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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.
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BUSINESS
February 4, 2009 | FROM TIMES WIRE REPORTS
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.
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BUSINESS
January 23, 2008 | From Bloomberg News
Merck & Co. and Schering-Plough Corp. suspended television ads Tuesday for the cholesterol pills Vytorin and Zetia after a study questioned the benefit of the medicines. The Vytorin commercials were among the most widely aired drug ads, featuring people dressed as food items to show the pill lowers cholesterol from food as well as from genetics. The ads were voluntarily and temporarily halted, Schering-Plough spokesman Lee Davies said.
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.
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
October 8, 2002 | Bloomberg News
Schering-Plough Corp. said the Securities and Exchange Commission is asking for information regarding the drug maker's meetings with investors and other communication last week. The company said it believes that it has complied with all securities laws and that it's cooperating with the SEC request. Schering-Plough released earnings projections Thursday after Chief Executive Richard Kogan told a meeting of analysts that 2003 profit would be disappointing.
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.
SCIENCE
February 21, 2004 | From Times Staff and Wire Reports
Schering-Plough Corp. researchers say they have figured out how to prevent the body from absorbing cholesterol in the gut, a discovery that may lead to new cholesterol-lowering drugs. They reported in the Feb. 19 issue of Science that the cholesterol-lowering drug Zetia works by blocking a protein called NPC1L1. They genetically engineered mice to lack this protein and found that they absorbed 70% less cholesterol from their diets than did normal mice.
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
October 21, 2006 | From the Associated Press
Drug makers Schering-Plough Corp. and Merck & Co., partners on their crucial cholesterol drugs, saw their shares climb Friday after posting third-quarter earnings. But they pleased Wall Street for different reasons. Schering-Plough reported double-digit sales growth and a nearly sevenfold leap in profit, compared with a quarter depressed by a hefty charge. Chief Executive Fred Hassan told analysts that the Kenilworth, N.J.
BUSINESS
April 20, 2006 | From the Associated Press
Pfizer Inc. said Wednesday that despite lower sales its first-quarter profit soared compared with year-earlier results that were depressed by two major charges. Pfizer, the world's largest drug company, earned $4.1 billion, or 56 cents a share, up from $301 million, or 4 cents, a year earlier. Excluding one-time items, the maker of Lipitor for high cholesterol and Zoloft for depression earned 61 cents a share, beating the 53 cents predicted on average by analysts surveyed by Thomson Financial.
BUSINESS
March 24, 2006 | From the Associated Press
German pharmaceutical and chemical company Bayer said Thursday that it would make a $19.5-billion white-knight offer for Schering, whose management said it would accept the offer over a hostile bid from another German drug company, Merck. Leverkusen, Germany-based Bayer said in a statement that it would offer $103 a share, topping a Merck offer of $92.40 already rejected by Schering management.
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
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
January 28, 2003 | From Dow Jones/Associated Press
Schering-Plough Corp. shares fell on speculation that a generic version of its recently launched over-the-counter allergy drug Claritin may enter the market as soon as next week at a sharp discount to the name-brand version. A Food and Drug Administration spokeswoman confirmed that the agency approved Geneva Pharmaceuticals' generic version of Claritin. Geneva is a unit of Swiss drug maker Novartis. Shares of Kenilworth, N.J.-based Schering-Plough fell $1.27 to $18.73 on the NYSE.
BUSINESS
February 3, 2000 | Bloomberg News
Drug maker Schering-Plough Corp. said fourth-quarter profit rose 21% to $506 million, or 34 cents a share, a penny better than analysts expected, on a 12% increase in sales to $2.3 billion. Sales got a boost from a 14% increase in sales of Claritin, the world's top-selling allergy drug. Shares of Madison, N.J.-based Schering-Plough rose 81 cents to close at $46 on the NYSE.
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.
BUSINESS
April 22, 2005 | From Associated Press
Sales of new cholesterol drugs helped Schering-Plough Corp. return to profitability in the first quarter but weren't strong enough for its joint venture partner, Merck & Co., to overcome the earnings drag from the loss of its former arthritis drug Vioxx. Schering-Plough, which lost almost $1 billion last year, reported Thursday that it earned $105 million, or 7 cents a share, thanks in large part to higher sales of cholesterol drugs Vytorin and Zetia.
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