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Drug firm posts lower revenue and earnings
By Linda A. Johnson |
October 23, 2009, Friday
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Print Edition
Print Edition
DRUG maker Schering-Plough Corp yesterday posted lower revenue and a smaller profit in the third quarter, due to slightly higher spending on taxes and research.
But the company, which soon will become part of much-larger Merck & Co, said excluding unfavorable currency exchange rates, revenue rose 2 percent to US$4.5 billion.
The maker of allergy, hepatitis and cholesterol drugs also noted it has just launched three new products in the United States or other countries, including the Saphris tablet for schizophrenia and bipolar disorder. That went on sale this month in the US.
The New Jersey-based company said it had net income of US$477 million, down 17 percent from US$576 million in last year's third quarter.
It had earnings per share of 29 cents, or 40 cents, excluding one-time items, down from 35 cents a year earlier.
But the company, which soon will become part of much-larger Merck & Co, said excluding unfavorable currency exchange rates, revenue rose 2 percent to US$4.5 billion.
The maker of allergy, hepatitis and cholesterol drugs also noted it has just launched three new products in the United States or other countries, including the Saphris tablet for schizophrenia and bipolar disorder. That went on sale this month in the US.
The New Jersey-based company said it had net income of US$477 million, down 17 percent from US$576 million in last year's third quarter.
It had earnings per share of 29 cents, or 40 cents, excluding one-time items, down from 35 cents a year earlier.
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