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Financial Report: Schering-Plough

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Schering-Plough

2Q Revenues: $2.8 billion (+11%)*

2Q Earnings: $237 million (loss of $70 million in 2Q2005)**

YTD Revenues: $5.4 billion (+10%)

YTD Earnings: $630 million (earnings were $78 million YTD2005)

Comments: Sales growth drivers for the quarter included Remicade, Nasonex and Peg-Intron. Remicade sales were up 31% to $307 million; Nasonex sales were up 21% to $242 million; Peg-Intron sales were up 25% to $226 million. R&D spending increased 22% to $539 million in the quarter.

* Results do not include sales of the cholesterol products marketed in partnership with Merck. Global cholesterol joint venture sales, which include Vytorin and Zetia, totaled $958 million in the quarter compared to sales of $514 million in 2Q2005. Including an adjustment of 50% of global cholesterol joint venture net sales, the company’s sales would have totaled $3.3 billion.

** Special charges for 2Q2005 included an addition of $250 million to the company’s litigation reserves relating to the Massachusetts investigation into the company’s practices regarding average wholesale price.

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