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                                 EXHIBIT 12
             PHARMACIA & UPJOHN, INC. AND CONSOLIDATED SUBSIDIARIES
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


<TABLE>
<CAPTION>
                                                               Nine Months             Year Ended December 31,
                                                                  Ended             -------   --------  -------     
                                                                30-Sep-96           1995        1994          1993       
                                                                ---------         --------    --------      --------    
<S>                                                            <C>                <C>         <C>          <C>
Earnings from continuing operations before income taxes        $501,612           $1,136,393  $1,271,276   $  777,736    
                                                                   
Less: Equity in undistributed net income (loss) of companies       
       owned less than 50%                                        2,655                7,389       8,156        8,037     
                                                               --------           ----------  ----------   ----------   
                                                                498,957           $1,129,004   1,263,120      769,699  
Add: Amortization of previously capitalized interest              7,308               10,079       7,695        5,419  
                                                                   
Fixed charges included in the above:                               
  Interest and amortization of debt expense                      70,995              121,018     139,013      209,399  
                                                                   
  Rental expense representative of an interest factor            26,497               35,330      35,290       32,348  
                                                               --------           ----------  ----------   ----------   
Earnings from continuing operations before income taxes            
  and fixed charges                                            $603,757           $1,295,431  $1,445,118   $1,016,865 
                                                               ========           ==========  ==========   ==========
Interest incurred and amortization of debt expense             $ 90,805           $  148,542  $  164,341   $  233,683 
                                                                   
Rental expense representative of an interest factor              26,497               35,330      35,290       32,348 
                                                               --------           ----------  ----------   ---------- 
                                                                   
Total fixed charges                                            $117,302           $  183,872  $  199,631   $  266,031 
                                                               ========           ==========  ==========   ==========
Ratio of earnings to fixed charges                                 5.15                 7.05        7.24         3.82 
                                                               ========           ==========  ==========   =========== 
</TABLE>                                                    
                                                            
                                                                   
                                                                   
                                                                   
                                                                   
                                                                   

<TABLE>
<CAPTION>
                                                                         Year Ended December 31,
                                                                         --------          ------
                                                                           1992             1991
                                                                         --------          ------
<S>                                                                   <C>             <C>
Earnings from continuing operations before income taxes                $  947,395       $  909,659
                                                            
Less: Equity in undistributed net income (loss) of companies
       owned less than 50%                                                  6,464            5,062 
                                                                       ----------       ----------
                                                                          940,931          904,597
Add: Amortization of previously capitalized interest                        4,486            3,109
                                                            
Fixed charges included in the above:                        
  Interest and amortization of debt expense                               162,425          145,655
                                                            
  Rental expense representative of an interest factor                      34,743           36,834
                                                                       ----------       ----------
Earnings from continuing operations before income taxes     
  and fixed charges                                                    $1,142,585       $1,090,195
                                                                       ==========       ==========
Interest incurred and amortization of debt expense                     $  178,677       $  158,724
                                                            
Rental expense representative of an interest factor                        34,743           36,834
                                                                       ----------       ----------
                                                            
Total fixed charges                                                    $  213,420       $  195,558
                                                                       ==========       ==========
Ratio of earnings to fixed charges                                           5.35             5.57
                                                                       ==========       ==========
</TABLE>

                                                                   
                                                                   
                                                                   
                                                                   
                                                                   
                                                                   
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