Schering-Plough “demonstrates the strength” of its long-term strategies

Schering-Plough’s performance in the third quarter of 2008 has shown the firm’s resilience, according to its chief executive and chairman.

Fred Hassan makes his assertions as the company announces its financial results for the three-month period ending in September.

“Our performance this quarter again demonstrates the strength of our long-term strategies and our ability to execute on them,” Mr Hassan comments.

Continuing, he states: “Thanks to the new strength and diversity we have built on many fronts, we have continued to grow our top line, grow our pipeline, reduce costs and invest wisely.”

Mr Hassan identifies Schering-Plough’s acquisition of Organon BioSciences as resulting in a “powerful combination” of firms, adding the integration of the firm is creating new product and geographic strength, including a late-stage pipeline which is “one of the strongest” in the sector.

For the third quarter of 2008, the company reported net income available to common shareholders of a total of $551 million (338.86 million pounds), or 34 cents per common share on a GAAP basis.

GAAP net sales for the three-month period totalled $4.6 billion, an increase of 63 per cent for the same period in 2007.

In recent days, the company announced that Raul E Kohan has become the head of its animal health unit.