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Schering-Plough Launches Productivity Transformation Program To Confront New Challenges
Date:4/2/2008

$1.5 Billion Annualized Savings Target $500 million in Synergies from OBS Acquisition Rolled into New Target

KENILWORTH, N.J., April 2, 2008 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) announced today a major new Productivity Transformation Program (PTP) to reduce and avoid costs and increase productivity to generate a total of $1.5 billion in targeted annual savings and synergies.

The targeted savings represent approximately 10% of the combined company's full year 2007 estimated cost base, including Organon BioSciences (OBS) and manufacturing. The previously announced integration synergy targets of $500 million from the Company's November 2007 acquisition of Organon BioSciences of the Netherlands will be rolled into PTP.

The program responds to dramatically intensifying pressures on the pharmaceutical industry, especially new pressures in the United States, and also to the confusion in the U.S. market around cholesterol management that impacts the products of the Merck/Schering-Plough joint venture, ZETIA and VYTORIN.

While the details of the implementation program are being developed, at least $1.25 billion -or more than 80% - of the planned savings are targeted to be accomplished by the end of 2010, with the balance achieved by 2012, reflecting the longer timelines for implementing such actions effectively and prudently in the global supply chain.

"Savings and productivity improvements will be realized across the company and around the world. No area will be exempt," said Fred Hassan, chairman and CEO. "Our first actions will be to execute reductions in high overhead cost areas, beginning with reductions in higher management levels in the company's headquarters a
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SOURCE Schering-Plough Corporation
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