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news.Schering-Plough said that its turnaround plan has achieved solid growth for its third quarter, with net income increased to $287 million from $43 million in the year ago period.
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Included in the 2005 results was a charge of $124 million before a tax benefit of $6 million, or 8 cents per share, related to an R&D payment. Net sales for the quarter totaled $2.6 billion, up 13% from the last quarter. The sales increase was driven by growth in prescription pharmaceuticals, including higher sales of Remicade, Nasonex and Temodar.
Including sales of Vytorin, the cholesterol joint venture with Merck & Co, net sales for the quarter would be $3.1 billion, an increase of 19% over the previous year.
Chairman and CEO Fred Hassan, who joined the company in 2003 and has been charged with turning the company around, said: “Three years ago, this company was facing severe challenges. Today, we are achieving solid growth across a broad front. We have been the fastest-growing company in our peer group for the past year. We have built a strong engine. Now we’re going to let it run.”