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."
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections