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Schering-Plough Reports Financial Results for Third Quarter of 2008
Date:10/21/2008

Strong Financial Performance Driven By Strength and Diversity on Many Fronts; Productivity Transformation Taking Hold

KENILWORTH, N.J., Oct. 21 /PRNewswire-FirstCall/ -- Schering-Plough Corporation (NYSE: SGP) today reported financial results for the third quarter of 2008.

"Our performance this quarter again demonstrates the strength of our long-term strategies and our ability to execute on them," said Fred Hassan, chairman and CEO. "Despite a tough environment and challenges to the U.S. cholesterol joint venture products, we delivered strong sales and earnings while investing in R&D and paying down debt. Thanks to the new strength and diversity we have built on many fronts, we have continued to grow our top line, grow our pipeline, reduce costs and invest wisely."

Hassan added, "Now with almost one year of experience, we are seeing that the acquisition of Organon BioSciences (OBS) is resulting in a powerful combination. This integration is creating new product strength, new geographic strength, new strength with our customers and new R&D strength - including a late-stage pipeline that is now one of the strongest in our industry."

For the 2008 third quarter, Schering-Plough reported net income available to common shareholders of $551 million or 34 cents per common share on a GAAP basis. Earnings per common share for the 2008 third quarter would have been 39 cents on a reconciled basis, which excludes purchase accounting adjustments, special and acquisition-related items, a $160 million pre-tax gain on previously announced divestitures of certain animal health products and $19 million of income from the termination of a respiratory joint venture with Merck. For the 2007 third quarter, Schering-Plough reported net
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SOURCE Schering-Plough Corporation
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