Schering-Plough
This article was originally published in The Tan Sheet
Executive Summary
OTC sales jumped 31% to $56 mil. in first quarter due to "increased demand" for non-PPA products, firm says in conference call April 17. Majority of Schering's cough/cold products, including Afrin, Drixoral, Chlor-Trimeton and Coricidin, did not contain PPA prior to FDA request that firms remove ingredient from products. Foot care sales fell 13% to $79 mil. as result of heightened competition, while sun care dropped 6% to $82 mil. "due to timing issues." Net sales were $2.32 bil., down 3% from year-ago period (1% excluding exchange); net income fell 10% to $564 mil