Schering-Plough delivers “strong performance” for 2007

Schering-Plough delivered a “strong performance” for both the fourth quarter and full year of 2007, according to the pharmaceutical firm’s chairman and chief executive officer Fred Hassan.

Following the release of the company’s financial results, it was revealed that total net sales for the fourth quarter 2007 reached $3.7 billion (1.9 billion pounds) compared to $.2.7 billion for the same quarter in 2006.

Additionally, the business reported a growing cholesterol franchise of $5.2 billion for 2007 with international sales up 70 per cent.

Commenting on the figures, Mr Hassan outlined the ongoing restructuring process that was taking place at Schering-Plough and emphasised that the company was continuing to undergo a “remarkable transformation” that began in 2003.

In particular, he confirmed that last year’s acquisition of Organon BioSciences had enabled the firm to become more “diverse” and was better positioned to deal with the challenges of 2008.

Mr Hassan stated that Schering-Plough had now seen four years of accomplishments since the transformation began.

“In that time, we also brought a new culture to the company – focused on meeting the needs of our customers and patients, and founded on a commitment to quality, compliance and business integrity,” he concluded.

Schering-Plough recently announced a number of leadership and organisational changes at its research and development arm, the Schering-Plough Research Institute.