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Schering-Plough Reports Financial Results for First Quarter of 2008
Date:4/23/2008

OBS Acquisition Contributes to First Quarter Performance; Company Taking

Actions to Address New Challenges

KENILWORTH, N.J., April 23 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported financial results for the first quarter of 2008, reviewed progress on its ongoing integration of Organon BioSciences N.V. (OBS) (acquired in November 2007) and addressed recent events affecting the Merck/Schering-Plough cholesterol franchise.

"The first full quarter since acquiring Organon BioSciences shows that our long-standing strategy to diversify our company is working," said Fred Hassan, chairman and CEO. "The OBS acquisition is already contributing to our results and adding long-term value. Our geographic expansion strategy is broadening our base. Our company is now much stronger to deal with new challenges, such as those facing the Merck/Schering-Plough cholesterol business in the United States."

For the 2008 first quarter, Schering-Plough reported net income available to common shareholders of $253 million or 15 cents per common share on a GAAP basis. Earnings per common share for the 2008 first quarter would have been 53 cents on a reconciled basis, which excludes purchase accounting adjustments and acquisition-related items for the OBS acquisition and other specified items. For the 2007 first quarter, Schering-Plough reported net income available to common shareholders of $543 million or 36 cents per common share on a GAAP basis and 42 cents per common share on a reconciled basis.

GAAP net sales for the 2008 first quarter totaled $4.7 billion, up 56 percent, as compared to the first quarter of 2007. Sales for the quarter benefited from the inclusion of OBS net sales as
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SOURCE Schering-Plough Corporation
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