UPDATE: S-P profit down, sales up on Organon buy
Schering-Plough, the New Jersey, USA-based drug major, reported a 48% dive in profit in its first-quarter 2008, due to the costs from its acquisition of Dutch company Organon BioSciences (Marketletter November 26, 2007), but defied all expectation, gaining 56% in revenue from the purchase.
The firm's net income for the period was $253.0 million, or $0.15 per share, drastically down from the 2007 first quarter's figure of $543 million, $0.36 per share. However, discounting the costs of acquisition, the firm's earnings were $862.0 million, or $0.53 per share. Revenues were boosted by $1.3 billion in sales from Organon, jumping to $4.66 billion in total.
Results divide analysts' opinion
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