^Schering-Plough Corp.
Schering-Plough Corp. reported a 22 percent increase in third-quarter earnings amid stronger sales of its leading antihistamine Claritin.
The Madison, N.J., pharmaceutical company posted profits of $432 million, or 58 cents a diluted share, compared with $353 million, or 48 cents, a year earlier. The results
beat a First Call consensus estimate by a penny.
The company also reported double-digit sales growth, with sales rising 16 percent to $1.99 billion from $1.71 billion a year ago. Foreign exchange hurt sales by two
percentage points, the company said.
Leading the growth in worldwide pharmaceuticals were Claritin sales, which rose 42 percent to $635 million.
The antiviral/anticancer agent Intron A, which in the U.S. includes sales of Rebetron combination therapy, also made a strong showing in the quarter. Combined sales of
Intron A and Rebetron combination therapy rose 33% to $202 million.
Sales of Schering's leading products helped lift worldwide pharmaceutical sales 17 percent to $1.82 billion from $1.55 billion a year earlier. For the first nine months of 1998,
Schering's net income increased 21 percent from $1.1 billion to $1.33 billion. Sales increased 20 percent, from $6 billion in the first nine months of 1998, compared to $4.99
billion in 1997.
Schering closed at $98.50, down $1.93 |
