-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, tge5aa32wQRzmLXhH7BSd+KBuKZJmw52V1FFPgO+Z2/Qt0ANQhu6Z5i9nsaq8RWD 5PBp6bMa3huMeQE/EFA4Sg== 0000005187-95-000014.txt : 199506300000005187-95-000014.hdr.sgml : 19950630 ACCESSION NUMBER: 0000005187-95-000014 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN HOME PRODUCTS CORP CENTRAL INDEX KEY: 0000005187 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 132526821 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01225 FILM NUMBER: 95550698 BUSINESS ADDRESS: STREET 1: 5 GIRALDA FARMS CITY: MADISON STATE: NJ ZIP: 07940 BUSINESS PHONE: 201-660-5000 11-K 1 ===================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15 (d) of the Securities Exchange Act of 1934 for the year ended December 31, 1994 Commission File Number 1-1225 ------ AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN (Full title of the Plan) AMERICAN HOME PRODUCTS CORPORATION (Name of Issuer of the securities held pursuant to the Plan) Five Giralda Farms Madison, New Jersey 07940 (Address of principal executive office) ===================================================================== SIGNATURE ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN HOME PRODUCTS CORPORATION /s/John R. Considine By: ------------------------- John R. Considine Vice President - Finance Date: June 27, 1995 -2- SIGNATURE ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the American Home Products Corporation Savings Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN /s/Thomas M. Nee By: -------------------------- Thomas M. Nee Chairman of the American Home Products Corporation Savings Plan Committee Date: June 27, 1995 -3- AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994 AND 1993 TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS EMPLOYER IDENTIFICATION NUMBER - 13-2526821 PLAN NUMBER - 045 -4- AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN DECEMBER 31, 1994 AND 1993 INDEX PAGE ----- REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 6 Statements of Net Assets Applicable to Participants' Equity as of December 31, 1994 and 1993 7 - 8 Statement of Changes in Net Assets Applicable to Participants' Equity for the Year Ended December 31, 1994 9 Notes to Financial Statements as of December 31,1994 and 1993 10 - 14 SUPPLEMENTAL SCHEDULES: I. Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1994 15 II. Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1994 16 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS 17 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ----------------------------------------- To the Participants and Savings Plan Committee of the American Home Products Corporation Savings Plan: We have audited the accompanying statements of net assets applicable to participants' equity of the American Home Products Corporation Savings Plan as of December 31, 1994 and 1993, and the related statement of changes in net assets applicable to participants' equity for the year ended December 31, 1994. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets applicable to participants' equity of the American Home Products Corporation Savings Plan as of December 31, 1994 and 1993, and the changes in net assets applicable to participants' equity for the year ended December 31, 1994, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets applicable to participants' equity and statement of changes in net assets applicable to participants' equity is presented for purposes of additional analysis rather than to present the net assets applicable to participants' equity and statement of changes in net assets applicable to participants' equity of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP New York, New York June 1, 1995 American Home Products Corporation Savings Plan Statement of Net Assets Applicable to Participants' Equity As of December 31, 1994
Fidelity Fidelity International Fidelity Interest AHPC Common Magellan Fidelity Growth & Income U.S. Equity Income Fund Stock Fund Fund Balanced Fund Fund Portfolio Loan Fund Total Funds ----------- ----------- -------- ------------- --------------- ----------- --------- ----------- Plan Assets - ----------- Cash and Cash Equivalents $2,620,166 $1,726,851 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,347,017 Investments at Market Value 0 151,709,106 12,750,577 38,962,201 4,948,595 31,367,965 0 239,738,444 Group Annuity and Other Investment Contracts, at Contract Value 313,173,625 0 0 0 0 0 0 313,173,625 Receivable from AHPC 1,431,050 1,201,297 212,265 406,599 96,267 359,448 0 3,706,926 Loans to Plan Participants 0 0 0 0 0 0 26,129,187 26,129,187 --------- --------- ---------- --------- ----------- --------- ---------- ----------- Net Assets Applicable to Participants' Equity $317,224,841 $154,637,254 $12,962,842 $39,368,800 $5,044,862 $31,727,413 $26,129,187 $587,095,199 ============ ============ =========== =========== =========== =========== =========== ============ The accompanying notes to financial statements are an integral part of this statement.
