S-P forecasts flat Q2 earnings, $60 million spent on manufacturing problems

28 June 2001

Schering-Plough says it expects second-quarter profits to be on a parwith last year's figure of $0.43 cents per share, but declined to make any full-year estimates, as the firm continues to be haunted by manufacturing deficiencies found by the US Food and Drug Administration at its facilities in New Jersey, USA, as well as in Las Piedras and Manati, Puerto Rico (Marketletter July 2).

Richard Kogan, the company's chief executive, hosted a meeting with analysts and portfolio managers in New York, where he said: "for now and the rest of 2001, we will be taking a quarter-by-quarter approach, providing periodic updates as the year progresses." The problems with the FDA are clearly causing a lot of uncertainty for S-P and Mr Kogan added that "we are working through our priorities [and] believe we are making progress, but there is still much to do."

Stock buyback suspended

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