Schering-Plough '02 profits rise 8% on 4% sales hike

23 January 2003 17:35  [Source: ICIS news]

HOUSTON (CNI)--Troubled US drug giant Schering-Plough (S-P) said Thursday its 2002 net income rose 8% to $2.1bn (Euro1.96bn) on increased sales.

For the year ended 31 December, the Kenilworth, New Jersey-based company reported earnings/share (eps) increased 8% to $1.42.

Sales rose 4% to $10.2bn with sales of worldwide pharmaceutical products rising 5% to $8.7bn. US pharmaceutical sales declined 5% to $4.8bn on lower sales of antihistamine Claritin.

Research and development (R&D) spending rose 9% to $1.4bn.

S-P reported fourth quarter net income of $428m and eps of 29 cents versus 2001 net income of $143m and eps of 10 cents.

Excluding a one-time $500m provision for a consent decree payment in 2001, fourth quarter eps declined 19% to 29 cents versus 36 cents in 2001.

Fourth quarter sales dropped 4% to $2.4bn.

Richard Jay Kogan, S-P chief executive officer and president, said fourth quarter results represent the beginning of a transition period for Schering-Plough.

He explained: "The US market exclusivity for Claritin, our largest-selling prescription product, expired in December, following the product's successful conversion to over-the-counter (OTC) status. Meanwhile, the launch of Zetia, our novel cholesterol absorption inhibitor, began in November across the nation and in several international markets."

By: Mike Sheridan
+1 713 525 2653

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