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

now "particularly well positioned" for the following reasons:

-- Broad diversification in geographic markets and businesses, with the

consumer and animal health segments together generating about 23 percent

of GAAP net sales;

-- Relatively long period of expected market exclusivity for key

prescription products, affording protection well into the next decade;

-- Robust research pipeline, with 10 projects in Phase III;

-- Near-term opportunities, including the biologic golimumab, filed in the

EU; sugammadex, now being launched as BRIDION in EU countries; and

asenapine, under U.S. regulatory review; and

-- Sound financial management, with rigorous cost controls in place to

reduce costs and improve efficiencies and productivity.

The Productivity Transformation Program (PTP), announced in April 2008, is expected to realize savings of $1.5 billion by the end of 2012, with $1.25 billion in savings targeted to be accomplished by 2010. The $1.5 billion target includes $500 million of previously announced integration synergy targets from the OBS acquisition. The company is making steady progress toward achieving these savings targets.

Third Quarter 2008 Results

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 net income of $639 million on a reconciled basis, which excludes purchase accounting adjustments, special and acquisition-related items, a $160 million pre-tax gain from the 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 income available to common shareholders of $713 million or 45 cents per comm
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SOURCE Schering-Plough Corporation
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