-7- American Home Products Corporation Savings Plan Statement of Net Assets Applicable to Participants' Equity As of December 31, 1993
Fidelity Interest AHPC Common Fidelity U.S. Equity Income Fund Stock Fund Balanced Fund Portfolio Loan Fund Total Funds ----------- ----------- ------------- ----------- --------- ----------- Plan Assets - ------------ Cash and Cash Equivalent $2,690,635 $952,113 $ 0 $ 0 $ 0 $3,642,748 Investments at Market Value 0 139,518,120 37,570,982 24,316,654 0 201,405,756 Group Annuity and Other Investment Contracts, at Contract Value 291,781,015 0 0 0 0 291,781,015 Receivable from AHPC 1,875,601 1,069,963 509,336 449,660 0 3,904,560 Loans to Plan Participants 0 0 0 0 22,667,682 22,667,682 ------------ ---------- ----------- ------------ ----------- ------------ Net Assets Applicable to Participants' Equity $296,347,251 $141,540,196 $38,080,318 $24,766,314 $22,667,682 $523,401,761 ============ ============ =========== ============ =========== ============ The accompanying notes to financial statements are an integral part of this statement.
-8- American Home Products Corporation Savings Plan Statement of Changes in Net Assets Applicable to Participants' Equity For the Year Ended December 31, 1994
Fidelity AHPC Fidelity International Fidelity Interest Common Magellan Fidelity Growth and U.S. Equity Loan Income Fund Stock Fund Balanced Fund Income Fund Portfolio Fund Total Funds ----------- ----------- --------- ------------- ------------- ---------- --------- ----------- Additions: Participant Contributions $24,883,565 $13,862,869 $1,952,396 $9,111,888 $ 865,418 $7,504,880 $0 $ 58,181,016 Employer Contributions 8,180,586 7,150,029 461,477 2,517,655 228,357 2,228,727 0 20,766,831 Dividend Income on Investments 0 6,652,142 0 1,274,535 152,811 932,692 0 9,012,180 Interest on Group Annuity and Other Investment Contracts and Cash Equivalents 17,800,239 65,879 0 0 0 0 0 17,866,118 Net Depreciation of Investments 0 (3,719,095) (14,666) (3,673,577) (310,362) (611,059) 0 (8,328,759) ---------- ----------- -------- ---------- ---------- ---------- -------- ----------- Total Additions 50,864,390 24,011,824 2,399,207 9,230,501 936,224 10,055,240 0 97,497,386 Deductions: Distributions to Participants (23,217,521) (7,457,347) (58,410) (2,943,762) (1,861) (1,772,800) (791,797) (36,243,498) Transfer (to) from Other Funds (5,117,094) (2,987,611) 10,531,277 (5,032,966) 4,063,523 (1,457,129) 0 0 Loans Originated (7,826,313) (3,286,975) (214,442) (772,026) (43,363) (650,255) 12,793,374 0 Loan Repayments, Including Interest 6,174,128 2,817,167 305,210 806,735 90,339 786,043 (8,540,072) 2,439,550 ----------- ----------- ----------- ---------- ----------- -------- ---------- --------- Total Deduction (29,986,800) (10,914,766) 10,563,635 (7,942,019) 4,108,638 (3,094,141) 3,461,505 (33,803,948) Net Additions 20,877,590 13,097,058 12,962,842 1,288,482 5,044,862 6,961,099 3,461,505 63,693,438 Net Assets Applicable for Participants' Equity; Beginning of the year 296,347,251 141,540,196 0 38,080,318 0 24,766,314 22,667,682 523,401,761 ------------ ----------- ----------- ----------- ---------- ---------- ---------- ----------- End of Year $317,224,841 $154,637,254 $12,962,842 $39,368,800 $5,044,862 $31,727,413 $26,129,187 $587,095,199 ============ ============ ============ =========== ========== =========== ========== =========== The accompanying notes to financial statements are an integral part of this statement.
