Schering-Plough in profit turnaround

Schering-Plough has posted a profit for 2005 after 2004 saw losses.

For 2005 net income was at $183 million while 2004’s results had a net loss of $981 million.

The turnaround is said to be down to the strong performance of its cholesterol-fighting drugs and lower income taxes.

Schering-Plough chairman and chief executive Fred Hassan said: “2005 was a pivotal year for Schering-Plough.

“We began our turnaround phase. We achieved our goal of growing revenues and earnings. Looking ahead, we continue on track to build Schering-Plough into a company with the strength and breadth to deliver long-term high performance.

“We are moving from survive mode into thrive mode.”

Schering-Plough net sales for 2005 were up 15 per cent to $9.5 billion.

The company has also received the news of a positive opinion from the European Medicines Agency (EMEA) recommending approval of an expanded use of Remicade (infliximab) to include treatment of moderately to severely active ulcerative colitis (UC) in adults who have had an inadequate response to conventional therapies.

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