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

ares in approximately 50 percent of the profits of the joint venture with Merck, although there are different profit-sharing arrangements for the cholesterol products in countries around the world. Schering-Plough records its share of the income from operations in "Equity income," which totaled $400 million in the 2009 first quarter, as compared to $517 million in the first quarter of 2008.

Schering-Plough does not record sales of its cholesterol joint venture and incurs substantial costs 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. As a result, Schering-Plough's gross margin and ratios of selling, general and administrative (SG&A) expenses and R&D expenses as a percentage of sales do not reflect the benefit of the impact of the cholesterol joint venture's operating results.

Schering-Plough's gross margin on a GAAP basis was unfavorably affected by purchase accounting adjustments and totaled 68.2 percent for the 2009 first quarter as compared to 54.1 percent in the 2008 period. Excluding purchase accounting adjustments, the gross margin percentage increased to 71.0 percent for the first quarter of 2009 as compared to 68.9 percent for the first quarter of 2008, primarily due to a favorable impact from foreign exchange.

SG&A expenses were $1.5 billion in the first quarter of 2009, an 11 percent decrease versus the first quarter of 2008 primarily due to the impact of foreign exchange and PTP actions.

Research and development spending for the 2009 first quarter totaled $804 million, a 9 percent decline due to PTP actions, the impact of foreign exchange and the timing of clinical trials and related activities.

Update on Merger with Merck

The previously announced merger with Merck remains on track. Merger pre-integration planning teams h
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SOURCE Schering-Plough Corporation
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