GAAP net sales for the 2009 second quarter totaled $4.6 billion, down 6 percent as compared to the second quarter of 2008, reflecting operational growth of 4 percent and an unfavorable impact from foreign exchange of 10 percent during the quarter.
Net sales of the cholesterol joint venture with Merck & Co., Inc., which include VYTORIN and ZETIA, totaled $1.0 billion in the 2009 second quarter. Schering-Plough does not record sales of its cholesterol joint venture with Merck as the venture is accounted for under the equity method. Including an adjustment of an assumed 50 percent of the global cholesterol joint venture net sales, Schering-Plough's adjusted net sales for the 2009 second quarter would have been $5.2 billion.
"Our diverse product strength - from REMICADE to TEMODAR to NUVARING to MIRALAX - and our rich geographic diversity helped drive our operational growth. In fact, we grew sales in most regions around the world on an operational basis. Achieving operational growth on such a broad front in the midst of a severe global recession is no small feat," said Hassan.
Regarding the company's R&D strength, the company highlighted its strong R&D engine and steady product flow as a special asset at a time when R&D innovation in the industry is so critical. The company noted that the "Five Stars" in its product pipeline, highlighted at its November 2008 R&D Update meeting, continued to advance: thrombin receptor antagonist (TRA), in Phase III for atherothrombosis; SIMPONI (golimumab), a subcutaneous treatment for certain inflammatory diseases; SAPHRIS (asenapine), for the acute treatment of schizophrenia and bipolar disorder; boceprevir, a protease inhibitor in Phase III for hepatitis C; and BRIDION (sugammadex), an innovative agent for use in anesthesiology.
The company's R&D engine has produced a number of recent regulatory and pipeline
|SOURCE Schering-Plough Corporation|
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