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

onciled basis.

GAAP net sales for the 2009 first quarter totaled $4.4 billion, down 6 percent as compared to the first quarter of 2008, reflecting 4 percent operational growth and an unfavorable impact from foreign exchange of 10 percent. Net sales of the global cholesterol joint venture, which include VYTORIN and ZETIA, totaled $931 million in the 2009 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 net sales for the 2009 first quarter would have been $4.9 billion.

"We are gratified that we were able to drive both operational sales growth and reconciled earnings growth, in the midst of a severe global recession," said Hassan. "And at a time when regulatory approvals for new chemical entities are scarce, we achieved the first major market approval of SIMPONI (golimumab) - one of our 'Five Stars' - in Canada earlier this month. These accomplishments show the strength of our strategies, and the strength of our execution."

Schering-Plough's operations are becoming more efficient and cost-effective through the company's Productivity Transformation Program (PTP), launched in April 2008. PTP is expected to realize annualized savings of $1.5 billion by the end of 2012. The company is on track to achieve this savings target.

Schering-Plough's transformation over the past six years is evidenced by the following achievements:

  • Building an industry-leading product pipeline, with six projects designated "fast track" by the U.S. Food and Drug Administration and 12 new entities in late-stage development, including eight in Phase III and four in pre-registration;
  • Achieving greater geographic and product diversity, by expanding into n
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SOURCE Schering-Plough Corporation
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