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

on share on a GAAP basis and 28 cents per common share on a reconciled basis, which excludes acquisition-related items and an upfront R&D payment.

GAAP net sales for the 2008 third quarter totaled $4.6 billion, including $1.4 billion in sales of products from the OBS acquisition. Excluding sales from products from OBS, net sales of Schering-Plough's stand-alone business reflected an estimated favorable impact of 6 percent from foreign exchange during the quarter.

Global cholesterol joint venture net sales, which include VYTORIN and ZETIA, totaled $1.1 billion, a decrease of 15 percent when compared to the third quarter of 2007. 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.

Overall, Schering-Plough shares 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 $434 million in the 2008 third quarter, as compared to $506 million in the third quarter of 2007. Included in third quarter 2008 GAAP equity income is $19 million of income related to the termination of the respiratory joint venture. Schering-Plough noted that it incurs substantial costs such as selling, general and administrative costs that are not reflected in "Equity income" and are borne by its overall cost structure. There is a separate co-marketing agreement with Bayer for ZETIA in Japan, where the product was launched in June 2007.

Sales of Global Pharmaceuticals for the 2008 third quarter totaled $3.5 billion. Included in the third quarter of 2008 are $896 million in
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SOURCE Schering-Plough Corporation
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