Currency Effects Hit Schering AG In 1995

German pharmaceutical concern Schering AG saw sales in 1995 decline 1% to 4.6 billion Deutschemarks ($3.2 billion). The firm said that "continued devaluation pressure on important European currencies, the US dollar and the Japanese yen overcompensated the increased business volumes." Expressed in local currencies, group turnover increased 8%. Group profits for the year were 249 million marks, down 13%.

Volume growth was predominantly achieved in foreign markets so that despite the dampening effect of exchange rates, the foreign share of group turnover was still over 85%.

Schering said that there was a high increase in sales in the USA of Betapace (sotalol) and that turnover of 400 million marks of Betaferon (interferon beta) contributed significantly to a 7% increase to just under 1.2 billion marks of therapeutics sales.