Schering-Plough Q3 profit up 143% but shares drop

22 October 2007 20:45  [Source: ICIS news]

TORONTO (ICIS news)--US pharmaceuticals maker Schering-Plough reported on Monday a 143% increase in third-quarter profit but its share price fell 13.60% as the results were below analysts’ expectations.

 

Net income for the three months ended 30 September was $750m, up from $309m in the 2006 third quarter, on net sales of $2.8bn, up 9.2%.

 

The company earlier this year acquired Akzo Nobel’s Organon BioSciences business.

 

The European Commission approved for the acquisition earlier this month and Schering-Plough has completed most of the deal's financing, securing about $9bn through a mix of equity and debt, it said.

 

Schering-Plough's shares were priced at $28.26 in Monday afternoon trading in New York.

By: Stefan Baumgarten
+1 713 525 2653

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