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Schering-Plough Reports Financial Results for Third Quarter of 2008

r of 2007. Included in R&D spending in the third quarter of 2007 was $20 million related to an upfront payment made for a licensing transaction. The increase in R&D expenses was due to the inclusion of OBS expenses, higher spending for clinical trials and related activities, and investments to build greater breadth and capacity to support Schering-Plough's expanding global R&D pipeline.

Recent Developments

The company also offered the following summary of recent significant developments that have previously been announced, including:

-- Gained European Commission (EC) approval of BRIDION (sugammadex)

injection, the first and only selective relaxant binding agent and the

first major pharmaceutical advance in the field of anesthesia in two

decades. (Announced July 29)

-- Received a "not-approvable" letter from the U.S. Food and Drug

Administration for sugammadex. (Announced August 1)

-- Reported top-line results from a planned interim analysis of a Phase II

study of boceprevir, an investigational oral hepatitis C protease

inhibitor. (Announced August 4)

-- Announced expansion of the company's presence in China and

establishment of Shanghai Schering-Plough Pharmaceutical Co. Ltd., as a

wholly owned operation based in Shanghai through the acquisition of

shares of former joint venture partners. (Announced August 12)

-- Began the European launch of BRIDION injection. (Announced September


-- Closed a transaction with Pfizer Animal Health to divest to Pfizer

certain animal health products from selected franchises in the European

Economic Area as requested by the EC as part of clearing

Schering-Plough's acquisition of OBS. (Announced September 10)

-- Ranked No. 5 in the Top 20 list of Science magazine's annual online

Top Employer Survey. (Reported October 1

SOURCE Schering-Plough Corporation
Copyright©2008 PR Newswire.
All rights reserved

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