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Ns 5 sCZ> >n Is- 6* A 2 fi s-t a a ft 5? 5 II E gg>< pi g* | is 8 g. e `8 a3 f& IlIr> !Is to OJ c> 9 -*4 4n to CC VJI M O^ y-oj uCoNNso) ui U b H- -^4 \J\ C\ CO tOO 0On0 ~C-N4 yj yj o -si & 3? 5 & I I& O Z g3 gag aa & S. fCtl a&? 2. JQv3Q> vs cftn>* Isa ft *o cro o It T3 3 & !! - Q8. X I5 e: H 2 o y- ? to o cc co oi to vo \J0 Nto| tCoN ^M W Ul C\ *s as o h 1 so to to \Q J_ ^ to Ui 00 CO 00 Oto tOo ot--o 00 to to on io Ul Ol O 8 & 8 O to to - --M--ed--ical Agricultural Z ~ Z Chemicals shuton jacute nonlvmphocytic 1V J leukemia. During r 1987, i we acqf uire d the assets constituting the Coburn Professional Products business fGeorge Sella (pictured onpage 4), fra n k AtLee` W iliam life rs andAlbert Costello ! (picturedabove). Cochran business . nificandy higher OS 5 O to o \ ' , * w'P Chairman, Presidentand ChiefExecutive Offkt February 2,1988, 'Wayne, NewJersey CYANAMDD WORLDWIDE international business is one of evolution from largely an export and general managers o f our local subsidiary companies. to expand the company's operations. ranked about 220th on the 1986 Fortune 500 list. Lederle International,also is _ ' 3 D_' *T3 p o g3 m3 3. - i. ^a I. O1 cK g: m a- a 27 m er. S> n Q. |1gI n a. II a. $ o o3 . r- <f I|I <3 sn ^ s. a ss* a. g a *r ` | 5 n L 2 3 __$ a. U 2 B* ? I ?O ap - O' 4 a- 3 3 i I. | r p ? s- 1i ig 3a ae. S?L So. Europe, the Middle East, Scandinavia and North Africa has really everyone in the division commitred to generating new ideas, |g ih ^ .ri: s r *Q1cO3Sr' OJQfe. 03S 1?s VO fo Kj aIsSSwCi/3 Zow. -BUSINESS GROUPS 1987 PERFORMANCE REVIEW Sf a S S S. si I f I B: 5 a a i f1 * 111 !! 8- ** i g a' s ?5.. S5- IB I* a5 P <3_ 0 CL 03 b: ^ 6- 8 cr 5" 0. 5J B. 8 g L 383 [|. E83- ^ Ji* n* S-, I- 3 8: I'TcDr fit T3 83 3 sr o* I ! * ft $ s I 11 I 11 1S 1s. 1*8 ill 1* | S. 25 I. i g g. *s *8-8 l is i g. B* f R Srt>- g3 .*g Ua.j Uj Osw Cs> Oo sc <Os.s ' h.s fei Oo 3s' * 3- f a Siaj 1r HNANCIAIi FinancialReview EarningsStatements BalanceSheets Notes GeographicAreas ManagementStatenu Five-YearSummary DiscussionandAnaly ofFinancial Conditio, andResultsofOperat s i -StOv | Ss* a o .3 <S&* SSSc,* * Sa' Qog 2 * fif 13 56 Oo5 5 *r. f ?IJ. 0I S I 11 Si. Si. ijJf I^ s 3 i I~ 'S. ; 2 ge o E ' -S S ft i ! CD \p Cl c . ft 1 ~ * :< s i ` 3*: z: * St 2 2 n2 <caFp s g S' ga 3p nQ Bi S r8 wn 3 cl 3. 3 3 ? C 5- co & 3. \ts> >0f6cs .tfot- <vU 3? # D a . as- an I8 II COWWN CMM to s: as s : o |: && T3 *8 2* OJ N ^ < 0 ^ CO 5j M 3 N) ^ 50 g S' u. 2 ^ |8?