"Since we announced our Action Agenda in 2003, we have been steadily building a strong, high-performance company for the long term," said Hassan. "We are seeing that the acquisition of OBS was a smart, pivotal move in our transformation journey."
Integration of OBS continues to progress well, as evidenced by the
-- In the human prescription and animal health areas, the executive teams
and organizational structures are in place and operating at all levels;
-- Cost synergies are being realized;
-- In R&D, an extensive review of the pipeline portfolio is ongoing.
First Quarter 2008 Results
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 net income of $862 million 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, including $1.3 billion as a result of the OBS acquisition. The overall sales increase of
56 percent includes the impact of the OBS net sales and a favorable impact of 7 percent from foreign exchange on stand-alone Schering-Plough sales.
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 ventur
|SOURCE Schering-Plough Corporation|
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