- 9 - AMERICAN HOME PRODUCTS CORPORATION SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994 AND 1993 NOTE 1 - PLAN DESCRIPTION ---------------- The following description of the American Home Products Corporation Savings Plan (the "Plan") provides only general information. Participants of the Plan should refer to the Plan document for a more detailed and complete description of the Plan's provisions. A. General ------- The Plan, a defined contribution profit-sharing plan, was approved and adopted by the Board of Directors of American Home Products Corporation ("AHPC" or the "Company") on February 28, 1985 and became effective on April 1, 1985. Full or part-time (U.S. paid) employees of the Company and its participating subsidiaries who are not subject to a collective bargaining agreement are eligible to participate in the Plan after age 21. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code (the "Code") B. Contributions ------------- A participant may elect to make contributions to the Plan in whole percentages up to a maximum of 16% of the participant's compensation, as defined in the Plan. Contributions can be made on a before-tax basis ("salary deferral contributions"), an after-tax basis ("after-tax contributions"), or a combination of both. AHPC will contribute in cash to each participant's account an amount equal to 50% of the participant's contributions to the Plan for contributions up to 6% of the participant's compensation. Under the Code, salary deferral contributions, total annual contributions, and the amount of compensation that can be included for Plan purposes are subject to annual limitations. C. Vesting and Separation From Service ----------------------------------- A participant is fully vested at all times in amounts in salary deferral and after-tax accounts. A participant is also fully vested in Company matching contributions if the participant has at least five years of continuous service, as defined by the Plan. If a participant has less than five years of continuous service, such participant becomes vested in their matching contributions account according to the following vesting schedule: Vesting Years of Continuous Service Percentage ---------------------------- ----------- 1 year completed 0% 2 years completed 25% 3 years completed 50% 4 years completed 75% Regardless of the number of years of continuous service, a participant shall be fully vested and receive funds attributable to their matching contribution account upon reaching their 65th birthday or upon death, if earlier. -10- In the event a participant's employment with AHPC is terminated prior to full vesting, they shall receive the vested portion. The non-vested portion of such account is forfeited and becomes available to AHPC to satisfy future Company matching contributions. At December 31, 1994 and 1993, approximately $54,416,000 and $52,734,000, respectively, of the net assets applicable to participants' equity represents the accumulated vested benefits of participants who have withdrawn from the plan but have not yet been paid. D. Withdrawals ----------- A participant is entitled to withdraw all or any portion of their account attributable to after-tax contributions. A participant may make full or partial withdrawals of funds in any of their accounts on attaining age 59 1/2 or for financial hardship before that age. Participants may qualify for financial hardship withdrawals if they have an immediate and heavy financial need, as defined in the Plan and determined by the AHPC Savings Plan Committee (the Committee), and have no other funds readily available to meet that need. Participants are limited to one hardship and one non-hardship (e.g. after age 59 1/2 or from the participant's after-tax contribution account) withdrawal each year. A participant cannot make a hardship withdrawal of the earnings on their before-tax account balances which are credited on or after January 1, 1989. E. Loans ----- An employee who has participated in the Plan for at least one year and has a vested account balance of at least $2,000 may borrow from the vested portion of their account, subject to certain maximum amounts. Each loan is secured by the borrower's vested interest in their account balance. A participant may have outstanding up to two general purpose loans and one loan to acquire or construct a principal residence. All loans must be repaid within 5 years except for those used to acquire or construct a principal residence,which must be repaid within 10 years. Defaults on participants' loans during the year are treated as withdrawals and are fully taxable to participants. The interest rate charged will be one which provides a return commensurate with a market rate, or such other rate as permitted by government regulations or releases. F. Amendment to the Plan --------------------- The Plan was amended during 1994, due to the sales of certain subsidiaries of the Company. Plan participants who continued employment with these companies after the closing date of each agreement became fully vested regardless of their years of continuous service. NOTE 2 - ACCOUNTING POLICIES ------------------- Investment Valuation - -------------------- AHPC's common stock is recorded at fair market value at December 31. Units of participation in the Fidelity Balanced Fund, Fidelity U.S. Equity Portfolio, Fidelity Magellan Fund and the Fidelity International -11- Growth and Income Fund are recorded at their published net asset value at December 31. The group annuity and other contracts comprising the Interest Income Fund are recorded at contract value based upon information supplied by First Fidelity Management Trust Company (the Trustee), which approximates fair value. Investment transactions are recorded on a trade date basis for transactions recorded by the Trustee. Net realized gains and losses on investments are determined, for accounting purposes, on a moving weighted average basis as of the trade date and are included in net depreciation of investments in the accompanying financial statements. The net change in the difference between cost and current market value of investments held is reflected in net depreciation of investments in the statement of changes in net assets applicable to participants' equity. Administrative Costs - -------------------- All costs and expenses of administering the Plan are paid by AHPC. Receivable from American Home Products Corporation - -------------------------------------------------- The receivable from AHPC at December 31, 1994 and 1993 represents contributions and loan repayments withheld from employees but not remitted to the Trustee until January 1995 and 1994, respectively. NOTE 3 - INVESTMENTS ----------- A participant can elect to have amounts credited to their account invested in any of six investment funds. Effective June 1, 1994 elections may be made in multiples of 10% in such a way that the combination of share percentages totals 100%. Prior to June 1, 1994 elections had to be made in multiples of 25%. A participant may transfer all, or any part, of the value of their account invested in any of the investment funds to another fund in multiples of 10% or in an amount of at least $250. The six investment options are: A. AHPC Common Stock Fund - consists primarily of AHPC common stock. Purchases and sales of AHPC common stock are made in the open market. Participants have full voting rights for shares purchased at their direction under the Plan. B. Interest Income Fund - consists primarily of group annuity contracts issued by major life insurance companies and other contracts which pay a specified rate of interest for a fixed period of time and repay principal at maturity. The fund and its contracts are not guaranteed by the Company or any other institution. However, the Committee has established guidelines that provide that contracts be placed with companies rated AA or higher by Moody's and Standard & Poors. The interest rate payable to Plan participants in this fund will be a rate which reflects a blend of the total investments made by the fund. The overall annual return in the Fund was approximately 5.6% for 1994 and 6.9% for 1993. -12- C. Fidelity Balanced Fund - consists of units invested in a mutual fund managed by Fidelity Management & Research Company which is invested in high yielding securities, including common stocks, preferred stocks and bonds with at least 25% of the Fund's assets in fixed income senior securities. D. Fidelity U.S. Equity Portfolio - consists of units invested in a mutual fund managed by Fidelity Management & Research Company that seeks to provide investment results that correspond to the total return performance of the companies that make up the Standard & Poor's 500 Index. E. Fidelity Magellan Fund - Consists of units invested in a mutual fund managed by Fidelity Management and Research Company that seeks long term capital appreciation by actively managing investments in the entire market. F. Fidelity International Growth and Income Fund - consists of units invested in a mutual fund managed by Fidelity Management and Research Company that seeks long-term growth, current income and growth income by investing in assets, of which at least 65% are in securities of issuers that have their principal business activities outside of the United States. NOTE 4 - MANAGEMENT OF THE PLAN ---------------------- The Plan is administered by the Committee, which is appointed by the Board of Directors of AHPC. Effective April 1, 1992, Fidelity Management Trust Company was appointed by the Committee as Trustee and record keeper. NOTE 5 - FEDERAL INCOME TAX STATUS -------------------------- The Plan obtained its latest determination letter on April 19, 1990, in which the Internal Revenue Service stated that the Plan, as then designed, met the applicable requirements of the Code. The Plan has been amended since receiving this determination letter. However, the Plan administrator believes that the Plan continues to be designed and operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan continues to be qualified and the related trust was tax exempt as of December 31, 1994. NOTE 6 - PLAN TERMINATION ----------------- Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts and are entitled to full