|3I 3 S' I 8 c S s g 3' *- |>S S8^51 ss'p"'gssgi '3 3SP.3 si la. oo o r 3 so ISSODlJv 3 s I * 8- E Stag'Eg I 'vo c qc c ft 3 f{ B' f 9 S' p Q * ^ ** S. w L 5" n> OIs tso ^= 2^ SO :So p. 2 ! fe SSI'S g.8.g|i g. I tra g. g S-S- SB 3 p a2 tt e w g- 2 cl a| *8 3 I? & a See accompanying Notes to Consolidated Financial Statements. to h) -4 osn| wo c\ Cm to to t*M(5n ^4 Cm -4 GO 00 M Cm to NtC>M>\ <M tmM vNj yMMj n b\ m Cm oo c n ON -- Cm c n to to o o to -o on ce 00 00 H- ON Cm Cm n o to tO NM 45s 45s 45s otOo u45js bo n to to co O O' 4O5Ns OCcn n On Cn to rti S' C I t #I o o $ IQ> aaj ` n. JT 8 M5 g aS O4*. G'-I\ 00 Cs ^c\ \o> Cbov bHo> UJ 00 Ov so g to oo to ON b. VO I V/ S S/i VO Ot M yWi yrfNj Ss/o1 s/ v/ N) N) to yi &r o w Er ~ f?S! lIasss 'II iff I1S11| 3B &g H| 0 cr. Zl. 3 o 35 Cl }' I a 68 p a 3 o. li .|. 12-8' 1 < 1-8 ns go s *g O n uo oo n o It?- ^ Oj 4^n. ttOo ^4 ON .4_>s. OyJj N^ O\ WM t -040 ,y-s ^4 NK C/i ' 4 M ON On O00N 4- NO MUON 4is to O On to co NK)) \O0ft Ck COOu jj tCoMOOn mCOOJnXOOft ^NOi--OftiiSsNO^UJ o k o o si to o Oto Ouft NoOn ON NO ON >i j. vrSS>tJ. O ** Q< *aa scoa r|-ti O^ r 3 & g- s *tsIp 1p. go 24K? SO8 for all U S pension plans. The effect o f this change was not material to the Consolidated Financial Statements. Earnings for 1986 and 1985 have not been restated. oo a a nl* i **o if 4'S S 9 ! t3 ra fgt. g5 SS 28 f? 5* V5 ft1o1e*1n! I S3*2 O'T J n>S-F e \o < o is! | rs e 3 83 5R*-$ aa 33 |$ if 83 *5* 5* J5 3 !& f IS 2 3 >1 c. rt oo nr 3o- g Sin 3uif? 8.t ft 3 2 i= Po 31 In $6 8.3 a II sg 8X Z O^ 2s. ?*i 6? as S' I S8 M 2- e- . 2 | 2. g . * 2 g g & .I S5 | S2 | 8- so g 5: issued pursuant to stock option p la n ..................................................... Issuedpursuant to incentive compensation p la n .................................. - Balance at December 31,1987 ................................................. ....................................98,214,946 1-4 M W W _ _ 1491.1 0 c >3 > s4>--. 'CoO\ 0--^0 1I) 2 0b0o KCl\yO,S oso h (589,212) (7,423) 8,385,781 20.5 .3 S(282.6) contitiued Z I 3. 3 ft" ~ a2*, u2 3! aI g 2ca 1' 5. & & S' 3. ' 5g oo o1 iB. PO B l-ls 1 ill s p s. S- K n -=Hr Sn.' J3 o 31 SP 8* 3 3 3 2. Os'll g^- f3 &a.~g 2 ,2R ^asas a? So'w^*S3 1w11 Jn5> & a$/> O&> Ba Uo ho sr o g- rt(E.xci a ? S. |I Q- O ' s -- *Tm3 " a. 3 <r/>t a. 5oo y< 5*02 ?5S*S s, 91 || Ssl-H- &o ^ 2c/s a s6o3 faQ Q. ^ *o ` * S 3 ^ f"6 s? w S. gp& 23 os? a3 IB-a 8o 8 3 ro cro <4 r 5- f ag?3| 8 S \^o Ad s*" Q2 3 ntD o f5t a rEi'gg-JSBo.'cb . respective U & and foreign geographic areas, whereas provisions for taxes on income include all income taxes continued Accrued pension cost recognized on balance s h e e t......................................................... cGC M SSgtiS 8|SK IfliS 8L SL 8. ? II g. S *2 2 : n Is I|: g.1 j? 8 ; " j? I 5 s." If O 33 cnTD .