Schering-Plough reports second quarter financials

Schering-Plough has announced its financial results for the second quarter of 2008, with the company claiming a broad-based performance, with its robust phase III pipeline validating its strategy of growth and diversificaiton.

Net sales for the quarter rose 55 per cent on the same period last year to $4.9 billion (2.5 billion pounds), while sales from its joint global cholesterol venture with Merck totalled $1.1 billion.

And net income available to common shareholders on a GAAP basis was recorded as $398 million, equal to 24 cents per common share, down from $517 million or 34 cents per common share for the same period in 2007.

Fred Hassan, chairman and chief executive officer of Schering-Plough, said: “We are very pleased to see another quarter of strong performance and broad-based growth for our company.”

He added that the company’s phase III pipeline is now the strongest in its history, while its $16billion acquisition of Organon BioSciences last November has already met its accretion target for the year.

In May 2008, Schering-Plough appointed Janet M Barth as its new vice-president of investor relations, with responsibility for the development, implementation and improvement of the company’s global IR programme.