Company Records Strong Performance in 2007 and Notes Achievements over
4-year Period, Progressing with Integration of Organon BioSciences,
Preparing for Challenges of 2008
KENILWORTH, N.J., Feb. 12 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported financial results for the 2007 fourth quarter and full year, and commented on its ongoing integration of Organon BioSciences N.V. (OBS), which was acquired in November 2007 and includes the Organon human health business and Intervet animal health business.
"Schering-Plough delivered another strong performance in both the fourth quarter and full year of 2007," said Fred Hassan, chairman and CEO. "We continued the remarkable transformation that began in 2003. On track with our Action Agenda, we grew the top line, built greater diversity in our business portfolio, improved our financial strength and cash flows, and established R&D as an engine for future growth. Our acquisition of Organon BioSciences was a substantial strategic achievement. Today, we are a much stronger and more diverse company than ever before, and we are better positioned to deal with the new challenges confronting us in 2008."
For the 2007 fourth quarter on a GAAP basis, due to purchase accounting
adjustments, Schering-Plough reported a net loss available to common
shareholders of $3.4 billion or $2.08 per common share. Earnings per common
share for the 2007 fourth quarter would have been 27 cents, excluding
purchase accounting adjustments and acquisition-related items for the OBS
acquisition (closed Nov. 19, 2007) and other specified items (see table
below on page 13). For the 2006 fourth quarter, Schering-Plough reported
net income of $182 million
|SOURCE Schering-Plough Corporation|
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