The company has reported net income of $589 million for the third quarter of 2008, compared to $750 million posted in the third quarter of 2007. Diluted earnings per share for the third quarter of 2008 were $0.34, compared to $0.45 in the third quarter of 2007.
For the first nine months of 2008, Schering-Plough recorded net sales of $14.15 billion, compared with $8.9 billion in the same period of 2007.
For the first nine months of 2008, the company posted net income of $1.31 billion, compared with $1.85 billion in the prior-year period. Diluted earnings per share for the first nine months of 2008 were $0.74, compared to $1.15 in the same period of 2007.
Fred Hassan, chairman and CEO of Schering-Plough, said: “Our performance this quarter again demonstrates the strength of our long-term strategies and our ability to execute on them. Despite a tough environment and challenges to the US cholesterol joint venture products, we delivered strong sales and earnings while investing in R&D and paying down debt. Thanks to the new strength and diversity we have built on many fronts, we have continued to grow our top line, grow our pipeline, reduce costs and invest wisely.
“Our concerted effort over the last five years to invest in newer markets – such as Brazil, China, Russia and countries in central and eastern Europe – is paying off with dynamic sales in these markets contributing to the overall growth rate of our company.”