S-P's 3rd-qtr 2007 net income surges 149%

US drug major Schering-Plough's third-quarter 2007 net income totaled $713.0 million, or $0.45 per common share, versus $287.0 million, or $0.19 per share, in the comparable period last year. Excluding acquisition-related items and an upfront R&D payment, earnings per share for the period would have amounted to $0.28.

"Schering-Plough has now recorded its 12th consecutive quarter of double-digit adjusted sales growth," said company chief executive Fred Hassan. "Schering-Plough's long-term strategy continues to unfold. Our strategy to grow the top-line, exercise financial discipline and expand our R&D pipeline again delivered strong results, he added"

"Our focus on building R&D excellence is beginning to bear fruit. With the upcoming acquisition of Organon BioSciences, we will have a total of 12 significant projects in Phase III - we will have a pipeline with a Phase III bulge. This, combined with relatively long exclusivity of our marketed product portfolio, puts Schering-Plough in a substantially stronger position in terms of its late-stage pipeline and portfolio than only four years ago," he said.