Schering-Plough reports higher drug sales

Boosted by double-digit gains in five drugs beyond its cholesterol joint venture, Schering-Plough posted a 62% increase in fourth-quarter profit. The company recorded net income of $204 million, or 12 cents a share, up from $126 million, or seven cents a share, a year earlier. Sales rose 14% to $2.65 billion, beating the average analyst estimate of $2.5 billion. Figures show Schering-Plough is performing well across several businesses. Cholesterol drugs Vytorin and Zetia, jointly marketed with Merck, jumped 47% to $1.11 billion. Equity income from the venture rose 50% to $403 million from $268 million. Sales of arthritis drug Remicade, which Schering-Plough markets ex-US, increased 34% to $337 million. Worldwide sales of allergy drug rose Nasonex rose 37% to $253 million, with US sales up 48%. Sales of Temodar, a treatment for brain tumors, climbed 18% to $189 million, while sales of allergy treatment Clarinex rose 18% to $164 million. Sales of heart medication Integrilin increased 20% to $85 million. Sales of the Peg-Intron hepatitis C product slid 3% to $208 million due primarily to a drop in sales in Japan. Under third-year Chief Executive Fred Hassan, Schering-Plough has upped R&D spending 33% to $631 million, from $474 million a year ago. But analysts say Hassan will face increasing pressure to diversify the revenue base with new products and possibly an acquisition.
You must be a registered member of MMM to post a comment.
 

Did you miss January's Top 40 Healthcare Transformers issue? Read how these inventors, strategists, entrepreneurs and wonks are challenging, disrupting and otherwise transforming the healthcare business. And join us April 30 to honor them at the Transforming Healthcare Dinner. Click here.