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

income available to common shareholders of $713 million or 45 cents per common share on a GAAP basis and 28 cents per common share on a reconciled basis.

GAAP net sales for the 2008 third quarter totaled $4.6 billion, up 63 percent as compared to the third quarter of 2007. Sales for the quarter benefited from the inclusion of net sales of products from OBS as well as a favorable impact from foreign exchange. Net sales of the global cholesterol joint venture, which include VYTORIN and ZETIA, totaled $1.1 billion in the 2008 third quarter, down 15 percent, with lower U.S. sales partly offset by growth in international markets. 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 sales for the 2008 third quarter would have been $5.1 billion.

Commenting on third quarter results, Hassan said, "While the U.S. market remained difficult, we continued to take advantage of our growing international presence and opportunities." Approximately 70 percent of Schering-Plough's 2008 third quarter GAAP net sales were generated outside the United States. "Our concerted effort over the last five years to invest in newer markets - such as Brazil, China, Russia and countries in Central and Eastern Europe - is paying off," Hassan added, "with dynamic sales in these markets contributing to the overall growth rate of our company." The company noted that sales in these newer markets contributed about 12 percent of the company's overall net sales, more than double the percentage contributed by those markets in 2005.

"Importantly, our company continued to generate good cash flow in the third quarter, paid off additional debt and still increased cash balances," Hassan noted.

As a result of actions during the last five years, Hassan said that the company is
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SOURCE Schering-Plough Corporation
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