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Financial Report: Schering-Plough 2Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Schering-Plough

2Q Revenues: $4.9 billion (+55%)

2Q Earnings: $436 million (-16%)

YTD Revenues: $9.6 billion (+56%)

YTD Earnings: $726 million (-34%)

Comments: Pharmaceutical sales were $3.7 billion in the quarter (+47%) and $7.3 billion YTD (+48%) driven by Remicade sales ($557 million in the quarter, up 41% and $1.1 billion YTD, up 39%). Nasonex sales were $311 million in the quarter (+6%) and $618 million YTD (+7%). Temodar sales were $251 in the quarter (+16%) and $487 million YTD (+18%). Clarinex sales were $240 million in the quarter (-4%) and flat YTD at $454 million. Pegintron sales were $229 million in the quarter (-2%) and $454 million YTD (+1%). R&D expenses were $906 million in the quarter (+30%) and $1.8 billion YTD (+27%). Results in the quarter and YTD include sales of $1.4 billion and $2.8 billion, respectively, from Organon BioSciences, which was acquired in November 2007. In the quarter, Schering-Plough/Merck Pharmaceuticals terminated its respiratory joint venture, which received a not-approvable letter from the FDA for a fixed combination of Claritin/Singulair in April. Sales of the global cholesterol joint venture with Merck, which include Vytorin and Zetia, were down 9% to $1.1 billion. S-P incurs substantial costs related to the JV, such as selling, general and administrative costs.

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