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SCHERING-PLOUGH REPORTS SALES AND EARNINGS FOR FIRST QUARTER 1992

 SCHERING-PLOUGH REPORTS SALES AND EARNINGS FOR FIRST QUARTER 1992
 MADISON, N.J., April 21 /PRNewswire/ -- Schering-Plough Corporation (NYSE: SGP) today reported that 1992 first quarter earnings per share grew 21.5 percent to 96 cents on net income of $193.3 million versus 79 cents per share on net income of $173.2 million in 1991.
 First quarter 1992 sales of $1.0 billion increased 8 percent over last year's $949.3 million. Excluding the effect of foreign currency exchange, sales would have risen 9 percent in the quarter.
 Robert P. Luciano, chairman and chief executive officer, said the quarter's solid performance was led by Schering-Plough's worldwide pharmaceutical businesses, whose sales rose 13 percent. Excluding the effects of currency exchange, sales would have been 14 percent higher than in the 1991 period.
 U.S. pharmaceutical sales rose 12 percent, benefiting from higher sales of the 'Proventil' and 'Vanceril' lines of asthma products; 'Eulexin', a therapy for advanced prostate cancer; and 'Intron A', the company's alpha interferon.
 International pharmaceutical sales rose 14 percent, with gains by 'Intron A'; 'Claritin', a non-sedating antihistamine; 'Losec', an anti- ulcer drug licensed for marketing in Italy, Spain and Argentina; and 'Eulexin'.
 The Wesley-Jessen vision care business achieved higher sales for the period versus a year ago, reflecting growth in both international and domestic markets.
 Sales for Schering-Plough HealthCare Products declined 7 percent versus the 1991 first quarter. The company said the decline resulted from the sharply higher sales posted in the 1991 first quarter, when 'Gyne-Lotrimin' vaginal antifungal was launched as an over-the-counter (OTC) product. Sales of foot care products increased, with continued gains by 'Lotrimin' AF, a formerly prescription-only product for athlete's foot, and by the 'DuoFilm' and 'DuoPlant' brands of wart remover products. Benefiting from line extensions, sales of sun care products also increased.
 As reported on April 9, the company adopted Financial Accounting Standard No. 109, "Accounting for Income Taxes," in the 1992 first quarter, which resulted in a modest, one-time gain. The gain was substantially offset by charges associated with the in-substance debt defeasance of zero coupon notes issued as part of the 1991 LYNX transaction. First quarter earnings were not affected by the two events.
 Examining the company's performance, Luciano pointed out that first quarter results were achieved in spite of 19 percent higher spending on research and development. Luciano said he expects continued strong growth for the year, and reiterated his projection that earnings per share would increase between 18 and 20 percent.
 Schering-Plough is a research-based company engaged in the research, development, manufacturing and marketing of pharmaceutical and health care products worldwide.
 SCHERING-PLOUGH CORPORATION
 Summary Unaudited Results
 (Dollars in millions, except per share figures)
 First Quarter
 1992 1991
 Sales $ 1,021.9 $ 949.3
 Income Before Extraordinary Item
 and Cumulative Effect of Accounting
 Change 192.9 173.2
 Extraordinary Item (26.7) -
 Cumulative Effect of Accounting
 Change 27.1 -
 Net Income 193.3 173.2
 Earnings Per Common Share Before
 Extraordinary Item and Cumulative
 Effect of Accounting Change .96 .79
 Extraordinary Item (.13) -
 Cumulative Effect of Accounting
 Change .13 -
 Earnings Per Common Share .96 .79
 Average Number of Common Shares
 Outstanding (in millions) 201.5 219.9
 Actual Number of Common Shares
 Outstanding (in millions) 201.4 218.0
 Income before income taxes for the first quarter of 1992 and 1991 were $257.2 and $230.9, respectively.
 -0- 4/21/92
 /CONTACT: Steve Galpin Jr. of Schering-Plough, 201-822-7415/
 (SGP) CO: Schering-Plough Corporation ST: New Jersey IN: MTC SU: ERN


GK -- NY010 -- 0391 04/21/92 08:56 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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