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Financial Report: Schering-Plough 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Schering-Plough

1Q Revenues: $4.7 billion (+56%)

1Q Earnings: $291 million (-48%; earnings were $565 million in 1Q07)

Comments: Global Pharmaceutical sales totaled $3.6 billion, which includes $1.3 billion of Organon Biosciences revenues. Sales of Remicade were up 36% to $507 million. Nasonex sales were $307 million (+8%); sales of Temodar were $236 million (+20%); Pegintron sales were $225 million (+4%); sales of Claritin (international only) were $128 million (+14%); sales of Avelox were $142 million (+24%). The global cholesterol joint venture with Merck, which covers Vytorin and Zetia, achieved $1.2 billion in sales for the quarter. S-P does not record the JV sales but incurs SG&A expenses and marks the revenues as equity from a JV. Acquisition-related charges in the quarter were $23 million related to the OBS acquisition. R&D expenses were $880 million (+24%), $96 million of which is related to upfront R&D payments.

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