Across its entire pharmaceutical division, which provides 56pc of turnover, sales grew by only 5pc.

American Home's pharmaceutical division, which accounted for 66 percent of the company's $13 billion in sales last year, has performed quite well.

"We think the value of the stock is supported by the pharmaceutical division alone," he said.

To the rest of the personnel he's just another volunteer subject for the pharmaceutical division.

Paint sales were higher, helping to offset a 9 percent decline in the company's struggling pharmaceutical division.

Outside of the borough, Pfizer's pharmaceutical division has a global campus.

Max Link, head of Sandoz's pharmaceutical division left earlier this year.

During the fight, Pennwalt sold off a pharmaceutical division and most of its equipment business.

It means the company's crucial pharmaceutical division had already deteriorated far more than any of us realized.

"But they have turned in some really solid numbers, especially in their pharmaceutical division."