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Schering-Plough Reports Financial Results for 2009 First Quarter

ved by its colleagues around the world. The company is based in Kenilworth, N.J., and its Web site is

    U.S. GAAP report for the first quarter ended March 31 (unaudited):
    (Amounts in millions, except per share figures)

                                                        First Quarter
                                                  2009              2008

    Net sales                                    $4,393            $4,657
    Cost of sales 1/                              1,399             2,137
    Selling, general and administrative           1,493             1,676
    Research and development                        804               880
    Other expense/(income), net                      88                95
    Special, merger and acquisition-related
     charges 2/                                      75                23
    Equity income                                  (400)             (517)

    Income before income taxes                      934               363
    Income tax expense                              129                49
    Net income                                     $805              $314

    Preferred stock dividends                        38                38
    Net income available to common
     shareholders                                  $767              $276

    Diluted earnings per common share             $0.46             $0.17

    Average shares outstanding - common
     and participating - diluted 3/               1,739             1,637

    The company incurs substantial costs related to the cholesterol joint
    venture, such as selling, general and administrative costs, that are not
    reflected in "Equity income" and are borne by the overall cost structure
    of Schering-Plough.

    1/ C
SOURCE Schering-Plough Corporation
Copyright©2009 PR Newswire.
All rights reserved

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