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Schering-Plough Reports Financial Results for 2009 First Quarter
Date:4/21/2009

Transformed Company Delivers Solid Financial Performance, Continues to Advance Industry-Leading Late-Stage Pipeline

KENILWORTH, N.J., April 21 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported financial results for the 2009 first quarter.

"Schering-Plough powered through to deliver a solid performance in the first quarter," said Fred Hassan, chairman and CEO. "We overcame difficult currency comparisons and challenges in the U.S. by driving operational sales growth in overseas markets and the continuing successful implementation of our Productivity Transformation Program.

"The people of Schering-Plough can take pride in executing a remarkable transformation of this company over the past six years of our Action Agenda, including the successful acquisition of Organon BioSciences," said Hassan. "They triumphed over the huge challenges we faced in '03 and '04, and then again in '08."

Looking ahead to the company's planned merger with Merck announced on March 9, Hassan said, "We remain focused on driving our business. We will continue to implement our basic strategy: Grow the top line, grow the pipeline, reduce costs and invest wisely."

For the 2009 first quarter, Schering-Plough reported net income available to common shareholders of $767 million or 46 cents per common share on a GAAP basis. Earnings per common share for the 2009 first quarter would have been 56 cents on earnings of $936 million on a reconciled basis, which excludes purchase accounting adjustments related to the OBS acquisition and special, merger and acquisition-related items. For the 2008 first quarter, Schering-Plough reported net income available to common shareholders of $276 million or 17 cents per common share on a GAAP basis and earnings of 53 cents per common share on a rec
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SOURCE Schering-Plough Corporation
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