S-P profit falls 21%, still up on predictions
US drug major Schering-Plough's profit fell for the third quarter running, despite a 63% jump in sales. Both outcomes were related to the $16.0 billion purchase of Dutch company Organon BioSciences last year (Marketletter November 26, 2007).
Revenue increased to $4.58 billion for the third quarter of 2008 versus $2.81 billion in the same period of the year before. Analysts polled by Reuters had only expected sales of $4.48 billion.
Meantime, R&D and selling, general and administrative expenses rose 33% to $893.0 million and 32% to 1.66 billion, respectively. The US firm noted this was primarily due to acquisition and license fees related to Organon.
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