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Schering-Plough Reports Financial Results for Third Quarter of 2007
Date:10/22/2007

egory in more than 30 years; higher sales of OTC CLARITIN; partially offset by a decline in sun care sales.

Animal Health sales increased 8 percent to $248 million, reflecting solid growth internationally, led by the poultry, companion animal, aquaculture and swine product lines, coupled with a positive impact from foreign currency exchange rates. The growth in international markets was tempered by a decline in the United States.

Schering-Plough incurs substantial costs such as selling, general and administrative costs that are not reflected in "Equity income from cholesterol joint venture" 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.

On a GAAP basis, Schering-Plough's gross margin was 67.1 percent for the 2007 third quarter as compared to 65.6 percent in the 2006 period.

SG&A expenses were $1.3 billion in the third quarter of 2007, up 9 percent versus $1.2 billion in the prior-year period. SG&A in the third quarter of 2007 increased primarily due to increased promotional spending.

Research and development spending for the 2007 third quarter increased to $669 million compared to $536 million in the third quarter of 2006. Included in R&D spending in the third quarter of 2007 was $20 million related to an upfront payment made for in-licensing acadesine, a Phase III cardiovascular agent for ischemia-reperfusion injury. The increase in R&D expenses was also due to higher spending for clinical trials and related activities, and investments to build greater breadth and capacity to support the dramatic expansion of Schering-Plough's Phase III pipeline during the past 12 months.

Recent Developments

The company also offered the following summary of recent significant devel
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SOURCE Schering-Plough Corporation
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