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

ewer markets, adding new therapeutic areas, creating a leading global animal health business, and growing the consumer business through successful Rx-to-OTC switches;
  • Increasing the number of marketed products with sales above $1 billion from none in 2003 to five in 2008 (REMICADE, NASONEX and TEMODAR - as well as VYTORIN and ZETIA in the cholesterol joint venture);
  • Adding more than $12 billion to adjusted net sales, from $8.6 billion in 2003 to $20.8 billion in 2008;
  • Strengthening the company's financial position, going from negative free cash flow of nearly $1 billion in 2003 to generating positive free cash flow of more than $2 billion in 2008;
  • Successfully seeking, negotiating and integrating important and value-creating transactions, such as the acquisition of Organon BioSciences (OBS).

  • First Quarter 2009 Results

    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 reconciled 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 cholesterol franchise, which include sales of the cholesterol joint venture plus sales recorded by Schering-Plough in
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    SOURCE Schering-Plough Corporation
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