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Financial Report: Schering-Plough 3Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Schering-Plough

3Q Revenues: $4.6 billion (+63%)
 
3Q Earnings: $589.0 million (-21%)

YTD Revenues: $14.2 billion (+58%)

YTD Earnings: $1.3 billion (-29%)

Comments: Pharmaceutical sales were $3.5 billion in the quarter (+54%) driven by Remicade sales, up 32% to $564 million, and Temodar sales, up 27% to $273 million. Nasonex sales were up 6% to $258 million. Sales of Pegintron were $235 million (+6%). Revenues for the quarter also benefited from the inclusion of $896 million of OBS product sales and a favorable impact from foreign exchange. Sales of the global cholesterol joint venture with Merck, which include Vytorin and Zetia, totaled $1.1 billion in the quarter (-15%). Schering-Plough does not record these sales in its revenues; sales from the JV are accounted for under the equity method, impacting earnings directly. R&D expenses were $893 million in the quarter (+33%), which includes a $20 million upfront R&D payment. Earnings exclude purchase accounting adjustments, special and acquisition-related items, a $160 million pre-tax gain from the divestitures of certain animal health products and $19 million of income from the termination of the respiratory joint venture with Merck.

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