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Schering Sets Aside $150 Mil. For Liabilities In Marketing Investigations

Executive Summary

Schering-Plough is estimating its "minimum liability" in pending investigations of its marketing practices at the low end of recent settlements within the pharmaceutical industry

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Schering litigation reserves

Schering-Plough sets aside additional $350 mil. in litigation reserves for investigations by Boston and Philadelphia U.S. Attorneys into marketing and PBM contracting practices. Additional amount brings total reserve to $500 mil. (1"The Pink Sheet" March 3, 2003, p. 4). Increase "reflects maturing discussions with those offices, particularly with the Eastern District of Pennsylvania," CFO Jack Wyszomierski says Oct. 22. "The increase in reserves represents an adjustment to the estimated minimum liability relating to the investigations"...

Schering litigation reserves

Schering-Plough sets aside additional $350 mil. in litigation reserves for investigations by Boston and Philadelphia U.S. Attorneys into marketing and PBM contracting practices. Additional amount brings total reserve to $500 mil. (1"The Pink Sheet" March 3, 2003, p. 4). Increase "reflects maturing discussions with those offices, particularly with the Eastern District of Pennsylvania," CFO Jack Wyszomierski says Oct. 22. "The increase in reserves represents an adjustment to the estimated minimum liability relating to the investigations"...

Schering Moves Forward On GMP Work Plan; Is Marketing Settlement Next?

An agreement between FDA and Schering-Plough over the company's GMP work plan is the first tangible sign that CEO Fred Hassan is delivering on his pledge to resolve outstanding legal issues as quickly as possible

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