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

inesses, research capabilities and geographic markets. The OBS acquisition has provided greater diversity, new treatment areas, global leadership in animal health and a deeper R&D pipeline.

"When we began this journey in 2003, Schering-Plough had five new molecular entity projects or novel combination products in Phase III clinical trials or in registration," said Hassan. "Now, we have more than doubled our number of compounds in Phase III or registration. Our late-stage pipeline is one of the strongest in our peer group."

In early April, Schering-Plough launched a new Productivity Transformation Program (PTP) to address the increasing pressures on the pharmaceutical industry, especially new pressures in the United States, and the confusion in the U.S. cholesterol management market that is affecting ZETIA and VYTORIN. "We are taking decisive actions to reduce and avoid costs and to accelerate our productivity initiatives," said Hassan. "We will continue to take tough actions to sustain long-term, high performance."

The company has targeted annual savings from PTP of $1.5 billion, which represents approximately 10 percent of the combined company's (Schering-Plough/OBS) full-year 2007 estimated cost base. This target includes the previously announced OBS integration synergy goal of $500 million and anticipates a 10 percent reduction in the global work force, or about 5,500 jobs.

"We will be disciplined and rigorous in how we achieve these savings," said Hassan, "and we will execute this program with care and prudence. Savings and productivity improvements will be realized throughout our company and around the world. But we don't expect the same level of cost reduction to be applied across the board. We will continue to focus on our basic strategy: Grow the top line; grow the R&D pipeline; reduce costs while investing wisely."

OBS Integration

The company reviewed progress in the integration of OBS since the transaction closed i
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SOURCE Schering-Plough Corporation
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