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Biotech / Medical : sgp(schering plough) -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (100)	2/24/2000 8:07:00 AM
From: alruss	Read Replies (1) \| Respond to of 117

Schering-Plough Sees Strong Earnings Per Share Growth in 2000, Projects Completion Of Stock Buyback Program MADISON, N.J., Feb. 24 /PRNewswire/ -- Richard Jay Kogan, chairman and chief executive officer of Schering-Plough Corporation (NYSE: SGP - news), today announced an earnings outlook for 2000, saying the company anticipates strong growth in earnings per share. He said that, in light of the current stock price, the company's share repurchase program has been accelerated and should be completed in the first quarter. Kogan said Schering-Plough is ''on track to turn in another strong earnings performance in 2000.'' Earnings per share are projected to be in line with the current consensus of analysts' estimates of $1.64, which would make 2000 Schering-Plough's ''15th consecutive year of double-digit growth in earnings per share.'' He said the company viewed the current stock price as an opportunity to increase the stock repurchase rate of its ongoing $1 billion share repurchase program. Initiated in January 1998, the program is approximately 85 percent complete. The company anticipates it will complete the current repurchase program in the first quarter and, upon completion, will consider initiating another repurchase program. Since 1983, the company has bought back the equivalent of 774 million shares at a cost of approximately $5.2 billion. Schering-Plough is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical products worldwide. DISCLOSURE NOTICE: The information in this press release includes certain forward-looking statements relating to expectations of business prospects. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties which may cause results to differ materially from those set forth in the statements. In particular, this press release makes statements concerning management's expectations of future earnings growth. Management's expectations of future earnings growth assume relatively stable global economic trends. Also, market factors, competitive product development, governmental regulations and legislation, manufacturing issues, patent positions and litigation, among other things, may cause results to differ materially from those set forth in the forward-looking statements. For further details concerning these and other risks and uncertainties, see the company's Securities and Exchange Commission filings, including Exhibit 99 of the company's 1998 annual report on Form 10-K. SOURCE: Schering-Plough Corporation