-J " sr g sr S 3d I " 3 3 S S' 8 S' a S sg'ss! . "25; | x-" S|?o! > 5s a. | gS! l .V. o 2 IS s i n a i " > "C Scr -Pggn^n bal y. ' g aC. \fnO 3Q 8 i^ s* to o ` Q* K or?" f itvOi e Pto1 as& fill 1*as a 18 II; v = f aK 8 8 & '" 3a a gO O D 3 <P ^o 8 -211 S g 8- fa K 8 a- g58 Q ll g n 5 11 a 2 sr 8 * &3 5" H B& 5- S S S' ft D. S' I ss II gg -- N> C\ 00 3g33 S3 111 3 S- n >n o.*S i I $ 18.5 s & '- a 5 5`S^ i g G. oo l s.g g.^f s 28 o 83 C5 ta 1^ 12 gtt . VO 3 *S Sf i?< 3 e. s g. s' : i-f & O0 $268.1 9262.5 $202.6 c\ it-ui o oo to to to ce M 00 O NO K> NO ts> i On ON l M O' n | ) >-* NA *v On n o n a fes 6J OO NA sj \ \ fill fi> ft ni ri 3MS 3ffi-5 Og?ft 3S. H8 s ,13 :SZ NtsOJ 0\ (X n a Nn p -O o n On &M Ip--o 0A6 00 NA I* NNAft NifeO. s00j OJnK 4k 05 fO O NO U* NO O on NO 00 NA si NA C\ N> -- 00 On -~4 o n bo t H to 5C -4 oo N$. ijwb OOn -too ooon NO NO 60 4K On O 60 4k to NA NO On n | N/l NA NA 00 >- >3 N00A OMn N0A0 M m b M NA is M 4K On Hs UNA)H00 NO 00 NA . N> NA * NA v a O -*s NA o -- .ts 60 NA O sj sj !?N On Na 4k NNOA CsOj NCOC 33 C) C/5 sin continued Wn? oSS^p^eco. nSg^p^naa S&sS-PESSs S e-ffi'i n<g s 3 s a g. $ $ 1i B ! 51"- Siu'IlsK'D 5T saw D Z ,3sII |s a <S- B 0 S- S5 sg; 55: S 1-8 I. III ll S' 5 S n> s.g&& ll!fs &3 sI aS Ba a J' B 2 ItOQ O* SL|| oCl 3 E. a 25 ora 8o '6 ~ 3 a 3 e. 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S DO ilg!11 S p | gj S m "5 Islsll |l|l3 | s bi 9 8 2SI f5i 2i COMMITTEES Lloyd N. Cutler Ronald Halstead Paul W. MacAvoy Alexander M. Schmidt ,g^s g 5 5W Q* 23 S e 5, !.ai 2m: 33^38; far s;IaC3 Ss=r -S&? *g1 3 : j : |s 2Cr nn* -^ yro' Q.'< n H S " & a 5 a a 8 Q ^_O- rO "SG' $ ? li ' 00 n S? 3 3 8 1? g S' 3 S||l-a.s sa s e f885So& l&Ri gs ^Ti e:f 0-o f = 8 g. If -S I S ff I 8 fi&lsg o sc 3 3 < 1o -cf-*3-* arf Sq 335' g, & S' B. 3 5"o "S Q !} 3 g> "o 5o g2 3 n ?ag o R 25 S^lf a c l isj 5* Zo >c >* g3 |%N). -& WOO 883 o. * O o S' m sS gsg 8&5 & S. M 1c9 &ft 2Z sin geS &2 fTaS s-s.s v> o 9 ' Design: Pellegrini and Associates Inc- Major Photography: Cheryl Rossum 1988 Typography: Boro Typographers. Inc. rsrd < m I i--i Z o<Ti & s Printed in U.S.A. s-sn^-g B'> * jfl 8 3-1- 2S'lSp^l o-a.- w c l <? s q a 3 If?a.|.a | S 3^-5! CT5 W r-3 5'S 3 a. ere