Overseas Sales Boost Schering AG's Profit

Schering AG of Germany reported sales of 3.85 billion Deutschemarks ($2.58 billion) for the first nine months of 1996, a rise of 11%, and generally in line with expectations. Operating profit was up 7% at 481 million marks and pretax profits surged 54% to 527 million, while net profits increased 34% to 286 million marks, largely due to strong development in the USA and Latin America, as well as favorable currency moves.

Although Schering's share price rose on the news, the company's indefinite forecast for 1997 net profits disappointed, and the price fell back (see also page 9).

Betaferon On Target Sales of therapeutics increased 15% to 1 billion marks. Despite facing competition in the USA and a tough product launch in Europe, Schering's multiple sclerosis drug Betaferon (interferon beta-1b) will reach its 535 million mark sales target for this year, according to chief financial officer Klaus Pohle. He told those attending a news conference that the company expects it "can catch up now that France has agreed the pricing issue" on this product.