distribution of such amounts. NOTE 7 - INVESTMENTS ----------- The fair market of individual investments that represent 5% or more of the Plans total net assets as of December 31, 1994 and 1993 are as follows: -13- 1994 1993 ---- ---- American Home Products Corp. 151,709,106 139,518,120 Common Stock, 2,417,675 shares New York Life Insurance GAC 8.75% Due 3/15/94 - 46,486,696 GAC 5.60% Due 7/15/97 - 27,212,677 GAC 6.00% Due 12/29/98 31,401,469 - GAC 7.82% Due 6/15/99 43,418,227 - Prudential Insurance GIC 5.50% Due 9/15/96 - 26,788,054 IDS Trust Company 50,950,178 - Pooled separate account of guaranteed insurance contracts with interest rates ranging from 4.5% to 9.66% and maturities from 1995 to 2001. Fidelity Balanced Fund 38,962,201 37,570,982 Fidelity U.S. Equity Portfolio 31,367,965 _ -14- SCHEDULE I American Home Products Corporation Savings Plan Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1994 Employer Identification Number - 13-2526821 Plan Number - 045 Cost/ Identity of Issuer: Description of Investment Contract Value Current Value Common Stock: - ------------------- ------------------------- -------------- ------------- American Home Products Corp. 2,417,675 shares $170,912,669 $151,709,106 Common Stock Group Annuity and Investment Contracts: - -------------------------------------- Bankers Trust (Delaware) Contract 5.68% Due 9/15/95 5,218,571 5,218,571 Metropolitan Life Insurance GAC 7.95% Due 7/15/95 9,996,364 9,996,364 GAC 7.56% Due 1/15/95 8,344,803 8,344,803 GAC 3.71% Due 1/15/95 23,847,729 23,847,729 GAC 4.36% Due 9/15/96 5,283,073 5,283,073 ---------- 47,471,969 ---------- New York Life Insurance GAC 5.60% Due 7/15/97 28,736,588 28,736,588 GAC 6.00% Due 12/29/98 31,401,469 31,401,469 GAC 7.82% Due 6/15/99 43,418,227 43,418,227 ----------- 103,556,284 ----------- IDS Trust Company 1,368,000 units 50,950,178 50,950,178 pooled separate account of guaranteed insurance contracts with interest rates ranging from 4.54% to 9.66% and maturities from 1995 to 2001. John Hancock Mutual Life Insurance GAC 6.09% Due 9/15/95 9,695,606 9,695,606 GAC 4.63% Due 9/15/95 13,781,864 13,781,864 GAC 6.94% Due 9/30/97 23,576,715 23,576,715 GAC 6.00% Due 6/30/97 14,564,887 14,564,887 ---------- 61,619,072 Prudential Insurance GIC 7.80% Due 3/15/00 15,308,708 15,308,708 GIC 5.50% Due 9/15/96 18,840,930 18,840,930 ---------- 34,149,638 Peoples Security Life Insurance GIC 7.80% Due 3/15/00 10,207,906 10,207,906 ---------- Total Group Annuity and Other Investment Contracts 313,173,625 Mutual Funds: - ------------- Fidelity Balanced Fund 3,170,236 units 41,575,935 38,962,201 Fidelity International Growth and Income Fund 299,370 units 5,240,458 4,948,595 Fidelity U.S. Equity 1,854,994 units 31,106,137 31,367,965 Portfolio Fidelity Magellan Fund 190,876 units 12,745,993 12,750,577 Loans Receivable: - ----------------- Loans to Plan Participants Rates ranging from 7.00% to 10.9%. Due through 26,129,187 26,129,187 2014. The accompanying notes to financial statements are an integral part of this schedule. -15- SCHEDULE II American Home Products Corporation Savings Plan Item 27d - Schedule of Reportable Transactions Employer Identification Number - 13-2526821 Plan Number - 045
(h) Current (f) Expenses Value of (c) Incurred Asset on (a&b) Identity of Party and Purchase (d) Selling (e)Lease with (g) Cost Transaction (i) Net Gain Description Price Price Rentals Transaction of Asset Date or (Loss) - --------------------------- ------- ----------- -------- ----------- --------- ----------- ------------- American Home Products Corp. Common Stock 250 Purchases 36,410,972 36,410,972 36,410,972 237 Sales 26,072,805 0 0 24,011,936 26,072,805 2,060,869 IDS Trust Company Pooled Fund 12 Purchases 54,690,000 54,690,000 54,690,000 5 Sales 6,022,935 0 0 6,022,935 6,022,935 0 New York Life Insurance GAC 06711-03 6.0% DUE 12/98 30,000,000 30,000,000 30,000,000 0 GAC 06711-04 7.84% DUE 6/15/99 42,000,000 42,000,000 42,000,000 0 GAC 05997 9.75% DUE 3/15/94 47,273,838 0 0 47,273,838 47,273,838 0 GAC 067129 7.75% DUE 1/15/94 13,795,736 0 0 13,795,736 13,795,736 0 GAC 06711-02 3.6% DUE 7/15/94 17,605,175 0 0 17,605,175 17,605,175 0 Fidelity US Government Reserve Fund 211 Purchases 200,371,852 0 0 200,371,852 200,371,852 227 Sales 200,624,004 0 0 200,624,004 200,624,004 0 (A) Reportable transactions are those purchases and sales of the same security which, individually or in the aggregate, exceed 5% of the total plan assets as of the beginning of the Plan Year. The accompanying notes to financial statements are an integral part of this schedule.
-16- CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS ----------------------------------------- As independent public accountants, we hereby consent to the incorporation of our report included in this Form 11-K into the American Home Products Corporation previously filed Form S-3 Registration Statements, No. 33-45324 and 33-57339 and Form S-8 Registration Statements No. 2-96127, 33-24068, 33-53733, 33-41434, 33-55449, 33-45970, 33-14458, 33-50149 and 33-55456. ARTHUR ANDERSEN LLP New York, New York June 27, 1995 -----END PRIVACY-ENHANCED MESSAGE-----