Schering-Plough profits beat forecasts

US drug major Schering-Plough, the subject of a $41.1-billion takeover by Merck & Co (Marketletter March 16), posted first-quarter 2009 results  that beat analysts consensus expectations for earnings, despite lower  turnover. Profit nearly tripled for the period, due to cost-cutting and  comparison to the like, 2008 period when the firm booked significant  charges relating to its acquisition of Organon Bioscience.

For the quarter, S-P reported net income available to common  shareholders of $767.0 million or $0.46 per share on a GAAP basis.  Earnings per common share for the three months would have been $0.56  cents on earnings of $936.0 million on a reconciled basis, which  excludes purchase accounting adjustments related to the Organon buy and  special, merger and acquisition-related items, versus $276.0 million or  $0.17 a share on a GAAP basis and earnings of $0.53 a share on a  reconciled basis in the like 2008 period.

Turnover declines 6%