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

Date:7/21/2009

llions) (unaudited) ----------- 2009 2008 % ---- ---- - Net sales, as reported $9,040 $9,577 (6%) 50 percent of cholesterol joint venture net sales a/ 975 1,174 (17%) --- ----- ---- Adjusted net sales $10,015 $10,751 (7%) ======= ======= === a/ Total Net sales of the cholesterol joint venture for the three months ended June 30, 2009 and 2008 were $1.0 billion and $1.1 billion, respectively. Total Net sales of the cholesterol joint venture for the six months ended June 30, 2009 and 2008 were $1.9 billion and $2.3 billion, respectively. NOTE: Adjusted net sales, defined as net sales plus an assumed 50 percent of global cholesterol joint venture net sales, is a non-U.S. GAAP measure used by management in evaluating the performance of the Schering-Plough's overall business. Schering-Plough believes that this performance measure contributes to a more complete understanding by investors of the overall results of the company. Schering-Plough provides this information to supplement the reader's understanding of the importance to the company of its share of results from the operations of the cholesterol joint venture. Net sales (excluding the cholesterol joint venture net sales) is required to be presented under U.S. GAAP. The cholesterol joint venture's net sales are included as a component of income from operations in the calculation of Schering-Plough's "Equity income." Net sales of the cholesterol joint venture do not include
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