S-P's Q3 profit falls 29% as 'Claritin' heads OTC

24 October 2002 17:45  [Source: ICIS news]

HOUSTON (CNI)--US pharmaceutical giant Schering-Plough (S-P) reported a 29% decline Thursday in third quarter net income citing a reduction in Claritin trade inventories as US wholesalers prepare for over-the-counter (OTC) sales.

For the quarter ended 30 September, Kenilworth, New Jersey-based S-P posted net income of $429m (Euro437.8m) on a 2% increase in sales to $2.4bn with earnings/share (eps) of 29 cents. Those figures compare with net income of $601m on sales of $2.3bn for the same period last year.

S-P said Claritin - a blockbuster antihistamine - should be available for OTC sales by 28 November.

Meanwhile, S-P said it recorded higher worldwide sales of other pharmaceutical products in the third quarter, including Intron, Remicade, Clarinex, Integrilin and Temodar.

Spending on research and development rose 14% in the quarter to $354m.

By: Gary Taylor
+1 713 525 2653

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