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

well as a favorable impact from foreign exchange. Global cholesterol joint venture net sales, which include VYTORIN and ZETIA, totaled $1.2 billion in the 2008 first quarter. Schering-Plough does not record sales of its cholesterol joint venture with Merck as the venture is accounted for under the equity method. Including an adjustment of an assumed 50 percent of the global cholesterol joint venture net sales, Schering-Plough's adjusted sales for the 2008 first quarter would have been $5.3 billion.

Reviewing results of the recent quarter, Hassan said the company recorded good growth from many of its leading prescription, animal health and consumer products, with strong growth in international markets partially offset by slower sales growth in the United States. U.S. sales of VYTORIN and ZETIA, the cholesterol-lowering medicines under the Merck/Schering-Plough joint venture, were down slightly versus the 2007 first quarter while remaining strong in international markets. He also noted, "The tough cost-control measures we put in place in 2007 contributed to our profit performance in the recent quarter."

Regarding the outlook for Schering-Plough, Hassan said, "We are confident about our company's future because of the transformations we have driven in every area. Today, we have a strong line of products protected by long periods of market exclusivity. We have geographic and business diversity, with nearly 70 percent of our GAAP net sales coming from outside the United States. We have a rich late-stage pipeline. We have a resilient and tested work force." Added Hassan: "Our team overcame enormous challenges in 2003 and 2004. Those challenges were much bigger than the ones we face today. We are determined to power through."

Hassan observed that Schering-Plough has undergone a remarkable transformation over the past five years. Adhering to a five-phase Action Agenda, it has become a broad-based health care company with growing strengths across its bus
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