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Home Industry News Schering-Plough reports first-quarter results

Schering-Plough reports first-quarter results

29th April 2008

Schering-Plough has announced its financial results for the first quarter of 2008, including a review of progress on its continuing integration of the recently-acquired Organon BioSciences (OBS).

During the first quarter, GAAP net sales increased 56 per cent on last year’s figures, up to $4.7 billion (2.4 billion pounds), with this figure including net sales figures from OBS and a favourable foreign exchange increase,

Net income for the quarter was $253 million, equal to $0.15 per common share on a GAAP basis, compared to $543 million and $0.36 per common share for the first quarter of 2007.

In its work to integrate OBS, Schering-Plough reports that the executive teams and organisational structures are in place and operating at all levels for the human prescription and animal health areas, while cost synergies are being realised and an extensive pipeline portfolio review is continuing.

Fred Hassan, chairman and chief executive officer of the company, said: “The first full quarter since acquiring OBS shows that our long-standing strategy to diversify our company is working.

“The OBS acquisition is already contributing to our results and adding long-term value. Our geographic expansion strategy is broadening our base.”

He added that the firm is now better placed to deal with new challenges, such as those relating to its cholesterol business in the US.

Earlier this month, Schering-Plough announced a new governance action in a bid to better align the interests of executives and shareholders, expanding the stock retention guidelines for the executive management team.

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