Schering-Plough ‘sustains momentum into first quarter’

Schering-Plough has presented its results for the first quarter of the 2007 financial year, with the firm reporting that it sustained its previous momentum into the quarter. During the quarter the company generated net sales of $3 billion (1.5 billion pounds), an increase of 17 per cent when compared with the first quarter of 2006.

The firm reported net income of $543 million in the quarter, $350 million during the same period last year. Diluted earnings per share for the quarter were $0.36, up from $0.24 for the same quarter in 2006.

Reporting continued progress in its research and development efforts, Schering-Plough added that the firm will continue its work with four compounds discovered by the company that have been granted “fast track” status by the US Food and Drug Administration.

Fred Hassan, chairman and chief executive officer of the company, said: “Our first quarter performance demonstrates that we continue to hone our competitive edge, extend our core businesses and deliver very strong results.”

He added that the financial momentum built by the firm over the past three years was continued in this quarter, while Schering-Plough’s research and development drive was now increasing in intensity.

Last month, Schering-Plough announced that its prescription-strength laxative MiraLax (polyethelyne glycol 3350) would be made available over the counter as a treatment for occasional constipation.