Schering-Plough Reports Financial Results for 2009 Seco...( ...)

KENILWORTH, N.J., July 21 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported financial results for the 2009 second quarter.

"Our successful diversification strategy and strong execution by our people have given us the strength to again power through tough challenges - delivering operational sales growth and reconciled earnings-per-share growth for the second quarter," said Fred Hassan, chairman and CEO.

"Meantime, we can see that six years of focus and investment in our R&D pipeline have created enormous long-term value," said Hassan. "Our rich late-stage pipeline continues to advance. We continue to achieve positive regulatory actions in major markets - for example, the recent approval of two products - ASMANEX and REMERON - on the same day in Japan, and a recommendation for approval in Europe of SIMPONI, a novel biologic treatment for inflammatory diseases. In our industry, long-term strength comes from creating a continuous flow of new innovations. We are proud that we have created such a strong and productive R&D engine at Schering-Plough."

For the 2009 second quarter, Schering-Plough reported net income available to common shareholders of $633 million or 38 cents per common share on a GAAP basis. Earnings per common share for the 2009 second quarter would have been 46 cents on net income of $769 million on a reconciled basis, which excludes purchase accounting adjustments related to the acquisition of Organon BioSciences (OBS) and special, merger- and acquisition-related items. For the 2008 second quarter, Schering-Plough reported net income available to common shareholders of $424 million or 26 cents per common share on a GAAP basis and earnings of 45 cents per common share on a reconciled basis.

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