War Profiteering Prohibition Act of 1987

War Profiteering Prohibition Act of 1987 - Reinstates until the end of FY 1990 the Renegotiation Act of 1951 (providing for review of defense contractors' profits).

Makes the Act inapplicable to amounts received by a contractor or subcontractor from October 1, 1987, through the date of enactment of this Act.

Requires renegotiation to be conducted by division and major product line, rather than by total aggregate sales.

Increases from $1,000,000 to $5,000,000 the aggregate fiscal year renegotiable sales amount which subjects contractors and subcontractors to such Act.