06 March 2003 17:29 [Source: ICIS news]
HOUSTON (CNI)--Shares of US drug giant Schering-Plough (S-P) hit a six-year low Thursday after the company revised its 2003 earnings guidance again, saying earnings/share (eps) would fall short of previous expectations.
S-P shares fell 5% or 81 cents to $15.79 in mid morning trading on the New York Stock Exchange - far from the company's 52-week high of $36.25/share reached a year ago.
Kenilworth, New Jersey-based S-P surprised Wall Street Wednesday with yet another 2003 earnings revision.
Citing declining over-the-counter (OTC) Claritin sales and competition for its hepatitis C treatments, S-P drastically lowered its 2003 eps forecast to the 75-85 cent range from $1-1.15 previously forecast.
S-P said it expects first quarter eps to be about 10 cents. According to Thomson Financial/First Call, analysts had been expecting eps of 25 cents.
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