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

e and 7 percent unfavorable foreign exchange impact) compared to sales of $111 million in the second quarter of 2008.

Animal Health sales totaled $677 million in the 2009 second quarter, a 17 percent decrease as compared to $818 million in the second quarter of 2008 (7 percent operational decrease and 10 percent unfavorable foreign exchange impact). The sales decline was a result of the overall economic environment, difficult comparisons against the 2008 launch of bluetongue vaccine and the impact of 2008 product divestitures.

Consumer Health Care sales were $381 million in the 2009 second quarter, down 5 percent versus the 2008 period. The decrease was primarily due to lower sales of sun care products, which primarily reflected the impact of unseasonable weather conditions in many parts of the U.S. Higher sales of MIRALAX helped offset lower sales of OTC CLARITIN.

Schering-Plough does not record sales of its cholesterol joint venture and incurs substantial costs such as selling, general and administrative costs that are not reflected in "Equity income" and are borne by the overall cost structure of Schering-Plough. As a result, Schering-Plough's gross margin and ratios of selling, general and administrative (SG&A) expenses and R&D expenses as a percentage of sales do not reflect the benefit of the impact of the cholesterol joint venture's operating results.

Schering-Plough's gross margin on a GAAP basis was unfavorably affected by purchase accounting adjustments and totaled 65.1 percent for the 2009 second quarter as compared to 61.2 percent in the 2008 period. On a reconciled basis, the gross margin percentage decreased to 68.1 percent for the second quarter of 2009 as compared to 68.4 percent for the second quarter of 2008, primarily due to the unfavorable impact from foreign exchange.

SG&A expenses were $1.6 billion in the second qua
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SOURCE Schering-Plough Corporation
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