S-P profit down again on Organon charges
US drug major Schering-Plough's income was down for the second quarter running, falling 19% compared with the year-earlier quarter, due to acquisition costs. However, excluding these, it again beat Wall Street expectations.
The firm posted revenue for the quarter ending June 30, 2008, as $4.92 billion, a rise of 55% on the same period of 2007. Net income was $436.0 million, or $0.24 per share, taking into account the $16.0 billion purchase of Dutch company Organon BioSciences last year (Marketletter November 26, 2007) and other incurred charges.
Excluding these costs, the firm says it would have made $0.45 per share. Analysts polled by Thomson Financial had expected profit of just $0.42 per share. The company noted that the new subsidiary has already met its accretion target for 2008.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze