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BUSINESS
April 20, 1989
Drug Companies: Bristol-Myers Co., maker of Bufferin and Excedrin pain relievers, reported its first-quarter profit rose 12.6% to a record level. Two other companies in the pharmaceutical business--Squibb Corp. and Schering-Plough Corp.--also posted healthy earnings for the quarter. Bristol-Myers said net income rose to $237 million in the three months ended March 31, up from $210.6 million a year earlier. Sales rose just over 5% to $1.60 billion from $1.52 billion. Squibb said its first-quarter earnings rose 17.2% to $106.
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BUSINESS
February 6, 2008 | Bill Berkrot, Reuters
Fred Hassan rode to the rescue of a foundering Schering-Plough Corp. in 2003, and by 2006, with a remarkable turnaround declared complete, the company was back on a growth trajectory. But the highly regarded chief executive unexpectedly finds himself at the center of a firestorm involving the cholesterol drug that fueled the company's reversal of fortune. The furor over Vytorin threatens the reputation of the drug industry's golden boy and, some say, his job. Schering-Plough and Merck & Co.
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BUSINESS
March 6, 2001 | Bloomberg News
Cor Therapeutics Inc. said it will report a surprise first-quarter loss and lower-than-expected profit for 2001 because of slowing sales for its only product on the market, the anti-clotting drug Integrilin. Cor said it expects a loss of 5 cents to 7 cents a share. Analysts had expected 3 cents on average, according to First Call/Thomson Financial.
BUSINESS
July 24, 2007 | From the Associated Press
Pharmaceutical companies Merck & Co. and Schering-Plough Corp., partners in a lucrative cholesterol drug joint venture, posted hefty jumps in second-quarter profit Monday and beat analysts' expectations. Merck, which again raised its 2007 earnings forecast, got a pat on the back from Wall Street, with its shares jumping nearly 9% at one point. But Schering-Plough, whose profit more than doubled, saw its initial 2% rise in share price fizzle and ended the day flat, puzzling analysts.
BUSINESS
June 28, 2001 | Bloomberg News
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.
BUSINESS
July 24, 2007 | From the Associated Press
Pharmaceutical companies Merck & Co. and Schering-Plough Corp., partners in a lucrative cholesterol drug joint venture, posted hefty jumps in second-quarter profit Monday and beat analysts' expectations. Merck, which again raised its 2007 earnings forecast, got a pat on the back from Wall Street, with its shares jumping nearly 9% at one point. But Schering-Plough, whose profit more than doubled, saw its initial 2% rise in share price fizzle and ended the day flat, puzzling analysts.
BUSINESS
June 10, 2004 | From Bloomberg News
Schering-Plough Corp. agreed to pay a $500,000 fine to settle U.S. Securities and Exchange Commission allegations that the company's Polish subsidiary violated a U.S. law banning bribes. Schering-Plough, based in Kenilworth, N.J., agreed to the civil penalty without admitting or denying violations of the Foreign Corrupt Practices Act, the SEC said. The SEC alleged that Schering-Plough's Polish subsidiary made improper payments to a charitable organization to win business.
BUSINESS
December 14, 2006 | From Bloomberg News
Schering-Plough Corp. said it agreed to license an experimental treatment for hepatitis B from Valeant Pharmaceuticals International and Metabasis Therapeutics Inc. Costa Mesa-based Valeant will receive an upfront payment of $19.2 million, and La Jolla-based Metabasis, $1.8 million, Schering-Plough said. Valeant licensed the drug, pradefovir, in 2000 from Metabasis and has been testing it for hepatitis B, a potentially fatal liver disease that affects 2 billion people, the company said.
BUSINESS
October 12, 1999 | Bloomberg News
Schering-Plough Corp. said that it has stopped enrollment in two gene therapy studies at the request of the Food and Drug Administration, after a patient in an unrelated test died. The Madison, N.J.-based drug maker halted enrollment in tests in which researchers administer gene therapy by injection into the main artery to the liver. A patient died in a University of Pennsylvania study that used the same method of administration, Schering-Plough said. The Madison, N.J.
BUSINESS
October 16, 2001 | Bloomberg News
Schering-Plough Corp. has sued closely held Three Rivers Pharmaceuticals LLC in another attempt to block a generic version of ribavirin, a treatment for the liver disease hepatitis C. Schering-Plough and Costa mesa-based drug maker ICN Pharmaceuticals Inc. have also sued to block Novartis' Geneva Pharmaceuticals from selling generic ribavirin. Schering-Plough and ICN together own five patents covering the hepatitis treatment. Schering-Plough said it owns patents for a capsule form of ribavirin.
BUSINESS
January 30, 2007 | From Bloomberg News
Schering-Plough Corp.'s fourth-quarter earnings surged 62% as the combined sales of its Vytorin and Zetia cholesterol drugs jumped to $1.1 billion. Net income rose to $204 million, or 12 cents a share, from $126 million, or 7 cents, a year earlier, the Kenilworth, N.J.-based company said Monday. Revenue increased 14% to $2.7 billion, spurred by a 46% jump for Zetia and Vytorin. Chief Executive Fred Hassan closed plants and fired 2,000 workers to cut $100 million in 2007 costs.
BUSINESS
December 14, 2006 | From Bloomberg News
Schering-Plough Corp. said it agreed to license an experimental treatment for hepatitis B from Valeant Pharmaceuticals International and Metabasis Therapeutics Inc. Costa Mesa-based Valeant will receive an upfront payment of $19.2 million, and La Jolla-based Metabasis, $1.8 million, Schering-Plough said. Valeant licensed the drug, pradefovir, in 2000 from Metabasis and has been testing it for hepatitis B, a potentially fatal liver disease that affects 2 billion people, the company said.
BUSINESS
July 25, 2006 | From Times Staff and Wire Reports
Wall Street's mood swung back to the sunny side on Monday, as a massive corporate buyout deal and some strong earnings reports lured buyers into the market. But weak trading volume suggested a lack of conviction in the rally. The Dow Jones industrial average surged 182.67 points, or 1.7%, to 11,051.05 after hospital giant HCA agreed to a buyout worth $33 billion including the assumption of debt.
BUSINESS
July 25, 2006 | From the Associated Press
Shares of Merck & Co. and Schering-Plough Corp. jumped Monday as both reported higher sales and much-improved earnings compared with a year earlier, when they had hefty charges and Schering posted a loss. The pharmaceutical companies, struggling with slumping sales and profits and other problems for a couple of years, each beat analysts' forecasts by a whopping 8 cents a share, and Merck significantly raised its profit forecast for the year.
BUSINESS
April 21, 2006 | From Reuters
Stellar sales of their shared cholesterol drugs spurred Schering-Plough Corp. and Merck & Co. to better-than-expected quarterly results Thursday, but investors were disappointed by Eli Lilly & Co. as sales of its biggest product continued to slide. Schering-Plough was the star of the day as its first-quarter earnings more than tripled on increased sales of virtually all of its prescription medicines.
BUSINESS
January 31, 2006 | From Associated Press
Schering-Plough Corp., boosted by its cholesterol-fighting drugs and lower income taxes, reversed a year-earlier fourth-quarter loss, but still fell short of analysts' forecasts. The Kenilworth, N.J.-based drug maker said it earned $104 million, or 7 cents a share, contrasted with a loss of $856 million, or 58 cents, a year earlier. The profit was below the 8 cents a share expected by analysts. The company's stock fell 51 cents to $19.57. Revenue increased 6% to $2.32 billion.
BUSINESS
November 13, 2002 | From Bloomberg News
Schering-Plough Corp. received two subpoenas this month from the U.S. attorney's office in Massachusetts in a criminal investigation of the drug maker's sales and marketing practices. The probe relates to Intron A, Rebetron and Temodar drug sales and marketing to managed-care organizations and doctors, the company said in a statement. Schering-Plough is among several U.S. drug companies being investigated for industry pricing practices.
BUSINESS
July 22, 2005 | From Associated Press
Large one-time charges hurt the bottom lines -- and lowered share prices -- of three major drug makers Thursday, slashing second-quarter net income at struggling Merck & Co. and triggering losses at Eli Lilly & Co. and Schering-Plough Corp. But excluding one-time items stemming from legal problems and a big tax bill, Merck and Lilly managed to meet Wall Street expectations. Schering-Plough surpassed analysts' forecast by 8 cents a share.
BUSINESS
May 4, 2005 | From Bloomberg News
Schering-Plough Corp., the drug maker struggling to return to profit after two years of losses, said it would combine two California laboratories to create a single unit for discovering biotechnology treatments. All 47 employees at the San Diego location will be offered positions in the Palo Alto laboratories, where the new unit will be based, the Kenilworth, N.J.-based company said.
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