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

illion related to products from the acquired OBS animal health business. Animal Health sales benefited from growth in all geographic regions. In Europe, the company recently launched a vaccine for bluetongue disease (Bovilis BTV8), which has seen increasing market penetration. The company has also had a successful recent launch of NORVAX Compact PD, a patented fish vaccine. Animal Health sales also benefited from foreign exchange.

Consumer Health Care sales were $278 million in the 2008 third quarter, up 2 percent versus the 2007 period. The increase was mainly due to higher sales of OTC MIRALAX, launched in February 2007, partially offset by lower sales of OTC CLARITIN and other over-the-counter (OTC) products.

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

Schering-Plough's gross margin on a GAAP basis was unfavorably affected by purchase accounting adjustments and as a result was 62.0 percent for the 2008 third quarter as compared to 67.1 percent in the 2007 period. The gross margin percentage excluding purchase accounting adjustments was 66.9 percent in the third quarter of 2008.

SG&A expenses were $1.7 billion in the third quarter of 2008 versus $1.3 billion in the prior-year period. SG&A in the third quarter of 2008 increased primarily due to the impact of the inclusion of SG&A expenses from OBS and foreign exchange, partially offset by PTP savings.

Research and development spending for the 2008 third quarter increased to $893 million compared to $669 million in the third quarte
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SOURCE Schering-Plough Corporation
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