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Home Industry News Schering-Plough reports third-quarter results

Schering-Plough reports third-quarter results

23rd October 2007

Schering-Plough has announced its financial results for the third quarter of the 2007 fiscal year, with the company reporting that its “solid performance” has continued throughout the quarter.

During the quarter, net sales rose nine per cent on a GAAP basis to $2.8 billion (1.37 billion pounds), resulting in a net income of $713 million, up from $287 million in the same quarter of 2006.

Net income available to shareholders for the quarter was equal to 45 cents per share, up from 19 cents per common share on last year’s figure.

In the quarter, the company reports that “significant progress” has been made in the direction of completing its acquisition of Organon BioSciences from Akzo Nobel, with the firm receiving European Commission approval and completing the bulk of its financing plan for the transaction.

Fred Hassan, chairman and chief executive officer of Schering-Plough, said: “Schering-Plough has now recorded its 12th consecutive quarter of double-digit adjusted sales growth.

“Schering-Plough’s long-term strategy continues to unfold.”

He added that this strategy includes the expansion of its research and development pipeline in addition to growing the top line and exercising financial discipline, which has led to strong results.

Earlier this month, Schering-Plough forecast that its acquisition of Organon BioSciences would be completed by the end of 2007.

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