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 MADISON, N.J., Oct. 21 /PRNewswire/ -- Schering-Plough Corporation today reported that 1993 third quarter earnings per share grew 17 percent to $1.03 on net income of $199.4 million versus 88 cents per share on net income of $174.5 million in 1992. Third quarter 1993 sales of $1.06 billion increased 4 percent over last year's $1.02 billion. Excluding the effect of foreign currency exchange, sales would have increased 8 percent for the period.
 Before taking a first quarter charge associated with the adoption of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," earnings per share for the 1993 first nine months grew 18 percent to $3.25 on income of $636.1 million versus $2.76 per share on income of $552.3 million in 1992. Earnings per share in the 1993 first nine months, after taking the charge of $94.2 million, or 48 cents per share, for the accounting change, totaled $2.77 on net income of $541.9 million.
 Nine-month sales of $3.27 billion were 7 percent higher than the $3.06 billion recorded in 1992. Excluding the effect of foreign currency exchange, sales would have increased 9 percent for the period.
 Robert P. Luciano, chairman and chief executive officer, said the third quarter's solid performance was led by Schering-Plough's worldwide pharmaceutical business, which benefited from a balanced portfolio of therapeutic products and geographic markets. He noted that a stronger U.S. dollar adversely affected worldwide pharmaceutical sales, which rose 4 percent when the impact of currency exchange is included and 8 percent when exchange is excluded.
 Domestic sales of prescription pharmaceuticals rose 8 percent in the third quarter, led by strong sales of CLARITIN, a nonsedating antihistamine that received U.S. marketing clearance for seasonal allergic rhinitis (hay fever) in April. Domestic CLARITIN sales totaled $42 million, as the product has already captured more than 25 percent of new prescriptions in the U.S. plain antihistamine market.
 Sales also increased for the VANCENASE line of allergy products, which regained the leading share of new prescriptions in the nasal inhaled corticosteroid market for the first time in three years. Sales were lower for the PROVENTIL and THEO-DUR lines of asthma products, primarily as a result of increased generic competition.
 Sales of U.S. cardiovascular products were higher due to sales of IMDUR, an oral nitrate product for angina that received U.S. approval in August, and growth in K-DUR potassium supplements and NITRO-DUR transdermal nitroglycerin patches. Also recording higher sales were EULEXIN, a therapy for advanced prostate cancer, and INTRON A, the company's alpha interferon.
 International pharmaceutical sales for the third quarter rose 1 percent. Excluding currency exchange, sales would have increased 9 percent, benefiting from growth in anti-infective and anticancer products, led by EULEXIN and CEDAX, a third-generation cephalosporin. Sales of INTRON A were flat when compared with an exceptionally strong 1992 third quarter, which reflected the product's March 1992 approval in Japan for treating hepatitis C. Also posting increased sales were CLARITIN and LOSEC, an antiulcer therapy.
 Sales for Schering-Plough HealthCare Products increased 4 percent compared with the 1992 third quarter. Sales of foot care products were higher, helped by growth in the LOTRIMIN AF and TINACTIN antifungal product lines. Sales for sun care products also were higher versus 1992. Sales of over-the-counter products were lower due to increasingly competitive markets for vaginal antifungal products.
 Remarking on 1993 third quarter results, Luciano said, "Schering- Plough continues to perform well despite world markets that increasingly become more challenging and competitive. We are building on successful research and development programs while continuing our cost-containment efforts. With our aggressive worldwide marketing organization and broad mix of pharmaceutical and health care products, we expect the company to achieve solid growth in 1993."
 Schering-Plough is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide.
 Summary Unaudited Results
 (Dollars in millions, except per share figures)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Sales $1,061.9 $1,019.8 $3,274.9 $3,061.3
 Income Before Extraordinary
 Item and Cumulative Effect
 of Accounting Change $ 199.4 $ 174.5 $ 636.1 $ 552.3
 Extraordinary Item --- --- --- (26.7)
 Cumulative Effect of
 Accounting Change --- --- (94.2) 27.1
 Net Income $ 199.4 $ 174.5 $ 541.9 $ 552.7
 Earnings Per Common Share
 Before Extraordinary Item
 and Cumulative Effect of
 Accounting Change $ 1.03 $ .88 $ 3.25 $ 2.76
 Extraordinary Item --- --- --- (.13)
 Cumulative Effect of
 Accounting Change --- --- (.48) .13
 Earnings Per Common Share $ 1.03 $ .88 $ 2.77 $ 2.76
 Effective Tax Rate 23.5 pct 24 pct 23.5 pct 24.7 pct
 Average Number of Common
 Shares Outstanding
 (in millions) --- --- 195.6 200.4
 Actual Number of Common Shares
 Outstanding at September 30
 (in millions) --- --- 193.0 199.0
 Income before income taxes for the third quarter of 1993 and 1992 were $260.6 and $229.5, respectively. For the nine months of 1993 and 1992 the amounts were $831.5 and $733.3.
 -0- 10/21/93
 /CONTACT: Steve Galpin, Jr. of Schering-Plough, 201-822-7415/

CO: Schering-Plough Corporation ST: New Jersey IN: MTC SU: ERN

LG -- NY014 -- 4979 10/21/93 08:44 EDT
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Publication:PR Newswire
Date:Oct 21, 1993

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