Thursday June 24, 1:54 pm Eastern Time
(Note: this article is ''in progress''; there will likely be an update soon.)
Schering-Plough sees EPS in line with estimates
NEW YORK, June 24 (Reuters) - Schering-Plough (NYSE:SGP - news), maker of the blockbuster seasonal allergy medication Claratin, said Thursday it expected second-quarter earnings to reach or exceed 36 cents a share, the current Wall Street consensus estimate.
''With just a few days to go before the quarter closes, I can say that, based on results to date, we expect to earn at least 36 cents per share,'' Richard Kogan, chairman and chief executive of Schering-Plough said in a statement, released after a meeting with analysts in New York.
Kogan also said earnings-per-share growth for all of 1999 was expected ''to approach 20 percent.''
Analysts polled by First Call Corp. on average had estimated the drug maker would earn 36 cents for the second quarter ended June 30 and $1.39 for the full year.
Kogan said Schering-Plough now expected to increase its research and development budget ''by more than 15 percent.'' Previously the company said it would increase R&D spending ''about 15 percent'' It spent $1 billion on R&D last year.
Schering-Plough, which sold $2.3 billion worth of Claratin (loratadine) in 1998, said sales were ''on track for a strong performance this year.''
Shares of Schering-Plough were up 81 cents at $48.06 on the New York Stock Exchange in early afternoon trading.
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