May 26, 2002
Let's get the whole picture. Schering-Plough Corp. was fined for manufacturing problems ["Schering to Pay a Fine of $500Million," May 18]. Abbott Laboratories paid $100million for the same problem. I'd love to know their marketing budgets and profits in comparison with the fines. Charleen Siegler Granada Hills The argument posed by the major pharmaceutical companies, that they alone can produce pure drugs and therefore should be granted exclusive rights to production, thus depriving those in need of cheaper generic drugs, lost major ground in the FDA's $500-million fine against Schering.
February 4, 2009 |
Drug makers Merck & Co. and partner Schering-Plough Corp. both posted fourth-quarter results Tuesday that topped analysts' expectations, sending their shares up, but revenue from their crucial cholesterol franchise plunged. Both companies beat profit expectations primarily because of aggressive cost-cutting, including eliminating thousands of jobs. Merck's revenue fell 3%, to $6 billion, while Schering-Plough's revenue climbed 17% to $4.35 billion, largely from its acquisition of Organon Biosciences.
July 31, 2004 |
Schering-Plough Corp. will pay $346 million to settle charges that it paid a kickback to a big health insurer to protect the price of its top-selling allergy drug, the company and federal prosecutors announced Friday. A subsidiary, Schering Sales Corp., also will plead guilty to violating an anti-kickback law and will be banned from participating in federal health programs for five years, authorities said.
June 28, 2001 |
Schering-Plough Corp. said President and Chief Operating Officer Raul Cesan will resign, effective July 15. The announcement comes five days after Schering-Plough said it failed to meet U.S. regulatory manufacturing standards, the second such occurrence this year. Cesan's resignation makes it appear that he is taking the blame for setbacks with a successor to Claritin, the top-selling allergy medicine, while the drug maker's shares have dropped by about a third this year, analysts said.
May 14, 2003 |
Schering-Plough Corp., the maker of Claritin allergy pills, retracted its estimate for profit this year and said first-quarter earnings tumbled 71% as competition from generic drugs hurt sales. Net income fell to $173 million, or 12 cents a share, from $600 million, or 41 cents, in the first quarter of last year. Sales decreased 19% to $2.07 billion, the company said. Shares of Kenilworth, N.J.-based Schering rose 41 cents to $18.71 on the New York Stock Exchange. From Bloomberg News
October 5, 2002 |
PHARMACEUTICALS * Schering-Plough Corp. cut profit estimates, saying wholesalers are slashing orders for its top-selling allergy treatment Claritin so they can unload supplies before cheaper versions are introduced. The drug maker's shares fell for a sixth day, extending a 28% drop since it lost a court bid in August to stop generic competitors for Claritin. The pill, which had sales of $3.16 billion last year, may face cheaper rivals in December.