARTER GAIN

Alza Corp. (ASE:AZA) of Palo Alto, Calif., said that royalties onU.S. sales of Pfizer Inc.'s Procardia XL were primarilyresponsible for a rise in 1990 profits. Fourth-quarter profitsper share were reduced by about 2 cents due to preparationsof Alza's large-scale manufacturing facility in Vacaville, Calif.

Fourth quarter ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 31,140 24,519 +27Net income 6,601 5,463 +21Net income per share .19 .16 +18Outstanding shares 35,473 35,132 negl.

Year ended Dec. 31(Figures in thousands except per-share data.)

1990 1989 Percent change

Revenues 109,425 92,687 +18Net income 24,654 18,774 +31Net income per share .70 .55 +27Outstanding shares 35,304 34,381 +3

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