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Schering-Plough Reports Financial Results for 2009 Second Quarter
Date:7/21/2009

advances, including:

  • Approvals in Japan, the world's second-largest pharmaceutical market, in July of ASMANEX (mometasone furoate) for asthma and REMERON (mirtazapine) for depression; these approvals bring the number of new products approved in Japan to eight since the beginning of 2007;
  • Positive opinion from the EU's regulatory authority in June recommending approval of SIMPONI as a once-monthly, subcutaneous therapy for rheumatoid arthritis, psoriatic arthritis and ankylosing spondylitis; SIMPONI was also launched in Canada in June as the first once-monthly subcutaneous treatment;
  • Acceptance for review by the European Medicines Agency (EMEA) in June of the marketing application for asenapine (to be marketed as SYCREST in Europe) sublingual tablets for schizophrenia and bipolar I disorder;
  • Initiation of patient enrollment in a Phase III trial (RED-CABG) in May for acadesine, an investigational, potentially first-in-class adenosine regulating agent for use in heart bypass surgery; and
  • In Animal Health, the launch of the first vaccine against canine influenza virus, which was granted a conditional product license by the U.S. Department of Agriculture (USDA) in May.

Regarding the planned merger with Merck announced on March 9, 2009, the company noted that pre-integration planning teams at both Schering-Plough and Merck have been meeting collaboratively to plan for a smooth and effective integration. The merger is expected to close in the fourth quarter of 2009. Until the merger closes, both companies will continue to operate independently.

Second Quarter 2009 Results

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
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