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

cents on net income of $769 million on a reconciled basis, which excludes purchase accounting adjustments related to the OBS acquisition 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.

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 franchise, which include sales of the cholesterol joint venture plus sales recorded by Schering-Plough in non-joint venture territories (such as Japan and Latin America), declined 8 percent in the second quarter of 2009 to $1.1 billion, reflecting a 2 percent operational decrease and a 6 percent unfavorable impact from foreign exchange. Sales declined 10 percent in the U.S. In international markets, sales declined 4 percent, reflecting operational growth of 10 percent and a 14 percent unfavorable impact from foreign exchange. ZETIA in Japan, sold under a co-marketing agreement with Bayer, contributed $41 million to cholesterol franchise sales in the 2009 period.

Sales of Prescription Pharmaceuticals for the 2009 second quarter decreased 3 percent to $3.6 billion, reflecting 7 percent operational growth and an unfavorable impact from foreign exchange of 10 percent.

Sales of REMICADE increased 2 percent (19 percent operational growth offset by 17 percent unfavorable foreign exchange impact) to $565 million in the second quarter of 2009 due to continued market growth. REMICADE is a treatment for inflammatory diseases that Schering-Plough markets in countries outside the U.S. (except in Japan and cert
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SOURCE Schering-Plough Corporation
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